投资策略专题：汇金：市场的底气

Group 1 - The report highlights that the A-share market has shown strong resilience and signs of risk appetite recovery, achieving upward breakthroughs despite stable macro expectations [2][11][12] - Central Huijin has significantly increased its holdings in major ETFs, with a total investment exceeding 190 billion yuan as of June 30, 2025, indicating a robust structural support for the market [2][4][16] - The report emphasizes the role of long-term capital in establishing a "policy bottom," with Central Huijin acting as a stabilizing force during market volatility [3][16][22] Group 2 - Central Huijin's support for ETFs has shown characteristics of "total increase and structural diffusion," enhancing core allocations while expanding into various styles [4][22][24] - As of June 30, 2025, Central Huijin's holdings in major ETFs reached 1,162.49 billion yuan, a year-on-year increase of over 120%, with the CSI 300 ETF being the core allocation [4][22][23] - The diversification of ETF holdings reflects a shift from concentrated investments to a more balanced approach across different indices and styles, enhancing market liquidity support [22][24][25] Group 3 - The report anticipates continued structural activity in the market, supported by stable macro expectations and ample liquidity, with policy-driven capital reinforcing market confidence [5][25] - Central Huijin's ongoing ETF purchases are seen as a critical factor in stabilizing market sentiment and enhancing risk appetite amid external disturbances [5][25][26] - The report underscores the importance of recognizing the long-term significance of policy support in maintaining confidence in core asset allocations during market adjustments [5][25]