科技成长占优，提前博弈节后行情

Group 1 - A-share market shows a strong performance in the technology growth sector, with the Sci-Tech 50 Index rising 2% to reach a nearly four-year high, driven mainly by the semiconductor and new energy sectors [1][2] - The semiconductor industry chain and new energy track are identified as the two main lines of growth, with storage chip stocks experiencing a surge due to ongoing price increase news [1][2] - The A-share market's trading volume reached 1.37 trillion yuan, indicating a strong willingness for active trading before the holiday, with technology growth being a consensus among investors [1][2] Group 2 - The A-share market shows a divergence between large and small-cap indices, with the technology growth style prevailing, as evidenced by the Shanghai Composite Index rising 0.4% to 3878.13 points [2] - Over 2900 stocks in the market rose, with a concentration of limit-up stocks in storage chips and non-ferrous metals, indicating a shift of main funds towards technology growth sectors [2] - The Hong Kong market displays a mixed performance, with the Hang Seng Technology Index rising 0.55%, supported by the semiconductor and biopharmaceutical sectors, while the energy sector declines due to international oil price pressures [2][3] Group 3 - The semiconductor sector in the Hong Kong market has shown significant growth, with a year-to-date increase, becoming a key driver of technology growth [3] - Gold prices have surpassed $3860 per ounce, with a year-to-date increase of over 47%, leading to a strong performance in gold stocks amid rising geopolitical risks and expectations of liquidity easing [3] - The traditional financial sector in the A-share market has seen collective adjustments, with banks, insurance, and brokerage stocks experiencing notable declines due to profit-taking pressures ahead of favorable policies [3] Group 4 - The current market is in a critical phase characterized by a "policy window + industrial catalysis," with technology growth being clearly defined as the main line of investment [3] - Recommendations for investment focus on three main areas: the entire semiconductor industry chain, upstream resources in new energy, and safe-haven assets like gold, driven by geopolitical risks and global liquidity expectations [3][4] - Long-term views emphasize that "Artificial Intelligence +" and high-end manufacturing remain key areas of policy support, with sectors like semiconductors, non-ferrous metals, and defense industries benefiting from policy dividends and industrial trends [4]