Group 1 - The core viewpoint is that the AI's contribution to the growth of the computer sector will further increase in the second half of 2025, driven by factors such as CAPEX acceleration, technological upgrades, and supply improvements [1] - The computing industry is expected to see a significant acceleration in revenue and a notable improvement in net profit in the first half of 2025, with the computing power sector experiencing high growth [1] - The growth of the "Xinchuang" (信创) sector is expected to continue its positive trend and accelerate in the second half of the year, with potential expansion into industrial software and other areas [1] Group 2 - The A-share market is likely to continue a volatile upward trend, with a focus on short-term fluctuation risks and marginal changes in market volume [2] - Growth sectors have shown high levels of prosperity in the first half of the year, with potential for rotation among sectors such as machinery and electrical equipment, which have rebound potential [2] - Low-position sectors, particularly certain consumer segments, may strengthen under policy support, while mid-to-long-term focus should be on supply-demand dynamics and industry profit recovery [2] Group 3 - The report emphasizes the importance of investing in industries with solid industrial logic, such as communication equipment, semiconductors, and innovative pharmaceuticals [3] - There is a highlighted focus on sectors benefiting from China's manufacturing advantages and trade growth with non-US economies, including white goods and engineering machinery [3] - The financial sector is expected to benefit from improved market sentiment, with attention on insurance and brokerage firms [3]

中金公司研报认为，配置上，1、流动性预期好转，科创、赛道主题业绩具备中长期比较优势，关注产 业逻辑相对扎实的行业，如通信设备、半导体、电子硬件、固态电池、创新药、国防军工、机器人等。 2、中国制造优势凸显，关注外贸增长已布局海外产能的白色家电、工程机械和电网设备等。3、资本市 场情绪回暖提振金融业绩表现，关注保险、券商。4、"反内卷"引导行业供给收缩，政策发力催化需求 企稳预期，关注光伏等行业。5、红利板块或存在分化，从优质现金流、波动率及分红确定性出发，布 局电信、银行等。 (本文来自第一财经) ...

人民财讯9月8日电，中金公司（601995）研报认为，配置上，1)流动性预期好转，科创、赛道主题业绩 具备中长期比较优势，关注产业逻辑相对扎实的行业，如通信设备、半导体、电子硬件、固态电池、创 新药、国防军工、机器人等。2)中国制造优势凸显，关注对非美经济体贸易增长且已布局海外产能的白 色家电、工程机械和电网设备等。3)资本市场情绪回暖提振金融业绩表现，关注保险、券商。4)"反内 卷"引导行业供给收缩，政策发力催化需求企稳预期，关注光伏等行业。5)红利板块或存在分化，从优 质现金流、波动率及分红确定性出发，布局电信、银行等。 ...

每经AI快讯，9月2日，中金公司（601995）发布研报称，9月建议关注如下配置思路：1)流动性预期好 转，科创、赛道主题业绩具备中长期比较优势，关注具备产业逻辑相对扎实的行业，如通信设备、半导 体、电子硬件、固态电池、创新药、国防军工、机器人等。2)中国制造优势凸显，关注对非美经济体贸 易增长且已布局海外产能的白色家电、工程机械和电网设备等。3)资本市场情绪回暖提振金融业绩表 现，关注保险、券商。4)"反内卷"引导行业供给收缩，政策发力催化需求企稳预期，关注光伏等行业。 5)红利板块或存在分化，从优质现金流、波动率及分红确定性出发，布局消费龙头、顺周期龙头、电信 等。 ...

Group 1 - The core viewpoint of the article highlights the significant decline in U.S. stocks, particularly affecting hardware companies linked to imports and exports, with Apple and TSMC experiencing drops of 9.25% and 7.63% respectively [1] - Microsoft, a software leader, only fell by 2.3%, raising questions about the resilience of software stocks amidst hardware declines, possibly due to perceptions of limited impact from tariffs [1] - Chinese concept stocks showed unexpected strength, with Tencent's ADR remaining positive despite broader market declines, indicating a divergence in market reactions [1] Group 2 - The European market experienced a notable drop of 3.8%, prompting discussions about the resilience of Chinese concept stocks, which may be linked to foreign capital inflows into the A-share market [2] - The article mentions that the A-share market is the only one globally seeing foreign capital inflows, suggesting a unique position amidst global market volatility [2]