Caitong Securities: The bull market has not ended, and technology is maintained in configuration. Cyclical configuration ideas

According to Golden Finance, Caitong Securities said that overseas, the inflation side is still stable. Coupled with the previous weak non-agricultural economy, the market expects a rate cut to continue, and it is expected to cut interest rates in September and 3 times this year. On the domestic sentiment side, market sentiment is still positive, pullbacks are still positive, and the market has returned to its previous high. Looking forward to the follow-up: Looking at the long-term market, the policy is effective in industries that catalyze overseas loosening of new funds and other favorable factors, the long-term trend of the market is still clear; looking at the short-term catalytic, Oracle orders reflect computing power demand, the Fed is expected to implement interest rate cuts next week and other re-increasing catalysis continues, and the market support continues. In terms of configuration direction, the bull market has not stopped. Although the market fluctuations have increased, the main leading chips have not been abandoned, and the idea of ​​configuring the technology cycle is maintained. On the one hand, as the Fed's attitude turns to weakening employment, overseas liquidity is loose, the gold we reminded in the early stage has begun to show. We will pay attention to the rebound in the popularity of innovative drugs and the spread of AI market, and pay attention to the Hang Seng Internet leader/AI application with low crowding; on the other hand, the domestic anti-intra-volume continues to advance, and the value of the allocation of cyclical resource products leaders is highlighted.