1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - From August 4th to August 8th, the new round of "reciprocal tariffs" in the US officially took effect, and the meeting time and location between the Russian and US leaders were confirmed. Globally, stocks and bonds rose while commodities declined. In China, stocks and bonds closed higher, and commodities were volatile and weak. Overall, stocks > bonds > commodities [3][6][20]. - The meeting between the Russian and US leaders will have a certain impact on short - term large - scale asset prices. Attention should be paid to the specific progress of this meeting [3][28]. 3. Summary by Related Catalogs 3.1 Global Large - scale Asset Overall Performance: Stocks and Bonds Rise, Commodities Fall - **Global Stock Market**: From August 4th to August 8th, market risk appetite recovered, and global major stock markets generally closed higher. European stocks led the gains, and emerging markets underperformed developed markets. The VIX index dropped significantly. For example, MSCI in the Asia - Pacific region rose 2.25% in a week, and the German DAX rose 3.15% [8][11][14]. - **Global Bond Market**: Trump planned to nominate Stephen Milan as a Fed governor. If the nomination succeeds, the divergence on monetary policy within the Fed may increase. The yields of medium - and long - term US bonds rose, with the 10 - year US bond yield rising 4BP to 4.27%. The bond market rose, and globally, high - yield bonds > government bonds > credit bonds [12]. - **Global Foreign Exchange Market**: The expectation of a September US dollar interest rate cut increased, and the US dollar index dropped 0.43% in a week. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate fluctuated [13]. - **Global Commodity Market**: The Russia - US talks reduced geopolitical risk premiums, and international oil prices closed lower. Most major agricultural product prices fell, while non - ferrous metals and precious metals prices rose [18]. 3.2 Domestic Large - scale Asset Performance: Stocks and Bonds Rise, Commodities are Volatile and Weak - **Domestic Stock Market**: Market sentiment was positive, and major A - share broad - based indexes generally rose. The average daily trading volume of the two markets decreased compared with the previous week. The growth style was more prominent. In terms of sectors, non - ferrous metals and machinery led the gains, while the pharmaceutical sector performed poorly. The Shanghai Composite Index rose 2.11% in a week [21]. - **Domestic Bond Market**: The central bank's open - market operations had a net withdrawal of 53.65 billion yuan. The capital market was relatively stable, and the bond market rose. Overall, government bonds > corporate bonds > credit bonds [25]. - **Domestic Commodity Market**: The domestic commodity market declined slightly. Among major commodity sectors, precious metals led the gains, and the energy sector performed poorly [27]. 3.3 Large - scale Asset Price Outlook - The meeting between the Russian and US leaders will affect short - term large - scale asset prices. Attention should be paid to the specific progress of this meeting [3][28].

Macro Environment - The overall macro environment is showing an upward trend [1] - There is a phase of abundant monetary conditions and the beginning of wide credit [2] - Global economic policy uncertainty is decreasing [3] Investment Direction - The risk appetite for incremental funds is leading to a favorable outlook for equity assets, which are currently at a relative high in terms of cost-effectiveness compared to fixed income assets [4] - The top five industries in terms of recent economic performance are computer, non-ferrous metals, steel, light manufacturing, and pharmaceuticals [6] - Industries with room for growth include TMT (Technology, Media, and Telecommunications), finance, and consumer sectors [4][6] Market Dynamics - The public equity fund positions have not yet reached historical highs, indicating potential for further growth [4] - Increased risk appetite is expected to elevate the performance of growth stocks, particularly in innovative technologies such as artificial intelligence and robotics [6] - Key industries mentioned by the National Development and Reform Commission, such as steel, non-ferrous metals, building materials, and petrochemicals, are expected to see significant improvements in fundamentals [6] Capital Expenditure Trends - Domestic and international tech giants are experiencing a surge in capital expenditure, particularly in AI infrastructure, while traditional mobile communication infrastructure spending is stabilizing [8] ETF Strategies - The company suggests a focus on leading ETFs and a grid trading strategy that targets products with sufficient volatility and relatively large capacity [10] - A balanced allocation strategy across broad-based, Smart Beta, industry, and cross-border ETFs is recommended [10]

