以下文章来源于申万宏源证券上海分公司 ，作者杨敏 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 最近一周市场连续下跌，特别周五出现放量近百点的下跌，前期热门板块例如算力方向和新能源方向是下跌的主战场。 对于未来，慢牛趋势依然在，目前是针对 4 月 -11 月的调整段。 市场从 4 月开始一路高歌猛进，科技股连番大涨后，短期到了估值高位，再加上海外事件扰动以及美联储流动性扰动，短期进入休整期。 但展望未来： 指数方面：虽然上证指数的 ERP 已经到了中枢位置，不算极低，但沪深 300 的股息率依然高于十年期国债，而横向对比美股，股息率 1.2% ，十年期美债收益率 4% 以上。至于绝对位置就更不用谈了。所以 A 股目前的性价比依然很高。 科技方向：四季度有 DEEPSEEK 新版本推出的预期、 AI 各类应用也陆续推出、多个科技独角兽将陆续上市、 首批科创创业人工智能 ETF等16只硬科技基金也在这个周末获批，即将启动募集，也就意味着科技方向未来将迎来增量。所以中短期有增量，中长期有产业趋势 的不断催化。 所以中长期慢牛格 ...

Group 1 - The core viewpoint of the article highlights the significant inflow of global capital into Chinese assets following the Federal Reserve's interest rate cuts, which has led to a bullish trend in the Chinese stock market [3][15][17] - The A-share market has shown remarkable performance, with the total market capitalization increasing from 68 trillion to 104 trillion RMB, and numerous stocks experiencing substantial gains [4][6] - The Chinese stock market has outperformed global markets, with significant increases in indices such as the North Star 50 and the ChiNext, showcasing a strong recovery and growth trajectory [6][15] Group 2 - The article emphasizes the role of China's advancements in technology, defense, and trade as fundamental drivers for the rising value of Chinese assets, positioning them as a "safe haven" amid global uncertainties [7][9][14] - The ongoing technological breakthroughs in sectors like electric vehicles, solar energy, and AI are highlighted as key factors contributing to China's competitive edge in the global market [8][15] - The article notes that the recent Federal Reserve rate cuts are expected to further enhance the attractiveness of RMB-denominated assets, encouraging international capital to flow into China's stock and bond markets [15][16] Group 3 - The article discusses the potential for a recovery in the real estate market, driven by the wealth effect from the stock market gains and supportive government policies [16] - It points out that the structural opportunities in sectors such as semiconductors, AI, and high-end manufacturing are likely to attract significant investment as global capital seeks higher returns [15][16] - The article concludes that the current economic environment presents a unique investment opportunity in China, driven by strong fundamentals and favorable market conditions [17]

智通财经5月21日电，英伟达表示，DEEPSEEK将人工智能计算需求提高了100至1000倍。 ...