CITIC Securities: In September, the allocation continues to focus on resources, innovative drugs, consumer electronics, chemicals, gaming, and military industry

CITIC Securities research report indicates a focus on key events and allocation clues worth noting in September. First, the potential interest rate cuts by the Federal Reserve are expected to strengthen the weak dollar environment, which will catalyze a new round for resource products that are already strong, especially precious metals and copper, possibly accelerating the performance of the non-ferrous sector again. Second, with the successive conferences of Apple and META in September, Apple's edge AI and META's AR glasses may bring about a new trend of more sustainable edge devices and edge AI ecosystem industries, continuing the current hype around cloud testing AI, making the consumer electronics sector, especially the Apple supply chain, worth paying attention to. Third, the anti-involution trend will gradually reveal three clues: first, industries with high capital expenditure intensity over the past two years and signs of marginal reduction; second, industries that have shown signs of self-discipline or policy implementation; third, industries that rely on quotas to continuously improve profit margins while facing internal anti-involution in supply and external profit-seeking in demand. Finally, the number of innovative drug catalytic events in September is expected to increase significantly, while the recent technology switch has cleared out the short-term money that was previously hoarded in the sector chasing trends, making innovative drugs likely to continue to rise after this round of adjustments. In terms of allocation, it is recommended to continue focusing on resources, innovative drugs, consumer electronics, chemicals, gaming, and military industries in September