每日经济新闻 华安证券表示，配置上仍然聚焦进攻性方向，包括弹性最大的成长科技和业绩支撑板块：一是成长科技包括AI、机器人；二是景气或业绩支撑如稀土永 磁、贵金属、工程机械、摩托车、农化制品。 | | | 8月20日指数涨跌幅榜 | | | | | --- | --- | --- | --- | --- | --- | | | | 指数简称 | 单日涨跌幅 | 近5日涨跌幅 | 近5年估值分 | | 電電清散 | 单日涨跌幅前三 | 科创板50 | | | | | | | 科创100 | 3.23% 2.17% | 6.54% 5.44% | 99.5% 43.6% | | | | 科创综指 | 1.84% | 4.96% | 92.9% | | | 单日涨跌幅后三 | 创业200 | -0.19% | 3.86% | 99.8% | | | | 东证指数 | -0.57% | 0.23% | 77.0% | | | | 日经225 | -1.51% | -0.89% | -- | | 行业主题指数 | 单日涨跌幅前三 | 科创芯片设计 | 5.07% | 10.68% | --- | | | | 科创芯片 | ...

Market Commentary - The market has entered a positive feedback loop, with the recent rally driven by a significant increase in risk appetite and strong overseas performance in optical module companies, leading to a substantial rise in the ChiNext Index [2][3][4] - On August 13, the Shanghai Composite Index rose by 0.48% to 3683.46 points, breaking the previous high since the 924 market, while the ChiNext Index surged by 3.62% to 2496.50 points, nearing its previous peak [2][3] - The total trading volume of the A-share market reached 2.18 trillion, the second highest this year, indicating robust market activity [2] Internal Driving Forces of the Bull Market - The current bull market is characterized by strong internal driving forces, with a steady upward trend since early April, supported by increased attention from decision-makers towards the capital market, continuous improvement in micro liquidity, and persistent market hotspots [4][6] - The decision-makers have shifted their tone from "stabilizing and activating" to "consolidating and improving," signaling a heightened focus on the capital market, which provides a safety net for ongoing liquidity inflows [4] - The bull market's internal driving forces have entered a virtuous cycle, with no changes in the three core supporting factors: increased attention from decision-makers, continuous liquidity inflow, and sustained market hotspots [4][6] Investment Focus - The report suggests focusing on sectors with the highest growth elasticity, particularly in technology and performance-supported areas [6][7] - The first investment line emphasizes high-elasticity growth technology sectors, including AI, computing power, robotics, and military industry, which are expected to perform well in the current bull market [6] - The second investment line targets sectors with strong performance support, such as rare earth permanent magnets, precious metals, engineering machinery, motorcycles, and agricultural chemicals, which are expected to benefit from favorable market conditions [6] - The third investment line highlights structural policy opportunities in service consumption and potential valuation recovery in real estate, driven by macro policy adjustments [7]