【光大研究每日速递】20250721

Group 1: Market Strategy - The market has shifted from being policy-driven to being driven by fundamentals and liquidity since September last year, with expectations for a potential upward trend in the second half of 2025, possibly surpassing the peak of the second half of 2024 [3] - The A-share market continues to show a trend of oscillation upwards, with the ChiNext index leading the gains, indicating an increase in market risk appetite despite differing capital flows [4] - The market style is transitioning from reversal to momentum, which may support further upward movement of the index, with a focus on sectors benefiting from policy catalysts such as "anti-involution" and "stabilizing growth" [4] Group 2: Fixed Income and Credit Bonds - A total of 386 credit bonds were issued from July 14 to July 18, 2025, with a total issuance scale of 4010.95 billion yuan, representing a week-on-week decrease of 14.72% [4] - Among the credit bonds, industrial bonds accounted for 173 issues totaling 1759.1 billion yuan, while local government bonds saw an increase of 16.25% with 178 issues totaling 1065.35 billion yuan [4] - Financial bonds experienced a significant decrease of 40.42%, with 35 issues totaling 1186.5 billion yuan [4] Group 3: Industry Insights - The Guangxi Petrochemical project has been fully completed, marking a significant step in the integrated refining and chemical transformation, with the ethylene unit achieving high-quality commissioning [6] - China National Petroleum Corporation is accelerating its transformation into high-end new materials, achieving a breakthrough in new material sales and establishing five new material bases to enhance production capacity [6] - In the agricultural sector, the average price of live pigs has decreased by 3.65% week-on-week to 14.27 yuan/kg, while the average price of 15 kg piglets has increased by 0.22% to 31.96 yuan/kg [6]