New Stock Issuance - HanSang Technology (301491) issued at a price of 28.91 on July 25, 2025[1] - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - ST Zitian (300280) reported significant fluctuations on July 21, 2025[1] Market Alerts - Deepwater Regulation Institute (301038) reported severe abnormal fluctuations on July 24, 2025[1] - Guangsheng Tang (300436) announced significant market activity on July 17, 2025[1] - Huayin Power (600744) has been flagged for unusual trading patterns on July 15, 2025[1] Other Notable Stocks - Jiangnan Chemical (002226) reported trading activity on July 23, 2025[3] - China Electric Power Construction (601669) had a trading update on July 25, 2025[3] - Tibet Tourism (600749) reported significant trading activity on July 25, 2025[3]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q2, the A-share market showed a volatile upward trend with significant structural differentiation and style rotation. The median return of active equity funds was 1.90%, outperforming major indices such as the CSI 300 and CSI 500. Nearly 70% of stocks in the whole market recorded positive returns [3]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a decrease of 0.04 trillion yuan from the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds [6]. - Different - style and theme fund managers had diverse investment strategies and outlooks. For example, value - style fund managers focused on undervalued traditional assets and looked for opportunities in some consumer and cyclical sectors; growth - style fund managers concentrated on long - term growth companies and adopted a "boom - mining + balanced allocation" strategy [21][23]. 3. Summary According to the Table of Contents 3.1 Active Equity - Type Fund 2025 Second - Quarter Report Data Review 3.1.1 Performance Review - In Q2 2025, the A - share market was volatile. After a brief decline in early April due to US tariff policies, it stabilized from mid - April to mid - May and saw theme rotations since June. The Guozheng 2000 and ChiNext 50 recorded relatively high positive returns of 4.41% and 3.19% respectively. The median return of active equity funds was 1.90%, and the median stock price change was 5.39% [3]. 3.1.2 Scale and Fund Flow - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, down from 3.33 trillion yuan in the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds. Funds with a fund - flow change ratio < - 1% accounted for 74.34%, while those with a net inflow ≥ 1% accounted for only 16.51% [6]. 3.1.3 Position Change - As of Q2 2025, the average stock position of active equity funds was 87.23%, with an average position change of 1.15%. The average active position change was 1.18%, and the average natural position change was - 0.04%. 39.57% of funds adjusted their active positions by 0 - 5%, and 33.76% adjusted by - 5% - 0 [9]. 3.1.4 Industry Allocation - The top five industries for increased holdings were communication, medicine, non - bank finance, banking, and national defense and military industry. The top five industries for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. Five industries had over - allocation reductions, and nine industries had under - allocation increases [12]. 3.1.5 Individual Stock Heavy - Holdings - The top ten heavy - holding stocks by market value included Tencent Holdings, CATL, Kweichow Moutai, etc. The top ten heavy - holding stocks by the number of holding funds included CATL, Tencent Holdings, Zijin Mining, etc. The stocks with the largest increase in market value of heavy - holdings included Zhongji Innolight, New H3C Semiconductor Technology, etc., while those with the largest decrease included BYD, Alibaba - W, etc. [15][16][18] 3.2 Second - Quarter Report Fund Manager Views Summary 3.2.1 Value Style - Since 2022, value - style funds have attracted more attention. In 2025, they faced headwinds. Many value - style fund managers believed that undervalued stocks were still worth buying. In terms of position structure, most did not significantly adjust their allocations and focused on traditional undervalued assets, while also looking for opportunities in some consumer and cyclical sectors [21]. 3.2.2 Growth Style - Affected by overseas uncertainties and domestic policies, the market was volatile. Growth - style fund managers adhered to selecting long - term growth companies and adopted a "boom - mining + balanced allocation" strategy. They focused on AI, innovation drugs, and some emerging consumption sectors [23]. 3.2.3 Balanced Style - Balanced - style fund managers selected stocks from multiple dimensions and controlled portfolio risks through diversification. In the context of increased market risk appetite, many reduced holdings in traditional industries and high - dividend consumer stocks and increased holdings in growth stocks and booming industries [25]. 3.2.4 Consumption Theme - Traditional consumption showed differentiation and repair. New consumption had structural opportunities, but the sustainability and space of consumption trends needed to be judged. Some fund managers made structural adjustments in traditional consumption and increased investment in new consumption [27]. 3.2.5 Medicine Theme - Innovation drugs became a consensus. Some fund managers also looked for investment targets with low growth this year, such as innovative medical devices, CXO, and pharmacies [29]. 3.2.6 TMT Theme - The AI industry chain developed rapidly. TMT - theme fund managers continued to focus on AI - related companies and also paid attention to other technology sectors such as robotics and semiconductors [31]. 3.2.7 High - End Manufacturing - The attention to the military industry increased. High - end manufacturing showed competitive advantages, and some fund managers expected the recovery of some electro - new energy sectors [33]. 3.2.8 Cycle Theme - Resource sectors had long - term investment logic. Dividend - type cycle assets had allocation significance, and banks were still the core of the dividend sector [35]. 3.2.9 Hong Kong Stock Theme - Most fund managers were relatively optimistic about Hong Kong stocks. Some adjusted their positions from crowded sectors to the technology sector with lower valuations and expected performance growth [37].

