中信建投研报称，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。 ...

每经AI快讯，中信建投研报表示，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。此前对港股 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。 ...

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。 转自：证券时报 ...

Core Viewpoint - The bond market has stabilized after recent adjustments, influenced by the conclusion of the Central Political Bureau meeting and the US-China economic talks in Stockholm [1] Group 1: Market Conditions - The Ministry of Finance's decision to resume VAT collection on government bonds and local bonds may lead to a noticeable effect in the market next week, particularly favoring older bonds [1] - The current AAA medium-short bond credit spread has recovered to around 22 basis points, reflecting a relative stability within the recent 20-30 basis points fluctuation range [1] Group 2: Institutional Behavior - Banks continue to exhibit a selling trend, while the buying power from stable liability institutions such as insurance and wealth management is increasing [1] - The strengthening of the allocation power may lead to reduced volatility in the bond market [1] Group 3: Future Outlook - There is a tendency for the bond market to strengthen in the short term, with attention on new directions that may arise from subsequent incremental news [1]

Core Viewpoint - AI is expected to significantly drive global electricity demand growth, with power consumption in data centers projected to more than double by 2030 [1] Group 1: Industry Trends - Major overseas companies are raising their capital expenditure expectations, maintaining high investments in the AI sector [1] - The demand for electricity transmission and distribution equipment is rapidly increasing, while supply remains generally tight [1] Group 2: Opportunities for Chinese Manufacturers - Chinese power equipment manufacturers are poised for growth, with a sustained high level of exports for primary equipment since 2022 [1] - In the first half of 2025, the export growth rate for power transformers is expected to exceed 40% year-on-year, continuing the trend of high growth [1] - Ongoing high capital expenditures related to AIDC from overseas companies will lead to increased orders for domestic leading electrical equipment manufacturers, with potential for continued incremental growth [1]

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 ...

Group 1 - The recent adjustment in A-shares is attributed to profit-taking pressure and changes in market expectations following a period of continuous gains [1] - The Politburo meeting and PMI data have led to a cooling of expectations regarding incremental policies and pro-cyclical measures [1] - The market's expectations for interest rate cuts have increased due to statements from the Federal Reserve and fluctuations in non-farm payroll data [1] Group 2 - The agreement between the US and its allies has resulted in a decrease in expectations for improvement in US-China relations [1] - Despite these adjustments, the environment of global monetary easing and ample liquidity in A-shares remains unchanged, sustaining bullish market expectations [1] - The current market sentiment has cooled from an overly excited state, suggesting a phase of consolidation that may support a steady bull market for A-shares [1] Group 3 - Short-term focus should be on the timing of a potential weakening of the US dollar index and developments in US-China relations [1] - Key sectors to watch include semiconductors, AI applications, humanoid robots, innovative pharmaceuticals, non-ferrous metals, defense and military industry, transportation, and non-bank financials [1]

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]