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权益ETF系列:景气和题材如何接力?持续进攻,继续关注高景气投资方向
Soochow Securities·2025-07-27 06:05

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Viewpoints - The report emphasizes the importance of high prosperity investment directions and suggests a continuous focus on these areas for sustained offensive strategies [3][20] Summary by Sections A-share Market Overview (July 21-25, 2025) - The top three broad indices were: STAR 50 (up 4.63%), STAR Composite Index (up 3.95%), and STAR 100 (up 3.72%). The bottom three were: Shanghai 50 (up 1.12%), Shenzhen Dividend (up 1.33%), and Shanghai Index (up 1.67%) [12] - The top three style indices were: Mid-cap Value (up 4.29%), Small-cap Value (up 3.85%), and Mid-cap Growth (up 3.55%). The bottom three were: Large-cap Value (down 0.11%), Financial (up 0.36%), and National Value (up 1.32%) [14] - The top three Shenwan first-level industry indices were: Building Materials (up 8.20%), Coal (up 7.98%), and Steel (up 7.67%). The bottom three were: Banking (down 2.87%), Communication (down 0.77%), and Utilities (down 0.27%) [18] A-share Market Outlook (July 28 - August 1, 2025) - The macro model continues to signal holding positions, indicating that any short-term adjustments may be limited in time and space, presenting new opportunities [20] - The technical timing model shows that the Wind All A Index has a risk level of 106.78 and a composite momentum score of 69.78, indicating a strong upward trend and potential for increased volatility and sustained growth [20][24] - The report suggests maintaining positions in the A-share market, focusing on high prosperity trends, and highlights structural market movements, particularly in the STAR 50 and semiconductor sectors [21][23] Fund Allocation Recommendations - The report recommends a balanced ETF allocation strategy, emphasizing the importance of selecting ETFs with a minimum one-year establishment period and a fund size exceeding 100 million [67][68] - The report lists several recommended ETFs, including those focused on steel, non-ferrous metals, robotics, and 5G communications, among others [70]