“移动互联网+”VS“人工智能+”，如何看本轮科技牛潜在空间？产业赛道与主题投资风向标

Group 1 - The report highlights the comparison between the "Mobile Internet+" and "Artificial Intelligence+" sectors, indicating that the current technology bull market has potential for further growth, especially in the context of AI policy resonance starting from September 24, 2024 [2][9][10] - The average peak increase of the top 10 secondary industries from June 25, 2013, to the end of 2015 was 446%, while from September 24, 2024, to September 5, 2025, it was only 110%, suggesting that there is still room for upward movement in the index [2][9] - The report notes that the proportion of stocks reaching new highs in the past 100 days peaked at 64% during the previous bull market, while the current market reached a recent high of 25%, indicating that the current market is still in a "leading stocks rally" phase [2][10] Group 2 - The report discusses market activity, stating that the average trading volume of the top 10 secondary industries was 36.8% since September 24, 2024, with a peak of 45%, which has not yet crossed the 50% "overheating warning line," indicating a state of "active but not extreme" market conditions [2][13] - Institutional holdings in the TMT sector reached an average of 5.73% in the first half of 2025, compared to a peak of 8.28% in the previous bull market, suggesting that public funds may still have room to increase their positions [2][17] - The report identifies key themes such as sports consumption, solid-state batteries, and AI applications, with significant growth potential in these areas, particularly with government support and policy initiatives [3][4]