Entering a new year, the strong performance of the global capital market’s technology sector is reshaping the investment landscape. The current market driving forces come from three dimensions: steady rise of global tech stocks, accelerated investment by leading chip companies, and the comprehensive launch of the commercial aerospace industry. These three forces resonate with each other, providing a clear direction for the upcoming market trend.

**Global Capital Flows into the Technology Sector**

Under the dual catalysis of AI technology iteration and semiconductor industry upgrades, major US stock indices continue to rise. From chip manufacturing to AI applications, leading companies’ stock prices keep hitting new records. The China concept stock index recently gained over 4%, showing a remarkable start to the year; a leading internet platform even surged by 15%. The Hong Kong stock market’s rally is even more aggressive—Hang Seng Index jumped 2.76% at the open, and the technology sub-index soared 4%, marking the best start in recent years.

The logic behind this rally is solid: external restrictions on the semiconductor industry are marginally easing, demand in the computing power market is experiencing explosive growth, offshore RMB has broken through the 6.97 threshold, and global funds are beginning to bottom fish. Newly listed chip companies in Hong Kong performed well on their first day; a major tech company’s spun-off chip division saw nearly double-digit gains after listing, fully activating market enthusiasm.

**Policy and Industry Double Drive**

On the policy front, leading chip companies have seen significant shareholding increases, with ownership ratios reaching new heights, reflecting a strategic commitment to accelerate the development of independent and controllable chips. Meanwhile, the commercial aerospace sector is entering a period of intensive positive news: related companies’ IPO processes are accelerating, key models are entering critical stages, and next year’s launch schedule is densely packed. The trillion-level space economy track has officially set sail, with related concept stocks in Hong Kong already showing early movements.

**Market Linkages and Allocation Opportunities**

The strong performance of Hong Kong and US stocks will positively influence other global markets. Technology indices are highly likely to see substantial gains, establishing a "tech-led rally" pattern. The logic of rising prices in the non-ferrous metals sector will also continue, coupled with the advancement of the global easing liquidity cycle.

Currently, five key directions deserve close attention: first, semiconductors and storage chips, with accelerated domestic substitution and continued increased investment by leading institutions; second, domestically produced computing power and chip products, with urgent demand for independent control, driven by product price adjustments; third, commercial aerospace and space satellites, with policy dividends being released intensively and key projects about to land; fourth, AI hardware and application layers, with scene deployment fully underway and market demand exploding; fifth, the robotics sector, with accelerated technological iteration and faster industry deployment. Additionally, cyclical commodities such as copper, aluminum, tungsten, and cobalt in the non-ferrous sector also have good allocation value.

To accurately grasp market opportunities, the key lies in steadfastly deploying in these core sectors, especially the combination of big tech and big cycles, to truly seize the investment opportunities brought by the main upward wave.