宏观策略周报：如何看待这一轮科技股行情的逻辑？

Market Performance - The Shanghai Composite Index rose by 0.97% to close at 3,379.11 points, while the Shenzhen Component Index increased by 2.25% to 10,991.37 points during the week of February 17-21[5] - The average daily trading volume in the Shanghai and Shenzhen markets was 18,821.6 billion CNY, up 9.70% from the previous week[5] - The technology sector showed strong performance, with the ChiNext Index rising by 2.99%[5] Technology Sector Insights - The Hang Seng Technology Index and other tech-focused indices have surpassed previous highs, indicating a strong market sentiment towards technology stocks[5] - The AI sector is expected to see significant growth, with DeepSeek-R1 model narrowing the gap with US counterparts, enhancing confidence in China's AI capabilities[20][24] - Alibaba's Q3 2025 revenue reached 280.15 billion CNY, a year-on-year increase of 8%, with net profit soaring by 333% to 46.434 billion CNY (6.361 billion USD)[20] Investment Recommendations - Focus on AI-related sectors, particularly AI+pharmaceuticals and AI+education, as they are expected to benefit from the ongoing AI trend[26] - Emphasize investments in domestic technology and self-sufficiency initiatives, including areas like robotics and national defense[27] - Consider high-dividend sectors such as banking and utilities, which are likely to remain attractive due to low-risk yield environments[27] Risks and Challenges - Potential macroeconomic downturns and geopolitical tensions, particularly between the US and China, pose risks to market stability[46] - The ongoing transition in the AI industry may face challenges due to external pressures and competition[18]