Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The market is currently in a weak - balance stage, and after the accumulation of positive signals and the display of market resilience, a market repair process is expected to occur [6]. - The 12 - month Politburo meeting and the Central Economic Work Conference are expected to set a positive tone for policies in 2026 and boost market risk appetite [6]. - The US labor market pressure remains unresolved, and the Fed may need to cut interest rates in December [6]. 3. Summary by Related Contents Market Performance - Last week, the four stock - index futures showed a narrow - range upward oscillation trend, with relatively large increases in CSI 300 and CSI 500. All main contracts remained in the futures discount mode, with the basis of IH at - 10.14, IF at - 4.61, IC at - 14.64, and IM at - 22.69 [4]. - The A - share market showed a narrow - range oscillation last week, with prominent hot - topic sectors. The prices of non - ferrous metal futures and stocks reached new highs, and the listing of a domestic chip company on Friday drove up the communication computing power sector, but the high valuation of new listings may have a negative impact on the computing power sector later [4]. - On Friday, there were multiple hot sectors such as communication computing power, commercial space, non - ferrous metals, insurance and securities, and new energy. With limited increase in overall market trading volume, funds actively attacked multiple sectors without causing obvious weakness in other sectors [4]. Comprehensive Analysis - Macroscopically, the upward trend of PPI is relatively clear, while the market's optimistic expectations for policies need verification [5]. - Overseas, the pressure on the US labor market remains, and the deteriorating labor market is the main contradiction in the Fed's monetary policy, making a December interest - rate cut necessary [6].

Group 1 - The article discusses the importance of promoting the healthy and high-quality development of the private economy in China, as highlighted in a key article published in "Qiushi" magazine [1] - The Chinese government is exploring policies to encourage state-owned enterprises and social capital to participate in the development of the marine economy [1] - The People's Bank of China plans to focus on supply-side financial policies to create effective demand [1] Group 2 - In July, China's total retail sales of consumer goods reached 38,780 billion yuan, showing a year-on-year growth of 3.7% [1] - The average selling price of newly built commercial residential properties in first-tier cities decreased by 0.2% month-on-month in July, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - The sales volume of automobile cranes in July was 1,358 units, representing a year-on-year increase of 9.6% [1] Group 3 - The A-share market has shown strong performance, with the Shanghai Composite Index touching 3,700 points, indicating a significant increase in market activity [2] - The margin trading balance has exceeded 2 trillion yuan for the first time in ten years, reflecting increased investor enthusiasm [2] - Various funds, including equity funds, insurance funds, and social security funds, are continuously flowing into the market, providing strong support for market growth [2] Group 4 - Key factors to monitor for the market's ability to break through the 3,700-point level include the sustainability of trading volume and the dynamic changes in fiscal and monetary policies [3] - Continuous high trading volume is necessary to absorb the pressure from the dense transaction area above 3,700 points [3] - The article emphasizes the need to pay attention to ongoing support policies for the capital market and key industries, as these will directly impact market confidence and capital flow [3] Group 5 - Investment strategies should focus on sectors closely related to bull markets, such as brokerage, insurance, and military industries [4] - Growth sectors with potential for catch-up, including consumer electronics, AI applications, robotics, innovative pharmaceuticals, and communication computing power, are highlighted [4] - Sectors related to reducing competition, such as photovoltaics, chemicals, and certain electrical equipment, are also recommended for investment [4]