Market Performance - A-shares experienced fluctuations, with the Shanghai Composite Index rising by 0.12% to 3597.94 points, the Shenzhen Component increasing by 0.44%, and the ChiNext Index up by 0.96%[1] - The Hong Kong Hang Seng Index rose by 0.68% to 25562.13 points, while the Hang Seng Tech Index fell by 0.24%[1] Economic Developments - The U.S.-China trade talks focused on extending the tariff truce and issues like fentanyl, with reports indicating the U.S. has frozen technology export restrictions to China[1] - China announced a nationwide childcare subsidy program, providing 3600 yuan (approximately $502) per child per year for families with children under three years old, expected to benefit over 20 million families annually[1][12] Industry Insights - The pharmaceutical sector saw significant gains, particularly in innovative drugs, contributing to market momentum[1] - China’s budget deficit reached a record high in the first half of the year, with increased fiscal spending aimed at mitigating the impact of tariffs[12]

截至2025年7月29日 09:56，中证A500指数下跌0.28%。成分股方面涨跌互现，江特电机领涨7.24%，中际旭创上涨7.08%，上海电气上涨6.62%；扬农化工领 跌，中公教育、上海家化跟跌。A500ETF嘉实(159351)下修调整。 截至7月28日，A500ETF嘉实近6月净值上涨10.70%。从收益能力看，截至2025年7月28日，A500ETF嘉实自成立以来，最高单月回报为3.55%，最长连涨月 数为2个月，最长连涨涨幅为5.33%。截至2025年7月28日，A500ETF嘉实近3个月超越基准年化收益为8.49%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -0.18% | 3.87% | | 300750 | 宁德时代 | 0.82% | 2.89% | | 601318 | 中国平安 | -0.33% | 2.60% | | 600036 | 招商银行 | 0.11% | 2.47% | | 601166 | 兴业银行 | -0.17% | 1.69% | | 600900 | 长江电力 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、兴业恒泰债券型证券投资基金（以下简称"本基金"）的募集已获中国证监会2025年3月14日证监许可 【2025】491号文准予募集注册。中国证监会对本基金募集的注册并不代表其对本基金的投资价值和市 场前景作出实质性判断、或保证，也不表明投资于本基金没有风险。 2、本基金的基金类型是债券型证券投资基金，基金运作方式是契约型开放式，基金存续期限为不定 期。 3、本基金的基金管理人和登记机构为兴业基金管理有限公司（以下简称"本公司"、"兴业基金"），基 金托管人为招商银行股份有限公司。 4、本基金募集对象包括符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年8月4日至2025年8月22日通过基金管理人指定的销售机构公开发售。本基金的募集期 限不超过3个月，自基金份额开始发售之日起计算。基金管理人根据认购的情况可适当调整募集时间， 并及时公告，但最长不超过法定募集期限。 6、本基金通过兴业基金管理有限公司直销机构及其他销售机构进行公开发售，基金管 ...

Core Viewpoint - The recent surge in insurance capital's significant stake acquisitions in the secondary market reflects a shift towards long-term value investment strategies, driven by declining interest rates, regulatory encouragement, and asset-liability management needs [1][2]. Group 1: Insurance Capital Activity - As of July 28, 2025, insurance companies have completed 21 stake acquisitions, surpassing the total for 2024 and setting a five-year record, with major players including Ping An Life, China Post Insurance, and New China Life [1]. - Ping An Life and its affiliated asset management companies have been the primary force behind these acquisitions, triggering seven stake purchases, including three for China Merchants Bank H-shares, increasing their holding from 5% to 15% [1]. Group 2: Investment Rationale - The frequent buying of state-owned bank H-shares by insurance capital is a strategic decision based on factors such as dividend yield, tax advantages, market liquidity, regulatory requirements, and counter-cyclical attributes [2]. - Stake acquisitions allow insurance companies to optimize financial statements and mitigate the impact of market volatility by accounting for investment income using the equity method [2]. Group 3: Asset Allocation Trends - As of Q1 2025, the proportion of stocks and funds in domestic insurance capital reached a historical high of 13.3%, indicating a strong desire among insurance companies to increase equity investments due to declining yields in bonds and non-standard assets [3]. - New China Life has shown a strong commitment to increasing its equity asset ratio, which reached nearly 20% in 2024, with a further increase of 2 percentage points in the first half of 2025 [3]. Group 4: Regulatory Support - The regulatory framework is encouraging long-term equity investments by insurance capital, with a recent notice from the Ministry of Finance introducing a five-year cycle indicator for assessing the performance of insurance funds [4]. - The new assessment method adjusts the evaluation of net asset return rates and capital preservation rates to include annual, three-year, and five-year indicators, promoting stability and sustainability in long-term investments [4].

