The China Merchants Securities Research Report points out that in the past month, A-shares have broken out of a round of bottoming out and rebounding. After the popularity of technology declined in July, capital was redistributed to resource products and small to medium markets. At the end of the month, Nvidia's earnings report was used to rekindle the main technology line. Looking ahead to September, marginal changes in overseas and domestic macroeconomics will jointly push A-shares in September to a stage of “more performance and structure”: at the macro level, the domestic economy continues the characteristics of “weak total volume, weak industry, and increased structural differentiation”. Growth is driven by external demand and industrial investment. The US falls into a triangular constraint of “growth target - price stability - fiscal sustainability”. High interest rates on long-term US bonds form a valuation constraint on long-term growth; the main line of prosperity at the mesoscopic level is highly concentrated, and the area where volume and price increases are still dominant in the structure. Combining multiple dimensions such as economic climate, profitability, chip distribution, valuation, transaction, cycle stage, and track value, this issue recommends a layout in the direction of “computing power chain+offshore chain+undervaluation improvement”, focusing on electronics, power equipment, machinery and equipment, chemical pharmaceuticals, agriculture, forestry, animal husbandry and fishing, and coal.

The China Merchants Securities Research Report points out that in the past month, A-shares have broken out of a round of bottoming out and rebounding. After the popularity of technology declined in July, capital was redistributed to resource products and small to medium markets. At the end of the month, Nvidia's earnings report was used to rekindle the main technology line. Looking ahead to September, marginal changes in overseas and domestic macroeconomics will jointly push A-shares in September to a stage of “more performance and structure”: at the macro level, the domestic economy continues the characteristics of “weak total volume, weak industry, and increased structural differentiation”. Growth is driven by external demand and industrial investment. The US falls into a triangular constraint of “growth target - price stability - fiscal sustainability”. High interest rates on long-term US bonds form a valuation constraint on long-term growth; the main line of prosperity at the mesoscopic level is highly concentrated, and the area where volume and price increases are still dominant in the structure.. Combining multiple dimensions such as economic climate, profitability, chip distribution, valuation, transaction, cycle stage, and track value, this issue recommends a layout in the direction of “computing power chain+offshore chain+undervaluation improvement”, focusing on electronics, power equipment, machinery and equipment, chemical pharmaceuticals, agriculture, forestry, animal husbandry and fishing, and coal.