Group 1 - The overall revenue growth of A-shares has turned positive, with net profit maintaining positive growth, indicating a solid foundation for economic recovery [3] - Nearly 60% of companies reported positive revenue growth, and over three-quarters achieved profitability, with 1,943 companies experiencing both revenue and net profit growth [3] - Private-controlled listed companies saw significant recovery in profitability, with revenue and net profit growth rates of 4.8% and 10% respectively [3] Group 2 - Industries such as steel, software services, building materials, media, semiconductors, and non-ferrous metals performed well, with net profit growth rates exceeding 30% [3] - The consumer market is experiencing multi-polar growth, driven by policies like "trade-in" for consumer goods, resulting in over 10% year-on-year net profit growth in related industries [3] - Emerging sectors like the pet economy and millet economy have shown remarkable growth, with net profit increases of 39.67% and 54.21% respectively [3] - The introduction of optimized visa policies has led to a surge in tourism-related industries, with net profit growth exceeding 50% [3] Group 3 - The R&D investment in the A-share market reached 745.69 billion yuan, a year-on-year increase of 2.68%, with the overall R&D intensity rising to 2.13% [3] - The government work report emphasizes the cultivation and expansion of emerging and future industries, promoting the integrated development of strategic emerging industries [4]

Group 1 - The report highlights that the current market rally is characterized by a disconnect between index performance and underlying earnings recovery, suggesting that the rally is more driven by liquidity and thematic trading rather than fundamental improvements [1][34]. - The report introduces the securitization rate (the ratio of total market capitalization to GDP) as a useful tool for identifying valuation peaks in index bull markets, indicating that a higher securitization rate typically reflects liquidity-driven market conditions [2][23]. - Historical data shows that during significant index bull markets, the securitization rate has risen above 1, with current levels at 0.83 suggesting potential for further valuation upside [2][26]. Group 2 - The report anticipates that the total market capitalization of the two exchanges will continue to expand, driven by expected recovery in producer price index (PPI) and supportive liquidity and policy expectations [3][35]. - The analysis indicates that the current market environment aligns with characteristics of an index bull market, despite concerns about the inability to surpass previous valuation peaks [33][34]. - The report emphasizes the importance of monitoring the securitization rate as it approaches 1, which could signal a critical valuation threshold for the market [3][35]. Group 3 - The investment strategy proposed includes a "4+1" sector allocation approach, focusing on technology, cyclical sectors benefiting from PPI recovery, and structural opportunities in overseas markets [4][39]. - Specific sectors highlighted for investment include technology and military industries, cyclical commodities, and companies with potential for valuation recovery [4][39]. - The report suggests maintaining a stable core allocation in dividend-paying stocks and gold, indicating a balanced approach to investment amidst market fluctuations [4][39].

Group 1: Deep Sea Technology Industry - The government has positioned deep sea technology as a strategic emerging industry, alongside commercial aerospace and low-altitude economy, highlighting its importance for national security and resource safety [6][7] - The deep sea sector is crucial for ensuring resource security, as the global underwater resource competition intensifies, particularly with the U.S. and Japan accelerating their deep-sea mining efforts [7] - The blue economy in China reached a production value of 10.54 trillion yuan in 2024, indicating significant market potential for growth in related sub-industries [8] - The deep sea technology industry chain spans from basic materials to high-end equipment manufacturing, with a focus on "deep sensing" capabilities as a foundational infrastructure for development [8] Group 2: New Consumption - Crystal International - Crystal International reported a revenue of 1.229 billion USD in H1 2025, a year-on-year increase of 12.42%, and a net profit of 98 million USD, reflecting strong operational resilience despite external challenges [11][12] - The company improved its gross profit margins in leisure and intimate apparel due to enhanced production efficiency, with gross margins reaching 20.50% and 20.80% respectively [12] - Crystal International's strategic advantages, including its FOB revenue structure and strong brand client pricing power, have helped mitigate the impact of tariffs [12][13] Group 3: New Consumption - Laopu Gold - Laopu Gold achieved a revenue of 12.354 billion yuan in H1 2025, a remarkable year-on-year growth of 251%, with a net profit of 2.268 billion yuan, reflecting strong market positioning and brand influence [15][16] - The company expanded its offline presence with 41 self-operated stores across 16 cities, achieving an average sales performance of approximately 459 million yuan per store [17] - Laopu Gold's brand strength is validated by a high overlap rate with major luxury brands, and the company plans to adjust product prices to support profit performance [17][18] Group 4: North Exchange - Youji Co., Ltd. - Youji Co., Ltd. reported a revenue of 443 million yuan in H1 2025, a year-on-year increase of 19%, and a net profit of 34.3 million yuan, reflecting strong growth driven by capacity release and business expansion [19][20] - The company experienced significant revenue growth in the oil and gas sector, with a 19% increase, and a 48% increase in the aviation sector due to the integration of Beiyang Precision [20][21] - The mechanical parts processing industry is expected to benefit from global industrial upgrades and domestic demand expansion, positioning China as a key supplier in the global market [21][22]

