机构论后市丨坚持“科技为先”；继续聚焦消费电子等结构性机会

Group 1 - The A-share market is expected to see a rotation between growth and balanced styles in September [5] - Recent market adjustments are primarily due to profit-taking pressures, but a significant rebound was observed on September 5 [5] - The current market valuation is at a historically relatively high level, leading to increased market speculation [5] Group 2 - Citic Securities focuses on structural opportunities in consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [1][2] - The market is entering a phase of active public fund redemption, with core assets expected to rise as pressure from redemptions is gradually digested [1] - The attractiveness of RMB assets is continuously increasing as China's manufacturing sector gains pricing power and profit margins are expected to recover in the long term [2] Group 3 - Guojin Securities highlights that the basic fundamentals are stabilizing, with opportunities emerging in physical assets like non-ferrous metals and capital goods due to domestic improvements and overseas monetary easing [3] - There are emerging opportunities in domestic demand-related sectors such as food and beverage, tourism, and insurance as capital returns are expected to recover [3] Group 4 - Kaiyuan Securities maintains an optimistic long-term outlook for the index, emphasizing a dual-driven market with technology leading the way [4] - The market structure is characterized by strong growth in technology sectors and cyclical recovery driven by anti-involution trends [4] - Investors are encouraged to focus on growth sectors while also considering lower-priced varieties in gaming, media, and the Huawei supply chain [4]