月度市场策略：如何布局“阳春三月”？

Group 1 - The report highlights that the release of the AI model DeepSeek R1 has significantly improved market sentiment, leading to a notable rebound in Chinese stock indices, particularly in the Hong Kong market, which rose by 18% from January 20 to February 21, 2025 [10][18][19] - The report indicates that the valuation repair triggered by AI breakthroughs is just the beginning of a broader re-evaluation of Chinese assets by global investors, with private enterprises actively investing in advanced manufacturing, new energy, digital economy, and AI sectors [18][19] - The report suggests that the upcoming Two Sessions in early March may initiate a new round of policy stimulus, which could further enhance market sentiment and valuation levels [18][19] Group 2 - The report notes that foreign capital is beginning to flow back into the Chinese market, with a net inflow of $1.3 billion observed from January 30 to February 19, 2025, marking the first net inflow since October 2024 [42][43] - The report emphasizes that the current valuation levels of major Chinese stock indices remain reasonable, with the MSCI China Index and Hang Seng Index trading at forward P/E ratios of 11.1x and 10.2x, respectively, close to their historical averages [19][20] - The report identifies specific sectors within the Chinese market that are expected to benefit from AI developments, particularly in the computing power industry, including companies involved in servers, data centers, cloud computing, and semiconductor manufacturing [8][10][18]