Investment Rating - The investment rating for the company is "Buy" with a target price of 12.11 HKD, maintaining the rating from previous assessments [4]. Core Insights - The company's revenue from imaging and design business continues to grow, with a year-on-year increase of 45.2% to 1.351 billion RMB in the first half of 2025. Advertising revenue also saw a growth of 5.1% to 434 million RMB, together accounting for 98% of total revenue [1][10]. - The overall gross margin improved by 4.9 percentage points to 73.6%, and the adjusted net profit attributable to shareholders increased by 71.34% to 470 million RMB, aligning with voluntary announcement expectations [1][12]. - The company is focusing on AI-enabled applications in imaging and design, enhancing its product matrix to meet diverse creator needs, and has launched the AI design agent "RoboNeo" to innovate productivity tools [3][10]. Summary by Sections 1. Imaging and Design Core Business Optimization - The imaging and design product revenue is on a continuous rise, with a strategic adjustment in the beauty and other business sectors. The revenue from imaging and design reached 1.351 billion RMB, while advertising revenue was 434 million RMB, making up 98% of total revenue [1][10]. - The company is leveraging AI capabilities to enhance product offerings, focusing on both consumer and business segments, including KOLs and small enterprises [10]. 2. Overseas Strategy and Productivity Tool Layout - The company has seen a significant increase in Monthly Active Users (MAU), with an 8.6% year-on-year growth, reaching 280 million. The number of subscription users rose by 42.5% to 15.4 million, with a subscription penetration rate of 5.5% [2][15]. - The MAU in the domestic market grew by 5.2% to 182 million, while overseas MAU increased by 15.7% to 98 million, driven by localized strategies and collaborations with local KOLs [16]. - The productivity tools are entering a growth phase, with a 90% year-on-year increase in MAU and even faster growth in paid users [16].

证券研究报告—金融工程研究报告 撰写日期：2025 年 09 月 05 日 算力新基建，开启新周期——新华云计算 50ETF 投资价值分析 云计算行业与政策环境 在全球范围内，各国正加速推进云计算战略，以构建人工智能时代的 竞争优势。近年来，我国云计算产业延续了快速扩张的趋势，其中 AI 云正 在成为推动厂商突围的重要方向。2024 年市场规模达到 8288 亿元，比上一 年增长 34.4%，增速仍处于高位。国家层面持续强化政策引领，推动云计算 由基础应用向新技术融合与产业深度应用转变。人工智能的快速发展为云 计算注入了新的增长动能。 中证云计算 50 指数 中证云计算 50 指数在成分构成上集中在 IT 服务、软件开发和通信服 务等云计算核心环节，整体风格偏向中小市值与高成长，前十大权重股合计 占比约 63.11%，龙头集中度较高。 中证云计算 50 指数的前十大权重股涵盖光模块、服务器、IDC、软件 和应用等关键环节。与其他指数相比，云计算 50 在产业链覆盖上较为完整， 兼顾硬件、IDC 和应用软件的全链条特征。 从历史走势来看，云计算 50 指数呈现"高成长、高弹性"的特征，阶 段性表现突出。从年度收 ...

