Core Viewpoint - The PMI data for July indicates resilience in China's economy, with production maintaining an expansionary range despite seasonal negative impacts, while internal demand has declined due to prior overconsumption during the "618" shopping festival, but is expected to recover with policies promoting consumption [1] Economic Indicators - The production sector remains in an expansionary zone, showcasing economic resilience [1] - Internal demand has decreased, influenced by previous consumption patterns, but is anticipated to rebound due to policies such as trade-in programs and childbirth subsidies [1] - External demand is experiencing marginal decline due to long-term "export grabbing" effects [1] Business Sentiment - Companies have not yet regained confidence in long-term operations, with production, procurement, and inventory levels anchored to immediate orders [1] Policy Measures - The Central Political Bureau meeting in July emphasized consolidating the economic recovery and addressing prominent issues in economic operations [1] - There is a focus on accelerating the cultivation of emerging pillar industries without resorting to debt-driven growth [1] - The meeting also highlighted the importance of stabilizing the capital market, with a positive outlook on the equity market, particularly in technology, consumption, and "anti-involution" sectors supported by policies [1]
银河证券：仍然看好权益市场 重点关注科技、消费及“反内卷”领域