在加仓成长类资产的同时，多个投顾组合借道港股基金捕捉港股市场投资机会。7月29日，工银瑞信指数PLUS策 略组合将天弘恒生科技指数C新增到投资组合中。工银瑞信基金投顾指出，"我们本次调仓增加了恒生科技的配 置，作为看好港股和成长风格的进攻品种。" 而嘉实财富权益甄选组合也于近期增加了对成长风格产品的配置。7月21日，该组合增持广发中小盘精选混合C、 招商中证800指数增强A等产品。嘉实投顾团队称，组合在风格均衡基础上，小幅增加相对低位的成长方向，同时 对同风格基金内部做优化，调出管理人有变动的基金。此外，7月底，工银瑞信指数PLUS策略组合加仓工银创新 动力股票、嘉实互融精选股票C等成长风格产品。 【环球网财经综合报道】随着股市回暖，多个基金投顾组合于近期密集调仓，其中成长风格基金受到青睐。 进一步来讲，8月4日，富国满天星追求收益组合展开调整，加仓华夏价值精选混合、富国稳健增长混合A、金鹰 科技创新股票C等基金，同时减持前海开源金银珠宝混合C、宝盈消费主题混合等基金。此次调仓旨在加仓成长风 格产品以增加组合锐度。 再者，7月28日，银华天玑 - 奔跑狮子座组合大幅增持摩根标普港股通低波红利指数A，持仓比例从 ...

Group 1 - The current "anti-involution" theme has a broader industry coverage compared to the supply-side reform from 2015-2018, including sectors like photovoltaic, new energy vehicles, steel, coal, building materials, basic chemicals, and pig farming [22][23][28] - The steel and coal industries are transitioning from passive destocking to active restocking, with steel profitability already improving, while photovoltaic and medical devices show stronger demand for "anti-involution" [27][28] - The report highlights that the photovoltaic and medical device sectors are in an active destocking phase, with high potential for price rebound if successful [27][28] Group 2 - The equity market is experiencing a slight decline in sentiment, with expectations for a high-level fluctuation in August, as the overall financial and industrial sentiment has decreased [31][32] - The 10Y government bond yield is expected to slightly decline to 1.70% in August, influenced by factors such as economic growth and inflation [50][53] - The real estate sector is under increasing demand-side pressure, with the industry pressure index rising slightly to 0.597, indicating a potential worsening of the market situation [69][71] Group 3 - The report recommends focusing on high win-rate and high payout industries, including computer, electric equipment and new energy, non-ferrous metals, agriculture, transportation, and light manufacturing [4] - The "clearing reversal" strategy suggests investing in industries that are at the end of the clearing phase, with rising demand and improved competitive landscape, such as oil and petrochemicals, non-ferrous metals, and utilities [4][88] - The report emphasizes the importance of monitoring the performance of small-cap stocks, which have shown a slight increase in attention compared to large-cap stocks [87][88]

Market Performance - Major A-share indices rose on August 6, with the ChiNext Index and the Sci-Tech Innovation Index showing strong performance, leading to a 0.64% increase in the Double Innovation Leader ETF (588330) [1] - Since June, the growth style has remained active, with the ChiNext Index rising over 20% and reaching a new high for the year by July 29, while the Sci-Tech 50 Index increased nearly 10% during the same period [3] Key Stocks - Semiconductor leader Lanke Technology rose over 6%, while defense industry leader AVIC Chengfei increased nearly 6%. Other notable stocks include Gekewei, Baili Tianheng, and Zhongkong Technology, all rising over 2% [3] - The top ten stocks in the ChiNext and Sci-Tech Innovation indices showed significant gains, with Lanke Technology leading at 6.58% and AVIC Chengfei at 5.99% [3] Market Analysis - Analysts believe that growth stocks are supported by both policy and capital. A significant meeting on July 30 emphasized enhancing the attractiveness and inclusiveness of the domestic capital market [4] - Long-term forecasts suggest that the market in Q4 2025 may outperform Q3, with a clearer trend of fundamental improvement and capital inflow expected by mid-2026 [4] - The focus remains on technology as the main investment theme, with high-growth sectors like innovative drugs and AI gaining attention [4] Investment Opportunities - The Double Innovation Leader ETF (588330) offers a diversified investment in strategic emerging industries, selecting 50 large-cap companies from the ChiNext and Sci-Tech boards [4] - The ETF is positioned as a low-threshold investment tool, allowing investors to participate in the technology sector with a lower entry cost compared to direct investments in individual stocks [4]