Core Viewpoint - The article argues that retirement investment should not solely focus on low-risk assets like bank deposits, as this can lead to a gradual erosion of purchasing power due to inflation. Instead, it advocates for including volatile equity assets in the investment portfolio to achieve better long-term returns [1][3][12]. Group 1: Inflation and Purchasing Power - The "real inflation rate" indicator, derived from the difference between the growth rate of broad money supply (M2) and GDP growth, reveals the reality of monetary overexpansion [2]. - Data from the National Bureau of Statistics shows that from 2014 to 2025, China's real inflation rate fluctuates between 0.4% and 8.7%, with median and average values at 4.3% and 4.0% respectively. At a moderate inflation rate of 4%, 1 million yuan will lose purchasing power to approximately 330,000 yuan in 30 years [3][5]. - Relying solely on low-risk savings products makes it difficult for retirement funds to withstand this gradual erosion of purchasing power, which is a significant threat to retirement investments [3][12]. Group 2: Equity Assets and Long-term Growth - Equity assets, such as stock funds, while exhibiting high short-term volatility, possess two irreplaceable characteristics for long-term investment: they are deeply tied to corporate profit growth and can achieve long-term appreciation through compounding effects [5][12]. - Historical data supports this notion, with Jeremy Siegel's research indicating that from 1802 to 2012, the inflation-adjusted annualized return of the U.S. stock market was 6.9%, significantly outperforming long-term government bonds at 3.6% [6][8]. - Siegel's further analysis from 1802 to 2021 shows that the longer the holding period, the narrower the range of returns for equity assets, ultimately converging towards expected returns [9][11]. Group 3: Investment Strategies - For investors who are unable to tolerate short-term volatility, two "gentler" equity participation strategies are suggested: 1. Dividend strategy, which involves investing in high-dividend index funds to obtain relatively predictable cash flow while retaining the potential for capital appreciation [14]. 2. Target risk funds, allowing investors to choose their desired level of volatility, such as a conservative allocation of 10-25% in equities for a balanced approach [14]. - The essence of retirement investment lies in cross-cycle asset allocation, where equity assets may lag in the short term but offer superior return elasticity in the long run compared to low-risk assets [11][12].

Group 1 - The core viewpoint is that equity wealth management products have shown impressive returns, with 18 products yielding over 10% this year, and some exceeding 30% [1] - As of July 24, there are 46 publicly offered equity wealth management products, with 42 of them generating positive returns, indicating that 90% of these products are profitable [1] - The highest return among these products is 31.72% from the Huaxia Wealth Management Tian Gong Ri Kai 8 (precious metal index) [1] Group 2 - The performance of equity wealth management products is attributed to the short-term elasticity of equity assets and market mechanism arbitrage, particularly in sectors like new energy and AI [2] - Despite the strong performance, the number of equity products has not significantly increased, with the total scale of bank wealth management products at 30.67 trillion yuan, where equity products only account for 700 billion yuan [2] - The majority of bank wealth management clients prioritize capital safety, leading institutions to favor 'fixed income+' and mixed products over pure equity offerings [2] Group 3 - Banks are still developing their research and risk control capabilities in equity investments, with a current focus on fixed income assets [3] - The regulatory environment encourages banks to channel wealth management funds into equity markets to enrich long-term patient capital, although challenges remain in changing investor behavior [3] - Investors are advised to consider their risk tolerance and investment goals when selecting equity wealth management products, as higher returns come with higher risks [3] Group 4 - A comprehensive decision-making process should consider risk tolerance, liquidity needs, and market assessments, emphasizing a 'risk-return ratio' mindset for long-term asset allocation [4]

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].

