大盘突破前高，后市怎么看？

Market Performance - On August 13, the market volume broke through previous highs, with the Shanghai Composite Index rising 0.48% to 3683.46 points, and the Shenzhen Component Index increasing by 1.76%[3] - A-share trading volume reached 2.18 trillion yuan, marking the second-highest level this year[3] Market Trends - The current market is characterized by a "slow bull" trend driven by policy, fundamentals, and liquidity, with broader and deeper participation compared to previous bull markets[3] - The market rotation structure is healthier, with technology sectors like semiconductors and robotics leading the way, contrasting last year's financial sector dominance[3] Economic Indicators - China's GDP is expected to grow by 5.3% year-on-year in the first half of 2025, an increase of 0.3 percentage points compared to the same period in 2024[3] - The inventory cycle is transitioning from "active destocking" to "passive destocking," with inventory levels declining for three consecutive months[3] Investment Landscape - Long-term capital, represented by insurance funds, is accelerating into the market, with equity investment balances increasing by 360.4 billion yuan in Q1 2025, a 92% year-on-year increase[3] - The AI industry is experiencing high growth, with major companies like Google and Meta increasing their capital expenditures for 2025, with Google raising its forecast from $75 billion to $85 billion[4] Risks - Potential risks include external policy fluctuations, liquidity structure differentiation, macroeconomic volatility, market competition, and policy support falling short of expectations[4]