港股公司点评 | 携程集团-S 日期：2025 年 09 月 02 日 盈利预测和投资建议：居民休闲旅游的热情延续，旅游消费景气度延续可期。 携程提供多样化、定制化的旅游产品，未来有望进一步带来差异化增量。携程 国际业务持续发力，海外市场有望打开新增量空间。我们预计公司 2025-2027 年实现收入 618.19/ 713.48/810.21 亿元，同比增速+16.0%/+15.4%/+13.6%， 归 母 净 利 润 分 别 为 177.07/203.92/238.07 亿 元 ， 同 比 增 速 分 别 为 +3.7%/+15.2%/+16.7%，对应 PE 分别为 21.4X/18.6X/15.9X。携程国内业务优 势显著，海外业务有望贡献新增量，具备长期配置价值，携程集团 2025 年目标 PE 22.5X，维持"买入"评级。 风险提示：酒店直销竞争加剧，出入境政策风险，运力恢复不及预期。 | 重要数据 | | | | | | --- | --- | --- | --- | --- | | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 532 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is positioned as a platform-based innovator in ADC (Antibody-Drug Conjugates) with a global strategy, achieving rapid accumulation and growth through efficient execution. It currently has 8 global clinical assets, with the fastest progressing pipeline nearing commercialization [1][2] - The company has three core competitive advantages: high efficiency in development, a global clinical and commercial strategy, and an innovative pipeline structure that includes both late-stage products and exploration of new ADC formats [2] - The company is advancing its lead product DB-1303 towards market submission in both the US and China, while DB-1311 shows significant potential across multiple tumor types [3][4] Summary by Sections Section 1: Company Overview - The company has established four innovative platforms and eight clinical pipelines within five years, with its first project DB-1303 set to submit for BLA in 2025 [15][18] - The management team has extensive experience in both investment and industry, enhancing strategic planning and operational execution [19][21] Section 2: ADC Industry - The ADC industry is characterized by high growth potential, with third-generation ADCs becoming the mainstream design due to their improved targeting and efficacy [45][48] Section 3: DITAC Platform - The DITAC platform has multiple leading pipelines, including DB-1303, which is in the global third phase of clinical trials, and DB-1311, which is positioned in the first tier of global development for B7H3 ADCs [3][4][26] Section 4: Financial Projections - Revenue projections for the company are estimated at 2.1 billion RMB in 2025, with a net profit forecasted to improve from a loss of 536 million RMB in 2025 to a loss of 127 million RMB in 2027 [4][5] Section 5: Investment Recommendations - The report emphasizes the company's strong business development capabilities and extensive partnerships, which have secured over 6 billion USD in collaboration projects, supporting its early-stage R&D activities [30][31]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the secondary market, during the sample period from August 18 - 22, 2025, the top - performing A - share and overseas major broad - based indices were科创50, ChiNext Index, and CSI 300, with weekly returns of 13.31%, 5.85%, and 4.18% respectively. Among Shenwan primary industries, communication, electronics, and comprehensive had the highest returns at 10.84%, 8.95%, and 8.25%, while real estate, coal, and pharmaceutical biology had lower returns at 0.50%, 0.92%, and 1.05% respectively [1][10][17]. - Regarding ETF product performance, during the sample period, broad - based ETFs had the best average performance with a weighted average return of 5.12%, while QDII ETFs had the worst with - 0.61%. In terms of the listing board, ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better performance, with weighted average returns of 13.01% and 10.85% respectively. US and Japanese stock ETFs had poor performance, with - 2.78% and - 2.65% respectively [21]. - For ETF fund flows, industry - themed ETFs had the largest net capital inflow of 254.09 billion yuan, and broad - based ETFs had the smallest at - 161.16 billion yuan. From the perspective of the listing board, Hong Kong stock ETFs had the largest net inflow of 214.47 billion yuan, and Science and Technology Innovation Board - related ETFs had the smallest at - 144.18 billion yuan [2][25]. Group 3: Summary by Relevant Catalogs 1. Secondary Market Overview - Index