Core Viewpoint - On September 11, the A-share market saw a significant inflow of funds into stock ETFs, totaling 15.611 billion yuan, indicating a strong market sentiment and investment interest in various sectors [2][3]. Group 1: ETF Fund Flows - The total scale of all stock ETFs in the market reached 4.32 trillion yuan as of September 11, with a net inflow of 15.611 billion yuan on that day [5]. - The Hong Kong market ETFs led the inflow, attracting 7.359 billion yuan, particularly in the innovative drug sector, which saw significant buying activity despite a market downturn [6]. - The broad-based ETFs also experienced substantial inflows, totaling 5.396 billion yuan, with the ETF tracking the CSI A500 index receiving 2.524 billion yuan [6]. Group 2: Sector-Specific Insights - The innovative drug ETFs from GF Fund and Yinhua Fund saw net inflows of 2.297 billion yuan and 1.051 billion yuan, respectively, despite the sector facing a downturn [6][8]. - The battery sector also attracted significant investment, with GF Fund's battery ETF receiving a net inflow of 507 million yuan, making it the largest in the market with a total scale of 9.952 billion yuan [7][9]. - The brokerage sector, referred to as the "bull market flag bearer," saw multiple securities ETFs achieve net inflows, with the Hong Kong Stock Connect non-bank ETF accumulating over 1 billion yuan in net buying this week [6][9]. Group 3: Outflows and Market Trends - The ChiNext 50 ETF experienced the largest outflow, totaling 2.122 billion yuan, indicating a shift in investor sentiment away from this sector [10][11]. - Other sectors facing outflows included photovoltaic, semiconductor, and artificial intelligence ETFs, reflecting a broader trend of profit-taking in these areas [12]. - Looking ahead, the easing liquidity environment is expected to support A-share valuations, with potential benefits for cyclical core assets like the CSI 300 and CSI A500 indices [13].

Group 1: Institutional Funds - Institutional funds are showing collaborative strength with significant growth in various sectors. Public funds saw a notable increase in new stock fund issuance in July, with the number and scale rising by 32.8% and 97.5% respectively compared to June. The second quarter saw major increases in holdings in the banking and TMT sectors [4][9][10] - Private equity funds also experienced a surge, with 1,591 new stock private equity funds launched in July, marking a 20.7% increase from June. The stock position has risen for three consecutive months, reaching 62.8% in July [4][15] - Insurance funds accelerated their market entry, with a net inflow of over 640 billion yuan into A-shares in the first half of the year. The allocation to stocks reached 3.1 trillion yuan, with a net inflow of 2.5 trillion yuan in Q2 [4][20][21] Group 2: Retail Investors - Retail investor activity has increased, with 265,000 new accounts opened on the Shanghai Stock Exchange in August, a 35% increase from July. However, this remains moderate compared to the peak in October 2024 [4][31] - The margin financing balance reached 2.2 trillion yuan, surpassing the 2015 high, but the overall leverage ratio remains healthy at 2.4% of the A-share market capitalization [4][31] Group 3: Foreign Capital - Foreign capital is returning to A-shares, with over 100 billion yuan flowing back in Q2 2025. From August 14 to August 20, foreign capital saw a net inflow of 6.98 billion yuan, marking a shift towards net inflows for the first time since mid-October 2024 [4][6] - The foreign capital primarily increased holdings in defensive assets with stable cash flows, such as finance and public utilities, as well as high-growth sectors like communication and biomedicine [4][6] Group 4: Market Outlook - The mid-term outlook for A-shares indicates a continued emphasis on high-quality equity allocation. Despite short-term volatility, the accumulation of positive factors in the industry and the ongoing policy implementation suggest a favorable environment for investment [4][6] - Key investment themes include the AI industry chain, advanced manufacturing sectors with international competitiveness, and new consumption areas benefiting from domestic policy support [4][6]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The US macro - fundamentals are relatively stable, but the political pressure on the Fed has reached a new high, boosting market expectations of interest rate cuts. At the Global Central Bank Annual Meeting in August, Powell's dovish stance exceeded market expectations. On August 25, Trump removed the hawkish Fed governor Cook, further increasing market expectations of interest rate