上银基金：市场调整不改中期向上，可聚焦AI、国产出海等三大机会

Core Viewpoint - The medium-term upward trend of the A-share market remains unchanged despite recent volatility and significant sector differentiation, supported by three main factors [1]. Group 1: Market Trends - The global backdrop of "asset scarcity" continues, coupled with frequent geopolitical conflicts, maintaining the long-term trend of "patient capital" flowing into the stock market [1]. - Domestic policies aimed at reducing "involution" are being deeply implemented, gradually improving corporate profit expectations and providing a floor for the capital market [1]. - The recent rapid adjustments in sectors are primarily reactions to short-term market sentiment and trading dynamics, not fundamentally altering the medium to long-term upward trend [1]. Group 2: Investment Opportunities - Focus on AI-related industries, as domestic AI industry chain support policies continue to be implemented, with expectations of increased global capital expenditure in computing power and steady improvement in AI adoption rates [2]. - Attention to the enhancement of Chinese brand competitiveness, with domestic brands transitioning from "cheap goods" to "quality products at reasonable prices" and achieving significant advancements in sectors like innovative pharmaceuticals, power equipment, and construction machinery [2]. - Resource sectors, particularly copper and minor metals, exhibit genuine scarcity and anti-inflation properties, forming stable supply alliances and showcasing significant long-term investment value [2]. - The adjustment in the non-ferrous metals sector is seen as a trading reaction rather than a fundamental change, with expectations that the market will present more attractive buying opportunities post-adjustment [2].