AI领涨全球，节后聚焦科技扩散

Core Viewpoint - The global market during the National Day holiday (October 1-6, 2025) exhibited a "technology and safe-haven asset resonance" pattern, with strong performance in the Hong Kong stock market driven by the SORA2 release, and the domestic AI ecosystem accelerating its expansion as a core driver [1][3]. Group 1: Market Performance - The Philadelphia Semiconductor Index rose by 6.35% despite the government shutdown in the U.S., indicating strong market resilience [1][3]. - The overall global market rebounded, with the Asia-Pacific region leading the gains, while gold prices continued to rise, approaching the $4000 mark [1][3]. Group 2: Investment Strategy - Technology remains a crucial investment theme, with domestic substitution providing rotation clues and the global semiconductor cycle still operating at high levels, presenting numerous opportunities [2][4]. - The market is characterized by a prominent "technology first" feature, with funds expanding from a few high-performing technology sectors to a broader range of sub-themes, enhancing the market's belief in technology [2][4]. Group 3: Sector Insights - The report suggests focusing on sectors such as gaming, media, internet, Huawei's supply chain (consumer electronics), and batteries for investors looking for lower-priced varieties outside of previously high-performing sectors like optical modules and innovative drugs [2][4]. - The report emphasizes a dual-driven market with technology leading, and suggests that high P/E stocks are preferred in October following a period of low performance [6]. Group 4: Long-term Trends - The sustainability of the technology sector is supported by three key mid-to-long-term factors: relative profitability of technology products, overseas market influences, and the upward resonance of the global semiconductor cycle [4]. - The report outlines a "4+1" industry allocation strategy focusing on technology growth, self-sufficiency, and military industry, alongside cyclical sectors benefiting from marginal improvements in PPI [6].