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - Anti - involution policies affect commodity prices, shock the market's inflation expectations, and cause a significant adjustment in the bond market. Credit bond yields rise with interest rates, and most credit spreads widen, with secondary and perpetual (二永) bonds showing large fluctuations and high spread increases. Fund companies with the most unstable liability ends sell significantly, while insurance companies increase their buying efforts, and bank wealth management remains relatively stable. The trading enthusiasm for medium - and long - term bonds such as urban investment bonds, industrial bonds, and 二永 bonds remains high [2]. - It is too early to worry about negative feedback, with a very low probability. Market learning has improved the ability to respond, and there has been no change in macro - expectations. Moreover, bank wealth management's increasing consideration of liquidity in its configuration can prevent negative feedback [3]. - The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments but do not support continuous and significant adjustments. Once interest rates stabilize, credit is likely to stabilize. After the market adjustment, it will be more difficult to further compress credit spreads compared to previous lows, and credit spreads are more likely to fluctuate. Investors need to seize phased trading opportunities [4]. - Investors should focus on coupon - bearing assets, and consider both coupon and trading operations for long - term bonds. For trading strategies, medium - and long - term 二永 bonds are recommended; for allocation strategies, sinking investment in urban investment bonds is still recommended. Wait for trading opportunities for ultra - long - term bonds [5]. 3. Summary by Relevant Catalogs 3.1 Market Review: Significant Correction, Noticeable Widening of 二永 Bond Spreads 3.1.1 Market Performance - This week, the credit bond market significantly corrected, and credit spreads widened. The stock market strengthened, and the bond market significantly corrected. Credit bond yields generally rose, especially for medium - and long - term 二永 bonds, which increased by over 10bp, with the 10Y 二永 bond correcting by up to 14.5bp. Most credit spreads widened, with 二永 bonds seeing more significant increases, while spreads of some medium - and long - term notes, enterprise bonds, and urban investment bonds of certain grades slightly narrowed [10]. - From a daily perspective, urban investment bond yields generally rose, with the adjustment amplitude first increasing and then decreasing, reaching a daily correction high on Thursday. From Monday to Tuesday, long - term 二永 bonds led the yield increase, but the overall amplitude was relatively small. From Wednesday to Thursday, the yield increase continued to expand, with long - term 二永 bonds correcting by over 5bp on Thursday and short - term bonds increasing by about 4bp. The long - and short - term yields of urban investment bonds and medium - term notes also increased by 3.5bp - 5bp. On Friday, the market continued to decline, but the amplitude narrowed. Credit spreads showed a divergent trend. Affected by the different adjustment speeds of credit bonds and interest - rate bonds, the spreads of 二永 bonds, known as "interest - rate amplifiers," generally widened, while the spreads of less - liquid urban investment bonds and medium - term notes were still slightly compressed in the early stage and widened on Friday [16]. 3.1.2 Insurance Continues to Allocate, Funds Sell on a Large Scale - Insurance companies' credit bond allocation remains strong. This week, insurance companies continued to be net buyers, with a net buying scale of 12.563 billion yuan, a 38.7% increase from the previous week. The net buying volume of ultra - long - term credit bonds over 5 years was 6.75 billion yuan, with the increase intensity remaining basically the same as last week [18]. - Funds sold credit bonds significantly this week, with a selling scale of 22.578 billion yuan. The net selling volume within 5Y was 12.738 billion yuan, and the net selling volume over 5Y was 7.474 billion yuan [18]. - Bank wealth management scale slightly increased. As of July 20, the bank wealth management scale was 31.02 trillion yuan, an increase of 0.06 trillion yuan from the previous weekend. This week, the net buying scales of wealth management and other product categories for credit bonds were 15.301 billion yuan and 13.078 billion yuan respectively, with month - on - month changes of 15.80% and 39.13% [21][22]. 3.1.3 Transaction Proportion: Decrease in Low - Rating Transaction Proportion - The transaction proportion of urban investment bonds, industrial bonds, and 二永 bonds with a remaining term of over 3 years was 30%, 29%, and 72% respectively, indicating that the transaction proportion of medium - and long - term bonds remained high. For urban investment bonds, the proportion of transactions under 3 years remained basically the same as last week, with the 3 - 5Y transaction proportion decreasing by 2 percentage points and the over - 5Y proportion increasing by 2 percentage points. For industrial bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion decreased by 2 percentage points, and the 3 - 5Y proportion increased by 3 percentage points. For 二永 bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion increased by 2 percentage points, and the 3 - 5Y proportion decreased by 3 percentage points [28]. - The proportion of low - rating transactions of non - financial credit bonds decreased this week. The proportion of transactions of urban investment bonds with a rating of AA(2) and below decreased by 1 percentage point from last week, the proportion of industrial bonds with a rating of AA and below decreased by 1 percentage point month - on - month, and the proportion of 二永 bonds with a rating of AA and below decreased by 3 percentage points from last week [29]. 