The current market is characterized by a complex landscape of high-level volatility in AI, intensifying competition among main themes, and liquidity pressure. How should investors explore subsequent opportunities? Great Wall Fund fund manager You Guoliang points out that the market is currently at a critical observation window. Whether the Federal Reserve's interest rate cut cycle can continue is the core variable for judging whether the macro environment is undergoing a trend change.

Regarding the subsequent evolution of the AI market, he believes it needs to be comprehensively assessed by combining macro liquidity and the industry's own prosperity. Currently, he is relatively optimistic about directions such as commercial space, which is entering a phase driven by industrial trends. Commercial space and the military sector are core directions that You Guoliang has been focusing on for a long time. He states that commercial space combines commercial value, national security, and strategic attributes in great power games, making its medium-to-long-term allocation value prominent. The core supporting logic has three points: First, as a new type of infrastructure, it aligns with national strategies, with continuous policy support and investment. Second, the future construction of the 6G network is expected to generate massive new industrial demand. Third, the strong certainty of overseas market demand is likely to provide sustained external support.

Since the start of adjustments in January this year, the commercial space sector has undergone a correction lasting about half a year. You Guoliang judges that after this round of adjustments, the sector's position has returned to the low levels seen at the start of the rally last year. Combined with the key validation of domestic rocket recovery technology, the fundamental logic for medium-to-long-term repair and recovery is solid. The current phase may have moved beyond pure theme speculation and entered an investment stage driven by industrial trends. However, subsequent market movements may continue to diverge, with only high-quality companies showing sustained fundamental improvement and steady order fulfillment able to realize long-term growth value.

Combining industrial transmission logic with on-market capital feedback, the prosperity and capital recognition of segments like satellites are more prominent, making them core directions for subsequent tracking. Additionally, he is optimistic about the military sector, believing it is suitable for left-side positioning. You Guoliang points out that the military trade sector is currently at historical lows, with orders expected to gradually materialize in the future. Once the market initiates a rotation between high and low, combined with catalysts such as air shows and the centennial of the military's founding, the valuation recovery potential is ample. The domestic large aircraft and engine sectors represent a trillion-yuan level domestic substitution track. The engine airworthiness certification next year will be a significant industrial milestone, highlighting the long-term layout value.

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