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]

New Stock Listings - Tech Source Group issued shares at a price of 10.88 CNY[1] - Shanda Power issued shares at a price of 14.66 CNY[1] Market Alerts - ST Zitian reported an equity date on July 21, 2025, with a link to the announcement[1] - Guangshengtang experienced severe abnormal fluctuations, with an announcement on July 17, 2025[1] - Huayin Power had an announcement on July 15, 2025, regarding market conditions[1] - Multiple companies including Shangwei New Materials, China Power Construction, and Jiangnan Chemical had announcements on July 23, 2025, regarding market activities[1] Abnormal Fluctuations - Companies such as ST Weier and ST Huadong reported significant fluctuations with announcements on July 21, 2025[2] - ST Jinyi and ST Yundong also reported abnormal fluctuations with announcements on July 17, 2025[2]

Group 1 - The core viewpoint of the report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [4][13] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [4][13] Group 2 - The report highlights specific ETFs for grid trading, starting with the Asia-Pacific Selected ETF (159687.SZ), which tracks the FTSE Russell Asia Low Carbon Selected Index and covers major companies in sectors like semiconductors and internet [4][14] - The New Economy ETF (159822.SZ) is noted for capturing new growth drivers in China's economy, holding leading companies across various high-growth sectors such as AI and biotechnology [5][18] - The Germany ETF (159561.SZ) tracks the DAX index, benefiting from Germany's economic stimulus policies, with a focus on high-end manufacturing and technology sectors [6][20] - The Sci-Tech Chip ETF (588200.SH) is highlighted for its potential driven by domestic substitution and AI computing demand, with significant growth expected in AI-related device shipments [7][21]

2025 年 07 月 22 日 证券研究报告 | 公募基金周报 市场情绪回暖风偏提升，股基增强策略指数持续新高 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 021-20515355 相关研究报告 1、《权益风偏回升，债市震荡蓄势—公 募 基 金 泛 固 收 指 数 跟 踪 周 报 （ 2025.07.14-2025.07.18 ）》 2025-07- 21 2、《赚钱效应全面扩散—公募基金权益 指 数 跟 踪 周 报 （ 2025.07.14- 2025.07.18）》2025-07-21 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/7/21》2025-07-21 4、《股基增强策略指数创新高，更高弹 性持续助力 —公募基金量化遴选类策略 指数跟踪周报（2025.07.13）》2025-07- 15 5、《股指蓄力突破，主题轮动依旧—公 募基金权益指数跟踪周报（2025.07.07- 投资要点 公募基金量化遴选类策略指数跟踪周报（2025.07.20） 分析师：程秉哲 分析师登记编码：S08905221 ...

