Dongwu Securities released a research report stating that since August, with a moderate recovery in capital risk appetite, including technology and hardware, there has been an overall recovery in A-shares, but in reality, the two companies have not outperformed the market. Instead, small micromarkets representing a transactional money-making effect have an advantage; at the sector level, electronics and communications have only recovered less than 1/3 of the previous month's decline, and market interpretation is not smooth. Investors no longer “turn a deaf ear” to the benefits of the industry like July, but they don't want to bet long with large positions. After August 18, the market went from dark to clear with macroeconomic uncertainty. Whether it was a large market or two innovations, the market entered a platform period. In terms of allocation, there is a balanced layout of domestic technology, cyclical recovery, and innovative drug boom. In terms of technology, domestic computing power capital expenditure has not yet been revised. Events such as the launch of new Huawei products in September, the semiconductor equipment exhibition, and expectations of meetings between China and foreign countries are concentrated, and the domestic production chain is expected to form a relatively independent market; under K-type differentiation within the sector, companies with performance and technological progress are expected to strengthen again. It is recommended to focus on core targets that benefit from autonomous control of domestic computing power and endside AI amplification. In a non-technological direction, suggestions 1) focus on refining and chemical leaders with a perfect integrated layout of refining and polyester; 2) focus on innovative drugs and CXO leaders that reduce BD sentiment transmission and chip pressure reduction; 3) focus on environmentally friendly public use with undervalued, stable cash flow, gold resource products with both a gold and copper boom and macro-hedging value, and commercial and retail leaders with clear management improvements.

Dongwu Securities released a research report stating that since August, with a moderate recovery in capital risk appetite, including technology and hardware, there has been an overall recovery in A-shares, but in reality, the two companies have not outperformed the market. Instead, small micromarkets representing a transactional money-making effect have an advantage; at the sector level, electronics and communications have only recovered less than 1/3 of the previous month's decline, and market interpretation is not smooth. Investors no longer “turn a deaf ear” to the benefits of the industry like July, but they don't want to bet long with large positions. After August 18, the market went from dark to clear with macroeconomic uncertainty. Whether it was a large market or two innovation, the market entered a platform period. In terms of allocation, there is a balanced layout of domestic technology, cyclical recovery, and innovative drug boom. In terms of technology, domestic computing power capital expenditure has not yet been revised. Events such as the launch of new Huawei products in September, the semiconductor equipment exhibition, and expectations of meetings between China and foreign countries are concentrated, and the domestic production chain is expected to form a relatively independent market; under K-type differentiation within the sector, companies with performance and technological progress are expected to strengthen again. It is recommended to focus on core targets that benefit from autonomous control of domestic computing power and endside AI amplification. In a non-technological direction, suggestions 1) focus on refining and chemical leaders with a perfect integrated layout of refining and polyester; 2) focus on innovative drugs and CXO leaders that reduce BD sentiment transmission and chip pressure reduction; 3) focus on environmentally friendly public use with undervalued, stable cash flow, gold resource products with both a gold and copper boom and macro-hedging value, and commercial and retail leaders with clear management improvements.