长城基金韩林：对市场行情仍相对乐观，关注结构性机会

Group 1 - The market is experiencing increased short-term divergence and accelerated industry rotation, with a long-term upward trend in technology remaining intact despite recent adjustments [1] - The consumer electronics sector is heating up as the peak season approaches in September, with major smartphone brands set to release new products and the upcoming launch of Meta's Celeste smart glasses [1] - Investment opportunities in the technology innovation wave should focus on structural opportunities, driven by improving fundamentals, the implementation of "anti-involution" policies, and easing overseas risk factors [1] Group 2 - The performance potential of the overseas computing power chain has improved, with upward revisions in order expectations and earnings forecasts for leading companies [2] - Despite recent rapid stock price increases, the underlying industry logic and earnings expectations remain intact, with a potential valuation switch based on next year's earnings in a liquidity-rich environment [2] - The sector's heat is gradually spreading towards domestic computing power and application end overflow [2]