热点板块：8 月科技方向的热度上升，但整体仍是事件驱动的主题性行情。8 月随着市场风险偏好 不断抬升，科技方向催化剂不断，预计市场风格将有可能继续从银行、高股息等防御型品种切向科技成 长领域。1）人工智能大会涌现出诸如昇腾 384 超节点、物理 AI 等新热点，预计 AI 方向在 8 月将迎来 主题性机会。2）世界机器人博览会召开，机器人国产化和走进老百姓生活依然是 2025 年比较确定的趋 势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。以此带来的传感器、控制器、灵巧 手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板 块新催化剂。3）半导体国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设 计等。4）军工板块 2025 年存在订单回升的预期，大部分军工子板块如地面装备、航空装备、军工电子 等一季报已经出现触底迹象。5）创新药经历了近 4 年的调整后逐步迎来收获期，自 2024 年三季度以来 已经连续三个季度净利润增速为正，预计 2025 年创新药将迎来基本面拐点。 盘面回顾：指数获得支撑展开反弹，科创 50 指数领涨。周四市场并未受 ...

Core Viewpoint - The Shanghai Composite Index has reached a new high but experienced some fluctuations, indicating market divergence, with over 3000 stocks declining, suggesting caution in the short term [1][3] Market Overview - The Shanghai Composite Index has surpassed its highest point in the past decade, reaching 3731 points, while other major indices like the CSI 300 and ChiNext still have significant distance to cover to reach their 2021 highs [1] - The current market trend shows a clear upward movement, with the potential for other lagging indices to catch up [1] Sector Highlights - The technology sector is expected to gain momentum in August, driven by various catalysts, shifting market focus from defensive stocks to growth-oriented technology stocks [2] - Key events such as the Artificial Intelligence Conference and the World Robot Expo are anticipated to create thematic investment opportunities in AI and robotics [2] - The semiconductor industry is on a path toward domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is expected to see a rebound in orders by 2025, with signs of recovery already visible in Q1 reports across various military sub-sectors [2] - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [2]

Core Viewpoint - The A-share market is expected to maintain a slow upward trend despite short-term fluctuations, with technology stocks playing a significant role in the rebound [1][2]. Market Outlook - The market is likely in a phase of consolidation before a breakout, with two potential paths: continuing the upward trend or consolidating before challenging previous highs [2]. - Three conditions are necessary for a direct challenge to the previous high of 3674 points: implementation of fiscal stimulus policies, continued global environment easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is anticipated to be driven by event-based themes, with a high likelihood of sector rotation [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors and controllers [3]. 3. Semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. Military industry, with expectations of order recovery and signs of bottoming out in Q1 reports [3]. 5. Innovative pharmaceuticals, which are expected to see a fundamental turning point in 2025 after a period of adjustment [3]. Market Review - The A-share market showed signs of stabilization and resumed an upward trend, with the ChiNext index rising over 1.7% [4]. - More than 3500 stocks rose, indicating a positive earning effect, with leading sectors including defense, telecommunications, electronics, and pharmaceuticals [4].