超跌反弹，积极把握布局窗口

Core Viewpoint - The A-share market shows a broad-based rally led by growth sectors, while defensive sectors retreat, driven by policy support, easing overseas uncertainties, and favorable industry dynamics [1][2]. Market Performance - A-share indices all rose, with the Shanghai Composite Index up 0.69% to 3866.09 points, and the Shenzhen Component and ChiNext Index rising 1.38% and 2.49% respectively [2]. - The Hong Kong market rebounded strongly, with the Hang Seng Index up 2.41% to 25854.98 points and the Hang Seng Tech Index soaring 3.21% to 5945.11 points, driven by tech stocks and net inflows from southbound funds [2]. Industry Highlights and Driving Logic - The technology growth sector experienced a comprehensive surge, with the communication sector leading at a 3.66% increase, driven by accelerated infrastructure construction and overseas technological breakthroughs [3]. - The semiconductor sector is recovering, supported by domestic substitution and rising storage prices, while the robotics sector is boosted by large orders [3]. - The solid-state battery sector is also active, with expectations of technological iterations driving investment in core material segments [3]. Structural Opportunities in Cyclical Sectors - The coal sector rose 2.05%, supported by tight supply and energy security policies [4]. - Precious metals and rare earth sectors declined due to a drop in international gold prices, with the precious metals sector experiencing a significant sell-off following a $127 drop in gold prices [4]. Investment Strategy Recommendations - The current market is characterized by "policy support + capital inflow," with structural opportunities in technology growth and policy-driven sectors expected to dominate [5]. - Focus on technology growth sectors, particularly in AI and domestic substitution, with hardware segments like CPO and servers showing increased earnings certainty [5]. - In cyclical and resource sectors, monitor supply-demand improvements, especially in precious metals, while being cautious of policy risks in the coal sector [5][6].