国金证券：把握机会，风格切换正当时

Group 1 - The fundamental changes in the past week are not as severe as the market volatility suggests, indicating a potential cooling in the market as it awaits clearer signals from fundamentals [1] - The monetary and fiscal expansion in Europe and the US is expected to become clearer in September, while China's anti-involution and consumption paths are gradually clarifying [1] - New structural opportunities are emerging, particularly in physical assets benefiting from domestic operational improvements and overseas interest rate cuts, including non-ferrous metals (copper, aluminum, gold), capital goods (lithium batteries, wind power equipment, engineering machinery, heavy trucks, photovoltaics), and raw materials (basic chemicals, fiberglass, paper, steel), as well as crude oil [1] Group 2 - After profit recovery, opportunities are expected to arise in domestic demand-related sectors such as food and beverages, pork, tourism, and scenic spots [1] - The long-term asset side of insurance is likely to benefit from a rebound in capital returns, followed by brokerage firms [1]