Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints - Most global equity markets declined in the past week, with US stocks, A - shares, and the Hang Seng Index all falling. However, some sectors like communication and innovation - drugs showed positive performance [3][4][5]. - Interest rates on bonds decreased, with the price of interest - rate bonds rising and the yield curve shifting downwards. The central bank conducted net open - market operations [6][7]. - The US dollar appreciated, while the domestic gold price declined. The policy of resuming VAT on new bonds may lead to a divergence between new and existing bonds [11][12]. - The US non - farm payrolls were lower than expected, increasing the market's expectation of a Fed rate cut in September. There are also concerns about the reliability of employment data and the Fed's independence [13][14][15]. - In the future, A - shares are expected to have investment opportunities, the bond market will likely maintain a low - yield narrow - range oscillation, and gold may continue to rise [16]. 3. Summary by Related Content Stock Market Performance - **US Stocks**: In the past week (20250728 - 20250803), the Nasdaq, S&P 500, and Dow Jones Industrial Average declined by 2.17%, 2.36%, and 2.92% respectively. The Nasdaq China Technology Index fell 3.20% [3]. - **A - shares**: The Wind All - A Index dropped 1.09%. Most sectors and industries declined, with communication and innovation - drugs leading the gainers. Among the 30 Citic industries, 24 declined and 6 rose. The leading industries had a weekly gain of over 2% [4][5]. - **Hong Kong Stocks**: The Hang Seng Index declined 3.47% in the past week [3]. Bond Market Performance - **Interest - rate Bonds**: The 10 - year Treasury bond futures rose 0.24% compared to July 25, 2025. The yield of the 10 - year Treasury bond active bond decreased by 2.65 BP to 1.7059%. The yield curve shifted downwards [6]. - **Funding Costs**: As of August 1, 2025, R007 was 1.4864%, down 20.73 BP from July 25, 2025; DR007 was 1.4242%, down 22.81 BP. The central bank had a net open - market operation of 69 billion yuan [7]. - **US Treasury Bonds**: The yield of the 10 - year US Treasury bond decreased by 17 BP to 4.23% compared to July 25, 2025, and the yield curve shifted downwards [10]. Commodity Market Performance - **US Dollar and Gold**: The US dollar index rose 1.04%. The domestic gold price declined, with Shanghai gold spot down 0.89% to 767.29 yuan/gram and futures down 0.94% to 767.44 yuan/gram [11]. Policy Impact - **VAT on Bonds**: Newly issued Treasury bonds, local government bonds, and financial bonds will be subject to VAT starting from August 8, 2025, while existing bonds remain tax - exempt until maturity. This may lead to a divergence in the performance of new and existing bonds [12]. US Economic Data - **Non - farm Payrolls**: In July, the US non - farm payrolls increased by 73,000, significantly lower than the expected 106,000. The market's expectation of a 25 - BP Fed rate cut in September rose from 38.4% to 77.7% [13][14]. - **Employment Data Concerns**: The significant downward revision of May and June non - farm payrolls and the firing of the BLS director may have raised concerns about the reliability of employment data and the Fed's independence [13][15].

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.17%, and the ChiNext Index down by 0.24% [1] - Among the Shenwan first-level industries, Environmental Protection, Media, and Light Industry Manufacturing performed well, while Communication, Comprehensive, and Electronics lagged behind [1] Concept Sector Performance - Overall, the Animal Vaccine, First Board, and Online Education concepts performed relatively well [1] - In contrast, the Rare Earth, Circuit Board, and the Top Ten Military Industry Group concepts showed weaker performance [1]

