周二（7月22日），A股牛市氛围渐浓，三大指数均年内新高，作为行情旗手，互联网金融午后走高， 金融科技板块成功收涨。其中，东信和平两连板股价创历史新高，恒宝股份大涨超6%，天阳科技、银 之杰涨超4%，大智慧、指南针、同花顺等多只互联网金融股涨超2%。 热门ETF方面，规模、流动性同类断层第一的金融科技ETF（159851）盘中多次冲高，场内价格收涨 0.12%，守住20日均线，全天溢价交易，成交额达6.87亿元，资金当日净申购2.61亿份。 或因牛市预期大增叠加题材股趋势，金融科技作为牛市急先锋，近期资金面异常火爆！数据显示，金融 科技ETF（159851）已连续10日吸金，累计金额近20亿元！展望后市，大盘+题材端共振，金融科技板 块配置机会仍值得重点关注。 大盘上，市场增量政策持续推出，市场交投情绪大幅回升。今日两市成交额逼近2万亿元，此外，据机 构统计，2025H1日均股基成交额达到15703亿元，同比提升63%。非银金融行业作为资本市场的重要参 与者，后续有望持续受益于市场环境改善。 从中长期投资逻辑来看，金融科技板块弹性十足，对流动性改善反映迅速，目前市场交投活跃度提升明 显，金融科技板块有望持续受 ...

杠杆资金净流入创2月下旬以来新高，IPO大幅回暖 流动性&交易拥挤度&投资者温度计周报 2025年7月22日 证券分析师:姚佩 联系人:朱冬墨 执业编号: S0360522120004 邮箱:zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 该告仅样够加及养南喷责任公司的客户使用。本公司不会因傻切人收到体报告而视真为客户、华创证券对这些信息的唯职单和完整也不作任何例证。报告中的内容和周见仅供参考，并不知成本公司对所述汇券买 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 部箱: yaopei@hcyjs.com 1 Felit > 证券研究报告 核心结论 资金流动性: . 证监会审核华创证券投资咨询业务资格批文号:证监许可（2009）1210 号 2）资金需求端IPO大幅回暖处近三年96%分位，南向资金连续九周维持周均规模百亿以上净流入，累计净流入近 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征指标来看，本周热度 分位（下同）上行行业主要为：光伏+32pct至71%、 ...

Liquidity and Fund Flow - Leverage funds continue to see net inflows, reaching a new high since late February, with net inflow of 268 billion CNY last week, placing it in the 90th percentile over the past three years[13] - Southbound funds maintained an average weekly net inflow exceeding 10 billion CNY for nine consecutive weeks, totaling nearly 1700 billion CNY[6] - IPO financing surged to 181.7 billion CNY, representing the 71st percentile over the past three years[26] Trading Congestion - The trading heat for the photovoltaic sector increased by 32 percentage points to 71%, while real estate rose by 27 percentage points to 60%[56] - The building materials sector saw a 25 percentage point increase to 66%, indicating heightened trading activity[56] - Conversely, the chemical sector decreased by 13 percentage points to 59%, and media fell by 9 percentage points to 58%[56] Investor Sentiment - Retail investor net inflow decreased to 566 billion CNY, down 321 billion CNY from the previous value, placing it in the 13.7th percentile over the past five years[2] - The search interest for self-media platforms like Kuaishou and Douyin has declined from previous highs, indicating a cooling in market enthusiasm[69] - The trend of public funds clustering has weakened, with a shift towards value stocks, particularly in electronics, cyclical, and consumer sectors[2]

Core Viewpoint - The financial technology sector is experiencing a dual benefit from favorable policies and technological advancements, with significant foreign capital inflow indicating strong international confidence in the sector's growth potential [4]. Group 1: Market Performance - As of July 22, 2025, the China Securities Financial Technology Theme Index (930986) decreased by 0.04%, with component stocks showing mixed performance [3]. - The Financial Technology ETF (516860) has seen a recent price of 1.43 yuan, with a two-week cumulative increase of 1.42% as of July 21, 2025 [3]. - The Financial Technology ETF's latest scale reached 1.339 billion yuan, marking a one-year high, and its latest share count reached 937 million, also a one-year high [4]. Group 2: Fund Flows and Performance - The Financial Technology ETF has experienced continuous net inflows over the past seven days, totaling 284 million yuan, with a peak single-day net inflow of 76.39 million yuan [5]. - As of July 21, 2025, the Financial Technology ETF's net value has increased by 124.33% over the past year, ranking 3rd out of 2929 index stock funds [5]. - The ETF has demonstrated a maximum monthly return of 55.92% since inception, with an average monthly return of 10.60% and a historical three-year profit probability of 97.47% [5]. Group 3: Fee Structure and Tracking Accuracy - The Financial Technology ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [6]. - As of July 21, 2025, the ETF's tracking error over the past month was 0.030%, indicating the highest tracking precision among comparable funds [6]. Group 4: Key Holdings - As of June 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 51.2% of the index, including companies like Dongfang Wealth and Tonghuashun [7].

