A股策略周思考：稳住出口，提振物价

Domestic Economic Indicators - In July, the core CPI showed zero growth year-on-year, while the PPI remained unchanged, leading to a narrowing of the PPI-CPI gap from -3.7% in June to -3.6% in July [7][8][10] - The July CPI increased by 0.4% month-on-month, reversing the previous month's decline of -0.1%, while the PPI decreased by -0.2% month-on-month, improving slightly from -0.4% [7][10] - July exports (in USD) rose by 7.2% year-on-year, exceeding expectations, while imports increased by 4.1%, also surpassing forecasts [17][21] Industry Configuration Recommendations - The report emphasizes the importance of the "赛点 2.0" third phase, indicating that the market is experiencing overheating and increased volatility, necessitating a cautious approach [46] - Investment themes are categorized into three main directions: 1) Technological advancements in AI, 2) Recovery in consumer stock valuations, and 3) Continued rise of undervalued dividends [46] - The report suggests that the performance of the consumer sector is closely tied to valuation, with a potential recovery cycle supported by low valuations, declining interest rates, and policy catalysts [46]