招商策略：短期震荡不改成长风格主线，大盘股更优

Core Viewpoint - The current liquidity-driven environment remains the primary characteristic of the short-term stock market, with changes in market risk appetite dominating market rhythm [1] Group 1: Market Conditions - As September approaches, the Federal Reserve's interest rate cuts are expected to materialize, leading to a relatively high level of financing fund enthusiasm, although future inflows may slow down slightly [1] - With the potential for the Federal Reserve to restart interest rate cuts, the appreciation of the RMB, and the stabilization of domestic PPI, foreign capital may gradually shift towards inflows [1] Group 2: Historical Insights - Historical experience indicates that during the correction phase of a bull market, previously strong styles may experience larger pullbacks, but after a brief correction, the market quickly returns to the previous strong main style [1] Group 3: Market Style Outlook - Based on the analysis, it is believed that the market style in September may lean towards large-cap stocks, with growth styles expected to continue to outperform [1]