returns: During the sample period,科创50, ChiNext Index, and CSI 300 had the highest weekly returns at 13.31%, 5.85%, and 4.18% respectively. The PE valuation quantile of CSI 300 was the highest at 100.00%, and that of the Nikkei 225 was the lowest at 73.36% [10]. - Industry returns: Among Shenwan primary industries, communication, electronics, and comprehensive had the highest returns at 10.84%, 8.95%, and 8.25%, while real estate, coal, and pharmaceutical biology had lower returns at 0.50%, 0.92%, and 1.05% respectively. In terms of valuation, social services, light manufacturing, and building materials had the highest valuation quantiles at 100.00%, and agriculture, forestry, animal husbandry and fishery, household appliances, and comprehensive had lower quantiles at 35.12%, 55.37%, and 62.81% respectively [17]. 2. ETF Product Overview 2.1 ETF Market Performance - By product type: Broad - based ETFs had the best average performance with a weighted average return of 5.12%, and QDII ETFs had the worst with - 0.61%. - By listing board: ETFs related to the Science and Technology Innovation Board and the Science and Technology Innovation and Entrepreneurship 50 had better performance, with weighted average returns of 13.01% and 10.85% respectively. US and Japanese stock ETFs had poor performance, with - 2.78% and - 2.65% respectively. - By industry sector: Technology sector ETFs had the best average performance with a weighted average return of 12.53%, and biomedical sector ETFs had the worst with 1.55%. - By theme: Chip semiconductor and artificial intelligence ETFs had better performance, with weighted average returns of 15.09% and 14.57% respectively. Bank and dividend ETFs had relatively poor performance, with 0.91% and 1.10% respectively [21][23]. 2.2 ETF Fund Flows - By category: Industry - themed ETFs had the largest net capital inflow of 254.09 billion yuan, and broad - based ETFs had the smallest at - 161.16 billion yuan. - By listing board: Hong Kong stock ETFs had the largest net inflow of 214.47 billion yuan, and Science and Technology Innovation Board - related ETFs had the smallest at - 144.18 billion yuan. - By industry sector: Financial and real estate sector ETFs had the largest net inflow of 141.32 billion yuan, and technology sector ETFs had the smallest at - 53.84 billion yuan. - By theme: Non - bank and innovative drug ETFs had the largest net inflows of 142.21 billion yuan and 31.74 billion yuan respectively. Chip semiconductor and military - industry ETFs had the smallest at - 78.85 billion yuan and - 5.73 billion yuan respectively [2][25][28]. 2.3 ETF Trading Volume - By category: Broad - based ETFs had the largest increase in the average daily trading volume change rate at 27.34%, and commodity ETFs had the largest decrease at - 28.91%. - By listing board: CSI 500 ETFs had the largest increase in the average daily trading volume change rate at 76.67%, and Japanese stock ETFs had the largest decrease at - 15.32%. - By industry sector: The consumer sector had the largest increase in the average daily trading volume change rate at 48.26%, and the biomedical sector had the largest decrease at - 5.57%. - By theme: Non - bank and innovative drug ETFs had the highest average daily trading volumes in the past 5 days at 367.55 billion yuan and 104.62 billion yuan respectively. Consumer electronics and artificial intelligence ETFs had the largest increases in the average daily trading volume change rate at 52.58% and 38.65% respectively. Central state - owned enterprises and innovative drug ETFs had the largest decreases at - 8.12% and - 7.01% respectively [34][37][40][43]. 2.4 ETF Margin Trading - During the sample period, the net margin purchase of all equity ETFs was - 2.48 billion yuan, and the net short - selling was 2.32 billion yuan. Southern CSI 500 ETF had the largest net margin purchase, and Southern CSI 1000 ETF had the largest net short - selling [2][48]. 2.5 ETF New Issuance and Listing - During the sample period, 9 funds were established and 8 funds were listed [3][50].

