Core Viewpoint - The article highlights the significant role of Central Huijin Asset Management in stabilizing the A-share market through substantial investments in various ETFs, particularly during periods of market volatility [1][3][5]. Group 1: Central Huijin's ETF Purchases - In Q2, Central Huijin purchased over 1,700 billion CNY in six major ETFs, including four Hu-Shen 300 ETFs, contributing to market stability [1][5]. - The specific purchases included 108.74 billion shares of Huatai-PB Hu-Shen 300 ETF, amounting to 422.12 billion CNY, increasing its holding ratio from 29.78% to 37.91% [3][4]. - Other significant purchases included 84.29 billion shares of E-Fund Hu-Shen 300 ETF (312.04 billion CNY), 92.88 billion shares of Huaxia Hu-Shen 300 ETF (357.54 billion CNY), and 55.4 billion shares of Jiashi Hu-Shen 300 ETF (215.83 billion CNY) [4][5]. Group 2: Market Impact and ETF Growth - The total market size of stock ETFs reached 3.1 trillion CNY, marking a historical high with an increase of over 7% year-to-date [6][8]. - The influx of large capital into ETFs reflects a recognition of the value of quality Chinese assets at low valuations, driven by economic stabilization and supportive policies [8]. - Central Huijin's actions are seen as a commitment to long-term investment and support for the healthy development of the capital market, reinforcing the notion of it being a "national team" in maintaining market stability [7][8].

在业内机构看来，市场多头思维进一步巩固，伴随多重因素触底， ROE（净资产收益率）企 稳的逻辑不仅难以打破，且持续性更优，中长期有望支撑沪指进一步上行。 就后市投资而言，看好科技成长和顺周期方向，AI、算力等有望成为9月前市场主线，部分周 期板块利润或延续触底回升趋势。此外，稳定红利类资产仍将是中长期资金配置的重要方向。 影响后市投资大事件： 上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 上周，A股三大股指延续涨势，上证指数、深证成指、创业板指全周分别上涨0.69%、 2.04%、3.17%。 财政部副部长廖岷：今年下半年将落实更积极的财政政策 财政部网站7月19日消息，7月17日至18日，二十国集团（G20）主席国南非在德班举行今年 第三次G20财长和央行行长会议。财政部副部长廖岷出席会议并在发言时强调，中国经济内外 部平衡状况良好，国内消费占GDP比重不断上升，对外经常账户贸易顺差占比处于2%左右国 际认可的均衡水平。今年下半年，将落实更积极的财政政策、扩大高水平对外开放；同时宣介 中方向非洲国家提供的有力支持，呼吁G20成员进一步加大对非洲的支持力度 ...

Core Viewpoint - The establishment of a long-cycle assessment mechanism for insurance funds aims to shift the focus from short-term profit-seeking to long-term stable investment, enhancing the overall investment logic of insurance capital [2][4][6]. Group 1: Long-Cycle Assessment Mechanism - The long-cycle assessment mechanism addresses the "long money, short investment" dilemma by increasing the weight of long-term indicators such as net asset return and capital preservation to 70% [4][10]. - This mechanism is expected to stabilize market fluctuations, introduce incremental funds, and optimize the investment ecosystem by focusing on high-dividend and technology growth sectors [4][5][10]. - Insurance funds are encouraged to adopt a long-term investment approach, which aligns with their inherent characteristics and supports the stability of the capital market [5][6][12]. Group 2: Impact on Capital Market - The increase in insurance capital's A-share investment ratio is anticipated to benefit dividend assets and high-quality growth sectors, promoting a shift towards value investment in the market [3][15]. - The long-cycle assessment mechanism will reduce the impact of short-term market volatility on investment decisions, allowing insurance companies to focus on fundamental value and long-term growth potential [5][6][7]. - The expected influx of insurance capital into the market could lead to a significant increase in A-share investment, potentially injecting over 3.5 trillion yuan in new funds if equity allocation rises to 15% [4][11][12]. Group 3: Policy Support for Insurance Capital - Recent policies have been implemented to encourage insurance capital to enter the market, aiming to leverage its long-term stable funding advantages to support capital market stability and economic development [8][9]. - Future policies are expected to further optimize the investment environment for insurance capital, including lowering stock investment risk factors and expanding pilot programs for long-term equity investments [9][10]. - The ongoing policy framework is designed to address the needs of insurance companies while promoting high-quality development in the capital market [10][12]. Group 4: Role of Public Funds - Public funds are positioned as key partners for insurance companies in equity investment, with opportunities for significant business growth in areas such as customized accounts and low-volatility dividend products [19][20]. - The demand for public funds is expected to rise as insurance capital increases its allocation to equity assets, particularly in index funds and thematic funds that align with insurance capital's investment strategies [19][20]. - Public funds can help insurance companies optimize their asset allocation through professional investment management and a diverse product lineup [20][21].

