硬科技“吃肉”，软应用“挨打”，资金再次选择方向！

Core Viewpoint - The A-share market is experiencing extreme structural differentiation, with the Sci-Tech 50 index rising by 0.48% while major indices like the Shanghai Composite and Shenzhen Component are slightly down, indicating a significant shift in market dynamics driven by industry and policy changes [1] Group 1: Leading Sectors - The strong performance of sectors such as electronics, automotive, and machinery is attributed to the resonance between global industrial cycles and domestic precise policies [2] - TSMC's recent earnings report, projecting a 35% year-on-year increase in net profit by Q4 2025 and a gross margin exceeding 60%, signals robust AI computing demand and boosts confidence across the semiconductor supply chain [2] - Domestic policies are facilitating a "targeted" structural easing, with the central bank adjusting monetary policy tools to lower costs and direct financial resources towards hard technology and high-end manufacturing [3] Group 2: Lagging Sectors - The media and computer sectors are experiencing significant adjustments due to external technical frictions, such as the U.S. imposing tariffs on certain semiconductor manufacturing equipment, which heightens concerns over global tech supply chain stability [4] - The shift in market style reflects a migration of funds from high-growth, exploratory business models in "soft" applications to "hard" technology and high-end manufacturing with visible orders and clear policy support [4] Group 3: Market Outlook - The dual themes of "technological self-reliance" and "manufacturing upgrades" remain strong, with investments in semiconductors, AI hardware, robotics, and smart vehicles expected to be market focal points [5] - The market is balancing the pursuit of high growth with a search for certainty, as evidenced by the activity in power and grid equipment sectors and sustained interest in high-dividend assets [6] - The current market environment emphasizes the need for investors to focus on industry trends and company fundamentals, constructing resilient portfolios that include both hard technology and stable value assets [6]