眼下正值年底，立足当下展望后市，A股市场将如何表现？哪些投资方向值得重点关注？针对这些投资 者关心的问题，我们一起来看长城久鑫基金经理余欢的解读。 余欢表示，延续此前判断，经历前三季度的上涨，各板块演绎已经十分充分，根据三季报机构持仓情况 来看，TMT相关板块持仓处于高位，交易较为拥挤，但AI景气度整体依然保持强势。我们预计年底市 场可能会相对震荡，等待年底有新政策等相关线索后，市场预计依然会选择下一年的景气延续或改善方 向，届时春季行情值得期待。 余欢表示，延续此前判断，经历前三季度的上涨，各板块演绎已经十分充分，根据三季报机构持仓情况 来看，TMT相关板块持仓处于高位，交易较为拥挤，但AI景气度整体依然保持强势。我们预计年底市 场可能会相对震荡，等待年底有新政策等相关线索后，市场预计依然会选择下一年的景气延续或改善方 向，届时春季行情值得期待。 "在此背景下，我们将继续积极关注成长股。"余欢强调，将重点关注以下方向：一是调整之后估值合理 且有成长性的港股科技互联网板块；二是受益AI技术驱动的子行业，包括硬件基础设施、机器人、智 能驾驶、AI端侧应用等；三是依然有成长性的消费子行业，包括创新药、游戏、出海消 ...

Group 1 - The State Council has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," aiming to promote the deep integration of artificial intelligence with various industries [2] - The six key actions outlined in the "Opinions" include "Artificial Intelligence+" in science and technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [2] - The focus of "Artificial Intelligence+" has shifted from "connection" to "empowerment," enabling machines to think and make decisions, with AI serving as a "super brain" for various processes and roles [2] Group 2 - The "Artificial Intelligence+" initiative emphasizes the importance of AI in enhancing interpersonal relationships, providing emotional support, assisting the elderly and disabled, and promoting national fitness [3] - The ultimate goal of "Artificial Intelligence+ in public welfare" is to address real needs in people's lives, making services more detailed and comprehensive [3] Group 3 - The current phase of artificial intelligence has transitioned from a "technological breakthrough period" to a "scale implementation period," indicating a maturity in the conditions for implementing "Artificial Intelligence+" [6] - The rapid evolution of AI technology has enhanced its general capabilities, allowing it to perform a wider range of tasks across various industries [6] - By 2030, it is projected that over 90% of new intelligent terminals and applications will be widely adopted, positioning the AI industry as a significant growth driver for China's economy [6]