宏观策略周报：DeepSeek行情从普涨走向聚焦，关注传媒及AI应用

Market Performance - The Shanghai Composite Index rose by 1.30%, closing at 3346.72 points, while the Shenzhen Component Index increased by 1.64%, closing at 10749.46 points[5] - The average daily trading volume in the Shanghai and Shenzhen markets was 17157.57 billion yuan, up 7.57% from the previous week[5] - The US dollar to RMB exchange rate closed at 7.2654, with a decline of 0.32%[5] Sector Focus - The DeepSeek market is shifting focus towards media and AI applications, with the Hang Seng-Hushen Connect AH Share Premium Index currently at 135.26 points, indicating a relative increase in the value of A-shares compared to Hong Kong stocks[5][15] - The media and computer sectors led the market, with gains of 9.54% and 7.77% respectively, while 29 other sectors had weekly gains below 3.6%[18] Investment Strategy - The report suggests a focus on media and AI applications, particularly following the performance of DeepSeek-R1, which is comparable to OpenAI's models, potentially reshaping the global AI industry[16][25] - Key areas for observation include policy support before March, changes in trading volume, and the performance of sentiment indicator stocks like Light Media and Daily Interaction[16] Economic Indicators - In January, new social financing reached 7.06 trillion yuan, a year-on-year increase of 583.3 billion yuan, with government bonds and corporate loans being the main contributors[20] - The M2 money supply grew by 7.0% year-on-year, while M1 growth was at 0.4%, indicating a need for continued policy support to stimulate demand[20][23] Risks - Potential risks include macroeconomic downturns, volatility in overseas markets, and deteriorating Sino-US relations[49]