A股市场投资策略周报：PPI实现同比降幅收窄，关注主线题材延续性-20250911

Investment Strategy - The report highlights that the PPI has seen a narrowing year-on-year decline, indicating a potential for continued focus on main thematic investment opportunities [1][4][36] - The A-share market has shown positive momentum, with significant index gains over the past five trading days, including a 2.91% increase in the Shanghai Composite Index and a 10.00% rise in the ChiNext Index [5][24] Market Review - In the recent trading period from September 5 to September 11, major indices experienced gains, with the Shanghai Composite Index rising by 2.91% and the ChiNext Index by 10.00% [5][12] - The trading volume has significantly decreased, with a total of 11.26 trillion yuan traded, averaging 2.25 trillion yuan per day, which is a reduction of 414.768 billion yuan compared to the previous five trading days [8][24] Economic Data - The customs data for August indicates a 4.4% year-on-year increase in exports, although this is a decline of 2.8 percentage points from July, attributed to a high base last year and the "export rush" effect [29][31] - The CPI for August remained flat month-on-month and decreased by 0.4% year-on-year, influenced by high base effects and weak seasonal food price changes [31][34] - The PPI for August showed a month-on-month stabilization and a narrowing year-on-year decline, marking the first such narrowing since March, driven by lower base effects and "anti-involution" measures [31][34] Policy Insights - The report emphasizes that the focus of fiscal policy will be on strengthening domestic circulation, with specific actions aimed at boosting consumption and investment in public services [35][36] - The National Development and Reform Commission has outlined key economic tasks for the second half of the year, including capacity governance in key industries and addressing irrational competition [35][36] Sector Opportunities - Investment opportunities are identified in the TMT sector due to advancements in domestic computing power and the "AI+" initiative [36] - The report suggests potential in the power equipment and non-ferrous metals sectors, driven by unexpected demand for energy storage and breakthroughs in solid-state battery industrialization [36] - The financial sector is also highlighted as a potential beneficiary of the stabilizing capital market [36]