继续重点布局科技主线！私募确认A股盈利驱动方向

Group 1: Core Views - The technology sector continues to be a key focus for private equity institutions as they plan their next steps, particularly in light of the "14th Five-Year Plan" emphasizing technological leadership [1][6] - The improvement in the external environment has boosted market risk appetite, with the China-US economic relationship entering a new phase that enhances long-term market confidence [3][4] Group 2: Investment Focus Areas - The "14th Five-Year Plan" highlights the importance of technological self-reliance and innovation, prompting private equity firms to focus on sectors like AI and domestic substitution as critical areas for investment [6][7] - The semiconductor industry has shown strong performance, with significant growth in related ETFs, indicating a robust market for AI-related investments [7] Group 3: Market Trends - The overall market is expected to maintain a "slow bull" trend, with structural changes and sector rotations being key characteristics of the market's upward movement [8][9] - A recovery in corporate earnings is anticipated starting in 2025, following a decline from 2022 to 2024, with a gradual improvement in EPS expected over the next few years [9]