英大证券：策略晨报：科技股的热点扩散分化，逢低关注医药医疗及新能源板块-20250221

Core Views - The report indicates that the A-share market is experiencing a "slow bull" trend in the medium to long term, with structural bull markets prevailing despite short-term fluctuations [2][11] - There is a notable shift in the concentration of technology stocks, with low-cap stocks experiencing a rebound while high-cap stocks face internal differentiation [2][11] - The report emphasizes the importance of monitoring key resistance levels in the market, particularly after recent rebounds [2][11] A-share Market Overview - On Thursday, the three major indices in the A-share market showed narrow fluctuations, with the AI sector being particularly active, especially AI glasses leading the gains [5][11] - The overall market sentiment was moderate, with a total trading volume of 17,566 billion yuan, and the Shanghai Composite Index closing at 3,350.78 points, down 0.02% [6][11] - The report highlights that while some technology growth stocks lack fundamental support, the overall domestic economic recovery is expected to continue [2][11] Sector Analysis - AI glasses and wearable technology stocks have seen significant gains, driven by advancements in AI technology and the launch of new products at major electronics exhibitions [7][11] - The pharmaceutical and medical sectors are also on the rise, with the report suggesting that the sector has strong investment value due to previous significant declines and an aging population driving demand [8][11] - The humanoid robot sector is identified as a long-term investment opportunity, with expectations for rapid growth supported by government policies and increasing global demand for industrial robots [9][10] Investment Strategy - The report advises investors to avoid high-flying technology stocks that have recently surged and instead focus on low-cap AI applications and high-dividend stocks, particularly state-owned enterprises [3][11] - It suggests that the pharmaceutical and renewable energy sectors, which have seen substantial corrections in recent years, may present good entry points for investment [3][11] - The report anticipates a more proactive fiscal policy and moderate monetary easing in 2025, which could support economic recovery and shift demand from exports to domestic consumption [12][11]