永赢基金王乾：下半年重点关注“反内卷”政策效应、内需复苏、新质生产力等投资线索与方向

Group 1 - The A-share market has shown good performance in 2023, with the Shanghai Composite Index rising by 6.88%, the ChiNext Index by 7.89%, and the CSI 300 by 4.7% from the beginning of the year to July 23 [1] - The market experienced significant fluctuations due to factors such as "reciprocal tariffs" and has gradually moved upward since mid-April, supported by proactive domestic policies and a temporary easing of Sino-U.S. trade tensions [1] - There is a clear divergence in sector performance, with non-ferrous metals, non-bank financials, and banks leading in gains, while coal, food and beverage, and real estate sectors remain in negative returns [1] Group 2 - The "anti-involution" policy aims to shift industry competition from low-level price wars to high-quality competition, which could improve the profitability of listed companies and enhance the long-term capacity for technological advancement [2] - Midstream manufacturing and upstream raw materials sectors, which are currently facing supply-demand imbalances, are expected to benefit significantly from the gradual implementation of the "anti-involution" policy [2] Group 3 - Domestic demand has shown resilience in the first half of the year, supported by policies such as "trade-in" for durable goods and equipment upgrades, which bolster manufacturing investment [3] - The stabilization of the real estate market is seen as a crucial factor for the recovery of domestic demand, with ongoing supportive policies expected to contribute to this trend [3] - New productive forces, particularly in artificial intelligence and innovative pharmaceuticals, are anticipated to represent significant investment opportunities in the future [3]