Market Performance - The Shanghai Composite Index broke through the 3700-point mark, reaching a nearly four-year high with an increase of 0.49% [1] - The Shenzhen Component Index rose by 0.32%, while the ChiNext Index increased by 0.33% [1] - In the futures market, the SSE 50 rose by 1.27%, the CSI 300 increased by 0.93%, the CSI 500 went up by 0.12%, and the CSI 1000 saw a rise of 0.09% [1] Trading Volume and Margin Financing - The combined trading volume of the Shanghai and Shenzhen stock markets reached 2.15 trillion yuan, an increase of approximately 269.42 billion yuan compared to the previous trading day [2] - The margin financing balance on the Shanghai Stock Exchange was reported at 1.029 trillion yuan, while the Shenzhen Stock Exchange's margin financing balance was 996.38 billion yuan, totaling 2.025 trillion yuan, which is an increase of 11.66 billion yuan from the previous day [2] Investor Sentiment and Market Trends - The continuous rise in stock indices has highlighted the capital market's profit-making effect, leading to a change in investor risk appetite [2] - Current macroeconomic drivers remain positive, with market risk appetite sustaining at a high level, while monitoring signals from the Russia-Ukraine negotiations [2] - The market is experiencing a rotation of sectors, with a recommendation to increase allocation in technology growth sectors while also paying attention to opportunities in consumer and cyclical sectors [2]

（原标题：韩金监院与金投协会称将为韩股市保驾护航） 据韩联社8月7日报道，韩金融监督院当天与金融投资协会举行了共同座谈会,听取了资本市场对最 近美国关税和韩国税制改革等事宜的看法及担忧。据悉,现场与会专家们对近期税收制度改革以及美国 关税协商对部分企业的业绩下滑表示了关切。同时表示，随着来自美国的通胀压力的增加，韩国国内股 市也将受到负面影响。金融监督院副院长徐载完表示，韩国KOSPI指数经过了长期的增长停滞期最近接 近历史新高，国内资金流向从房地产逐步转移到资本市场，将尽全力为资本市场健康可持续增长保驾护 航。金融投资协会会长徐有锡强调称，为了让股市越加活跃，最重要的是要让资金顺利流向高新产业提 高产能，业界会积极努力使更多风险资本进入其中。 ...

Core Insights - The "Zhongyun Jingwei·Yuan Guanlan Bian" investment strategy report conference was held in Zhengzhou, attracting over a hundred clients to discuss market opportunities [1] - The event emphasized the importance of professional investment strategies and forward-looking perspectives in wealth management amid a complex economic environment [3] Macroeconomic Analysis - Dr. Deng Shubin, Chief Economist of Zhongyuan Securities, provided an in-depth analysis of the macroeconomic outlook for the second half of the year, highlighting significant growth in service consumption and the resilience of the Chinese economy despite structural issues and external risks [4] - The central government aims to "expand residents' property income" as a key path to boost consumption, with the value of stock asset allocation becoming increasingly prominent in the current recovery environment [4] Market Insights - Mr. Zhang Liang, General Manager of Shenzhen Zhongou Ruibo, noted a significant positive shift in domestic policies, indicating the end of the bear market and the beginning of a bull market, with a focus on sectors such as technology, innovative pharmaceuticals, and gold for growth opportunities [6] - The current economic resilience, coupled with increased external uncertainties, suggests that the bond market is entering a period of fluctuation, where bonds should be viewed as a "core allocation" to balance investment portfolio volatility [9] Wealth Management Solutions - The "He Account" one-stop wealth management service was introduced by Mr. Wang Ningqi, emphasizing the solution to multi-account configuration challenges and the benefits of asset isolation and targeted inheritance through trust legal structures [10] - The conference showcased Zhongyuan Trust's commitment to providing professional and forward-looking market insights and asset allocation strategies, reinforcing its dedication to client-centric wealth management [12]

Group 1 - The meeting emphasized the need to effectively release domestic demand potential and highlighted the importance of implementing special actions to boost consumption, focusing on both goods and service consumption as new growth points [2] - In the real estate sector, the meeting did not directly mention stabilizing the market but instead called for high-quality urban renewal, indicating a shift from a sales-oriented to a quality-oriented approach in the real estate market [2] - The meeting stressed the combination of consumption promotion and social welfare to stimulate domestic demand, suggesting a long-term mechanism for consumption growth that enhances social security and improves living standards [2] Group 2 - The meeting proposed enhancing the attractiveness and inclusiveness of the domestic capital market, indicating a focus on stabilizing and improving market conditions [3] - The emphasis on attracting more long-term investors and improving services for innovative enterprises in the capital market reflects a strategic direction for future investment [3] - The outcomes of the meeting are seen as laying the groundwork for a successful conclusion to the "14th Five-Year Plan" and a strong start to the "15th Five-Year Plan," with a focus on policy execution and market reforms [3]

