7月31日午后，港股三大指数涨跌不一。盘面上，黄金股跌幅明显，大型科技股涨跌不一，汽车股再度 走低。A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡，持仓股中，金蝶国际、快 手、中芯国际、金山软件、华虹等涨幅居前，美团、比亚迪（002594）股份领跌，其中，快手涨超 7%。 中信证券在近期策略研究中指出，市场近期已经演绎出比较典型的水牛特征，当前策略应对思路是增配 恒科、增配科创。具体来看，该机构指出，2025世界人工智能大会有望给多个细分领域带来催化，同时 随着科创板"1+6"政策、金融支持科创相关政策的持续推进，自今年4月以来明显滞涨的科创板有望迎来 补涨行情。而对于突破3600点后的策略应对思路，该机构认为当前依然是平衡港A配比的好时机，建议 增配恒生科技。 截至7月30日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为21.71倍，处于指数2020 年7月27日发布以来约21.28%的估值分位点，即当前估值低于指数发布以来78%以上的时间。恒生科技 当前仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向上动能。没有港股通账户的 投资者或可通过恒生科技 ...

Market Overview - The A-share market has shown strong performance recently, with the Shanghai Composite Index breaking the 3600-point mark, driven by financial stocks and increased market liquidity [1][2] - As of July 28, the Shanghai Composite Index reached a high of 3606.27 points, closing at 3597.94 points, up 0.12%, while the Shenzhen Component Index and the ChiNext Index also saw gains [1] Market Drivers - The current market rally is primarily driven by liquidity and fundamentals, contrasting with the previous policy-driven surge [2] - Analysts suggest that the market is in a "bull market second phase," indicating continued growth potential, with many industry leaders having doubled their stock prices since September 2024 [3] Sector Performance - There is a rotation among industry sectors, with previously strong banking stocks experiencing profit-taking, while growth sectors such as innovative pharmaceuticals and AI are on the rise [2] - Beneficiary sectors of economic transformation, including smart driving, robotics, and drones, are expected to rebound in the second half of the year [2] Investment Strategies - Short-term focus should be on sectors with favorable mid-year performance, while long-term strategies should emphasize three main lines: domestic consumption, technological self-reliance, and dividend stocks [4] - Specific sectors to watch include high-dividend low-valuation blue-chip stocks, technology growth areas, and consumer recovery sectors [4] - Current market conditions suggest that holding stocks may be a more effective strategy, with attention on sectors like non-ferrous metals, communications, innovative pharmaceuticals, military industry, and gaming [4]