周度策略：美联储降息预期增强，市场有望企稳回升

Group 1 - The report indicates that the expectation for stable growth has strengthened, and the market is likely to stabilize and rebound, supported by enhanced macroeconomic regulation and the implementation of growth stabilization policies [5][13]. - In July, the industrial added value of large-scale enterprises in China grew by 5.1% year-on-year, with over 80% of industries and regions experiencing growth, indicating a steady industrial production environment [7][8]. - The manufacturing sector's added value increased by 5.3% year-on-year, slightly higher than the overall industrial growth rate, while mining and utilities also showed positive growth [7][8]. Group 2 - Recent U.S. employment data and PMI figures have weakened, leading to increased expectations for interest rate cuts by the Federal Reserve, which may positively impact market sentiment [3][5]. - The Federal Reserve's Chairman Powell signaled that the timing for policy adjustments is approaching, with a focus on balancing data, outlook, and risks, suggesting a potential interest rate cut in September [3][13]. - The report recommends focusing on sectors such as semiconductors, home appliances, utilities, non-ferrous metals, and media, as they are expected to benefit from the anticipated market stabilization [5][15]. Group 3 - The report highlights that 33 out of 41 major industrial categories saw year-on-year growth in July, reflecting a broad-based recovery in industrial production [7][8]. - The overall economic environment remains challenged by insufficient market demand, complex external conditions, and low corporate profitability, but the implementation of growth stabilization policies is expected to lead to qualitative and quantitative improvements in the industrial economy [7][8]. - The report notes that the market's average daily trading volume in the Shanghai and Shenzhen stock exchanges increased by 2.4% week-on-week, indicating a slight recovery in market activity [15][17].