Market Overview - The overall market has seen an increase, closing at a rating of 4.7 stars [1] - Large, medium, and small-cap stocks have all risen, with large-cap stocks showing slightly higher gains [2] - Value style indices, including dividend and value-focused indices, have experienced significant increases [3] Bond Market Impact - A recent announcement stated that from August 8, new bond interest will be subject to value-added tax, which reduces future returns on pure bonds [4] - This change has led to increased capital inflow into fixed income plus (固收+) assets, particularly those with a value style in their equity components [5] - The value style has shown a strong performance over the last three trading days [6] Investment Trends - The recent market dynamics indicate a rotation in styles, with value styles performing strongly while growth styles have lagged [8][9] - The performance of fixed income plus products, such as monthly salary treasure and 365 products, has also increased due to these trends [7] Currency and Global Context - The RMB-denominated assets are generally strong, supported by recent weak economic data from the US, which has raised expectations for continued interest rate cuts by the Federal Reserve [11][12] - The decline in US dollar interest rates has been beneficial for RMB-denominated assets [13] - Since early July, both A-shares and Hong Kong stocks have outperformed global markets [14] Pension Fund Investment - The article discusses the strategy of regular investment in pension index funds, highlighting a combination of 中证 A500 and 中证 红利 as a balanced approach between growth and value styles [36][37] - Recent performance shows that both index funds have returned to normal low valuations, prompting a pause in further investments until they show signs of recovery [39][40] - The article emphasizes the importance of long-term investment strategies and the potential for future opportunities in undervalued assets [41]

2025年7月，创业板指呈现显著上涨态势，月度累计涨幅达8.14%，延续了6月的上涨趋势，形成连续两个月的强势表现，在市场普涨的行情下领先其它市场 大盘指数；资金面方面，7月市场交投活跃度显著提升，月末A股日均成交额超2万亿元，较6月环比增长显著。在价量齐升的背景下市场风格明显偏向成 长。在具体行业层面，整个7月医药生物、通信等板块涨幅靠前，均为创业板权重领域，行业的表现与创业板指的强势形成呼应。那么站在八月初展望未 来，创业板指是否还有配置机会？ 图：6月底以来市场情绪积极利好成长风格 数据来源：Wind，截至2025/7/31 我们先梳理海内外的宏观环境。国内宏观经济方面，7月制造业PMI在荣枯线下方继续回落，PPI数据仍然承压，但"反内卷"政策对原材料、产成品价格起到 明显提振作用。政治局会议信号显示，下半年经济政策重心转向调结构，结构性货币政策工具将重点支持科技创新、消费等领域，与创业板的行业构成高度 契合，后续随供需格局改善，指数盈利边际上或改善明显。海外方面，美联储货币政策走向成为关键变量。FOMC未于7月降息，叠加非农数据显著下修点 燃市场降息预期。对华关税或维持原先走势，但考虑美国经济景气程度 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the investment landscape, focusing on the current macroeconomic environment and various growth styles, particularly in the context of the A-share market and emerging technologies such as AI and robotics. Core Points and Arguments 1. **Global Kondratieff Cycle**: The current macro backdrop is characterized by the tail end of a global Kondratieff cycle, similar to the 1930s and 1970s, where both safe assets and growth styles can generate returns [1][2][7] 2. **Investment Themes**: The potential for growth styles to evolve into main investment themes is under scrutiny, with a focus on indicators that could signal this transition [2][4] 3. **Market Rotation**: The current industry rotation intensity is close to levels seen in the past 10 to 12 years, indicating a potential for rapid thematic trading [2][9] 4. **Investment Strategy**: Different themes have varying investment characteristics, with some being verifiable and others not. The latter are more susceptible to market fluctuations [3][12][17] 5. **Necessary Conditions for Theme Validation**: Four necessary conditions for a theme to evolve into a main line include early positioning by public funds, active financing in the primary market, increased capital expenditures (CAPEX) by companies, and confirmation of profit cycles through industry research [4][22][24] 6. **Short-term Trading Opportunities**: Current short-term trading opportunities include humanoid robots, domestic patents, and AI applications, which are positioned favorably for potential rebounds [5][30] 7. **Mid-term Investment Focus**: The military and defense sector is highlighted as a verifiable theme, especially with upcoming events like the military parade on September 3, which could serve as a catalyst for price movements [5][27] 8. **Emerging Technologies**: Other sectors such as solid-state batteries, new consumption trends, and innovative pharmaceuticals are also discussed as potential main lines, although their current CAPEX and performance metrics require further observation [6][28][30] 9. **Historical Context**: The historical performance of safe assets and growth styles during previous Kondratieff cycle bottoms suggests a similar pattern may emerge, where both can coexist profitably [7][9] 10. **Market Sentiment and Liquidity**: The impact of liquidity on theme performance is emphasized, with tighter liquidity likely leading to adjustments in theme valuations [15][16][24] Other Important but Possibly Overlooked Content 1. **Sector-Specific Dynamics**: The discussion includes specific sectors like low-altitude economy and deep-sea economy, which are driven by policy and may have different market behaviors [12][26] 2. **Investment Timing**: The importance of timing in relation to market cycles and liquidity conditions is highlighted, suggesting that investors should be cautious and strategic in their approach [15][21] 3. **Data Monitoring**: Continuous monitoring of market data and trends is essential for identifying which themes are gaining traction and which are losing momentum [25][30] 4. **Engagement with Analysts**: The call encourages further engagement with the research team for deeper insights and data access, indicating a collaborative approach to investment strategy [31]

