沪指失守3500！算力逆势狂飙，科技牛卷土重来？

Market Overview - The current market is in a critical phase dominated by policy and economic transformation, characterized by index differentiation and sector rotation [1][4] - A-shares are showing a pattern of "few hotspots leading, many stocks adjusting" under increased trading volume, while Hong Kong stocks are attracting capital back to quality assets due to valuation advantages [1][4] A-share Market Performance - As of July 15, 2025, A-share indices displayed significant differentiation, with the Shanghai Composite Index falling 0.93% to 3486.88 points, breaching the 3500-point mark [2] - The Shenzhen Component Index experienced a slight decline of 0.26%, while the ChiNext Index rose by 0.64%, indicating a structural market trend [2] - Nearly 4700 stocks in the market declined, reflecting heightened risk aversion among investors [2] Hong Kong Market Performance - The Hong Kong market showed resilience, with the Hang Seng Index slightly rising by 0.2% to 24250.9 points, and the Hang Seng Technology Index increasing by 0.41% [2][3] - The biotechnology and consumer technology sectors led the gains, with the Hang Seng Biotechnology Index surging by 3.0%, driven by optimism in pharmaceutical innovation and consumer electronics demand recovery [3] Sector Performance - The telecommunications sector was the only one to rise, gaining 3.24%, while industries such as real estate, coal, textiles, and agriculture saw significant declines, with real estate down 2.24% due to a 11.2% year-on-year drop in development investment [3][4] - Key drivers for the telecommunications and components sectors included Nvidia's H20 chip sales plan and strong profit forecasts from leading optical module companies [2][3] Investment Strategy - Short-term investment focus should be on market hotspots that resonate with policy and technology, particularly in computing infrastructure (CPO/liquid cooling servers) and semiconductors [1][4] - Mid-term strategies should consider three main lines: the broad technology sector benefiting from technological iteration and domestic substitution, new consumption areas supported by rising household income (5.4% increase in per capita disposable income), and non-ferrous metals as key components of the new energy supply chain [4]