11月17日早盘，A股三大指数小幅下跌，计算机、电子等行业涨幅居前，锂矿、两岸融合、盐湖提锂、 存储器等概念盘中活跃。主流ETF方面，云计算50ETF（516630）涨超1%，持仓股中，东方国信 （300166）、易点天下（301171）、拓维信息（002261）、数据港（603881）、润和软件（300339）、 神州信息（000555）等涨幅居前，其中东方国信一度涨超12%。 港股方面，三大指数悉数下跌。恒生科技指数ETF（513180）跟随指数小幅下跌，持仓股中，携程集 团、联想集团、百度集团、比亚迪（002594）电子等领跌，华虹、阿里巴巴、中芯国际等领涨。 华泰证券近期指出，短期不确定性因素仍存，市场走势或仍以震荡为主，但考虑到主线切换较快，配置 向偏均衡的"哑铃型"结构做迁移，具体来看：1）高性价比主线仍是市场关注的方向之一，目前AI产业 链拥挤度回落至7月以来低位，可关注恒生科技、国产算力、AI端侧和应用等方向的低位标的；2）左 侧埋伏部分具备业绩改善的低位板块，如工程机械、纺织制造、光伏设备、通用设备、铁路公路、建 材、及部分大众消费方向；3）海内外不确定性影响下，当前银行和部分周期型红利或仍 ...

Core Viewpoint - The short-term market is in a policy and performance vacuum, requiring more catalysts for the index to break through key levels, with the market likely to remain volatile [1] Group 1: Market Strategy - The recommendation is to maintain a "barbell" strategy in asset allocation [1] - In the technology sector, the pressure of crowding has eased, and after adjustments, the cost-effectiveness is gradually improving, focusing on low-position targets in areas such as Hang Seng Technology, domestic computing power, and AI applications [1] - Given the uncertainties both domestically and internationally, previously underperforming dividend stocks are experiencing a rebound, with current opportunities in banks and certain cyclical dividend stocks [1] Group 2: Sector Focus - The third-quarter reports and high-frequency indicators are cross-validating, indicating that varieties with non-crowded valuations and chips, such as new energy and chemicals, are worth attention [1] - In the medium term, seven key clues will be monitored: policy cycle, technology cycle, real estate cycle, capacity cycle, inventory cycle, energy cycle, and capital market reform, with advanced manufacturing and pro-cyclical consumption being potential decisive factors [1]

Core Viewpoint - The market is currently in a policy and performance vacuum, requiring more catalysts for the index to break through key levels, with a likely focus on volatility in the near term [1] Group 1: Market Strategy - The recommendation is to maintain a "barbell" strategy in asset allocation [1] - In the technology sector, the pressure from overcrowding has eased, and after adjustments, the cost-effectiveness is gradually improving, with a focus on low-position targets in areas such as Hang Seng Technology, domestic computing power, and AI applications [1] - Given the uncertainties both domestically and internationally, previously underperforming dividend stocks are expected to see a rebound, with current opportunities in banks and certain cyclical dividend stocks [1] Group 2: Sector Focus - The third-quarter reports and high-frequency indicators are cross-validating, indicating that varieties with non-crowded valuations and chips, such as new energy and chemicals, are worth attention [1] - In the medium term, seven key clues will be monitored: policy cycle, technology cycle, real estate cycle, capacity cycle, inventory cycle, energy cycle, and capital market reform, with advanced manufacturing and pro-cyclical consumption being potential decisive factors [1]