New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 14 - 18, 2025, the A - share market continued to rise, with the Shanghai Composite Index up 0.69%, the CSI 300 up 1.09%, the ChiNext Index up 3.17%, and growth style outperforming value style. Sectors such as optical modules, innovative drugs, and rare earths led the gains [1][12]. - Policy game may intensify. The July Politburo meeting is approaching, and "anti - involution" measures have become the focus, which may drive market enthusiasm in the short term [2][12]. - The technology chain has many catalysts. The AI industry is still in a high - prosperity stage, with the domestic model iteration accelerating and narrowing the gap with overseas advanced models. The restart of large companies' computing power expenditure may drive the computing power infrastructure and the entire AI industry chain [3][13]. - The valuation of innovative drugs is ahead. The valuation of innovative drugs is significantly advanced, making it difficult to make investment decisions based on company performance tracking. If future liquidity remains abundant, attention should be paid to the diversion effect of other thematic sectors [3][14]. - The China Securities A500 Free Cash Flow Index was officially launched on July 16, 2025, which provides a differentiated index selection [15]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 14 - 18, 2025, the A - share market continued to rise. The Shanghai Composite Index rose 0.69%, the CSI 300 rose 1.09%, the CSI 500 rose 1.20%, and the ChiNext Index rose 3.17%. The average daily trading volume of A - shares was 1546.2 billion, showing a month - on - month increase [12]. - **Policy and Economic Situation**: In the second - quarter economic data, although domestic demand indicators such as consumption and investment declined in June, the strong production side drove the GDP to grow by 5.2% year - on - year in the second quarter. The Central Urban Work Conference focused on old - city renovation and urban village renewal. The July Politburo meeting is approaching, and "anti - involution" measures may drive short - term market enthusiasm [12]. - **Technology Chain Catalysts**: In the technology chain, especially in the AI field, there were many positive events last week. The approval of the H20 chip for sale in China, the release of the Kimi K2 model, and the launch of ChatGPT Agent all indicate that the AI industry is in a high - prosperity stage. The restart of large companies' computing power expenditure may drive the industry chain [13]. - **Innovative Drugs**: The 11th batch of centralized procurement of drugs was announced, and the new rules left room for innovation. The valuation of innovative drugs is significantly advanced, and attention should be paid to the diversion effect of other sectors [14]. 1.2. Public Fund Market Dynamics - The China Securities A500 Free Cash Flow Index was officially launched on July 16, 2025. It selects 50 listed company securities with high free cash flow rates from the CSI A500 Index samples to reflect the performance of companies with strong cash - generating capabilities. It provides a differentiated index selection [15][16]. 2. Active Equity Fund Index Performance Tracking | Index Classification | Last Week | Last Month | Year - to - Date | Since Inception | | --- | --- | --- | --- | --- | | Strategy and Thematic | Active Equity Fund Selection | 3.42% | 6.55% | 14.46% | 15.39% | | Investment Style | Value Equity Fund Selection | 0.81% | 2.94% | 6.45% | 6.53% | | | Balanced Equity Fund Selection | 3.61% | 7.42% | 11.87% | 9.42% | | | Growth Equity Fund Selection | 4.96% | 9.19% | 22.90% | 11.85% | | Industry Thematic | Pharmaceutical Equity Fund Selection | 9.79% | 16.18% | 46.28% | 26.72% | | | Consumption Equity Fund Selection | - 1.42% | 1.34% | 8.82% | 1.81% | | | Technology Equity Fund Selection | 4.92% | 9.57% | 17.07% | 18.91% | | | High - end Manufacturing Equity Fund Selection | 4.14% | 8.82% | 7.49% | 2.30% | | | Cyclical Equity Fund Selection | 0.66% | 3.37% | 12.54% | 4.59% | Each sub - index has its own positioning and performance benchmark: - **Active Equity Fund Selection**: Select 15 funds each period, with equal - weight allocation. The core positions select funds based on performance competitiveness and style stability, and the style allocation is balanced according to the CSI Active Stock Fund Index. The performance benchmark is the Active Equity Fund Index (930980.CSI) [18]. - **Value Equity Fund Selection**: Select 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [20]. - **Balanced Equity Fund Selection**: Select 10 relatively balanced and value - growth style funds. The performance benchmark is the CSI 800 (000906.SH) [20][22]. - **Growth Equity Fund Selection**: Select 10 growth - style funds. The performance benchmark is the 800 Growth Index (H30355.CSI) [23]. - **Pharmaceutical Equity Fund Selection**: Select 15 funds with a high proportion of pharmaceutical industry holdings. The performance benchmark is the Pharmaceutical Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [24][27][28]. - **Consumption Equity Fund Selection**: Select 10 funds with a high proportion of consumption - related industry holdings. The performance benchmark is the Consumption Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [28]. - **Technology Equity Fund Selection**: Select 10 funds with a high proportion of technology - related industry holdings. The performance benchmark is the Technology Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [31]. - **High - end Manufacturing Equity Fund Selection**: Select 10 funds with a high proportion of high - end manufacturing industry holdings. The performance benchmark is the High - end Manufacturing Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [31]. - **Cyclical Equity Fund Selection**: Select 5 funds with a high proportion of cyclical industry holdings. The performance benchmark is the Cyclical Thematic Fund Index (fitted by Huabao Fund Research and Investment Platform) [36].