CITIC Securities: The structural bull market continues, and it is recommended to maintain focus on growth valuation matching industries.

Citic Securities stated that the current market trading is very active. From the perspective of various types of funds, the main initiators and promoters of this round of market are not retail investors, but high-net-worth individuals and corporate clients, who are more long-term and rational in entering the market. Therefore, it is recommended to continue to focus on core industry trends, and pay attention to the matching of valuation and growth. In terms of investment direction, it is advised to focus on industries such as innovative pharmaceuticals, resources, media, and defense industry that have real profit realization or strong industrial trends; Secondly, we emphasize the importance of focusing on industries where supply is internal and demand growth is external, industries in China that already have or are expected to have sustained pricing power, currently mainly concentrated in certain cyclical industries; Thirdly, in September, there will be a series of consumer electronics product launches, so focus on the progress of AI and equipment on the consumer end. In general, the structural bull market continues, and it is recommended to focus on industries with growth valuation matching, such as innovative pharmaceuticals, resources, media, and defense industry; pay attention to the chemical industry stocks related to "anti-dumping + going overseas" and catalysts related to consumer electronics in September.