SINOLINK SECURITIES(SH:600109) 智通财经网·2025-08-04 22:48Trading Activity & Volatility - Market trading activity has slightly decreased but remains at a high point since March of this year, with major index volatility also declining. Sectors such as pharmaceuticals, steel, construction, consumer services, military, and telecommunications have trading activity above the 80th percentile, while most sectors have volatility below the 50th historical percentile [1]. Profit Forecasts - The net profit forecasts for the entire A-share market for 2025 and 2026 have been adjusted downwards. However, sectors including electricity and utilities, non-ferrous metals, pharmaceuticals, real estate, chemicals, coal, and light industry have seen their profit forecasts for 2025 and 2026 raised [4][10]. Northbound Capital Activity - Northbound capital activity has rebounded, with overall net selling of A-shares. Structurally, there has been significant net buying in sectors such as electronics, pharmaceuticals, and telecommunications, while net selling has occurred in food and beverage, agriculture, electricity, and utilities [12]. Margin Trading Activity - Margin trading activity has reached a new high for the year, with significant net buying in pharmaceuticals, electronics, and computers, while net selling has been observed in non-ferrous metals, coal, and non-bank financials [17]. 龙虎榜 Trading Activity - The trading activity on the龙虎榜 has continued to rise, with sectors like construction, steel, food and beverage, light industry, and telecommunications showing a relatively high and increasing proportion of trading volume [19][22]. Active Fund Positions - Active equity funds have seen a rebound in positions, with notable increases in sectors such as telecommunications, military, and steel, while reductions have been made in media, banking, and home appliances [23][35]. ETF Activity - Overall, ETFs have experienced net selling, primarily driven by institutional investors. The main net purchases have been in sectors like non-bank financials, food and beverage, and coal, while net selling has occurred in electronics, pharmaceuticals, and new energy [30][32].