行业比较与配置系列（2025年7月）：7月行业配置关注：哪些领域中报业绩有望高增或边际改善

Group 1 - The report highlights that the market has shown a "V" shaped performance over the past month, with the major indices experiencing declines, particularly in the consumer sector, while financial and cyclical sectors performed better [21][22]. - The report anticipates a peak in earnings forecasts from listed companies in mid-July, focusing on sectors with improving or turning performance in their interim reports [1][3]. - Recommended sectors for investment include electronics (semiconductors), machinery (automation equipment), pharmaceuticals (chemical drugs), defense and military, non-ferrous metals (industrial metals, precious metals, minor metals), and computers [1][6]. Group 2 - The report indicates that the semiconductor industry is experiencing high demand, with DDR4 prices rising due to supply constraints and a strong recovery in consumer electronics demand [19][20]. - The automation equipment sector is expected to see improved earnings due to increased production of industrial robots and supportive government policies [19][20]. - The pharmaceutical sector is benefiting from a surge in innovative drug approvals and international collaborations, leading to improved earnings expectations [19][20]. - Non-ferrous metals are projected to perform well due to rising gold prices driven by geopolitical tensions and low inventory levels in industrial metals [19][20]. - The defense and military sector is entering a growth phase due to increased global military spending and ongoing geopolitical conflicts [19][20]. - The computer sector is expected to see continued growth driven by advancements in AI and domestic demand for computing power [19][20].