Xin Lang Cai Jing·2025-08-10 05:58Core Viewpoint - The market consensus is gradually shifting towards the initiation of a bull market, although there remains significant divergence among investors regarding the short-term outlook [1] Summary by Relevant Categories Short-term Market Challenges - The short-term market faces resistance due to expectations of an economic downturn in the third quarter and a policy focus on structural adjustments, which temporarily does not support a breakthrough in index levels [1] - The main narrative of the bull market has yet to be established, indicating that momentum should arise from the core narrative of the bull market [1] Potential Bull Market Drivers - Independent high growth sectors such as pharmaceuticals and overseas computing power are noted, but the main line of the bull market requires broader depth and connotation [1] - Potential directions for the bull market include breakthroughs in domestic technology and high global market share manufacturing industries, which counteract internal competition [1]