中金公司研报表示，混合储能快速发展，大型化趋势确立，长时储能有望在新能源装机规模大或资源禀 赋好的区域率先发展。1）锂电池混合其他长时路线的项目应用陆续出现，多种新型储能技术互补以适 用多元场景诉求；2）受到政策和经济性驱动，长时储能大型化趋势确立；3）新能源装机规模大或资源 禀赋好的区域，我们认为长时储能项目有望率先快速发展。 ...

中金公司研报表示，近期市场对美联储降息的定价大幅提升，美联储内部分歧加剧，既有赞同降息也有 主张观望的声音。美国总统特朗普和财政部长贝森特等人也在向美联储施压，呼吁大幅度降低利率。但 我们认为，现实条件并不支持大幅降息，当前美国面临的最大风险是"类滞胀"，而降息并不能解决这一 矛盾。货币政策仍应以稳定通胀（预期）为核心，而非追求短期增长或屈从于政治压力。因此我们判 断，美联储在降息决策上将保持谨慎，不会大幅宽松。就业放缓与通胀粘性并存，货币政策路径的变数 将大大提升。 ...

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Core Viewpoint - The article discusses the potential for residents' deposits to shift towards the stock market, highlighting signs of this trend emerging since May 2023, driven by various economic factors and changes in investor behavior [2][30]. Group 1: Signs of Deposit Migration - Since May 2023, there have been indications of deposits moving towards the stock market, including an increase in M1 growth from 2.3% in May to 5.6% in July, suggesting a trend of deposit activation [2]. - The growth of fixed-income wealth management products has slowed compared to last year, while equity mutual funds and private securities investment funds have seen a rebound in growth [2]. - Non-bank deposits increased significantly, with a year-on-year increase of 1.4 trillion yuan in July, indicating that deposits may be entering brokerage margin accounts in preparation for market entry [2][9]. Group 2: Capital Market Activity - Since August 2023, the A-share market has seen daily trading volumes exceed 2 trillion yuan, with a notable increase in trading activity and a financing balance surpassing 2 trillion yuan [3]. - The number of new accounts opened on the Shanghai Stock Exchange increased by 26% from May to July, although it remains below the peak levels seen in October 2022 [3]. Group 3: Sources of Deposit Creation - The article estimates that residents have accumulated approximately 5 trillion yuan in "excess savings" from 2022 to 2024, which could potentially be used for investment [14]. - The contribution of fiscal measures to deposit creation has risen from 25% at the end of 2023 to 53% currently, while the contribution from entity credit has decreased from 73% to 41% [14]. - The weakening of financial disintermediation has led to a significant outflow of deposits from fixed-income products back into the banking system, contributing to the recent increase in deposits [15]. Group 4: Motivations for Deposit Migration - Improved risk appetite among residents, driven by government stimulus policies and positive economic expectations, has led to a shift in investment behavior towards the stock market [30]. - The current environment of weak returns from major risk assets like real estate and stocks has prompted funds to flow into higher-yielding investments, with the A-share market showing a 12-month average return of around 20% [30]. - The weakening of the US dollar has facilitated the return of overseas funds to the Chinese stock market, as investors seek better returns domestically [31]. Group 5: Potential for Deposit Migration - The potential for deposits to migrate to the stock market is estimated at around 5-7 trillion yuan, which could exceed the amounts seen during previous market rallies in 2016-2017 and 2020-2021 [42]. - The upcoming maturity of approximately 70 trillion yuan in fixed-term deposits in 2025 may drive residents to seek higher-yielding assets, as the re-pricing of these deposits will result in lower interest rates [40]. - The activation of deposits, driven by a favorable economic environment, could lead to an additional net increase of around 5 trillion yuan in resident demand deposits, which may also flow into the stock market [41].

Core Viewpoint - The wealth management industry is accelerating its transformation from "sell-side sales" to "buy-side advisory" driven by policies aimed at high-quality development in the securities industry, with CICC Wealth achieving a significant milestone of over 100 billion yuan in buy-side advisory assets [1][5]. Group 1: Buy-Side Advisory Strategy - CICC Wealth adheres to a buy-side advisory strategy, introducing a business model that charges management fees based on client asset retention or excess returns [1]. - The company is developing a "50 ecosystem" that integrates asset management and wealth management services comprehensively [1]. - CICC Wealth emphasizes a balanced allocation strategy rooted in China while embracing international opportunities, leveraging over ten years of systematic research to navigate trends such as declining interest rates and market recovery [2]. Group 2: Client-Centric Services - The company has created a "pyramid of advisory services" that includes various levels of support, ensuring clients receive comprehensive guidance and emotional support [2]. - CICC Wealth combines online and offline services to enhance client engagement, making advisory services more accessible [2]. - The focus is on aligning the interests of wealth management institutions with those of investors, promoting a model where both parties benefit from asset growth [3]. Group 3: Long-Term Investment Focus - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a pivotal moment for the industry, emphasizing a return to investor-centric principles [3]. - CICC Wealth aims to transform the relationship between funds and investors from one where funds profit while investors do not, to a mutually beneficial cycle [3]. - The company is committed to selecting long-term partners for fund management, ensuring rigorous evaluation processes to identify those capable of delivering sustainable performance [4]. Group 4: Future Outlook and Industry Collaboration - CICC Wealth's buy-side advisory business is seen as having vast potential, with a call for collaboration among industry peers to meet diverse wealth management needs [5]. - The integration of long-term capital from insurance and pension funds is expected to stabilize market volatility and promote rational investment behaviors [5]. - The company is focused on building an organizational structure that supports a seamless integration of research, investment, and product development to enhance service delivery [6].

