智通财经网·2025-09-07 11:54Core Viewpoint - The short-term adjustment of A-shares is nearing its end, transitioning to a more sustainable low-slope upward trend, with the market still in the second phase of a bull market that began in September 2024 [1][2]. Market Strategy - The core strategy post-adjustment is to "embrace low penetration sectors," focusing on areas such as solid-state batteries, AI computing power, humanoid robots, and commercial aerospace [1][2]. - In the medium term, high intrinsic return quality growth strategies should also be considered, particularly in the 300 and 500 quality growth categories [2]. Market Performance - Recent A-share market performance has been weak due to several factors: intense market speculation around the National Day parade, profit-taking in previously high-performing sectors, and a noticeable decrease in trading volume [2]. Economic Indicators - The manufacturing PMI for August showed a month-on-month increase, and North American PCB shipments turned positive year-on-year, indicating improved economic conditions in certain sectors [3]. - Key areas of improvement include rising precious metal prices due to expectations of Federal Reserve interest rate cuts, and a positive trend in the TMT sector with increased PCB shipments and software industry profits [3]. Fund Flows - There has been a net inflow of 187.7 billion yuan in financing over the first four trading days, with a significant increase in newly established equity public funds and net inflows into ETFs [3]. Industry Developments - OpenAI's announcement of self-developed AI chips is expected to change the supply-demand dynamics in the AI computing market, with significant capital expenditures planned for data center server chips [4]. - OpenAI's cash burn forecast for 2029 has been raised to $115 billion, indicating a substantial increase in expected expenditures [4]. Valuation Trends - Overall A-share valuation levels have declined, with the Wind All A Index PE (TTM) down 0.3 from the previous week, currently at the 66.5% historical valuation percentile [4].