周观点：存储供需矛盾有望触发中国半导体供应链加速全球化-20260118

Group 1 - The report highlights that the volatility in the Chinese market is expected to drive short-term thematic growth while also indicating a long-term style shift [2][3] - The report notes that the recent cooling of inflation in the U.S. provides a moderate but not overwhelming space for the Federal Reserve's policy adjustments [3][8] - It emphasizes the potential for the Chinese market to undergo a significant long-term style shift during the release of overseas risks, alongside a continued substantial appreciation of the Renminbi [3][4] Group 2 - The semiconductor sector is viewed positively in the short term, with a specific focus on the storage segment due to emerging supply-demand contradictions [3][27] - Long-term investment opportunities are identified in insurance, central state-owned enterprise dividends, anti-involution industries, Chinese concept internet companies, and military trade [3][4] - The report indicates that the technology sector has shown significant gains, while financial real estate and consumer sectors have experienced deeper declines [19][24] Group 3 - The report mentions that the A-share market has seen a notable performance from the Sci-Tech 50 index, which rose by 2.58%, while the Shanghai Composite Index fell by 0.45% [12][19] - It points out that the external capital index positions have weakened, with net short positions expanding [35][36] - Upcoming focus will be on U.S. PCE inflation data and Chinese economic indicators [38]