A股两融余额重回2万亿，预计后市震荡慢牛是主基调

Core Viewpoints - The A-share market is expected to maintain a "slow bull" trend, driven by favorable tariff negotiations, continuous policy support, and an overall improvement in liquidity conditions [2][11] - The market has recently seen a rebound, with the Shanghai Composite Index reaching a year-to-date high of 3636 points, and the margin financing balance returning to 2 trillion yuan for the first time in ten years [1][10] Market Overview - On Wednesday, the three major indices opened lower but rose throughout the day, with significant contributions from military and robotics sectors, leading to a continuous rebound [1][10] - The market's overall trend remains positive, with reasonable sector rotation supporting the formation of a slow bull market [4][10] - Recent trading volumes have been robust, with total trading exceeding 1.7 trillion yuan on Wednesday, indicating strong market activity [5][10] Sector Analysis Military Sector - The military sector has shown strong performance, with a cumulative increase of 25.46% in the first half of 2025, significantly outperforming the broader market [6] - Continued government support for military modernization and geopolitical tensions are expected to act as catalysts for growth in this sector [6][10] PEEK Materials - PEEK materials have gained traction due to their lightweight and high-performance characteristics, making them increasingly popular in humanoid robotics [7][8] - The market for PEEK materials is anticipated to grow rapidly as demand increases in various applications [8] Robotics Industry - The robotics sector has experienced substantial growth, with humanoid robots and actuators seeing increases of over 60% since early January 2025 [9] - The industry is supported by strong internal growth dynamics and favorable government policies, with an expected annual revenue growth rate exceeding 20% during the 14th Five-Year Plan [9][10]