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

- The report tracks various types of ETFs on a daily basis, categorizing them into "broad-based" and "thematic" ETFs based on the indices they track, such as CSI 300, CSI 500, and industry/style indices like non-bank financials and dividends[2] - The RSI (Relative Strength Index) is calculated using the formula: $ RSI = 100 - 100 / (1 + RS) $, where RS is the average gain divided by the average loss over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 indicate an oversold market[2] - The net subscription amount is calculated using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $, where NETBUY(T) is the net subscription amount, NAV(T-1) is the ETF's net asset value from the previous trading day, and R(T) is the return on the current day[2] Quantitative Models and Construction Methods 1. **Model Name: RSI (Relative Strength Index)** - **Construction Idea**: Measures the speed and change of price movements to identify overbought or oversold conditions - **Construction Process**: - Calculate the average gain and average loss over a 12-day period - Compute the RS (Relative Strength) as the ratio of average gain to average loss - Apply the formula: $ RSI = 100 - 100 / (1 + RS) $ - **Evaluation**: Useful for identifying potential reversal points in the market[2] 2. **Model Name: Net Subscription Amount** - **Construction Idea**: Measures the net inflow or outflow of funds into an ETF - **Construction Process**: - Calculate the net asset value (NAV) of the ETF for the current and previous trading days - Compute the return (R) for the current day - Apply the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) * (1 + R(T)) $ - **Evaluation**: Indicates investor sentiment and fund flow dynamics[2] Model Backtesting Results 1. **RSI Model** - **Indicator Values**: - CSI 300 ETFs: RSI values range from 69.68 to 75.23 - CSI 500 ETFs: RSI values range from 74.47 to 75.37 - CSI 800 ETFs: RSI values range from 73.39 to 77.74 - CSI 1000 ETFs: RSI values range from 77.70 to 78.26 - CSI A50 ETFs: RSI values range from 65.77 to 67.30 - CSI A500 ETFs: RSI values range from 74.12 to 75.83 - STAR 50 ETFs: RSI values range from 75.53 to 77.78 - GEM ETFs: RSI values range from 76.39 to 77.42 - Hang Seng ETFs: RSI values range from 56.98 to 61.45 - Nikkei 225 ETFs: RSI values range from 72.84 to 72.88 - Nasdaq 100 ETFs: RSI values range from 65.70 to 68.11 - Other overseas broad-based indices: RSI values range from 33.64 to 60.46[4][6] 2. **Net Subscription Amount Model** - **Indicator Values**: - CSI 300 ETFs: Net subscription amounts range from -3.97 billion to 7.87 billion - CSI 500 ETFs: Net subscription amounts range from -0.08 billion to 4.57 billion - CSI 800 ETFs: Net subscription amounts range from -0.06 billion to 5.86 billion - CSI 1000 ETFs: Net subscription amounts range from 0.44 billion to 2.21 billion - CSI A50 ETFs: Net subscription amounts range from -0.89 billion to -0.08 billion - CSI A500 ETFs: Net subscription amounts range from -0.13 billion to 0.38 billion - STAR 50 ETFs: Net subscription amounts range from -5.00 billion to 0.02 billion - GEM ETFs: Net subscription amounts range from -0.86 billion to 5.64 billion - Hang Seng ETFs: Net subscription amounts range from -0.82 billion to 0.02 billion - Nikkei 225 ETFs: Net subscription amounts range from -0.21 billion to -0.06 billion - Nasdaq 100 ETFs: Net subscription amounts range from -1.34 billion to -0.47 billion - Other overseas broad-based indices: Net subscription amounts range from -0.28 billion to 0.89 billion[4][6]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The A-share market showed a continuous upward trend this week, with the Shanghai Composite Index stable above 3,600 points. Although the weekly average daily trading volume decreased by 6.26% compared to last week, the margin trading balance exceeded 2 trillion and continued to rise, indicating that investors' risk appetite remained relatively high in the short term [1][10]. - Most industry sectors' trading volume proportions reached new lows in the past four weeks, suggesting that the market trading focus was concentrating on a small number of sectors. Investors should pay attention to the congestion risk of industry sectors and focus on capital flows in the market with rapid rotation of industry themes [10]. - In terms of market style, small-cap stocks had significant excess returns. The cyclical style led the gains among the five major CITIC style indices, while the consumer style had the smallest increase [12]. - It is recommended to focus on three main investment lines: the domestic computing power industry chain, the AI application end, and the consumption recovery sector. These sectors have relatively reasonable valuations and strong potential for supplementary growth under the background of loose liquidity [13]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - This week, sectors such as non-ferrous metals, machinery, and national defense and military industry led the gains. The pharmaceutical sector, which had performed well last week, corrected significantly, while the coal and non-ferrous metals sectors, which had large declines last week, rebounded sharply [10]. - The trading volume proportions of most industry sectors reached new lows in the past four weeks, and the trading activity of the comprehensive finance and non-bank finance sectors decreased significantly [10]. 