Core Viewpoint - The A-share equity market has shown strong performance, with the Shanghai Composite Index approaching last October's high, but faced adjustments after reaching the 3600-point level. The U.S. equity market also encountered resistance at high levels, leading to a slowdown in growth due to lower-than-expected non-farm employment data [3][4]. A-share Market Analysis - The Shanghai Composite Index has maintained an upward trend, breaking through key levels of 3400 and 3500, and recently reaching around 3600 before facing adjustments. The market sentiment has been positively influenced by multiple factors, including policy support and sector rotation, contributing to a short-term upward trend [4][5]. - The technology growth sector, which performed relatively weakly in May and June, has gained more market attention recently, indicating a shift in capital towards these lower-priced sectors [4]. Fund Strategy Performance - The Evergreen Low Volatility Strategy and Stock Enhancement Strategy recorded returns of -1.951% and -0.858% respectively this week, while overseas equity strategies also saw a decline of -1.307% [5][6]. - The Evergreen Low Volatility Fund has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns. It has performed well during market fluctuations, demonstrating its defensive characteristics [10]. - The Stock Enhancement Fund has faced challenges in the current market environment, with its performance closely mirroring the benchmark. However, it is expected to gain traction as market conditions improve [11]. Overseas Market Insights - Recent developments in the overseas market, including reduced tariff risks and positive economic data, have led to a rebound in U.S. stocks. However, there are concerns about over-optimism and potential short-term pullbacks [5][6]. - The overseas equity allocation strategy has also faced declines, with a recorded return of -1.307%. Despite this, the long-term outlook remains positive due to the absence of significant recession risks in the U.S. economy and strong technological growth trends [6][7]. Fund Strategy Construction - The company has developed a quantitative method to construct a fund selection pool that meets the needs of investors with different risk preferences in various market environments. This includes low-volatility fund combinations for defensive strategies and cash management tools for optimizing short-term idle funds [20][24]. - The overseas equity allocation strategy focuses on selecting QDII funds based on long-term momentum and short-term reversal factors, aiming to provide investors with a diversified global investment approach [25].

Group 1 - The core viewpoint of the article highlights the recent market adjustments, with major indices mostly declining, while specific sectors like PCB and innovative pharmaceuticals continue to accelerate trends, indicating a shift in market dynamics [3][12] - The AI computing sector shows increased capital expenditure from overseas tech giants, confirming the rationality of North American computing demand, while domestic computing's self-control is seen as an inevitable trend [4][13] - The innovative pharmaceutical theme has surged significantly, with the Wind data indicating a 25.61% increase in the innovative drug index for July, driven by clinical advancements and overseas breakthroughs [14] Group 2 - As of August 1, 2025, over 91.81% of actively managed equity funds have achieved positive returns this year, with an average return of 13.50%, significantly outperforming the Shanghai-Shenzhen 300 index [15] - The active equity fund index tracking shows varied performances, with the growth stock index rising by 0.63% and achieving a cumulative excess return of 20.58% since inception [8][12] - The pharmaceutical stock index rose by 3.48% last week, reflecting strong performance in the sector, while the consumer stock index fell by 1.78% [9][12]