3.2 Market Outlook: Redemption is Controllable, Seize Trading Opportunities 3.2.1 Redemption is Controllable, Seize Trading Opportunities - Reasons for market adjustment: With the continuous implementation of anti - involution policies, commodity futures prices have risen significantly, affecting the market's inflation expectations. The Nanhua Industrial Products Index, which reflects commodity price trends, has also risen significantly. Historically, this index has a certain forward - looking predictive effect on PPI. By observing the term structure of interest - rate swaps, indicators such as IRS FR007 5 - year - 1 - year and 1 - year - FR007 have quickly turned positive, indicating a change in the market's inflation expectations [31][33]. - Regarding the concern of negative feedback: It is too early to worry about negative feedback, with a very low probability. Market adjustments in September 2024 and March 2025 were more significant than the current one, but no obvious negative feedback occurred. The key lies in the increasing consideration of liquidity in bank wealth management's configuration. Since April this year, the absolute amount and proportion of inter - bank certificate of deposit (NCD) allocation have been at historically high levels, enabling wealth management to handle market fluctuations. As long as bank wealth management remains stable, the key link of market negative feedback can be stopped [38][40]. - Analysis of tight funds: The funding situation tightened on Thursday this week, leading to a higher market adjustment amplitude. The tightening on Thursday may be due to banks' liability - side issues. From the perspective of large banks' deposit - loan spreads, the deposit - loan spreads of large banks generally decline seasonally in July. After the significant reduction of deposit interest rates in May, large banks face the pressure of term - deposit maturity transfer, resulting in relatively large liability pressure. A low deposit - loan spread means reduced stability of funding rates, which are more dependent on the central bank's liquidity injection. Any daily misalignment in the central bank's liquidity injection can significantly impact funding rates [41][42]. - Future trends: The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments, but the current macro - environment does not support continuous and significant interest - rate adjustments. The impact of anti - involution policies on inflation expectations has been fully priced in the short term through the significant rise in commodity prices. For credit bonds, it will be more difficult to further compress credit spreads below previous lows this year. Credit spreads are more likely to fluctuate, and investors need to seize phased small - band opportunities [50][56]. 3.2.2 Science and Technology Innovation Bonds Continue to Contribute Net Financing to the Market - In July, non - financial credit bond financing performed well, with the net financing exceeding the levels of the same month in the previous two years, reaching 347.9 billion yuan. The supply of long - term credit bonds has increased. Recently, the sentiment for extending the duration of credit bonds has been positive. Although the issuance duration in July has decreased month - on - month, there is still room for extending the duration [57][59]. 3.3 What to Buy in Credit? 3.3.1 Focus on High - Grade 二永 Bonds for Trading, Weak - Quality Urban Investment Bonds for Coupon - The price - comparison of short - term 二永 bonds is positive, while that of medium - and long - term 二永 bonds is negative. Considering different investor needs, high - grade trading strategies are recommended to focus on 二永 bonds, and low - grade coupon strategies are recommended to focus on urban investment bonds. This week, the price - comparison advantage of short - term AAA second - tier capital bonds over medium - term notes remained positive, and the price - comparison of long - term AAA second - tier capital bonds with medium - term notes fluctuated around 0. The price - comparison of short - term urban investment bonds with medium - term notes is positive, and the price - comparison of long - term low - grade urban investment bonds has quickly recovered to the historical central level. Urban investment bonds still have a price - comparison advantage over medium - term notes, but the difference is not significant. Considering the bond - selection scope, urban investment bonds are still preferred [62][64]. 3.3.2 General Credit Coupon is More Advantageous - Currently, the proportion of urban investment bonds with a valuation above 2.3% is 19.8%, that of non - financial industrial bonds is 10.8%, and that of 二永 bonds is 6.8%. From the perspective of coupon - based bond selection, general credit offers a wider bond - selection space. For urban investment bonds, investors can consider both coupon and trading operations for the long - term, and can continue to participate in short - term high - coupon varieties. For industrial bonds, investors can focus on important local state - owned real - estate enterprises among real - estate developers, such as Shoukai and Jianfa Real Estate; among non - real - estate entities, focus on China Minsheng Bank, Jizhong Energy, and Bohai Bank [68][72]. 3.3.3 Statistics of Primary Issuance - Relevant data shows the weekly net financing and cumulative net financing of various credit bonds, including urban investment bonds, industrial bonds, 二永 bonds, and other financial bonds from December 30, 2024, to July 27, 2025 [77]. 3.3.4 Details of Secondary Valuation Changes - No detailed information provided in the content

