Group 1 - The China A500 ETF (560510) has risen by 0.98%, marking a three-day increase and reaching a new high for the year, with a turnover of 2.45% and a transaction volume of 99.33 million yuan [1] - The underlying index, the China A500 Index (000510), increased by 0.93%, with notable gains from constituent stocks such as Robotech (300757) up 19.10%, Xinyisheng (300502) up 13.67%, and Sanhuan Group (300408) up 13.49% [1] - The A-share market is experiencing a strong upward trend, with major indices collectively rising and the Shanghai Composite Index breaking through the previous high of 3674 points from October 8, 2024, reaching its highest level since December 17, 2021 [1] Group 2 - Dongwu Securities indicates that the upward trend of the market is solid due to liquidity, and it is expected that the market will not experience significant fluctuations, with a gradual formation of a slow bull trend [1] - Pacific Securities suggests that the long-term upward trend of the A-share market remains intact, with recent policy directions indicating a shift towards increasing fiscal spending aimed at households, which is fundamental for future economic recovery [1] - Shenwan Hongyuan Securities notes that the margin trading balance has surpassed 2 trillion yuan, indicating further upward potential, with comparisons drawn to the 2015 peak when the margin trading balance exceeded 4.5% of the A-share market's circulating market value [2]

Core Insights - The Shanghai-Shenzhen 300 Index has shown a positive trend, with a 0.38% increase as of August 13, 2025, and notable gains in constituent stocks such as Pengding Holdings (up 8.66%) and Huadian Shares (up 8.08%) [1][3] Market Performance - The Shanghai-Shenzhen 300 ETF recorded a trading volume of 82.8591 million yuan during the session, with an average daily trading volume of 1.106 billion yuan over the past year [3] - The ETF's scale has increased by 7.419 billion yuan over the last three months, and its shares have grown by 2.542 billion over the past six months [3] - The net value of the ETF has risen by 27.58% in the past year, with the highest monthly return reaching 25.64% since its inception [3] Investment Strategy - East Wu Strategy suggests that the upward trend of the market is solidified by liquidity, with expectations of a gradual bull market due to improved capital market positioning and ongoing policy support [3] - The combination of "anti-involution + major infrastructure" policies is expected to optimize supply-demand dynamics, leading to stabilization and improvement in overall profitability and return on equity (ROE) [3] Top Holdings - As of July 31, 2025, the top ten weighted stocks in the Shanghai-Shenzhen 300 Index include Kweichow Moutai, CATL, Ping An Insurance, and others, collectively accounting for 21.88% of the index [4][6] - The weightings of the top stocks are as follows: Kweichow Moutai (4.19%), CATL (3.15%), and Ping An Insurance (2.83%) [6] Investment Access - Investors without stock accounts can access core A-share assets through the Shanghai-Shenzhen 300 ETF linked fund (160724) for low-cost entry [6]

Core Insights - The number of new A-share accounts opened in July 2025 reached 1.9636 million, marking a year-on-year increase of 71% and a month-on-month increase of 19% [1] - Cumulatively, 14.5613 million new accounts have been opened in 2025, representing a year-on-year growth of 36.88% [1] - The A-share market has shown a significant recovery in new account openings, driven by a resurgence in profitability, particularly in July, with the Shanghai Composite Index achieving multiple upward signals [1][2] Monthly Data Summary - New account openings from January to July 2025 were as follows: 1.57 million, 2.8359 million, 3.0655 million, 1.9244 million, 1.5556 million, 1.6464 million, and 1.9636 million respectively, with July being the third highest month of the year [1] - Compared to the same month last year, July 2025's new account openings surpassed all months from January to September 2024 [1] Market Performance - In July 2025, major A-share indices experienced significant gains, with the Shanghai Composite Index closing at 3573.21 points, reflecting a monthly increase of 3.74% [2] - The Shenzhen Component Index rose by 5.2%, while the ChiNext Index saw an impressive increase of 8.14% [2] - Despite some profit-taking and policy adjustments at the end of the month, the Shanghai Composite Index has shown a year-to-date increase of 6.61% and has risen for three consecutive months, indicating a potential "slow bull" market trend [2] Market Activity - The market saw a strong performance with the Shanghai Composite Index surpassing 3600 points, achieving a new closing high for the year [3] - Total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion, an increase of 97.5 billion from the previous trading day [3] - Over 3900 stocks in the market experienced gains, with notable performances in sectors such as PEEK materials and banking stocks [3]

