Core Viewpoint - The "anti-involution" policy has led to an upward turning point in the PPI year-on-year growth rate, indicating that the worst phase of the industry supply-demand structure has passed, which is expected to improve corporate profitability and market risk appetite [1][3]. Group 1: Economic Indicators - In August, the PPI turned from a month-on-month decline of 0.2% to flat, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points compared to the previous month [3]. - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of expansion [3]. Group 2: Equity Market Insights - CITIC Securities noted that under the trend of "anti-involution," the attractiveness of RMB assets continues to rise, with the manufacturing sector expected to convert its share advantage into pricing power and subsequently into long-term profit recovery [5]. - Morgan Stanley indicated that A-shares are likely to continue outperforming offshore markets due to improved liquidity and a shift of funds from the bond market and savings into equities, alongside expectations of policy easing [6]. - Guohai Securities highlighted that small-cap and growth styles are likely to benefit more from the upcoming "14th Five-Year Plan," with small-cap indices averaging an 8.6% increase and growth styles averaging a 7.0% increase in the month following the release of the plan [7]. Group 3: Industry Research - Kaiyuan Securities suggested that the gaming industry is transitioning from short-term "one-hit" products to long-cycle projects, with significant long-term growth potential as consumer trends shift towards emotional consumption [12]. - Penghua Fund expressed optimism about AI and robotics, predicting that leading companies in these sectors will emerge as the market seeks new growth drivers, with a potential trillion-dollar market opportunity [13]. - Western Li De Fund emphasized three investment opportunities: AI hardware and applications, sectors benefiting from the "anti-involution" policy such as new energy and aquaculture, and consumer sectors expected to recover due to domestic stimulus policies [14].