Core Viewpoint - The market demonstrated strong resilience last week, remaining unaffected by external disturbances, indicating its independence from overseas market fluctuations [1] Market Performance - The A-share market continued to rebound, with the Shanghai Composite Index reaching a new high for the current market cycle, closing at its highest point of the year on Friday [1] - The Shenzhen Component Index accelerated its recovery, successfully surpassing the high point from the fourth quarter of last year [1] - Average daily trading volume exceeded 25 billion yuan for two consecutive weeks, indicating significant market activity [1] Investment Trends - The main market focus was on the TMT (Technology, Media, and Telecommunications) and consumer sectors, with technology stocks leading in gains [1] - The low interest rate environment has prompted a gradual shift of deposit funds towards equity assets, contributing to the market's rebound [1] Market Dynamics - The Shanghai Composite Index has surpassed the 2021 market high, with its focus continuing to shift upward [1] - The index broke through the upper boundary of a weekly large box pattern earlier this month, which has now turned from a resistance level into a support level [1] - The market is currently in a process of upward movement within this box pattern [1]

Report Industry Investment Rating - Not provided Core Viewpoints - The price of finished products is expected to move in a sideways consolidation [2] - The price of aluminum ingots is expected to fluctuate within a range in the short term, and attention should be paid to macro - sentiment and mine - end news [3] Summary by Related Content Finished Products - Yunnan and Guizhou short - process construction steel producers' Spring Festival shutdown time is mostly in mid - to late January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, with an estimated impact on building steel output of 741,000 tons during the shutdown [1] - Six short - process steel mills in Anhui: one started shutting down on January 5, and most of the others will shut down around mid - January. Individual mills may shut down after January 20, with a daily output impact of about 16,200 tons during the shutdown [2] - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - Finished products continued to decline yesterday, hitting a new low. In the pattern of weak supply and demand, market sentiment is pessimistic, and the price center of gravity moves down. This year's winter storage is sluggish, providing weak price support [2] Aluminum Ingots - Yesterday, aluminum prices fluctuated. The market is paying attention to Fed Chairman Powell's speech on Friday to find clues about a possible interest - rate cut next month. New trade tariffs and inflation risks make some policymakers cautious about easing policies [1] - In terms of fundamentals, aluminum production is increasing slightly. Although the "Golden September and Silver October" peak season is approaching, under the influence of the off - season, terminal and processed material consumption is hard to exceed expectations. The growth of some industries has slowed down, and some export orders have declined. The construction industry is still in a super - seasonal decline [2] - Last week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5%. In some sub - sectors, the operating rate increased, while the recycled aluminum operating rate decreased slightly [2] - It is expected that the aluminum cable and aluminum strip sectors will continue to recover in late August, and the "Golden September and Silver October" may further boost aluminum foil and aluminum profile demand [2] - On August 21, the inventory of electrolytic aluminum ingots in mainstream domestic consumption areas was 596,000 tons, down 11,000 tons from Monday and up 8,000 tons from last Thursday [2] - Macro - level interest - rate cut expectations are fluctuating. It is expected to move within a range in the near term, and follow - up attention should be paid to the inventory - consumption trend. The off - season and its actual impact may still put pressure on the upside [3]

