十大券商看后市｜A股仍有上行动能，活跃资金形成正反馈机制

Core Viewpoint - The A-share market is expected to maintain a strong performance in the second half of the year, with potential to challenge the 2024 high points due to ongoing trading activity and favorable policy conditions [1][16]. Group 1: Market Outlook - Most brokerages believe that the current trading heat remains strong, and the market is likely to continue its upward trend as the profit effect becomes evident [1][9]. - The overall valuation center of the A/H shares is expected to be revised upward due to the anticipated decline in the risk-free interest rate, which is seen as a key driver for the market's rise in 2025 [4][5]. - The market is currently experiencing a "water buffalo" characteristic, where the divergence between fundamentals and liquidity may not last long, suggesting a need for observation of future fundamental improvements [3][6]. Group 2: Investment Strategies - Investors are advised to focus on sectors with safety margins and consider left-side trading opportunities, as many undervalued industries are gaining attention [6][11]. - The strategy should include increasing exposure to technology growth stocks and cyclical manufacturing sectors, as these areas are expected to benefit from the ongoing market dynamics [12][16]. - The "反内卷" (anti-involution) policy is expected to enhance the profitability of A-share companies, providing a solid foundation for future market performance [10][16]. Group 3: Sector Focus - Key sectors to watch include aerospace equipment, wind power, gaming, robotics, and digital economy, which are anticipated to have significant rebound potential [10][11]. - The technology and cyclical sectors are gaining consensus among various funds, indicating a strong interest in these areas for future investment [12][13]. - The upcoming World Artificial Intelligence Conference (WAIC) is expected to catalyze interest in specific technology segments, particularly those that have been underperforming [6][12].