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].

Core Viewpoint - The article discusses the impressive earnings achieved in July, highlighting a cumulative profit exceeding 2.74 million yuan, indicating a strong upward trend in the market since 2018 [1][5]. Summary by Sections Earnings Overview - In July, the daily earnings fluctuated, with notable gains on specific days, such as +27,000 yuan and +33,000 yuan, while some days experienced losses [5]. - The total cumulative earnings reached 2,740,784.77 yuan, showcasing a consistent increase in account assets over the years [5]. Market Performance - The article notes that both domestic and international markets experienced accelerated growth during July, contributing to the overall positive performance [5][6]. - The account asset curve has shown steady growth since 2018, reflecting a stable investment strategy [5]. Community Engagement - Readers are encouraged to share their earnings in the comments section, fostering a community of sharing and learning among investors [12].

Core Viewpoint - The article highlights the significant growth potential in the film and media industry, driven by the success of the movie "Nanjing Photo Studio," which has set new box office records and is expected to boost the financial performance of several companies in the sector [1][2]. Group 1: Industry Insights - The film industry is experiencing a resurgence, with the summer box office surpassing 5 billion yuan, largely due to the performance of "Nanjing Photo Studio," which has grossed over 600 million yuan in just five days [1]. - The summer film season is projected to be a critical viewing peak, with expectations for substantial box office recovery as major films are released [1]. - The overall sentiment in the film market is optimistic, with industry experts noting a stable upward trend in ticket sales [1]. Group 2: Company Performance Predictions - Institutions predict that companies involved in the production of "Nanjing Photo Studio," such as Huayi Brothers, Wanda Film, and Shanghai Film, will see net profit growth rates ranging from 464% to 175% in 2025 [2]. - Other media companies within the entertainment sector, including Guomai Culture and Liujin Technology, are also expected to achieve over 100% net profit growth in 2025 [2].

Group 1 - The article promotes a series of live broadcasts focusing on investment opportunities in the technology and AI sectors for the second half of the year [1][3][5] - The first live session is scheduled for August 1 at 14:00, discussing how the technology sector will perform in the second half of the year [1] - The second session at 15:00 will explore the catalysts for the AI sector's market trends in the latter half of the year [3] - The final session at 16:00 will provide insights into investment opportunities in the Gangu technology sector for the second half of the year [5]

美联储9月能否降息主要取决于7-8月经济数据 华泰证券研报表示，鲍威尔讲话未能提供9月降息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业 市场较为稳健（solid），但承认存在下行风险。利率指引方面，鲍威尔未对9月降息给出明确指引，强 调降息决策取决于后续数据。 往前看，美联储9月能否降息主要取决于7-8月经济数据。维持美联储仍 有可能在9-12月降息两次的判断。 但是，如果就业和通胀数据强于预期，美联储年内降息预期或进一 步回撤。近期关注周五（8月1日）将公布的新增非农就业数据。 免责声明 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 不代表天天基金的观点 天天基金不对观点的准确性 GUIDE 摘要 中原证券：短期面临技术性调整压力，但中期上行趋势未改； 中信证券：A股增量市场确立，资金共识将聚焦两大方向 ； 华泰证券：美联储9月能否降息主要取决于7- 8月经济数据。 中原证券 短期面临技术性调整压力，但中期上行趋势未改 中原证券认为， 当前，A股市场已进入 ...

Core Viewpoint - The article emphasizes the importance of maintaining a long-term perspective when investing in pure bond funds, even during periods of market volatility, and suggests strategies for managing investments in both bond and equity markets [2][5][17]. Group 1: Market Volatility and Bond Funds - The article discusses the recent decline in pure bond funds, which are typically considered low-risk investments, highlighting that both stock and bond markets are subject to volatility [2][4]. - It presents data showing that the China Bond Index has had a cumulative increase of 27.27% over the past five years, with an annualized volatility of only 1.48% and a maximum drawdown of 2.01%, indicating the low volatility characteristic of bond assets [5]. - The article encourages investors to adopt a long-term mindset and not to panic sell their bond funds during short-term fluctuations [5][17]. Group 2: Market Dynamics and Investor Behavior - The article notes that the A-share market has been performing well, with the Shanghai Composite Index surpassing 3600 points, while the bond market has been under pressure due to rising yields and investor sentiment shifting towards equities [8]. - It highlights the "see-saw" effect between stock and bond markets, where funds tend to flow towards the more profitable asset class, leading to redemption pressures on bond funds [8][9]. - Investors are advised to carefully consider their risk tolerance and the appropriateness of their asset allocation before making decisions to switch from bond funds to equity investments [9]. Group 3: Strategies for Investment Allocation - The article introduces the "Fixed Income +" strategy, which allows investors to combine both equity and bond assets, thus avoiding the dilemma of choosing between the two [11][12]. - It compares the performance of Fixed Income + funds with pure bond funds, indicating that Fixed Income + funds have shown better performance in a rising equity market while maintaining lower volatility compared to pure equity funds [13]. - The article suggests that investors can benefit from dynamic adjustments in their portfolios through Fixed Income + funds, which can help capture opportunities in both markets without the stress of frequent reallocation [14][15].

Core Insights - The 2025 Fortune Global 500 list reveals that the total revenue of the listed companies for 2024 is approximately $41.7 trillion, representing a year-on-year growth of about 1.8%, exceeding one-third of the global GDP [1] - The total net profit of these companies has increased by approximately 0.4% year-on-year, amounting to around $2.98 trillion [1] - Walmart continues to lead as the largest company globally with revenues of approximately $681 billion, marking its twelfth consecutive year at the top [1] Company Rankings - JD.com ranks 44th, up 3 places from last year, maintaining its position as the highest-ranked private company from mainland China [2] - Alibaba's ranking improved by 7 places to 63rd, while Tencent rose 25 places to 116th [2] - Pinduoduo saw the most significant increase, climbing 176 places to 266th, and Meituan moved up 57 places to 327th [2] Profitability Insights - Saudi Aramco remains the most profitable company globally with a profit of approximately $105 billion, despite a year-on-year decline of about 13% [2] - Alphabet, the parent company of Google, ranks second in profitability with a net profit of $100.1 billion, surpassing Apple, which ranks third with $93.7 billion [2] - Berkshire Hathaway and Microsoft follow, with profits of over $88.9 billion and $88.1 billion, respectively [2] - Nvidia's profit surged by approximately 145% to around $72.9 billion, marking its first entry into the top ten profitability rankings [2] - The Industrial and Commercial Bank of China ranks as the highest Chinese company in net profit, exceeding $50.8 billion and placing 10th globally [2]