- The report does not contain any specific quantitative models or factors for analysis[1][2][3]

Group 1: Market Overview - Since the beginning of 2023, the growth style has shown structural opportunities despite weak overall beta, with a year-to-date increase exceeding 50% in the Yangtze Growth Index[5] - The performance of growth stocks remains the core of trading, as evidenced by the outperformance of fundamental growth indices over high volatility or high beta indices, except for 2025Q2[2][5] Group 2: Investment Strategy - In the current market environment, focusing on quality individual stocks is preferred over thematic investments, especially with the upcoming 2025 mid-term reports[2][21] - The internal structure of the ChiNext growth stocks is heavily weighted towards TMT sectors, with the top three industries accounting for nearly 70% and the electronics sector exceeding 50%[26] Group 3: Performance Metrics - The Yangtze ChiNext Growth Index has shown a year-to-date return of 51.49% as of July 31, 2025, outperforming other indices in the same period[22] - The performance of growth stocks is characterized by high volatility, necessitating precise selection during recovery phases to enhance returns[6][22] Group 4: Risk Considerations - The report emphasizes that historical data does not guarantee future performance, highlighting the potential for policy and liquidity risks to impact growth stock performance[10][32] - The difficulty in capturing thematic investment opportunities is noted, as high volatility and high beta styles have not consistently yielded strong returns in recent years[21][32]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report recommends maintaining a high allocation to equity assets in August, with small-cap and growth styles expected to be dominant. It also suggests focusing on relatively stable "Fixed Income +" funds and short-duration bond funds [3][69]. Summary by Directory 7 - Month Review Stock Market - A - shares and U.S. stocks rose. The Shanghai Composite Index rose 4.33%, the Science and Technology Innovation 50 rose 5.06%, the Dow Jones Index rose 1.83%, and the Nasdaq Index rose 3.63%. Positive signals drove A - shares up, and the U.S. economy's resilience led to U.S. stock gains [9][11]. Bond Market - U.S. Treasury and Chinese government bond yields increased. The 1 - year U.S. Treasury yield rose to 4.09%, the 10 - year to 4.40%; the 1 - year Chinese government bond yield rose to 1.38%, and the 10 - year to 1.73% [9]. Commodity Market - Commodity prices increased. The CRB Commodity Index rose 1.67%, the Nanhua Commodity Index rose 6.22%, and COMEX gold rose 0.71%. Crude oil prices also slightly increased [9]. Foreign Exchange Market - The U.S. dollar index rose to 97.67, and the RMB exchange rate fluctuated slightly, remaining around 7.17 [9]. Fund Market - The fund market performed well in July, but the issuance scale decreased. As of July 25, the total fund issuance scale was 81.9 billion yuan, a 33% decrease from the previous month. Equity - type funds accounted for 38% of the issuance, with a 30% decline in scale compared to the previous month. Ordinary stock - type funds performed outstandingly. In addition, on - exchange funds had a net inflow, while equity - type ETFs and LOFs had net outflows [29][34]. - Active equity funds increased their positions in the prosperity, dividend, and quality styles, with median positions of 33%, 24%, and 30% respectively, up 12%, 10%, and 9% from the end of the previous month, and reduced their positions in the value - potential style, with the median position dropping 13% to 2% [35]. 