机构指出，经济转型和新兴业态初露锋芒，同时无风险收益下行，确立迈向"转型牛"。 【财经日历】 国内成品油将开启新一轮调价窗口； 澳洲联储公布利率决议； 美国7月CPI； 欧佩克公布月度原油市场报告。 | 〜 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 43975.09 | -200.52 | -0.45% | | 纳斯达克指数 | 21385.40 c | -64.62 | -0.30% | | 标普500 | 6373.45 | -16.00 | -0.25% | ►►杭州市司法局发布公开征求《杭州市促进具身智能机器人产业发展条例（草案）》意见的公告，将具身智能机器人产业纳入全市政策支持框架，通过制 度设计增强政策合力，进一步规范产业高质量发展路径。其中指出，面对当前研发训练需求和未来具身智能机器人的广泛应用需求，要求加强网络和算力基 础设施规划布局，建立多元多元智算供给服务体系，提升算力资源利用效率，降低算力使用成本。明确核心技术主攻方向，聚焦具身智能"大脑"（具身智能 大模型） ...

Core Viewpoint - The A500 index and its components are showing positive performance, with significant gains in specific stocks, indicating a bullish sentiment in the market [1][4]. Group 1: A500 Index Performance - As of August 6, 2025, the A500 index increased by 0.10%, with notable gains in component stocks such as robots (+11.59%), China Shipbuilding (+9.03%), and Tongling Nonferrous Metals (+9.02) [1]. - The A500 ETF managed by Jiashi has achieved three consecutive days of gains, reflecting strong market interest [1]. Group 2: A500 ETF Jiashi Metrics - The A500 ETF Jiashi recorded a turnover of 4% during the trading session, with a total transaction volume of 495 million yuan [4]. - Over the past month, the average daily transaction volume for the A500 ETF Jiashi was 3.028 billion yuan [4]. - The latest scale of the A500 ETF Jiashi reached 12.362 billion yuan, with a net inflow of 102 million yuan over the last three days [4]. - The net asset value of the A500 ETF Jiashi increased by 10.08% over the past six months, with a maximum monthly return of 4.48% since its inception [4]. Group 3: Top Holdings in A500 Index - As of July 31, 2025, the top ten weighted stocks in the A500 index include Kweichow Moutai, CATL, Ping An Insurance, and others, collectively accounting for 19.83% of the index [4]. Group 4: Market Outlook - Guotai Haitong Securities suggests increasing positions in Chinese stocks, anticipating new highs in stock indices, driven by accelerated economic transformation and ongoing innovations [5]. - The report highlights that the long-term interest rates have fallen below 2%, leading to a systemic decline in risk-free returns, which may enhance investor returns and support a "transformation bull" market [5].

根据上交所最新披露的数据，2025年7月，A股个人投资者新开户数达196万，与2024年7月的115万新开户 数相比，同比增长71%，远超去年同期水平。 至此，今年前7个月，A股新开户数合计已达1456.13万户。 后市将如何演绎？ 从月度对比来看，2025年1月A股新开户总数为157万户，2月的284万户实现了近翻倍增长，3月突破了300 万户，4月因关税摩擦市场震荡环比下降37.22%，5月受假期影响进一步回落，6月有所回升，7月环比增 长19.27%。结合2024年全年开户数据来看，196万户高于去年的8个月份。 赚钱效应拉动A股开户 回顾2025年7个月A股新开户数据，可以发现，股市赚钱效应和持续政策支持是影响A股新开户数的主要 因素。 7月份A股市场以强势上涨为主，各项指数表现亮眼，上证指数累计上涨3.74%，深证成指上涨5.20%，创 业板指更是录得8.14%的涨幅。市场成交活跃度显著提升，投资者参与热情高涨。 市场人士分析，这种良好的市场表现，筑牢了市场信心，也激发了投资者开户热情，使得7月新开户数实 现大幅增长。 互联网导流也助推了开户增长。近年来，随着互联网的快速发展，券商与互联网平台的合作 ...

