DeepSeek引发全球资本对中国科技股重估，春节行情有望迎来主升浪

Core Insights - The report highlights that the global capital is reassessing Chinese technology stocks due to the launch of DeepSeek, which is expected to lead to a significant increase in market activity and a potential main upward trend during the Spring Festival [6][12][16] - The report anticipates that the current market conditions are resilient to external disturbances, with a focus on domestic policy expectations and the potential for accelerated implementation of self-sufficient policies in response to external pressures [6][8][11] Market Overview - As of February 7, the A-share trading volume approached 2 trillion, indicating a robust market environment [6] - The report notes that the overall market has shown strong performance, with the Shanghai Composite Index rising by 1.63% and the ChiNext Index increasing by 5.36% in the recent week [5] Impact of DeepSeek - The launch of DeepSeek-R1 on January 20, 2025, has significantly reduced training and inference costs, leading to a revaluation of Chinese technology stocks globally [11][12] - Following the release of DeepSeek-R1, foreign investment banks and funds have shown increased optimism towards Chinese assets, with notable gains in Chinese technology stocks outpacing major global indices [12][15] Trade Relations and Tariffs - The report discusses the implications of the U.S. imposing a 10% tariff on Chinese imports, which aligns with market expectations, and China's corresponding countermeasures [7][8] - Despite the tariffs, China's overall export market share has remained stable, with a notable increase in exports to emerging markets like ASEAN, which has helped mitigate the impact of U.S. tariffs [8][11] Policy Expectations - The report emphasizes the importance of domestic policy adjustments, with a focus on increasing counter-cyclical measures and promoting technological innovation as key tasks for 2025 [11][16] - The upcoming Two Sessions are expected to provide further clarity on domestic growth policies, which could enhance market sentiment [6][11] Investment Recommendations - The report suggests that the focus on consumption, expanding domestic demand, and technological innovation will likely drive market trends in the medium term, positioning self-sufficiency as a key theme [16]