As September arrives, the A-share market enters its earnings vacuum period. Meanwhile, overseas geopolitical risk events continue to occur frequently, raising external uncertainties. Against this complex backdrop of intertwined global macroeconomic changes, will the "golden autumn rally" in A-shares continue to unfold, or will its pace shift? And where might investment opportunities quietly emerge? These questions are addressed in the latest analysis from Chen Liangdong, the "Technology+" fund manager at Great Wall Fund.

Chen Liangdong predicts that the macroeconomy will exhibit characteristics of slow overall recovery coupled with structural transformation and upgrading. The leapfrog progress in AI technology is expected to become a primary catalyst for this structural trend. Consequently, the AI industry, along with sectors undergoing transformation and upgrading driven by AI, represent key areas for long-term investment focus and warrant sustained research and tracking.

However, from a medium-term perspective, Chen believes that industry prosperity and market expectations may experience periodic fluctuations. Related sub-sectors are likely to gradually diverge, requiring a bottom-up approach to assess the industry's delivery capability and the fundamental quality of individual stocks. Additionally, within traditional industries, he notes that certain high-quality leading companies with resilient earnings and valuations at historical lows are also worth exploring and researching.

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