智通财经APP获悉，国泰海通发布研报称，本周非银板块部分公司半年报出炉，业绩普遍高增，随着后 续半年报业绩密集发布，继续看好非银板块因配置力量(近期居民增量资金入市显著)与业绩弹性的共振 带来的投资机会。该行更加推荐A股具备业绩弹性非银标的的投资机会。 2.投行业务：截至2025年8月22日，IPO和定增承销规模为7386.12亿元;截至2025年8月15日，企业债、公 司债和可转债融资规模分别为145.91亿元、22241.73亿元和338.27亿元。 3.融资融券：截至2025年8月21日，融资融券余额21468亿(2025年8月14日20626亿)，其中融资余额21320 亿元，融券余额148亿元。目前融资融券余额占A、B股流通市值的比例为2.14%。 4.股权质押：截至2025年8月22日，全年累计新增质押股票参考市值规模为5224亿元，其中券商所做的 股权质押参考市值为1162亿元，占比22.25%;存量看，市场未解押股权质押业务股票总市值(参考市值)达 到4985亿元，其中券商未解押股票总市值达到1220亿元，占比24.47%。 5.保险数据：保险行业2025年6月数据：1)2025年1-6月累计 ...

证券研究报告|投资策略周报 [Table_Date] 2025 年 08 月 24 日 [Table_Title] 沪指创近 10 年新高，增量资金来自何方？ [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周中国股市继续领涨全球，深证成指、上证指数分别上涨 4.6%、3.5%，沪指突破十年新高站上 3800 点。资金面，A 股成交额进一步放量，两融余额持续增加并突破 2.1 万亿元，融资买入额占全 A 成交比突破 11%，创下 2020 年 2 月以来新高，显示市场风险偏好进一步提升。行业方面，半导体、CPO、机器人等成长板块 延续强势，科创 50 指数大涨 13.31%。外汇方面，周五鲍威尔讲话后各期限美债收益率下行，美元指数下挫，离岸 人民币兑美元汇率升值。 ·市场展望：多路增量资金入市，A 股步入"慢牛"新周期。本轮 A 股牛市行情从"924"演绎至今，增量资金来 源广泛：一是险资、养老金等中长期资金，在过去三年多来持续增持 A 股；二是融资资金和私募基金交易持续活 跃，外资对 A 股关注度也开始升温；三是居民"存款搬家"迹象显现但仍处于早期阶段，资产荒下，居 ...

中经记者 秦玉芳 广州报道 随着A股三大指数创出近十年来新高，融资余额、私募基金规模持续攀升、增量资金入市活跃，尤其股 票型ETF近来吸引力增强。 与此同时，公募、私募及个人投资者等增量资金开始涌入A股市场。 其中，股票型ETF成为不少机构及个人投资者参与股市的重要渠道，其吸金能力持续增强。Wind数据显 示，截至8月20日，最近一周全市场ETF申赎净流入超500亿元，其中股票型ETF申赎净流入230亿元。 市场分析人士指出，随着理财、保险等长期资金持续入市，预计未来5年我国股票型ETF规模有望增至8 万亿元。 股票型ETF抢眼 8月21日，上证指数开盘3770.68点，收盘3771.1点，创十年以来新高。 从两市成交额来看，截至8月20日，A股连续6个交易日总成交额超过2万亿元，最高超过2.8万亿元；融 资融券余额也连续3个交易日突破2万亿元大关。 华西证券在研报中明确指出，A股新一轮牛市已然启动。站上十年新起点，A股步入"慢牛"新周期。中 期展望，A股市场仍有充足空间和机会。 市场分析人士认为，本轮牛市启动以来，A股增量资金入市的趋势明显。除公募基金、外资等机构资金 外，私募资金在近期牛市的增量资金中备受 ...

Market Overview - The market temperature indicator reflects the PE ratio percentile of corresponding indices over the past ten years, with a total value of 100% [1] - As of August 21, 2025, the Shanghai Composite Index and Shenzhen Component Index showed slight fluctuations, with the former increasing by 0.13% and the latter decreasing by 0.06% [1] Sector Performance - The top three sectors with net capital inflows include: - Retail: 350 million - Comprehensive: 127 million - Steel: 9 million - The sectors with the highest net capital outflows are: - Electronics: -9.703 billion - Machinery: -7.311 billion - Power Equipment: -5.750 billion [2] ETF Performance - The Chemical ETF showed a 0.70% increase, with a six-month rise of 11.20% [4] - The Financial Technology ETF increased by 1.04%, with a six-month rise of 17.37% [4] - The Consumer Leader ETF had a six-month increase of 4.19% [4] Financial Technology Sector - On August 21, 2025, the Financial Technology sector was notably active, with significant gains in digital currency and cross-border payment stocks, leading to a theme index increase of over 1% [6] - The influx of incremental capital and regulatory optimizations are expected to drive the Financial Technology sector's growth [6] Chemical Sector - The Chemical sector continued its upward trend, with the industry theme index closing up over 1% on August 21, 2025 [6] - The sector is anticipated to have significant upward elasticity due to the clearing of backward production capacity and an optimized competitive landscape [6]

