Di Yi Cai Jing·2025-09-09 00:34Group 1 - The core viewpoint of the report indicates that industries experiencing a bottoming out or recovery in prosperity are increasing, particularly driven by the AI industry cycle [1] Group 2 - Key industries benefiting from the AI cycle include communication equipment, storage, software, and gaming [1] - Industries benefiting from "anti-involution" policies or having their own price increase logic include coal, non-ferrous metals, certain chemical products (soda/agribusiness), steel, and new energy [1] - Industries with independent and sustainable prosperity cycles include general equipment, aerospace equipment, pharmaceuticals, and insurance [1] - Some cyclical products such as construction machinery and consumer goods are also showing signs of stabilization and recovery [1] Group 3 - Investment recommendations focus on sectors such as AI, pharmaceuticals, "anti-involution," and large financials, with a strategy of high cutting and low positioning [1] - Left-side layout benefits from the appreciation of the RMB, improved fundamentals, and relatively low valuations and chips in sectors like consumption and electric new energy [1] - Suggested areas of focus include innovative drugs, storage, software, non-ferrous metals, chemicals, construction machinery, insurance, and battery/photovoltaics [1]