招商策略：8月中下旬市场可能继续创新高

Core Viewpoint - The market is expected to experience fluctuations in early August, followed by a potential upward trend and new highs in late August [1] Group 1: Market Trends - In mid-August, the market is likely to show a pattern of volatility after a significant prior increase, coinciding with the earnings disclosure period [1] - The latter part of August may see a return to an upward trend as earnings reports conclude, leading to a phase of performance vacuum [1] Group 2: Earnings and Cash Flow - The overall performance of listed companies is mixed, with some stocks facing adjustment pressure before earnings disclosures [1] - The half-year reports are expected to confirm improvements in overall free cash flow for listed companies, reinforcing the rationale for re-evaluating A-shares [1] Group 3: Market Dynamics - The market is currently positioned above a critical resistance level for turning losses into profits, with accumulating profit effects [1] - Continuous inflow of external incremental capital is anticipated, supporting the likelihood of A-shares achieving new highs in August after an initial decline [1]