Group 1: Strategy Overview - The report emphasizes that the Chinese economy is undergoing a transformation, leading to a "transformation bull market" in the stock market, with expectations for new highs in the future [1][15][16] - Key investment themes include a focus on financials, growth sectors, and certain cyclical industries, as the market adjusts and gains confidence [1][2][3] Group 2: Key Investment Recommendations - The August stock selection includes: 1. Banking: China Merchants Bank 2. Non-bank: CICC and New China Life Insurance 3. Overseas Technology: Tencent Holdings and Kuaishou-W 4. Electronics: Cambricon Technologies, Chipone Technology, and Suzhou Tianmai 5. Computing: Dingjie Smart and Anheng Information 6. Machinery: Hengli Hydraulic and Mingzhi Electric 7. Military: AVIC Shenfei 8. Coal: Shaanxi Coal and Chemical Industry 9. Light Industry: Sun Paper 10. Agriculture: Muyuan Foods 11. Transportation: SF Express 12. Pharmaceuticals: MicroPort Medical 13. Real Estate: China Resources Mixc Lifestyle 14. Utilities: Huadian International Power [1][4][12] Group 3: Banking Sector Insights - The banking sector is expected to face revenue pressure but maintain positive net profit growth, with a gradual recovery in net interest margins anticipated [22][23] - China Merchants Bank is projected to benefit from economic recovery, with an upward revision of net profit growth forecasts for 2025-2027 [25][26][27] Group 4: Non-Banking Sector Insights - The impact of the new tax on bond interest income is expected to be limited for the non-banking sector, with continued optimism for growth in this area [30][32] - CICC is forecasted to see significant profit growth driven by active trading and investment recovery, with an increase in EPS estimates for 2025-2027 [33][34] Group 5: Technology Sector Insights - Major tech companies are increasing capital expenditures significantly, particularly in AI, indicating a robust growth trajectory for the sector [43][45] - Tencent is expected to leverage AI to enhance its core business, with revenue and profit projections being adjusted upwards for 2025-2027 [45][46][47]

2025.08. 04 半日主力资金流向 本文字数：868，阅读时长大约2分钟 8月4日，沪深三大股指今日早盘表现分化，涨跌不一。截至午间收盘， 沪指涨0.2%，报3567.02点；深成指跌0.28%，报10960.75点；创业板指跌 0.49%，报2311.27点。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3567.02 | 10960.75 | 1419.46 | | +7.07 +0.20% -30.57 -0.28% -0.16 -0.01% | | | | 科创20 | 创业板指 | 万得全A | | 1041.89 | 2311.27 | 5564.39 | | +5.12 +0.49% -11.36 -0.49% +4.76 +0.09% | | | | 沪深300 | 中证500 | 中证A500 | | 4054.75 | 6211.46 | 4790.10 | | -0.18 -0.00% -1.74 -0.03% -2.32 -0.05% | | | | 中证1000 | 深证100 | 中证红 ...

国泰海通818理财节于8月1日正式启幕，全国社保基金理事会原副理事长王忠民做客818 理财节启幕特别节目《首席来了》，与国泰海通首席分析师、首席投顾、人气主持人共同 展望中国经济形势和资本市场前景。 汇聚首席专家 洞见市场先机 共话投资风云 助力财富长弘 扫码进入App看视频 与大咖面对面 市 / 场 / 有 / 风 / 险 / 资 / 需 / 谨 / 慎 特邀嘉宾 从宏观大势到市场投资，深度剖析经济热点，展望资本市场"转型牛"的新变局。 8月1 日，来国泰海通818理财节 ，跟随财经大咖洞见先机！ 参与方式 8月1日15:30正式开播 点击预约按钮或扫描海报二维码预约节目 展 名经济学家 全国社保基金理事会原副理事长 H 思 民 深圳市金融稳定发展研究院理事长 全国社会保障基金理事会原副理事长 Pitti 22 席直 中国社会科学院研究生院政治经济学专业毕业，经济学博士，教授、博士生导师，国家有 突出贡献专家，享受国务院特殊津贴。曾任西北大学党委常委、校长，陕西省政府党组成 员、秘书长，省政府办公厅主任、党组书记，陕西省安康市委书记，全国社会保障基金理 事会股权部主任，2004年10月—2017年12月，任 ...

