A股喜迎5月“开门红”，公募唱多科技成长与国产替代

Core Viewpoint - A-shares are experiencing a positive start in May, with major indices showing significant gains and a recovery in market sentiment, driven by themes such as controllable nuclear fusion, rare earths, and AI technology [2][3]. Market Performance - On May 6, all three major indices rose, with the Shanghai Composite Index surpassing 3300 points, closing at 3316.11, up 1.13%. The Shenzhen Component and ChiNext Index increased by 1.84% and 1.97%, respectively. Over 4900 stocks gained, indicating a broad market rally [3]. - The total trading volume exceeded 1.3 trillion yuan, marking a significant increase of 171.4 billion yuan from the previous trading day, suggesting a return of external funds [3]. Fund Manager Insights - Multiple fund companies, including Nuoan Fund and Morgan Stanley, expressed optimism for May, highlighting opportunities in technology growth, domestic substitution, and mid-cap value stocks. They recommend investors to strategically position themselves in sectors aligned with policy and industry trends [4][5]. - Nuoan Fund emphasized the importance of focusing on new technologies such as multi-modal AI, AI/AR glasses, and innovative pharmaceuticals, while also considering mid-cap stocks with stable performance [4]. Economic Factors - Concerns regarding tariffs and their impact on traditional labor-intensive industries were raised, particularly in textiles and furniture manufacturing, where low added value makes it difficult to absorb tariff costs [6]. - The potential for a U.S. interest rate cut in June, with a probability of 55.8%, could lead to a weaker dollar, alleviating pressure on the renminbi and enhancing foreign investment in Chinese assets [7]. Investment Strategy - A consensus among institutions is forming around a balanced approach of "growth + value" in industry allocation. Key trends to monitor include domestic substitution in technology and pharmaceuticals, as well as infrastructure-related sectors [9][10]. - Recommendations include a combination of defensive sectors like food and utilities, alongside growth sectors such as AI and renewable energy, to capitalize on valuation recovery opportunities [10]. Sector Focus - The technology sector, particularly in domestic AI and innovative pharmaceuticals, is seen as having significant growth potential despite external pressures. The recent adjustments in the sector have created entry points for investors [10]. - Defensive assets such as gold and military-industrial stocks are also recommended due to geopolitical uncertainties and potential economic instability [10].