Core Viewpoint - The behavior of leading funds in the market is determined by the positioning of the market, which in turn influences the structure and pattern of industries that experience growth. Historically, liquidity-driven markets tend to concentrate on strong sectors rather than rotating between high and low performers [1][2]. Group 1: Market Behavior and Trends - In liquidity-driven markets, once a sector gains consensus, its strong performance tends to persist until the end of the market cycle [2]. - Strong sectors often see their peak performance occur later than mid-tier sectors, indicating a lack of significant high-low rotation [2]. - The excess returns of leading sectors compared to mid-tier and low-tier sectors tend to expand throughout the market cycle [2]. Group 2: Investment Focus and Sector Performance - Current focus remains on sectors such as AI, innovative pharmaceuticals, resources, and the STAR Market [1][6]. - In July, sectors with strong industrial trends, such as innovative pharmaceuticals and rare metals, outperformed, with ETFs recording significant gains: Communication ETF at 20.4%, Innovative Pharmaceutical ETF at 16.9%, and Rare Metals ETF at 15.4% [5]. - Conversely, sectors relying on short-term speculative themes, like coal, saw significant pullbacks, indicating a preference for strong trend sectors over low-positioned ones [5]. Group 3: Liquidity and Market Dynamics - Recent marginal slowdown in incremental liquidity suggests that the market needs to cool down for sustainable growth [6]. - Public mutual funds experienced a net outflow of approximately 25.1 billion in July, following a rare net inflow in June, indicating a shift in investor sentiment [7]. - Despite some outflows, industry and thematic ETFs saw net inflows, driven primarily by individual investors, with significant inflows into cyclical, manufacturing, and technology ETFs [7]. Group 4: Sector-Specific Insights - AI sector faces uncertainty regarding the transition from North American supply chains to domestic ones, with current trends reflecting more on industrial trends than pure valuation [8]. - The innovative pharmaceuticals sector is supported by potential business development expectations, with large pharmaceutical companies still having room for valuation growth compared to previous years [9]. - Resource stocks are currently well-matched in terms of fundamentals and valuations, with price increases reflecting earnings elasticity due to supply constraints and slow demand growth [10]. Group 5: Long-term Investment Considerations - The "15th Five-Year Plan" guidance is anticipated to provide clearer, quantifiable constraints on industry capacity expansion, which could stabilize long-term supply-demand relationships [4]. - The semiconductor sector, particularly the STAR Market, is expected to see a resurgence, especially if optimistic guidance is provided by key players like SMIC [10].

Core Insights - The Invesco Great Wall Hong Kong Stock Connect Global Competitiveness C Fund (012228) has a latest net value of 0.8108 yuan, with a weekly return of -3.14%, a three-month return of 6.14%, and a year-to-date return of 17.87% [1] - The fund was established on August 12, 2021, and managed by Zhou Hanying, with a total scale of 250 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Tencent Holdings, Alibaba-W, Pop Mart, Xiaomi Group-W, Giant Bio, Zijin Mining, NetEase Cloud Music, China Pacific Insurance, SMIC, and SF Holding, accounting for a total of 47.14% of the portfolio [1]

Group 1 - Company Name: Semiconductor Manufacturing International Corporation (SMIC) has filed a patent for a semiconductor structure and its formation method, with publication number CN120413548A, applied on January 2024 [1] - The patent describes a method that includes forming a first part with at least a first metal layer, a dielectric layer, and a first interconnect structure, and a second part with a device structure, a second metal layer, and a second interconnect structure [1] - The bonding of the first and second parts allows for overlapping projection areas of the first and second metal layers, ensuring electrical connection between the first and second interconnect structures [1] Group 2 - SMIC Beijing was established in 2002 with a registered capital of 100 million USD, focusing on manufacturing in the computer, communication, and other electronic device sectors [2] - SMIC Shanghai was founded in 2000 with a registered capital of 244 million USD, also engaged in the same manufacturing sectors [2] - SMIC Beijing has participated in 52 bidding projects and holds 5000 patent records, while SMIC Shanghai has been involved in 127 bidding projects and also holds 5000 patent records [2]

