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Market Review - The equity market experienced a collective pullback last week, with the North Certificate 50 index showing the largest decline of 2.70% [5][6] - The bond market saw a decrease in both short and long-term interest rates, with the 10-year government bond yield dropping by 2.65 basis points to 1.706% [8][11] - The fund market reflected the equity market's downturn, with the equity fund index down by 0.39% and the secondary bond fund index down by 0.22% [13][14] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to the successful transportation of materials by domestically developed unmanned aerial vehicles, the implementation of the "Childcare Subsidy System," and the security concerns surrounding H20 computing chips [16][17][18] - The overall asset allocation strategy suggests a balanced core with a barbell approach, emphasizing dividend and technology sectors, as well as high-end manufacturing [19][20] Stable Product Allocation Strategy - The central bank's net injection of 6.9 billion yuan indicates a balanced and loose funding environment [25] - The manufacturing PMI for July was reported at 49.3%, indicating a slight decline in manufacturing activity, while the non-manufacturing business activity index was at 50.1% [25] - The introduction of VAT on interest income from newly issued government bonds starting August 8, 2025, may impact bond market dynamics [25] Key Focus Products - Recommended funds include Nord Short Bond A and Huaan Pure Bond A for core strategies, and for satellite strategies, funds benefiting from convertible bond opportunities and equity market conditions [3][30]