策略（权益&转债）周报：发挥耐心资本优势，布局未来产业

Group 1 - The report highlights that central enterprises are expected to invest over 3 trillion yuan in large-scale equipment upgrades and renovations in the next five years [2][9]. - The report indicates that the profit growth rate of industrial enterprises has accelerated, with a year-on-year increase of 3.5% in the first half of the year [8]. - It notes that the investment in strategic emerging industries by central enterprises accounted for over 37% of total fixed asset investment, with a year-on-year growth of 16.9% [19]. Group 2 - The report emphasizes the importance of patience in capital allocation, suggesting that investors should focus on future industries and strategic emerging sectors [7][23]. - It discusses the deepening cooperation between state-owned and private enterprises, with over 390 billion yuan in equity cooperation since the deepening of state-owned enterprise reforms [10]. - The report mentions the normalization of infrastructure REITs issuance, expanding the scope to include various asset types and increasing the flexibility of fund usage [11]. Group 3 - The report outlines the need for a focus on new technological revolutions and industrial transformations, particularly in areas such as "AI+", brain-machine interfaces, and new energy storage [23][21]. - It highlights the recent trends in equity demand, noting that the total scale of newly issued stock funds was 0.00 billion yuan, indicating a low demand level [12][22]. - The report suggests that public utility price reforms are essential, particularly in water, energy, and transportation sectors, to optimize pricing mechanisms [23].