Core Insights - The report emphasizes the importance of asset allocation strategies based on both long-term and short-term perspectives, utilizing historical data to optimize investment portfolios [21][22][23]. Asset Performance Overview - Equity assets showed strong performance, with the CSI 300 Index and Nasdaq 100 Index rising by 3.5% and 2.4% respectively over the past month, while the Indian Sensex 30 Index declined by 2.9% [7][6]. - In the bond market, government bond yields increased, leading to a 0.2% decline in the government bond index, while corporate bond indices remained stable due to narrowing credit spreads [12][11]. - Commodity assets experienced a 3.8% increase in the South China Commodity Index in July, although gold prices fluctuated, ending the month nearly flat [17][16]. Asset Allocation Strategies - The report suggests a debt-oriented asset allocation strategy comprising 10% Asia-Pacific emerging market stocks, 80% corporate bonds, and 10% gold [28]. - A mixed asset allocation strategy is recommended, including 23% Nasdaq 100 Index, 7% CSI 300 Index, 40% corporate bonds, and 30% commodities [28]. Strategy Performance Tracking - From April 2015 to July 2025, the mean-variance model strategy achieved an annualized return of 6.81% with a maximum drawdown of 3.6% and a Sharpe ratio of 2.76 [25]. - The strategy's performance from January 2025 to July 2025 yielded a cumulative return of 1.97%, with a notable return of -0.15% in July due to insufficient bond contributions and declines in the Indian market index [25][27]. Model Utilization - The report employs a mean-variance model for long-term asset allocation, which outperforms constant mix strategies, and integrates the Black-Litterman model to enhance return stability by combining historical and recent performance data [22][23][24].

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The bank wealth management market experienced steady growth in the first half of 2025, with a total scale of 30.67 trillion yuan, representing a year-on-year increase of 7.53%. The scale of wealth management companies reached 27.48 trillion yuan, up 12.98% year-on-year. This growth is attributed to the migration of funds due to low deposit interest rates, indicating potential for continued stable expansion [6][14] - The structure of wealth management products shows that fixed-income products account for 97.20% of the total scale, with a slight decrease of 0.13 percentage points since the beginning of the year. This decline is expected to be related to bond market volatility and improved conditions in the equity market [6][16] - In terms of asset allocation, there has been an increase in cash and deposit assets as well as public funds, while allocations to bonds and interbank certificates of deposit have decreased. Specifically, the allocation ratios for bonds, interbank certificates, and equity assets have decreased by 1.7%, 0.6%, and 0.5% to 41.8%, 13.8%, and 2.4%, respectively [6][20] Wealth Management Product Yield - The yield of cash management wealth management products has continued to decline, with a 7-day annualized yield of 1.44% in July, down 6 basis points from the previous month and 40 basis points from December of the previous year. In comparison, the yield of money market funds was 1.25%, down 9 basis points month-on-month and 31 basis points year-on-year [8][24] - The average annualized yield for short-term pure fixed-income wealth management products was 2.15%, up 0.03 percentage points from the previous month, while the yields for medium-term and long-term products decreased [9][27] - The overall break-even rate for fixed-income + wealth management products increased to approximately 2.4% in July, indicating a rise from the previous month, although the number of deeply discounted products remains low [10][35] Market Performance - Over the past 12 months, the industry has shown a relative return of 13.49% and an absolute return of 25.64%, indicating strong performance compared to the market benchmark [5]

