大盘拉出中阳线，大盘完全没有调整的意思，丝毫不给踏空资金留下进场的缝隙，但市场获利筹码正在堆积，如果一直不调整，大家就要小心4000点附近出 现较大力度的回调。 没有只跌不涨的股市，也没有只涨不跌的市场，正如潮汐有涨落，市场永远在轮回中前行，唯有顺势而为，方能在资本市场的汪洋中行稳致远。我们还是建 议大家顺势而为，不要轻易下车！ 三、本周沪指涨3.49%，深成指涨4.57%，创业板涨5.85%，科创50指数涨13.31%。 一、证监会停止降温股市！证监会从严从快惩治违规减持，特别是绕道减持、变相减持等扰乱资本市场秩序的行为。趁着现在股市行情好，上市公司都在拼 命减持，毕竟减持意味着真金白银的套现，股市俨然已经成了上市公司大股东及高管们的提款机！ 其他减持的公司还有达嘉维康、川网传媒、艾力斯等共计22家公司。A股减持公告数量疯涨：5月403家、6月377家、7月400家！三个月累计近1200家上市公 司股东宣布套现离场，减持比例已逼近2022年峰值水平更夸张的是，8月才过几天，新减持公告已近200份——这分明是大股东们在"用脚投票"：股价一涨， 立刻套现降温股市，落袋为安。 二、太强了！A股三大指数全线大涨，上 ...

Group 1 - Henan issued 7-year general local bonds with a scale of 14.29449 billion, an issuance rate of 1.7300%, and a marginal multiple of 1.58 times, with an expected multiple of 2.26 [1] - Henan also issued 10-year ordinary special local bonds with a scale of 3.653 billion, an issuance rate of 1.7600%, and a marginal multiple of 1.29 times, with an expected multiple of 2.20 [1] - Agricultural Development Bank issued 392-day bonds with a scale of 15 billion, an issuance rate of 1.3900%, and a bidding multiple of 1.91 times, with a marginal multiple of 2.40 times [1] Group 2 - Shaanxi issued 10-year general local bonds with a scale of 6.50512 billion, an issuance rate of 1.7900%, and a marginal multiple of 2.66 times, with an expected multiple of 1.92 [1] - Shaanxi also issued 15-year ordinary special local bonds with a scale of 5.77238 billion, an issuance rate of 2.0100%, and a marginal multiple of 2.61 times, with an expected multiple of 2.06 [1] - The bond market is experiencing a decoupling from the stock market, with expectations for the 10Y national bond to return to around 1.65% after a rapid adjustment [3] Group 3 - As of August 6, 2025, the 5-10 year national bond active index increased by 0.03%, with the national bond ETF for 5-10 years showing a recent price of 117.31 yuan [3] - The national bond ETF for 5-10 years has seen a near 1-week cumulative increase of 0.25% [3] - The national bond ETF for 5-10 years has a latest scale of 1.488 billion [3] Group 4 - The national bond ETF for 5-10 years has seen a net value increase of 21.13% over the past 5 years [4] - The highest single-month return since inception for the national bond ETF for 5-10 years was 2.58%, with the longest consecutive months of increase being 10 months [4] - The management fee rate for the national bond ETF for 5-10 years is 0.15%, and the custody fee rate is 0.05% [4]

Market Overview - On August 5, U.S. stock indices opened high but closed lower, with the Dow Jones down 61.9 points at 44111.74, a decline of 0.14%; the Nasdaq fell 137.03 points to 20916.55, down 0.65%; and the S&P 500 dropped 30.75 points to 6299.19, a decrease of 0.49% [1] - Major tech stocks mostly declined, with Facebook down over 1%, Microsoft down over 1%, Nvidia down nearly 1%, Apple down 0.21%, Google down 0.19%, Tesla down 0.17%, while Amazon rose nearly 1% [3] Pharmaceutical Sector - Pharmaceutical stocks saw significant gains, with Pfizer closing up over 5% and UnitedHealth Group rising over 4% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.56%, with mixed performance among popular Chinese stocks. Tianjing Bio surged over 15%, Zhihu rose over 6%, and Canadian Solar increased over 4%. However, companies like Lingzhong Portal fell nearly 20%, Yum China dropped over 6%, and Atour fell over 4% [4] Bond Market - U.S. Treasury yields generally rose, with the benchmark 10-year Treasury yield closing at 4.218% and the more rate-sensitive 2-year Treasury yield at 3.739% [5] Economic Indicators - The ISM reported that the U.S. services PMI for July was 50.1, below the market expectation of 51.5 and the previous month's 50.8, indicating near stagnation in service sector growth. Employment metrics fell from 47.2 to 46.4, the lowest since the pandemic began [6]

