渤海证券研究所晨会纪要（2025.07.24）-20250724

Market Overview - During the week of July 16 to July 22, the A-share market saw all major indices rise, with the ChiNext Index experiencing the highest increase of 3.39%, while the Shanghai 50 Index had the smallest rise of 1.64% [2] - As of July 22, the margin trading balance in the Shanghai and Shenzhen markets reached 1,927.099 billion yuan, an increase of 42.6 billion yuan from the previous week [2] Industry Insights - The electronic, pharmaceutical, and machinery equipment sectors had significant net buying in margin trading, while the food and beverage, retail, and oil and petrochemical sectors saw less net buying [3] - The industries with a higher proportion of margin buying relative to trading volume included non-bank financials, telecommunications, and non-ferrous metals, whereas textiles, light manufacturing, and retail had lower proportions [3] ETF and Stock Performance - As of July 22, the financing balance for ETFs was 97.924 billion yuan, an increase of 4.572 billion yuan from the previous week [3] - The top five ETFs by net buying in margin trading were identified as: - Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF - Guotai Shanghai Stock Exchange 5-Year Government Bond ETF - Haifutong Zhongzhai Short-term Bond ETF - Haifutong Shanghai Stock Exchange Urban Investment Bond ETF - Pengyang Zhongzhai 30-Year Government Bond ETF [3] Individual Stock Highlights - The top five stocks with the highest net buying in margin trading were: - Xinyi Sheng (300502) - Huadian New Energy (600930) - Northern Rare Earth (600111) - Feiliwa (300395) - China National Materials (002080) [4] - The top five stocks with the highest net selling in margin trading were: - Kweichow Moutai (600519) - Sany Heavy Industry (600031) - CATL (300750) - Jinfat Technology (600143) - Small Commodity City (600415) [4]