Financial Engineering - The Shanghai Composite Index experienced fluctuations from July 28 to August 1, closing at 3559.95 with a decrease in trading volume compared to the previous week [2] - The Shenzhen Composite Index also saw a decline, with a drop of 1.58% and a closing value of 10991.32, alongside reduced trading volume [2] ETF Performance - The 50ETF opened at 2.917 and closed at 2.876, reflecting a decrease of 0.040 or 1.37%, with a trading volume of 10.865 billion [3] - The Huatai-PineBridge CSI 300 ETF opened at 4.203 and closed at 4.133, down by 0.070 or 1.67%, with a trading volume of 17.173 billion [3] - The Southern CSI 500 ETF opened at 6.365 and closed at 6.287, showing a decrease of 0.078 or 1.23%, with a trading volume of 6.109 billion [3] Options Market - From July 28 to August 1, the average daily trading volume of 50ETF options decreased compared to the previous week, while total open interest increased, with a PCR of 0.84, down 0.14 from the previous week [4] - The Huatai-PineBridge CSI 300 ETF options also saw a decrease in average daily trading volume, with total open interest increasing and a PCR of 0.89, down 0.14 [4] - The Southern CSI 500 ETF options experienced a reduction in average daily trading volume, with total open interest increasing and a PCR of 1.07, up 0.06 [4] Volatility Analysis - Short-term volatility has slightly increased, with monthly volatility trending upwards, while implied volatility has been declining throughout the week [5] - The implied volatility levels for the 50ETF and 300ETF have shown a downward trend, indicating increased market expectations for future volatility [5] Investment Recommendations - The market has shown varying degrees of decline, with all three options benchmarks dropping over 1%, and the PCR ratios indicating a decrease for the 50ETF and 300ETF, while the put option ratio for the 500ETF has risen [6] - Given the current market conditions and the shift in implied volatility curves, a cautious stance is recommended for small-cap growth stocks, while larger blue-chip stocks like the 50ETF and 300ETF may be more favorable [6]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Insights - The Hong Kong Monetary Authority has released regulatory guidelines for stablecoin issuers, with the first license applications due by the end of September 2025 [4][5]. - The market is experiencing high trading volumes, with July IPO financing scale showing a year-on-year increase [7][12]. - The securities sector is expected to attract incremental capital allocation due to active market trading and ongoing performance recovery [8][15]. Summary by Sections Policy Tracking - The Hong Kong Monetary Authority announced the implementation of a stablecoin issuer regulatory framework starting August 1, 2025, with four related documents published [4][10]. - The first batch of stablecoin licenses is anticipated to be approved in August, although the process is currently ongoing [5][10]. - Issuers must have real application scenarios, and only a limited number of licenses will be granted initially [5][10]. Industry Weekly Data Brokerage Business - The average daily stock trading volume in the Shanghai and Shenzhen markets was 17,870 billion yuan, showing a slight decrease of 1.8% week-on-week [7][12]. - New fund issuance in July saw significant increases in stock and mixed funds, with stock funds up 558% year-on-year [7][12]. Investment Banking Business - In July, 33 companies engaged in equity financing, raising a total of 662 billion yuan, with IPOs accounting for 242 billion yuan, marking a 444% year-on-year increase [7][12]. - Cumulatively, the IPO scale from January to July increased by 66.6% year-on-year [7][12]. Investment Recommendations - The report suggests focusing on internet brokerages with strong beta characteristics, such as Zhinan Compass, amid a backdrop of active market trading [8][15].

