A股喜迎5月“开门红”，公募唱多科技成长与国产替代

Core Viewpoint - The A-share market is experiencing a rebound in May, with a notable increase in investor sentiment and a shift towards technology growth and domestic substitution themes, as indicated by various public fund institutions [1][2][4]. Market Performance - On May 6, the major indices rose collectively, with the Shanghai Composite Index closing at 3316.11 points, up 1.13%, and returning above 3300 points. The Shenzhen Component Index and the ChiNext Index also saw gains of 1.84% and 1.97%, respectively [2]. - The market's trading volume exceeded 1.3 trillion yuan, with a total turnover of 13,644 billion yuan, reflecting a significant increase of 171.4 billion yuan from the previous trading day [2]. Investment Opportunities - Fund companies suggest that May may present trading opportunities following a clearing of positions, with a focus on themes less sensitive to domestic and external demand performance. Key areas to watch include multi-modal AI, AI/AR glasses, innovative pharmaceuticals, and controllable nuclear fusion [3][4]. - The consensus among institutions is to adopt a balanced approach of "growth + value" in industry allocation, with a focus on high-certainty trends such as domestic substitution in technology and pharmaceuticals, as well as basic industrial products and military materials [8][9]. Policy and Economic Factors - The market is closely monitoring the impact of tariff issues, which have not yet eased, particularly affecting traditional labor-intensive industries. However, there are emerging structural opportunities, especially in sectors less reliant on exports [5][6]. - The expectation of a potential interest rate cut by the Federal Reserve in June could lead to a weaker dollar, alleviating pressure on the renminbi and enhancing foreign investment in A-shares [6]. Sector Focus - Investment strategies should consider sectors with low export dependence and broad domestic markets, such as food and beverage and basic construction materials, which are expected to benefit from domestic consumption recovery and infrastructure demand [5][9]. - The technology growth sector, particularly in AI and renewable energy, is anticipated to experience valuation recovery as liquidity conditions improve [8][9].