Core Viewpoint - The A-share market experienced a strong performance in July, with major indices reaching new highs and significant sector gains, particularly in steel and pharmaceuticals [4][10]. Market Performance - The A-share market's total market capitalization increased to 104.48 trillion yuan, a monthly rise of 4.43 trillion yuan [2]. - The financing balance in the A-share market reached 1.9706 trillion yuan, marking a ten-year high, with a net inflow of 132.446 billion yuan in July [2]. Sector Performance - In July, the steel industry led the gains with an increase of 16.76%, followed by pharmaceuticals at 13.93% and construction materials at 13.36% [6][4]. - A total of 31 sectors saw positive performance, with only banking, utilities, and transportation sectors experiencing declines [4][6]. Top Performing Stocks - In July, 3,640 stocks had positive returns, with over 60% of stocks rising, 449 stocks gaining over 20%, and 84 stocks increasing by more than 50% [7]. - The top-performing stock, Upwind New Materials, surged by 1,083.42%, with its market capitalization growing from 3.138 billion yuan to 37.14 billion yuan [8][7]. Future Outlook - Analysts suggest that the A-share market may continue to trend upward in August, with equity market valuations remaining attractive compared to risk-free rates [10]. - Investment strategies should focus on growth technology sectors and companies with strong earnings support or exceeding expectations in their mid-year reports [11].

路透：知情人士称，美国特朗普政府已经听取了一些关于缅甸稀土资源的不同路线建议，这些建议将大大改变美国长期以来的缅甸政策，目的是减少中国对缅甸大量稀土矿供应的控制。 ...

Report Overview - Report Date: July 28, 2025 - Analyst: Zhang Hesheng - Contact Information: Tel: 021 - 53686158; E - mail: zhanghesheng@shzq.com; SAC No.: S0870523100004 [1] Industry Investment Rating - The report continues to be bullish on the bond market and A - share structural opportunities, but no specific industry investment rating is provided [12] Core Viewpoints - Continue to be optimistic about the bond market and A - share structural opportunities. The rapid price increase of commodities such as coal, steel, and building materials is due to the dual positive catalysts of the increasing expectation of supply - side reform and the incremental demand from the Yarlung Zangbo River Hydropower Project. The bond market is not substantially affected by the commodity price increase, and the short - term adjustment provides an opportunity to go long on the bond market. In the stock market, the Politburo meeting at the end of July may introduce some growth - stabilizing policies, and the upcoming Sino - US economic and trade talks in Sweden are expected to keep investors' risk appetite at a high level. There are still investment opportunities in structural sectors such as rare earths, artificial intelligence, innovative drugs, and commodities [12] Market Performance Summary Stock Market - **US Stocks**: In the past week (July 21 - 27, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average changed by 1.02%, 1.46%, and 1.26% respectively, and the Nasdaq China Technology Index changed by 1.91% [2] - **Hong Kong Stocks**: The Hang Seng Index changed by 2.27% in the same period [2] - **A - Shares**: The Wind All - A Index rose 2.21%. Among them, the CSI A100, CSI 300, CSI 500, CSI 1000, CSI 2000, and Wind Micro - cap stocks changed by 2.29%, 1.69%, 3.28%, 2.36%, 1.81%, and 3.63% respectively. In terms of sector styles, both blue - chip and growth stocks in the Shanghai and Shenzhen markets rose, and the North Securities 50 Index changed by 2.85% [3] - **Industry Performance**: Among the 30 CITIC industries, 4 industries declined and 26 industries rose. The leading industries were coal, steel, non - ferrous metals, building materials, and construction, with weekly gains of more than 6%. In terms of ETF performance, rare metals, coal, building materials, non - ferrous metals, and Hong Kong securities performed well, with weekly gains of more than 7% [4] Bond Market - **Domestic Interest - Rate Bonds**: In the past week (July 21 - 27, 2025), the 10 - year Treasury bond futures main contract fell 0.56% compared to July 18, 2025. The yield of the 10 - year Treasury bond active bond increased by 6.72 BP to 1.7324% compared to July 18, 2025. The yield curve became steeper [5] - **Funding Price**: As of July 25, 2025, R007 was 1.6937%, up 18.65 BP from July 18, 2025; DR007 was 1.6523%, up 14.56 BP, and the spread between the two increased. The central bank's open - market operations had a net withdrawal of 70.5 billion yuan in the past week [6] - **Bond Market Leverage**: The bond market leverage level increased. The 5 - day average of the inter - bank pledged repurchase volume increased from 7.24 trillion yuan on July 18, 2025, to 7.70 trillion yuan on July 25, 2025 [7] - **US Treasury Bonds**: In the past week (July 21 - 27, 2025), the long - term US Treasury bond yields decreased while the short - term yields increased. As of July 25, 2025, the 10 - year US Treasury bond yield decreased by 4 BP to 4.40%. The yield curve became flatter [8][9] Foreign Exchange and Commodities - **US Dollar**: The US dollar index fell 0.80% in the past week (July 21 - 27, 2025). The US dollar exchange rates against the euro, pound, and yen changed by - 1.00%, - 0.19%, and - 0.76% respectively. The US dollar exchange rates against the offshore and onshore RMB decreased by 0.18% and 0.12% respectively [10] - **Gold**: The international gold price fell, with the London gold spot price falling 0.35% to $3343.5 per ounce and the COMEX gold futures price falling 0.61% to $3329.1 per ounce. The domestic gold price rose, with the Shanghai gold spot price rising 0.09% to 774.21 yuan per gram and the futures price rising 0.01% to 774.70 yuan per gram [10] Trade Negotiation Progress - The US has reached trade agreements with the Philippines, Japan, and the EU. Sino - US trade talks will be held in Sweden from July 27 - 30, 2025, and the follow - up progress is worthy of attention [11]

