政策暖风频吹，股民必抓的3大超额收益方向！

Group 1 - A-shares and Hong Kong stocks are experiencing significant divergence due to multiple domestic and international factors, with A-shares showing strength while Hong Kong stocks face pressure [2] - The A-share market is supported by continuous policy dividends, including reforms in capital markets and substantial funding for infrastructure projects, which injects strong momentum into the real economy [2][3] - Growth sectors such as pharmaceuticals, communications, and electronics are performing well, driven by policy catalysts and market expectations for innovation and technological advancements [3] Group 2 - Despite short-term pressure, the Hong Kong market shows structural opportunities, particularly in the biotechnology sector, which is gaining recognition from international capital [3] - The real estate sector in Hong Kong is showing resilience amid policy signals for optimization, with expectations for a recovery in the market as supportive measures are implemented [3][4] - Looking ahead, A-shares are expected to benefit from policy incentives, while Hong Kong stocks may see a rebound in technology and consumer sectors, influenced by external factors such as U.S.-China interest rate differentials [4] Group 3 - Investment strategies should focus on short-term market hotspots driven by policy catalysts, while mid-term opportunities lie in sectors like AI computing, innovative pharmaceuticals, and new consumption patterns [4] - As the semi-annual report disclosure period approaches, sectors with high earnings certainty, such as overseas computing power, gaming, and export chains, are expected to become significant sources of excess returns [4]