Investment Rating - The industry rating is "Overweight (Maintain)" [10] Core Viewpoints - Recent refrigerant prices are running at a high level, and in the medium to long term, supply constraints due to quota policies are expected to maintain a tight supply-demand balance for refrigerants, driven by factors such as improved living standards and global warming [8][27] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., Ltd., Dongyue Group, and Yonghe Co., Ltd. as potential investment opportunities [8][27] Industry Overview - From July 28 to August 1, 2025, the basic chemical industry experienced a weekly decline of 1.46%, ranking 11th among all Shenwan first-level industries [6][11] - The top five stocks with the highest weekly gains in the basic chemical industry were: Shangwei New Materials, Songji Co., Ltd., Keta Bio, *ST Yatai, and Tiantie Technology; while the top five stocks with the highest weekly losses were: Poly United, Weike Technology, Gaozheng Min Explosion, Fengmao Co., Ltd., and Yahua Group [6][11] Sub-industry - Fluorine Chemicals - As of August 1, 2025, the price of 97% wet fluorite was 3162 RMB/ton, down 1.2% compared to one month ago and one week ago [12] - The supply of fluorite is tightening due to extreme weather affecting mining operations, while manufacturers are keen to raise prices due to high production costs [12] - The overall demand for refrigerants is expected to remain strong despite a seasonal decline in air conditioning production, supported by high temperatures and supply constraints [14]

Investment Rating - The industry investment rating is "Buy" (maintained) [2] Core Viewpoints - The domestic innovative drug industry is expected to reach an inflection point in 2025, transitioning from capital-driven to profit-driven trends, presenting opportunities for both performance and valuation recovery [5][28] - The basic fundamentals are showing marginal changes that continue to support a recovery in the secondary market, with innovative products being commercialized and leading innovative drug companies entering a profit cycle [6][29] - Continuous release of supportive policies for innovative drugs, including the introduction of the first Class B medical insurance directory, is expected to further expand the market scale [7][30] Summary by Sections Industry Performance - Over the past 12 months, the relative return of the industry compared to the CSI 300 index was 34.1%, with an absolute return of 53.9% [3] Investment Recommendations - The report emphasizes two main investment lines: 1. Pharma companies transitioning to innovation, which have strong performance resilience and are expected to see valuation increases. Recommended companies include Huadong Medicine, Aosaikang, and Health元 [9][30] 2. Biotech companies that are continuously growing and have potential products for overseas registration [9][30] Market Analysis and Outlook - The innovative drug sector is benefiting from significant overseas licensing deals, indicating a strong upward trend in the market. The report highlights the importance of focusing on the commercialization value of research pipelines and the impact of the 2025 national medical insurance directory negotiations [8][30] - The report notes that the innovative drug industry is entering a new profit-driven cycle, with a three-dimensional stock selection framework based on clinical demand, technology platforms, and product strength [7][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly market declined to varying degrees, with all three option underlying assets dropping by over 1%. The changes in the position PCR ratios showed divergence, with the position PCR of 50ETF and 300ETF continuing to fall, while the put contract position ratio of 500ETF increased. Considering the changes in the implied volatility curve structure, with the curve of 500ETF shifting to the left, indicating some cautious sentiment, it is believed that the current market risk preference level has decreased, and a cautious attitude towards small-cap growth stocks is recommended. This is relatively favorable for large-cap blue-chip underlying assets such as 50ETF and 300ETF [5][43]. 