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兴证策略:重视港股互联网、半导体设备材料等五大方向的轮动扩散
智通财经网·2025-08-31 12:15

Core Viewpoint - The current market environment is characterized by a "healthy bull" phase, where structural rotation among sectors is crucial for sustained market performance. The focus should be on the expansion of new momentum areas, particularly in technology growth sectors, with an emphasis on AI and other key directions [1][12]. Group 1: Market Structure and Dynamics - The market has experienced extreme structural differentiation, particularly between technology growth sectors (TMT) and cyclical sectors like consumption and finance, with the computing and electronics sectors outperforming significantly [2][5]. - The profitability growth rate of new momentum sectors has turned positive, with a net profit growth rate difference of 4% in Q1 2025 and further increasing to 8.3% in Q2 2025, indicating a strong performance of technology manufacturing sectors [5][12]. Group 2: Key Focus Areas for Investment - The investment strategy should prioritize the rotation and expansion of five key areas: Hong Kong internet, semiconductor equipment and materials, software applications, innovative pharmaceuticals, and the new energy industry chain [12][19]. - AI expansion is highlighted as a critical focus, particularly in the domestic computing chain, with significant potential in the Hong Kong internet sector due to favorable external liquidity conditions and strong performance from major players like Alibaba [12][14]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector is currently experiencing a moderate level of congestion, with major companies like BeiGene and WuXi AppTec showing impressive performance in H1 2025, driven by new product approvals and commercialization efforts [22][23]. - The sector is expected to benefit from multiple catalysts, including industry conferences, adjustments in medical insurance policies, and ongoing progress in international licensing transactions [22][23]. Group 4: New Energy Industry Chain - The new energy sector is anticipated to see a rotation and rebound, supported by improving supply-demand dynamics and a reduction in excess inventory, with signs of recovery in production rates and capital expenditures [24][26]. - Recent government policies aimed at curbing excessive competition and promoting sustainable development are expected to enhance the sector's recovery potential, particularly in light of technological advancements that could drive efficiency improvements [28][26].