赚钱效应有望进一步提升！首创资管刘悦最新研判

Core Viewpoint - The current market is experiencing fluctuations with active sector rotation, and investors are focused on future trends and positioning strategies [1] Group 1: Market Analysis - The market adjustment is primarily due to excessive enthusiasm for chasing gains and severe structural differentiation in the market [2][3] - The current market is characterized by abundant liquidity under policy support, suggesting a "slow bull" market framework [4] - The market has been in a phase of gradual upward movement since September 24 of last year, with each phase consisting of "upward, fluctuation" patterns [4][5] Group 2: Investment Strategy - The investment environment is becoming more complex due to the structural characteristics of the current market, requiring careful selection of sectors to avoid situations where indices rise but individual stocks do not [6] - The company is focusing on two categories for investment: performance reversal and high prosperity sectors, with a strong emphasis on marginal improvement [7] Group 3: Sector Outlook - The company is optimistic about sectors such as technology, innovative pharmaceuticals, lithium batteries, computing power, robotics, and certain cyclical materials [8] - The innovative pharmaceutical sector is expected to see significant growth as more products are approved and enter the market, supported by favorable domestic policies and overseas demand [9] Group 4: Future Market Expectations - The market is anticipated to experience an expansion of high prosperity sectors, with improvements in industrial and consumer sectors becoming more evident [10] - By mid-2026, the overall A-share market may witness its first effective rebound in profitability in five years, with a potential for double-digit growth in net profit attributable to shareholders [10][11] - The active management funds have shown a strong performance, with 79.2% of them achieving positive returns in the first half of the year, indicating a robust market environment [12]