周观点：无惧市场波动，慢牛仍在进行-20250922

Group 1 - The report indicates that the A-share market is experiencing a volatile yet differentiated trend, with growth sectors, particularly technology represented by the ChiNext, performing relatively well, while heavyweight sectors like finance and resources face significant adjustment pressure [1][10] - The report highlights that the "deposit migration" phenomenon is ongoing, with active market liquidity and various funds entering the market, suggesting that the strong logic of the technology growth line remains unchanged despite market fluctuations [1][10] - The report notes that the market is likely to enter a phase of consolidation, but the previous strong sectors are still relatively robust, indicating that a "style switch" has not yet occurred [5][35] Group 2 - The report discusses the impact of the Federal Reserve's decision to lower the federal funds rate by 25 basis points to a target range of 4.00%-4.25%, marking the first rate cut of 2025, which has led to increased market volatility as some funds chose to take profits [2][11] - It is mentioned that the economic data from August 2025 shows a steady yet weak trend in China's economy, with pressures evident in production, consumption, investment, and exports, indicating a need for further policy support [3][22] - The report emphasizes that the growth in fixed asset investment remains weak, particularly due to significant declines in real estate investment, which fell by 13.2% year-on-year from January to August 2025 [3][25] Group 3 - The report identifies key investment directions, particularly in the growth technology sector, which continues to thrive with hotspots in AI computing, solid-state batteries, and biotechnology, suggesting a potential expansion into other sub-sectors [6][45] - It also highlights opportunities in the Hong Kong stock market, which has lagged behind the A-share market, particularly in growth technology, but is expected to rebound due to the Fed's rate cut and ongoing capital inflows [6][45] - The report notes that the market's trading sentiment is becoming more concentrated, with the top 100 and top 30 stocks in the A-share market showing increasing proportions of total trading volume, reflecting a shift in market dynamics [5][35]