机构研究周报：A股上涨逻辑未变，时间已是牛市朋友

Core Viewpoints - The article highlights a significant shift in the Chinese stock market, with the emergence of new leaders in the technology sector, particularly the rise of Cambricon Technologies as the new "king of stocks," surpassing Kweichow Moutai after nine years of dominance [3] - The overall sentiment in the market is optimistic, with analysts suggesting that the conditions for a bull market are gradually being established, supported by fundamental improvements and potential new capital inflows [5][6] Industry Research - The military modernization narrative is seen as a long-term trend, driven by national defense goals and the need for self-sufficiency, with military trade becoming a test of China's high-end equipment's technological influence [12] - The "Artificial Intelligence +" initiative is recognized as a key investment direction, with policies fostering growth in the AI sector leading to significant performance and valuation improvements in related stocks [13] - The liquor industry is entering a phase of healthy recovery, with stable fundamentals and government policies aimed at boosting domestic consumption providing support for leading companies in the sector [14] Equity Market - Analysts from Shenwan Hongyuan believe that the current market conditions are conducive to a bull market, with limited corrections expected and a positive outlook for the end of 2025 and beyond [5] - Everbright Securities maintains that the logic supporting stock market growth remains unchanged, with reasonable valuations and a focus on sectors like machinery and power equipment for short-term investments [6] - Galaxy Securities suggests that the current equity market is likely to experience a slow bull phase, indicating limited potential for bubbles and a disconnect between real estate prices and stock market performance [7] Macroeconomic and Fixed Income - Changjiang Securities notes that the credit bond market is at a turning point, with rising yields but potential value emerging as the market stabilizes [20] - Zhongtai Securities indicates that the current adjustments in convertible bonds may present investment opportunities, particularly in sectors with expected catalysts [21] - Bosera Fund emphasizes that the logic for declining bond yields remains intact, with expectations for a steepening yield curve as monetary policy continues to evolve [22] Asset Allocation - CICC highlights the long-term implications of the Trump administration's influence on the Federal Reserve, suggesting a shift towards more accommodative monetary policies that could benefit emerging markets [24]