中信建投（601066）研报称，上周债券市场调整后趋于稳定。随着中央政治局会议的召开及中美斯德哥 尔摩举行经贸会谈的结束，短期市场影响因素暂时落地。考虑到财政部对国债、地方债等券种恢复征收 增值税，新老债券划断效应或在下周显现，短期内以老券为主的二级市场或有适度走强。点位方面，信 用利差冲高回落，当前AAA中短票利差修复至22BP一线，位于中期低位。这一位置体现了最近数月20 —30BP的利差波动区间的相对稳定性。从机构行为来看，银行继续保持抛售态势，而保险、理财等负 债稳定机构的买入力量在增加。配置盘力量的增强或使债市振幅逐渐减少。综合来看，短期债市有一定 走强倾向，可关注后续增量消息带来的新方向。 ...

人民财讯8月4日电，中信建投（601066）认为，AI将强势带动全球用电需求增长。预计到2030年，全 球数据中心的电力消耗将增加一倍以上。近期，海外大厂纷纷上调资本开支预期，持续保持AI领域高 投入。需求快速增长，而输配电设备供应总体紧张。中国电力设备制造商迎来发展契机，2022年以来， 中国一次设备出口持续高景气。2025年1—6月电力变压器出口同比增速约40%以上，延续高增趋势。预 计海外大厂AIDC相关资本开支持续高投入，国内头部配套电气设备制造商将看到相关订单的落地，后 续增量弹性将持续释放。 ...

人民财讯8月4日电，中信建投（601066）研报称，受耗材集采、医疗合规要求提升等政策因素影响，A 股申万医疗器械指数过去4年持续下跌，2025年初至今指数有所反弹。随着政策缓和、集采出清、企业 战略转型和国际业务拓展，多家公司业绩和估值将迎来修复，预计2025年下半年和2026年多家公司迎来 高增长，部分低估值个股迎来长线投资机会。未来医疗器械板块中越来越多的投资机会来自国际化，多 家企业2025年国际业务有望实现高增长、业务收入占比持续提升，国际业务长期空间大的公司也有望迎 来估值重塑。中信建投在此前发布的港股医疗器械深度报告中对港股医疗器械行情进行了复盘，今年以 来港股医疗器械涨幅表现较好，亦有望对A股产生映射，预计A股和港股医疗器械板块的投资机会均将 持续凸显。 ...

智通财经APP获悉，中信建投发布研报称，受耗材集采、医疗合规要求提升等政策因素影响，A股申万 医疗器械指数过去4年持续下跌，25年初至今指数有所反弹。随着政策缓和、集采出清、企业战略转型 和国际业务拓展，多家公司业绩和估值将迎来修复，预计25年下半年和26年多家公司迎来高增长，部分 低估值个股迎来长线投资机会。未来医疗器械板块中越来越多的投资机会来自国际化，多家企业25年国 际业务有望实现高增长、业务收入占比持续提升，国际业务长期空间大的公司也有望迎来估值重塑。今 年以来港股医疗器械涨幅表现较好，亦有望对A股产生映射，预计A股和港股医疗器械板块的投资机会 均将持续凸显。 中信建投主要观点如下： 25年下半年投资展望：继续寻找新增量及行业整合机会。展望2025年下半年，该行继续看好： 创新主线：全球流动性有望继续改善，对创新类资产的定价较为有利；国家政策鼓励行业创新；同时建 议积极关注前沿技术的发展。创新药及制药企业（双抗及多抗、TCE、核药等）、器械（AI、脑机接口 等）。 出海主线：中国医药产业逐步具备全球竞争力，长期看医药行业有望走出全球性大公司，但投资人也需 对出海带来的挑战有充分预期，这必定是一个长期 ...

Core Viewpoint - The recent adjustment in the A-share market is a result of profit-taking pressure and changes in expectations after a period of continuous gains, with a focus on the impact of domestic and international economic indicators and policies [1][4][44]. Changes in Expectations - **Decrease in Expectations for Incremental Policies and Cyclical Recovery**: The Politburo meeting in July did not announce significant new policies, emphasizing the need for macro policies to continue while being more detailed. The July PMI data showed a larger decline in domestic demand compared to external demand, indicating a slowdown in internal demand [1][9]. - **Increased Uncertainty Regarding the Fed's Rate Cut Schedule**: The Fed's July FOMC meeting maintained the current rate, with Powell expressing concerns about inflation and labor market resilience. Following disappointing non-farm payroll data, market expectations for a rate cut in September surged from 38% to 80% [2][20]. - **Diminished Expectations for Improvement in US-China Relations**: Recent US trade agreements with allies and ongoing tensions, such as the Nvidia H20 incident, have led to a more cautious outlook on US-China economic relations [3][27]. Unchanged Factors - **Global Monetary Easing and Abundant A-share Liquidity**: The environment remains supportive for equity markets, with the Politburo emphasizing the need for liquidity and lower financing costs. The two-margin financing has seen a net inflow of approximately 169 billion yuan from late June to the end of July [2][30]. - **Investor Bull Market Expectations Remain Intact**: Historical data shows that 5-10% pullbacks are normal during bull markets, and current investor sentiment remains high, suggesting a potential return to upward trends after adjustments [2][35]. - **Structural Prosperity in New Sectors**: The Ministry of Industry and Information Technology has outlined key areas for focus, including expanding domestic demand and technological innovation. Positive earnings forecasts are noted in sectors such as non-bank financials, metals, electronics, and agriculture [3][41].

