普涨！资金开始抢跑，节后稳了

Core Viewpoint - The A-share and Hong Kong stock markets have shown synchronized gains, driven by technology growth sectors and resource products, reflecting a clear characteristic of "policy dividend release and industrial trend resonance" [1] Market Performance - A-share indices achieved five consecutive monthly gains, with the ChiNext Index rising over 12% this month, reaching a three-year high, and the Sci-Tech 50 Index increasing over 11%, marking a nearly four-year high [1] - The Hong Kong Hang Seng Technology Index surged 2.24%, hitting a nearly four-year high, with a monthly increase of 13.95%, indicating strong capital allocation towards technology [1] - A-share trading volume reached 2.2 trillion yuan, while Hong Kong's trading volume was 314.9 billion HKD, reflecting active market trading and increased risk appetite [1] Sector Highlights and Driving Logic - In the A-share market, technology and resource sectors led the gains, with the non-ferrous metals sector rising 3.22% and storage chip concepts experiencing a significant surge due to price increases from major players like Samsung and Micron [3] - The lithium battery electrolyte index rose 5.15%, supported by policy backing and technological advancements in the new energy industry [3] - In the Hong Kong market, the semiconductor and consumer electronics sectors performed well, with the semiconductor sector increasing by 4.73% due to rising storage prices and domestic substitution trends [3] Underperforming Sectors and Driving Logic - Traditional defensive sectors in the A-share market, such as banking and non-bank financials, experienced declines, with the banking sector down 0.74% amid doubts about profit recovery before interest rate changes [4] - In the Hong Kong market, cyclical and defensive sectors faced pressure, with energy stocks dropping 1.25% due to OPEC+ plans to increase oil production, leading to a decline in international oil prices [4] Investment Strategy Recommendations - The current market is at a critical juncture of "intensive policy implementation and accelerated industrial trends," with short-term focus on technology growth sectors showing significant profit potential [5] - Recommended short-term investment directions include storage chips and semiconductor equipment benefiting from price cycle reversals, non-ferrous metals supported by global liquidity and policy tools, and new energy sectors like lithium battery electrolytes [5] - For the medium to long term, the market focus will revolve around "artificial intelligence+" and high-end manufacturing, with suggestions to preemptively invest in the semiconductor supply chain, new energy, and defense industries [6]