Core Viewpoint - The recent strength in the A-share market is attributed to several factors, including clear domestic policies aimed at economic growth, overseas liquidity easing, better-than-expected foreign trade data, and positive developments in the domestic chip sector [1][2]. Market Performance - The Shanghai Composite Index has been steadily rising, with trading volume remaining active, surpassing 3 trillion yuan on August 25 [2]. - Active equity funds have shown significant recovery, with an average return exceeding 43% over the past year, and over a hundred funds doubling their net value [2]. - Specific funds, such as the CITIC Construction Investment North Exchange Selected Fund, reported a remarkable return of 267.53% in the past year [2]. Economic Factors - Domestic policies promoting growth and the "anti-involution" strategy are expected to improve economic fundamentals [2]. - The easing of overseas liquidity, particularly with the anticipated interest rate cuts by the Federal Reserve, has increased market risk appetite and attracted both institutional and individual investors [2][3]. - Recent foreign trade data has exceeded market expectations, further boosting market sentiment [2]. Sector Insights - The technology sector has been a significant driver of the market's strength, benefiting from improved valuations and positive catalysts [3]. - The North American computing chain has generated excess returns, supported by ongoing high growth in capital expenditure from leading cloud companies [3]. - The upcoming release of new domestic computing chips is expected to enhance the synergy between large models and chips, accelerating the development of the domestic computing ecosystem [3]. Fund Flow and Investment Trends - There has been a notable increase in fund inflows, with personal and institutional investors contributing to a positive cycle in the market [3]. - The average equity fund position is relatively high, with ordinary equity funds at approximately 90.79% and mixed equity funds at about 88.86% [6]. - The issuance of equity funds has surged, with 69 new equity funds currently in the market, indicating strong investor interest [4][5]. Future Outlook - The market is expected to maintain a positive trajectory, supported by improved corporate earnings and a favorable investment environment [5]. - Fund managers are focusing on balanced strategies, emphasizing quality companies and sectors benefiting from national development strategies [6][7]. - The innovation-driven pharmaceutical sector is also gaining attention, with increased activity in overseas licensing deals indicating a significant enhancement in domestic companies' R&D capabilities [7].
当下时点 公募怎么看？
Shang Hai Zheng Quan Bao·2025-08-26 00:52