长城基金汪立：持续关注科技成长与非银金融板块

Group 1 - The core viewpoint is that the A-share market is experiencing significant upward momentum, with the Shanghai Composite Index approaching 3900 points, supported by liquidity and global easing expectations from the Federal Reserve [1] - Current market indicators suggest that the market is in an expensive range, with the equity risk premium (ERP) levels indicating that broad indices are above two standard deviations, and valuation metrics are higher than in 2021, reaching a historically expensive 90% range [1][2] - Short-term market momentum is upward, but there is a need to be cautious about potential adjustments due to increasing volatility [1] Group 2 - Investment opportunities are expected to continue in strong sectors with industrial logic, particularly in technology growth and non-bank financial sectors [2] - Beneficiaries of the Federal Reserve's interest rate cut expectations include non-ferrous metals, military industry driven by events and orders, and semiconductors, which are seen as offensive branches of the current liquidity-driven market [2] - For the entire year, sectors such as artificial intelligence, low-altitude economy, and robotics are anticipated to have upward potential, while the non-bank financial sector remains valuable for diversified allocation [2]