2025年8月东北固收行业轮动策略：短期延续主线脉络，适时布局低位行业

Group 1 - The report suggests that the current market adjustment is not expected to be sustained, presenting a potential short-term accumulation window, driven by high-growth sectors such as PCB, optical modules, and innovative pharmaceuticals [2][3] - It is recommended to moderately increase positions in leading sectors in August, while also paying attention to potential rotation directions [3] - The report emphasizes the importance of semiconductor and medical device industries, which are currently at relatively low levels and closely related to the main logic of the current market trend, offering dual advantages of valuation recovery and sustained growth [6][8] Group 2 - The report highlights the automotive industry as worthy of attention due to its low valuation and potential for marginal improvement under the influence of policies aimed at reducing internal competition [6][8] - The report identifies several low-position industries with marginal improvements, including electric motors, automotive, and environmental protection, indicating positive trends in key indicators such as export amounts and production levels [7][8] - The report notes that the political bureau meeting's content did not meet expectations, leading to market corrections in sectors like anti-involution, real estate, and cyclical industries [6][8]