板块轮动，沪指六连阳

Report Industry Investment Rating - Not provided Core Viewpoints - The willingness of foreign investors to allocate to the A-share market is increasing, which may become new incremental funds driving the market. The liquidity of the A-share market is expected to further strengthen, supporting the upward trend of the index [2] - The current market still shows obvious sector rotation characteristics. Driven by incremental funds, the rotation is more reflected in the absorption of low-priced chips by funds, and major stock indices rise alternately [2] - The "anti-involution" related concept sectors that have experienced short-term adjustments are expected to regain upward momentum, and it is recommended to pay attention to the layout opportunities of IC [2] Summary by Directory 1. Market Analysis - Domestic policy: The Ministry of Finance and the Ministry of Education have revised the "Measures for the Administration of Funds to Support the Development of Preschool Education" to standardize and strengthen the management of relevant funds, which are mainly used to support the expansion and improvement of preschool education and implement the policy of exempting preschool education fees [1] - Overseas event: Trump announced that the Washington, D.C. Police Department would be placed under direct federal jurisdiction, deployed the National Guard, and declared a public safety emergency in Washington, D.C. [1] - A-share market: The three major A-share indices fluctuated upward. The Shanghai Composite Index rose 0.34% to close at 3647.55 points, and the ChiNext Index rose 1.96%. Sector indices mostly rose, with the power equipment, communication, computer, and electronics sectors leading the gains, while the banking, petroleum and petrochemical, and coal sectors led the losses. The trading volume of the Shanghai and Shenzhen stock markets increased to over 1.8 trillion yuan [1] - Overseas market: Putin will meet with Trump in Alaska on August 15, 2025. The three major U.S. stock indices closed slightly lower. The Dow Jones Industrial Average fell 0.45% to 43975.09 points as the market awaited inflation data and investment sentiment turned cautious [1] - Futures market: In the futures market, the discount of the current-month futures contracts was repaired. The trading volume and open interest of stock index futures increased simultaneously [1] 2. Strategy - The increasing allocation willingness of foreign investors to the A-share market may bring incremental funds, strengthening market liquidity and supporting the upward trend of the index [2] - The market shows sector rotation, and the "anti-involution" concept sectors may regain upward momentum. It is recommended to pay attention to IC layout opportunities [2] 3. Macroeconomic Charts - Include charts of the U.S. dollar index and A-share trends, U.S. Treasury yields and A-share trends, RMB exchange rates and A-share trends, and U.S. Treasury yields and A-share style trends [5][11][10] 4. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indices on August 11, 2025. The Shanghai Composite Index rose 0.34%, the Shenzhen Component Index rose 1.46%, and the ChiNext Index rose 1.96% [13] - Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [5][14] 5. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures. The trading volume and open interest of IF, IH, IC, and IM all increased [15] - Include charts of the open interest, latest open interest ratios, and net open interest of foreign investors for IH, IF, IC, and IM contracts [5][16][24] - Table 3 shows the basis of stock index futures. The basis of IF, IH, IC, and IM contracts showed different degrees of change [39] - Include charts of the basis of IF, IH, IC, and IM contracts [5][41][42] - Table 4 shows the inter - delivery spreads of stock index futures, including spreads between different contract months, and the spreads showed various changes [44][45] - Include charts of the inter - delivery spreads of IH, IF, IC, and IM contracts [5][46]