3. Summary by Relevant Catalogs 3.1 Periodic and Spot Market Review 3.1.1 Underlying Asset Market - From July 28 to August 1, the Shanghai Composite Index fluctuated during the week, closing at 3559.95, with lower trading volume compared to the previous week. The Shenzhen Component Index fluctuated and declined during the week, with a decline of 1.58% compared to the previous week, closing at 10991.32, and lower trading volume compared to the previous week [2][8]. - 50ETF opened at 2.917 at the beginning of the week and closed at 2.876 at the end of the week, down 0.040 or 1.37% from the previous week, with a trading volume of 10.865 billion yuan. Huatai-PineBridge CSI 300ETF opened at 4.203 at the beginning of the week and closed at 4.133 at the end of the week, down 0.070 or 1.67% from the previous week, with a trading volume of 17.173 billion yuan. Southern CSI 500ETF opened at 6.365 at the beginning of the week and closed at 6.287 at the end of the week, down 0.078 or 1.23% from the previous week, with a trading volume of 6.109 billion yuan [3][8]. 3.1.2 Futures Index Market - From July 28 to August 1, all contracts of the stock index futures IH closed down. Among them, contract IH2508 declined by -1.42%. All contracts of the stock index futures IF closed down. Among them, contract IF2508 declined by -1.93%. All contracts of the stock index futures IC closed down. Among them, contract IC2508 declined by -1.43% [9]. 3.2 Option Market Review 3.2.1 Trading and Position Holding Situation - From July 28 to August 1, the average daily trading volume of 50ETF options decreased compared to the previous week, while the total position increased. The average daily trading volume of 50ETF options for the week was 1,249,242 contracts, a decrease of 123,739 contracts from the previous week's average daily trading volume. The total position was 1,443,444 contracts, an increase of 202,752 contracts from the end of the previous week. The total position PCR was 0.84, a decrease of 0.14 from the end of the previous week [13]. - The average daily trading volume of Huatai-PineBridge CSI 300ETF options decreased compared to the previous week, while the total position increased. The average daily trading volume of Huatai-PineBridge CSI 300ETF options for the week was 1,165,780 contracts, a decrease of 219,482 contracts from the previous week's average daily trading volume. The total position was 1,284,104 contracts, an increase of 107,929 contracts from the end of the previous week. The total position PCR was 0.89, a decrease of 0.14 from the end of the previous week [15]. - The average daily trading volume of Southern CSI 500ETF options decreased compared to the previous week, while the total position increased. The average daily trading volume of Southern CSI 500ETF options for the week was 1,352,948 contracts, a decrease of 102,102 contracts from the previous week's average daily trading volume. The total position was 1,249,009 contracts, an increase of 165,492 contracts from the end of the previous week. The total position PCR was 1.07, an increase of 0.06 from the end of the previous week [19]. 3.2.2 Volatility Situation - **Historical Volatility**: As of August 1, the 5-day historical rolling volatility of 50ETF rose to 13.05%, near the 50th percentile of the five-year historical level. Currently, the 5-day, 10-day, 20-day, and 40-day historical volatilities are 13.05%, 10.97%, 9.09%, and 9.07% respectively [22]. - The 5-day historical rolling volatility of Huatai-PineBridge CSI 300ETF rose to 14.26%, near the 50th percentile of the five-year historical level. Currently, the 5-day, 10-day, 20-day, and 40-day historical volatilities are 14.26%, 12.76%, 10.26%, and 9.74% respectively [25]. - The 5-day historical rolling volatility of Southern CSI 500ETF rose to 12.99%, near the 25th percentile of the five-year historical level. Currently, the 5-day, 10-day, 20-day, and 40-day historical volatilities are 12.99%, 13.83%, 11.63%, and 11.80% respectively [26]. - **Implied Volatility**: On August 1, the implied volatility near the at-the-money level decreased, and the overall implied volatility level declined. For 50ETF and 300ETF, the slopes on both sides of the curve increased, indicating an increased market expectation of future volatility. For 500ETF, the curve shifted to the left, showing some cautious sentiment [29]. - **Comparison of Historical Volatility and Implied Volatility Trends**: In terms of volatility, short-term volatility increased slightly, and monthly volatility followed suit. Implied volatility declined continuously during the week, and the volatility difference narrowed significantly. It is expected that historical volatility will continue to rise in the future, and the volatility difference will further narrow [36]. 3.3 Investment Recommendations - Given the market decline, the divergence in position PCR ratios, and the changes in the implied volatility curve structure, a cautious attitude towards small-cap growth stocks is recommended, and large-cap blue-chip underlying assets such as 50ETF and 300ETF are relatively favored [5][43].

