等待市场回调，逢低布局大盘蓝筹

Investment Focus - The report suggests waiting for a better entry point in the market, indicating that the recent rally was initially driven by new consumption and innovative pharmaceuticals, followed by financials, while the technology sector is poised for a rebound [1][7] - The Hang Seng Index rose by 2.8%, the Hang Seng Tech Index surged by 5.5%, and the Shanghai Composite gained 0.7%, indicating a positive market trend despite a decline in the banking sector [1][7] - The technology sector experienced a strong rebound due to NVIDIA's resumption of H20 chip sales to China and upward revisions in CPO earnings, suggesting a potential for further growth [1][7] Economic Outlook - China's GDP growth reached 5.3% in the first half of the year, which has reduced expectations for large-scale stimulus measures from the Politburo meeting in July [8][9] - The report highlights the potential impact of a stronger USD and rising U.S. Treasury yields on global risk appetite, which could lead to a market correction [8][9] Policy Developments - Anti-involution policies are being intensified, with regulatory bodies urging rational competition among major platforms, which may provide short-term boosts to stock valuations in affected sectors [10] - The report anticipates that stronger policy support could help certain sectors form a bottom and gradually recover, contingent on the implementation of supportive measures [10] Market Dynamics - The short-selling ratio in Hong Kong remains low at 13%, indicating a lack of bearish sentiment, while southbound capital recorded a net inflow of HKD 21.5 billion, suggesting positive investor sentiment [11] - In A-shares, margin financing and securities lending have increased significantly, reflecting rising retail investor participation, but also indicating that leverage levels are approaching high points [12] Investment Strategy - The report concludes that the market is in a wide consolidation phase, with a potential short-term correction on the horizon. It recommends gradually shifting exposure from leading sectors to large-cap blue chips, especially during dips [13]