Core Viewpoint - The current market rally is primarily driven by institutional investors rather than retail investors, with a focus on industrial trends and performance metrics [1] Group 1: Market Dynamics - The market has transitioned from a phase dominated by retail investors to one led by "smart money" [1] - The products issued between 2020 and 2021 are now reaching a breakeven point, indicating a shift in market dynamics [1] Group 2: Investment Strategy - Future market continuation will require new allocation themes rather than relying solely on liquidity and abundant capital [1] - Recommended sectors for investment include resources, innovative pharmaceuticals, gaming, and military industries, with a gradual increase in exposure to the chemical sector [1] - There is an emerging focus on "anti-involution + overseas expansion" categories, and the consumer electronics sector is expected to be noteworthy in September [1]

Core Insights - The current market rally is primarily driven by institutional investors rather than retail investors, indicating a shift in market dynamics [1] - The core themes of this rally are centered around industrial trends and corporate performance, rather than historical market comparisons [1] - As products issued in 2020-2021 approach breakeven, a transition between old and new capital is expected, necessitating new investment themes for market continuation [1] Investment Recommendations - It is advised to focus on sectors such as resources, innovative pharmaceuticals, gaming, and military industries [1] - Attention should also be given to the chemical sector, with a gradual increase in allocation towards "anti-involution and overseas expansion" categories [1] - The consumer electronics sector in September is highlighted as a potential area of interest [1]