Group 1 - The Ministry of Industry and Information Technology (MIIT) of China is working to further regulate the competitive order in the new energy vehicle (NEV) industry, addressing the current challenges of "increasing volume without increasing revenue" amid intensified price wars and trade barriers in overseas markets [3][4]. - In 2024, the profit margin of the automotive manufacturing industry is expected to decline by 7.3%, with 41.7% of automotive dealers reporting losses and 84.4% experiencing price inversions, indicating a severe "involution competition" threatening sustainable development [4]. - The meeting emphasized the need for enhanced supervision, a long-term mechanism, standard leadership, and industry self-discipline to break the vicious cycle of "subsidy dependence - price war - profit shrinkage" [4]. Group 2 - Yushu Technology has initiated its IPO process, with a strong backing from reputable institutions, and has reported an annual revenue exceeding 1 billion yuan, making it a rare profitable company in the robotics sector [5][6]. - Yushu Technology holds over 60% of the global market share in quadruped robots and has launched two humanoid robots, H1 and G1, indicating its strong position in the industry [6]. Group 3 - In the United States, the consumer confidence index rose to 61.8 in July, the highest in five months, driven by a significant drop in inflation expectations [7][8]. - The one-year inflation expectation decreased from 5.0% to 4.4%, and the five to ten-year expectation fell from 4.0% to 3.6%, reflecting a cautious outlook among consumers regarding future inflation risks [8]. Group 4 - The Chinese stock market has shown positive signals with the Shanghai Composite Index breaking through a significant resistance level, indicating a potential upward trend [10]. - Economic data for the first half of 2025 suggests a continued recovery, with GDP growth expected at 5.3%, supported by strong internal financing and liquidity [11]. - The market is currently in a new bullish phase, with a focus on sectors such as technology innovation, industrial metals, and health care, which are expected to provide investment opportunities [11].

Core Viewpoint - The article emphasizes the importance of maintaining discipline in investment strategies during a bull market, highlighting five key recommendations to avoid common pitfalls and maximize returns [1][16]. Group 1: Investment Discipline - Investors should adhere to their regular investment plans and continue systematic investment even in a bull market, avoiding the temptation to make large, impulsive investments [4][15]. - It is crucial to set specific limits for additional investments, such as a percentage of monthly income, and to avoid going "all in" [5][15]. - The tendency to sell existing investments to chase higher returns can lead to losses; therefore, investors should focus on holding quality funds [7][8]. Group 2: Profit Management - Caution is advised when considering adding to positions after realizing profits; a "pyramid" approach should be used, buying more at lower valuations and less as prices rise [11][15]. - Setting clear profit-taking targets before entering a position is essential, with recommendations to sell portions of holdings at predetermined profit levels [14][15]. - Maintaining awareness of market conditions and avoiding emotional decisions during periods of market euphoria is critical to prevent significant losses [13][15]. Group 3: General Market Awareness - The article warns that bull markets can create a false sense of security, and investors should remain vigilant against the risks of market bubbles and emotional trading [16]. - It is highlighted that the A-share market typically experiences short bull runs followed by longer bear markets, necessitating a calm and disciplined approach to investing [16].

