TF Securities(SH:601162) 智通财经网·2025-08-17 23:56Core Viewpoint - The report from Tianfeng Securities indicates that after the market reached new highs, there is an accelerated entry of sidelined funds, emphasizing a cautious and steady approach to investment [1][3]. Investment Themes - Investment themes can be categorized into three main directions: 1) Breakthroughs in Deepseek and leadership in open-source technology AI+ 2) Valuation recovery in consumer stocks and gradual recovery in consumer segmentation 3) Continued rise of undervalued dividends [1][3]. Market Dynamics - The report analyzes the logic behind the A-share market's volume increase and new highs, noting that weak returns in the real economy may lead private sector asset allocation to shift towards financial assets. Historical patterns show that during previous bull markets, non-bank deposits significantly increased when real estate and economic returns were weak [1][2]. Consumer Sector Insights - The core factor for investment in the consumer sector is valuation. Given the current low valuations, declining interest rates, and policy catalysts, the consumer recovery cycle is expected to gain momentum. Being overly pessimistic about future consumer performance may be excessively conservative [1][3]. International Context - The report highlights international developments, including the U.S. core CPI growth exceeding expectations, with July's core CPI year-on-year at 3.1%, up from a previous 2.9% [2].