财通证券：牛市未止，配置上维持科技+周期配置思路

Core Viewpoint - The market is experiencing a favorable sentiment with expectations of interest rate cuts in the U.S. and a return to previous high points in the domestic market [1] Group 1: Market Outlook - Inflation remains stable overseas, coupled with weak non-farm payrolls, leading to sustained expectations for interest rate cuts, with predictions of a cut in September and three cuts within the year [1] - The long-term market trend is supported by multiple favorable factors including proactive policies, industry catalysts, overseas monetary easing, and new capital inflows [1] - Short-term catalysts include Oracle's orders reflecting demand for computing power and the anticipated interest rate cut by the Federal Reserve next week [1] Group 2: Investment Strategy - The bull market is not over, despite increased market volatility, as leading stocks have not been abandoned [1] - The investment strategy focuses on technology and cyclical sectors, with a particular emphasis on gold, which has started to perform well due to the Federal Reserve's changing stance and weakening employment [1] - Attention is also directed towards the resurgence of innovative drug enthusiasm and the expansion of AI trends, while valuing leading internet and AI application stocks with low congestion [1] Group 3: Economic Context - The overseas economic cycle is nearing a bottom, while domestic efforts to reduce internal competition continue to advance, highlighting the value of leading cyclical resource stocks [1]