长城基金汪立：看涨情绪持续，反内卷政策逐步进入落地期

Group 1 - The average daily trading volume in the market was approximately 15,463 billion yuan, with micro liquidity showing differentiation [1] - Growth style outperformed value style, and small-cap stocks outperformed large-cap stocks [1] - The telecommunications, pharmaceutical, and automotive sectors performed well, while media, real estate, and public utilities lagged [1] Group 2 - The macroeconomic outlook indicates that the focus for the second half of the year will be on anti-involution policies, which aim to address significant price pressures [2] - The second quarter GDP growth was 5.2% year-on-year, slightly down from 5.4% in the first quarter, but still stable above 5% [1][2] - Domestic industrial product prices may gradually find support due to supply-side governance under the anti-involution policy [2] Group 3 - The current market is characterized by a trend of "support from the US economy + liquidity improvement + tech stock assistance" [3] - Short-term market movements are expected to be dominated by high-level fluctuations, with small-cap stocks continuing to reach new highs [4] - The market has broken through the 3,500 pressure level and is stabilizing, with a relatively balanced market style [5] Group 4 - Investment opportunities include low-level cyclical stocks and sectors benefiting from anti-involution policies, as well as the financial sector, which is seen as a stabilizing force [6] - Attention should also be given to sectors driven by technology, military, and innovative pharmaceuticals [6]