Core Viewpoint - The article emphasizes the transformative potential of "hardcore technology" across various sectors, including low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology, presenting significant investment opportunities for investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [4][5]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the urgent need for satellite communication infrastructure [5]. - The humanoid robot market in China could reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035, indicating a significant growth trajectory [5]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy, marking it as a key area for investment [6]. Group 2: Investment Products - The "空天地海" (Air, Space, Land, Sea) product matrix includes various investment tools such as the General Aviation ETF and Satellite ETF, which are the first and largest in their categories [3][8]. - Active management products like 永赢低碳环保智选A and 永赢高端装备智选A focus on specific sectors within hardcore technology, allowing for targeted investment strategies [3][8]. - The investment strategy emphasizes a combination of passive index funds and actively managed funds to cater to different investor needs and risk profiles [10][12]. Group 3: Market Trends - The military industry has seen a significant increase, with the military index rising over 20% from June to August, indicating a shift towards technology-driven growth rather than speculative trading [4]. - The article highlights the importance of understanding the intersection of "new combat power" and "new productive forces," where military technology converges with civilian markets, creating new investment avenues [4][5]. Group 4: Strategic Insights - The investment approach is based on a forward-looking perspective, focusing on structural opportunities in emerging industries, rather than chasing short-term trends [11][12]. - The investment team combines industry experts and fund managers to ensure informed decision-making based on deep industry insights and market responsiveness [12]. - The commitment to long-term investment and risk management is emphasized as a core principle guiding the investment strategy in hardcore technology [12][14].

Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

Group 1 - The report suggests an industry allocation strategy termed "4+1," focusing on technology growth, self-control, and military sectors, including liquid cooling, robotics, gaming, AI applications, and military technologies such as missiles, drones, satellites, and deep-sea technology. Additionally, it highlights the fintech and brokerage sectors due to their high correlation with indices [1] - The cyclical sectors benefiting from the expectation of marginal improvement in PPI and some low-level rebound include steel, chemicals, non-ferrous metals, and building materials, with potential valuation recovery opportunities in insurance, liquor, and real estate [1] - The report identifies sectors with anti-involution elasticity and broader potential, indicating that the current anti-involution trend extends beyond traditional cyclical industries, with mid-term potential in solar energy, lithium batteries, engineering machinery, healthcare, and certain manufacturing and growth directions in Hong Kong's Hang Seng Internet [1] - Structural opportunities for overseas expansion are noted, particularly due to the easing of China-Europe trade relations, benefiting high-export categories like automobiles and wind power, as well as niche exports such as snacks [1] - The report emphasizes the importance of stable dividend stocks, gold, and optimized high-dividend assets for foundational investment [1]

Core Viewpoint - The integration of deep-sea technology into China's development strategy is highlighted, showcasing advancements in marine exploration and research capabilities, particularly in Hainan province [1][5]. Group 1: Deep-Sea Technology Development - "Deep-sea technology" has been included in the government work report for the first time, emphasizing its importance in national development [1]. - Hainan's unique geographical advantages facilitate the testing and application of deep-sea equipment, with various teams working on innovative solutions [1]. - The "Albatross" unmanned sailing vessel is designed for long-distance travel and can dive to depths of 1,000 meters, enabling scientific observations in extreme weather conditions [3][4]. Group 2: Research and Exploration Achievements - The "Albatross" successfully traversed a typhoon, collecting valuable meteorological and oceanographic data that enhances understanding of typhoon dynamics and improves forecasting accuracy [3]. - The "Fighter" manned submersible has enabled researchers to explore deep-sea ecosystems, discovering previously unknown life forms and expanding knowledge of deep-sea biodiversity [5][6]. - Collaborative efforts between the "Fighter" and other deep-sea exploration tools have led to significant advancements in marine biology research, including studies published in international journals [6]. Group 3: Infrastructure and Resource Sharing - The Nanshan Port public scientific research dock is open to all research institutions, facilitating marine equipment testing and enhancing the deep-sea technology industry chain [7]. - The number of scientific research voyages serviced by Nanshan Port has increased dramatically, from 30 in 2020 to an expected 1,416 in 2024, indicating growing research activity [7]. - The establishment of a comprehensive marine technology platform aims to integrate resources and improve research efficiency, with a reported output of 770 million yuan from deep-sea equipment in the Sanya area [8].

