华金证券研究所所长杨烨辉：下半年科技、消费等行业或迎结构性机会

Group 1 - The decision-making departments have signaled ample policy space for the second half of the year, emphasizing the importance of policy rhythm and precision in implementation [1] - The central bank may utilize tools such as relending and rediscounting for more targeted liquidity support to stabilize the real economy, with manufacturing and infrastructure investment expected to maintain high growth rates [2] - The "anti-involution" policy is becoming a new focus, aiming to prevent low-level repeated construction and regional vicious competition, which will have a profound impact on the competitive landscape and profit prospects of related industries [2] Group 2 - The short-term outlook suggests that abundant policy space, particularly in fiscal and monetary support, will boost market expectations, while supply-side optimization driven by "anti-involution" policies may improve the supply-demand balance in certain industries [3] - The liquidity environment is expected to remain loose, with the Federal Reserve's interest rate cut cycle not yet over, allowing for a stable trend of liquidity easing domestically [3] - Key sectors expected to benefit include technology growth, "anti-involution" related industries, and consumer sectors, with specific opportunities in TMT, machinery, military, new energy, pharmaceuticals, coal, steel, building materials, automotive, chemicals, logistics, semiconductors, robotics, artificial intelligence, home appliances, consumer electronics, retail, and new consumption sectors such as social services, food, and beauty care [3]