策略周报：关注泛科技行业的"头部效应”-20250819

Group 1 - The report highlights a significant "head effect" in the pan-technology sector, driven by incremental capital inflows and a shift in market style towards growth stocks and non-bank financials, while high-dividend sectors have seen a notable decline [3][6][15] - The market's risk appetite has increased significantly, with the A-share market breaking previous highs and reaching levels similar to the "924" market phase of the previous year, indicating a strong correlation with the early stages of the 2014-15 market rally [3][15][17] - The report emphasizes the importance of the pace of incremental capital release and the Federal Reserve's interest rate decisions in influencing foreign capital inflows and market sustainability [3][17] Group 2 - The report notes that the demand for chips and materials is growing, with increased orders for high-end products such as ceramic separators and honeycomb aluminum protection, leading to an upgrade in manufacturing processes [5][6] - The implementation of new 3C certification regulations for mobile power supplies and lithium batteries marks a transition from "extensive management" to a more refined governance phase, which is expected to impact the industry structure significantly [6][51] - The AI industry chain is experiencing a style shift from small and mid-cap stocks to larger-cap stocks, indicating a strengthening consensus among institutional investors regarding the investment logic in the AI sector [6][47][51] Group 3 - The report identifies key sectors within the AI industry chain that are expected to benefit from this trend, including domestic chips, innovative servers, IDC and computing leasing, advanced manufacturing, and various AI applications [6][51][54] - The report provides a detailed analysis of the performance of various sectors, indicating that technology and high-end manufacturing have shown a more pronounced "head effect," while other non-tech sectors exhibit a "waist effect" [6][40][46] - The report also highlights specific companies within the AI industry chain that have shown significant performance, such as Cambricon and other large-cap firms that have outperformed the AI index [6][52][54]