国泰海通：主题结构切换，聚焦“反内卷”政策加码

Core Insights - The report from Guotai Junan Securities indicates that the theme trading remains at a high level, with technology themes experiencing a pullback while new energy themes are gaining traction [1] - Since mid-August, AI-related themes have benefited from industrial progress, liquidity expectations, and a resonance of risk appetite, accelerating market trends [1] - As market volatility increases, funds are seeking low-position theme investment opportunities, focusing on the "anti-involution" direction that benefits from positive policy changes and improved supply-demand dynamics [1] - The mid-term focus is on main opportunities in AI, robotics, and innovative pharmaceuticals [1]