Group 1: ETF Performance - The software ETF has a turnover rate of 4.3% during trading, with a transaction volume of 180 million yuan [2] - As of July 21, the software ETF's latest scale reached 4.18 billion yuan, marking a one-year high and ranking first among comparable funds [2] - The latest share count for the software ETF is 5.026 billion shares, also a one-year high and ranking first among comparable funds [2] - The software ETF has seen a net inflow of 67.36 million yuan recently, with a total of 731 million yuan attracted over the last five trading days [2] - Since its inception, the software ETF has recorded a highest single-month return of 39.35%, with the longest consecutive monthly gains being three months and a total increase of 69.40% [2] Group 2: Computer Sector Performance - According to a report from Industrial Securities, the computer sector is showing signs of performance improvement, with 77 companies having completed earnings forecasts, accounting for 23% of the sector [3] - For Q2 2025, the median revenue growth rate is projected at -1%, an improvement from -6% in the first half of the year, while the net profit attributable to shareholders is expected to be -243 million yuan, a reduction in losses by 611 million yuan [3] - The median revenue growth rate based on the median method is projected at 8%, up from -5% in the first half of the year, indicating a positive trend in Q2 earnings [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Software Service Index account for 60.56% of the index, including companies like iFlytek, Kingsoft Office, and Tonghuashun [3] Group 3: Stock Performance - The stock performance of key companies in the software sector shows varied results, with iFlytek down by 0.92% and Kingsoft Office down by 0.99%, while Tonghuashun increased by 1.50% [5] - The top ten stocks by weight in the software sector include iFlytek (13.93%), Kingsoft Office (8.15%), and Tonghuashun (7.39%), among others [5] - Investors can also access AI software investment opportunities through the software ETF linked fund (012620) [5]

Core Viewpoint - The financing balance of the ChiNext board has reached 375.99 billion yuan, marking an increase for 11 consecutive trading days, with a total increase of 16.387 billion yuan during this period [1]. Financing Balance Overview - As of July 21, 2025, the total margin balance of the ChiNext board is 376.75 billion yuan, an increase of 3.238 billion yuan from the previous trading day [2]. - The financing balance specifically is 375.99 billion yuan, which is an increase of 3.227 billion yuan from the previous day [2]. Individual Stock Performance - During the period of increasing financing balance, 570 stocks saw an increase, with 135 stocks having an increase of over 20% [2]. - The stock with the highest increase in financing balance is Feiliwa, with a latest balance of 75.375 million yuan, reflecting an increase of 715.23% [3]. - Other notable increases include Fosa Technology and Mingyang Electric, with increases of 253.35% and 124.63%, respectively [3]. Decrease in Financing Balance - Conversely, 371 stocks experienced a decrease in financing balance, with 21 stocks declining over 20% [2]. - The largest decrease was seen in Shengyuan Environmental Protection, with a balance of 23.179 million yuan, down 34.27% [3]. - Other significant declines include Zhongying Electronics and Shen Shui Gui Yuan, with decreases of 34.00% and 30.92%, respectively [3]. Sector Analysis - Stocks with financing balance increases over 20% are primarily concentrated in the machinery, computer, and pharmaceutical industries, with 19, 18, and 18 stocks respectively [4]. Market Performance - Stocks with financing balance increases over 20% averaged a rise of 12.96%, outperforming the ChiNext index [5]. - Top performers include Fosa Technology, Dongtian Micro, and Degute, with increases of 54.62%, 50.06%, and 41.85% respectively [5]. - Conversely, stocks with the largest declines include Hopu Co., Guibao Pet, and Honggong Technology, with decreases of 14.18%, 12.53%, and 5.99% respectively [5]. Notable Increases in Financing Balance - The stock with the highest increase in financing balance is Xinyi Sheng, with a latest balance of 5.696 billion yuan, increasing by 1.451 billion yuan [5]. - Other significant increases include Zhongji Xuchuang and Feiliwa, with increases of 1.450 billion yuan and 661 million yuan respectively [5].

Group 1 - The overall balance of margin trading (two-way financing) has risen to 1.9 trillion yuan, indicating increased market activity and investor optimism since July [1][2] - As of July 18, the margin trading balance reached 19,023.23 billion yuan, with a financing balance of 18,891.5 billion yuan and a securities lending balance of 131.73 billion yuan [1] - The average daily trading volume of A-shares from July 1 to 18 was 1.49 trillion yuan, reflecting heightened trading activity compared to the second quarter's average of 18,185.13 billion yuan [1] Group 2 - The highest net financing inflow in July was observed in the communication equipment sector, with a net inflow of 3.586 billion yuan, followed by software development at 3.449 billion yuan [2] - Notable individual stocks with significant net financing inflows included Xinyi Technology (1.749 billion yuan), Dongshan Precision (1.143 billion yuan), and Northern Rare Earth (1.12 billion yuan) [2] - Eight ETFs recorded net financing inflows exceeding 1 billion yuan, with the top three being the Harvest SSE STAR Chip ETF, Bosera STAR AI ETF, and E Fund CSI Hong Kong Securities Investment Theme ETF [3] Group 3 - Securities firms are actively enhancing their margin trading business through various strategies, such as customized trading systems and improved client service capabilities [3][4] - Firms are encouraged to establish a tiered client management system to provide tailored services based on different risk preferences and investment needs [4] - The use of big data and artificial intelligence is recommended to improve the efficiency of margin trading management and enhance risk management capabilities [4]

