Sou Hu Cai Jing·2025-08-10 11:05Core Viewpoint - The report from CITIC Securities indicates that while the A-share market is facing short-term resistance due to weaker-than-expected PPI, the expiration of tariff easing agreements, and completed valuation adjustments, it remains in a bull market continuation phase, presenting good opportunities for allocation during pullbacks [1] Group 1: Market Conditions - The A-share market is currently experiencing a pullback, which is seen as a good opportunity for investment [1] - There is a marginal improvement in overseas markets, with potential changes in Federal Reserve personnel possibly raising market expectations for interest rate cuts [1] - A weakening dollar trend is favorable for emerging market equities, particularly benefiting the Hong Kong stock market [1] Group 2: Policy Signals and Industry Focus - Policy signals suggest that anti-involution measures and relaxed credit policies may lead to a moderate recovery in low prices [1] - There is an acceleration in industry rotation, with a recommendation to focus on low-positioned niche segments in new sectors [1] - Key industries to watch include defense and military, AI computing power, semiconductors, humanoid robots, non-ferrous metals, transportation, brokerage firms, and innovative pharmaceuticals [1]