Core Viewpoint - The A-share market has shown significant upward momentum since the introduction of a series of macro policies last September, with the Shanghai Composite Index rising from nearly 2900 points to over 3700 points, indicating a robust recovery driven by effective macroeconomic policies [1] Group 1: Macro Policy Impact - The macro policies initiated in September 2022 have focused on stabilizing economic growth through coordinated monetary and fiscal measures, which have laid a solid foundation for the market's development [2] - The People's Bank of China has implemented a comprehensive policy mix, including two rounds of reserve requirement ratio cuts, releasing approximately 2 trillion yuan in long-term funds, and maintaining liquidity in the financial market [2] - Fiscal policies have emphasized increasing expenditure intensity and optimizing expenditure structure, with a notable 45% year-on-year increase in the issuance of local government special bonds, amounting to 2.16 trillion yuan in the first half of the year [3] Group 2: Investment and Market Dynamics - The continuous increase in fiscal policy support and the expansion of local special bond issuance have provided a solid foundation for market stability, with the overall funding environment remaining loose [4] - Policies have been directed towards fostering new strengths in the capital market, particularly in technology innovation and industrial upgrades, which have reshaped the value logic of the capital market [5] - The issuance of science and technology innovation bonds has surged, with 788 bonds issued since May 7, totaling 980.25 billion yuan, reflecting a 102.05% increase in quantity and a 159.09% increase in scale compared to the previous year [5] Group 3: Structural Changes in the Market - The focus on nurturing new productive forces has led to significant policy support for emerging industries, with the proportion of technology companies among A-share listed companies increasing from 12% to 27% over the past decade [6] - The revenue compound growth rates for companies in the new generation information technology and new materials sectors have reached 12.5% and 17.9% respectively over the past five years, indicating strong performance in these areas [6] - The targeted policy measures have not only strengthened economic growth but also fostered a consensus on "premium assets" in the capital market, enhancing investor recognition of companies with core competitiveness [6][7]

截至2025年8月21日 13:09，中证可转债及可交换债券指数(931078)上涨0.69%。可转债ETF(511380)上涨0.51%， 冲击5连涨。最新价报13.53元。拉长时间 看，截至2025年8月20日，可转债ETF近1周累计上涨1.95%。 流动性方面，可转债ETF盘中换手14.01%，成交78.22亿元，市场交投活跃。拉长时间看，截至8月20日，可转债ETF近1周日均成交107.33亿元。 消息面上，日前重要文章指出，事实充分证明，"更加积极有为的宏观政策"是务实管用的、有力有效的。降准、降息等货币政策工具已留有充分调整余地， 财政赤字、专项债、特别国债等视情仍有进一步扩张空间，当前，我国宏观政策工具箱依然充足。下一步，我们要在宏观政策上持续发力、适时加力，既推 动存量政策、既定政策持续落地，保持政策连续性稳定性，又做好政策储备，根据需要及时推动出台实施，增强灵活性预见性，进而以宏观治理之效应对外 部形势之变。 华源证认为，当前债市不具备大幅走熊条件，资金面偏宽松，当前无趋势性收紧信号，显示货币政策整体维持宽松基调。机构指出，在银行转债规模下降的 背景下，机构投资者需调整策略，可关注公用事业、 ...

Core Viewpoint - The article highlights the recovery in both revenue and expenditure growth in July 2025, primarily driven by improved tax revenue and proactive government spending focused on public welfare [1][2][3]. Revenue Summary - In the first seven months of 2025, national general public budget revenue increased by 0.1% year-on-year, with July showing a growth rate of 2.6%, marking the first positive cumulative revenue growth of the year [1]. - Tax revenue showed a significant rebound, while non-tax revenue continued to decline, indicating a shift towards improved tax collection [1]. - Local revenue growth outpaced that of the central government, alleviating some fiscal pressure at the local level [1]. - Specific tax categories such as domestic consumption tax, corporate income tax, and personal income tax showed marginal improvements, with a notable increase in securities transaction stamp duty reflecting a more active stock market [1]. Expenditure Summary - National general public budget expenditure rose by 3.4% year-on-year in the first seven months of 2025, with July showing a recovery in growth [2]. - Both central and local fiscal expenditures were proactive, with central expenditure maintaining high growth rates and local expenditure turning positive, likely due to eased constraints from revenue [2]. - Key areas of expenditure included health care and social security, while infrastructure spending showed a slowdown [2]. - Government fund revenue growth saw a marginal decline, with a year-on-year decrease of 0.7% in the first seven months, influenced by the ongoing adjustments in the real estate market [2]. Government Fund Expenditure Summary - Government fund budget expenditure increased by 31.7% year-on-year in the first seven months of 2025, with central and local levels growing by 4.5 times and 18.1%, respectively [3]. - The acceleration in bond issuance and utilization was a significant factor driving this growth, with 2.89 trillion yuan allocated to government fund budget expenditures [3]. - Despite a slight decline in the growth rate of government fund budget expenditure in July, it remained at a high level [3]. Overall Fiscal Outlook - The article concludes that there are positive signs in fiscal revenue and expenditure, with improved tax collection and accelerated local revenue growth helping to ease fiscal pressures [3]. - Central government efforts to maintain economic stability through direct funding for major projects and transfer payments are emphasized, alongside continued support for public welfare [3]. - The ongoing challenges in the economy, particularly in the real estate sector, require close monitoring, with expectations for continued proactive macroeconomic policies in the second half of the year [3].

