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海外科技周报：市场仍在risk off，等待扰动结束
Hua Yuan Zheng Quan·2025-03-09 14:06

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the ongoing "risk-off" sentiment in the market as investors await the resolution of current disturbances [3] - The report emphasizes the importance of technological innovation and the integration of new production capabilities as outlined in the government work report [3][14] - The report identifies the IT distribution leader, Weishi Jiajie, as a key beneficiary of the domestic large model and cloud vendor competition [3][14] Market Performance Summary - The Hong Kong technology sector experienced a strong rebound, with the Hang Seng Technology Index closing at 6037.4, up 8.4%, outperforming the Hang Seng Index by 2.8 percentage points [6][8] - The Philadelphia Semiconductor Index closed at 4629.6, down 2.9%, but still outperformed the Nasdaq 100 and S&P 500 indices [6][8] - The report notes that the U.S. tech sector continued to pull back, with the AI + energy sector leading the decline [8] Cryptocurrency Market Overview - As of March 7, 2025, the total market capitalization of cryptocurrencies reached $2.92 trillion, an increase from $2.81 trillion the previous week [19] - The total trading volume for cryptocurrencies on March 7, 2025, was $127.1 billion, accounting for 4.35% of the total market capitalization [19] - The report indicates that the cryptocurrency market sentiment is currently in a state of fear, with a Fear and Greed Index reading of 30 [20] Key Events and Trends - The report discusses the significant outflow from cryptocurrency ETFs, totaling $739 million for the week, indicating a bearish trend in the market [24] - The report mentions that the price of core cryptocurrency assets has declined significantly due to changes in U.S. government policy and increased regulatory scrutiny [28] - The report highlights the upcoming earnings reports from various companies in the AI and cryptocurrency sectors, which may impact market sentiment [17][31]