投资大家谈 | 景顺长城科技军团7月观点

Core Viewpoints - The restructuring of the industrial ecosystem through anti-involution is beneficial for sustainable profitability in various sectors [2][3] - Despite significant advancements in China's technology sector, market sentiment remains pessimistic, impacting the performance of tech stocks [2][5] - The Chinese manufacturing industry plays a crucial role in the global supply chain, with trade risks currently deemed manageable [2] Industry Insights - The current excessive internal competition in industries is hindering wealth accumulation and income growth, leading to layoffs and reduced innovation investment [3] - Legislative measures against unfair competition are being implemented, marking a shift towards a more regulated market environment [3] - The AI sector is experiencing rapid growth, with significant investments from global tech giants, indicating a strong future demand for AI-related infrastructure and applications [6][12] Investment Opportunities - The focus is on sectors aligned with new productive forces, particularly in technology and pharmaceuticals, which are expected to benefit from economic recovery [5][7] - The pharmaceutical sector is seen as having long-term investment value due to demographic trends and the potential for innovative drug development [7][13] - The technology sector's valuation is becoming attractive, especially in areas like AI and consumer electronics, as the market adjusts to new pricing realities [8][10] Macro Economic Context - The macroeconomic environment remains complex, with ongoing uncertainties in trade and economic fundamentals, leading to a focus on structural opportunities in high-performing sectors [10][15] - The Chinese asset market is gradually showing value, with expectations for improved profitability and market performance in the second half of the year [15] - The automotive industry in China is on the rise, with domestic brands gaining market share and expanding into higher-end segments [17] Sector-Specific Trends - The renewable energy sector is facing challenges due to overcapacity and competition, prompting a need for regulatory changes to foster healthier market conditions [16][18] - Companies with strong growth potential and competitive advantages are being prioritized for investment, particularly in sectors like automotive parts and electronics [19]