国务院新闻办公室将于2025年8月20日（星期三）上午10时举行新闻发布会，请阅兵领导小组办公室副主任、中央军委联合参谋部作战局 少将副局长吴泽棵，中国人民解放军中部战区阅兵指挥机构办公室常务副主任、政治工作部少将副主任徐贵忠介绍阅兵准备工作有关情 况，并答记者问。 来源： 国务院新闻办公室 责编：战术恒 校对：刘榕枝 百万用户都在看 午后，突然跳水！发生了什么？ A股突发，三大重磅来袭！特朗普宣布：不加征关税！央行，重要信号！影响一周市场的十大消息 突然升温！A股逼近3700点，该怎么操作？切记，这是上涨中最容易犯的错 沸腾！暴涨近170%！中国，创造历史！ 解散！马斯克，突发！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

Core Viewpoint - The A-share market has experienced an 8-day consecutive rise, reaching 3674 points, raising questions about potential opportunities for stocks that have not yet increased in value [1] Group 1: Market Analysis - The recent U.S. CPI data has increased the probability of the Federal Reserve lowering interest rates in September, which could provide further upward momentum for the A-share market [1] - The current market trend is characterized by a "slow bull" pattern, with daily rotations among different sectors, preventing a uniform bullish sentiment [1] - As long as short sellers do not dominate the market, the overall market remains secure, indicating that many sectors and individual stocks still have opportunities for catch-up growth [1] Group 2: Short-term Strategy - Given the rapid increase in the index and the peak sentiment among numerous stocks, a consolidation phase is expected after breaking through 3674 points to digest floating capital [1] - The company suggests maintaining a bullish outlook but advises controlling the pace of investments in the short term to secure profits, with plans to resume aggressive strategies once the market stabilizes [1]

Core Viewpoint - The State Council Information Office will hold a press conference on August 13, 2025, to discuss personal consumption loan interest subsidy policies and service industry loan interest subsidy policies, featuring officials from the Ministry of Finance, Ministry of Commerce, People's Bank of China, and financial regulatory authorities [1]. Group 1 - The press conference aims to provide insights into the personal consumption loan interest subsidy policy [1]. - The event will also cover the loan interest subsidy policy for service industry entities [1]. - Key officials from relevant government departments will be present to answer questions from the media [1].

Group 1: A-shares Performance and Economic Data - A-shares have shown decent performance with significant gains, but manufacturing PMI has remained low, at 49.3 in July, indicating contraction in the manufacturing sector [4] - The non-manufacturing PMI is just above 50, suggesting a lack of clear recovery signals in the overall economy [4] - Real estate sales continue to decline sharply, reflecting ongoing weakness in the real estate market [4] Group 2: Opportunities and Risks in the Innovative Drug Sector - The pricing policy for innovative drugs under medical insurance is becoming more flexible, benefiting innovative drug companies, but stock prices have already risen significantly in anticipation of this news [5] - Current valuations in the innovative drug sector are high, leading to potential risks of chasing prices [5] Group 3: Policy Signals and the Photovoltaic Industry - Recent government signals regarding "anti-involution" can be seen as a new round of supply-side reform, particularly affecting competitive sectors like new energy vehicles and photovoltaics [6] - If policies are implemented, leading companies in the photovoltaic sector may benefit, and the sector is currently in a phase of early positioning [7] Group 4: Value Positioning in the Liquor Industry - Investment in the liquor sector is driven by low valuations, with a percentile of only 3%, indicating suppressed expectations [8] - Despite being considered a "sunset industry," low-valuation defensive stocks like liquor can provide a buffer during corrections in high-valuation growth sectors [8] Group 5: Market Reactions to Hong Kong Stablecoin Regulations - The implementation of stablecoin regulations in Hong Kong has led to significant declines for non-compliant companies, reflecting a market correction following the announcement [9] - High-yield stocks in the Hang Seng Index have performed well but are now at historical high valuations, suggesting reliance on momentum rather than fundamental support [9] Group 6: Adjustments in the CSI 300 and Bull Market Assessment - The recent significant adjustments in the CSI 300 are typical in a bull market, with a preference for viewing this as a bull market correction rather than the start of a bear market [10] - The banking index has reached a new high since October last year, indicating support from the financial sector, which may lead to further gains in other industries [10] Group 7: Dividend Portfolio Valuation and Strategy - The dividend sector has shown stable performance but is at a high valuation, with a percentile of 98% and a price-to-book ratio of 81% [11] - Investors are advised to maintain reasonable positions, with suggestions to hold or reduce exposure based on individual circumstances [11] Group 8: Hang Seng Index Performance and Positioning Advice - The Hang Seng Index has shown strong performance, with a valuation percentile of 79%, slightly lower than the dividend sector [12] - Investors should be cautious of high valuation risks and adjust their positions flexibly based on technical trends and valuation levels [12] Group 9: Conclusion on Current Market Environment - The current macroeconomic environment is complex, with a divergence between A-share performance and economic fundamentals, necessitating a more cautious and flexible investment approach [13] - Sectors like photovoltaics and liquor have unique characteristics worth monitoring, while the CSI 300 and dividend portfolios, despite high valuations, still have potential for growth [13]

