长城基金刘疆：科技创新仍是重要引擎

Core Viewpoint - The A-share market has shown increased volatility since November, with notable style switching between traditional value sectors and previously strong sectors like metals, new energy, and innovative pharmaceuticals [1] Market Outlook - The overall risk for the year-end market is considered controllable, but there is potential for structural changes and a rebalancing expectation [1] - Despite short-term fluctuations, the long-term outlook remains optimistic, with technology innovation sectors expected to be key growth drivers [1] Investment Opportunities - Three major investment directions are highlighted: 1. Infrastructure opportunities represented by computing power, including sectors like computing chips, optical communication, PCB, liquid cooling, and storage [1] 2. AI application end, where advancements in AI infrastructure and capabilities are expected to create new ecosystems and investment opportunities, particularly in humanoid robots, unmanned vehicles, and drones [1] 3. Strategic emerging industries and future industries emphasized in the "14th Five-Year Plan" [1]