Core Viewpoint - The China Securities Internet Plus Index (CS Internet Plus, 930733) has shown significant growth, reflecting the performance of representative listed companies in various high-internet penetration industries, including education, finance, tourism, agriculture, healthcare, and manufacturing [2]. Group 1: Index Performance - The CS Internet Plus Index has increased by 6.91% over the past month, 9.86% over the past three months, and 8.92% year-to-date [2]. - The index was established on June 29, 2012, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the CS Internet Plus Index include: - Zhinan Compass (1.21%) - Industrial Fulian (1.15%) - Juxing Technology (1.11%) - Top Cloud Agriculture (1.1%) - Tongwei Co., Ltd. (1.1%) - Yuntu Holdings (1.07%) - Hengsheng Electronics (1.06%) - Jinqiao Information (1.05%) - Doushen Education (1.05%) - Xian Dao Intelligent (1.01%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (62.09%) and the Shanghai Stock Exchange (37.91%) [2]. Group 3: Sector Allocation - The sector allocation of the index holdings is as follows: - Information Technology: 38.31% - Healthcare: 14.86% - Finance: 10.43% - Industry: 10.35% - Communication Services: 9.06% - Consumer Discretionary: 8.69% - Materials: 5.65% - Consumer Staples: 2.64% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Investment Rating - The industry rating is "Outperform the Market" [3][23]. Core Viewpoints - The report indicates that the scale of margin trading is expected to surpass previous highs, with brokerages and financial IT sectors experiencing volatility [1]. - The report emphasizes that significant domestic and international events in July may influence market strength, with a focus on internal issues such as capacity reduction and PPI recovery [1][9]. - The report suggests that the insurance sector is currently undervalued, presenting an opportunity for valuation recovery [12]. Summary by Sections 1. Main Points - The report highlights that the Shanghai Composite Index was at 4058.55 points, reflecting a 1.09% increase, while the insurance index decreased by 1.35% [7]. - The report notes that the U.S. core CPI has been below expectations for five consecutive months, which may lead to calls for interest rate cuts [7]. - The report discusses the establishment of a regulatory framework for digital stablecoins in the U.S. [7]. 2. Key Investment Portfolio 2.1 Insurance Sector - The report recommends focusing on companies like China Ping An, China Pacific Insurance, and New China Life for their strong operational performance and growth potential [12]. - It mentions that the insurance sector is currently at a low valuation level, making it attractive for investment [12]. 2.2 Brokerage Sector - The report suggests focusing on mid-sized securities firms benefiting from innovation and market conditions, such as East Money and Zhejiang Securities [13]. - It also highlights the importance of large, stable brokerage firms with diversified revenue structures, recommending Huatai Securities and others [13]. 3. Market Trends - The report indicates that the market is experiencing increased volatility due to factors such as trade relations and new public fund regulations [9]. - It emphasizes the need to monitor the impact of currency fluctuations and upcoming political meetings on market dynamics [8][9].

Market Overview - The Shanghai Composite Index rose by 0.69% to close at 3534.48 points, with a weekly high of 3536.01 points [1] - The Shenzhen Component Index increased by 2.04% to 10913.84 points, reaching a high of 10946.4 points [1] - The ChiNext Index saw a rise of 3.17%, closing at 2277.15 points, with a peak of 2296.91 points [1] - In the global market, the Nasdaq Composite Index increased by 1.51%, while the Dow Jones Industrial Average fell by 0.07% and the S&P 500 rose by 0.59% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 2.84% and the Nikkei 225 Index increased by 0.63% [1] New Stock Issuance - Two new stocks were issued last week: Shanda Electric Power (301609.SZ) and Jiyuan Group (603262.SH), both on July 14, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 18964.13 billion yuan, with a financing balance of 18832.44 billion yuan and a securities lending balance of 131.68 billion yuan [3] - The margin trading balance increased by 265.22 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 9613.62 billion yuan, up by 143.67 billion yuan, while the Shenzhen market's balance was 9350.51 billion yuan, increasing by 121.55 billion yuan [3] - A total of 3442 stocks had margin buying, with 89 stocks exceeding 1 billion yuan in buying amount, led by Zhongji Xuchuang (88.2 billion yuan), Xinyi Sheng (80.46 billion yuan), and Dongfang Caifu (62.35 billion yuan) [3][4] Fund Issuance - Sixteen new funds were issued last week, including various types such as mixed funds, bond funds, and money market funds [5] Share Buybacks - Seventeen companies announced share buybacks last week, with the highest amounts being TCL (2.5 billion yuan), Hangyang Co. (60.36 million yuan), and Yanshan Technology (59.99 million yuan) [7] - The sectors with the highest buyback amounts were electronics, basic chemicals, and computers [7]