A股连创新高，鹏华基金张峻晓：A股有望步入一个更具韧性和持续性的“慢牛”阶段

Group 1: Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index reaching a new high of 3740 points, marking a historic milestone as the total market capitalization surpassed 100 trillion yuan for the first time [1] - The market's upward momentum is driven by sectors such as AI hardware and large financial institutions, with nearly 4500 stocks rising [1][2] - The A-share market has shown a steady increase since August, with trading volume exceeding 2 trillion yuan, indicating a recovery in market activity [2][3] Group 2: Macro and Industry Factors - Macro factors include the ongoing "anti-involution" policies, which have improved profit expectations in upstream cyclical manufacturing, alongside various growth-stabilizing measures [2] - The anticipated interest rate cuts by the Federal Reserve have contributed to a favorable liquidity environment, benefiting risk assets like stocks [2][3] - The technology sector remains a clear focus, particularly in AI computing, innovative pharmaceuticals, and robotics, which are supported by domestic policies [2][3] Group 3: Micro Liquidity and Investment Strategies - The micro liquidity environment is improving, with significant inflows from margin trading and ETFs, suggesting a positive outlook for A-shares in the second half of the year [3] - Future investment strategies should focus on three main areas: technology growth (AI, robotics, innovative pharmaceuticals), large financial institutions (brokerages and insurance), and industries with improving supply-demand dynamics (copper, aluminum, steel, chemicals) [4]