Core Viewpoint - The article highlights the positive changes in fiscal revenue and expenditure in July 2025, indicating a recovery in tax revenue and an increase in spending focused on public welfare and effective investment [5]. Group 1: Revenue Analysis - National general public budget revenue from January to July 2025 increased by 0.1% year-on-year, with July showing a growth rate of 2.6%, marking the first positive cumulative revenue growth of the year [3]. - Tax revenue has shown significant improvement, particularly in domestic consumption tax, corporate income tax, and personal income tax, while non-tax revenue continues to decline [3]. - Local revenue growth outpaced central revenue, alleviating fiscal pressure at the grassroots level [3]. Group 2: Expenditure Analysis - National general public budget expenditure from January to July 2025 rose by 3.4% year-on-year, with July's expenditure growth rate also increasing [3]. - Both central and local fiscal expenditures were proactive, with central expenditure maintaining high growth and local expenditure turning positive, likely due to eased constraints on revenue [3]. - Key areas of expenditure included health, social security, and employment, while infrastructure spending showed a slowdown [3]. Group 3: Government Fund and Debt - Government fund budget revenue from January to July 2025 decreased by 0.7% year-on-year, although July saw a high growth rate, which is attributed to a low base from the previous year [4]. - Government fund budget expenditure increased by 31.7% year-on-year, driven by accelerated issuance and utilization of bond funds, with local government special bonds and central financial institution injections contributing significantly [4]. Group 4: Overall Fiscal Outlook - The article concludes that July's fiscal data reflects positive changes, with improved tax revenue and accelerated local fiscal income helping to ease financial pressures [5]. - Central government efforts to maintain economic stability through direct funding for major projects and transfer payments are emphasized, alongside continued support for public welfare [5]. - Despite these positive indicators, challenges remain in the economic landscape, particularly regarding real estate demand [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and weak operation [1][3] - The aluminum ingot prices are expected to have short - term weak fluctuations and be adjusted in the range recently, with the subsequent focus on the inventory - consumption trend [3][4] 3. Summaries Based on Related Catalogs For Finished Products - Yunnan and Guizhou short - process construction steel enterprises' shutdown and maintenance during the Spring Festival are expected to affect 741,000 tons of construction steel production. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most others will stop around mid - January, with individual ones after January 20, affecting about 16,200 tons of daily output [2][3] - From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [3] - The finished products continued to decline in a volatile manner yesterday, reaching a new low. In the pattern of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, providing weak price support [3] For Aluminum Ingots - Macroscopically, traders are waiting for the Jackson Hole Economic Policy Symposium for US interest rate policy clues. China's Ministry of Industry and Information Technology held a photovoltaic industry symposium to strengthen investment management [2] - In terms of supply, the operating output of electrolytic aluminum increased slightly. In terms of demand, although the "Golden September and Silver October" peak season is approaching, the consumption from terminals to processed materials is hard to exceed expectations due to the off - season. The growth of some industries has slowed down, and some export orders have declined. The construction industry is still in a super - seasonal decline [3] - Last week, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5%. In some sub - fields, the operating rate increased, while the recycled aluminum operating rate decreased slightly. It is expected that some fields will continue to recover in late August, and the "Golden September and Silver October" may further boost demand [3] - On August 18, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 607,000 tons, an increase of 19,000 tons from last Thursday and 20,000 tons from last Monday [3] - Macro - level interest rate cut expectations support prices. It is expected to be mainly adjusted in the range recently, and the subsequent focus is on the inventory - consumption trend. The off - season and actual impacts are expected to put pressure on the upside [4]

