国金证券：本轮行情由散户情绪升温与外资回流主导，险资提供长期支撑

Core Viewpoint - The A-share market in July is experiencing a bottom-up bull market atmosphere driven by improved liquidity and positive policy expectations, with retail investors being the core driving force [1] Market Dynamics - The market's enthusiasm is a result of positive changes in the external environment [1] - Market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital [1] - Retail investors are identified as the main driving force behind the current market trend [1] Capital Flow - Foreign capital is showing signs of spontaneous recovery [1] - Institutional capital flows are exhibiting divergence [1] - The support from state-owned funds in stabilizing the market has weakened [1] Long-term Support - Insurance capital is providing long-term support to the market [1]