招商策略：8月重点关注创新药等五大具备边际改善的赛道

Core Viewpoint - The article emphasizes that the upcoming peak of mid-year earnings disclosures for listed companies in August will be a critical focus for A-shares, with both positive and negative earnings surprises being key investment directions [1] Industry Analysis - The analysis suggests that performance recovery can be assessed through multiple dimensions, including industrial enterprise profitability, inventory stages, and industry prosperity [1] - Recommended sectors for investment include non-bank financials (securities), pharmaceutical and biotechnology (chemical pharmaceuticals), power equipment, machinery (automation equipment, engineering machinery), defense and military industry, and computers [1] Sector Focus - In August, five key sectors with marginal improvements are highlighted for attention: AI applications, AI hardware, non-bank financials, defense and military industry, and innovative pharmaceuticals [1]