Core Viewpoint - The key driver for the rise of the Chinese stock market in 2025 is the decline in the risk-free interest rate, which will lead to an overall increase in the valuation of A/H shares [2][5]. Summary by Sections Market Valuation Logic - The main contradiction in market expectations has shifted from economic cycle fluctuations to the decline in discount rates, particularly the risk-free interest rate [2]. - The high opportunity cost over the past three years has hindered investors' willingness to enter the market [2]. Historical Context and Comparisons - Historical examples from Japan and the United States show that when interest rates fall to a certain level, investor interest shifts from fixed-income products to stocks and equity products [3]. - In China, each major market rally has been accompanied by a decline in risk-free interest rates, leading to increased capital inflow into the stock market [4]. Current Market Conditions - The current environment indicates that the conditions for a new round of capital inflow into the Chinese stock market are forming, driven by the decline in long-term bond yields [4]. - The anticipated decline in risk-free rates will likely lead to a broad-based increase in valuations across A/H shares, benefiting both blue-chip and growth stocks [5]. Future Outlook - The research suggests a strategic bullish outlook on China, emphasizing the importance of recognizing the shift in the main contradiction affecting market expectations [2][5].

Group 1 - The core viewpoint of the article is that the decline in the risk-free interest rate will be a key driver for the rise of the Chinese stock market in 2025, shifting investor focus from economic cycle fluctuations to changes in discount rates [2][5] - The overall valuation center of A/H shares is expected to be adjusted upwards due to the decline in risk-free interest rates, which will enhance investor sentiment and willingness to enter the market [2][4] - Historical examples from Japan and the United States illustrate that when interest rates fall to a certain level, investor interest shifts from fixed-income products to stocks and equity products, leading to a decrease in bond market size and an increase in equity market size [3] Group 2 - The article outlines three significant periods of declining risk-free interest rates in the Chinese stock market: the first during 2014-2015, the second from 2019-2021, and the current phase expected to begin in late 2024 [4] - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a growing trend towards commercialization and industrialization in this sector [8][9] - The investment of approximately 11.492 billion yuan by various stakeholders into China Fusion Energy Co., Ltd. signifies strong support and confidence in the nuclear fusion industry, which is expected to drive further growth and innovation [9]

// 市场要闻 // 第二十四届中国互联网大会举行 7 月 23 日至 25 日， 2025( 第二十四届 ) 中国互联网大会将在北京举行。大会由中国互联网协会 主办，主题为"数驱新质·智创未来"。本届大会设置了"主要活动、配套活动"两大模块，包括开幕 式、高峰论坛、行业论坛、闭门研讨会、展览展示、高端对话、分站等 40 余场活动。 1 、 最新一期贷款市场报价利率 (LPR) 将于 7 月 21 日出炉。 2025 年 6 月数据显示， 1 年期 LPR 为 3.0% ， 5 年期以上 LPR 为 3.5% 。市场普遍预测，本期 LPR 大概率保持不变。 2 、深市首批中报将出炉。 Wind 数据显示， 7 月 22 日，沃华医药、聚灿光电、长川科技、 *ST 聆达、瑞鹄模具等五家公司将一起揭开深市公司中报披露大幕。同在 7 月 22 日，沪市公司海 通发展、 *ST 四通也将发布中报。 3 、国务院新闻办公室将于 2025 年 7 月 22 日 ( 星期二 ) 下午 3 时举行新闻发布会，请国家外 汇管理局副局长、新闻发言人李斌介绍 2025 年上半年外汇收支数据情况，并答记者问。 4 、欧洲央行将在7月 ...

Group 1 - The A-share market opened higher with the Shanghai Composite Index rising by 0.08% and the ChiNext Index increasing by 0.46%, driven by sectors such as brain-computer interfaces, pharmaceutical commerce, and short drama games [1] - Guotai Junan believes that a "transformation bull" market has formed in the Chinese stock market, driven by a systematic reduction in the market discount rate, favorable economic structural changes, and a decrease in risk-free interest rates [1] - The firm maintains its previous judgment that the upward slope of the market will slow down, predicting that the stock index may consolidate in the next phase, which is seen as a preparation for new highs [1] Group 2 - Caixin Securities indicates that the market is currently in a new round of buying window, with no significant macro risks before August, and an improvement in investor sentiment leading to increased market momentum [2] - The firm suggests maintaining a high equity market position as long as the broad market index does not show significant breakdowns, with expectations of a strong upward movement despite facing strong resistance [2] - The implementation of "anti-involution" policies could alleviate the "increased income without increased profit" dilemma, potentially leading the index into a new phase of upward movement [2]