Group 1 - Xiaomi Group reported a record revenue of 116 billion RMB for the second quarter, exceeding the estimated 114.9 billion RMB, representing a year-on-year growth of 30.5% [1] - The net profit for the same period was 11.87 billion RMB, surpassing the forecast of 8.88 billion RMB, with a year-on-year increase of 134.2% [1] - Revenue from innovative business segments, including smart electric vehicles and AI, reached 21.3 billion RMB, with smart electric vehicle sales contributing 20.6 billion RMB and other related businesses generating 600 million RMB [1] Group 2 - In the second quarter of 2025, Xiaomi delivered a record 81,302 new vehicles [1] - Huatai Securities noted that the recovery in the Hong Kong stock market is supported by improved liquidity and a rebound in fundamental expectations, driven by the unique growth of new economy sectors and stronger domestic policies compared to last year [1] - The Hong Kong Technology 50 ETF (159750) has seen a continuous net inflow of 180 million RMB over the past 14 trading days, indicating strong investment interest [1] Group 3 - Xiaomi Group holds a weight of 9.58% in the Hong Kong Technology Index tracked by the Hong Kong Technology 50 ETF [1] - The AMT (Alibaba, Xiaomi, Tencent) group accounts for over 30% of the index [1] - The index uniquely covers the "Terrific 10" companies, with a total weight of 70% in the Hong Kong technology sector [2]

前7个月全国一般公共预算收入同比增长0.1% 数据显示，1至7月，全国一般公共预算收入135839亿元，同比增长0.1%。其中，全国税收收入110933 亿元，同比下降0.3%；非税收入24906亿元，同比增长2%。分中央和地方看，中央一般公共预算收入 58538亿元，同比下降2%；地方一般公共预算本级收入77301亿元，同比增长1.8%。 广发证券资深宏观分析师吴棋滢分析，从当月数据看，7月税收收入同比回升4个百分点，非税收入同比 连续三月下探，财政对非税收入的依赖度进一步减轻。1至7月一般公共预算收入累计同比增长0.1%， 已达到年初预算目标，收入进度也已超过去年同期水平，其中税收收入相较年度目标仍有上升空间。 数据还显示，1至7月，国内增值税同比增长3%；国内消费税同比增长2.1%；企业所得税同比下降 0.4%；个人所得税同比增长8.8%；房地产相关税收中，契税同比下降15%，房产税同比增长11.2%；城 镇土地使用税同比增长5.8%，土地增值税同比下降17.8%，耕地占用税同比增长3.1%。印花税同比增长 20.7%，其中证券交易印花税同比增长62.5%。 转自：北京日报客户端 新华财经北京8月20日 ...

转自：新华财经 新华财经北京8月20日电（记者董道勇）财政部19日公布2025年1至7月财政收支情况。数据显示，1至7 月，全国一般公共预算收入135839亿元，同比增长0.1%；全国一般公共预算支出160737亿元，同比增 长3.4%。 业内分析表示，从今年前7个月财政收支数据看，总量和结构基本延续持续改善态势。从收入角度看， 今年前7个月全国一般公共预算收入增速年内首次转正，7月当月增速创年内新高。从支出角度看，前7 个月央地财政支出均较为积极，体现了财政加力扩大有效投资，适应需求变化更多投资于人、服务于民 生的政策取向。预计随着三、四季度中央政策工具资金拨付进度和新型政策性金融工具的落地速度加 快，会对建筑业实物工作量形成支撑。 前7个月全国一般公共预算收入同比增长0.1% 数据显示，1至7月，全国一般公共预算收入135839亿元，同比增长0.1%。其中，全国税收收入110933 亿元，同比下降0.3%；非税收入24906亿元，同比增长2%。分中央和地方看，中央一般公共预算收入 58538亿元，同比下降2%；地方一般公共预算本级收入77301亿元，同比增长1.8%。 广发证券资深宏观分析师吴棋滢分析，从 ...