近期，A股市场持续攀升，尽管各大指数短期已经积累了不小的涨幅，但外资依旧看好中国股市。高盛最新研报指出，中 国股市尤其是中小盘股仍具备显著上涨空间。 那么，高盛为何如此看好呢？ 高盛：中国股市仍有上涨空间 外资继续唱多中国股市！ 自4月8日启动本轮反弹行情以来，沪指累计涨幅超过21%，深证成指涨超27%，创业板指涨超43%。此外，沪深300指数 涨幅超过19%，中证500、中证1000指数分别上涨26.8%、31.96%。 从Wind板块指数表现来看，4月8日至8月21日，CPO指数走势最为强劲，其间涨幅超过123%，光芯片指数涨幅也接近 100%，CRO、液冷服务器、稀土等指数涨幅均超过70%，创新药、脑机接口、军工信息化指数涨幅超过60%，人形机器 人、芯片、AI算力、AI应用、AI手机等指数涨幅均超过40%。 高盛最新研报指出，中国股市当前仍有大量"存量资金"尚未入市，为市场进一步上涨提供动力支撑，尤其看好中小盘表 现。 8月21日，据华尔街见闻消息，高盛在研报中称，目前仅有22%的家庭金融资产配置在基金和股票上，潜在资金流入规模 超过10万亿元。高盛称，这一趋势预示着中国股市尤其是中小盘股仍具备显著上 ...

那么，过去一个月谁在积极做多？多名分析师认为，今年以来机构开户的扩张幅度明显高于个人开户，显示 出机构投资者入市更为活跃，尤其是私募。此外，游资、"两融客"等对市场变化的感知更为敏锐的资金也是 驱动近期市场上行突破的重要原因。 关注点一：散户跑步进场了吗？ 近日，证券时报·券商中国记者获悉，某券商研究所对营业部进行草根调研，了解入市规模、新增开户、杠杆 资金、产品销售等情况。 A股各路增量资金分析来了。 近一个月以来，随着A股主要指数持续上行，单日成交额已突破2万亿，有关增量资金入市的情况受到市场关 注。 在此次草根调研中，就营业部开户情况来看，最近一个多月呈现温和放量趋势。其中以80后及90后为主，这 一群体对市场变化的感知更为敏锐。不过，支付宝等线上导流渠道目前尚未出现明显的开户放量。被调研对 象称，如果后续市场继续上涨，尤其当短视频平台频繁出现"股市创近十年新高"等话题时，预计95后群体的 开户意愿将显著提升，互联网渠道的开户量可能出现爆发式增长。 证券是吧·券商中国记者从平安证券采访获悉，该券商营业部客户数量较前两个月增加了约20%，业务咨询量 增加约30%。有券商研究所在进行营业部草根调研发现，新入 ...

Group 1 - A-shares have shown strong performance with major indices continuing to rise, with the Shanghai Composite Index reaching a nearly ten-year high of 3746.67 points on August 19, and trading volume exceeding 2 trillion yuan for five consecutive trading days [1] - The current market differs fundamentally from 2021, with changes in valuation structure, funding nature, and market ecology contributing to a more resilient "structural steady rise" pattern [1][2] - The consensus among brokers is that the ongoing market recovery will attract incremental capital, creating a positive feedback loop for the current upward trend [1] Group 2 - The shift in funding from "institutional clustering" to "diverse coexistence" is a key factor shaping the current market style, with various funding sources including retail investors and quantitative strategies playing a significant role [2] - Public funds are behaving cautiously in the current market, while insurance funds are steadily entering the market, with the scale of new stock and securities investment by property and life insurance companies reaching 360.4 billion yuan in Q1, a 1.92 times increase year-on-year [2] - The return of retail investors and foreign capital has been notable, with the average daily trading volume of northbound funds increasing by 36.3% in July compared to June [3] Group 3 - The current market is characterized by a "gradual rise," supported by policies and funding, with three main features: steady index growth, declining volatility, and a variety of structural hotspots across sectors [4] - Analysts believe that the current upward trend is underpinned by improved corporate earnings and ongoing reforms aimed at attracting long-term capital into the market [4][5] - The market ecology is maturing, with expectations of alternating hot sectors, and analysts suggest focusing on brokerage stocks, AI industry chains, and undervalued sectors for potential investment opportunities [6] Group 4 - Some foreign institutions agree that the current A-share rise is not solely driven by sentiment but is based on a combination of policy expectations and profit improvements [5] - Analysts recommend caution regarding potential volatility and structural risks, as the overall A-share price-to-book ratio is nearing historical highs, indicating a need for sustained corporate earnings to alleviate valuation pressures [6]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a nearly ten-year high of 3746.67 points on August 19, supported by a steady increase in trading volume [1] Group 1: Market Dynamics - The current market is characterized by a shift from "institutional clustering" to "diverse coexistence," with various funding sources including retail investors and quantitative strategies driving the market [2] - The market's focus has shifted from consumer and pharmaceutical sectors to technology and cyclical industries, indicating a fundamental change in valuation structure [2] - Insurance funds are becoming a significant long-term variable in the A-share market, with a notable increase in stock and securities investment by insurance companies [2] Group 2: Investor Behavior - Retail investors and foreign capital have emerged as key marginal contributors to the recent market rally, with an increase in new retail investor accounts and a resurgence of margin trading [3] - The average daily trading volume of northbound funds has increased significantly, indicating a return of foreign investment [3] Group 3: Market Characteristics - The current market is experiencing a "gradual rise," supported by policy and funding, with three main characteristics: steady index growth, declining volatility, and a rotation of sector opportunities [4] - The ongoing market rally is underpinned by improving corporate earnings and regulatory support for long-term capital inflow [5] Group 4: Investment Opportunities - Analysts suggest focusing on sectors such as brokerage firms, AI industry chains, and undervalued consumer stocks as potential investment opportunities [5]

