Core Viewpoint - The article discusses the performance of systematic investment plans (SIPs) in the A-share market, highlighting the benefits and challenges of maintaining such investment strategies over different time frames [2][3]. Investment Scenarios Scenario 1: One-Year Investment - Investors who started a SIP of 1,000 yuan per month from July last year have seen a total investment of 12,000 yuan, with a current asset value of 16,165.2 yuan, resulting in a return of 4,165.2 yuan or 34.71% [4][5][8]. - The article notes that SIP returns were lower than a lump-sum investment due to the market's upward trend since September last year, which favored one-time investments [5]. Scenario 2: Three-Year Investment - For a SIP starting three years ago, the total investment of 36,000 yuan has grown to 40,782.01 yuan, yielding a return of 4,782.01 yuan or 13.28% [9][10]. - In contrast, a lump-sum investment of the same amount resulted in a loss of 2,548.8 yuan or -7.08%, demonstrating the effectiveness of SIPs during market volatility [10]. Scenario 3: High Point Investment - Starting a SIP at the market's peak in early 2021 led to a return of -26.21% by September 2024, while a lump-sum investment faced a more significant loss of -38.68% [11][15]. - However, by July this year, the SIP had begun to recover, outperforming the lump-sum investment [15][16]. Scenario 4: Five-Year Investment - A five-year SIP resulted in a total investment of 60,000 yuan, with current assets valued at 62,570.33 yuan, yielding a return of 2,570.33 yuan or 4.28% [19][20]. - The lump-sum investment of the same amount only returned 59298 yuan, resulting in a loss of 702 yuan or -1.17% [20]. Investment Principles - The article emphasizes that SIPs can effectively average out investment costs and mitigate short-term market fluctuations, but they require discipline to maintain during downturns [24][25]. - It highlights the importance of continuing SIPs even during losses, as they can lead to acquiring more shares at lower prices, which benefits investors when the market rebounds [25][28]. Market Context - The article references the A-share market's performance since the COVID-19 pandemic, noting that starting a SIP during market lows can yield significant returns as the market recovers [32][35]. - It also discusses the psychological challenges investors face during prolonged downturns, which can lead to premature cessation of SIPs, potentially missing out on future gains [38][40]. Conclusion - The article concludes that SIPs should be viewed as a long-term investment strategy, akin to planting a seed that requires patience and consistency to yield returns over time [44].

Core Viewpoint - The Chinese medicine sector is experiencing a significant upward trend, with many stocks hitting the limit-up price. The focus is on the marginal turning point of OTC Chinese medicine affected by inventory cycles, emphasizing two main lines: premium Chinese medicine with both medical value and consumer attributes, and innovative Chinese medicine benefiting from supportive policies and positive external stimuli [1][6]. Group 1: Market Performance - On August 1, the Chinese medicine sector saw a continuous rise against the market trend, with stocks like Shengwugu and Weikang Pharmaceutical increasing by over 20% and hitting the limit-up price [6]. - The report highlights that the sector is currently at a low valuation and low allocation, with expectations for gradual improvement in performance from Q2 to Q3 of 2025 [8]. Group 2: Industry Dynamics - The current market for Chinese medicine is facing pressures from centralized procurement in hospitals and cyclical demand weakness outside hospitals. Companies need to enhance R&D efforts to support new product development with stable cash flows from existing products [7]. - The market for traditional Chinese medicine is expected to undergo a healthy inventory adjustment process post-2025, with a focus on driving sales and reducing inventory levels [7]. Group 3: Investment Opportunities - The Chinese medicine sector is currently characterized by low valuations and institutional holdings, with short-term catalysts including inventory turning points and breakthroughs in online channels [8]. - Long-term drivers include policy support for essential medicines and innovative drugs, alongside increasing demand due to aging populations and health-conscious consumption trends [8].

