Galaxy Securities: Still optimistic about the equity market, focusing on technology, consumption, and the "anti-enclosure" field.

Galaxy Securities stated that the PMI in July showed on one hand the resilience of the Chinese economy, with production maintaining expansion despite negative seasonal impacts; although domestic demand has declined, it may continue to rebound in the future driven by policies such as trading in old for new and birth subsidies. On the other hand, external demand has begun to marginally decline under the long-term influence of "grabbing exports"; companies' long-term business confidence has not yet recovered, with production, procurement, and inventory levels anchored to immediate orders. The Central Political Bureau meeting in July made arrangements to consolidate the positive trend of economic recovery and address prominent issues in economic operations. It also emphasized the acceleration of nurturing emerging pillar industries and avoiding reliance on debt-driven growth. The meeting mentioned the need to "consolidate the stabilization and improvement of the capital market," and Galaxy Securities remains optimistic about the equity market, focusing on technology, consumption, and the "anti-internal competition" sectors supported by policies.