国泰海通证券：主题结构切换，聚焦“反内卷”政策加码

Group 1 - 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 risk appetite-driven market acceleration [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] Group 2 - The mid-term focus is on mainline opportunities in AI, robotics, and innovative pharmaceuticals [1]