Hongxin Securities: Although trade frictions between China and the United States have eased and raised sentiment, the persistence is poor, downward pressure of the economy still restricts the market, and the market is still in a low volatility stage in the short term; the excessive impact of U.S. and African agricultural data on easing intensity, the rapid pace of science and innovation board and new stock issuance may disturb market sentiment. Despite short-term disturbances, the medium-term upward trend is expected to continue, positive factors are accumulating, capital market reform and opening are still accelerating, military and environmental reforms are further accelerating, reforms in other areas are expected to deepen, liquidity is expected to continue, and the economy is expected to stabilize in the second half of the year. Configuration focuses on science and technology, finance, consumer white horse and so on.
Shenguang Finance and Economics: After the listing time was fixed last weekend, institutional investors generally believed that the A-share market was good, but after the opening of the stock market, the opposite was true. Some people said that some funds needed to release more funds in order to deal with the future scientific creation board, which caused selling pressure; others said that there was no more policy incentives and catalysis. To quicken the withdrawal of the board, the confidence of the masses is insufficient. We believe that there will be a lot of sustained stimulus in policy and capital in the future, which will continue the logic of policy strengthening since 2019. Financial assistance will not be absent, such as pensions, investment in insurance funds and so on. The future is visible good. In August, MSCI will continue to increase the weight of A shares. In the main direction, foreign investment will continue to increase the number of Chinese A shares. There is a large emotional bias in this short-term fluctuation at the beginning of the week, which will be revised in the future. Therefore, in terms of investor strategy, we suggest that we continue to dig deeply into the two main lines of Finance and science and technology, and actively grasp the opportunity of follow-up band rotation.