股市周评：“存款搬家”下，继续推升震荡向上“健康牛”

Market Performance - The A-share market experienced a significant increase last week, with major indices rising, particularly the ChiNext Index which surged by 8.58% [1] - The communication equipment, securities, and semiconductor sectors showed strong performance, with increases of 10.95%, 7.78%, and 7.52% respectively, while sectors like aviation, steel, and banking declined [3] - Northbound capital recorded a net inflow of 28.885 billion RMB, indicating foreign investors' positive outlook on A-shares [3] Key Industry News - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029, reaching a market size of about 16.2 billion USD by 2028 [4] - NVIDIA GPUs and self-developed ASIC chips from cloud vendors are driving rapid growth in the liquid cooling market, with estimated market sizes of 35.4 billion RMB, 71.6 billion RMB, and 108.2 billion RMB for 2025, 2026, and 2027 respectively [4] - The value of a single liquid cooling cabinet (NVL72) is approximately 100,000 USD, with expectations for significant increases in penetration rates in AI data centers [4] Future Market Outlook - The market is showing a strong upward trend, with the Shanghai Composite Index breaking a nearly four-year high, indicating robust investor sentiment [5] - Recent financial data from the central bank revealed a record increase in non-bank deposits, suggesting a strong liquidity environment [5] - The central bank's monetary policy report emphasizes a moderately accommodative approach, focusing on maintaining reasonable price levels and effective demand creation [6] Sector Developments - In the energy sector, a significant breakthrough was reported in China's shale gas exploration, with the Yongchuan shale gas field confirming an additional geological reserve of 124.588 billion cubic meters [6] - The photovoltaic industry is witnessing active participation, with several companies preparing for a key procurement meeting, indicating a response to rising prices driven by market dynamics [6] - The autonomous driving sector has launched its first batch of smart connected taxis in Shanghai, enhancing public transportation options [7] Investment Opportunities - Focus on technology sectors such as robotics, semiconductors, and AI applications, which are showing improved cost-effectiveness [5] - Consider investments in sectors benefiting from anti-involution trends, including photovoltaics, lithium batteries, and steel [5] - Monitor cyclical industries showing signs of recovery, particularly in non-ferrous metals and military sectors, which may experience continued thematic catalysts [7]