周度策略行业配置观点：科技板块当前的分化状态-20250901

Core Insights - The report highlights the current differentiation in the technology sector, with significant market movements driven by the release of the "Artificial Intelligence+" action plan and other economic indicators [1][11][12] - The A-share market has shown increased volatility, with major indices experiencing varied performance, particularly strong growth in the ChiNext and STAR Market indices [1][11] - The report identifies key sectors with strong investment potential, particularly in communication, electronics, computing, and financial technology [2][19] Weekly Event Review - The "Artificial Intelligence+" action plan was officially released, marking a significant policy shift towards integrating AI into various sectors, aiming for a 70% penetration of smart terminals by 2027 [12] - The "Shanghai Six" policy was introduced to ease housing purchase conditions, aimed at stimulating the real estate market [12] - The US GDP growth for Q2 was revised upward to 3.3%, driven by strong corporate investment and net exports, indicating a resilient demand side [12][13] - Meituan reported a significant drop in net profit for Q2, highlighting challenges in the competitive landscape [13] Sector Analysis Optical Communication - The demand for high-speed optical modules is surging due to accelerated AI model training and data center construction, benefiting companies capable of producing high-end modules [3][20] PCB (Printed Circuit Board) - The upgrade of AI servers is driving a substantial increase in the value of PCBs, with demand for high-layer, high-speed PCBs significantly rising [4][21] Semiconductor - The semiconductor industry is experiencing dual drivers of domestic substitution and technological breakthroughs, with high demand for equipment and materials [5][22] Financial Technology - The financial technology sector is seeing robust growth supported by digital economy policies, with companies leveraging AI for improved profitability [6][25] Investment Focus - The report indicates a strong market focus on specific sub-sectors within communication, electronics, computing, and financial technology, particularly in optical communication, PCB, semiconductors, and financial technology [2][19]