截至2025年7月28日 09:56，中证A500指数上涨0.25%，成分股光迅科技10cm涨停，兴森科技上涨9.29%，胜宏科技上涨8.36%，恒瑞医药上涨6.35%，金发科 技上涨5.98%。A500ETF嘉实(159351)红盘蓄势。 A500ETF嘉实紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本，以反映各行业最具代表性上市公司证 券的整体表现。 数据显示，截至2025年6月30日，中证A500指数前十大权重股分别为贵州茅台、宁德时代、中国平安、招商银行、兴业银行、长江电力、美的集团、紫金矿 业、比亚迪、东方财富，前十大权重股合计占比20.67%。 申万宏源证券指出，目前阶段，时间已经是牛市的朋友，因为时间是基本面改善和增量资金流入的朋友。反内卷显著提升了2026年中游制造供需格局改善的 可见度。远期有困境反转预期的情况下，2025年下半年经济验证承压可能只会带来短期波折。居民全面增配权益的条件仍有欠缺，但赚钱效应已加速累积。 A股全面增量博弈的时间可能提前。 华泰证券表示，当前交易性资金热度仍在、政策窗口期临近下，市场或仍偏强运行，底部升高，高位 ...

Group 1 - The core viewpoint of the reports emphasizes the continued recommendation of the banking sector, highlighting its stability and sustainability post "reciprocal tariffs" [1] - Two main investment themes in the banking sector are identified: regional advantages with strong certainty in city and rural commercial banks, and high dividend stability in large banks and joint-stock banks [1] - In Q2 2025, there was a return to dividend and risk-averse market styles, leading to inflows into the banking sector from various funds [1] Group 2 - Active funds saw an increase in allocation to the banking sector, with a rise of 1.77 percentage points to 5.78%, driven mainly by changes in positions [2] - The top five banks receiving inflows from active funds were 招行 (+0.32%), 江苏 (+0.23%), 杭州 (+0.19%), 兴业 (+0.17%), and 渝农 (+0.11%) [2] - Significant net inflows into banks such as 招行, 杭州, 南京, 兴业, and 民生 were recorded, with amounts of 27.51, 16.79, 12.52, 12.36, and 9.31 million respectively [2] Group 3 - Passive funds experienced an increase in both the market value of bank stocks held and their proportion of the total market value of the banking sector [3] - By the end of Q2 2025, the total market value of bank stocks held by passive funds reached 2283.96 billion, a 25.22% increase from the end of Q1 [3] - Major banks like 兴业 and 招行 saw significant net inflows from passive funds, with inflows of 76.52 and 55.54 million respectively [3] Group 4 - Northbound funds continued to increase their holdings in the banking sector, with a total market value of 2541.68 billion by the end of Q2 2025, reflecting an 11.69% increase from Q1 [3] - The proportion of bank stocks held by northbound funds reached 8.92% of the free float market value, up 0.6 percentage points from the previous quarter [3] - Major inflows from northbound funds were noted for 平安银行 and 中国银行, with inflows of 19.6 and 15.8 million respectively [3]

Core Viewpoint - The financial industry is increasingly focusing on resisting "involution" competition, with institutions like Ping An Bank taking steps to promote self-discipline and strategic adjustments to combat this issue [3][5][10]. Group 1: Company Actions - Ping An Bank held a mid-year meeting to outline its business development plan and promote anti-"involution" competition efforts, with over 2,000 employees required to sign a commitment letter [3]. - In the first quarter, Ping An Bank reported a revenue of 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of 14.096 billion, down 5.6% [3]. - The bank's total assets reached 5.78 trillion at the end of the first quarter, reflecting a slight increase of 0.1% from the end of the previous year [3]. Group 2: Industry Trends - The Guangdong Banking Association has established a "1+3+N" system to combat "involution" competition, which includes a negative list from regulatory bodies and self-discipline agreements [5]. - The call for resisting "involution" is echoed nationwide, with provinces like Fujian and Anhui issuing self-discipline agreements to prevent malicious competition [6]. - The financial sector is facing pressure from low interest rates and low spreads, with banks like China Merchants Bank reporting a revenue decline of 3.09% and a net profit drop of 2.08% in the first quarter [9]. Group 3: Regulatory Environment - Regulatory bodies are actively opposing "involution" competition, with measures including the issuance of negative lists and guidance for industry associations to create self-discipline agreements [5][6]. - The implementation of the "reporting and operation unity" policy in the insurance sector aims to standardize market practices and curb malicious competition, resulting in a 30% reduction in average commission levels [8]. Group 4: Challenges and Perspectives - The banking industry is experiencing a critical point with net interest margins dropping to around 1.43%, leading to concerns about profitability and sustainability [9]. - Some industry professionals argue that the focus on commission rates and fees is merely a superficial response to deeper issues of homogeneity in the market, suggesting that true reform requires addressing these underlying problems [10].

