Core Viewpoint - The recent recovery in the A-share market has led to increased investor interest and discussions about whether this marks the beginning of a bull market and what investment opportunities are available [4]. Market Recovery Insights - The A-share market has shown a noticeable recovery, with one investor maintaining a 70% position and feeling content with the market's upward movement [6]. - The fund manager emphasizes a bottom-up approach to identify investment opportunities, noting that market activity increases during overall market uptrends, making it easier for undervalued stocks to return to their fair value [6][7]. Market Conditions and Asset Repricing - In recent years, with a pessimistic economic outlook, many investors opted for stable return assets due to risk aversion. However, as market interest rates decline, the yield on these assets has compressed, leading to a rapid repricing of assets as optimism returns [7]. - The fund manager believes that the current market environment is favorable for equity assets, especially as domestic companies are relatively high-quality and recent policies have improved operational stability [7]. Growth and Dividend Assets Performance - Growth and dividend assets have performed well, while large-cap growth stocks have lagged due to macroeconomic influences and a digestion of valuations as growth rates decline [8]. - The fund manager suggests that as the market stabilizes and profitability improves, large-cap growth assets may perform better in the future [8]. Market Timing and Investment Strategies - One investor shares experiences of using a systematic approach to investment, finding that a managed account performed better in timing than personal decisions, leading to a preference for regular investment strategies over market timing [9][10]. - The fund manager advises against trying to time the market, suggesting that understanding historical valuation levels of core indices can provide insights into market conditions [10]. Investment Opportunities - Beyond widely recognized sectors like AI and innovative pharmaceuticals, the concept of "anti-involution" presents non-consensus investment opportunities, particularly in industries that may be at cyclical lows [12]. - Successful past examples of anti-involution include the aluminum and refrigerant industries, where government policies helped improve profitability by limiting excess capacity [13][14]. Hong Kong Market Outlook - The Hong Kong market has shown significant potential, with many quality companies performing well after previous declines, leading to attractive valuations [16]. - The influx of mainland capital and the evolving nature of the market suggest that there are still many investment opportunities in Hong Kong, particularly among smaller companies [16]. Future Investment Strategies - The fund manager's investment philosophy focuses on acquiring quality growth assets at reasonable prices, aiming for moderate returns while managing risk [23]. - The current strategy involves maintaining a mix of stable growth and trend growth assets, while remaining sensitive to early-stage investment opportunities to enhance portfolio flexibility [24].

以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ | 乐万财富APP Q 图解财经 国家/地区 | | 最新关税 | 较4月初税率增减 | 年贸易额 | | --- | --- | --- | --- | --- | | | | 税率 | (百分点) | ( 亿美元 ) | | 欧盟 | | 15% | -5 | 10510 | | 加拿大 | 事 | 35% | 35 | 7449 | | 日本 | ● | 15% | -g | 2174 | | 韩国 | o | 15% | -10 | 1793 | | 英国 | 2 7 | 10% | 0 | 1480 | | 越南 | 1 | 20% | -26 | 1276 | | --- | --- | --- | --- | --- | | 印度 | | 25% | -1 | 1235 | | 中国台湾 | * | 20% | -12 | 1114 | | 巴西 | | 10% | 0 | 748 | | 泰国 | | 19% | -17 | 730 | | 马来西亚 | | 19% | -5 | 601 | | 印度尼西 ...

Core Viewpoint - The military industry is experiencing significant growth, particularly in the informationization sector, driven by recent developments and government support, indicating a potential turning point for orders by 2025 [4][5]. Group 1: Military Industry Performance - On August 4, the military sector showed strong performance, with companies like Hengyu Communication, Xingtun New Science, and Kesi Technology reaching their daily limit increases [4]. - The report highlighted the successful integration of new technologies in military operations, including drone swarm tactics and unmanned combat modes, which were recently showcased [4]. Group 2: Future Outlook - According to Zhongyou Securities, the military industry is expected to see a turning point in orders by 2025, focusing on new technologies that enhance equipment performance and reduce costs [5]. - The concept of "Big Military" is anticipated to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace sectors during the 14th Five-Year Plan [5].

从推荐机构数量来看，东方财富成为8月最热门标的，受到了国信证券、招商证券等7家机构的 青睐。推荐机构普遍认为，市场短期风险偏好回升有望延续，叠加市场活跃度抬升，利好东方 财富经纪、信用、代销业务业绩增长。此外，AI"妙想"大模型在B端和C端已有商业化落地， AI+金融战略深化有望驱动公司业绩的长期增长。 洛阳钼业、牧原股份、东鹏饮料在本月均获得5家券商重点关注。其中，洛阳钼业获得了中原证 券、华源证券、国联民生证券、国投证券、东北证券等机构的推荐，券商推荐逻辑为受益于降 息周期叠加基本面支撑较强，铜价中枢有望继续上移；牧原股份受到券商推荐的逻辑在于作为 养殖龙头企业，公司有望在猪价回升的背景下实现较好利润。 此外，万华化学、沪电股份、大金重工分别获得了4家券商的青睐，中际旭创、中国化学、科锐 国际、新华保险、华友钴业、中芯国际等获得了3家券商推荐。从行业分布来看，8月券商金股 主要集中在信息技术、材料、工业、可选消费、医疗保健等领域。 | | THE THE THE PART CARD | | | --- | --- | --- | | 证券简称 | Wind-级行业 | 推荐机构 | | 东方财富 | 金融 ...

