长城基金汪立：“AI+”行动蓝图出炉，关注中长期发展机会

Market Overview - The average daily trading volume in the market was approximately 29,831 billion yuan, with growth stocks outperforming value stocks, and large-cap stocks beating small-cap stocks [1] - Leverage capital increased, with a cumulative addition of 888.60 billion yuan in the first four days of the week, maintaining a financing balance at 2.24 trillion yuan [1] - Overall market trading sentiment remains strong [1] Macro Analysis - The absolute level of the PMI in August is low, and the month-on-month change is weaker than seasonal trends, indicating that policies aimed at reducing internal competition have yet to show significant economic impact [3][4] - The manufacturing PMI rose by 0.1 percentage points to 49.4%, with production, new orders, and raw material inventory all increasing, while the supplier delivery time increased and the employment index decreased [4] - The construction PMI fell significantly to 49.1%, while the service PMI rose to 50.5%, although both remain at low levels historically [4] Investment Strategy - The current market sentiment is still strong, with financing funds flowing primarily into the technology growth sector, which is a key driver of the structural market [7] - Short-term investment focus should be on sectors benefiting from the expected interest rate cuts by the Federal Reserve, such as non-ferrous metals and solid-state batteries, while the technology growth sector is recognized as a core direction for the medium term [7][9] - The AI sector is approaching a potential peak, with expectations for continued performance in the fifth wave of market activity [8] Sector-Specific Insights - The innovative drug sector's expectations remain intact, but short-term consolidation is uncertain, requiring patience for industry information to develop [9] - The military industry shows healthy trends, with no significant acceleration in trading related to the upcoming military parade, suggesting continued monitoring of post-parade performance [9]