继续重点布局科技主线！私募确认A股盈利驱动方向

Group 1: Core Insights - The technology sector continues to be a key focus for private equity firms, especially in light of the "14th Five-Year Plan" emphasizing technological leadership and innovation [1][4] - The recent improvement in US-China relations has boosted market risk appetite, with expectations of a stable economic environment aiding capital market confidence [2][3] - The AI sector, particularly in the context of domestic substitution, is expected to be a critical area for investment as it gains momentum in the market [4][5] Group 2: Market Trends - The overall market is anticipated to experience a "slow bull" trend, with corporate earnings expected to recover starting in 2025 after a decline from 2022 to 2024 [6][7] - The capital expenditure (Capex) in the AI sector is showing high growth, indicating a shift towards operational expenditure (Opex) driven investment opportunities [5][6] - The market is currently characterized by a structural focus, with an emphasis on sectors like AI, pharmaceuticals, and resource stocks as key areas for potential growth [6][7] Group 3: Investment Opportunities - The semiconductor industry has shown strong performance, particularly in Q3, making it a high-value sector within the AI landscape [4] - Private equity firms are advised to focus on AI applications, upstream resources, innovative pharmaceuticals, and domestic substitution as key investment themes [4][5] - The market is expected to see a gradual improvement in earnings per share (EPS) over the next 2-3 years, driven by a recovery in the Producer Price Index (PPI) [7]