沪指逼近4000点，科技主线还能布局吗？

Group 1 - A-shares experienced a significant surge, with the Shanghai Composite Index approaching 4000 points and trading volume exceeding 2 trillion yuan, driven by a rebound in technology leaders, particularly in AI computing power and semiconductor equipment [1] - The "14th Five-Year Plan" emphasizes technology investment, providing a positive outlook for continued investment in the tech sector [1] Group 2 - Both A-shares and Hong Kong stocks are considered important for investment, suggesting a dual approach to portfolio allocation [2] - The semiconductor industry is highlighted as having high growth potential, particularly as it is in the early to mid-stage of an AI expansion cycle, with strong domestic demand for self-sufficiency in semiconductor equipment [3] - AI computing power is identified as a key area of focus, with increasing demand for computing infrastructure driven by ongoing AI advancements [3] Group 3 - Nvidia's upward adjustment of shipment expectations for 2026 strengthens the profitability outlook for leading computing power firms, reinforcing the sustainability of the high demand cycle for optical modules driven by AI [4] - The Hong Kong tech sector has seen significant inflows from southbound capital, with a notable increase in foreign investment interest in Chinese assets, particularly as external risks improve [4] - The valuation gap between Hong Kong tech stocks and A-shares presents an opportunity for catch-up, with expectations of accelerated capital inflows into Hong Kong stocks as the Federal Reserve continues to lower interest rates [4] Group 4 - The Hong Kong Stock Connect Technology Index has outperformed the Hang Seng Technology Index and the Hong Kong Internet Index from 2018 to October 2025, with a cumulative increase of 66.24% [5] - There are concerns regarding the fundamental performance of companies, as earnings have not shown substantial improvement, and market sentiment has cooled due to reduced trading volume [5] - Investors should be cautious as the upcoming third-quarter earnings reports may reveal risks if actual performance does not meet high expectations [5] Group 5 - A conservative approach is recommended in the short term, with a strategy of buying low and selling high being the preferred choice [6]