浙商证券浙商早知道-20250729

Market Overview - On July 28, the Shanghai Composite Index rose by 0.12%, the CSI 300 increased by 0.21%, the STAR Market 50 gained 0.09%, the CSI 1000 was up by 0.35%, the ChiNext Index climbed by 0.96%, and the Hang Seng Index increased by 0.68% [3][4] - The best-performing sectors on July 28 were defense and military (+1.86%), non-bank financials (+1.51%), pharmaceutical and biological (+1.47%), comprehensive (+1.29%), and communication (+1.24%). The worst-performing sectors were coal (-2.6%), steel (-1.41%), transportation (-1.38%), oil and petrochemicals (-1.02%), and textiles and apparel (-0.93%) [3][4] - The total trading volume for the A-share market on July 28 was 1.7662 trillion yuan, with a net inflow of 9.253 billion Hong Kong dollars from southbound funds [3][4] Key Insights - The report emphasizes a focus on consumption and growth styles, with industry attention on electric equipment, non-ferrous metals, pharmaceuticals, electronics, and brokerage firms [5] - The report suggests that under the current monetary environment, the "dumbbell strategy" remains effective, but the large-cap growth style may attract market attention in the short term [5] - Factors driving this outlook include strong support from hydropower projects and policy catalysts such as "anti-involution" and Hainan's customs closure, which have impacted the previously strong dumbbell strategy [5] - The report recommends increasing focus on mid-to-large-cap growth styles in August, particularly in sectors related to consumption and growth, as well as electric equipment and non-ferrous metals influenced by industry trends in pharmaceuticals (innovative drugs, AI healthcare) and electronics [5]