华福证券：峰回路转时

Market Overview - The market experienced fluctuations with a decline of 1.37% across the board from September 1 to September 5, 2025, with the ChiNext and micro-cap stocks leading the gains while the CSI 1000 and STAR 50 indices fell [2][10] - The healthcare and advanced manufacturing sectors outperformed, while financial real estate and technology sectors lagged behind [10] - Among 31 Shenwan industries, power equipment, comprehensive services, and non-ferrous metals showed gains, whereas non-bank financials, computers, and defense industries faced declines [2][10] Market Sentiment and Structure - Market sentiment has cooled, with a decrease in industry rotation intensity, as indicated by a market sentiment index drop of 14.3% to 70.5 [22] - The stock-bond yield spread increased to 0.8%, which is below the +1 standard deviation threshold, indicating a decline in valuation differentiation [20] - The average daily trading volume in the stock market decreased, with power equipment, comprehensive services, and social services showing a higher proportion of bullish stocks [28] Industry Highlights - Huawei launched its new Mate XTs extraordinary master three-fold phone, marking a significant innovation in foldable screen technology [41] - Tesla introduced its "Master Plan Part IV," shifting its strategic focus towards artificial intelligence and robotics, particularly the Optimus humanoid robot [42] - Apple is reportedly collaborating with Google to enhance Siri using the Gemini AI model, which could boost hardware sales and strengthen the Apple ecosystem [43] Industry Allocation - The lithium battery sector is supported by a favorable storage market, solid-state battery narratives, and "anti-involution" policies, suggesting potential for both profit and valuation recovery [46] - The gold sector is expected to benefit from a weaker dollar environment, with recommendations to focus on gold and gold stocks [46] - Other sectors are seeing liquidity-driven expansions, with a focus on internal growth within TMT and external rotation towards large-cap blue chips [47]