Core Viewpoint - The article highlights a significant surge in the innovative drug sector, driven by new policies from the National Healthcare Security Administration aimed at supporting the development of innovative drugs and optimizing procurement processes [1][2]. Summary by Sections Innovative Drug Market Surge - On July 17, there was a notable increase in the stock prices of innovative drug companies, with companies like ShenZhou Cell rising over 15% and KangnuoYa increasing over 14% [1]. - The article mentions that the 11th batch of national drug centralized procurement has been initiated, emphasizing that new drugs will not be included in centralized procurement to protect industry innovation [1]. Policy Support for Innovative Drugs - The "Measures" issued on June 30 by the National Healthcare Security Administration and the National Health Commission aim to support the entire chain of innovative drug development from laboratory to bedside [1]. - The measures include dynamic adjustments to the medical insurance catalog, allowing eligible innovative drugs to be included, and establishing more scientifically reasonable payment standards [1]. Establishment of Commercial Health Insurance Directory - A groundbreaking proposal to establish a "Commercial Health Insurance Innovative Drug Directory" is introduced, which will include innovative drugs with significant clinical value that exceed basic medical insurance coverage [2]. - Drugs in this directory will enjoy special treatment, such as confidential price negotiations and exemption from centralized procurement monitoring, creating new payment channels for high-priced breakthrough therapies [2]. Investment Opportunities - Analysts from Bohai Securities suggest that the introduction of innovative drug policies and the potential establishment of the commercial health insurance directory present investment opportunities in related innovative drug companies and their supply chains [2]. - Xiangcai Securities predicts that by 2025, the domestic innovative drug industry may experience a turning point, shifting from capital-driven to profit-driven trends, leading to dual recovery in performance and valuation [2].

Core Viewpoint - The article presents various strategies for profit-taking in mutual fund investments, categorized into different levels of expertise, from beginner to advanced, emphasizing the importance of setting target returns and managing risks effectively [8][9][10]. Group 1: Bronze Level - Target Return Method - This method is designed for beginners, where investors set a target return (e.g., 15%) and redeem their investment once the actual return meets or exceeds this target [8][9]. - After redemption, investors can initiate a new round of regular investments [8]. Group 2: Gold Level - Maximum Drawdown Method - This strategy is applicable in a bull market where returns significantly exceed the target [9]. - Investors set a target return and a maximum drawdown threshold (e.g., 30% target return with a 10% drawdown limit) [5][9]. - If the investment reaches the target return, investors should hold on to their investment unless the drawdown reaches the specified threshold, at which point they should take profits [5][9]. Group 3: King Level - Dynamic Rebalancing Method - This advanced strategy is for investors concerned about missing out on further gains after taking profits [10]. - Investors should take profits in stages, redeeming a portion of their investment upon reaching an initial target return and then setting higher targets for subsequent redemptions [10]. - This method can be combined with the maximum drawdown strategy for enhanced risk management [10].