3.1.2 Market Style - All five major CITIC style indices rose this week, with the cyclical style leading the gains at 3.49%. The growth style rose 1.87%, and its trading volume proportion reached a four-week high. The consumer style had the smallest increase at 0.77%, and its trading volume proportion decreased slightly [12]. - Small-cap stocks had significant excess returns. The CSI 1000 and CSI 2000 rose 2.51% and 3.54% respectively, and their trading volume proportions reached four-week highs [12]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance This Week in Different Theme Tracks - The report selected single-track and double-track funds based on six sectors: TMT, finance and real estate, consumption, medicine, manufacturing, and cyclical sectors, and listed the top five funds in each sector [17][18]. 3.2.2 Funds with Excellent Performance in Different Strategy Categories - The report classified funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness, and listed the top-ranked funds in each type [19][20] 3.3 Index Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index Enhanced Funds - The average and median excess returns of CSI 300 index enhanced funds were 0.22% and 0.20% respectively; those of CSI 500 index enhanced funds were 0.05% and 0.07% respectively; those of CSI 1000 index enhanced funds were -0.15% and -0.14% respectively; those of CSI 2000 index enhanced funds were -0.09% and 0.04% respectively; those of CSI A500 index enhanced funds were 0.24% and 0.26% respectively; those of ChiNext index enhanced funds were 0.45% and 0.39% respectively; and those of STAR Market and ChiNext 50 index enhanced funds were 0.18% and 0.21% respectively [23][24]. - The average and median absolute returns of neutral hedge funds were 0.29% and 0.27% respectively; those of quantitative long funds were 1.75% and 1.83% respectively [24]. 3.4 This Issue's Bond Fund Selection - The report comprehensively screened the fund pools of medium- and long-term bond funds and short-term bond funds based on indicators such as fund scale, return-risk indicators, the latest fund scale, Wind fund secondary classification, rolling returns in the past three years, and maximum drawdowns in the past three years [38] 3.5 This Week's High-Frequency Position Detection of Funds - Active equity funds significantly increased their positions in the machinery and computer industries this week and significantly reduced their positions in the electronics, banking, and automobile industries [3]. - From a one-month perspective, the positions in the communication, banking, and non-bank finance industries increased significantly, while the position in the food and beverage industry decreased significantly [3] 3.6 This Week's Weekly Tracking of US Dollar Bond Funds - Not provided in the content

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the secondary market and ETF product situation from July 21 to July 25, 2025. It includes the performance of major indexes and industries, the flow of funds in different types of ETFs, trading volume, and new fund launches and listings [1][2][3]. Summary by Related Catalogs 1. Secondary Market Overview - **Index Performance**: During the sample period, the top performers in weekly returns were the Science and Technology Innovation 50, Nikkei 225, and CSI 500, with returns of 4.63%, 4.11%, and 3.28% respectively. The PE valuation quantile of the CSI 500 was the highest at 99.59%, while that of the Nikkei 225 was the lowest at 72.13% [10]. - **Industry Performance**: In terms of returns, the top three industries were building materials, coal, and steel, with returns of 8.20%, 7.98%, and 7.67% respectively. The bottom three were banking, communication, and public utilities, with returns of -2.87%, -0.77%, and -0.27% respectively. In terms of valuation, the top three industries in valuation quantile were computer, national defense and military industry, and textile and apparel, all at 100.00%. The bottom three were agriculture, forestry, animal husbandry and fishery, comprehensive, and household appliances, at 23.14%, 39.05%, and 40.70% respectively [17]. 