cuts. Currently, the US consumer's willingness to buy real estate, cars, and household durables is fluctuating widely at a low level, and the actual salary growth of US consumers is flat. The ability of residents to consume still awaits the transmission of interest rate cuts. Loose expectations and asset revaluation are expected to have a positive feedback effect on investment and consumption, but sticky service inflation, tariff shocks, and concerns about the Fed's independence remain tail risks [8] - **Domestic Macro**: Market expectations for corporate profit margins have improved. "Anti - involution" has promoted the continued improvement of mid - stream profits in July. Recently, demand - side policies in first - tier cities have been frequently introduced. The marginal relaxation of policies is expected to boost trading volume, but the sustainability remains to be seen. From January to July, the year - on - year decline in the profits of national industrial enterprises above the designated size narrowed to - 1.7%. "Anti - involution" has enabled the raw material processing industry to obtain a larger share of profits, while both upstream mining and downstream consumer goods industries have seen their profits squeezed. The issue of anti - involution still has a long way to go. In the real estate sector, first - tier cities such as Beijing and Shanghai have successively introduced policies to relax purchase restrictions and optimize provident funds. Compared with previous policies, the overall intensity of this round of policies is relatively weak. Structurally, the relaxation of new homes in the suburbs of core cities is relatively stronger, aiming to guide residents to digest the inventory of suburban new homes first, which has a marginal support for developers' liquidity [8] - **Asset Views**: Short - term market volatility may increase. After important events, China may gradually enter the verification period of the seasonal peak season for fixed - asset investment and consumption, and the pricing weight of fundamentals for assets, especially short - duration commodity assets, may increase. Overseas liquidity will maintain an expansion trend in the next 1 - 2 quarters, entering a "loose expectation + weak US dollar" repair channel, which is expected to support the recovery of total demand and form a positive feedback between sentiment and overseas macro - fundamentals. Attention should be paid to non - US dollar assets [8] 3.2 Viewpoint Highlights - **Financial Sector**: For stock index futures, the chips show signs of loosening, and the short - term judgment is volatile upward. For stock index options, the strategy is mainly for hedging and defense, and the short - term judgment is volatile. For treasury bond futures, continue to pay attention to the performance of the stock market, and the short - term judgment is volatile [9] - **Precious Metals**: The expansion of interest rate cut expectations is beneficial to the price. For gold and silver, it is expected that the US interest rate cut cycle may restart in September, but the impact of market risk appetite needs to be noted. The short - term judgment is volatile upward [9] - **Shipping**: For the container shipping route to Europe, the peak season in the third quarter has turned dull, and there is a lack of upward driving force due to loading pressure. The short - term judgment is volatile [9] - **Black Building Materials**: After the parade, there are still upward expectations for the sector. For products such as steel, iron ore, coke, coking coal, etc., they are expected to be volatile, with different influencing factors for each product [9] - **Non - ferrous Metals and New Materials**: The weak US dollar continues to support non - ferrous metals, but the weakening demand also needs to be emphasized. Most products are expected to be volatile, with different influencing factors for each product [9] - **Energy and Chemicals**: The weakening of crude oil supply - demand and the decline of coking coal have dragged down the chemical industry. Most products are expected to be volatile, with different influencing factors for each product [11] - **Agriculture**: The agricultural sector is in a high - level narrow - range volatility, waiting for the results of field inspections. Most products are expected to be volatile, with different influencing factors for each product [11]

财信 证券研报称，市场经历快速轮动后或进入震荡整固阶段，但中期向好趋势未改。本轮上涨本身由 流动性驱动，这意味着后续只要量能未出现大幅收缩，市场仍存在反复轮动活跃的机会。总体而言，我 们预计资金将继续在科技成长与防御板块间寻求平衡，呈现显著的结构性行情特征，短期市场或进入震 荡整固期，建议以板块轮动扩散的思路布局。方向上，一方面，AI、 半导体、 创新药等硬科技成长领 域仍将受益于国产替代和产业升级红利，资金或将继续在细分领域中进行高低切换；另一方面，美联储 9月降息预期不断抬升的背景下，有望强化弱美元环境，贵金属配置价值凸显。 ...

