2025年一季度A股市场震荡走高，以Deepseek概念为首的人工智能板块成为一季度市场主线之一，提振A股科技股大行情。截至2025年一季度 末， A股主要股指多数呈上涨态势，北证50指数表现最强，中证1000、科创50、万得全A、深证成指均录得上涨。机械、有色金属、汽车与零配 件涨幅位列行业前三，其中，机械行业以10.74%的涨幅居首。 市场篇 1.1 A股主要股指表现 2025年一季度，人工智能、机器人、新能源车等概念表现强势。Deepseek概念涨幅居首，累计上涨46.19%，IDC（算力租赁）概念上涨 26.07%；宇树机器人、减速器概念分别上涨31.04%、30.77%；汽车配件精选、小米汽车概念分别上涨21.82%、17.89%。 2025年一季度A股主要股指多数呈上涨态势。北证50指数表现最强，累计上涨22.48%，中证1000、科创50、万得全A、深证成指均录得上涨。 1.2 A股行业表现 在Wind二级行业分类的35个行业中，2025年一季度共有20个行业录得上涨。机械行业涨幅居首，累计上涨10.74%；有色金属、汽车与零配件、 软件服务行业分别上涨10.56%、10.45%、10.02%。 ...

Group 1: Asset Structure - The asset structure of Chinese technology assets shows that A-shares are more focused on manufacturing, while Hong Kong and US stocks lean towards internet software services and new energy vehicle sectors [9][10][11] - In A-shares, technology assets account for nearly 50% of the market, with hardware and electrical equipment dominating [9] - In Hong Kong, technology assets represent 61% of the market, with a balanced distribution between technology services and manufacturing [10] - In the US, technology assets account for approximately 92% of the market, predominantly in software services and internet companies [11] Group 2: Performance Comparison - Since 2024, the revenue and profit growth rates of technology assets in Hong Kong and the US have surpassed those in A-shares, with ROE_TTM also beginning to exceed A-shares [21][22] - As of Q3 2024, the revenue growth rates for A-shares, Hong Kong, and US-listed Chinese technology assets were 3.5%, 7.5%, and 14.1% respectively, while net profit growth rates were -11.3%, 31.2%, and 76.1% [23] - The profitability of technology assets in Hong Kong and the US is significantly higher, particularly in the software services and media sectors, compared to A-shares [32][33] Group 3: Valuation Comparison - The valuation of A-shares is generally lower than that of Hong Kong and US stocks, with A-share technology indices trading at historical averages [6][21] - As of March 11, 2025, the PE ratios for A-shares' ChiNext 50 and Sci-Tech Innovation 50 indices were 32x and 41x, while Hong Kong's Hang Seng Tech index was at 25x [21] - The PS ratios for A-shares' Sci-Tech 50 and Sci-Tech 100 indices were 5x and 6.8x, indicating a potential for upward valuation adjustments [21] Group 4: Investment Outlook - The report suggests that the revaluation of Chinese technology assets is expected to continue, with each market having its unique advantages [5][21] - The ongoing support for technological innovation from government policies, particularly in AI and robotics, is anticipated to drive further interest in these assets [5][21]