本周四(9月4日)，大盘全天单边走弱，上证指数跌1.25%收于3765.88点，科技股大面积下跌，光模块 (CPO)、光芯片、光通信等概念指数跌幅居前。截至收盘，科创人工智能ETF华夏(589010)收跌6.99%， 近5个交易日跌幅达14.37%，已经部分消化7-8月的暴涨行情，相对低位下稳健持有、逆势布局或成为投 资者的良策。持仓股方面，成分股普遍回撤，凌云光领跌14.61%，寒武纪下跌14.45%，澜起科技、航 天宏图、云天励飞均下跌超8%。机器人ETF(562500)收跌3.80%，盘中震荡下探，筑底洗盘。持仓股方 面，云天励飞领跌8.13%，秦川机床下跌7.99%，科沃斯下跌7.34%，中大力德、绿的谐波等跌幅超 6%。流动性方面，当日成交总额达21.33亿元，市场交投活跃。机器人ETF近5个交易日有4日获资金净 流入，共"吸金"8.56亿元，投资者或可把握逆势加仓的机遇。 【热点要闻】 【市场复盘】 信达证券表示，人形机器人技术迭代快，技术方案正从多样化走向聚拢集中。马斯克称，第三代机器人 在协调性和执行复杂任务的能力上会有很大的突破，比如能完成叠衣服、照顾小孩这样的家庭场景任 务，我们预计Opt ...

Core Viewpoint - The trade war is in a stalemate phase, making unexpected stimulus and compromise-based trade agreements unlikely to occur [2][3][4] Group 1: Economic Resilience and Policy Options - The stalemate phase tests the economic resilience of both countries, with China having more policy options, greater space, and longer endurance compared to the U.S. [4] - For China, maintaining its interests and bottom line in the trade war is more important than sustaining a specific economic growth figure [3] - The U.S. faces challenges such as supply chain disruptions, production slowdowns, and inflationary pressures, which limit its fiscal and monetary policy options [6] Group 2: A-Share Market Dynamics - The A-share market is a key element in boosting confidence during the trade war, with strong government commitment to stabilize the capital market [9] - Since April 7, significant inflows into passive ETFs have been observed, with a total net inflow of 1.5 trillion yuan into large-cap ETFs and 491 billion yuan into small-cap ETFs [10] - The central bank's liquidity support for the stock market indicates a long-term holding strategy, aiming to stabilize the domestic stock market regardless of overseas fluctuations [10] Group 3: Hong Kong Market Outlook - The Hong Kong market may be a weak link in the short term, but there is still a noticeable underweight of mainland funds in Hong Kong stocks [11][12] - The potential for future capital inflows into the Hong Kong market is significant, driven by both domestic and international investors seeking to diversify their portfolios [12] Group 4: Investment Opportunities - From a risk-averse perspective, sectors such as autonomous technology, those benefiting from European capital expenditure expansion, essential consumer goods, stable dividends, and materials not reliant on short-term performance are expected to outperform [13][14] - Key trends to monitor include the increasing recognition of China's technological self-sufficiency, rising European demand in various sectors, and strengthened trade and technological cooperation between China and non-U.S. markets [14]