财信证券宏观策略周报（8.4-8.8）：A股迎来调整，近期保持谨慎-20250803

Group 1 - The report indicates that the A-share market is currently experiencing adjustments, with a cautious outlook due to macroeconomic disturbances and a potential decline in short-term risk appetite [4][7][12] - The report highlights that the Shanghai Composite Index fell by 0.94% last week, closing at 3,559.95 points, while the Shenzhen Component Index dropped by 1.58% [14] - The report suggests that despite short-term adjustments, the overall trend for A-shares remains optimistic, with expectations for continued upward movement in the medium to long term [4][7][12] Group 2 - The report emphasizes the importance of monitoring the AI industry chain, particularly with the upcoming launch of OpenAI's GPT-5 and related events in 2025 [4][12][13] - It identifies potential investment opportunities in sectors expected to exceed expectations in mid-year reports, including overseas computing power, wind power, shipping, innovative pharmaceuticals, and new consumption [4][12][13] - The report also points out the potential for growth in the infant and child sector due to recent government subsidies aimed at stimulating this market [4][12][13] Group 3 - The report notes that the manufacturing PMI for July decreased to 49.3%, indicating a contraction in the manufacturing sector, which may affect demand recovery [8] - It highlights that the U.S. non-farm payroll data for July was below market expectations, raising concerns about the U.S. economic outlook and impacting global equity markets [11] - The report mentions ongoing U.S.-China trade negotiations, with a 90-day extension on tariff delays, which may provide a window for domestic industry adjustments and support economic recovery [10]