机构科技仓位突破40%！震荡要来了？

Core Viewpoint - The recent US-China economic and trade discussions in Kuala Lumpur have provided a buffer period that is beneficial for exports, contributing to a significant rebound in Hong Kong stocks after the A-share market closed [3]. Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index falling below the 4000-point mark, closing down 0.73%. The Shenzhen Component and ChiNext Index dropped 1.16% and 1.84%, respectively. The total trading volume in the Shanghai and Shenzhen markets reached 24.217 trillion yuan, an increase of 165.6 billion yuan from the previous day [4]. - The market saw 1242 stocks rise and 4100 stocks fall, with a median decline of 1.25% in individual stock performance [4]. Technical Analysis - The Shanghai Composite Index has shown a significant upward movement, breaking through the resistance zone of 4000-4184 points, which is considered an important pressure level. The index is expected to oscillate within the range of 3950-4100 points [5][6]. - The recent market behavior indicates a potential for a pullback to fill the gap created on Monday, with the lower edge of the gap at 3950 points [4]. Sector Performance - The technology sector, particularly AI hardware stocks, has shown signs of adjustment, with core stocks experiencing high volatility. Other traditional sectors, such as nuclear construction and aluminum, have shown stronger performance [8][10]. - Institutional investors' holdings in the technology sector have surpassed 40%, indicating a high level of investment interest, although this is still below the peak levels seen during previous market waves [9]. Investment Strategy - Given the current market conditions, it is advised to avoid blindly chasing high-performing AI hardware stocks. Instead, investors should look for opportunities to enter during significant price corrections, focusing on short-term strategies [10][11]. - The steel sector has shown a 1.32% increase, which historically signals the potential end of a market phase. This trend warrants close observation [11].