Core Insights - The asset management trust market in July showed a slight decline in issuance quantity and a significant decrease in issuance scale, while the establishment market experienced a notable increase in quantity but a clear decline in scale [1][2]. Issuance Market - In July, a total of 2,549 asset management trust products were issued, representing a month-on-month decrease of 1.13%, with a disclosed issuance scale of 130.318 billion yuan, down 16.35% [1]. - Non-standard products faced significant setbacks, with issuance quantity decreasing by 13.85% and issuance scale dropping by 23.97% [1]. - Conversely, standard products saw a notable increase, with 1,491 standard trust products issued, an increase of 141 products or 10.44%, while the disclosed issuance scale slightly decreased by 1.53% [1]. - The positive performance of the equity market contributed to the growth of standard trust product issuance [1]. Establishment Market - In July, 2,295 asset management trust products were established, marking a month-on-month increase of 10.50%, with a disclosed establishment scale of 77.682 billion yuan, down 6.88% [2]. - Non-standard products also saw a significant decline in establishment scale, with a month-on-month decrease of 9.30% [2]. - The establishment of standard trust products increased significantly, with a rise of 195 products or 17.55%, while the disclosed establishment scale remained relatively stable, decreasing by only 0.09% [2]. - TOF (Trust of Funds) products emerged as a key growth driver in the standard trust establishment market, with 481 products established, an increase of 121 products or 33.62%, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [2]. Importance of Standard Trusts - The development of standard trusts is crucial in the context of the trust industry's transformation, helping to reduce reliance on non-standard business and mitigate existing risks [3]. - Standard trusts offer high transparency, strong liquidity, and clear risk-return characteristics, catering to diverse investor preferences [3]. - By investing in standardized assets like bonds and stocks, standard trusts can channel social funds into the capital market and support the real economy, thereby enhancing resource allocation efficiency [3].

Monetary Policy Implementation - The People's Bank of China Qinghai Branch is implementing a moderately loose monetary policy to effectively promote credit growth in key areas and reduce financing costs for the real economy, stabilizing bank net interest margins [1] - The central bank's relending rate was lowered by 0.25 percentage points to 1.5% starting May 7, which is estimated to save local financial institutions approximately 33 million yuan annually, thereby encouraging lower loan rates for agricultural, small, and private enterprises [1] Loan Rate Adjustments - The Loan Prime Rate (LPR) was reduced by 0.1 percentage points on May 20, leading to an estimated annual interest savings of about 70 million yuan for various loan entities in the province [1] - The personal housing provident fund loan rate was decreased by 0.25 percentage points, expected to save around 8.6 million yuan annually for 115,000 households, while commercial housing loan rates adjustments are projected to save approximately 5.7 million yuan for 180,000 households [1] Support for Innovation and Green Initiatives - Structural monetary policy tools are being utilized to support technological innovation, consumer services, elderly care, and green low-carbon initiatives, with 26.1 billion yuan in loans provided to technology innovation and equipment upgrade projects [2] - Over 51.2 billion yuan has been allocated for carbon reduction support tools, leading to 85.3 billion yuan in carbon reduction loans and a reduction of 3.21 million tons of carbon emissions [2] Bond Market Developments - The establishment of a bond market support framework for technology innovation and private enterprises has been initiated, with the successful issuance of 300 million yuan in technology innovation bonds by Xikang Group at a record low interest rate of 1.78% [2]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - After continuous increases, the probability of market fluctuations is high. The A-share market has shown resilience recently. Although short - term volatility of the market may intensify after continuous index increases, the overall strategy is to go long on dips [10][11] - The Politburo meeting emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, confirming the policy's support for the capital market [10][11] 3. Summary According to the Table of Contents 3.1 Monthly Assessment and Strategy Recommendation - **Important News**: The Politburo meeting aimed to enhance the capital market's attractiveness; overseas stock trading income is taxable; A - share margin trading balance is close to 2 trillion yuan; the central bank conducted a 7000 - billion - yuan 3 - month reverse repurchase operation [10] - **Economic and Corporate Earnings**: Q2 GDP growth was 5.2%; June consumption growth was 4.8%; industrial added - value growth was 6.8%; July manufacturing PMI was 49.3%; June social financing scale increased by 8.9% year - on - year; July exports increased by 7.2% and imports by 4.1% [10] - **Interest Rates and Credit Environment**: 10Y treasury and credit bond rates declined, and credit spreads narrowed. Liquidity became looser at the beginning of the month [10] - **Trading Strategy Recommendations**: Hold a small amount of IM long positions in the long - term due to medium - low valuation and long - term IM discount; hold IF long positions for 6 months as a new interest rate cut cycle may benefit high - dividend assets [12] 3.2 Futures and Spot Markets - **Spot Market**: The Shanghai Composite Index was at 3573.21, up 3.74%; the Shenzhen Component Index was at 11009.77, up 5.20%; and other major indices also had varying degrees of increase [14] - **Futures Market**: All major index futures contracts showed increases, such as IF contracts with increases ranging from 3.47% to 4.17% [15] 3.3 Economic and Corporate Earnings - **Economic Indicators**: Q2 GDP growth was 5.2%; July manufacturing PMI was 49.3%; June consumption growth slowed to 4.8%; exports maintained resilience; investment growth declined to 2.8% [36][39][42] - **Corporate Earnings**: In Q1 2025, the revenue growth of non - financial A - share listed companies slightly declined but was still higher than Q3 2024, and the operating net cash flow improved [45] 3.4 Interest Rates and Credit Environment - **Interest Rates**: 10Y treasury and 3 - year AA - corporate bond rates declined [48] - **Credit Environment**: In June 2025, M1 growth was 4.6%, M2 growth was 8.3%, and social financing increased by 4.20 trillion yuan, with government bonds and corporate short - term loans being the main contributors [59] 3.5 Capital Flows - **Inflow**: This week, 146.21 billion shares of new equity - biased funds were established, and the net margin purchase was 326.43 billion yuan [65][69] - **Outflow**: This week, major shareholders had a net increase of - 50.67 billion yuan, and there was 1 IPO approval [72] 3.6 Valuation - **P/E Ratio (TTM)**: Shanghai 50 was 11.49, CSI 300 was 13.33, CSI 500 was 30.58, and CSI 1000 was 42.19 [76] - **P/B Ratio (LF)**: Shanghai 50 was 1.27, CSI 300 was 1.41, CSI 500 was 2.06, and CSI 1000 was 2.34 [76]

