市场策略报告：反内卷、扩内需政策组合拳持续发力，人形机器人走向场景化、自主化-20250819

1. Report Industry Investment Rating - Not explicitly mentioned in the report 2. Core Views of the Report - In July 2025, the national economy showed steady progress with new driving forces growing. Industrial production increased rapidly, consumption grew steadily, and investment maintained potential despite a slight slowdown [2][14] - The combined policies of anti - involution and expanding domestic demand continued to boost high - quality economic growth. Anti - involution policies aimed to optimize supply, and policies like consumer credit subsidies expanded domestic demand [4][15] - Humanoid robots moved towards scenario - based applications with improved autonomy. The first humanoid robot games and the World Robot Conference demonstrated their development [4][16] - In the context of increasing anti - involution efforts on the supply side, it's necessary to focus on whether the demand side can resonate with the supply side. Industries such as photovoltaics, lithium batteries, and new energy vehicles, as well as the AI industry, are recommended for attention [4][16] 3. Summary by Relevant Catalogs 3.1 Core Views - In July 2025, the national economy had positive performance. Industrial added value increased by 5.7% year - on - year, equipment and high - tech manufacturing grew significantly, and the output of 3D printing equipment, industrial robots, and new energy vehicles increased by 24.2%, 24.0%, and 17.1% respectively. Social consumer goods retail总额 was 387.8 billion yuan, with some categories showing strong growth. 1 - 7 months' fixed - asset investment increased by 1.6% year - on - year, and investment in some industries grew rapidly [2][14] - Anti - involution policies included industry associations' resistance to malicious competition and the central bank's focus on price stability. The consumer credit subsidy policy covered a wide range of consumption areas, promoting economic growth [4][15] - Humanoid robots achieved improvements in flexibility and scenario - based applications, and the high国产化率 at the World Robot Conference indicated enhanced autonomy [4][16] - Investment suggestions included focusing on emerging industries' anti - involution progress and the development of the AI industry, especially domestic AI's performance and application scenarios [4][16] 3.2 North Exchange Market Performance - The North Exchange 50 Index rose 2.40% from August 11th to 15th. Its annual increase was 42.25%, second only to the Wind Micro - cap Stock Index. The index had high volatility. Electronics and computers led the gains this week, while beauty care and national defense and military industries declined. GEBICA and Haineng Technology led the individual stock gains [17][21][28] 3.3 North Exchange 50 Activity Increase - The trading volume of the North Exchange 50 in the week of August 11th - 15th was 128 billion yuan, an increase from the previous week. However, due to a larger increase in the trading volume of the Wind All - A Index, its trading volume ratio decreased to 1.22% [33] 3.4 North Exchange 50 P/E Ratio Valuation at a Relatively High Level - On August 15th, the median P/E ratio (TTM) of the North Exchange 50 was 64 times, higher than the 29 - times median of the Wind All - A Index [34]