Group 1 - The core viewpoint is that market trends dictate the behavior of dominant funds, which in turn influences the structure and model of rising industries, with a historical tendency for concentrated leading industries rather than high-cut low-rotation [2] - Recent market performance has shown a gradual focus on trend-based sectors such as AI, innovative pharmaceuticals, resources, and technology innovation board [2] - The market is expected to experience a cooling period as incremental liquidity slows down, which is necessary for stable long-term growth [2] Group 2 - In July, market risk appetite continued to recover, but high-dividend sectors were dragged down by banks, leading to a mixed performance within major indices [3] - Some stable and potential high-dividend stocks have become attractive due to their current yield, indicating a gradual emergence of configuration value [3] - The focus for August is on cyclical high-dividend stocks that are expected to perform well due to improved supply-demand structures [3] Group 3 - The market is currently undergoing a short-term adjustment after a previous breakout, with a need to refocus on main lines as the market stabilizes [4] - The adjustment phase is expected to digest economic growth rate expectations and policy shifts aimed at structural adjustments [4] Group 4 - The market is anticipated to return to a volatile state in August, with potential upward movements before the September 3 military parade [5] - Key sectors to watch include AI, robotics, and advanced manufacturing, which are expected to lead the market back to a strong mid-term position [5] Group 5 - The core logic supporting the current market trend remains intact despite recent fluctuations, with several potential catalysts on the horizon [6] - Upcoming events such as the release of GPT-5 and the September 3 military parade are expected to positively influence market sentiment [6] Group 6 - The overall bullish logic driven by liquidity remains unbroken, with expectations for the market to maintain strength in August [7] - The recommended sector focus includes undervalued large-cap tech growth, innovative pharmaceuticals, and global pricing resources [7] Group 7 - The market is expected to exhibit a rotation and supplementary rise, with particular attention on machinery and electrical equipment sectors [8] - Long-term focus areas include consumption, technological independence, and high-quality dividend stocks [8] Group 8 - The likelihood of A-shares reaching new highs in August is considered high, with a potential upward trend resuming after mid-August [9][10] - The market is expected to benefit from improved free cash flow and continued inflow of external capital [10] Group 9 - The market is currently in a phase of adjustment but remains on an upward trend, with support from various technical indicators [13] - Recommended sector allocation includes a balanced approach focusing on financials and technology growth sectors [13]

Core Viewpoint - The market is expected to enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels anticipated for the second half of 2024 [1] Industry Focus - The report highlights several industries that are expected to perform well in the upcoming market environment, including home appliances, non-bank financials, electric power, and equipment [1]

Group 1 - The market is entering a period of fluctuation, focusing on sectors with defined industrial trends and less external disturbance [1] - In August, the market is expected to maintain a high-level fluctuation, with attention on structural allocation opportunities [1][2] - The current market rally is driven by liquidity and market expectations, with the Shanghai Composite Index reaching new highs [2] Group 2 - The market is likely transitioning from a "turning point" trading phase to a "space" trading phase, indicating a gradual shift in market dynamics [2] - There is a focus on low-position technology sectors, with cyclical stocks being key to the index's strength [2] - China’s assets remain attractive, with expectations for a market style leaning towards cyclical sectors in August [3]

智通财经APP获悉，光大证券发布研究报告称，苹果(AAPL.US)于美东时间7月31日盘后发布FY3Q25 (CY2Q25)业绩。营收方面，当季营收940.4亿美元(yoy+10%)，高于彭博一致预期893.0亿美元 (yoy+4%)，同样超出苹果此前营收增速为同比中低个位数的指引，主要受益于iPhone、Mac及服务业务 表现超预期，苹果实现自FY1Q22以来最强劲的季度营收增长。但相比于稳健的基本面，该机构认为市 场更期待苹果在AI方面有更多进展，这也是推动苹果股价能否突破新高的核心。后续仍需持续警惕关 税压力仍存、谷歌反垄断案的裁决风险。 光大证券主要观点如下： 事件：FY3Q25苹果营收与利润均超预期，关税负面影响优于预期。苹果于美东时间7月31日盘后发布 FY3Q25 (CY2Q25)业绩。营收方面，当季营收940.4亿美元(yoy+10%)，高于彭博一致预期893.0亿美元 (yoy+4%)，同样超出苹果此前营收增速为同比中低个位数的指引，主要受益于iPhone、Mac及服务业务 表现超预期，苹果实现自FY1Q22以来最强劲的季度营收增长。业绩方面，当季毛利率达46.5%，位于 此前45.5%-4 ...

