周度策略行业配置观点：情绪释放后，副主线开始衍生-20250908

Key Insights - The report highlights a significant shift in market sentiment, transitioning from "value defense" to "growth recovery," driven by policy expectations and capital emotions [1][7] - The A-share market experienced fluctuations, with the Shanghai Composite Index declining by 1.18% and the ChiNext Index increasing by 2.35% during the week [1][7] - The report identifies AI computing power as a primary investment theme, with companies like Zhongji Xuchuang and Tianfu Communication attracting substantial attention due to strong mid-year performance and ongoing demand for AI technology [2][16] Weekly Event Review - The "September 3rd Military Parade" showcased China's military capabilities, featuring new domestic weaponry, which may influence defense-related investments [8] - U.S. employment data for August showed a significant slowdown, with only 22,000 jobs added, reinforcing expectations for potential interest rate cuts by the Federal Reserve [8] - Market rumors suggest that Deepseek plans to launch an advanced AI system by the end of 2025, indicating a competitive push in the AI sector [8] Trading Data - The average daily trading volume in the A-share market decreased to 2.60 trillion yuan, reflecting a decline in market preference [1][7] Sector Configuration Insights - The computing power chain has seen increased volatility, with the CPO+PCB sector drawing significant capital attention, raising concerns about potential valuation bubbles while also benefiting from strong earnings [2][16] - Solid-state batteries are emerging as a secondary investment theme, with a surge in equipment orders indicating accelerated industrialization, supported by technological advancements and strong demand from downstream applications [3][17]