Core Viewpoint - The A-share market is experiencing a collective adjustment, but individual stocks are showing a mixed performance with sectors like traditional Chinese medicine, photovoltaic, and software leading the gains. Analysts remain optimistic about the medium to long-term upward trend despite short-term technical adjustments [1][3][5]. Group 1: Market Performance - The A-share market indices are undergoing a collective pullback, with a trading volume of 1.6 trillion yuan. Despite this, individual stocks are predominantly rising, particularly in the traditional Chinese medicine, photovoltaic, and software sectors [3][5]. - The recent adjustments are attributed to new U.S. tariff policies causing declines in the Asia-Pacific stock markets and uncertainties surrounding the U.S.-China trade agreement extension [4][6]. Group 2: Tariff Impact - The new tariffs imposed by the U.S. are raising concerns about potential economic slowdown and inflation, overshadowing previous optimism surrounding AI and large tech stocks [6][10]. - The 90-day pause in U.S.-China tariffs is set to end on August 12, which could lead to a temporary outflow of foreign capital if tariffs are reinstated. However, the market has partially priced in these expectations, and medium to long-term outlook remains positive due to domestic policy support [10][11]. Group 3: Adjustment Duration - Analysts suggest that the current adjustment phase may be a natural response to rapid price increases, with historical data indicating that significant adjustments often follow when indices reach certain thresholds, such as 3600 points [11][13]. - Historical patterns from previous bull markets in 2007 and 2015 show that significant adjustments occurred after reaching similar index levels, but ultimately led to new highs [13][14]. Group 4: Investment Strategy - The current market environment suggests a "slow bull" trend, with expectations for a gradual transition to a more stable trading phase as the market digests short-term profit-taking [18][20]. - Analysts recommend focusing on sectors that typically perform well in August, such as resources and military industries, with a particular emphasis on coal and petrochemical sectors in the first half of the month and larger-cap stocks in the latter half as earnings reports are released [21][25].

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关税大限将至，特朗普重大转变。 美东时间7月31日，特朗普宣布，美国与墨西哥的关税协议将延长90天，即墨西哥将继续支付25%的芬太尼 关税、25%的汽车关税以及50%的钢铁、铝和铜关税。而在此之前，特朗普一直强调和多国的"对等关税"定 于8月1日生效。 除了25%的整体关税外，墨西哥商品还面临25%的汽车进口关税以及50%的金属类商品（如钢铁、铝、铜） 关税。特朗普加征的汽车关税和金属关税针对的是所有外国商品。 特朗普此前威胁将墨西哥进口商品的统一关税税率从25%提高至30%，新关税税率原定于周五生效，这一天 也是特朗普所设定的贸易谈判最后期限。 然而，特朗普在当地时间7月31日上午表示，他将暂缓对墨西哥实施任何新的关税措施，原因是他与墨西哥总 统克劳迪娅·辛鲍姆进行了一次"非常成功"的电话会谈。 此外， 特朗普签署了一项行政命令，将对加拿大的关税从25%提高至35%，更高的关税将于2025年8月1日 生效。美国白宫还表示，为逃避加拿大35%的关税而转运的货物将被征收40%的转运关税。 美元兑加元短线 走高。美国股指期货保持下跌。 在关税大限前夕，全球贸易谈判进入白热化阶段。美国白宫表示，特朗普将于周四（美东 ...

雷军最新发声！ 8月1日上午，雷军发布微博消息称，2025年7月，小米汽车交付量超过30000台，并感谢大 家的选择与支持。 小米集团公关部总经理王化 亦发布微博称， " （这是） 值得记住的时间点" 。 对此，大量网友纷纷留言互动。除祝贺之外，也有网友在线"催产能"，希望尽早提车。 这是小米汽车成立以来，首次月度交付量突破3万台。据小米汽车官微数据，2025年6月交付 量超过25000台，2025年5月交付量超过28000台，2025年3月交付量超29000台。 7月10日，小米汽车称，交付量已超过30万台。"上市15个月，完成30万交付，感谢车主朋 友们的信任。我们将持续努力，十倍投入造一台好车。" 据了解，小米汽车于2024年4月开启首批交付，仅用七个半月时间便在2024年11月达成首个 10万辆交付里程碑。此后，小米汽车交付速度显著提升，从10万辆到20万辆仅耗时四个月。 进入2025年后，小米汽车持续保持强劲增长势头。在今年5月的小米15周年战略新品发布会 上，雷军透露小米SU7系列累计交付量已突破25.8万台。 此前，小米汽车预计2025年全年交付目标为30万台。今年3月，雷军表示，小米汽车一直在 ...

Core Viewpoint - The A-share market showed a strong recovery in July, with all 30 broker stock combinations recorded positive returns, indicating a favorable investment environment [1][4]. Group 1: July Stock Performance - The top-performing stock in July was Kangchen Pharmaceutical, recommended by Ping An Securities, with a remarkable increase of 106.74% [3][4]. - Other notable stocks included Bori Pharmaceutical (82.05% increase) and Kangfang Biotech (68.13% increase), recommended by Dongwu Securities and Northeast Securities respectively [3][4]. - Stocks such as Yuandong Biological, Dongshan Precision, and Jitu Express-W also saw increases exceeding 50% [4]. Group 2: Broker Performance - Ping An Securities led the broker stock combinations with a return of 16.57% in July, followed by Kaiyuan Securities (13.57%) and Caitong Securities (12.93%) [5]. - Other brokers like China Merchants Securities, Great Wall Securities, and Galaxy Securities also achieved returns above 10% [5]. Group 3: August Investment Strategy - Brokers are adopting an aggressive strategy for August, focusing on technology growth stocks and cyclical stocks benefiting from mid-year performance [7][11]. - The market is expected to continue its upward trend driven by optimistic expectations regarding corporate ROE recovery [11]. Group 4: Recommended Stocks for August - The most frequently recommended stocks for August include Dongfang Caifu, Muyuan Foods, and Wanhua Chemical, each receiving four recommendations from different brokers [13][14]. - Dongfang Caifu is expected to benefit from a bullish trend in the securities sector, while Muyuan Foods is projected to maintain stable profits amid rising pig prices [13][14].

