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].

Group 1 - The report indicates an increase in active equity positions, with a preference for dividend strategies and cyclical theme funds [4][10][27] - As of the end of June 2025, there are 446 fund advisory combinations on the Tian Tian Fund APP, an increase of 5 from the previous month, with a notable dominance of equity-debt central combinations [10][11] - The performance of the equity-debt central combinations shows that the aggressive type outperformed similar FOF products over the past year, while balanced and conservative types underperformed [16][19] Group 2 - The report highlights that the active equity funds favored by advisory combinations include cyclical themes, dividend strategies, growth styles, value themes, and technology themes [41][46] - The QDII funds that received significant allocations include the Huaxia Hang Seng Technology ETF and the Southern Nasdaq 100 A [47][52] - The report notes that the most favored passive equity funds include those focused on low volatility dividend strategies and Hong Kong banking sectors [53][54] Group 3 - The report tracks the changes in fund positions, indicating that conservative combinations reduced mixed funds while increasing index funds, and aggressive combinations reduced passive equity funds while increasing active equity funds [34][40] - The report also details the top ten active equity funds favored by advisory combinations, with a focus on value style and cyclical themes [43][46] - The report provides insights into the performance of thematic and regional advisory combinations, noting that the medical and renewable energy sectors outperformed their benchmarks [25][27][31]