Group 1 - 12 Chinese securities firms have been selected as the first distributors for the Hong Kong Stock Exchange's Integrated Fund Platform, showcasing their competitive edge in financial technology and asset allocation [1] - The inclusion of these firms is expected to enhance their brand recognition in the Hong Kong market, attract more clients, and create a positive demonstration effect for the brokerage sector [1] - This development is likely to strengthen the connectivity between the mainland and Hong Kong capital markets, increasing market activity and injecting more vitality into the stock market [1] Group 2 - Public fund managers have purchased over 2.619 billion yuan in equity funds this year, more than three times the amount from the same period last year, indicating a positive outlook for the market [2] - The self-purchase behavior of public funds is expected to support the stock prices of related fund companies and attract investor attention, leading to increased capital inflow into the equity fund sector [2] - Overall, the self-purchase actions signal a positive market sentiment, helping to stabilize market emotions and guide rational capital allocation [2] Group 3 - Huang Deliang has been appointed as the new chairman of Huafu Securities, marking a stable internal transition as he was promoted from within the company [3] - This leadership change is anticipated to provide support for Huafu Securities' stock price, with market expectations for continuity in future strategies [3] - The stability in management may draw attention to the brokerage sector, although the overall performance will still depend on industry policies and market conditions [3] Group 4 - Last week, the total fundraising from newly established funds was only 5.328 billion yuan, the lowest weekly amount since April, with an average of 266 million yuan per fund [4] - Despite the overall market being subdued, equity funds accounted for 60.54% of the total, reflecting institutional confidence in long-term equity assets [4] - The decline in bond fund issuance suggests an increase in market risk appetite, indicating a divergence in market sentiment and potential differential impacts on industry sectors [4]

Core Viewpoint - The article presents a comprehensive analysis of major asset classes based on macroeconomic and technical perspectives, indicating a mixed outlook for equities, bonds, industrial products, and gold [1][3][19]. Macroeconomic Perspective - The macroeconomic view suggests a neutral stance on equity assets, a favorable outlook for bond assets, a negative outlook for industrial products, and a positive outlook for gold assets [5][19]. - Specific macro indicators such as PMI, CPI, and social financing are analyzed to assess their impact on asset performance [6][19]. Technical Perspective - The technical analysis indicates a downward trend for equity and bond assets, while industrial products and gold show an upward trend [9][10][19]. - The article employs various trend indicators to measure the performance of different asset classes, with historical data supporting the current trends [7][10]. Asset Valuation - The equity risk premium (ERP) for the CSI 800 index is reported at 73.74%, indicating that equity valuations are relatively low [12][13]. - The analysis of fund flow shows a net inflow of 915 million yuan into equity assets, suggesting a positive sentiment among investors [15][16]. Asset Allocation Performance Tracking - Historical performance data indicates that a fixed ratio combined with macro and technical indicators yielded a return of 1.06% as of June 2025, with an annualized return of 11.86% since April 2006 [2][20][24]. - Different asset allocation strategies, including risk parity and volatility control, have been evaluated, showing varying returns and risk profiles [25][24]. Summary of Asset Class Scores - The combined scores from macro and technical indicators show equities at 0, bonds at 2, industrial products at 0, and gold at 4, reflecting the overall market sentiment and expected performance [18][19].

Group 1 - The report indicates a positive outlook for equity assets, supported by a stock-bond rotation model showing a marginal decline in private sector financing growth but still in an upward trend, with inflation factors decreasing and economic recovery signals persisting [4][9] - The sentiment index for the A-share market has turned optimistic for the upcoming month, with indicators such as stock investment ratios and net inflows from large orders maintaining a bullish outlook [4][9] - The report recommends maintaining a high allocation to equity assets, with a focus on small-cap and growth styles for July, while suggesting stable fixed-income products for conservative investors [4][10] Group 2 - The report highlights the implementation of consumption policies aimed at enhancing consumer capacity and expanding financial support for consumption, with 19 key measures proposed [5][12] - A high-quality development plan for inclusive finance has been published, emphasizing the establishment of a comprehensive inclusive financial system over the next five years [5][12] - The second quarter monetary policy meeting indicated a more optimistic view of the domestic economy, while maintaining a stance of "moderate easing" in monetary policy [5][12] Group 3 - The report notes that the ETF market has performed well recently, with significant inflows into broad-based ETFs, particularly in the ChiNext index ETF and financial real estate sector ETFs [6][15] - The report mentions that 16 new ETFs were launched in the past two weeks, with a total issuance of 6.621 billion units, indicating growth in the ETF market [6][15] - The performance of thematic ETFs, such as those tracking AI and robotics, has been highlighted, with notable inflows and returns [6][17] Group 4 - The report discusses the wind power sector, forecasting a doubling of global offshore wind installations by 2025, with a compound annual growth rate of 21% expected over the next decade [19][20] - It also mentions the competitive landscape in the energy storage market, with prices for lithium iron phosphate battery systems continuing to decline, reflecting increased competition [20][21] - Investment recommendations include focusing on companies in the offshore wind sector and those involved in energy storage, highlighting specific firms such as Mingyang Smart Energy and Sunshine Power [21][22] Group 5 - The report emphasizes innovation in the liquor industry, with companies like Luzhou Laojiao focusing on low-alcohol and youth-oriented products to meet changing consumer demands [22][23] - It identifies opportunities in the beverage and snack sectors, driven by evolving consumer preferences and the introduction of functional products [22][23]