Core Viewpoint - Guizhou Moutai has been actively repurchasing shares to stabilize stock prices and boost market confidence, with a total buyback amount exceeding 5.3 billion yuan by the end of July 2025 [5]. Group 1: Share Buyback and Market Response - As of July 2025, Guizhou Moutai has repurchased a total of 3.45 million shares, accounting for 0.2748% of its total share capital, with a total expenditure of 5.3 billion yuan [5]. - The stock price of Guizhou Moutai has decreased by 5.06% this year, reaching a low of 1373.1 yuan per share, currently trading at 1419 yuan per share [2]. - The repurchase is seen as a response to challenges in the liquor industry, including oversupply, high inventory, and price inversion, as well as regulatory encouragement for companies to buy back shares [5]. Group 2: Industry Trends and Valuation - The liquor industry is currently experiencing a bottoming phase, with leading companies expected to adjust channel structures and enhance market development capabilities [8]. - The valuation of the food and beverage sector is at a ten-year low, with the sector's valuation at 13.93 times earnings as of July 31, 2025, while the valuation for liquor is even lower at 11.98 times [8]. - The liquor industry is undergoing a destocking cycle, facing multiple pressures from pricing, demand, and policy, prompting companies to take proactive measures [8]. Group 3: Product Pricing and Market Expansion - The wholesale reference price for Moutai's Snake Year liquor has returned to 2000 yuan per bottle, indicating a slight increase [5]. - Guizhou Moutai has launched the "Moutai Sauce Aroma · Shared by Thousands" initiative on Meituan Flash Purchase, expanding its market presence with authorized stores [6].

Core Viewpoint - Since July, the A-share market has rebounded, leading to a continuous increase in financing balance, reaching a record high in over 10 years by July 31 [1][3]. Financing Balance Overview - As of August 1, the A-share market financing balance was reported at 1,966.27 billion yuan, with a margin trading balance of 135.83 billion yuan. The financing balance increased by 128.13 billion yuan since July [1][3]. - In July, there were 24 trading days, with financing balance increases on 21 days, accounting for nearly 90%. Notably, on July 21, 22, 28, and 29, the financing balance increased by over 15 billion yuan each day [3]. Industry Performance - Among the 31 primary industries, 30 saw an increase in financing balance since July. The pharmaceutical and biological industry led with a net buying amount of 15.63 billion yuan, followed by electronics at 13.75 billion yuan and electric power equipment at 10.80 billion yuan [3][5]. - The only industry to experience net selling was the oil and petrochemical sector, with a net selling amount of 1.19 billion yuan [3]. Individual Stock Performance - The top ten stocks with the highest net buying amounts since July include: - Xinyi Technology: 3.18 billion yuan - Northern Rare Earth: 2.18 billion yuan - Shenghong Technology: 1.49 billion yuan - Feilihua: 1.46 billion yuan - Jianghuai Automobile: 1.41 billion yuan - WuXi AppTec: 1.37 billion yuan - CATL: 1.31 billion yuan - China Power Construction: 1.17 billion yuan - Kweichow Moutai: 1.08 billion yuan - Changjiang Electric Power: 1.07 billion yuan [7][8]. - The majority of these stocks have seen significant price increases, with Feilihua rising nearly 60% [7]. Net Selling Overview - Since July, 83 stocks experienced net selling exceeding 100 million yuan, with the top ten being: - CITIC Securities: -1.11 billion yuan - Sunshine Power: -767 million yuan - Wuliangye: -627 million yuan - Sifang Jingchuang: -569 million yuan - BOE Technology: -489 million yuan - BeiGene: -425 million yuan - Ningbo Bank: -395 million yuan - Muyuan Foods: -386 million yuan - GF Securities: -382 million yuan - Hengli Petrochemical: -367 million yuan [10][11]. Margin Trading Overview - As of August 1, the A-share market's margin trading balance was 135.83 billion yuan, with an increase of 1.28 billion yuan since July [13]. - The stocks with the highest margin trading balances included Kweichow Moutai, China Merchants Bank, and Ping An Insurance [13]. Conclusion - The A-share market has shown a robust increase in financing activities, particularly in the pharmaceutical and electronics sectors, indicating strong investor confidence and potential growth opportunities in these industries [1][3][5].