Group 1: Reasons for Recent RMB Appreciation - Since August 2025, the RMB has entered a new appreciation cycle against the USD, with the spot exchange rate reaching a high of 7.12 and the midpoint touching the critical level of 7.10[2] - The contribution of the counter-cyclical factor to the RMB midpoint value since August is only 26%, indicating that the appreciation is primarily market-driven rather than policy-driven[9] - The "weak USD" backdrop has led to passive appreciation of the RMB, with the USD index declining by 9.9% since the beginning of the year, and the dollar sentiment index dropping to a historical low of around 35[10] Group 2: Market Dynamics and Capital Flows - The attractiveness of RMB assets has increased, leading to active appreciation, with the Shanghai Composite Index breaking the 3800 mark, reaching a nearly ten-year high[14] - Trade net settlement rates have risen from 23.9% in January to 54.8% in July 2025, reflecting strong demand for RMB[18] - Despite foreign capital selling approximately 420 billion RMB in bonds during June and July, the RMB did not depreciate, indicating a strategic shift by foreign investors to remain in the Chinese market[23] Group 3: Future Outlook and Risks - The outflow of funds from the bond market is expected to slow down, as the recent wave of foreign capital reduction in RMB bonds has nearly exhausted the net inflow from the past twelve months[28] - Risks include geopolitical tensions that could accelerate capital outflows from China, and unexpected economic performance in the US that may weaken the RMB[29]

1. Report Industry Investment Rating - Copper: Oscillating [7] - Alumina: Oscillating weakly [8] - Aluminum: Oscillating [10] - Aluminum alloy: Oscillating [13] - Zinc: Oscillating weakly [16] - Lead: Oscillating [17] - Nickel: Oscillating strongly in the short - term, waiting - and - seeing in the long - term [23] - Stainless steel: Oscillating in the short - term [24] - Tin: Oscillating [25] 2. Report's Core View - Overall non - ferrous metals: Weak US dollar and the fermentation of reverse invoicing issues are driving up the prices of basic metals. In the medium and short - term, prices are supported but the weak terminal demand limits the upside. In the long - term, potential domestic stimulus policies and supply disruptions support prices [1]. - Copper: Macro factors and supply disruptions support prices, and low inventory also provides support, but the US copper tariff is a negative factor [7]. - Alumina: The fundamentals are weak, with strong inventory accumulation trends, but short - term supply fluctuations and long - term mine disturbances need attention [9]. - Aluminum: Short - term macro sentiment is volatile, and the fundamentals are neutral. The aluminum price is expected to oscillate, and inventory and consumption need to be observed [12]. - Aluminum alloy: The cost is supported, supply is reduced, demand is rigid, and there are opportunities for cross - variety arbitrage [13]. - Zinc: The fundamentals are in surplus, and prices may oscillate weakly in the long - term [16]. - Lead: Supply and demand are basically balanced this week, but the release of smelter inventory after the events may pressure prices, and the price is expected to oscillate [19]. - Nickel: The market expects Indonesia's RKAB approval soon, so the price is oscillating strongly in the short - term, and the industry needs to observe the raw material and macro factors [23]. - Stainless steel: The price is expected to oscillate in the short - term, and the implementation of the peak season and inventory changes need attention [24]. - Tin: The supply is tight, providing a strong bottom support, but the terminal demand is weakening, so the price is expected to oscillate [25]. 3. Summary According to Relevant Catalogs 3.1 Copper - Information analysis: The Fed may cut interest rates, US GDP growth is better than expected, copper production has decreased, the spot premium has declined, and inventory has increased [7]. - Main logic: Macro factors and supply disruptions support copper prices, and low inventory also provides support, but the demand needs to be observed [7]. - Outlook: Copper may oscillate [8]. 3.2 Alumina - Information analysis: Spot prices have declined, some enterprises have reduced production due to environmental protection, and warehouse receipts have increased [8]. - Main logic: The fundamentals are weak, with strong inventory accumulation trends, but short - term supply fluctuations and long - term mine disturbances need attention [9]. - Outlook: Oscillating weakly, with opportunities for short - selling and reverse arbitrage [11]. 