20250905-华安证券-只缘身在此山中_3页_250kb

Market Overview and Key Drivers

Markets surged on September 5th, with the CSI 300 Index rising by 1.24% and the创业板 Index soaring by 6.55%. The market style favored growth, particularly the创业板50, which climbed 7.35%, while the Dividend Index fell by 0.27%. Trading volume reached RMB 2.35 trillion, reflecting renewed investor activity. Sectors like Power Equipment, Communication, and Electronics led gains, while Banks were the sole decliner. The rally was largely driven by policy catalysts and technical rebounds.

Policy Catalyst: Anti-Involution Measures

The Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation jointly released the "2025-2026 Action Plan for Sustained Growth in the Electronic Information Manufacturing Industry," explicitly condemning "involution-style competition" in sectors like photovoltaics and lithium batteries. This reinforced the policy direction of price competition regulation and efficiency improvement.

Communication Sector Rebound

The Communication sector staged a sharp recovery after a three-day decline of 12.3%. This was widely attributed to the accumulation of risks from prolonged gains being fully released. As a key growth-driven engine, it has reaffirmed its leadership status.

Fundamental Drivers for Continued Rally

The powerful drivers underpinning the current upward trend remain intact:

1. Policy support significantly increased decision-makers' emphasis on the capital market.
2. Macroeconomic policies are favorable and liquidity trends remain supportive.
3. Segment-specific catalysts and AI-related topics maintain strong market participation.

Key Investment Themes

Based on historical trend pattern analyses in strong markets,
two major themes are identified:

• Theme 1: Consolidated Growth in Scitech: This includes the泛TMT, AI, computing, and robotics segments. Their inherent characteristics determine this a priority entry point.
• Theme 2: Hard-Supported Growth Sectors: Domains like rare earth magnets, precious metals, and agricultural chemicals offer less cyclical and tangible security.

Risk Factors

Potential severe market deviations remain the most significant risk, along with fragmented trading activity and credit market deterioration.