国产替代科技潮兴起，股指上方空间还有多少？

Report Industry Investment Rating - Not mentioned Core Viewpoints - The current bull market is not over, and core assets remain attractive. A-share core assets still have some upside potential in the third and fourth quarters [1][5] - The upcoming policy decisions of overseas monetary authorities in September are expected to lead to a continued appreciation of the RMB exchange rate, and A-share assets will benefit from the reallocation of global capital [4] Summary by Directory 1. Technology Sector Booms, Boosting the Market - On August 22nd, A-shares reached a new high, with the sci-tech innovation 50 index surging over 8%. The main theme was domestic technology substitution. The performance of large-cap stocks was stronger due to the market's focus on high-quality earnings certainty [1][2] - Most Wind popular concept indexes related to the semiconductor chip industry chain had an average increase of over 4%, with GPU leading at 9.87%, while some sectors like medical aesthetics and antibiotics declined [2][3] 2. Key Policy Decisions by Overseas Monetary Authorities in September, RMB Exchange Rate Expected to Appreciate - From late August to September, the market is awaiting the Fed's restart of interest rate cuts. Given the cooling US economy and potential corporate earnings decline, the Fed has a strong incentive to cut rates, which may lead to a new round of US dollar depreciation and benefit RMB assets, especially A-shares [4] 3. Outlook for the Market - A-shares are at the forefront of recovery, but economic data has not shown a significant turning point. Policy environment and expectations should remain loose, optimistic, and positive. A-share core assets have potential for growth in the third and fourth quarters [5]