逆势飙涨，风格开始切换

Market Overview - A-shares experienced a significant divergence, with major indices declining, particularly in the semiconductor, storage chip, and solid-state battery sectors, leading to the Shanghai Composite Index dropping by 0.94% and the ChiNext Index falling by 4.55%, marking its largest single-day decline in nearly six months [1][3] - Conversely, sectors such as military industry, public utilities, traditional consumption, and cement materials saw notable gains, with the military sector rising nearly 5%, contributing to most of the stocks hitting the daily limit up [1] Sector Performance - The military sector showed strong performance, with stocks like Jieqiang Equipment and Beifang Changlong rising over 10% [8][10] - Other sectors that performed well included cement, which increased by 3.61%, and beverage and dairy products, which rose by 2.40% [2] Technology Sector Decline - The technology sector faced a broad sell-off, with significant declines in popular stocks such as SMIC, which fell by 7.89%, and Haiguang Information, which dropped by 8.23% [3][6] - The decline in technology stocks was attributed to a shift in market focus and a reduction in leverage for certain stocks, as several brokerages adjusted the financing rates for stocks like SMIC to zero [6] Military Industry Outlook - The military industry is expected to enter a new growth cycle, driven by the "14th Five-Year Plan" and the anticipation of new orders, with a projected increase in military trade volume to $45 billion by 2025, representing a 30% year-on-year growth [17][18] - The military sector's performance is supported by a combination of strong order backlogs and accelerated delivery schedules, with companies like AVIC Chengfei expected to deliver a significant number of orders in the coming quarters [15][19] Investment Sentiment - Institutional investors have begun to increase their allocation to the military sector after a prolonged period of underweighting, indicating a shift in sentiment towards this sector [11][20] - The military sector's valuation remains attractive, with most companies trading at a price-to-earnings ratio below 35 times, considering the expected recovery in industry demand from 2025 to 2027 [20]