策略周报：科技主线内部轮动加速

Core Insights - The report emphasizes the acceleration of internal rotation within the technology sector, highlighting its strong expected growth potential despite current weak performance in certain sub-sectors [1] - The report suggests that the technology growth advantage will continue, with a focus on short-term fluctuations driven by overseas factors [1][13] - The report notes that the recent decline in LPR has positively influenced market sentiment, leading to significant increases across most industries [15] Industry Overview - The technology manufacturing sector has shown rapid internal rotation, particularly among military, media, and electric new energy industries, driven by a favorable market sentiment and investor preference for potential recovery sectors [15] - The report indicates that the photovoltaic industry is expected to rebound as component prices are likely to touch bottom, with recent bidding prices showing significant increases [20] - The report highlights that the semiconductor cycle is on the rise, which is expected to enhance the profitability of emerging growth assets [13][15] Fund Performance and Trends - The report reveals that active equity funds have stabilized in terms of asset and holding scale, but pricing power has weakened, indicating a significant redemption pressure despite a 15.9% increase in stock indices [15][17] - The report notes a shift in fund allocation, with increased investments in midstream sectors and a reduction in upstream resources, reflecting a broader trend towards more stable sectors [17] Market Dynamics - The report discusses the impact of the upcoming U.S. elections and key economic data releases on market sentiment, suggesting that these factors will play a crucial role in the short-term performance of the A-share market [1][13] - The report indicates that the recent policy measures have effectively supported market sentiment, leading to a favorable environment for technology and growth-oriented assets [15]