下周，风格切换，警惕科技高位波动

Core Insights - The North Exchange 50 Index has significantly outperformed the A-share market, rising by 7.52%, marking the largest weekly gain since September, driven by favorable policies from the North Exchange [1][2] - The A-share market is experiencing a structural shift, with funds moving from high-valuation defensive sectors to mid and small-cap growth stocks [1][2] - The Asia-Pacific region has shown strong performance, with the Nikkei 225 Index up by 6.31% and the Korean Composite Index up by 4.21%, benefiting from technical breakthroughs and foreign capital inflows [1] A-share Market Summary - The North Exchange 50 Index's rise of 7.52% contrasts with the underperformance of large-cap indices, as the Shanghai Composite Index only saw a slight increase of 0.11% [2] - Trading activity was robust, with total A-share turnover reaching 11.63 trillion yuan, averaging 2.33 trillion yuan daily, a significant increase of 527.9 billion yuan week-on-week [2] - Main funds have shifted away from technology sectors, with net outflows of 644.43 billion yuan from electronics and 284.18 billion yuan from communication equipment, while sectors like media and pharmaceuticals saw net inflows [2] Hong Kong Market Summary - The Hong Kong market experienced an overall decline, with the Hang Seng Index down by 0.97% and the Hang Seng Technology Index down by 2.51%, primarily due to weakness in the semiconductor and electronics sectors [3] - Despite the decline, there was a net inflow of 27.5 billion HKD from southbound funds, indicating confidence in undervalued sectors such as banks and oil [3] - The A-share market is showing signs of a cyclical recovery in consumption, while technology stocks are undergoing a correction [3] Industry and Concept Analysis - In the A-share market, the power equipment sector rose by 4.29%, and non-ferrous metals by 2.56%, driven by rising product prices and supportive manufacturing policies [3] - The PVDF index, rare earths, and artificial intelligence sectors saw significant gains, benefiting from the improving outlook of the new energy industry and accelerated AI applications [3] - Conversely, the semiconductor and third-generation semiconductor sectors faced notable corrections due to previous overextensions and technical sell signals [3] Market Outlook - The market is expected to continue its structural trend, with a focus on mid-cap growth stocks supported by policy initiatives and a marginally easing liquidity environment [4] - The A-share index is projected to oscillate between 3900 and 4000 points, while the North Exchange 50 Index's performance will depend on policy implementation and trading volume [4] - In the Hong Kong market, continued inflows from southbound funds and potential recovery in technology stock valuations are anticipated to support the Hang Seng Technology Index [4]