Group 1 - The core viewpoint of the news is that Semiconductor Manufacturing International Corporation (SMIC) has applied for a patent related to semiconductor structures and their formation methods, which aims to enhance the integration of photodetectors [1] - The patent application was filed for a semiconductor structure that includes a first substrate with multiple discrete photosensitive areas and an isolation trench containing a capacitive structure, which improves the optical isolation between adjacent photosensitive areas [1] - The capacitive structure is designed to reduce the size in the vertical direction relative to the first substrate, thereby increasing the integration level of the photodetector [1] Group 2 - SMIC Beijing was established in 2002 with a registered capital of 100 million USD and has participated in 52 bidding projects, holding 5000 patent records [2] - SMIC Shanghai was founded in 2000 with a registered capital of 244 million USD, involved in 127 bidding projects, and also holds 5000 patent records [2] - Both companies are primarily engaged in the manufacturing of computers, communications, and other electronic devices, with SMIC Shanghai having more administrative licenses (451) compared to SMIC Beijing (226) [2]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six industries experiencing gains, led by the pharmaceutical and communication sectors, which rose by 2.95% and 2.54% respectively [1] - The electronic industry also saw a slight increase of 0.28% [1] Fund Flow Analysis - A total of 211.86 billion yuan was net withdrawn from the two markets this week, with only the banking sector seeing a net inflow of 4.33 billion yuan [2] - The non-ferrous metals industry had the largest net outflow, totaling 25.99 billion yuan, followed by the computer industry with a net outflow of 20.45 billion yuan [2] Industry Performance - The banking sector experienced a decline of 0.84% with a net inflow of 4.33 billion yuan, while the real estate sector fell by 3.43% with a net outflow of 4.38 billion yuan [3] - The pharmaceutical and communication sectors were the only industries to post gains, while the coal and non-ferrous metals sectors saw declines of 4.67% and 4.62% respectively [3] Electronic Industry Insights - Within the electronic industry, 465 stocks were tracked, with 198 stocks rising and 266 stocks falling this week [3] - Notable gainers included Dongxin Co., which rose by 53.68%, and Sifang New Materials, which increased by 50.75% [3] - Major losers included Wavelength Optoelectronics, which fell by 10.06%, and Fengcai Technology, which dropped by 8.50% [3] Individual Stock Performance - In the electronic sector, 112 stocks saw net inflows, with 23 stocks receiving over 100 million yuan in net inflows, led by Industrial Fulian with 5.12 billion yuan [4] - Conversely, 66 stocks experienced net outflows exceeding 100 million yuan, with the largest outflow from SMIC at 1.26 billion yuan [4][6] ETF Performance - The Consumption Electronics ETF (code: 159732) tracked the National Certificate Consumption Electronics Theme Index, showing a slight increase of 0.46% over the past five days [8] - The ETF's latest share count was 2.47 billion, a decrease of 23 million shares, with a net inflow of 19.01 million yuan [8]

Group 1 - The core index of the digital economy, the CSI Digital Economy Theme Index, has shown a slight decline of 0.66% recently, closing at 1192.06 points with a trading volume of 79.724 billion yuan [1] - Over the past month, the CSI Digital Economy Theme Index has increased by 2.75%, while it has risen by 2.83% over the last three months and 2.80% year-to-date [1] - The index comprises companies involved in digital economy infrastructure and high digitalization application fields, reflecting the overall performance of listed companies in the digital economy sector [1] Group 2 - The top ten weighted companies in the CSI Digital Economy Theme Index include Dongfang Wealth (10.35%), SMIC (6.26%), Cambricon (5.13%), Northern Huachuang (5.09%), Haiguang Information (4.57%), Huichuan Technology (4.27%), iFlytek (4.01%), Hikvision (3.84%), OmniVision Technologies (3.63%), and Zhongke Shuguang (3.55%) [1] - The market capitalization distribution of the index shows that the Shanghai Stock Exchange accounts for 50.61%, while the Shenzhen Stock Exchange accounts for 49.39% [1] Group 3 - In terms of industry composition, the CSI Digital Economy Theme Index has a significant allocation to information technology at 78.11%, followed by finance at 10.35%, industry at 5.89%, communication services at 3.84%, and consumer discretionary at 1.81% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the digital economy include Pengyang CSI Digital Economy Theme Link A, Pengyang CSI Digital Economy Theme Link C, Huaan CSI Digital Economy Theme Link A, Huaan CSI Digital Economy Theme Link C, Huaan CSI Digital Economy Theme ETF, and Pengyang CSI Digital Economy Theme ETF [2]

