资产配置日报：押注科技-20260212

Group 1 - The report highlights a stable recovery in the market, with the average amplitude of the last five days being 0.71, indicating a low volatility level since 2000 [2] - The technology sector has shown significant growth, with the ChiNext Index and the STAR Market Index rising by 1.32% and 1.56% respectively [1] - The overall A-share market saw an increase of 0.46%, with a trading volume of 2.16 trillion yuan, which is an increase of 159.7 billion yuan compared to the previous day [1] Group 2 - The report identifies four main investment themes post-Spring Festival: computing hardware driven by AI, semiconductor supply chain, energy related to computing infrastructure, and AI applications and large models [3][4] - The computing hardware sector is experiencing a high boom cycle, focusing on optical chips, modules, and storage solutions [3] - The semiconductor industry is characterized by supply tightness and high demand, with attention on various types of chips and semiconductor equipment [3] Group 3 - The energy sector is being driven by computing infrastructure, with active investments in power grid equipment and energy storage solutions [3] - AI applications are evolving, with a focus on cloud computing and hardware needs, as indicated by the rise in the Wind Computing Rental Index and Cloud Computing Index by 3.25% and 2.95% respectively [4] - The report notes that the Hong Kong dividend index has outperformed, rising by 0.18%, despite some volatility in the innovation and internet technology sectors [4] Group 4 - The central bank's liquidity support is evident, with a net injection of 17 billion yuan in medium-term funds before the Spring Festival, contributing to stable funding prices [5] - The report indicates a downward trend in bond yields, with the 10-year government bond yield falling to 1.77% [5] - The trading activity in the bond market shows a preference for 7-10 year government bonds, indicating strong buying interest from banks and funds [5] Group 5 - The commodity market is experiencing mixed performance, with precious metals showing mild recovery while industrial metals are generally rebounding [8] - The report notes a significant outflow of funds from the commodity index, with a net outflow of 8.467 billion yuan, particularly from the precious metals sector [8] - The report highlights the resilience of precious metals despite pressures from strong dollar movements and geopolitical uncertainties [9]