Core Insights - The inclusion of "deep-sea technology" in the government work report highlights its growing importance and the unique natural conditions in Hainan for deep-sea equipment testing and application [1] Group 1: Deep-Sea Technology Developments - The "Albatross" unmanned sailing vehicle is designed to utilize wind power for long-distance travel and can dive to depths of 1,000 meters, enabling it to operate in complex weather and ocean conditions [3][4] - The "Fighter" manned submersible has been instrumental in exploring deep-sea ecosystems, revealing previously unknown life forms and expanding human understanding of deep-sea ecology [5][6] - The collaboration between various deep-sea exploration equipment enhances the ability to study deep-sea biology and supports future resource development and ecological protection [7] Group 2: Infrastructure and Support - The Nanshan Port public scientific research dock facilitates rapid deployment of research vessels, significantly increasing the number of scientific voyages from 30 in 2020 to an expected 1,416 by 2024 [8][9] - The dock is designed to attract research institutions and enterprises, fostering a collaborative environment that supports the development of the deep-sea technology industry [8][9] - The integration of various resources for sea trials has improved research efficiency, reducing testing cycles by an average of 30% [9]

Core Insights - The article highlights the significant advancements in deep-sea technology in Hainan, emphasizing its strategic importance for scientific research and innovation [8][15][17] - The introduction of deep-sea technology in the government work report indicates a growing recognition of its potential impact on disaster prevention and environmental research [8][10] Group 1: Deep-Sea Technology Developments - The "Albatross" unmanned sailing vessel successfully traversed a typhoon, collecting valuable meteorological and oceanographic data, which enhances the understanding of typhoon dynamics [10][11] - The "Fighter" manned submersible has enabled researchers to explore deep-sea ecosystems, revealing new insights into life forms at extreme depths, thus expanding knowledge of deep-sea biodiversity [13][14] Group 2: Research and Collaboration - The collaboration between various research teams and institutions in Hainan is fostering innovation in deep-sea exploration, with a focus on developing new technologies and methodologies for marine research [12][16] - The establishment of a public scientific research dock in Sanya is facilitating increased access for research vessels, promoting resource sharing and enhancing the efficiency of deep-sea equipment testing [15][16] Group 3: Economic Impact and Future Prospects - The deep-sea technology sector in Hainan has seen significant growth, with reported production value reaching 770 million yuan, indicating a robust development trajectory [16][17] - Future plans include the construction of a comprehensive marine technology platform that will integrate various scientific and technological resources, further driving innovation and economic development in the region [15][17]

Core Viewpoint - Deep-sea technology is advancing into unknown territories, focusing on the exploration, development, and utilization of deep-sea resources, which holds significant economic and technological value [1]. Industry Development - The government work report emphasizes the promotion of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology for safe and healthy development, indicating a broad future outlook [1]. - Deep-sea technology integrates various advanced technologies and disciplines, driving rapid growth in related industries such as deep-sea equipment manufacturing, new functional materials, and deep-sea information technology [1]. Innovations and Applications - Innovations like the "Albatross" unmanned sailing vessel, which traverses typhoons for meteorological observations, and the "Fighter" manned submersible, which explores depths of 10,000 meters to discover "life oases," showcase the practical applications of deep-sea technology [1]. - The establishment of shared public scientific research docks, such as the Nanshan Port, facilitates research and development in deep-sea technology [1]. Economic Impact - Deep-sea technology contributes to the development of marine resources, including minerals and oil and gas, as well as clean energy, creating new growth points for the marine economy [1]. - The sector aims to cultivate and develop new productive forces in the ocean, contributing to the goal of building a strong maritime nation [1].