Core Viewpoint - The overall sentiment in the market remains optimistic despite recent fluctuations, with both public and private equity funds increasing their positions, indicating potential structural opportunities ahead [2][10][11]. Group 1: Fund Positioning - As of July 25, the average position of private equity funds was 75.85%, reflecting a slight increase of 0.76 percentage points from the previous week, while the average position for large-cap private equity funds rose significantly by 5.69 percentage points to 78.47% [4][6]. - Among large-cap private equity funds, 62.24% were at heavy or full positions (over 80%), and less than 10% had positions below 50% [4]. - Public equity funds also saw a modest increase in average positions, rising by 0.17 percentage points to 92.7%, with ordinary stock funds reaching 93.25% [7][8]. Group 2: Market Outlook - Private equity institutions generally perceive limited risks in market adjustments, maintaining a focus on structural opportunities [2][10]. - Starstone Investment noted that the A-share market's significant gains in July have led to internal sector differentiation, suggesting a potential "healthy correction" in the short term [11]. - The overall market risk is considered manageable, with expectations for further index growth due to strong demand for equity assets amid low-risk interest rates [11]. Group 3: Structural Opportunities - Investment firms are focusing on three main structural opportunities: the revaluation of quality Chinese assets, the globalization of advantageous industries, and investment opportunities arising from advancements in technology such as AI [12]. - The emphasis is on identifying industry leaders with strong competitive advantages in the technology sector, particularly those affected by short-term competitive pressures [11][12].

Core Viewpoint - The article highlights a significant increase in new individual investor accounts in the A-share market, with July 2025 seeing a 71% year-on-year growth compared to July 2024, indicating a strong market recovery and investor confidence [3][4][6]. Summary by Sections New Account Growth - In July 2025, the number of new individual investor accounts reached 1.96 million, with 1.954 million from individual investors and 9,600 from institutional investors, marking a 71% increase from 1.15 million in July 2024 [4][6]. - The new account numbers in July 2025 surpassed most monthly figures from 2024, reflecting a robust market environment [4]. Monthly Account Data - Monthly new account data for 2025 shows fluctuations, with January at 1.57 million, February at 2.84 million, and March exceeding 3 million. A notable decline occurred in April due to market volatility, with a 37.22% drop, followed by a recovery in June and a 19.27% increase in July [2][5]. Market Performance - The A-share market experienced strong performance in July, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14%, contributing to heightened investor enthusiasm and increased account openings [6]. Internet Influence - The collaboration between brokerage firms and internet platforms has been pivotal in driving account growth, particularly among younger investors, who are expected to influence market dynamics significantly [8]. Broker Performance - Many brokerage firms reported positive growth in account numbers in their 2024 annual reports, with some experiencing increases exceeding 90%. This growth is closely tied to market performance and investor sentiment [9]. Future Market Outlook - Analysts suggest that while short-term market volatility may increase due to funding dynamics, the long-term outlook for the A-share market remains positive, focusing on economic structural transformation and industry trends [9].

8月1日，财政部与国家税务总局发布的关于国债等债券利息收入增值税政策的公告显示， 自8月8日 起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值 税。 对在该日期之前已发行的国债、地方政府债券、金融债券（包含在8月8日之后续发行的部分）的 利息收入，继续免征增值税直至债券到期。 恢复征收增值税影响几何？老百姓购买国债未来是否也要交税？ Q 适用范围有哪些？ A 自8月8日起，对在该日期之后（含当日） 新发行的国债、地方政府 债券、金融债券 的利息收入，恢复征收增值税。 上述金融债券，是指依法在中华人民共和国境内设立的金融机构法人 在全国银行间和交易所债券市场发行的、按约定还本付息并由金融机 构持有的有价证券。 Q 老百姓购买国债等债券是否要交税？ A 划重点：之前发的旧债（包括8月8日后续发的），不交税；8月8日 （含当日）后发的，看情况。 8月1日， 国家税务总局发布《关于自然人购买国债等债券取得的利 息收入适用小规模纳税人月销售额10万元以下免征增值税政策的执行 口径》。 国家税务总局称，《财政部 税务总局关于增值税小规模纳税人减免 增值税政策的公告》（2023年第1 ...

停牌核查之后，上纬新材（688585）今日（8月5日）复牌交易。 | 102.75 | ** 科 | | --- | --- | | +10.68 +11.60% 所属板块▼ 基础化工 > 塑料 +1.07% > | | | 今 开 96.00 最 高 | 105.88 成交量 933.71万股 | | 昨 收 | 92.07 最 低 = 89.73 成交额声 9.00亿 | | 2.31% 市盈 TM ( 446.67 总市值▼ 414.45亿 | 换手率 | 今日A股市场早盘小幅上涨，截至发稿，上证指数上涨0.37%，深证成指上涨0.34%，创业板指上涨 0.31%。 盘面上，地面兵装、航天装备、医疗服务、普钢、消费电子涨幅居前。 热点个股方面，上纬新材股价突破百元大关，一度到105.88元/股，再创历史新高，截至发稿，该股上涨 11.6%，报102.75元/股，总市值414.45亿元，年内涨幅超1400%。 上纬新材8月4日晚间公告，近期公司就股票交易异常波动及严重异常波动的相关事项进行了核查。鉴于相 关核查工作已完成，经公司向上交所申请，公司股票将于8月5日（星期二）开市起复牌。上纬新材的停牌 核查时 ...