Market Overview - Major indices experienced gains over the past five trading days, with the Shanghai Composite Index rising by 2.91% and the ChiNext Index increasing by 10.00% [2] - The trading volume significantly decreased, with a total of 11.26 trillion yuan traded, averaging 2.25 trillion yuan per day, a reduction of 414.68 billion yuan compared to the previous five trading days [2] - Among the sectors, only the banking industry saw a decline, while the communication, electronics, and power equipment sectors led the gains [2] Economic Data - In August, exports grew by 4.4% year-on-year, a decrease of 2.8 percentage points from July, attributed to a high base last year and prior "export rush" effects [2] - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decline of 0.4%, influenced by sufficient pork supply and energy price pressures [2] - The Producer Price Index (PPI) showed a month-on-month stabilization and a narrowing year-on-year decline for the first time since March, driven by a lower base and "anti-involution" measures [2] Policy Insights - The Ministry of Finance emphasized strengthening domestic circulation as a key task for fiscal policy, focusing on consumer stimulation and public service investments [3] - The National Development and Reform Commission highlighted the need for capacity governance in key industries and addressing irrational competition in its report on economic development plans [3] Investment Strategy - The policy direction from the Political Bureau meeting aims to consolidate the recovery of the capital market, alleviating investor concerns about market downturn risks [4] - Short-term market themes remain active, but their sustainability needs to be observed, with structural performance expected to outperform the overall market as valuations recover [4] Industry Opportunities - Investment opportunities in the TMT sector are anticipated due to advancements in domestic computing power and the "AI+" initiative [4] - The power equipment and non-ferrous metals industries may benefit from unexpected demand for energy storage and breakthroughs in solid-state battery production [4] - The financial sector is expected to see investment opportunities as the capital market stabilizes [4]

近期，国家在新能源汽车、光伏、互联网等领域加强非理性竞争整治，通过强化价格监管、推动落后产 能有序退出、打击虚假宣传等措施，遏制低价倾销、无序扩张等问题，促进市场健康发展。 市场监管部门持续加大非理性竞争综合整治力度，强化对企业间过度低价竞争的规范引导。"十四五"以 来，持续开展制止滥用行政权力排除、限制竞争专项执法，发现和废除了阻碍要素流动的政策措施4218 件，查处行政性垄断案件239件，及时纠治了地方保护、市场分割等突出问题。 （文章来源：证券时报） 8月28日，市场监管总局召开综合整治市场竞争秩序防范非理性竞争部署推进会，推动相关行业竞争加 快回归良性有序轨道。 会议强调，要深刻认识综合整治市场竞争秩序防范非理性竞争的重大意义，突出问题导向、目标导向、 结果导向，坚持系统谋划、整体推进，聚焦重点领域持续加大工作力度，创新工作方式方法，切实防范 非理性竞争，维护公平竞争市场秩序。会议要求，强化执法办案，以重大典型案件查办彰显整治成效； 注重打建结合，多措并举引导企业优质优价竞争；加强规则引领，着力构建防范非理性竞争的长效治理 机制；坚持统筹协调，加快形成齐抓共管强大合力。 ...