天风证券：移动互联网+”VS“人工智能+” 如何看本轮科技牛潜在空间？

Group 1 - The core viewpoint of Tianfeng Securities indicates that a new round of technology bull market is starting on September 24, 2024, driven by policies and AI, similar to the previous bull market from 2013 to 2015 [1] - The average peak increase of the top 10 secondary industries from June 25, 2013, to the end of 2015 was 446%, while from September 24, 2024, to September 5, 2025, it is only 110%, indicating potential for further upward movement in the index [2] - The "percentage of stocks hitting 100-day highs" reached a peak of 64% during the previous bull market, while the current market peaked at 65% before falling back to 25%, suggesting that the current market is still in the "leading stocks rally" phase [2] Group 2 - The average trading volume of the top 10 secondary industries during the previous bull market was 33.3%, with a peak of 53%, while the current average is 36.8% and the peak is 45%, indicating a state of "active but not extreme" market [3] - The average holding ratio of public funds in the TMT sectors reached 8.28% during the last bull market, while it is currently at 5.73%, suggesting that there is still room for institutional funds to increase their positions [3] Group 3 - The overall A-share market experienced a decline of 1.37% from September 1 to September 5, with strong performance in sectors related to batteries and new energy vehicles [4] - The average daily trading volume for the A-share market was 26,024 billion yuan, a decrease of 3,796 billion yuan from the previous week, indicating high volatility [4] - The main funds are flowing out rapidly, with the margin trading balance reaching a recent high of 22,795 billion yuan, primarily directed towards new energy vehicles and battery-related concepts [4] Group 4 - The State Council has issued opinions on the high-quality development of the sports industry, projecting the industry scale to exceed 7 trillion yuan by 2030 [5] - Multiple conferences on solid-state batteries are scheduled, indicating rapid growth in equipment orders driven by industry leaders [6] - The State Council has released opinions on the implementation of "Artificial Intelligence +", marking a new chapter in China's intelligent development [7]