晨会纪要：开源晨会-20250713

Core Insights - The report highlights the ongoing macroeconomic adjustments aimed at addressing "involution" in corporate competition, emphasizing the need for quality improvement and orderly exit of outdated capacities [7][8][9] - The A-share market has shown resilience despite external uncertainties, with significant participation from retail investors and a focus on sectors like technology and finance [12][15][19] - The solid-state battery industry is accelerating its industrialization, with key milestones set for 2027 and 2030, indicating a robust growth trajectory [35][36] Macro Economic Analysis - Recent macro policies focus on promoting a unified national market and addressing low-price competition among enterprises, with an emphasis on enhancing product quality [7][8] - The construction and cement industries are implementing "anti-involution" measures, including production cuts to stabilize the market [8] - Consumer policies are being optimized to stimulate spending, with initiatives like tax refunds and subsidies to boost consumption [8] Market Strategy - The report identifies two main opportunities in the market: the resurgence of new stocks and thematic investments in deep-sea technology, which are expected to outperform in the current economic climate [13][19] - A suggested investment strategy includes a diversified approach focusing on technology, military, finance, and stable dividend stocks, alongside gold [19] Industry Insights - The solid-state battery sector is experiencing rapid advancements, with companies like Ningde Times and others making significant progress towards mass production [35][36] - The REITs market is showing strong performance, with environmental REITs leading the way, indicating a favorable investment environment for income-generating assets [39][41] - The non-bank financial sector is witnessing a positive outlook, particularly for brokerage firms, as they report better-than-expected mid-year results [44][45] Company Recommendations - The report recommends focusing on leading companies in the liquor industry, such as Kweichow Moutai and Shanxi Fenjiu, as they are expected to recover from recent demand pressures [32][33] - In the semiconductor sector, companies involved in probe station equipment are highlighted for their growth potential, driven by increasing domestic demand and technological advancements [29][27]