A股强劲回升 新质生产力主线活跃

Market Overview - The A-share market showed a strong rebound on July 17, with the Shanghai Composite Index rising by 0.37% to 3516.83 points, the Shenzhen Component Index increasing by 1.43% to 10873.62 points, and the ChiNext Index up by 1.75% to 2269.33 points. The total trading volume in the Shanghai and Shenzhen markets reached 15602 billion yuan, an increase of 985 billion yuan from the previous day, with over 3500 stocks rising across the market [2]. Industry Performance - The computing hardware sector, particularly the printed circuit board (PCB) and optical module (CPO) segments, led the market gains. Notable stocks such as Mankun Technology, Guanghe Technology, and Pengding Holdings hit the daily limit up. Guanghe Technology projected a net profit of 485 million to 505 million yuan for the first half of the year, representing a year-on-year growth of 51.85% to 58.12%, driven by the demand for computing infrastructure fueled by AI technology [3][4]. Pharmaceutical Sector - The pharmaceutical sector experienced broad gains, with innovative drug stocks being the main driving force. Companies like Chengdu Xian Dao and Maiwei Bio reached the daily limit up, while others like Meidi West and Shouyao Holdings saw increases exceeding 10%. The National Healthcare Security Administration and the National Health Commission recently issued measures to support the high-quality development of innovative drugs, focusing on R&D, market access, and payment systems [4][5]. International Investment Sentiment - Several foreign investment banks have raised their ratings for the Chinese stock market to "overweight." Citigroup projected the Hang Seng Index to reach 25000 points by the end of this year and 26000 points by mid-next year, while the CSI 300 Index is expected to hit 4200 points by year-end and 4350 points by mid-next year [6]. Investment Strategy - In the current low-interest-rate environment, the investment logic favors stocks with absolute cash flow value, such as high-dividend and strong free cash flow companies. The broad consumption sector, including automotive and electronics, is also expected to show good cash flow capabilities due to policy support. Additionally, traditional high-growth sectors like AI and pharmaceuticals are anticipated to have significant long-term valuation potential despite currently weak cash flows [7].