Group 1 - The overall trend of the index remains upward, currently undergoing a phase of consolidation to digest previous positions [1] - The medium-term upward trend of A-shares is still solid according to industry experts [1] - There are warnings about potential fatigue in the index, indicating a need to be cautious of possible downward risks [1]

Core Viewpoint - The A-share market is currently in a period of consolidation, digesting performance discrepancies and external disturbances, but the medium to long-term upward trend remains intact, supported by improved performance logic and inflow of incremental capital [1] Group 1: Market Outlook - Short-term market dynamics indicate a phase of oscillation and energy accumulation [1] - The long-term upward trend is reinforced by performance improvements and new capital inflows [1] Group 2: Investment Strategy - A dynamic balance between high-elasticity growth sectors and defensive assets is recommended [1] - The current adjustment period presents an opportunity to invest in quality targets, focusing on sectors with performance certainty such as capacity clearance, AI, pharmaceuticals, and self-sufficiency [1] - Emphasis on capturing undervalued rebound opportunities [1]

Market Performance - A-shares experienced a significant rebound on August 4, with the Shanghai Composite Index rising by 0.66%, the Shenzhen Component Index increasing by 0.46%, and the ChiNext Index up by 0.5% [2] - A total of 3,877 stocks rose, with 69 stocks hitting the daily limit up, while 1,312 stocks declined [3][4] Sector Highlights - The military industry sector saw a strong performance, with stocks such as Beifang Changlong, Aileda, and Changcheng Military Industry hitting the daily limit up [5] - Robot concept stocks also surged, with Zhejiang Rongtai and Wuzhou Xinchun among those reaching the daily limit up [6][7] - Solid-state battery concept stocks experienced a rise, with Shanghai Xiba hitting a new high [8] Downward Trends - Retail stocks faced adjustments, with Dalian Friendship and Maoye Commercial hitting the daily limit down [9] Influencing Factors - The expectation of interest rate cuts in the U.S. following weak employment data has bolstered market confidence, with over 80% probability of a rate cut in September [10][11] - The appreciation of the Renminbi against the U.S. dollar has also contributed to market stability, with the MSCI Emerging Markets Currency Index rising by 0.5% [12][13] - Positive news from various sectors, including advancements in HIV vaccine research and government support for enterprises in foundational research, has further boosted market sentiment [15]

Group 1 - The core issue revolves around the giant panda "Yuko" at Chongqing Zoo not being on display due to health concerns related to extreme high temperatures [1] - The zoo management confirmed that "Yuko" experienced heat stress but is currently recovering and will not be exhibited temporarily [1] - To protect the animals from high temperatures, the zoo will adjust outdoor exhibition schedules for some giant pandas and other animals based on temperature changes [1]

#行情 上证综指已较4月7日（特朗普宣布“解放日”关税）行情低位反弹20%，势将进入技术性牛市。 https://t.co/6vF1V2A2t9外汇交易员 (@myfxtrader):彭博汇编的数据反映中国投资者正将资金从黄金ETF转向国内股票。随着A股走强和金价升势停滞，7月份四大境内黄金ETF（华安易富、博时黄金、易方达黄金和国泰君安）合计净流出约32亿元，势创历史单月最大纪录。 https://t.co/YruiutiK5Z ...

Market Trends - Chinese investors are shifting funds from gold ETFs to domestic A-shares [1] - A-shares are strengthening while gold price increases are stagnating [1] Investment Flows - Four major domestic gold ETFs (Huaan Yifu, Boshi Gold, E Fund Gold, and Guotai Junan) experienced a net outflow of approximately 32 billion yuan in July [1] - The 32 billion yuan net outflow is poised to set a new historical monthly record [1]