Group 1 - The core viewpoint of the article indicates that Futu Holdings has seen a pre-market increase of 1.6% in U.S. stocks, with CICC predicting that its second-quarter performance will exceed expectations [1] Group 2 - CICC's forecast suggests a positive outlook for Futu's financial results, indicating strong performance in the upcoming earnings report [1]

风险提示：市场有风险，投资需谨慎。 中金公司最新股价为38.56元，较前一交易日上涨1.42%。盘中最高触及39.06元，最低下探37.80元，成 交额达20.15亿元。 中金公司是中国领先的投资银行，业务范围涵盖投资银行、股票业务、固定收益、财富管理和投资管理 等领域。公司总市值为1861.39亿元，流通市值1127.32亿元。 近期券商行业分红情况受到市场关注。数据显示，上市券商2024年现金分红总额超过550亿元，创下历 史新高。中金公司此前已发布2024年年度权益分派实施公告。在新"国九条"政策引导下，券商行业分红 频次与总额均有所提升。 资金流向方面，中金公司8月18日主力资金净流出5483.68万元，近五日主力资金净流入1698.92万元。 本文源自：金融界 作者：A股君 ...

股东名称持股数量(股)持股变化(股)占流通股比例变动比例巴克莱银行82.96万新进1.82%新进高盛公司 75.18万新进1.65%新进华泰金融控股(香港)有限公司－中国宏泽基金59.43万新进1.31%新进摩根士丹利 国际57.97万新进1.27%新进瑞银集团54.76万新进1.2%新进中金公司52.61万新进1.16%新进中国国际金融 香港资产管理有限公司－CICCFT10(R)43.21万新进0.95%新进中信证券资产管理(香港)有限公司－客户 资金35.85万新进0.79%新进中国国际金融香港资产管理有限公司－CICCFT8(QFII)35.27万新进0.77%新 进国泰海通35.24万新进0.77%新进 前十大流通股东累计持有532.48万股，累计占流通股比11.7% 。 风险提示：市场有风险，投资需谨慎。本文为AI大模型基于第三方财汇数据库自动发布，任何在本文 出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参 考，不构成个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分 辨或核验，因此本文内容可能出现不准确、不完整、误导性的内容 ...

Core Insights - Liu Zhenggong, an investment advisor from CICC Wealth Securities, achieved the seventh place in the public fund simulation portfolio ranking for July, with a monthly return rate of 11.51% [1][2] Group 1: Investment Strategies and Market Outlook - Liu Zhenggong identified a bullish trend in the Shanghai Composite Index and focused on the Hong Kong stock market's potential, particularly in the innovative pharmaceutical and military sectors [2] - The current market is viewed as a "slow bull" phase with ample liquidity, with short-term focus on sectors like sci-tech, big data, and AI, while mid-to-long-term prospects favor military, robotics, and innovative pharmaceuticals [2] Group 2: Challenges and Transformation in Wealth Management - Investment advisors face challenges due to technological disruption, increased client expectations, and regulatory complexities, necessitating a transformation in their roles and capabilities [3] - The shift from product sales to client-centered service is emphasized, with a focus on providing comprehensive wealth planning and utilizing technology for enhanced service delivery [3] Group 3: Innovations and Service Model of CICC Wealth Securities - CICC Wealth Securities has implemented several key innovations, including a transition from a "sell-side" to a "buy-side" service model, restructuring service processes, and integrating AI for improved service [4] - The company has moved away from commission-based models to a fee structure based on assets under management (AUM), aligning long-term interests with clients [4] - The "China 50" private account product has shown significant success, with over 90% of clients profitable and a high retention rate, indicating strong client satisfaction and engagement [4]

Market Performance - The Shanghai Composite Index reached a new high of 3741.29 points, the highest since August 2015, with a closing increase of 1.18% at 3740.5 points [1][2] - The Shenzhen Component Index and the ChiNext Index both surpassed their previous highs from October 2024, with increases of 2.25% and 3.63% respectively [2] Market Capitalization and Trading Volume - The total market capitalization of A-shares exceeded 110 trillion yuan, reaching 113 trillion yuan, marking a historical high [2] - The trading volume in the market surpassed 1 trillion yuan, with a morning trading volume of 17.221 billion yuan, an increase of 4.114 billion yuan compared to the previous trading day [2] Sector Performance - The film and cinema sector saw significant gains, with companies like Baidu and Huace Film & TV hitting the daily limit [4][5] - The internet finance sector also experienced strong performance, with stocks like Longcheng Securities and Zhinanceng rising sharply [6][7] - Technology stocks rebounded across the board, particularly in the computing industry chain, with significant gains in liquid cooling server stocks and AI-related sectors [8][9] Investment Trends - There is a notable trend of funds migrating from deposits to the stock market, driven by declining deposit rates and increasing financial investment awareness among the private sector [10] - Analysts suggest that the "rain and dew evenly distributed" approach in the market indicates that sectors like finance and technology will continue to perform well [11]