A股动静框架之静态指标：7月，大暑将至

Core Insights - The report indicates that trading sentiment is gradually warming up, with market allocation indicators continuously improving and asset linkage indicators remaining at historical extreme levels [9][10]. - The report highlights that the current configuration value of stocks relative to bonds is still near historical extremes, with the equity risk premium (ERP) around one standard deviation [9][11]. - The report notes that the overall market trading indicators have shown improvement compared to the previous month, suggesting a gradual increase in market trading heat [9][10]. Asset Linkage Indicators - The stock-bond relative yield as of June 2025 is at 1.38% and 0.62% respectively, indicating a high comparative value of stocks over bonds, with historical percentiles at 98.10% and 97.90% [11][19]. - The holding stock-bond yield difference is at 1.18%, which is low historically, suggesting potential upward movement [11][26]. - The ERP is currently at 3.39%, which is near one standard deviation from historical averages, indicating a relatively high risk premium [11][32]. Market Configuration Indicators - The PE ratio for the Wind All A index is at 19.9, with historical percentiles indicating that most broad indices are above 50%, while the ChiNext index is at a low historical percentile of 10% [11][34]. - The valuation dispersion degree has remained stable, with a current value of 0.84, indicating a relatively high level of valuation variation since 2018 [11][40]. Market Trading/Sentiment Indicators - The turnover rate has increased to 1.50%, indicating a rise in trading activity compared to the previous month, with a historical percentile of 72.60% [11][46]. - The maximum daily trading volume as a percentage of previous highs has risen to 47%, suggesting improved market trading sentiment [11][51]. - The proportion of stocks above the 50-week moving average has increased to 79.87%, indicating a positive trend in individual stocks [11][73]. Investor Behavior - The scale of stock buybacks has decreased to 12.612 billion, indicating a reduction in repurchase activity compared to the previous month [11][78]. - The net reduction in industrial capital was 19.475 billion, which has widened compared to the previous month, reflecting a cautious outlook from major shareholders [11][83]. - The funding flow indicator has improved to 0.21, with increases in financing balances and newly established fund shares compared to the previous month [11][84].