Core Viewpoint - The U.S. non-farm employment data shows a significant decline, with July's job additions at 73,000, down from an expected 110,000, indicating a weakening labor market and increasing likelihood of the Federal Reserve restarting interest rate cuts in the second half of the year [1][2][6]. Employment Data Summary - The U.S. Labor Department reported that July's non-farm employment increased by 73,000, significantly lower than the expected 110,000, and the previous value was revised down from 147,000 to 14,000 [2]. - The unemployment rate for July was reported at 4.2%, matching expectations but up from the previous value of 4.1% [2]. - Average hourly earnings increased by 3.9% year-over-year, slightly above the expected 3.8% [2]. Non-Farm Data Revision Analysis - The downward revision of June's non-farm data by 258,000 jobs was primarily due to adjustments in government, leisure and hospitality, and construction sectors, which accounted for 90,000 of the total revision [3]. - The significant revision reflects the impact of tariffs on the U.S. economy, suggesting that the resilience of the economy may have been overestimated [3][6]. Sector Performance - In July, the financial activities sector added 15,000 jobs, education and health services added 79,000 jobs, and retail added 16,000 jobs, indicating stable demand in these service sectors [4]. - The manufacturing sector has seen negative job additions for three consecutive months, indicating a lack of production willingness among companies [4]. Labor Market Dynamics - The labor force participation rate decreased to 62.2% in July from 62.3% in the previous month, with a notable decline in employment willingness among younger demographics [5]. - The number of unemployed individuals increased by 221,000 in July, contributing to the rise in the U3 unemployment rate to 4.2% [5]. - Temporary unemployment increased by 80,000, while permanent unemployment remained unchanged, suggesting a rise in layoffs by companies [5].

高瑞东表示，提振消费需要在供需两端协同发力。本次针对个人消费贷款与服务业经营主体实施贷款贴 息政策，正是供需两端协同发力的具体表现。一方面，对个人消费贷款贴息，有助于减轻居民信贷成 本，提升居民消费意愿和能力；另一方面，服务业经营主体作为消费服务和场景提供者，减轻其融资成 本，能够激发服务业主体扩大生产经营的动力，为提供高质量的消费服务创造条件。 高瑞东认为，扩大服务消费对于当前稳就业稳经济意义重大。服务消费具有本地化、即时性、消费频次 高的特征。从发展阶段来看，当前我国消费结构正从商品消费主导向服务消费主导加速转变，服务消费 发展空间较大，将成为未来扩内需的重要抓手；服务业是我国吸纳就业的主体，扩大服务消费对于稳就 业具有更强的带动作用，从而畅通"就业—收入—消费"的良性循环。 "本次出台针对性支持举措，有助于推动优化和扩大服务消费供给，更好满足居民个性化、多样化、品 质化的服务消费需求。"高瑞东说。 转自：中国证券报·中证网 中证报中证网讯（记者 昝秀丽）光大证券首席经济学家高瑞东在接受中国证券报记者采访时表示，个 人消费贷款贴息政策与服务业经营主体贷款贴息政策，是财政金融联动在扩消费领域的重要体现，有助 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,8 ...

Core Viewpoint - Jiahua Technology (688051.SH) announced a share reduction plan by its shareholder, Qiongqing City Huayun Investment Management Partnership, due to personal funding needs of employees, intending to reduce up to 1,546,680 shares, representing 2% of the total shares [1] Group 1: Share Reduction Plans - Qiongqing City Huayun plans to reduce shares through centralized bidding or block trading, with a maximum of 1,546,680 shares, not exceeding 2% of total shares [1] - The reduction via centralized bidding will occur within three months after the announcement, with a limit of 1% in any consecutive 90 days [1] - The reduction via block trading will also occur within three months after the announcement, with a limit of 2% in any consecutive 90 days [1] Group 2: Financial Performance - Jiahua Technology's revenue from 2021 to 2024 was 4.86 billion, 2.61 billion, 3.22 billion, and 3.00 billion respectively, with net profits of -1.29 billion, -2.88 billion, -2.08 billion, and -1.03 billion [3] - In Q1 2025, the company reported revenue of 55.57 million, a year-on-year decrease of 44.46%, with a net profit of -13.29 million compared to -9.38 million in the same period last year [3] - The operating cash flow for Q1 2025 was -32.37 million, compared to -15.14 million in the previous year [3] Group 3: IPO and Fundraising - Jiahua Technology was listed on the Sci-Tech Innovation Board on March 20, 2020, with an issue price of 50.81 yuan per share, raising a total of 982 million, with a net amount of 864 million [2] - The company initially aimed to raise 500 million for projects related to atmospheric environment AI big data systems and AI research and development [2] - The total issuance costs for the IPO were 118 million, including underwriting and sponsorship fees of 96.34 million [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,906,698,839 | | 0 | | 3,906,698,839 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 3,906,698,839 | | 0 | | 3,906,698,839 ...

Core Viewpoint - The overall profitability of the Hong Kong stock market is relatively strong, and with current valuations still low, long-term allocation remains cost-effective [1] Group 1: Market Performance - The Hang Seng Index has recently surpassed previous highs, indicating potential for continued upward movement in the market [1] - The ongoing domestic policies aimed at stabilizing growth are expected to support the Hong Kong stock market in the future [1] Group 2: Investment Strategy - It is recommended to focus on high dividend and low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking [1] - High dividend strategies can serve as a stable income base for investors [1] Group 3: ETF Information - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which consists of high dividend stocks listed in Hong Kong and accessible via Stock Connect [1] - The index emphasizes companies with stable dividend-paying capabilities and covers multiple sectors, particularly focusing on traditional high dividend areas like finance and real estate [1]