杨德龙：近期市场反复震荡 为下一轮行情启动蓄势

Market Overview - The recent market has shown fluctuating trends with limited strong sectors and a lack of active hotspots, leading to a decrease in trading volume [1] - The first phase of tariff negotiations has made substantial progress, but the timeline for implementation remains unclear, affecting global capital risk appetite and impacting A-shares and Hong Kong stocks [1] - Despite improvements in economic data due to policies aimed at stabilizing growth, the CPI remains negative at -0.1% in April, indicating insufficient demand [1] Robotics Industry - The humanoid robot sector has experienced profit-taking but remains the best-performing sector this year, having just completed its initial development phase [2] - 2025 is projected to be the year of mass production for humanoid robots in China, with several companies launching products aimed at public spaces [2] - The current market focus is on humanoid robot themes, with expectations for increased orders next year and performance metrics to be evaluated in the following years [2] - The recent pullback in the machinery sector presents a good entry point, as the long-term growth potential in the robotics industry is significant [2] Autonomous Vehicles - Tesla has introduced the Cybercab, a fully autonomous vehicle, and there is a growing presence of autonomous taxis in San Francisco [3] - The future of robotics includes autonomous vehicles, drones, and humanoid robots, with many humanoid robot companies transitioning from automotive parts manufacturers [3] - The recent price war in the electric vehicle sector has negatively impacted the humanoid robot sector, but this is expected to be a short-term effect [3] Gold Market - Gold prices have fluctuated significantly this year, with predictions of long-term upward trends despite short-term volatility [4] - The recent increase in gold prices to $3,700 per ounce followed by a drop near $3,100 reflects market concerns over U.S. assets and capital outflows [4] - The long-term outlook for gold remains positive, especially in light of the ongoing tariff wars and the depreciation of the dollar [4] Investment Strategy - The humanoid robot sector is expected to follow a growth trajectory similar to that of the electric vehicle industry, indicating substantial future potential [5] - Current market conditions suggest a lower profit effect compared to earlier in the year, with a historical pattern indicating potential market recovery in July [5] - Investors are encouraged to maintain confidence and patience, focusing on quality stocks or funds to capitalize on upcoming opportunities [5]