Investment Rating - The report maintains a "Buy" rating for the medical services industry [5][9][73] Core Views - The medical services sector is experiencing a positive trend, with a 2.68% increase in the sub-sector index, indicating a stable recovery despite ongoing pressures from medical insurance cost control [11][22][73] - The introduction of new pricing mechanisms by the National Medical Insurance Administration supports the clinical application of innovative technologies such as brain-computer interfaces, which are expected to enhance patient care and recovery [4][63][72] Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 2.95%, outperforming the CSI 300 index by 4.70 percentage points [11][22] - The medical services sub-sector index closed at 6473.29 points, reflecting a 2.68% increase [22][31] Company Performance - Top-performing companies in the medical services sector include Baicheng Pharmaceutical (+23.5%), Ruizhi Pharmaceutical (+15.7%), and Tigermed (+8.1%) [2][28] - Underperforming companies include Haoyuan Pharmaceutical (-6.5%) and Meidi West (-4.9%) [2][28] Valuation Metrics - The current Price-to-Earnings (PE) ratio for the medical services sector is 38.50X, with a Price-to-Book (PB) ratio of 3.61X [3][31] - The PE ratio has increased by 1.02X from the previous week, while the PB ratio has risen by 0.14X [3][31] Industry Dynamics - The National Medical Insurance Administration has introduced over 100 new pricing items related to innovative medical technologies, facilitating faster clinical application and reimbursement [4][63] - The 2025 version of the Chikungunya fever treatment plan has been released, reflecting ongoing efforts to standardize clinical practices [4][65] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and weight-loss drug supply chains, as well as companies with improving profit margins in third-party testing laboratories and consumer healthcare sectors [9][73]

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Views - The medical consumables sector saw a 1.08% increase last week, with the overall medical sector performing well [6][14] - The current PE (ttm) for the medical consumables sector is 36.1X, with a PB (lf) of 2.62X, indicating a slight increase in valuation metrics [7][20][21] - The upcoming sixth batch of national procurement for high-value medical consumables is set to begin, with a focus on product information maintenance for drug-coated balloons and urological intervention consumables [8][23] Summary by Sections Industry Performance - The medical consumables sector reported a 1.08% increase, while the broader medical sector outperformed the CSI 300 index by 4.7 percentage points [6][14] - The sector's performance over the past 12 months shows a relative return of 3% compared to the CSI 300 [6] Valuation Metrics - The current PE for the medical consumables sector is 36.1X, up 0.4 percentage points from the previous week, with a one-year range of 28.42X to 41.66X [20] - The current PB is 2.62X, with a one-year range of 1.99X to 2.92X [21] Industry Dynamics and Announcements - A notification was issued regarding the centralized maintenance of product information for drug-coated balloons and urological intervention consumables, starting August 1, 2025 [8][23] - The sixth batch of national procurement is expected to include a wide range of products, with ongoing updates to procurement rules anticipated [8][25] Investment Recommendations - The report suggests closely monitoring the performance forecasts of individual stocks within the medical consumables sector, particularly those showing signs of performance recovery [9][26] - Two main investment themes are highlighted: recovery opportunities post-procurement pressure and increased penetration of innovative products [9][27] - Specific companies to watch include those in orthopedic consumables and leading high-value consumables firms with diverse product lines [9][27]

Investment Rating - The industry rating is maintained at "Overweight" [3][10][47] Core Views - The rare earth magnetic materials industry experienced a significant decline of 6.63% last week, underperforming the benchmark by 4.88 percentage points [5][12] - The valuation of the industry (TTM P/E) has decreased by 6 times to 84.89, currently at 94.3% of its historical percentile [5][12] - The prices of rare earth concentrates continue to rise, with significant increases in light rare earth minerals, while praseodymium and neodymium prices are also on an upward trend [6][9][19] - Demand remains stable, with expectations of increased orders in the third quarter, while supply is expected to tighten due to reduced imports and high waste material prices [10][46] Summary by Sections Market Performance - The rare earth magnetic materials industry saw a relative return of 22% over the past month, 37% over three months, and 79% over the past year, with absolute returns of 24%, 45%, and 98% respectively [4] Price Trends - Prices for domestic mixed carbonate rare earth minerals and specific rare earth mines have increased significantly, with increases of 9.68%, 11.11%, and 13.64% for various mines [9][14] - The average price of praseodymium and neodymium oxide rose by 3.31% and 3.55% respectively, indicating a strong market outlook [19] Supply and Demand Dynamics - Supply remains tight due to reduced imports and high prices for waste materials, while demand is expected to increase with the easing of export controls [10][46] - The overall market sentiment is bullish, with expectations for continued price increases in the near future [10][46] Investment Recommendations - The report suggests focusing on upstream rare earth resource companies that may benefit from tightening supply and increased demand due to relaxed export controls [10][48] - Long-term prospects for downstream magnetic material companies are positive, particularly for those with strong customer structures and new growth opportunities [10][48]