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

Core Viewpoint - The recent bull market in Chinese assets, particularly A-shares and Hong Kong stocks, has been significantly driven by the AI industry and is expected to establish a new market pattern, with various investment opportunities emerging despite potential external disturbances [1][2]. Market Characteristics - The current bull market is characterized by more precise and effective policy support, including innovative monetary policy tools introduced by the central bank, which aim to stabilize the capital market and encourage long-term funds to enter the market [2][3]. - Institutional funds dominate the current market, with a notable influx of long-term capital from insurance and pension funds, leading to a shift from speculative trading to profit-driven investment [3][4]. - The total market capitalization of A-shares has increased by 47% from September 2024 to August 2025, indicating potential for further growth [3]. Investment Opportunities - Emerging technologies such as AI, robotics, and innovative pharmaceuticals are expected to remain the main investment themes, supported by favorable industrial policies [4][5]. - Other sectors benefiting from anti-involution policies, such as photovoltaics, non-ferrous metals, and construction materials, are also seen as having significant investment potential [4][5]. - "Hard assets" and sectors with competitive advantages in manufacturing and exports, including gold, resources, and public utilities, are highlighted as areas of interest for future investments [5]. Market Response Strategies - Investors are advised to adopt a rational approach to market fluctuations, distinguishing between short-term disturbances and long-term trends, and to maintain a long-term investment perspective [6]. - Strategies include optimizing asset allocation, focusing on companies with stable performance, and maintaining a balanced portfolio to manage risks effectively [6]. - The market is expected to experience normal fluctuations during its upward trajectory, with the potential for new highs in the A-share market supported by favorable internal policies and industry growth [7][8].