资产配置日报：还是科技和电力-20260325

Group 1 - The core view of the report indicates a strong performance in the equity market, with the Wind All A index rising by 1.79% and a trading volume of 2.19 trillion yuan, reflecting a significant increase of 968 billion yuan compared to the previous day [1] - The technology sector led the gains, with the Wind Optical Communication Index and Semiconductor Index increasing by 5.35% and 2.63% respectively, while the power sector also saw substantial growth, with the Wind Thermal Power and Hydropower indices rising by 4.44% and 4.43% [1][2] - The report highlights that the market's upward movement is primarily driven by previously leading sectors such as AI computing power, non-ferrous metals, and electricity, although these sectors have already accumulated significant gains, raising concerns about their ability to sustain leadership in future rallies [2] Group 2 - In the Hong Kong market, the Hang Seng Internet Technology Index increased by 2.17%, outperforming the Hang Seng Innovation Drug Index, which rose by 0.67%. This performance is attributed to expectations of easing competition in the food delivery sector [3] - The report notes that the bond market is experiencing a narrow range of fluctuations, influenced by mixed factors such as easing geopolitical tensions and inflation expectations, which are affecting market sentiment [4] - The report suggests that the bond market may continue to exhibit a range-bound trading pattern, with a neutral duration strategy recommended, while also indicating potential trading opportunities within the long-end interest rate range [6]