沪指创近4年新高，机构：A股处于史上第一次“系统性慢牛”

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching new highs, driven by liquidity and positive investor sentiment [2][4][5]. Market Performance - The A-share market opened strongly, with the Shanghai Composite Index surpassing 3674.4 points, marking a new high since December 17, 2021 [2]. - The trading volume in the Shanghai and Shenzhen markets exceeded 610 billion, indicating increased market activity compared to the previous day [4]. Sector Highlights - The military industry stocks are notably active, with several stocks, including Changcheng Military Industry and Zhongbing Hongjian, rising over 5% [4]. - Computing hardware stocks continue to perform well, with companies like New Yisheng and Industrial Fulian reaching historical highs [5]. Investment Trends - Analysts suggest a shift in A-share investment logic, emphasizing the importance of individual stock performance (α logic) over broader industry trends (β logic) [6][7]. - There is a growing focus on sectors with high growth potential, such as AI, computing power, and innovative pharmaceuticals, as well as stable dividend-paying sectors like brokerage and insurance [7][8]. Risk and Strategy - The high margin financing balance indicates a recovery in risk appetite, but caution is advised regarding the cyclical amplification effects of leveraged funds [8]. - A "barbell strategy" is recommended, balancing investments between technology growth and high-dividend stocks while monitoring policy signals and foreign capital movements [8].