策略周报：继续锚定科技行情

Group 1 - The report emphasizes that technology leaders are expected to drive the market upward, with a continued positive outlook on the Sci-Tech Innovation 50 index due to multiple factors such as fundamental recovery, policy support, and the revaluation of tech leaders [2][8][9] - The growth style is positioned at the beginning of a three-year major trend, with 2025 expected to be a key year for structural market trends driven by growth [2][9] - The acceleration of the domestic AI industry chain is identified as a significant trend, with the EPMI index showing a recovery in emerging industry demand, indicating a supportive environment for the ongoing tech rally [2][9] Group 2 - The semiconductor sector is experiencing a rally driven by AI hardware, with historical trends showing three major phases of growth since 2010, each aligned with technological advancements and market conditions [2][26] - The current phase of the semiconductor market is characterized by a focus on digital chips, particularly in AI-related sectors such as edge SOCs, training inference chips, and MCUs, which are leading the market [2][26][32] - The AI industry chain is poised for a new round of growth following a brief consolidation, with strong performance expected in cloud services and AI applications, particularly in healthcare [2][33][37] Group 3 - The report highlights the importance of the recent private enterprise forum, which has reinforced the strategic position of the private economy and emphasized innovation and collaboration, potentially marking a turning point for the market [2][8] - The performance of the real estate market is showing signs of stabilization, with a narrowing decline in housing prices across major cities, contributing to a more positive market sentiment [2][8][18] - The report notes significant capital expenditure increases from major tech companies like Alibaba, which is expected to enhance the AI infrastructure and cloud services market, indicating strong future demand [2][35][36]