杠杆资金加剧A股“水牛”行情认知，多家机构谨慎乐观看待

Group 1 - The A-share market indices collectively rose last week, with the Shanghai Composite Index reaching a new high for the year, increasing by over 2% [1] - The market is experiencing a shift from traditional cyclical sectors to technology sectors, with quality tech assets expected to yield significant excess returns in Q3 [1] - Key sectors to focus on include defense and military, AI computing, semiconductors, humanoid robots, non-ferrous metals, transportation, brokerage, and innovative pharmaceuticals [1] Group 2 - The margin financing balance has surpassed 2 trillion yuan for the first time in 10 years, reaching a new high since 2015, which has led to discussions about whether the current market rally is nearing its peak [2] - The current market dynamics show that the pricing power of institutional investors focusing on valuation and profitability is weaker compared to previous recovery periods, with individual investors gaining importance [5] - Nearly 50 A-share companies have disclosed interim dividend proposals, with major firms like China Mobile announcing a dividend of 594.32 billion HKD, and some stocks offering dividend yields exceeding 7% [5]