Manus能否为科技股行情空中加油？

Market Insights - The government work report aligns with expectations, leading to a focus on policy implementation and its effects, while the domestic situation remains stable. The risk of increased tariffs from the US is not a dominant factor for the A-share market but may cause disturbances at certain times, resulting in continued high-level fluctuations in the market [1][2][3] - The export data for January-February shows resilience but is slightly below expectations, indicating a potential impact from US tariff increases. The overall export value reached USD 539.94 billion, with a year-on-year growth of 2.3%, although this is a decline of 8.4 percentage points compared to December [3][18][19] Industry Configuration - The report emphasizes the importance of seasonal infrastructure benefits, suggesting a focus on undervalued sectors that have lagged behind. The sectors highlighted include banks and insurance, which offer value for both short-term and long-term strategic allocation, as well as pharmaceuticals, automobiles (excluding parts), and home appliances (excluding parts) that are expected to benefit from policy catalysts [1][4][22] - The technology sector, particularly the TMT (Technology, Media, and Telecommunications) segment, is experiencing a cautious outlook despite recent catalysts like Manus AI. The report notes that the growth in technology stocks may be limited due to high valuation pressures and signs of market topping [4][22][27] - The defense and military industry is showing potential for continued growth, with the report indicating that if the ChiNext index experiences a significant correction, the military sector may still see upward movement. The military sector has recently seen a 7% increase, with sub-sectors like military electronics and aerospace equipment performing particularly well [7][36]