Business strategy: Focus on the progress of intelligentization of the whole society in the context of the new technology cycle from a medium to long-term perspective.

From a short-term perspective, in August, the focus will be on five key racetracks that have marginal improvements: AI applications, AI hardware, non-bank financial institutions, national defense and military industries, and innovative drugs. From a medium to long-term perspective, investment strategies should be based on cycles, with supply and demand as the anchor. Pay attention to the progress of overall social intelligence under the new technology cycle, the self-controlled and controllable industrial chain under the domestic substitution cycle, and the cost reduction and efficiency increase of the carbon-neutral whole industry chain under the "dual carbon" cycle. In the trend of electrification and intelligence, the penetration rate of electric smart cars will increase.