光控资本：科技成本轮牛市主线，外资公募如何看后市？

Market Overview - The Shanghai Composite Index has surpassed the 3800-point mark, driven by the technology sector's performance, raising questions about the sustainability of the liquidity-driven bull market [1][8] - The current bull market has been supported by state funds, insurance capital, and improved foreign investment sentiment towards China's stock market [3][4] Investment Insights - The market is experiencing a structural rally, with a focus on sectors such as technology, advanced manufacturing, and new consumption, which are supported by government policies [5][6] - New consumption has emerged as a focal point for international capital, with companies like Pop Mart showing significant revenue and profit growth [6][9] Sector Performance - The technology sector is expected to be a key driver of the current bull market, particularly with the rise of AI-related investments in the U.S. benefiting domestic tech stocks [8][9] - The semiconductor sector has seen significant interest, with companies like Cambricon Technologies (寒武纪) achieving substantial revenue growth and high market valuations [9][10] Economic Indicators - Overall market valuations are currently at historical highs, with the potential for further increases if macroeconomic policies exceed expectations [5][10] - The export sector remains strong, particularly in manufacturing, with notable growth in forklift sales and exports to various regions [6][7] Future Outlook - The outlook for the technology sector remains optimistic, with expectations of continued growth driven by AI infrastructure and domestic chip development [8][9] - However, caution is advised regarding the high valuations of small-cap stocks, which are nearing historical extremes [10]