宏观策略周报：7月份我国工业保持较快增长，中央层面首次系统部署绿色转型

Key Points - The report highlights the systematic deployment of green transformation by the central government, aiming for significant progress in key areas by 2030 and establishing a green low-carbon circular economy by 2035 [1][4]. - The broad money supply (M2) reached 303.31 trillion yuan at the end of July, with a year-on-year growth of 6.3%, while the narrow money supply (M1) decreased by 6.6% [5][9]. - The total social financing stock was 395.72 trillion yuan at the end of July, showing a year-on-year increase of 8.2%, with RMB loans to the real economy growing by 8.3% [9][11]. - In July, the industrial added value above designated size grew by 5.1% year-on-year, with notable acceleration in equipment manufacturing and high-tech manufacturing sectors [12][15]. Investment Recommendations - Focus on high-dividend sectors such as banking and oil & petrochemicals [24]. - Industries with stable growth prospects include electronics, automotive, machinery, and home appliances, which are expected to benefit from large-scale equipment upgrades and consumer replacement [24]. - New productivity-related sectors such as artificial intelligence and low-altitude economy are recommended for investment [24]. - Long-term investment opportunities in gold are also suggested [24]. Market Overview - The domestic securities market showed mixed performance, with the Shanghai Composite Index increasing by 0.6% and the Shenzhen Component Index decreasing by 0.5% [20][21]. - The banking sector led the industry gains with a 2.7% increase, while the overall market trading volume averaged 5272.31 billion yuan [22][23].