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index reaching a new closing high for the year, driven by sectors such as rare earths, energy metals, coal, and non-ferrous metals [1][2][4]. Group 1: Market Performance - The three major A-share indices continued to rise, with the Shanghai Composite Index hitting a year-to-date closing high [1][2]. - The total trading volume in the two markets reached 1.57 trillion yuan, with sectors like rare earths, coal, and non-ferrous metals leading the gains, while gaming, photovoltaic, and consumer electronics sectors saw corrections [4]. - Analysts believe the market is in a new bullish phase, supported by improved investor sentiment and the influx of new capital, although there are strong resistance levels to consider [5]. Group 2: Sector Analysis - The "anti-involution" policy is gaining traction, leading to a collective strength in resource sectors such as rare earths, lithium, coal, and non-ferrous metals, with companies like China Molybdenum and Shengxin Lithium Energy hitting the daily limit [8]. - The technology growth sector is also active, with innovations in pharmaceuticals and AI, particularly following the easing of restrictions on Nvidia chips, which is expected to reshape the AI industry chain [10][11]. - The Ministry of Industry and Information Technology has announced initiatives to promote innovation in humanoid robots, the metaverse, and brain-computer interfaces, indicating a focus on future industries [12]. Group 3: Investment Opportunities - Despite the Shanghai Composite Index surpassing 3,500 points, the stock market still offers value based on valuation metrics and stock-bond yield ratios [14]. - As companies begin to disclose their semi-annual reports, the overall performance of A-share companies is expected to be better than the same period last year, suggesting a return to an earnings-driven market [16]. - Key sectors to watch include home appliances, consumer electronics, and high-end manufacturing, which are expected to maintain growth due to supportive policies and market conditions [18][19][29]. Group 4: Fund Manager Insights - Recent fund reports indicate that many fund managers have increased their equity positions, particularly in technology and healthcare sectors, with some focusing on stocks like Xinyisheng, which has seen a significant price increase of nearly 1500% since the beginning of 2023 [23][24]. - Fund managers express optimism about equity assets, identifying structural opportunities in innovative pharmaceuticals, AI, and high-end manufacturing as key areas for investment [27][29]. - The overall sentiment among fund managers is positive, with a focus on capturing growth opportunities while managing risk through diversified portfolios [26][29].

财经图解 . 财经大事早知道，关注东方财富股票！ 连日来，全国各地持续高温，用电量成为社会焦点。 国家能源局的数据显示，入夏以来，全国最大电力负荷接连两次创历史新高，最高达到14.67亿千瓦， 比去年同期增长约1.5亿千瓦。其中，广东、山东、江苏、安徽、福建等10个省级电网负荷22次创新 高。 以下文章来源于财经图解 ，作者乘桴于海 "用电效率"最高的地区为北京，2024年，北京用1度电能创造35.87元的GDP，超过全国均值14.33元/度 的一倍有余；其次是上海，为27.18元/度；湖南第3，为22.42元/度。此外，湖北、重庆、西藏等地用电 效率也排在全国前列。 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 现，不构成投资建议。转引的相关观点均来自相关机构或公开媒体渠道，不代表天天基金的 从总量来看，上述省份同时也是全国用电量较为前列的省份。数据显示，2024年，广东的用电量全国第 1，达9121亿千瓦时（1千瓦时即1度电）；江苏的用电量紧随其后 ...

Group 1 - The core viewpoint of Pacific Securities is that there are three main lines in the market, with various sectors showing signs of recovery, particularly in areas like photovoltaic, pig farming, and glass, which are at historical lows and present opportunities for active participation [3] - The second main line involves sectors undergoing significant industrial transitions, such as solid-state batteries and innovative pharmaceuticals [3] - The third main line focuses on high-dividend sectors, particularly coal, which benefits from anti-involution policies, and energy sectors supported by oil prices remaining above $40, alongside banks and insurance benefiting from changes in fund inflows [3] Group 2 - According to Caixin Securities, the A-share market is expected to operate with a strong oscillation trend, transitioning from a "weight-based" to a "theme-based" market, with structural opportunities emerging [4][5] - The macroeconomic environment shows no significant negative factors before August, indicating a new bullish window, with improved investor sentiment and incoming funds providing upward momentum for indices [5] - The implementation of anti-involution policies could alleviate the "increasing revenue without increasing profit" dilemma for companies, potentially leading to a new phase of market growth [5] Group 3 - China Galaxy Securities emphasizes that the technology growth sector remains a long-term mainstay in the market, driven by policy support and industrial upgrades, with areas like AI computing, robotics, and semiconductors showing long-term development potential [6] - The recommendation is to focus on high-performing value stocks within the technology sector, targeting high-growth sub-sectors while managing overall risk [7]