Core Viewpoint - The article highlights a significant shift in U.S. policy towards Myanmar, particularly regarding the lifting of sanctions against certain allies of the military government, which raises concerns about human rights and geopolitical implications [2][10]. Group 1: U.S. Policy Changes - On July 24, the U.S. lifted sanctions on several allies of Myanmar's military government, indicating a major policy shift [3][4]. - The U.S. Treasury did not provide an explanation for this decision, and the White House did not immediately respond to requests for comments [7][10]. - The action has been described as alarming by human rights organizations, suggesting it undermines previous efforts to penalize the military regime [10]. Group 2: Myanmar's Rare Earth Production - Myanmar is a major producer of rare earth minerals, with a projected production of 31,000 tons in 2024, a decrease of 12,000 tons from 2023, accounting for 7.9% of global production [2][15]. - The country ranks as the third-largest rare earth producer globally, following China and the U.S. [15]. - Rare earth elements are critical for high-tech applications, including defense and consumer electronics, making Myanmar strategically important for U.S. supply diversification efforts [11][12]. Group 3: Geopolitical Implications - The Kachin Independence Army (KIA) controls areas rich in rare earth resources, which may become a focal point in geopolitical competition [12][13]. - The U.S. is actively seeking to diversify its rare earth supply chains, and Myanmar's resources are increasingly under scrutiny [11][12]. - The lifting of sanctions may facilitate access to these resources, despite ongoing calls for the military government to cease violence and engage in dialogue with opposition groups [9][10]. Group 4: Tin Production - Myanmar is also the third-largest tin producer globally, with significant contributions to the global supply chain for semiconductors, 5G communications, and defense industries [17][18]. - The country’s tin resources are primarily located in the Wa region, which accounts for 90% of its production [19].

Domestic Market Overview - The domestic market experienced a low opening followed by a rise, with the Shanghai Composite Index closing at 3605.73 points, up 0.65% [4][9] - The Shenzhen Component Index closed at 11193.06 points, up 1.21%, while the ChiNext Index rose by 1.5% [4][9] - A total of 27 out of 30 sectors in the CITIC index saw gains, with consumer services, non-ferrous metals, and comprehensive finance leading the increases [4][9] - The total trading volume for the A-share market was 18739 billion, showing a slight decrease from the previous day [4][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones falling by 0.7%, while the S&P 500 and Nasdaq rose by 0.07% and 0.18% respectively [2][4] - Tesla's stock dropped over 8%, and IBM fell more than 7%, leading the declines in the Dow [2][4] - Most Chinese concept stocks declined, with Qifu Technology down over 9% and Haolai down more than 5% [2][4] News Highlights - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of mutual respect and cooperation between China and Europe [11] - The National Development and Reform Commission and the State Administration for Market Regulation announced improvements to the standards for identifying low-price dumping to regulate market pricing [12] - A document was issued to enhance financial services for rural reform and promote comprehensive rural revitalization [13][14] - The China Securities Investment Fund Industry Association held a meeting to discuss the pension business for 2025, focusing on enhancing the professional service level of public funds [16][19]

