ETF日报：A股主要股指在技术面上较为强劲，仍需保持牛市思维

Market Overview - A-shares showed overall strength today, with the Shanghai Composite Index rising by 1.04% to 3766.21 points, continuing to set new highs [1] - The Shenzhen Component Index increased by 0.89%, while the ChiNext Index rose by 0.23% and the Sci-Tech Innovation Index climbed by 1.84% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 240.82 billion yuan, a decrease of 19.23 billion yuan from the previous day [1] Sector Performance - Technology-related sectors led the gains, with chips, integrated circuits, and semiconductor equipment all performing well [1] - Conversely, innovative pharmaceuticals and film sectors experienced declines [1] Market Sentiment - The market structure indicates a neutral short-term sentiment, with more than 3600 stocks rising [1] - Small-cap stocks underperformed compared to large-cap stocks, and growth stocks outperformed value stocks, indicating significant differentiation in the dual innovation sectors [1] Future Outlook - The technical outlook for major A-share indices remains strong, suggesting a bullish market mindset, although the extent of the market's rise has exceeded expectations [2] - Recent macroeconomic data and financial figures have not met expectations, with July's new RMB loans showing a negative value for the first time in nearly 20 years, yet this has not hindered the Shanghai Composite Index from reaching new highs [2] - The primary driver of the recent market rise appears to be capital inflow, with significant contributions from speculative funds [2] Bond Market Analysis - The bond market is experiencing a pullback, attributed to institutions actively reducing duration and the stock-bond seesaw effect [4] - Despite the recent strength in the stock market, which reflects economic recovery and a move away from deflation, bond prices are under pressure [4] - There are indications that bonds may still hold value for allocation in the second half of the year, despite potential further pullbacks [4] Automotive Industry Insights - The automotive sector has shown strong performance in the first half of the year, with sales and export figures being robust, particularly in the new energy vehicle segment [10][11] - In July, despite being a traditional off-season, the automotive industry maintained a double-digit growth year-on-year, with exports reaching 575,400 vehicles, a 22.65% increase [11] - The focus on electronic, intelligent, and lightweight vehicles continues to drive development in the automotive sector [12] Policy Impact on Automotive Sector - Recent policies aimed at optimizing the automotive market environment are expected to improve the industry landscape, including regulations on payment terms for small and medium enterprises [14] - Major automotive companies have responded positively to these policies, indicating a broad industry commitment to compliance [14] - The automotive ETF has shown strong performance, suggesting potential for further gains in the context of these policy changes [15]