Core Insights - In July, the number of new A-share accounts reached 1.9636 million, marking a month-on-month increase of nearly 20% and a year-on-year increase of over 70% [1][5] - The total number of new A-share accounts for the first seven months of the year reached 14.5613 million, a 36.88% increase compared to the same period in 2024 [1][5] New Account Data - In July, the A-share new account numbers were 1.9636 million, up from 1.6464 million in June, which represents an increase of over 300,000 accounts [1][2] - The cumulative new accounts for 2025 reached 14.5613 million, compared to 10.6379 million in the same period of 2024 [1][4] Market Performance - The Shanghai Composite Index closed at 3573.21 points in July, with a monthly increase of 3.74%, contributing to a year-to-date increase of 6.61% [3][5] - The Shenzhen Component Index and the ChiNext Index also saw significant monthly gains of 5.2% and 8.14%, respectively [3] Trading Volume - In July, the total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 2.94 trillion shares, a record high for the year, with a month-on-month increase of over 800 billion shares [4][5] - The total transaction value for July was 37.58 trillion yuan, also a record high for the year, with an increase of over 10 trillion yuan compared to June [4][5] Investor Sentiment - Over 3600 A-shares rose in July, with more than 1000 stocks increasing by over 10%, indicating strong market sentiment [5] - The margin financing balance increased from 1.85 trillion yuan at the end of June to 1.98 trillion yuan by the end of July, marking a significant rise in investor engagement [5]

Market Overview - A-shares exhibited mixed performance on July 30, with the Shanghai Composite Index rising by 0.17%, while the Shenzhen Component and ChiNext Index fell by 0.77% and 1.62% respectively [1] - Over 3,500 stocks closed in the red, indicating a broad market decline despite some sectors showing strength [1] Sector Performance Consumer Sector - The consumer sector rebounded, with tourism, food and beverage, and retail leading the gains; stocks like Caesar Travel and Sunshine Dairy reached their daily limit [1] Film and Entertainment Sector - The film sector saw significant gains, with Happiness Blue Sea achieving three consecutive 20% limit-ups, and a total increase of over 100% in the last five trading days [2] - The summer box office surpassed 5.5 billion yuan, driven by the success of "Nanjing Photo Studio," which is expected to contribute an additional 3 billion yuan to the overall box office [2] Financial Sector - The banking and insurance sectors experienced a rebound, with China Ping An reaching a new high for the year [3] - A-share listed banks are projected to distribute a total dividend of 632.59 billion yuan for 2024, marking a 3.14% year-on-year increase [3] Technology and Innovation - The technology sector is anticipated to receive structural benefits due to easing tensions between the U.S. and China, with a focus on tech exports and media narratives [5] - The market is expected to maintain upward momentum, with a focus on innovation and technology as the main theme [7] Institutional Insights Market Outlook - Huajin Securities predicts that A-shares may continue a strong oscillating trend in August, with cyclical and technology growth sectors likely to outperform [4] - Dongfang Securities emphasizes that the current market rally is driven by improved liquidity and economic expectations, suggesting ongoing upward momentum [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - **Equity Index**: The "Renovation Gate" of the Fed has escalated, with Trump pressuring for a rate cut. The ECB has stopped rate cuts after eight consecutive reductions, and the expectation of a September rate cut has dropped sharply. China is strongly "anti - involution" with the revision of the Price Law. After the coal mine production verification dampened market sentiment, the "Hainan blockade" and "anti - involution" have boosted market risk appetite again, and the slow - bull trend of the equity index is becoming clear with its central level rising [1]. - **Treasury Bonds**: On Thursday, the bond market adjusted significantly. Currently, the focus of short - term bond market trading is not on the capital and fundamental aspects. The influence of investor behavior and the performance of major asset classes on the bond market has been significantly magnified. Compared with the commodity and equity markets, the previous adjustment space of the bond market is still insufficient, and the odds are limited, making incremental funds cautious and existing funds uneasy. In this situation, the bond market is still difficult to make great progress. It is recommended to preserve strength and wait for better opportunities to allocate [2]. 3. Directory Summaries Market Review - **Equity Index**: The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 equity index futures rose by 0.76%, 0.50%, 1.72%, and 1.84% respectively [1][5]. - **Treasury Bonds**: The 10 - year, 5 - year, 30 - year, and 2 - year main contracts of treasury bond futures fell by 0.27%, 0.20%, 0.87%, and 0.08% respectively [2][6]. Technical Analysis - **Equity Index**: The RSI indicator shows that the market has a callback risk [5]. - **Treasury Bonds**: The RSI indicator shows that the T main contract may rebound [6]. Strategy Suggestions - **Equity Index**: The equity index is expected to fluctuate upwards [1]. - **Treasury Bonds**: Pay attention to taking profits and wait for better entry opportunities [2][3]. Futures Data - **Equity Index Futures**: On July 24, 2025, the closing prices of CSI 300, SSE 50, CSI 500, and CSI 1000 main contracts were 4,141.20 yuan, 2,816.60 yuan, 6,226.00 yuan, and 6,618.60 yuan respectively, with trading volumes of 65,298 lots, 34,309 lots, 49,292 lots, and 124,051 lots, and open interests of 163,125 lots, 63,790 lots, 109,680 lots, and 181,457 lots respectively [7]. - **Treasury Bond Futures**: On July 24, 2025, the closing prices of 10 - year, 5 - year, 30 - year, and 2 - year main contracts were 108.24 yuan, 105.60 yuan, 118.31 yuan, and 102.30 yuan respectively, with trading volumes of 88,420 lots, 88,209 lots, 149,278 lots, and 54,515 lots, and open interests of 196,150 lots, 160,008 lots, 122,909 lots, and 106,097 lots respectively [7].