周末《 产业锚定2：轮动泡泡下的主线生长 》一文详细总结了9.24行情之后的四大主线以及运动状况， 并指出消费主线当下正处于二阶段扩散期，大量的股票正在解锁，机会多，胜率高。 机器人主线余温尚存，也未必就此终结，只是扩散性已经稀薄了，如果大盘指数继续向上，科技和消费 之间的间隔轮动节奏可能还存在。 今天盘面主要还是靠消费在推动。消费收藏股池全红： 如上图，平均股价指数次级别第二个基底（窄幅震荡区间）已经摆出要突破的样子了。上一波段次级别 二基底突破时成交量也是缩量的，到次日才放量。 只要价格行为强势，就说明多方占优，缩量突破至少说明内部是团结的，缩量过顶未必就不是好事。 向上突破之后，如果30~60分钟级别动量背离，才是波段见顶位置，这是我当前的主要判断。不靠蒙， 就靠走势结构、情绪指标和动量指标结合推导。 ...

Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasized the emergence of new core assets in China, particularly in the domestic computing power chain, which are expected to expand to a market value of $100 billion [1][2]. Group 1: New Core Assets - CITIC Securities highlighted that new core assets, driven by trends such as AI equity and domestic computing power, are expanding and have the potential to reach a market value of $100 billion [2][3]. - Traditional core assets, including sectors like LED, security, service robots, and integrated circuits, have about 30% of companies that have turned around in their operations [2]. Group 2: Market Outlook - The A-share market is currently in a volatile phase, and a breakthrough will require the support of core assets rather than scattered themes [2]. - The macroeconomic environment is expected to support technology, supply-side reforms, and consumer promotion policies, which will positively influence the market [2]. Group 3: Consumer Sector - In addition to technology, the consumer sector is also viewed positively by several brokerage firms, with a focus on themes related to consumer iteration such as "self-economy" and "initial public offerings" [4]. - The improvement in asset prices is anticipated to gradually enhance consumer demand through wealth effects, supported by monetary and fiscal policies [4]. Group 4: Hong Kong Market - The Hong Kong stock market is characterized by three main features of a bull market: the need for asset allocation, significant available position space, and a high tolerance for valuations [6]. - The inflow of southbound funds into the Hong Kong market indicates a sustained bullish sentiment, supported by strong earnings from tech stocks and signs of economic stabilization [7].

Core Viewpoint - The spring capital market forum hosted by CITIC Securities emphasizes the emergence of new core assets in China, particularly in the domestic computing power chain, which are expected to expand to a market value of hundreds of billions of dollars [1][2]. Group 1: New Core Assets - The new core assets, including domestic computing power chains, cloud applications, edge AI, and physical AI, are identified as having the potential for a market value expansion to hundreds of billions [2]. - Approximately 30% of traditional core assets, such as LED, security, service robots, engineering machinery, integrated circuits, lithium batteries, national joint-stock banks, cloud services, and medical services, have already shown signs of operational recovery [2]. Group 2: Market Trends and Strategies - The A-share market is currently in a volatile phase, and a breakthrough requires the support of core assets rather than scattered themes [2]. - The macroeconomic outlook for 2025 includes policy advancements in technology, supply-side reforms, and consumer promotion, which are expected to drive market growth [2]. - The year 2025 is anticipated to be a significant year for thematic investments in A-shares, driven by factors such as funding preferences, technological catalysts, and policy implementation [4][5]. Group 3: Consumption and Economic Policies - Consumption is highlighted as a second main investment theme alongside technology, with a focus on the "self-care economy" and "initial public offering economy" [4]. - The macroeconomic analysis indicates that monetary policy will support consumer demand recovery, while fiscal policy will aim to enhance social security and resolve debt issues [4]. Group 4: Hong Kong Market Outlook - The Hong Kong stock market is currently in a bull market phase, characterized by necessary asset allocation, significant available positions, and high valuation tolerance [7]. - The potential for further investment in Hong Kong stocks is substantial, with a theoretical capacity to increase by over 600 billion HKD [7]. - Valuation opportunities remain in various sectors, including internet, hard technology, automotive, and biopharmaceuticals, indicating room for profit margin recovery and valuation expansion [7][8].