作者：金股通 截至8月13日午间收盘，主力资金流入前20的股票分别为：东方财富（9.82亿元）、杭钢股份（9.42亿 元）、宁德时代（7.60亿元）、药明康德（7.15亿元）、湖南天雁（6.70亿元）、中国长城（6.27亿 元）、新易盛（5.30亿元）、沪电股份（4.71亿元）、长城军工（4.33亿元）、航天科技（4.19亿元）、 中兵红箭（3.99亿元）、豪威集团（3.87亿元）、恒瑞医药（3.70亿元）、飞龙股份（3.61亿元）、中银 证券（3.46亿元）、荣科科技（3.45亿元）、天孚通信（3.36亿元）、东吴证券（3.17亿元）、华泰证券 （3.14亿元）、兄弟科技（3.03亿元）。 本文源自：金融界 ...

Core Viewpoint - The A-share market continues its slow bull trend, with the Shanghai Composite Index surpassing the previous high of 3674.4 points, reaching a peak of 3688.09 points, marking the highest level since December 14, 2021 [1] Group 1: Market Performance - On August 13, the Shanghai Composite Index hit a new high, indicating a strong upward trend in the market [1] - Major brokerage stocks saw significant movements, with Guosheng Financial and Changcheng Securities hitting the daily limit, and Dongwu Securities rising nearly 9% [1] - The Broker ETF (512000) experienced a rapid increase of 2.57% during the trading session, with a half-day trading volume of 1.174 billion yuan, significantly exceeding the previous day's total [1] Group 2: Fund Inflows - Substantial capital has been successfully positioned in the "flagship" market, with over 450 million yuan net subscriptions for the Broker ETF in the past two days and a total of over 680 million yuan in the last ten days [1] - The non-bank financial sector, particularly brokerages, saw a net inflow of over 7.5 billion yuan, making it the second-highest inflow across all sectors [1] - Individual stocks like Dongfang Fortune attracted over 1.1 billion yuan in net inflows, leading the sector [1] Group 3: Analyst Insights - Analysts from Dongwu Securities and Huaxi Securities emphasize that the current market uptrend is supported by improved liquidity and favorable policies, suggesting a gradual formation of a slow bull market [2] - The influx of incremental funds from residents is expected to be a significant driver of the current slow bull market [2] - Western Securities recommends actively positioning in brokerage stocks, citing a favorable environment of loose liquidity and proactive policies [2] Group 4: ETF Overview - The Broker ETF (512000) passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [2] - The ETF serves as an efficient investment tool, balancing investments in leading brokerages while also considering the high growth potential of smaller firms [2]

Group 1: Overall Situation of Fund Advisory Combinations - As of the end of July 2025, there are a total of 450 fund advisory combinations available on the Tian Tian Fund APP, an increase of 4 from the previous month [2][8] - The distribution of fund advisory combinations includes 399 stock-bond central combinations, 32 track-type combinations, and 19 regional combinations, with stock-bond central combinations being the most prevalent [2][8] - The newly added combinations include one aggressive and one balanced stock-bond central combination, along with two conservative combinations [2][8] Group 2: Performance Tracking of Advisory Combinations - Over the past year, the median return of aggressive stock-bond central combinations outperformed similar FOF products, while balanced and conservative combinations underperformed [14][17] - In July, all track-type combinations showed positive median returns, with military, smart manufacturing, pharmaceuticals, new energy, consumption, dividends, and central state-owned enterprise combinations outperforming their benchmarks [22][23] - The median return of regional strategy combinations, including Hong Kong and overseas strategies, also outperformed their benchmarks in July [22][23] Group 3: Changes in Fund Holdings - The conservative advisory combinations reduced their bond fund holdings while increasing their allocation to QDII funds, with QDII fund average positions rising by 0.48% [32][35] - Balanced advisory combinations decreased their index fund holdings and increased their stock fund allocations, with stock fund average positions increasing by 0.33% [32][35] - Aggressive advisory combinations reduced their mixed fund holdings and increased their index fund allocations, with index fund average positions rising by 0.42% [32][35] Group 4: Tracking of Individual Fund Holdings - The most favored active equity funds by advisory combinations include those managed by value style managers, quantitative strategy managers, and technology theme managers [41] - The top actively increased funds include quantitative strategies and technology themes, with significant increases in holdings for funds managed by Ma Fang, Yi Wei, and Sun Meng [41] - The most favored QDII funds include those targeting global growth industries, particularly the E Fund Global Growth Select [41]

综合指数增强型发起式证券投资基金新增销售 机构的公告 根据上银基金管理有限公司（以下简称"本公司"）与华泰证券股份有限公司、国泰海通证券股份有限公 司签署的销售协议和相关业务准备情况，自2025年8月13日起，上述机构将开始销售本公司旗下部分基 金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 上银基金管理有限公司关于上银上证科创板 客户服务电话：95553/95521 3、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了 ...

