机构研究周报：政策和资产荒共振的牛市，增配成长类资产

Core Viewpoints - The current market conditions are conducive to a bull market driven by policy and liquidity, with deflation and a downturn in the real estate market unlikely to change the overall bullish trend [1][6]. Industry Research - The 2025 World Artificial Intelligence Conference in Shanghai showcased over 800 companies, with more than 50% being international, indicating a significant interest in AI technologies. AI is expected to be a major application area, particularly in programming [3]. - The mining and metallurgy sector is expected to see a divergence, with bullish sentiment on non-ferrous metals due to inventory cycles, while black metals are anticipated to face downward price pressure [11]. - The "anti-involution" theme is emerging, with funds favoring low-valuation, high-dividend sectors such as traditional industries and certain new energy sectors like wind and solar [12]. - The market is shifting towards a rotation phase, focusing on previously lagging sectors such as coal, utilities, and real estate, indicating a search for undervalued assets [13]. Equity Market - The A-share market has shown strong performance since June, with a favorable external environment and liquidity conditions. However, internal pressures from fundamentals and policy responses are expected to create a balancing act [5]. - The Hong Kong stock market is likely to see a structural market where tech stocks can perform independently despite a lack of overall market trends [7]. - The current A-share market resembles the 2014-2015 period, with a clear trend of household savings moving into the stock market, favoring thematic investments and high-quality growth stocks [22].