Core Viewpoint - The article highlights the accelerated rebound of A-shares in Q2, emphasizing the critical role of foreign public funds' portfolio adjustments in this context [1] Group 1: Foreign Fund Adjustments - Major foreign public funds such as JPMorgan, BlackRock, and Morgan Stanley have revealed their portfolio adjustments for Q2 2025, indicating a shift in their market expectations [1] - Notably, the significant increase in stock market value for funds like LGM and LGT, with growth rates of 491.66% and over 340% respectively, showcases a more aggressive adjustment strategy compared to traditional players [2] - The focus of these funds has shifted towards "core assets" in the technology sector, with companies like Xinyiseng and Shenghong Technology becoming key targets for investment [2][3] Group 2: Investment Strategies - The current round of foreign investment is characterized by a focus on "industrial hubs" rather than just technology, with companies spanning multiple segments of the hardware supply chain being prioritized [3] - Leading institutions like JPMorgan and Morgan Stanley have adopted a more stable investment approach, maintaining significant positions in high-profit assets while balancing short-term themes with mid-term fundamentals [4][5] - The strategy of Morgan Stanley emphasizes "performance first," focusing on sectors like AI chips and pharmaceuticals, which are expected to deliver consistent profits [5] Group 3: Core Assets and Defensive Positions - Despite a trend of reducing positions in the pharmaceutical sector, Morgan Stanley continues to hold substantial stakes in innovative pharmaceutical companies, indicating a belief in their long-term potential [5][6] - Foreign funds are maintaining or increasing their holdings in core financial and consumer assets such as Kweichow Moutai and China Ping An, which serve as stable anchors in their portfolios [6] Group 4: Localization of Investment Strategies - The article notes a shift in foreign funds from a mechanical strategy of "low valuation + large blue chips" to a more localized approach that adapts to the high volatility and rotation of the Chinese market [7] - Funds like BlackRock are demonstrating a dual-driven strategy of thematic flexibility and fundamental stability, indicating a more nuanced approach to portfolio construction [7][8] - New entrants like Fidelity and Allianz are exploring innovative small-cap technology stocks, reflecting a strategy aimed at identifying future consensus assets [8]

Investment Rating - The report maintains a "Buy" rating for the banking sector [1] Core Insights - The proportion of bank stocks held by active equity funds increased to 4.88% in Q2 2025, marking a 1.13 percentage point increase from the previous quarter, driven by both volume and price increases [2][3] - The banking sector's performance outpaced the broader market, with A-share banks rising by 11.23% in Q2 2025, outperforming the CSI 300 and Wind All A indices by 10.7 and 8.25 percentage points respectively [2] - The report highlights a significant increase in holdings of joint-stock banks and quality regional banks, with notable increases in positions for institutions like China Merchants Bank, Minsheng Bank, and others [2][3] Summary by Sections Fund Holdings - In Q2 2025, the number of bank stocks held by active funds reached 4.88%, the second highest since Q1 2021 [2] - The total number of bank shares held by active funds increased by 6.64 billion shares, reaching 48.17 billion shares [2] - The market capitalization of index funds holding bank stocks rose by 27.7% to 133.385 billion yuan, with an increase of 16.3 billion shares [3] Sector Performance - The active fund's allocation to bank stocks saw a quarter-on-quarter increase, although the sector still has the largest allocation gap among 31 sectors, with a shortfall of 7.8% [3] - The report notes that while state-owned banks saw a slight decrease in allocation, joint-stock and regional banks experienced significant increases due to improved fundamentals and lower valuations [2][3] Investment Recommendations - The report suggests a diversified investment strategy focusing on state-owned banks and stable joint-stock banks, recommending specific banks such as China Merchants Bank and CITIC Bank for their long-term investment value [8] - It emphasizes the importance of banks with high dividend yields and strong asset quality, indicating that these banks still offer absolute returns [8] - The report also highlights the potential for banks with low valuations to improve their return on equity, suggesting a focus on banks like Pudong Development Bank [8] Key Company Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, with recommendations for Ningbo Bank, Jiangsu Bank, and others based on their projected performance [9]