Group 1 - Southbound funds recorded a net inflow of HKD 12.207 billion, marking the fourth consecutive day of net inflows exceeding HKD 10 billion [1] - Notable net purchases included the Tracker Fund of Hong Kong (HKD 3.744 billion), China Enterprises Index (HKD 1.72 billion), and Xiaomi Group (HKD 1.099 billion) [1] - Southbound funds have consistently net purchased Tencent for 7 days, totaling HKD 3.5417 billion, and Xiaomi for 6 days, totaling HKD 4.13539 billion [3] Group 2 - Xiaomi Group's chairman Lei Jun announced that the company delivered over 30,000 vehicles in July and plans to open 18 new stores in August, expanding its presence to 352 stores across 97 cities [4] - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of an 800 VDC power architecture in AI data centers, which significantly enhances system efficiency and reliability [4] - Stone Pharmaceutical completed a transaction with Madrigal involving a GLP-1 small molecule drug with an upfront payment of USD 120 million and potential milestone payments of up to USD 1.955 billion [4] Group 3 - The Hong Kong Monetary Authority's stablecoin licensing regime officially took effect on August 1, with expectations of a limited number of initial licenses being issued [5] - BlackRock reduced its stake in Innovent Biologics from 5.19% to 4.69% as the company registered a Phase II clinical trial for IBI363, indicating confidence in its new generation immunotherapy [5] - UBS forecasts a 36% year-on-year revenue growth for Innovent Biologics in the first half of the year, projecting the company to achieve breakeven [5]

据了解，上证中央企业50指数从实际控制人为国务院国资委以及财政部控股的上市公司中，选取过去一 年日均总市值和日均成交金额排名前50名的上市公司证券作为指数样本，以反映最具代表性的央企上市 公司证券的整体表现。该指数以2008年12月31日为基日，以1000.0点为基点。 从指数持仓来看，上证中央企业50指数十大权重分别为：招商银行（11.17%）、长江电力（6.91%）、 中信证券（5.75%）、工商银行（5.38%）、交通银行（4.14%）、农业银行（4.08%）、中芯国际 （3.61%）、京沪高铁（3.22%）、中国神华（2.55%）、中国建筑（2.37%）。 金融界8月1日消息，上证指数下跌0.37%，上证中央企业50指数 (上证央企，000042)下跌0.68%，报 1770.15点，成交额621.15亿元。 数据统计显示，上证中央企业50指数近一个月上涨0.35%，近三个月上涨6.08%，年至今上涨0.17%。 从上证中央企业50指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证中央企业50指数持仓样本的行业来看，金融占比41.95%、工业占比22.52%、公用事业占比 10.53% ...

金十图示：2025年08月01日（周五）中国科技互联网公司市值排名TOP 50一览 | 排名 | | 公司 | 市值(亿美元) | 排名变化 | | --- | --- | --- | --- | --- | | 1 | | 台积电 | 12531.68 | | | 2 | | 腾讯控股 | 6422.38 | | | 3 | 12 | 阿里巴巴 | 2877.45 | | | 4 | | 小米集团-W | 1757.35 | | | 5 | | 拼多多 | 1610.59 | | | 6 | 美团 | 美团-W | 945.76 | | | 7 | 網易 | 网易 | 825.06 | | | 8 | | 中芯国际 | 523.46 | | | --- | --- | --- | --- | --- | | 9 | | 东方财富 | 512.49 | | | 10 | | 京东 | 453.93 | | | II | 8 | 快手-W | 416.74 | | | 12 | | 腾讯音乐 | 325.12 | | | 13 | | 百度 CC | 302.07 | | | 14 | | 理想汽车 | 279 ...

科创创业ETF（588360）业绩比较基准为中证科创创业50指数收益率，管理人为国泰基金管理有限公 司，基金经理为黄岳，成立（2021-06-29）以来回报为-33.50%，近一个月回报为9.17%。 来源：新浪基金∞工作室 8月1日，科创创业ETF（588360）开盘跌0.30%，报0.663元。科创创业ETF（588360）重仓股方面，宁 德时代开盘涨0.07%，中芯国际跌0.34%，迈瑞医疗跌0.09%，海光信息涨0.36%，中际旭创跌2.34%，新 易盛跌2.15%，寒武纪跌1.34%，汇川技术涨0.14%，阳光电源涨0.04%，澜起科技涨0.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...