如何看待近期科技板块再度反弹？

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The A-share technology sector rebounded last week, driven by both policy and overseas factors, and the market is expected to continue its oscillatory recovery, but the height and pace depend on whether the key domestic and foreign driving factors can continue [6][7] - The report maintains a positive view on the upward trend of technology and the index before the Spring Festival, with robotics and brokerage as the main lines, and there may be phased trading opportunities in some high - elasticity sectors [7] Summary by Relevant Catalogs Market Review - Market Performance: Most major market indices rose last week, with ChiNext 50 having the largest increase of 4.68%. Among the major industries, the information technology index and the telecommunications service index performed relatively well, with weekly changes of 5.71% and 3.41% respectively, while the energy index and the financial index performed weakly, with weekly changes of - 0.53% and 0.04% respectively. Among the 30 Shenwan primary industries, 26 industries rose, with large - gain industries including communication, electronics, and media, rising 8.70%, 6.05%, and 4.23% respectively; large - loss industries included petroleum and petrochemicals, banks, and coal, falling 0.73%, 0.59%, and 0.51% respectively [8][12][16] - Trading Heat: The average daily trading volume of Wind All - A last week was 1736.923 billion yuan (the previous value was 1865.036 billion yuan), at a relatively high historical level (82.30% of the three - year historical quantile) [18] - Valuation Tracking: As of November 28, 2025, the valuation (PE_TTM) of Wind All - A was 21.69, an increase of 0.41 from the previous week, at the 88.20% quantile of the past 5 - year history. Among the 30 Shenwan primary industries, 27 industries' valuations (PE_TTM) were repaired [23] Market Observation - Analysis of the Rebound of the Technology Sector Last Week: The market hotspots last week were concentrated in technology sectors such as TMT. The technology sector rebounded after being oversold, with communication equipment, electronic components, games, and consumer electronics leading the market. The weekly increases of the communication, electronics, and media industries were 8.70%, 6.05%, and 4.23% respectively, all recovering the previous week's losses. The rebound was driven by both policy and overseas factors. Domestically, positive signals were released by macro - economic data and regulatory agencies, and investors expected the upcoming Central Economic Work Conference to introduce more explicit measures for stable growth and industrial support. Overseas, Sino - US relations and the Fed's interest - rate cut expectations provided a loose external environment [6] - Outlook for the Future Market: The market is expected to continue its oscillatory recovery, but the height and pace depend on whether the key domestic and foreign driving factors can continue. Domestically, the Central Economic Work Conference in mid - December is regarded as a guide for next year's economic policies. Externally, the Fed's December interest - rate meeting is approaching, and the expectation of an interest - rate cut will support sectors such as technology growth, consumer leaders, and non - ferrous metals. From the perspective of capital flow, there was a net outflow in various channels last week, indicating a short - term preference for taking profits [7] - Investment Suggestions: The report maintains a positive view on the upward trend of technology and the index before the Spring Festival. However, institutional funds are generally cautious approaching the year - end assessment period, and some funds still face outflow pressure. Therefore, the index is likely to maintain an oscillatory pattern in the future. Before the Spring Festival, robotics and brokerage are considered the main lines, and if the fiscal deficit ratio is "passively raised" in the policy - expectation game centered on the Central Economic Work Conference, there may be phased trading opportunities in some high - elasticity sectors such as consumption and real estate [7] Global Economic Calendar - The economic data and important events at home and abroad from December 1 to December 5 are listed, including China's Caixin Manufacturing PMI, China's Caixin Services PMI, the US ISM Manufacturing PMI, the US ADP employment change, the US initial jobless claims, and the Fed Chairman Jerome Powell's speech [25]