事件点评：短期反弹来临，科技成长和高股息是方向

Group 1 - The report indicates that the recent rebound in the A-share market is driven by positive policy signals aimed at economic recovery, maintaining liquidity, and restrictions on quantitative trading [6][8]. - The Third Plenary Session and Politburo meeting have set a positive tone for policies focusing on modernization and stimulating consumption, which may improve short-term economic recovery expectations [6][8]. - Short-term liquidity is expected to remain loose due to the easing of monetary policy and the anticipation of a rate cut by the Federal Reserve in September, with the current excess reserve rate at a low of 1.5% [6][8]. Group 2 - The report suggests that the A-share market is likely to continue its short-term rebound, as historical data shows that during market corrections, key economic indicators such as manufacturing PMI and industrial profits tend to decline, but recent data indicates some recovery [8][10]. - The report highlights that the A-share market is currently in a bottoming phase, with expectations of a rebound in profits and a potential stabilization in credit growth, indicating a likely oscillating market trend in the second half of the year [10][12]. - The DDM framework suggests that the short-term rebound may persist, supported by improving economic and profit recovery expectations, with a notable increase in industrial profits reported in June [12][15]. Group 3 - The report emphasizes that technology growth sectors are likely to be the main focus for investment during the rebound, as historically, high-growth industries outperform during market recoveries [15][17]. - It also notes that dividend-paying sectors remain attractive for long-term investment, particularly in low-growth economic environments, with several high-dividend industries showing favorable valuation metrics [15][17]. - Additionally, certain cyclical and consumer sectors are highlighted as having potential investment opportunities, particularly those related to consumption stimulus policies [15][17].