Market Overview - Bond yields exhibited volatility during the week of July 28 to August 1, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.15% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.11% [13] - Interest rate bonds across various maturities saw a downward trend, with long-term bonds performing slightly weaker than short-term ones [13] - Credit bonds also experienced a decline in yields across most maturities and ratings, with credit spreads showing narrow fluctuations [13] Policy Impact - The Ministry of Finance and the State Administration of Taxation announced a new VAT policy on bond interest income, effective August 8, 2025, which will impose VAT on newly issued government bonds, local government bonds, and financial bonds [17] - The policy adopts a "new and old distinction" approach, maintaining VAT exemption for bonds issued before August 8, 2025, until maturity [17] - This shift aims to enhance tax fairness and optimize market mechanisms, as the previous exemption policy has fulfilled its purpose of boosting investor interest [17][19] Fund Market Dynamics - The REITs market rebounded, with the CSI REITs Total Return Index rising by 1.25% during the week, indicating a recovery in market sentiment [16] - New REITs listings included the first central enterprise natural gas power public REIT, which saw a first-day increase of 19.9%, and a logistics REIT that rose by 27.5% [16] - The public fund market is adjusting to the new VAT policy, which may increase the tax burden on financial institutions while providing a relative advantage to public fund products [18] Fund Performance Tracking - The Money Market Enhanced Index rose by 0.03%, with a cumulative return of 3.88% since inception [3] - Short-term bond funds increased by 0.06%, with a cumulative return of 4.06% since inception [4] - Medium to long-term bond funds rose by 0.13%, achieving a cumulative return of 6.45% since inception [5] - REITs funds saw a significant increase of 1.99%, with a cumulative return of 38.17% since inception [10]

01 重要事件回顾 1、中国商务部国际贸易谈判代表兼副部长李成钢29日晚在瑞典斯德哥尔摩说，根据中 美新一轮经贸会谈共识，双方将继续推动已暂停的美方对等关税24%部分以及中方反制 措施如期展期。 8、美国7月就业增长超预期放缓，美国7月季调后非农就业人口录得7.3万人，远低于市 场预期的11万人。同时前月数据被大幅下修，显示劳动力市场显著降温。 2、7月30日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议重申 稳中求进的工作总基调，延续了4月政治局会议中"加紧实施更加积极有为的宏观政策"的 表述。货币政策适度宽松取向不变，但未提及降准降息。会议指出，依法依规治理企业 无序竞争。推进重点行业产能治理。规范地方招商引资行为。坚持"两个毫不动摇"，激 发各类经营主体活力。 3、7月30日，美联储如期按兵不动，将联邦基金利率目标区间维持在4.25%至4.50%。 这是美联储连续第五次在货币政策会议上决定暂停降息。鲍威尔在最新一轮货币政策会 议后的新闻发布会上表示，美联储尚未就9月利率做出任何决定。 4、7月30日，美国经济分析局公布2025年二季度GDP数据初值：二季度实际GDP年化 季率初值+3.0 ...

Core Viewpoint - The report highlights significant growth in the bank wealth management market, with a focus on the performance and trends of various financial products, particularly in the context of regulatory changes and market dynamics [2][6][7]. Regulatory and Industry Dynamics - As of June 2025, the total scale of the bank wealth management market reached 30.67 trillion yuan, a year-on-year increase of 7.53% [2][6]. - The scale of wealth management products from 32 companies was 27.48 trillion yuan, reflecting a year-on-year growth of 12.98% [2][6]. - There is a trend towards longer-duration products, with over 72.86% of closed-end products having a duration of more than one year, an increase of 4.99 percentage points year-on-year [2][6]. - Fixed-income products dominate the market, accounting for 97.20% of the total wealth management product scale, with cash management products experiencing a contraction [2][7]. - The proportion of wealth management products investing in public funds has risen to 4.2%, up 1.2 percentage points from the previous quarter [2][7]. Investment Trends - The investment in credit bonds has decreased, with holdings amounting to 312.79 trillion yuan, representing 38.79% of total investment assets, down 2.34 percentage points year-on-year [2][8]. - The recent market environment has led to a notable increase in the issuance of IPOs in Hong Kong, with a total of 42 IPOs raising 106.7 billion HKD in the first half of 2025, nearly eight times the amount from the same period last year [3][9]. Performance Metrics - The average annualized yield for cash management products was recorded at 1.35%, a decrease of 2 basis points week-on-week [10][13]. - The yield on 10-year government bonds rose by 7 basis points to 1.73%, indicating a significant upward trend in interest rates [13][14]. - The wealth management product net value ratio was 2.02%, an increase of 1.23 percentage points, with credit spreads widening by 4.06 basis points [4][17].

