大类资产复盘笔记(202507)：踏空资金追涨

Group 1: Overview of Major Assets - In July, the A-share market approached 3600 points, with the 10-year government bond yield rising and commodities experiencing fluctuations [1][8] - The A-share market saw a strong performance, with the Shanghai Composite Index reaching a high of 3616 points on July 30, and closing at 3573 points on July 31, marking a 3.7% increase for the month [1][8] - The global stock indices generally rose, with the UK FT100 and Nasdaq leading the gains [1][8] Group 2: A-share Market Performance - Major broad-based indices in the A-share market rose, with the Shanghai Composite Index, CSI 300, ChiNext Index, and STAR Market Index increasing by 3.74%, 3.54%, 8.14%, and 4.43% respectively in July [13] - Growth and consumption styles led the market, with the growth and consumption indices rising by 6.19% and 5.35% respectively [13] - The steel and pharmaceutical sectors were among the top performers, with increases of 16.76% and 13.93% respectively [13] Group 3: Economic and Liquidity Conditions - Economic data in June showed divergence, with manufacturing PMI remaining in contraction territory, while industrial value-added growth exceeded expectations [3] - Social financing began to recover, indicating a marginal easing of monetary conditions [3] - Northbound capital saw a rebound in July, with margin trading balances rising above 190 billion yuan, and ETF trading volumes reaching new highs since April [3][8]