“真金白银”积极入市 资金共振趋势或延续

Group 1 - The core viewpoint is that with the gradual increase in market risk appetite, various funds are actively entering the market, with bank wealth management and public funds expected to become significant marginal forces in the second half of the year [1][2] - As of August 1, the weekly net subscription of stock ETFs in the Shanghai and Shenzhen markets exceeded 60 billion and 50 billion units respectively in the past two weeks, indicating strong inflow of incremental funds [1] - In July, the new issuance scale of equity funds reached 34.7 billion, an 18.8% increase from June's 29.2 billion, with the number of new funds increasing by 26 [1] Group 2 - The average position of public actively managed mixed equity funds was approximately 85.99% as of July 25, up 2.05 percentage points from July 18, indicating a significant increase in equity exposure [2] - It is estimated that about 3 trillion yuan of incremental funds will enter the market from various institutions, including insurance, wealth management, public funds, and trusts in 2025 [2] - The current market environment is characterized by a historical extreme in the stock-bond price ratio, driving a shift in asset allocation towards equity assets due to expected return requirements [2] Group 3 - The liquidity easing is expected to provide valuation support for A-shares, with both domestic and international factors contributing to a favorable environment for risk assets [3] - The recent continuous rise in A-shares has led to some profit-taking, but the overall liquidity environment is anticipated to support valuations in the long term [3] - Structural opportunities in A-shares are expected to continue emerging due to the active participation of funds and the market's recovery in profitability [3]