策略晨报：短期科技股适当观望等待，关注“两会”政策动向，灵活调整投资组合-2025-03-19

Investment Rating - The industry is rated as "in line with the market," indicating a stable fundamental outlook, with expectations that the industry index will follow the performance of the CSI 300 index over the next six months [17]. Core Insights - The report suggests that the short-term market may experience a phase of volatility and pullback, which should be viewed as a washout behavior. The upcoming National People's Congress (NPC) will set the annual economic targets, including decisions on special government bond issuance and deficit adjustments, which are crucial for market attention [2][4][8]. - It is recommended that investors maintain a flexible investment strategy, adjusting their portfolios based on sector performance and market dynamics. Specifically, for technology stocks that have seen significant gains, it may be prudent to reduce holdings to lock in profits, while still maintaining a long-term bullish outlook on the technology sector [2][9]. - The report highlights that sectors such as pharmaceuticals and new energy, which have undergone substantial corrections in recent years, present potential investment opportunities [4][6][7]. Summary by Sections Market Overview - The report notes that the market is expected to face short-term adjustments, with technology stocks being a primary drag on performance. The ChiNext 50 index fell over 1.50%, reflecting cautious market sentiment and rapid fund rotation among sectors [5][9]. - On March 4, 2025, the NPC will commence, and the decisions made regarding economic targets and fiscal policies will be pivotal for market direction [2][4]. Sector Analysis - New Energy Sector: The report indicates that the new energy sector, including battery and solid-state battery stocks, has shown strong performance and is expected to continue benefiting from ongoing demand driven by carbon neutrality goals and the rapid development of the electric vehicle industry [6][8]. - Pharmaceutical Sector: The pharmaceutical and medical sectors have also seen collective gains, with the report suggesting that the sector is undervalued and poised for recovery due to factors such as aging demographics and previous price corrections [7][8]. - Controlled Nuclear Fusion Stocks: Stocks related to controlled nuclear fusion have surged due to favorable news, although the report advises caution regarding the sustainability of this rally [7].