Group 1 - The roundtable discussion at Fudan University focused on "Economic and Trade Games, Technological Leapfrogging, and Current International Financial Situation," aiming to provide academic insights for China's capital market in response to international changes [1] - The chief economist of Sumitomo Mitsui Banking Corporation (China), Qin Yong, analyzed the complex relationships China faces due to the US-China trade war, highlighting the pressure on China's economy and the deteriorating PMI data in July, indicating manufacturing stress [1][2] - Qin emphasized that the US-China relationship is not just about trade deficits but involves major power dynamics, suggesting that China should manage its relations with neighboring countries and the US more effectively while addressing domestic demand issues [1] Group 2 - In response to the US-China trade war, China has implemented strong fiscal policies this year, achieving higher growth in the first half despite tariff pressures, although structural performance remains poor with weakened exports and investment [2] - The US has increased tariffs on China by 20% since the beginning of the year, leading to a retaliatory cycle, with the overall tariff rate reaching 43%, significantly impacting the manufacturing and export sectors [2] - The fluctuation in PMI data indicates that the impact of exports to the US on net exports and overall economic performance is substantial, raising questions about the necessity of reaching an agreement with the US [2]

Core Viewpoint - The article discusses the downfall of Zhao Wei, a former star and capital market player, highlighting her recent stock freezes and the implications of her past actions in both the entertainment and financial sectors [3][4][10]. Group 1: Stock Freezes and Legal Issues - Zhao Wei's shares in three companies have been frozen, totaling 15.9 million shares with a three-year freeze period, indicating ongoing legal troubles [10][13]. - This is not the first instance of stock freezes for Zhao Wei; she previously faced similar issues due to disputes with China Minsheng Trust [13][14]. - The article suggests that Zhao Wei's current situation may stem from unresolved legal disputes or new debt crises [13][14]. Group 2: Rise and Fall in Capital Markets - Zhao Wei gained fame as a star in "My Fair Princess" and later ventured into the capital market, initially achieving success by acquiring a stake in Alibaba Pictures for HKD 3.1 billion [16][18]. - Her reputation as the "female Buffett" was solidified after she profited HKD 1 billion from this investment [18][19]. - However, her ambitious acquisition of shares in Wan Jia Group for HKD 3 billion faced regulatory scrutiny, leading to the termination of the deal and subsequent penalties [23][24]. Group 3: Impact of Past Controversies - The "military flag incident" from 2001 remains a significant stain on Zhao Wei's public image, leading to widespread backlash and a decline in her career [28][30]. - Despite attempts to mitigate the damage through public apologies, the incident severely affected her professional opportunities [32][34]. - Zhao Wei's journey reflects a broader narrative of ambition leading to downfall, as her attempts to balance fame and financial success ultimately resulted in significant personal and professional losses [36].

责任编辑：袁浩 本报讯 记者杨毅报道 6月18日，在2025陆家嘴论坛开幕式上，中国证监会、民政部和上海市人民政 府联合举办了中国资本市场学会揭牌仪式。中共中央政治局委员、上海市委书记陈吉宁，中央金融办分 管日常工作的副主任王江，中国证监会主席吴清，上海市市长龚正，民政部副部长胡海峰共同为中国资 本市场学会揭牌。中国资本市场学会定位于打造资本市场理论研究、学术交流、决策咨询高端智库平 台，广泛团结和凝聚行业机构、上市公司、高校和科研院所、政府部门等各方面研究力量，围绕资本市 场战略性基础性前瞻性重大课题开展研究交流和宣传。下一步，中国证监会将会同民政部和各方一道， 共同推动将中国资本市场学会建设成为深化金融发展特点和规律认识的重要基地、加强资本市场国际交 流合作的开放平台、促进资本市场高质量发展以及上海国际金融中心建设的强大推动力量。 ...