Caitong Securities: The bull market is not over, and the allocation should maintain the idea of technology + cycle allocation

Caitong Securities said that overseas, the inflation side is still stabilizing, superimposed on the previous non-agricultural weakness, the market interest rate cuts are expected to continue, expected to cut interest rates in September, three times this year. On the domestic sentiment side, market sentiment is still positive, and the market has returned to its previous highs. Looking forward to the follow-up: In the long-term market, under the multiple favorable policies + industrial catalysis + overseas easing + new funds, the long-term trend of the market is still clear; in the short-term catalytic perspective, Oracle orders reflect the demand for computing power, and the Federal Reserve is expected to cut interest rates next week. Multiple new catalysts continue, and market support continues. In the configuration direction, the bull market has not ended. Although the market volatility has increased, the main line leading chips have not been abandoned, and the technology + cycle allocation idea is maintained. On the one hand, with the Federal Reserve's attitude towards employment weakening and overseas liquidity easing, the gold we suggested earlier has begun to perform. In the future, we will pay attention to the recovery of the popularity of innovative drugs and the spread of AI market, and pay attention to the low-congestion Hang Seng Internet leader/AI application. On the other hand, the overseas economic cycle bottoming out + the domestic reverse internal volume continue to advance, and the allocation value of cyclical resource products is prominent.