长城基金杨建华：关注“反内卷”下优质龙头业绩与估值提升机会

Group 1 - The domestic economy showed strong resilience in Q2, and the "anti-involution" policies continue to be implemented, leading to a steady rebound in A-shares in July [1] - In August, uncertainties from overseas tariffs may arise, while expectations for a Federal Reserve interest rate cut are increasing, and domestic policies are likely to continue supporting the stabilization of the capital market [1] - The A-share mid-year reports will enter a concentrated disclosure period, increasing the importance of performance trading [1] Group 2 - Yang Jianhua, Deputy General Manager and Investment Director of Great Wall Fund, believes that the market has fully reacted to major positive factors, and popular sectors are at high levels, facing potential adjustment pressure [1] - In the medium term, investment opportunities may arise from the high prosperity of external demand under tariff impacts, such as overseas computing power and brand expansion [1] - The domestic economy is facing marginal slowdown pressure, with the official manufacturing PMI falling to 49.3 in July, indicating a need for new macro policies [1]