Group 1 - The core viewpoint of the article highlights that the total capital expenditure of the four major North American internet companies is projected to reach $95.8 billion in Q2 2025, representing a year-on-year increase of 64%, indicating a sustained high growth trend [1] - Google and Meta have raised their guidance for the current year, while Amazon indicated that its Q2 capital expenditure could represent the quarterly capital expenditure level for the second half of the year [1] - Microsoft expects its capital expenditure for the next quarter (Q1 FY2026) to exceed $30 billion, corresponding to a year-on-year growth of over 50% [1] Group 2 - 2025 is anticipated to be a significant year for the penetration of liquid cooling in NVIDIA's AI chip market, with a notable increase in single-chip power consumption expected to drive market growth [1] - The adoption of liquid cooling in ASIC cabinet solutions and the introduction of super-node solutions by domestic manufacturers are expected to accelerate the penetration of liquid cooling in both the ASIC market and the domestic market, further expanding market opportunities [1] - The ongoing development of AI continues to drive strong demand for computing power, with a recommendation to focus on the computing power industry chain, including both North American and domestic chains [1]

Group 1: Lithium Battery Sector - The sensitivity to lithium carbonate production suspension information has decreased, while the U.S. policy remains a significant factor; demand is expected to exceed expectations in the second half of the year [1][2] - Companies with stable Q2 performance or potential catalysts in Q3 are recommended [2] Group 2: Power Equipment Sector - AIDC supporting and export sectors are showing improved sentiment; high-pressure equipment is expected to release a large number of orders in H2 [2] - The export growth rate for power transformers from January to June is over 40%, indicating positive impacts from exports, high-pressure equipment, and external networks [2] Group 3: Photovoltaic and Energy Storage - The price of polysilicon is supported by cost factors, and production capacity consolidation is crucial for further profit increases [2] - The OBBB Act's implementation has led to a recovery in U.S. energy storage demand, with annual demand potentially exceeding expectations [2] Group 4: Wind Power Sector - The wind power sector has been relatively weak recently, presenting an opportunity for investment at low levels with low attention [2] - The market is currently underestimating the profit elasticity brought by improvements in wind turbine prices, with a focus on recommending main engines and offshore wind segments [2] Group 5: Hydrogen Energy - The green ammonia produced by the Zero Carbon Hydrogen Ammonia project has completed the world's first ship fuel refueling operation using 100% green electricity at Dalian Port [2] - The domestic industry is beginning to establish production and refueling capabilities for "green alcohol" and "green ammonia," with demand expected to grow [2] Group 6: Robotics Sector - Following the WAIC, the robotics sector has seen some pullback; companies with strong financial strength and overseas factory layouts are recommended for attention [3] - Focus on solution providers with leading progress in automation workstations demo in the second half of the year [3]

人民财讯8月3日电，中信建投（601066）研报称，宏观因子中，全球增长因子上行，中国经济增长因子 继续上行，国内金融条件持续宽松。原油供给因子短期下行。预计2025年8月国内处于普林格六周期的 阶段二，建议配置股票。A股上市公司业绩跟踪体系发现二季报沪深300和中证500指数超预期因子高于 过去五年均值，精选受益于中国经济内生增长的超预期个股。 ...

Group 1 - The macroeconomic factors indicate an upward trend in global growth and continued growth in the Chinese economy, with domestic financial conditions remaining accommodative [1] - Short-term decline in crude oil supply factors is noted [1] - It is expected that by August 2025, the domestic economy will be in the second phase of the Pring's six-cycle, suggesting a recommendation for stock allocation [1] Group 2 - The latest recommendations for the duration timing of the China bond market in the third quarter emphasize a defensive approach with short duration, while the US bond market suggests maintaining an offensive allocation with long duration [1] - The performance tracking system for A-share listed companies indicates that the second quarter reports for the CSI 300 and CSI 500 indices exceeded expectations, with the exceeding factors higher than the average of the past five years [1] - There is a focus on selecting stocks that benefit from the endogenous growth of the Chinese economy, particularly those that have shown unexpected performance [1]

中信建投价值增长A基金成立于2020年12月7日，基金经理张燕，截至2025年6月30日，中信建投价值增 长A规模6.98亿元。 金融界2025年8月3日消息，中信建投价值增长A(970016) 最新净值1.0202元，该基金近一周收益 率-2.80%，近3个月收益率7.75%，今年来收益率4.84%。 该基金股票持仓前十分别为：温氏股份、洁雅股份、百润股份、牧原股份、唐人神、多氟多、天赐材 料、先导智能、风华高科、贝泰妮。前十持仓占比合计48.55%。 ...