周度策略行业配置观点：潜龙勿用也勿疑-20250804

Group 1 - The report highlights a significant market correction in A-shares due to various underwhelming factors, with major indices experiencing declines: Shanghai Composite Index down 0.94%, Shenzhen Component down 1.58%, ChiNext down 0.74%, and STAR 50 down 1.65% during the week of July 28 to August 1, 2025 [1][9] - The macroeconomic drivers include the extension of the US-China tariff suspension for 90 days, alleviating short-term trade friction concerns, and the emphasis on "macro policy continuing to exert force and timely reinforcement" during the July Politburo meeting, which shifted focus to "implementing existing policies" [1][10] - The report notes a divergence in market performance, with technology sectors showing strength while cyclical sectors weakened, influenced by the tariff extension and domestic policy adjustments [1][9] Group 2 - The report recommends focusing on the banking sector, which has shown a divergence from the Shanghai Composite Index since July 11, 2025, suggesting that banks may become a choice for hedging against volatility as the market enters August [5][21] - The liquid cooling sector is highlighted due to the explosive growth in AI computing demand, projected to reach 725.3 EFLOPS by 2024, a year-on-year increase of 74.1%. The market for liquid cooling technology is expected to grow from 11.01 billion yuan in 2024 to 31.55 billion yuan by 2027, with a CAGR exceeding 40% [5][21] - The report emphasizes the challenges in implementing liquid cooling solutions, including system design complexity, construction risks, and high costs, which need to be addressed through comprehensive service models [5][21]