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 a combination of liquidity easing and positive policy expectations, with improved sentiment stemming from favorable external conditions [1] Market Dynamics - Market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital, with retail investors being the core driving force [1] - Foreign capital shows signs of spontaneous recovery, while institutional fund flows exhibit divergence [1] - The support from state-owned funds in stabilizing the market has weakened [1] Key Drivers - The current market rally is primarily led by the rising sentiment among retail investors and the return of foreign capital, with insurance funds providing long-term support [1]