2. ETF Product Overview 2.1 ETF Market Performance - **By Product Type**: The average performance of industry - themed ETFs was the best, with a weighted average return of 2.96%, while that of bond ETFs was the worst, with a weighted average return of -0.27%. - **By Listing Plate**: The ETFs related to the Science and Technology Innovation Board and Japanese stocks performed well, with weighted average returns of 4.54% and 3.82% respectively. The ETFs related to US stocks and MSCI China A - share concept performed poorly, with weighted average returns of 0.40% and 1.65% respectively. - **By Industry Plate**: The cycle - sector ETFs had the best average performance, with a weighted average return of 7.21%, while the consumer - sector ETFs had the worst, with a weighted average return of 1.53%. - **By Theme**: Chip semiconductor and non - banking ETFs performed well, with weighted average returns of 4.98% and 4.93% respectively. Banking and innovative drug ETFs performed poorly, with weighted average returns of -2.87% and 0.88% respectively [21][24]. 2.2 ETF Fund Inflow and Outflow - **By ETF Category**: Industry - themed ETFs had the largest net inflow of funds at 231.53 billion yuan, while broad - based ETFs had the smallest at -148.46 billion yuan. - **By Listing Plate**: Hong Kong stock ETFs had the largest net inflow of funds at 106.88 billion yuan, while Science and Technology Innovation Board - related ETFs had the smallest at -39.97 billion yuan. - **By Industry Plate**: Cycle - sector ETFs had the largest net inflow of funds at 72.00 billion yuan, while biomedical - sector ETFs had the smallest at -4.03 billion yuan. - **By Theme**: Non - banking and robot ETFs had the largest net inflows of funds, at 59.10 billion yuan and 14.15 billion yuan respectively. Chip semiconductor and dividend ETFs had the smallest, at -10.89 billion yuan and -7.41 billion yuan respectively [2][29][32]. 2.3 ETF Trading Volume - **By ETF Category**: The daily average trading volume change rate of industry - themed ETFs increased the most, by 28.96%, while that of bond ETFs decreased the most, by -6.75%. - **By Listing Plate**: The daily average trading volume change rate of Japanese stock ETFs increased the most, by 72.66%, while that of US stock ETFs decreased the most, by -17.66%. - **By Industry Plate**: The daily average trading volume change rate of cycle - sector ETFs increased the most, by 98.87%, while that of biomedical - sector ETFs increased the least, by 17.86%. - **By Theme**: Non - banking and innovative drug ETFs had the largest 5 - day average daily trading volumes, at 290.98 billion yuan and 97.35 billion yuan respectively. Central state - owned enterprises and chip semiconductor ETFs had the largest increases in daily average trading volume change rate, at 39.26% and 37.77% respectively. Consumer electronics and military industry ETFs had the largest decreases, at -11.92% and -6.02% respectively [38][41][44][45]. 2.4 ETF Margin Trading During the sample period, the net margin purchase of all equity ETFs was -1.432 billion yuan, and the net short - selling was 0.47 billion yuan. The E Fund CSI Hong Kong Securities Investment Theme ETF had the largest net margin purchase, and the Huaxia CSI 1000 ETF had the largest net short - selling [2][51]. 2.5 ETF New Launches and Listings During the sample period, 10 funds were established and 8 funds were listed [3][53].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, boosted by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, the pro - cyclical sectors collectively soared, and the index continued to rise. The Shanghai Composite Index achieved four consecutive weekly gains. The daily average trading volume of the two markets increased by 19.56% compared with last week, and the margin trading balance continued to rise above 1.9 trillion. Domestic hot money accelerated its inflow, showing signs of over - heating market sentiment in the short term. The commodity futures market mostly rose, and the bond market corrected significantly due to the impact of the equity market [1][10]. - As August approaches, a series of major events, such as the Politburo meeting's tone - setting, the results of the third round of Sino - US economic and trade negotiations, and the monetary policy decisions of the Federal Reserve and the Bank of Japan, may trigger market fluctuations. Investors are advised to be cautious in the short term, control their positions, and avoid blind operations in the face of uncertainties. They can appropriately focus on growth sectors with relatively reasonable valuations, such as AI applications, cloud computing, and science and technology innovation chips. From a medium - term allocation perspective, high - dividend assets are still the preferred bottom - position assets, and hedging assets such as gold and treasury bonds can be combined to build a diversified portfolio to smooth out volatility risks and seize structural opportunities [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - Coal, steel, non - ferrous