Market Overview - The market sentiment remains strong, focusing on "rotation and supplementary gains," with growth expected to follow the cyclical trends. Market transactions have further increased, and the sentiment is still heated, making it easier for indices to rise while the downside risk is limited [2][4] - The market rotation characteristics have continued, shifting from a "barbell contraction" to an "expansion," although chasing gains remains challenging. It is recommended to reduce operations and select relatively low-position thematic directions for layout and holding, waiting for opportunities for "rotation and supplementary gains" [2][4] Stock Market Factors - In the past week, the small-cap growth style outperformed, while the volatility of large and small-cap styles remained at a near one-year low. The volatility of value and growth styles has increased [6] - The excess return dispersion of industry indices remained at a near one-year low, with the speed of industry rotation oscillating upward and the proportion of rising constituent stocks increasing. The trading concentration of the top 100 stocks and the top 5 industries has slightly decreased [6] Commodity Market Factors - In the commodity market, the trend strength of the precious metals sector remains at a near one-year high, while the trend strength of the black sector has rapidly increased. The basis momentum of the precious metals sector is rising, while other sectors show oscillating downward trends [15] Options Market Factors - The implied volatility levels of the SSE 50 and CSI 1000 have shown an upward trend, with the skew of call options maintaining previous levels while the skew of put options has significantly decreased. The market is generally optimistic due to policy-driven and sentiment-driven factors [21] Convertible Bond Market Factors - In the convertible bond market, the premium rate for conversion at 100 yuan remains resilient, continuing to rise slightly, with less than 10 basis points difference from the peak in May. The proportion of low premium rate convertible bonds has shown signs of weakening, especially those below 5%, while the trading volume in the convertible bond market has increased alongside the heat in the equity market [26]

Core Viewpoints - The A-share equity market continues its strong performance, with multiple key levels being broken through, maintaining strong upward momentum driven by various favorable factors [2][3] - The US equity market shows a slowdown in its high-level growth, but remains in a fluctuating upward trend due to recent tariff negotiations [2][4] - The enhanced equity strategy index has shown relative strength, consistently breaking previous highs and recording higher elasticity in an upward market environment [2][3] A-share Market Analysis - The Shanghai Composite Index has reached resistance near 3600 points, with limited pullback and strong support [2] - The technology growth sector, which performed relatively weakly in May and June, has recently gained more market attention, indicating a shift in capital towards lower-priced sectors [3] - Defensive sectors like dividends and low volatility are expected to undergo short-term adjustments, presenting potential opportunities for positioning after price corrections [3] Overseas Market Dynamics - Recent tariff negotiations have led to a rapid recovery in the US and other markets, with some economic data exceeding expectations, alleviating previous inflation concerns [4] - Despite initial successes in tariff negotiations, there remains uncertainty in related policies, and the risk of overly optimistic pricing in the short term should be noted [4] - The long-term outlook for the US stock market remains positive, driven by strong technological development trends, although current high valuations may present lower cost-effectiveness for new investments [4][6] Fund Strategy Performance - The Evergreen Low Volatility Fund Strategy recorded a weekly return of 1.990%, with a cumulative return of 14.953% since its inception [11][12] - The Enhanced Equity Fund Strategy achieved a weekly return of 2.284%, indicating strong performance in a rapidly rotating and volatile market [5][6] - The Cash Growth Fund Strategy outperformed the benchmark with a weekly return of 0.028%, accumulating a total excess return of 0.457% since its inception [6][15] Fund Strategy Insights - The Evergreen Low Volatility Fund aims to maintain low volatility while achieving stable returns, showing significant outperformance compared to the benchmark [12][22] - The Enhanced Equity Fund focuses on identifying funds with strong alpha generation capabilities, aiming for superior performance in improving market conditions [13][23] - The Cash Growth Fund is designed to optimize cash management for investors, ensuring higher returns while minimizing volatility risks [15][24] Global Investment Strategy - The Overseas Equity Allocation Fund has accumulated high levels of excess returns since its inception, benefiting from the global technology sector's growth [17][25] - The strategy emphasizes selecting indices with strong upward momentum for global diversification, enhancing overall portfolio returns [25][26]

