Cambricon(SH:688256) 天天基金网·2025-07-25 12:37Market Overview - A-shares experienced a pullback today, with the Shanghai Composite Index falling below 3600 points, while the Sci-Tech 50 Index rose over 2% [2][7] - The total trading volume of the two markets decreased to 1.79 trillion yuan, indicating insufficient capital support [5][9] Reasons for A-share Decline - The decline is attributed to adjustments in previously strong sectors such as infrastructure, hydropower, and non-ferrous metals, which affected market sentiment [7][8] - The 3600-point level is seen as a psychological pressure point, leading to profit-taking by investors [8][10] Future Market Direction - Analysts suggest that as long as the "slow bull" trend remains intact, the market focus may shift back to sector rotation [6][10] - Schroders Investment anticipates a "dual bull" market for stocks and bonds in the second half of the year, with structural investment opportunities in the equity market [10][11] Sector Opportunities - Investors are encouraged to look for short-term structural opportunities in cyclical sectors like non-ferrous metals, as well as in new consumption and technology sectors benefiting from overseas demand for computing power [12][18] Policy Outlook - The China Securities Regulatory Commission (CSRC) indicated that despite complex internal and external environments, there are positive factors supporting market stability, including high-quality economic development and macro policy expectations [13][14] - Upcoming policies, including significant funding allocations for urban renewal and new economic strategies, are expected to provide support for the market [14][19] Technology Sector Highlights - The technology sector is showing signs of recovery, with the Sci-Tech 50 Index leading the market, boosted by the upcoming World Artificial Intelligence Conference [15][17] - Recent developments in AI, including the anticipated release of GPT-5 by OpenAI, are expected to drive further growth in the technology sector [17][19] Investment Strategies - Investors are advised to remain calm and avoid frequent trading during market fluctuations, focusing on long-term trends [22][23] - A balanced investment approach, utilizing a core-satellite strategy, is recommended to optimize portfolio structure [24][25]