Group 1 - The total scale of public funds in China reached a new high of 33.74 trillion yuan by the end of May 2025, reflecting the robust development of the asset management industry and investors' continued preference for professional investment services [1] - As of May 2025, there are 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public qualifications, managing a total net asset value of 33.74 trillion yuan, an increase of 0.62 trillion yuan or 1.87% from the end of April [1] - The total scale of public funds has set a historical record for the eighth time since 2024, showcasing the strong growth momentum of China's asset management industry [1] Group 2 - By the end of May, the net asset value of open-end funds totaled 29.98 trillion yuan, while closed-end funds accounted for 3.76 trillion yuan, with open-end funds continuing to expand in scale, shares, and quantity [1] - Open-end funds include five major categories: stock funds (4.58 trillion yuan), mixed funds (3.57 trillion yuan), bond funds (6.78 trillion yuan), money market funds (14.40 trillion yuan), and QDII funds (0.65 trillion yuan), with most categories experiencing growth [2] - Money market and bond funds significantly contributed to the overall growth of public fund scale, with increases of 407.13 billion yuan and 221.88 billion yuan, respectively [2] Group 3 - The number of equity funds is a key focus for public institutions, with 60 new stock funds added by the end of May, indicating a long-term positive outlook for the equity market [2] - In the context of global uncertainty and moderate domestic economic recovery, the industry suggests maintaining a balanced allocation towards high-growth technology assets and high-dividend cyclical assets [3]

Group 1 - The core viewpoint of the article highlights the active leverage funds in the A-share market, with financing balances exceeding 1.8 trillion yuan for nine consecutive days as of June 19 [1][4][6] - The pharmaceutical and biological industry continues to attract financing, with a net buying amount exceeding 1.3 billion yuan in the week, while the power equipment, oil and petrochemical, and computer industries also saw significant net buying [2][10][11] - Brokerages are optimistic about the performance of Chinese equity assets in the second half of the year, with foreign capital predicting that these assets will outperform overseas markets [3][12][14] Group 2 - The financing balance in the A-share market has shown fluctuations this year, peaking at 1.9 trillion yuan in mid-March and dropping below 1.8 trillion yuan until June 9, when it rose again [6][8] - From June 9 to June 19, daily financing buying amounts exceeded 100 billion yuan, with June 10 reaching a peak of 126.75 billion yuan [7] - The pharmaceutical sector led the net buying amounts, with a total of 6.244 billion yuan in net buying this month, despite experiencing negative net buying in the last three days of the week [10][9] Group 3 - The power equipment sector recorded a net buying amount of 843 million yuan, while the oil and petrochemical and computer industries followed closely with net buying amounts of 610 million yuan and 603 million yuan, respectively [11] - Various brokerages have released strategies for the second half of 2025, suggesting that the A-share market's central oscillation is expected to gradually rise, driven by fiscal stimulus and improved liquidity [12][13] - Analysts emphasize the importance of domestic consumption and self-sufficiency as key themes for the A-share market in the second half of the year, with a focus on sectors less reliant on imports from the U.S. [14]