8 - Month Outlook Asset Allocation Logic - The stock - bond rotation model indicates that the private - sector financing growth rate continued to rise in June, with growth and inflation factors increasing, suggesting significant fundamental improvement and continued bullishness on equity assets. The A - share market sentiment index shows that sentiment indicators are oscillating at a high level, and overall market sentiment remains optimistic [3][69]. Market Style - The growth - value style rotation model recommends the growth style, as market factors and U.S. Treasury yields are favorable for growth, although style momentum favors value [59]. - The small - and large - cap style rotation model suggests the small - cap style, as the current monetary environment and short - and long - term style momentum still recommend small - cap stocks [64]. Fund Allocation Strategy - It is recommended to maintain a high allocation to equity assets, focus on small - cap and growth styles, pay attention to relatively stable "Fixed Income +" funds, and short - duration bond funds. Specific funds recommended include Dongwu Mobile Internet (001323.OF, medium - high risk), Anxin Advantage Growth (001287.OF, medium - high risk), Huaxia Innovation Frontier (002980.OF, medium - high risk), Bank of China Steady Income (380009.OF, medium risk), and Penghua Stable Income Short - Term Bond (007515.OF) [3][69].

Market Overview - The market sentiment remains strong, focusing on "rotation and supplementary gains," with growth expected to follow the cyclical trends. Market transactions have further increased, and the sentiment is still heated, making it easier for indices to rise while the downside risk is limited [2][4] - The market rotation characteristics have continued, shifting from a "barbell contraction" to an "expansion," although chasing gains remains challenging. It is recommended to reduce operations and select relatively low-position thematic directions for layout and holding, waiting for opportunities for "rotation and supplementary gains" [2][4] Stock Market Factors - In the past week, the small-cap growth style outperformed, while the volatility of large and small-cap styles remained at a near one-year low. The volatility of value and growth styles has increased [6] - The excess return dispersion of industry indices remained at a near one-year low, with the speed of industry rotation oscillating upward and the proportion of rising constituent stocks increasing. The trading concentration of the top 100 stocks and the top 5 industries has slightly decreased [6] Commodity Market Factors - In the commodity market, the trend strength of the precious metals sector remains at a near one-year high, while the trend strength of the black sector has rapidly increased. The basis momentum of the precious metals sector is rising, while other sectors show oscillating downward trends [15] Options Market Factors - The implied volatility levels of the SSE 50 and CSI 1000 have shown an upward trend, with the skew of call options maintaining previous levels while the skew of put options has significantly decreased. The market is generally optimistic due to policy-driven and sentiment-driven factors [21] Convertible Bond Market Factors - In the convertible bond market, the premium rate for conversion at 100 yuan remains resilient, continuing to rise slightly, with less than 10 basis points difference from the peak in May. The proportion of low premium rate convertible bonds has shown signs of weakening, especially those below 5%, while the trading volume in the convertible bond market has increased alongside the heat in the equity market [26]