Zhongshan Securities: After hardship comes prosperity, preparing for an offensive.

A report by China Merchants Securities states: Looking ahead to August, we judge that A-shares are still in the third phase of an upswing driven by earnings. The performance-driven growth represented by technology will complete the validation from narrative to financial reports, and from valuation to profit. Recently, there has been a significant adjustment in the technology sector, which is a typical liquidity shock. With support from policies, industrial trends, and micro liquidity, we believe the adjustment has basically come to an end, and the market is set to rally. In terms of directional choices, we recommend focusing on the recovery in the technology sector and the performance-driven growth in new energy and resource products.