今天，A股“一变”、“三不变”

Core Viewpoint - The A-share market is experiencing a significant increase in risk appetite, with a notable rise in stock prices and trading volumes, while maintaining a focus on key sectors such as computing power, innovative pharmaceuticals, and diversified finance [1][3]. Market Characteristics - The market has shown three distinct characteristics recently: 1. The index's central point has steadily risen, with the Shanghai Composite Index moving from around 3300 points in May-June to approximately 3500 points since late June, accompanied by increased trading volume [3]. 2. Sector rotation has accelerated, with a clear focus on sectors like computing power, innovative pharmaceuticals, diversified finance, photovoltaic, military industry, and humanoid robots, all supported by significant narratives and event catalysts [3][7]. 3. There is a heightened focus on leading stocks, with many reaching new highs, indicating strong market sentiment [11]. Sector Performance - The computing power sector, particularly in optical modules and PCBs, has seen substantial gains, with stocks like New Yisheng and Shenghong Technology performing well [3][11]. - The innovative pharmaceutical sector has also strengthened, with companies like Chengdu Xian Dao and MediWest experiencing significant price increases [5][6]. - Military stocks, including military equipment and aviation engines, have surged, with companies like Zongheng and Chenxi Aviation showing strong performance [7]. - The humanoid robot sector is gaining traction, supported by recent procurement announcements from major companies like China Mobile [7][10]. Institutional Outlook - Institutions remain optimistic about the market's future, with expectations of continued upward trends in both equity and bond markets. The current valuation of the CSI 300 index is approximately 10% below its reasonable value midpoint, suggesting potential for further appreciation [14]. - Analysts from CITIC Securities and other firms indicate that the market is likely to continue its upward trajectory, driven by improved macroeconomic conditions and structural growth in new sectors [15].