策略周报：科技突围：“反内卷”预期或阶段性升温，成长弹性仍具中线配置价值，重视国产算力-20250720

Group 1 - The report highlights the expectation of a "de-involution" trend, which may lead to a temporary rise in market sentiment, particularly focusing on domestic computing power, robotics, and innovative pharmaceuticals as key investment opportunities [1][2][10] - The humanoid robotics industry is experiencing significant catalysts, with Yuzhu Technology set to debut on the A-share market, marking a critical milestone for the industry and enhancing resource integration and supply chain optimization [2][30][32] - The computing power industry is also seeing renewed catalysts, with the introduction of the H20 chip, which is expected to alleviate supply pressures and stimulate demand across the AI industry chain [2][36][40] Group 2 - The report indicates that the luxury car market will benefit from a reduction in tax thresholds for super luxury vehicles, which may disrupt the current market dynamics and provide competitive advantages for electric luxury cars [2][47] - The innovative pharmaceutical sector is poised for growth due to recent policy adjustments that expand payment options for innovative drugs, enhancing their market potential [2][40][43] - The report emphasizes the importance of monitoring the performance of key sectors, with the automotive, pharmaceutical, and communication industries receiving significant capital inflows recently [2][43][44]