华泰证券：维持联储9月首次降息、年内2次降息的判断 华泰证券表示，美国7月通胀数据显示关税对通胀的传导较为温和，对联储降息的制约下降，维持联储9 月首次降息、年内2次降息的判断。根据Cavallo等（2025）研究显示，关税宣布后10-15周（3-4个月） 商品价格上涨达到最大，关税的传导较为迅速，但是由于企业感知的需求偏弱，企业仅将50-60%关税 压力传导给消费者，避免了通胀的更大幅度上行。往前看，由于8月美国对外关税有一定程度上升，预 计关税仍可能继续温和推高核心通胀，但企业需求偏弱以及就业市场走弱对通胀的上行幅度构成制约， 而需求放缓以及驱逐非法移民加速意味着三季度就业市场仍面临压力，因此维持9月首次降息、年内降 息2次的判断。 中信建投：国产机器人百花齐放 继续看好板块整体行情 机构观点 凤凰网财经讯 8月13日，A股三大指数开盘集体上涨，沪指涨0.07%，深成指涨0.17%，创业板指涨 0.33%。零售、酒店餐饮等板块涨幅居前。 中信证券认为，8月中下旬港股中报将密集披露，虽预计25H1的盈利增速同比放缓，但商贸零售、教 育、多元金融和游戏的盈利增速预期继续上行。7月底以来，A/H溢价略有扩张，但 ...

Market Overview - The market experienced a rebound with the Shanghai Composite Index recording a seven-day rise, and all three major indices reached new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, an increase of 54.5 billion yuan compared to the previous trading day [1] Economic Outlook - Huatai Securities maintains its prediction for the Federal Reserve to initiate its first interest rate cut in September, with a total of two cuts expected within the year. The recent inflation data indicates that tariffs have a mild impact on inflation, reducing constraints on the Fed's rate cut decisions [2] Robotics Industry - CITIC Jiantou highlights the flourishing domestic robotics sector, supported by various local government policies and subsidies. The industry is witnessing advancements in components such as dexterous hands and joint modules, which are expected to accelerate the iteration of embodied intelligent robots [3] Investment Opportunities - CITIC Securities emphasizes the importance of the upcoming mid-year report season for Hong Kong stocks, predicting a slowdown in profit growth for the first half of 2025. However, sectors like retail, education, diversified finance, and gaming are expected to see upward revisions in profit growth [4]

人民财讯8月13日电，华泰证券指出，美国7月通胀数据显示关税对通胀的传导较为温和，根据Cavallo 等研究显示，关税宣布后10—15周（3—4个月）商品价格上涨达到最大，关税的传导较为迅速，但是由 于企业感知的需求偏弱，企业仅将50—60%关税压力传导给消费者，避免了通胀的更大幅度上行。往前 看，由于8月美国对外关税有一定程度上升，预计关税仍可能继续温和推高核心通胀，但企业需求偏弱 以及就业市场走弱对通胀的上行幅度构成制约，而需求放缓以及驱逐非法移民加速意味着三季度就业市 场仍面临压力，因此维持美联储9月首次降息、年内降息2次的判断。 （原标题：华泰证券：维持美联储9月首次降息、年内降息2次的判断） ...

Group 1 - The core viewpoint is that the economic focus on expanding domestic demand and promoting high-quality development will remain unchanged through 2025, leading to sustained growth in electricity demand [1] - The record high temperatures since June have resulted in continuous breakthroughs in peak electricity load, indicating strong resilience in electricity demand growth [1] - The expectation for electricity demand growth to outpace GDP growth in 2025 is supported by new productive forces, secondary industry exports, and residential consumption [1] Group 2 - The growth in electricity demand is expected to drive investment in power equipment and power generation industries [1] - The investment in power equipment is anticipated to resonate with the demand for primary network infrastructure and base-load supportive power generation [1]

华泰证券指出，考虑到2025年扩大内需和推动高质量发展的经济工作主线不变，叠加6月以来历史级高 温带动最高用电负荷峰值持续突破，对2025年电力需求在新质生产力、二产出口、居民拉动下增速继续 跑赢GDP增速的全年预期不变，继续看好电力需求增长韧性下的电力设备和电源装备产业趋势。电力需 求增长拉动电力设备主配网投资共振，以及基荷支撑性电源需求。 ...

Group 1 - The core viewpoint of the report indicates that the transmission of tariffs to inflation in the U.S. is relatively mild, which reduces the constraints on the Federal Reserve's interest rate cuts [1] - The report maintains the prediction of the Federal Reserve's first interest rate cut in September and two cuts within the year [1] - Research by Cavallo et al. (2025) shows that after the announcement of tariffs, the maximum increase in commodity prices occurs within 10-15 weeks, indicating a rapid transmission of tariffs [1] Group 2 - Despite the rapid transmission of tariffs, companies are only passing on 50-60% of the tariff pressure to consumers due to weak perceived demand, which prevents a larger increase in inflation [1] - Looking ahead, the report anticipates that the rise in tariffs in August may continue to moderately push up core inflation, but weak corporate demand and a weakening job market will limit the extent of inflation increases [1] - The report highlights that demand slowdown and accelerated deportation of illegal immigrants indicate that the job market will continue to face pressure in the third quarter [1]