Group 1 - Recent influx of funds into A-shares from various sources including public funds, private funds, insurance capital, and foreign investment, indicating a clear trend of "deposit migration" from bank savings to equity markets [1][2] - Public funds have seen a significant increase in allocation, with the balance of public fund investments in bank wealth management products reaching 1.38 trillion yuan, up 0.45 trillion yuan from the previous quarter [2] - Foreign investment in domestic stocks has turned positive, with a net increase of 10.1 billion USD in the first half of the year, reversing the trend of net reductions over the past two years [2][3] Group 2 - Policy measures aimed at promoting long-term capital inflow into the market have enhanced the stability of the capital market, with various initiatives encouraging institutional investments [3] - The economic outlook is improving, supported by stable growth policies, leading to upgrades in asset ratings by international investment banks [3][4] - The number of new A-share accounts opened in July reached 1.9636 million, a year-on-year increase of over 70%, reflecting growing investor confidence [4] Group 3 - The potential for continued inflow of resident funds into the market remains significant, with expectations for sustained growth in public and private fund sizes [5] - The "wealth effect" from market gains is expected to drive further capital inflows, with major institutions projected to bring in 3 trillion yuan in incremental funds this year [5] - The trend of foreign capital increasing allocation to Chinese assets is anticipated to continue, driven by liquidity easing and the attractiveness of A-shares [5]

Summary of Conference Call Notes Industry Overview - The notes discuss the financial market dynamics, particularly focusing on the non-bank deposit ratio as an indicator of private sector financial asset allocation, which tends to rise during bullish equity markets and decline when the real economy and real estate are weak [1][3][5]. Key Points and Arguments - **Non-Bank Deposit Ratio Trends**: The non-bank deposit ratio has shown significant increases during periods of strong equity market performance, specifically noted in July 2020, December 2021, and projected from December 2023 to December 2024. Currently, the ratio stands at approximately 13%, with historical highs reaching 14% [1][4]. - **Impact of Economic Indicators**: The Producer Price Index (PPI) and housing price diffusion index are critical in assessing the influence of the real economy and real estate returns on financial asset allocation. Weakness in these indicators leads to a preference for financial assets, as seen in historical cycles from 2011-2015 and 2014-2015 [1][5]. - **Policy Environment**: The political bureau meeting on July 30 emphasized risk prevention in key areas and support for capital market development, indicating a favorable policy outlook for the capital markets while being less optimistic about real estate [6]. - **Historical Market Dynamics**: The analysis of the 2014 market shows that an increase in incremental capital significantly supported the stock market, with a notable rise in new account openings and silver-to-stock transfers in the latter half of the year [7][8]. - **Market Style Shifts**: Historical data from 2014 and 2015 indicates that market styles shifted based on the influx of capital. High-performing stocks, large-cap stocks, and low P/E stocks outperformed during periods of significant capital inflow, suggesting a potential for similar trends if new capital enters the market [9]. Additional Important Insights - **Current Market Sentiment**: There is a growing trend of style switching in the market, with a need to monitor retail investors and private sector tendencies towards equity asset allocation. An increase in this inclination could lead to a higher likelihood of style shifts [2][10]. - **Future Projections**: If the slope of capital inflow continues to steepen, it may lead to a reversal of past effective factors, with a potential preference for high-performing and large-cap stocks in a low real economy return environment [9][10]. This comprehensive analysis highlights the interconnectedness of economic indicators, policy decisions, and market dynamics, providing a framework for understanding potential investment opportunities and risks in the current financial landscape.