国金证券：投资主线可能出现从经营现金流驱动的AI投资到信贷驱动的传统制造业投资切换

Core Viewpoint - The article emphasizes that investors should avoid falling into a "deposit migration" cycle and instead seek areas with the greatest marginal improvement in fundamentals for future investments, especially in light of the anticipated interest rate cuts by the Federal Reserve in September [1] Group 1 - The market has reached a 10-year high, prompting a need for strategic investment rather than reactive behavior [1] - There is an optimistic outlook for a recovery in manufacturing sector performance following the expected interest rate cuts [1] - A potential shift in investment focus is anticipated, moving from AI-driven investments based on operating cash flow to traditional manufacturing investments driven by credit [1]