Core Insights - A new rare earth mineral called "Ndu Huanghe Mine" has been discovered by a Chinese research team, highlighting the increasing global competition for rare earth resources, which are critical for advanced technology and military applications [1][2] Group 1: Historical Context of Rare Earth Discovery - Rare earth elements, consisting of 17 metals including lanthanides, scandium, and yttrium, have been utilized in various technologies such as mobile screens and military equipment [2][3] - The journey of rare earth discovery began in 1787 with a Swedish officer, Carl Axel Arrhenius, who found a unique black mineral in a quarry, leading to the identification of rare earth elements [4][5] Group 2: Scientific Developments in Rare Earth Research - The discovery of the black mineral initiated a series of scientific investigations, with significant challenges in separating the chemically similar rare earth elements [5][6] - Notable advancements in the 19th century included the isolation of cerium and the systematic analysis of mixed rare earths, leading to the identification of lanthanum, erbium, and terbium [5][6] Group 3: 20th Century Advances and Strategic Importance - The understanding of rare earth elements expanded in the early 20th century, culminating in the identification of all 17 elements, including the elusive 61st element, Promethium, in 1947 [7][8] - The strategic significance of rare earth elements was further emphasized during the Cold War, with substantial investments from the US and Soviet Union in research and development for military applications [8]

Domestic Market Performance - The capital market's risk appetite has been reignited, leading to significant increases in the stock market and certain commodities, while the bond market shows signs of distress [2] - In the domestic commodity market, prices of coking coal, lithium carbonate, glass, and polysilicon have risen over 5%, with coking coal hitting the limit up for the fourth consecutive trading day [2][3] - The futures prices of coking coal, polysilicon, and lithium carbonate are significantly higher than their spot prices, indicating a continued premium in the futures market [2][3] Industry Insights - The "anti-involution" movement is gaining traction, with various industries announcing price increases and regulatory measures to combat excessive competition [4] - The China Coking Industry Association has held multiple meetings to discuss price increases for coking coal, with significant price hikes observed in the futures market [3] - There is a divergence in market expectations for different commodities, with some showing strong near-term performance while others reflect weaker long-term demand [3] Stock Market Trends - The stock market is experiencing rotation among popular sectors, with significant gains in Hainan, rare earths, innovative pharmaceuticals, and small metals [5] - The Shanghai Composite Index and other major indices have shown steady upward trends, indicating strong market sentiment [5][10] - The technology sector continues to perform well, with the STAR Market indices showing notable increases, suggesting a shift of trading funds towards technology stocks [10] Bond Market Dynamics - The bond market is facing pressure from unexpected tightening of liquidity, with the central bank's actions leading to a net withdrawal of funds [6][8] - The bond market has experienced multiple negative factors, including a lack of demand for long-term bonds and significant redemptions from bond funds [7] - The recovery of the bond market is contingent on the central bank's liquidity support and market risk appetite [8] Investment Opportunities - The report highlights potential investment opportunities in sectors benefiting from the "anti-involution" trend, particularly in commodities experiencing price increases [2][4] - The technology sector is identified as a key area for investment, driven by ongoing policy support and strong market narratives [10] - The upcoming macroeconomic events, including policy meetings and trade negotiations, are expected to influence market dynamics and present further investment opportunities [11]

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on market performance, sector analysis, ETF premiums/discounts, institutional activities, and other market-related data. There are no references to quantitative models or factors in the context of financial engineering or quantitative investment strategies.