[China Merchants Securities: positive factors of A shares are gathering] the China Merchants Securities Research report pointed out that there have been some positive changes in both internal and external factors of A shares recently. Internally, driven by factors such as steady growth, sustained recovery of consumption and travel, policy support and technology cycle, the prosperity of some industries of mid-stream equipment, consumption / travel and information technology is still high, or there are signs of marginal improvement. Externally, the probability of the Fed continuing to raise interest rates decreased in July, the marginal impact of the tight external liquidity environment on A shares began to weaken, and A shares began to stabilize and rebound gradually. The market is expected to attack in the direction of the highest performance growth rate and the greatest slope improvement. From the perspective of the large industrial trend, opportunities around AI+, digital economy, advanced manufacturing, self-control and other fields will still emerge one after another.