Group 1 - The National Flag Guard Team performed a ceremonial march to commemorate the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, showcasing the significance of the event [1][2] - The march covered a distance of 220 meters, with specific steps symbolizing the journey of the Chinese people over the past 80 years, including 80 steps for the years since 1945, 136 steps representing the unity of 56 ethnic groups, and 56 steps for the new historical starting point [2][3] - The training involved rigorous preparation, including the use of mirrors for self-correction, and the execution of various movements such as saluting with weapons, ensuring precise coordination with the ceremonial cannon fire [3][4] Group 2 - The Cannon Firing Team, consisting of 56 cannons arranged in a specific formation, performed 80 cannon shots to symbolize the unity of the 56 ethnic groups and the anniversary of the victory, with each shot fired at intervals of 3.78 seconds [4][5] - The team underwent extensive training, practicing their actions over a thousand times daily to ensure precision and safety, with a focus on achieving zero accidents and risks during the event [5][6] - The majority of the team members are new recruits born in the 2000s, characterized by their confidence and commitment to high standards, reflecting a strong sense of duty and readiness to serve [6]

Group 1 - The core event is the comprehensive rehearsal for the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, which took place from August 23 to August 24, 2023 [1] - This rehearsal was the third and final comprehensive drill, involving all processes and elements, ensuring smooth operation and coordination among various segments [1] - Previous rehearsals occurred on August 9-10 and August 16-17, with approximately 22,000 and 40,000 participants respectively, highlighting the scale of preparation for the upcoming event [1] Group 2 - The upcoming military parade on September 3 is expected to be the largest since the founding of the People's Republic of China, featuring a joint military band with new compositions and arrangements [2] - The parade will consist of 45 formations, showcasing the capabilities of the People's Liberation Army and its role in maintaining international order and peace post-World War II [2] - Notable participants include Russian President Vladimir Putin and leaders from Cambodia and South Korea, indicating significant international attention and participation in the commemorative activities [3]

Macro Perspective - The GDP growth rate for the first half of the year reached 5.3% supported by policies such as "two new" and "two heavy" as well as the overseas "export grabbing/transshipment effect" [3] - The urgency for short-term policy adjustments has decreased, with the focus shifting to the implementation of existing policies [3] Macro Liquidity - The Federal Reserve maintained its interest rates in July, raising concerns about a potential U.S. economic recession due to subsequent downward revisions of non-farm employment data [3] - Domestic policies will be adjusted based on changing risk challenges, with a focus on the implementation of existing monetary policies [3] Capital Market Liquidity - The A-share market has seen a recovery in investor sentiment, with increased trading volume and turnover rates, leading to rapid expansion in margin financing [4] - The overall liquidity in the A-share market is expected to continue its incremental process, supported by policy factors [4] A-share Market Outlook - Despite short-term challenges from mid-year performance reports, the "anti-involution" policy is expected to open up profit expectations [4] - A-share valuations may not be considered undervalued, but there is potential for price expectations to improve, supporting valuation increases [4] Industry Opportunities - Investment opportunities can be found in sectors such as TMT (Technology, Media, Telecommunications), pharmaceuticals, and defense industries, driven by AI trends and policy support [4] - The financial sector is expected to benefit from the stabilization of the capital market [4] - Resource sectors, including non-ferrous metals and chemicals, may see investment opportunities due to capacity management initiatives [4]