中国资产持续获得追捧

Market Overview - The U.S. government shutdown has entered its second day with no signs of resolution, yet major U.S. stock indices continued to rise, driven by investor interest in artificial intelligence and high-tech leaders [1][5] - On the day, the S&P 500 index slightly increased by 0.06% to 6,715.35 points, while the Dow Jones Industrial Average rose by 78.62 points (0.17%) to 46,519.72 points. The Nasdaq Composite Index performed the best, gaining 0.39% to reach 22,844.05 points, marking a new historical high [1][2] AI Sector Performance - Nvidia remains the primary driver of market gains, with its stock reaching new historical highs as investors continue to buy into this AI giant, reflecting sustained enthusiasm for the tech growth sector [3] - Chinese concept stocks and related ETFs also showed strength, with Direxion's triple-leveraged China ETF (YINN) up 2.68%, iShares MSCI China ETF (MCHI) up 1.12%, and the Nasdaq China Golden Dragon Index (HXC) up 1.06% [3] Economic Concerns - Despite the strong market performance, potential risks persist. U.S. Treasury Secretary Scott Bessent indicated that the government shutdown could impact GDP, with longer shutdowns leading to more pronounced negative effects on the economy [4][5] - Historically, government shutdowns have not caused lasting impacts on financial markets, but the current situation is more complex due to high stock valuations and pressures from persistent inflation and a slowing labor market [5] Semiconductor Sector Insights - The semiconductor and chip sectors experienced significant gains, with SMIC rising over 12%, leading blue-chip stocks to new historical highs. Analysts suggest that the trend of domestic chip replacement is accelerating alongside a recovery in global chip demand [10] - The global HBM (High Bandwidth Memory) market is projected to grow from $3 billion in 2023 to $53 billion by 2027, driven by increased demand for AI servers [11] Chinese Market Performance - The Hang Seng Index closed up 1.61% at 27,287.12 points, while the Hang Seng Tech Index rose 3.36% to 6,682.86 points, both reaching new phase highs [8] - In the Hang Seng Tech Index, 23 stocks rose while 6 fell, with notable gains from Huahong Semiconductor (7.13%) and BYD Electronics (6.63%) [12][13]