Sou Hu Cai Jing·2025-08-19 00:49Core Viewpoint - The market is entering a high-level oscillation period, with diminishing marginal positive factors impacting the market. The focus is expected to return to performance as the mid-year report disclosure period approaches in late August. The second half of the year typically sees a concentrated technology release cycle in the domestic technology sector, with increasing certainty in areas such as AI computing power, consumer electronics, military industry, and innovative pharmaceuticals [1][2]. Market Environment - External factors include a recent meeting between US and Russian leaders, indicating a potential easing of geopolitical tensions. Internally, domestic economic data has not shown significant improvement, with ongoing adjustments in economic and income structures. Fiscal policies continue to support the development of the domestic technology industry, and market liquidity remains ample [2]. - The People's Bank of China has emphasized maintaining reasonable liquidity and promoting a reasonable recovery in prices as part of its monetary policy execution report [2]. Catalytic Factors - The 2025 AGIC Shenzhen International General Artificial Intelligence Conference is scheduled for August 27-29, focusing on various industry scenarios and featuring multiple forums, including the release of the "China Artificial Intelligence Industry White Paper" [3]. - A series of economic data releases from multiple countries is expected, which may influence global capital flows and interest rate decisions, particularly from the European Central Bank and the Federal Reserve [3]. Focus Areas - The market is entering a new thematic brewing phase, with a focus on narratives, events, and performance themes. Recommended areas include AI computing power, consumer electronics, military industry, and innovative pharmaceuticals [3].