Market Performance - The Shanghai Composite Index closed at 3608.58 points, up 0.75% [1] - The Shenzhen Component Index closed at 11134.07 points, up 0.31% [2] - The ChiNext Index closed at 2327.48 points, up 0.72% [3] - The CSI 300 Index closed at 4149.60 points, up 0.74% [4] - The STAR 50 Index closed at 1026.09 points, up 0.97% [5] - The CSI 500 Index closed at 6241.73 points, up 0.46% [6] - The CSI 1000 Index closed at 6651.19 points, up 0.21% [7] Trading Data - The Shanghai Composite Index had a trading volume of 522 billion, with a year-to-date increase of 7.66% [8] - The Shenzhen Component Index had a trading volume of 616 billion, with a year-to-date increase of 6.91% [8] - The CSI 300 Index had a trading volume of 278.1 billion, with a year-to-date increase of 5.46% [8] - The ChiNext Index had a trading volume of 271 billion, with a year-to-date increase of 8.68% [8] - The CSI 500 Index had a trading volume of 189.8 billion, with a year-to-date increase of 9.01% [8] - The CSI 1000 Index had a trading volume of 230.7 billion, with a year-to-date increase of 11.64% [8]

Core Viewpoint - The South African FTSE/JSE Africa Leading 40 Index reached a record closing high, indicating strong market performance in the region [1] Group 1: Market Performance - On July 21, the FTSE/JSE Africa Leading 40 Index rose by 1.13% to close at 91,999.68 points, continuing to set a record closing high [1] - The index surpassed the 92,000 points mark during intraday trading and has increased by a cumulative 3.03% over the last three trading days [1] - The Nigerian Stock Exchange All-Share Index increased by 0.18%, also achieving a record closing high [1] Group 2: Other Regional Indices - The SEMDEX Index of the Mauritius Stock Exchange fell by 0.19% [1] - The Nairobi All-Share Index in Kenya rose by 0.44% [1]

Group 1 - The South African FTSE/JSE Africa Leading 40 Index rose by 0.35%, closing at 89,613.00 points, continuing a high-level fluctuation since July, with a peak of 90,419.24 points on July 10, marking a record intraday high [1] - The South African Rand is currently down 0.13% against the US dollar, trading at 17.84 Rand, showing a sustained high-level fluctuation since mid-June, with a peak of 17.4872 Rand on July 4, approaching the top of 17.2841 Rand on November 8, 2024, and 17.0356 Rand on September 30 of the same year [1] - The Nigerian Stock Exchange All-Share Index increased by 1.02%, reaching 130,000 points, marking consecutive days of closing at historical highs [1] Group 2 - The Mauritius Stock Exchange SEMDEX Index rose by 0.04% [1] - The Nairobi All-Share Index in Kenya increased by 0.12% [1]

Group 1 - The S&P/TSX Composite Index in Canada closed down 0.06% at 27,020.28 points, moving away from its all-time closing high [1] - The small-cap index rose by 0.32% to 924.52 points, continuing to set new closing historical highs [1] - The Mexican Composite Index fell by 0.96%, while the Mexican peso appreciated by 0.26% against the US dollar [1] Group 2 - The São Paulo Stock Exchange Index in Brazil decreased by 1.26%, closing at 139,000 points [1] - The Brazilian real depreciated by 1.20% against the US dollar [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has stopped measures to cool down the stock market, leading to fluctuations in the three major indices, with the Shanghai Composite Index closing up 0.32% at 3475.32 points, while the ChiNext Index fell by 0.36% [1] - The Shanghai Composite Index has maintained above 3400 points for nine consecutive trading days, marking the longest duration since the beginning of the year, despite previous attempts failing to hold above this level [1] - The market sentiment continues to cool down, with over 4100 stocks declining across the market, indicating a broad-based sell-off despite the index's slight increase [7] Group 2 - The market is expected to face challenges in breaking through the 3500-point level, with previous attempts showing a pattern of ups and downs, indicating that a significant rally is unlikely in the short term [3] - The banking sector's performance is critical for the overall market, as its stability is necessary for individual stock opportunities, particularly in the technology sector, which is currently underperforming [5] - The recent surge in bank stocks has not translated into a positive market sentiment, with many high-profile stocks experiencing significant declines, suggesting a disconnect between index performance and individual stock profitability [7]

Group 1 - The market is experiencing a rebound after a period of volatility, with expectations for further upward movement in the indices [1][4][6] - There is a notable lightening of positions among investors, indicating a cautious approach despite the potential for profit during the current market cycle [3][6] - The performance of sectors such as banking, liquor, and insurance is crucial for sustaining the market rally, with a focus on their synchronized rebound [4][6] Group 2 - The current market dynamics show a strong demand for stocks, particularly in the small-cap segment, ahead of annual report disclosures [4] - The A-share market is demonstrating independent strength, contrasting with the performance of the Hong Kong market, suggesting robust capital flow [6] - Investors are advised to maintain their positions during this upward trend, as missing out on key days of market growth can lead to losses [8]

Group 1 - The South African FTSE/JSE Africa Leading 40 Index closed down by 0.21% at 88,214.90 points, with a cumulative increase of 1.24% for the week [1] - The South African Rand appreciated approximately 0.98% against the US dollar this week, trading at 17.8176 Rand as of 23:59 Beijing time [1] - The Mauritius Stock Exchange SEMDEX Index increased by 0.68%, while the Nigerian Stock Exchange All-Share Index rose by 1.57%, and the Nairobi Stock Exchange All-Share Index surged by 4.65% [1]