3.3 Aluminum - Information analysis: The price and inventory of aluminum have changed, an Indonesian enterprise is expected to be put into production, and the performance of related listed companies has been released [10]. - Main logic: Short - term macro sentiment is volatile, and the fundamentals are neutral. The aluminum price is expected to oscillate, and inventory and consumption need to be observed [12]. - Outlook: The aluminum price is expected to oscillate in the short - term [12]. 3.4 Aluminum Alloy - Information analysis: The price and spread of aluminum alloy have changed, the exchange has adjusted margins and price limits, and the performance of related listed companies has been released [13]. - Main logic: The cost is supported, supply is reduced, demand is rigid, and there are opportunities for cross - variety arbitrage [13]. - Outlook: Short - term prices are oscillating at a low level, and there is room for recovery and cross - variety arbitrage opportunities [15]. 3.5 Zinc - Information analysis: The spot discount and inventory of zinc have increased, and a smelter will conduct maintenance [15]. - Main logic: The fundamentals are in surplus, and prices may oscillate weakly in the long - term [16]. - Outlook: Zinc prices may oscillate weakly in the long - term [16]. 3.6 Lead - Information analysis: The price, spread, and inventory of lead have changed, and the market transaction is light [16]. - Main logic: Supply and demand are basically balanced this week, but the release of smelter inventory after the events may pressure prices, and the price is expected to oscillate [19]. - Outlook: The lead price is expected to oscillate [19]. 3.7 Nickel - Information analysis: The inventory of nickel has increased, and there are many industry news items [19]. - Main logic: The market sentiment dominates the price, the industry fundamentals are weakening marginally, and short - term trading is recommended [23]. - Outlook: The nickel price is oscillating strongly in the short - term, and waiting - and - seeing in the long - term [23]. 3.8 Stainless Steel - Information analysis: The inventory of stainless steel warehouse receipts has increased, and the production in Indonesia is normal [24]. - Main logic: The prices of nickel - iron and chromium - iron have changed, production has increased, and inventory has decreased slightly. The price is expected to oscillate in the short - term [24]. - Outlook: The stainless steel price is expected to oscillate in the short - term [24]. 3.9 Tin - Information analysis: The inventory and price of tin have changed, and a company will conduct maintenance [25]. - Main logic: The supply is tight, providing a strong bottom support, but the terminal demand is weakening, so the price is expected to oscillate [25]. - Outlook: The tin price is expected to oscillate, and the volatility may increase [25].

Core Viewpoint - The recent appreciation of the Renminbi against the US dollar is primarily driven by a weakening dollar rather than a strong Chinese economy [2][3]. Group 1: Dollar Weakness - The US dollar has weakened due to changes in the global economic landscape, including long-term fiscal deficits and rising debt levels, with US debt surpassing $37 trillion and annual interest payments exceeding $1.2 trillion [2][3]. - Market expectations of a Federal Reserve rate cut in September, following disappointing employment data, have also contributed to the dollar's decline [3]. Group 2: Renminbi Appreciation - The Renminbi's appreciation against the dollar is not indicative of a robust Chinese economy but rather a response to the global trend of a weaker dollar [3][4]. - The People's Bank of China has increased the issuance of offshore central bank bills, which helps stabilize the exchange rate and attract foreign capital [3][4]. Group 3: Trade and Investment Implications - Despite the Renminbi's appreciation against the dollar, it has depreciated against a basket of currencies, which is beneficial for China's export competitiveness [5][6]. - The potential for continued Renminbi appreciation against the dollar depends on domestic stock market performance and the trajectory of the dollar [6][7]. - For Chinese investors, the appreciation of the Renminbi may reduce the returns on US dollar-denominated assets, making it a more favorable time to invest in such assets [7].

