Shenwan Hongyuan: The bullish atmosphere will not easily disappear, and the anti-involution trend in technology and manufacturing industries may become the main theme.

On August 9th, Shenwan Hongyuan stated in a research report that the gradual launch of a bull market is becoming a market consensus, but there is still a large difference of opinion among investors in the short term market. Shenwan Hongyuan concluded that the short-term market faces obstacles such as: 1) the economic downturn expected in the third quarter + policy focus on structural adjustment, the macro environment temporarily does not support the index breaking through to the upside. 2) The main theme of the bull market has not yet been established. In a bull market, momentum must be created, but the strongest momentum should emerge from the core narrative of the bull market. Pharmaceutical and overseas computing power are independently in a high prosperity, but the main theme of the bull market needs more profound internal and external connotation, breakthroughs in domestic technology, and global manufacturing industries with high market share to prevent internal drive, which is a potential direction for the main theme of the bull market.