三大券商首席纵论：新兴科技仍是主线，这些资产还有重估机会

Group 1: Market Overview - The recent market rally since the "9·24" event has led to significant increases in Chinese assets, including A-shares and Hong Kong stocks, indicating the onset of a new bull market [1][2] - This bull market is characterized by a more stable and sustainable wealth effect, with the stock market becoming a new reservoir for residents' assets, replacing real estate [3] Group 2: Differences from Previous Bull Markets - The current bull market is supported by more precise and effective policies, including structural monetary policy tools introduced by the central bank to support capital markets [2][3] - There is a notable shift in the funding structure, with institutional funds, particularly long-term funds like insurance and pension funds, playing a dominant role, leading to a transition from speculative trading to profit-driven investment [3] Group 3: Investment Opportunities - Emerging technologies, particularly in AI, robotics, and innovative pharmaceuticals, are expected to remain the main investment themes, supported by favorable industrial policies [4][5] - Other sectors such as photovoltaic, non-ferrous metals, and construction materials are also seen as potential opportunities due to the positive impact of anti-involution policies [4][5] Group 4: Market Dynamics and Future Outlook - The total market capitalization of A-shares has increased by 47% from September 2024 to August 2025, indicating potential for further growth [3] - The market is expected to experience fluctuations, but the overall trend remains upward, with expectations for the index to reach new highs within the year due to supportive internal policies and improving overseas liquidity [8]