Report Industry Investment Rating No relevant content provided. Core Views - In August, the risk appetite in the capital market increased, and the prices of risk assets generally rose. Overseas, the impact of tariffs in the US began to show, the disappointing non - farm payrolls data shocked the market, and the Fed's policy choices were difficult. The market generally expected a rate cut in September. Domestically, the "anti - involution" market cooled, but A - shares were strong, attracting funds, and the commodity futures market style reversed [5][75]. - The A - share market's strength is due to the change in domestic expectations. After the pessimistic expectations reversed last year, a large amount of funds flowed into the stock market. The emergence of DeepSeek and China's counter - measures in tariff negotiations strengthened market confidence [7][28]. - Weak dollar has become a relatively certain macro - factor. The rate - cut trading based on the weak dollar dominates the pricing of global risk assets [8][68]. Summary by Directory 1. Expected vs. Reality - The most notable macro - issue in August was the unexpectedly strong A - shares, which stemmed from the change in domestic expectations. Asset prices reflect investors' expectations more than the reality. The difference between macro - data and micro - feelings comes from the convergence of expectations and reality [13]. 2. US Stock "Bull" vs. Chinese Real Estate "Bear" - As core assets, the price trends of US stocks and Chinese real estate have significant wealth effects. In the past two years, the bullish US stocks and bearish Chinese real estate had opposite impacts on the two countries [16]. - In the US, the strong consumption of residents is related to the wealth effect of US stocks. In China, the real - estate slump led to residents' de - leveraging and consumption downgrade, while the stock - market strength accelerated the transfer of residents' deposits [17]. 3. Reasons for Expectation Reversal - In September 2024, the Fed started rate - cuts, and China's policy package turned the situation around. In January 2025, the emergence of DeepSeek led to the re - evaluation of Sino - US assets. In April 2025, China's counter - measures in tariff negotiations strengthened domestic confidence. In July 2025, the "anti - involution" trading dominated the domestic market [20]. 4. Underlying Logic of A - share Confidence Bull - Due to the asset shortage, along with the disillusionment of Western myths, technological breakthroughs, and cultural confidence, market confidence was boosted, expectations improved, and undervalued Chinese assets were re - evaluated. Investors adjusted their asset allocation, increasing risk assets [25]. - The strong performance of the stock market changed investors' psychology from scar effect to profit - making effect, leading to the transfer of residents' deposits from physical to financial assets [25]. 5. US 7 - month Non - farm Payrolls Data and Market Reaction - The US non - farm payrolls data in July was disappointing, with an increase of 73,000 in non - farm employment, far lower than the expected 110,000. The unemployment rate was 4.2%, and the U6 unemployment rate was 7.9%. The market reaction included a sharp decline in the dollar index, a jump in non - US currencies, a rise in gold prices, and a slight rebound in US stock index futures. Traders' expectation of a 25 - basis - point rate cut in September by the Fed increased from 45% to 75% [35][37]. 6. Trump's Intervention in the Fed - Trump removed Fed Governor Cook, and there were a series of personnel changes in the Fed. Trump's actions challenged the Fed's independence and may force the Fed to cut rates to respond to political pressure [38][39]. 7. Powell's Speech at Jackson Hole - Powell's speech signaled a possible rate cut. He pointed out that the US labor market was in a "fragile balance" with rising employment risks, economic growth slowed, inflation pressure existed, and the Fed's policy might be adjusted [41][43]. - The Fed revised its monetary policy framework, including abandoning the focus on the effective lower bound, the average inflation target system, and the "employment shortfall" wording, and emphasizing inflation expectation anchoring [59]. 8. Global Asset Performance - In August, global major stock markets mostly rose, the BDI increased slightly, the dollar fell, non - US currencies strengthened, and commodities rose more than they fell. Domestically, the A - share market was strong, and the commodity futures market style reversed [75]. 9. Domestic Futures Market Performance - In August, the domestic futures market showed a pattern of strong stocks, weak bonds, and a cooling commodity market. The four major stock indexes all rose, with the Shanghai 50 rising the least. Commodities showed mixed performance, with the Wind Commodity Index rising slightly [6][78]. 10. Commodity Index Trends - The "anti - involution" market cooled, and commodities fell from high levels. Historically, the probability of the South China Commodity Index rising in September is slightly higher, but the potential probability of a decline is also relatively high [80][83]. 11. Stock Index Performance - In August, the stock market continued to rise strongly, with all major stock indexes closing higher. The price - to - earnings ratio of the four major stock indexes increased, and the risk premium decreased, indicating an optimistic market sentiment [87]. 12. Global Economic Performance - The global economic sentiment recovered but was split. The JPMorgan Global Composite PMI rebounded, but the service and manufacturing sectors diverged. The ZEW economic sentiment index of major economies declined, while the consumer confidence index was generally strong [92]. - Inflation in major economies rebounded, with the US having a larger inflation amplitude. The inflation expectations in the bond market increased [103]. - The Fed and the Bank of Japan continued to shrink their balance sheets, the European Central Bank shifted from expanding to shrinking its balance sheet, and the People's Bank of China expanded its balance sheet again [105]. 