metals, building materials, and construction sectors led the gains this week. The trading volume proportions of coal, building materials, construction, steel, and transportation sectors increased significantly compared with last week, while the trading activity of the comprehensive financial sector decreased significantly. The coal sector soared 8.00%, and its trading volume proportion reached a new high in the past four weeks at 1.16%. The pro - cyclical sectors strongly led the rise, while the trading activities of technology sectors such as electronics, computer, media, and communication cooled down, and their trading volume proportions reached new lows in the past four weeks. The bank sector, which was strong in early July, led the decline this week, and its trading volume proportion was at a new low in the past four weeks at 2.00% [10]. - The leverage factor and book - to - market ratio factor had the highest gains this week, while the residual volatility factor had a large decline. The IH contract remained at a premium, indicating that investors were more optimistic about large - cap stocks, and the discount of the IM contract continued to narrow. The average and median returns of neutral hedge funds this week were 0.10% and 0.17% respectively [10]. 3.1.2 Market Style - Affected by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, all five CITIC style indices rose this week, with the cyclical style leading the gains. The growth sector rose 2.54% this week, and its trading volume proportion decreased to a new low in the past four weeks at 47.94%. The consumer style index rose 1.59%, and its trading volume proportion was basically the same as last week. The financial style index performed weakly, only rising slightly by 0.36%, and its trading volume proportion increased to 8.09%. The stable style index rose 1.74%, and its trading volume proportion increased significantly to a new high in the past four weeks at 5.43%. The cyclical style index rose 3.51%, and its trading volume proportion increased to a new high in the past four weeks at 25.81% [14]. - All major broad - based indices rose this week. The mid - cap stocks represented by the CSI 500 showed an obvious catch - up effect. Based on the CSI A - share index, the Shanghai - Shenzhen 300 and CSI 2000 indices only rose 1.69% and 1.81% respectively, while the CSI 500 index rose 3.28% this week, and the trading volume proportions of the Shanghai - Shenzhen 300 and CSI 500 indices both increased to new highs in the past four weeks [14]. 3.2 Active Equity Funds 3.2.1 Top - Performing Funds in Different Theme Tracks This Week - The report divides active equity funds into single - track and double - track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors. Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods [19]. 3.2.2 Top - Performing Funds in Different Strategy Categories - The report classifies funds into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types based on investment styles and strategies, and lists the top - performing funds in each type this week [20]. 3.3 Index - Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 500 index - enhanced funds were - 0.11% and - 0.13% respectively; those of CSI 1000 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 2000 index - enhanced funds were 0.24% and 0.36% respectively; those of CSI A500 index - enhanced funds were - 0.02% and - 0.07% respectively; those of ChiNext index - enhanced funds were - 0.29% and - 0.13% respectively; and those of STAR Market - ChiNext 50 index - enhanced funds were - 0.22% and - 0.05% respectively [24]. - The average and median absolute returns of neutral hedge funds were 0.10% and 0.17% respectively; those of quantitative long - only funds were 2.07% and 2.05% respectively [25]. 3.4 This Week's Bond Fund Selections - The report comprehensively screened the medium - and long - term bond - type fund pool and short - term bond - type fund pool based on indicators such as fund size, return - risk indicators, the latest fund size, Wind Fund secondary classification, three - year rolling return, and three - year maximum drawdown [41]. 3.5 This Week's Fund High - Frequency Position Detection - Active equity funds significantly increased their positions in the electronics (0.41%) and computer (0.27%) industries this week; they significantly reduced their positions in the power equipment and new energy (0.23%), basic chemicals (0.11%), and agriculture, forestry, animal husbandry, and fishery (0.10%) industries. From a one - month perspective, the positions in the electronics (1.77%) and computer (1.06%) industries increased significantly, while the positions in the food and beverage (0.55%) and power equipment and new energy (0.62%) industries decreased significantly [3]. 3.6 This Week's US Dollar Bond Fund Weekly Tracking - Not provided in the content