科技成本轮牛市主线，外资公募如何看后市？

Core Viewpoint - The recent surge in the Shanghai Composite Index, driven by liquidity and a favorable market sentiment towards technology and new consumption sectors, raises questions about the sustainability of the current bull market [3][4]. Group 1: Market Dynamics - The current bull market is supported by state-owned funds and insurance capital, with foreign investment sentiment towards the Chinese stock market improving [3][4]. - The overall valuation of the Chinese stock market has reached a reasonable level, with historical valuations above 50% [6]. - The new consumption sector has become a focal point for international capital, with companies like Pop Mart showing significant revenue growth [6]. Group 2: Sector Performance - New consumption and biotechnology sectors are performing well, with strong global competitiveness among Chinese companies [5][7]. - The AI sector in China has been developing for over a decade, with significant government support and a growing pool of STEM talent [5]. - The innovative pharmaceutical sector has seen a substantial increase in new drug approvals, with the number rising from 11 in 2015 to 93 in 2024 [5]. Group 3: Technology Sector Insights - The technology sector is expected to be a key driver of the current bull market, particularly in AI-related capital expenditures [9]. - Companies in the semiconductor space, such as Cambrian, have seen significant stock price increases, reflecting improved market conditions [9][10]. - Cambrian's revenue for the first half of 2025 reached 2.881 billion yuan, a staggering increase of 4347.82% year-on-year, with a net profit of 1.038 billion yuan, up 295.82% [10]. Group 4: Export and Manufacturing Resilience - The export sector remains strong, with the forklift industry showing a 12% increase in sales from January to July, driven by robust demand in regions like Africa and Western Europe [7]. - The cyclical sector has gained attention, with structural opportunities in non-ferrous metals, particularly copper, which has remained stable due to inventory adjustments [7].