13. US Economic Performance - The US economic sentiment cooled, inflation rebounded, the manufacturing PMI remained in the contraction range, employment was challenged, and consumer confidence was still low. The impact of tariffs on inflation began to show [111]. 14. Chinese Economic Performance - In July, China's manufacturing PMI and non - manufacturing business activity index declined, but the overall business activities of enterprises remained in the expansion range [116]. - M2 and M1 growth rates increased, and the growth rate difference between M2 and social financing and M2 and M1 both narrowed. The growth rate of RMB loans hit a new low, and the deposit - loan gap of financial institutions widened [119]. - The recovery of M1 growth is expected to drive the start of the credit cycle, with loose financial conditions, rising inter - bank certificate of deposit rates, and a rebound in DR007 [124]. - China's export growth remained resilient, but the pressure on external demand still existed. The export price profit margin turned negative, and the market's expectations for the economic prospects were contradictory [128][130]. - Real estate investment was dragged down, with the decline rates of multiple indicators accelerating, and the high - frequency housing sales data remained sluggish [132]. - Consumption growth declined significantly, travel data was split, and residents' income growth was weak [138]. - CPI remained flat, PPI continued to decline, and the macro - profit margin (CPI - PPI) decreased. The continuation of "anti - involution" may promote domestic re - inflation [142]. 15. Mid - level Industry Performance - Steel prices rose and then fell, with stable blast - furnace operating rates; oil prices declined with inventory reduction; copper prices fluctuated at high levels with inventory accumulation; and coking coal prices rebounded from the bottom [146][147]. - The Philadelphia Semiconductor Index fluctuated narrowly at a historical high; domestic freight rates continued to decline, and the BDI fluctuated after an initial decline; and automobile production growth was stable [150].

Group 1 - The potential for the Federal Reserve to lower interest rates may strengthen a weak dollar environment, catalyzing a new round of growth in resource commodities, particularly precious metals and copper, which could accelerate the performance of the non-ferrous sector [2] - The upcoming product launches from Apple and META in September, focusing on edge AI and AR glasses, may lead to a sustainable trend in edge devices and AI ecosystems, making the consumer electronics sector, especially the Apple supply chain, worth watching [2] - The "anti-involution" trend is expected to reveal three clues: industries with high capital expenditure intensity and signs of marginal reduction; industries showing self-discipline or policy implementation; and industries relying on quotas to continuously improve profit margins [2] Group 2 - The market is expected to maintain a bullish trend, with the Shanghai Composite Index recently surpassing 3,800 points, indicating that the market may not stop here and could reach new highs [3] - The market's upward momentum is supported by the accumulation of profit-making effects and continuous inflow of incremental funds, validating the logic of upward recommendations based on overcoming loss resistance [5] - The market is likely to experience structural rotation, with active trading and policy expectations providing support, while the focus remains on growth sectors that have shown high prosperity in the first half of the year [6] Group 3 - The current market sentiment is high, driven by expectations of a Federal Reserve rate cut and significant upcoming events, leading to increased inflow of incremental funds [7] - The market is characterized by a "healthy bull" environment, where structural rotation among sectors is crucial for sustained growth, with a focus on technology growth sectors [8] - Long-term capital, particularly from insurance funds, is increasing its presence in the A-share market, contributing to the stability of the current "slow bull" market [9] Group 4 - The market is expected to primarily exhibit a volatile trend, with limited space for strong continuation, indicating a preference for structural rotation rather than a broad market rally [10] - The focus on defensive dividend sectors is increasing, as they may provide stability amid tightening funds and pressure from major shareholders [11] - The "slow bull" market is anticipated to continue its upward trajectory, with a focus on maintaining a balanced approach between financial and technology sectors [13][14]

Core Insights - The report highlights key events and investment clues to watch in September, particularly focusing on the potential interest rate cuts by the Federal Reserve, which may strengthen the weak dollar environment and catalyze resource commodities, especially precious metals and copper [1] - The upcoming product launches from Apple and META are expected to drive a new wave of sustainable trends in edge devices and AI ecosystems, with a particular emphasis on the consumer electronics sector, especially the Apple supply chain [1] - The report identifies three lines of clues regarding the trend of "anti-involution," including industries with high capital expenditure intensity showing signs of marginal reduction, sectors demonstrating industry self-discipline or policy implementation, and industries that rely on quotas to continuously enhance profit margins [1] - An increase in innovative drug catalysts is anticipated in September, with recent technology shifts clearing out short-term speculative investments, suggesting that innovative drugs may continue to rise after this adjustment [1] - The report recommends focusing on resource sectors, innovative drugs, consumer electronics, chemicals, gaming, and military industries for investment in September [1]