Core Viewpoints - The report indicates a gradual upward trend in the market, with a focus on mid-year performance guidance. The A-share market continues to show resilience, with the ChiNext index leading gains, while the overall market remains active with daily trading volumes exceeding 2 trillion yuan, a 23.9% increase from the previous period [2][15]. Economic Data - In July, the economy showed steady progress, with new growth drivers emerging. The total social financing increased by 1.13 trillion yuan, with a year-on-year growth of 9.0%. The industrial added value grew by 5.7% year-on-year, while high-tech industries saw a growth of 9.3% [2][3]. Financial Data - The report highlights a significant increase in M1 and M2 money supply, with M1 growing by 5.6% year-on-year and M2 by 8.8%. The M1-M2 gap continues to narrow, indicating an improvement in monetary activity [4][5]. Policy Tracking - Recent policies aimed at boosting consumption include the implementation of fiscal interest subsidies for personal consumption loans and service industry loans, effective from September 1, 2025. These measures are expected to enhance economic circulation and stimulate consumer spending [7]. Market Performance - The A-share market saw a broad-based increase, with 22 out of 31 sectors rising. The communication, electronics, and non-bank financial sectors led the gains, with increases ranging from 6% to 8%. Conversely, sectors such as banking and steel experienced declines [13][15]. Investment Opportunities - The report suggests focusing on sectors with high certainty of growth, including technology growth driven by AI and semiconductors, sectors benefiting from "anti-involution" policies like new energy and traditional cyclical industries, and stable financial sectors [2][15].