Core Viewpoint - The A-share market experienced a strong performance in July, with major indices reaching new highs and significant sector gains, particularly in steel and pharmaceuticals [4][10]. Market Performance - The A-share market's total market capitalization increased to 104.48 trillion yuan, a monthly rise of 4.43 trillion yuan [2]. - The financing balance in the A-share market reached 1.9706 trillion yuan, marking a ten-year high, with a net inflow of 132.446 billion yuan in July [2]. Sector Performance - In July, the steel industry led the gains with an increase of 16.76%, followed by pharmaceuticals at 13.93% and construction materials at 13.36% [6][4]. - A total of 31 sectors saw positive performance, with only banking, utilities, and transportation sectors experiencing declines [4][6]. Top Performing Stocks - In July, 3,640 stocks had positive returns, with over 60% of stocks rising, 449 stocks gaining over 20%, and 84 stocks increasing by more than 50% [7]. - The top-performing stock, Upwind New Materials, surged by 1,083.42%, with its market capitalization growing from 3.138 billion yuan to 37.14 billion yuan [8][7]. Future Outlook - Analysts suggest that the A-share market may continue to trend upward in August, with equity market valuations remaining attractive compared to risk-free rates [10]. - Investment strategies should focus on growth technology sectors and companies with strong earnings support or exceeding expectations in their mid-year reports [11].

国家发展改革委政策研究室主任、新闻发言人蒋毅8月1日在新闻发布会上表示， 今年第三批 690亿元支持消费品以旧换新的超长期特别国债资金已下达完毕，将于10月份按计划下达第四 批690亿元资金，届时将完成全年3000亿元的下达计划 。下一步，国家发展改革委将会同财政 部、商务部等部门，督促地方落实资金配套责任、细化资金使用计划，确保资金有序均衡用到 年底。同时，进一步加强产品质量和价格监管，严防"先涨后补"、骗补套补等风险，确保政策 规范实施。 据介绍，今年"两重"建设项目清单8000亿元已全部下达完毕，中央预算内投资7350亿元已基 本下达完毕。下一步，国家发展改革委将会同各部门各地方，加强统筹协调和要素保障，加快 项目建设进度，高质量推动"两重"建设。同时，建立健全项目全生命周期管理机制，强化定期 调度和事中事后监管，确保资金用到实处。 上证报记者于祥明 摄 上证报记者于祥明 摄 来源：上海证券报 免责声明 文章封面图来源于AI，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 ↓ 点击"阅读原文" 或上天天基金A ...

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely only a few, as the Hong Kong Monetary Authority (HKMA) aims for a cautious approach in the initial phase [2][3][4]. Group 1: License Application and Eligibility - The application window for stablecoin issuer licenses opened on August 1, with institutions required to submit applications by September 30 to be considered for the first batch of licenses [2][3]. - The HKMA has set specific eligibility criteria for applicants, including financial conditions, personnel qualifications, reserve assets, and custody redemption requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for these licenses due to their essential roles in the currency issuance system [3][4]. Group 2: Potential Applicants and Market Dynamics - In addition to the three major note-issuing banks, other potential applicants include Chinese banks, sandbox testing companies, large state-owned enterprises, and internet companies with payment licenses [4][5]. - The initial focus for securities firms will likely be on providing services related to stablecoin trading, custody, financing, and consulting, rather than applying for stablecoin licenses themselves [6][7]. - As of the end of July, 44 financial institutions have upgraded their existing securities trading licenses, indicating a growing interest in virtual asset trading, including stablecoins [6][7]. Group 3: Application Scenarios and Market Trends - The application scenarios for stablecoins are expected to include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [4][5]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and the U.S., while B2B trade is expected to be a priority in regions like Africa and Latin America [5]. - The emergence of tokenized funds, such as the Huaxia RMB Digital Currency Fund, signifies a significant step towards exploring offshore RMB stablecoins [9].