Core Viewpoint - The article discusses the performance and strategies of ETF and index products, highlighting their market trends and investment opportunities [4]. Group 1: ETF and Index Products Performance - The report provides insights into the recent performance of various ETF and index products, indicating a significant increase in trading volume and investor interest [4]. - It emphasizes the importance of grid strategies in optimizing investment returns, particularly in volatile market conditions [4]. Group 2: Market Trends - The analysis identifies key market trends affecting ETF and index products, including shifts in investor sentiment and regulatory changes [4]. - It notes that the overall market environment remains challenging, yet presents unique opportunities for strategic investments [4].

Group 1 - The core viewpoint of the article highlights a significant increase in A-share trading activity and a strong performance in cyclical stocks driven by demand expectations and policies aimed at improving domestic consumption [2][17] - The active public fund's second-quarter report indicates a shift in investment strategies focusing on sectors with recovery potential, particularly in technology and pharmaceuticals, while reducing exposure to consumer goods and automotive sectors [18][19] - The "anti-involution" theme is identified as a key driver of market sentiment, with expectations of supply-side adjustments in traditional cyclical industries, although the actual implementation remains uncertain [19] Group 2 - The technology sector is experiencing a resurgence, with advancements in generative AI and significant participation in the World Artificial Intelligence Conference, indicating ongoing growth potential in AI applications and semiconductor industries [20] - The approval of a second batch of 12 new floating-rate funds reflects a diversification in investment products, including themes related to manufacturing and high-end equipment, with differentiated fee structures aimed at performance incentives [21] - The performance of various equity fund indices shows positive trends, with the growth stock index leading with a year-to-date return of 24.97%, while the medical stock index has also performed well despite a recent decline [22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50]

Market Review - The bond market experienced fluctuations with rising yields during the week of July 21-25, 2025. The China Bond Composite Wealth Index (CBA00201) fell by 0.39%, while the China Bond Composite Full Price Index (CBA00203) decreased by 0.44%. Yields on government bonds across various maturities rose, with the 1-year, 3-year, 5-year, and 10-year government bond yields increasing by 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [12][13] - The central bank's net injection in the open market was 109.5 billion yuan, with a total of 21.563 trillion yuan injected and 20.468 trillion yuan withdrawn. The overall liquidity was balanced, with DR007 and R007 rising by 14.56bp and 18.65bp to 1.65% and 1.59% respectively [13] - The U.S. Treasury market showed limited volatility, with a flattening yield curve. Initial jobless claims data unexpectedly declined, reinforcing a strong labor market view and reducing recent rate cut expectations [14] Public Fund Market Dynamics - As of July 25, 2025, the total scale of bond ETF products in the market surpassed 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase since the beginning of the year. The Sci-Tech Innovation Bond ETF has become a core growth driver, with the first batch of 10 products launched after the Lujiazui Forum in June, achieving over 100 billion yuan in the first week [16][17] - The bond ETF market features a diverse range of products, with significant growth in various categories. For instance, the Pengyang 30-Year Treasury ETF exceeded 20 billion yuan, and the Bosera CSI Convertible Bond ETF surpassed 40 billion yuan [17] - The bond ETF market's growth indicates a deep integration of finance and technology, with ongoing product innovation and an optimized investor structure expected to inject sustained momentum into the high-quality development of China's capital market [17] Performance Tracking of Fixed Income Funds - Short-term bond fund index fell by 0.08% last week, with a cumulative return of 4.00% since inception [19] - Medium to long-term bond fund index decreased by 0.30%, with a cumulative return of 6.32% since inception [19] - Convertible bond fund index rose by 2.24%, achieving a cumulative return of 15.09% since inception [19]