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the week of 2025.07.14 - 2025.07.18, bond yields fluctuated narrowly, with interest - rate bonds showing differentiated performance across maturities and credit bond yields declining. The equity market strengthened, and the bond market was affected by various factors such as central bank policies, tariff effects, and changes in risk preferences [3]. - The issuance of two digital currency funds by Huaxia Fund (Hong Kong) marks a breakthrough in the application of RMB assets in blockchain finance, and the tokenized currency funds have advantages over traditional ones [4]. 3. Summary by Directory 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Bond yields fluctuated narrowly. The ChinaBond Composite Wealth Index (CBA00201) rose 0.08%, and the ChinaBond Composite Full - Price Index (CBA00203) rose 0.03%. Interest - rate bonds had differentiated performance, with mid - and short - term yields better than long - term ones. Credit bond yields declined, and credit spreads compressed [10]. - **Market Influencing Factors**: The central bank maintained a stable tax - period capital market, with a net open - market injection of 1261.1 billion yuan. The bond market was affected by factors such as stable fundamentals, under - expected incremental policies, and the stock - bond seesaw effect. The long - term US Treasury yields rose due to tariff concerns, and the REITs secondary market was suppressed by the increasing risk preference in the equity market [11][12][13]. - **Outlook and Suggestions**: The bond market's favorable environment is unlikely to reverse in the short term, but caution is advised due to potential volatility. For US Treasuries, short - term investors should wait for adjustment opportunities, and long - term investors should monitor tariff issues. For REITs, investors who have profited should consider taking profits and stay cautious [11][12][13]. 3.1.2 Public Fund Market Dynamics - Huaxia Fund (Hong Kong) issued the Huaxia US Dollar Digital Currency Fund and the Huaxia RMB Digital Currency Fund. The Huaxia RMB Digital Currency Fund is the world's first tokenized money - market fund denominated in RMB, forming a complete currency - tokenized fund series covering HKD, USD, and RMB [4]. - Tokenized currency funds have advantages over traditional ones in terms of trading time, settlement cycle, and trading channels [15]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking 3.2.1 Pure - Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict risk control, and significant absolute - return capabilities, and has a performance benchmark of 50% * Short - Term Pure - Bond Fund Index + 50% * Ordinary Money - Market Fund Index [17]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure - bond funds, selects 5 funds with both return and risk - control capabilities, and adjusts the duration and the ratio of credit - bond funds and interest - rate bond funds according to market conditions [20]. 3.2.2 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: Has an equity center of 10%, selects 10 funds with an equity center within 15% in the past three years and recently, and has a performance benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index (CBA00303.CS) [23]. - **Medium - Volatility Fixed - Income + Preferred Index**: Has an equity center of 20%, selects 5 funds with an equity center between 15% - 25%, and has a performance benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index (CBA00303.CS) [25]. - **High - Volatility Fixed - Income + Preferred Index**: Has an equity center of 30%, selects 5 funds with an equity center between 25% - 35%, and has a performance benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index (CBA00303.CS) [27]. 3.2.3 Convertible Bond Fund Preferred Index Selects 5 convertible - bond funds from a sample space based on multiple evaluation criteria, including the fund's long - and short - term returns, risk - adjusted returns, and the fund manager's timing and bond - selection abilities [33]. 3.2.4 QDII Bond Fund Preferred Index Tracking Selects 6 QDII bond funds with stable returns and good risk control, whose underlying assets are overseas bonds covering various regions and types [35]. 3.2.5 REITs Fund Preferred Index Tracking Selects 10 REITs funds with stable operations, reasonable valuations, and certain elasticity, whose underlying assets are mainly high - quality infrastructure projects [37].

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]