Galaxy Securities: The A-share market is shifting from "expectation games" to "reality verification."

According to a research report by Galaxy Securities, the A-share market in August is shifting from "expectation gaming" to "reality verification," focusing on three main clues: performance, policy, and external risks. Firstly, performance verification. Late August is the peak window for disclosing interim reports in the A-share market, and the market is expected to price based on the verification of interim report performance expectations. Secondly, policy verification. The Politburo meeting in July outlined economic work for the second half of the year, and we are now entering the phase of implementing and verifying detailed policies. Thirdly, external risk verification. The path of the Federal Reserve's policy remains the focal point for global markets. It is recommended to maintain a balanced allocation. Focus Area 1: The landscape of technology and industrial trends remains unchanged. Pay attention to semiconductors and their supply chains, components, communication equipment, energy storage/power support, humanoid robots, and commercial space ventures. Focus Area 2: Emphasize the allocation value of defensive core holdings. Pay attention to coal, coal chemical industry, finance, public utilities, and new energy. Supporting Line: Resource and cyclical manufacturing sectors are expected to see recovery. Pay attention to non-ferrous metals, basic chemicals, building materials, and the steel sector.