Core Viewpoint - The A-share market in July is experiencing a bottom-up bull market atmosphere driven by improved liquidity and positive policy expectations, with retail investors being the core driving force [1] Market Dynamics - The market's enthusiasm is a result of positive changes in the external environment [1] - Market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital [1] - Retail investors are identified as the main driving force behind the current market trend [1] Capital Flow - Foreign capital is showing signs of spontaneous recovery [1] - Institutional capital flows are exhibiting divergence [1] - The support from state-owned funds in stabilizing the market has weakened [1] Long-term Support - Insurance capital is providing long-term support to the market [1]

Core Viewpoint - The current upward trend in the A-share market is supported by various sources of incremental capital, including institutional funds from insurance, pension funds, public and private equity, as well as retail investor participation [1] Group 1: Market Dynamics - The M1-M2 year-on-year growth rate gap has been narrowing, indicating an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [1] - The recent margin financing balance has reached a ten-year high, reflecting a continuous rise in risk appetite among individual investors [1] Group 2: Investment Trends - In the context of asset allocation challenges, a bullish market mindset is driving residents to allocate more towards equity assets, which will be a significant driver of the current "slow bull" market [1] - The focus on the "15th Five-Year Plan" suggests that technology growth will remain a key policy theme for an extended period [1]

又需要感谢银行一开始就护盘维稳，保险 券商也象征性接力，加上半导体为首的科创板，通信设备等少数几只权重的推动，今日的大盘稳定了军心。现在 大盘已经达到了3669点位了，距离前面的3674近在咫尺，明日刷新高点位应该是没有问题的。而关键是明日刷新前高3674之后，会不会转弱回调，引发盘中 震荡的预期。 一、美联储宣布大幅降息的概率进一步增加！咱大A是真的强，上周五整个AI主线都陷入了调整的节奏中，但周末美联储降息的利好提振，马上又恢复了元 气。主要的一个原因是明天即将遇到一个很强的压力位，也就是去年924留下的高点，今天指数小幅放量，但是却对去年924留下的高点围而不攻，这里就很 让人疑惑了。 沪指今天盘中最高到了3669点，距离3674点仅仅相差5个点就新高了，之所以没过，实际上就是为了给明天留点悬念，如果再看看沪指的走势，已经出现了 典型的7连阳。 关键是目前无论是多头还是空头都是心有余悸的，此时如果做空，万一指数继续逼空下去怎么办，这是一种担心，还有一个担心，就是多头，现在技术上的 事实是，指标背离的已经相当明显了。 二、A股，差一点新高了！此时，该不该担心？ 三、大盘周二继续震荡上行，收盘3665.92 ...

Group 1 - The A-share market shows a slight upward trend with the Shanghai Composite Index rising by 0.01% and the ChiNext Index increasing by 0.06% [1] - Sectors such as industrial hemp, military industry, and photolithography machines are leading in gains, while rare earth permanent magnets, digital currency, and energy metals are experiencing declines [1] - Huaxi Securities emphasizes the ongoing upward trend of the A-share market, driven by various institutional funds and increased retail investor participation, with a focus on technology growth as a key policy direction [1] Group 2 - Zhongyuan Securities predicts a steady upward trend in the short term, highlighting the importance of monitoring companies with better-than-expected mid-year reports and potential policy catalysts [1] - The expectation of a rate cut by the Federal Reserve is likely to benefit foreign capital inflow into A-shares, with a focus on technology growth and cyclical manufacturing as the main market themes [1] - Dongfang Securities believes that the Shanghai Composite Index is close to reaching its previous high, with a recommendation to focus on sectors like military, robotics, and aerospace communications for potential investment opportunities [2]

东方财富Choice数据 . Choice数据是东方财富旗下智能金融数据品牌，是国内领先的金融数据服务商。我们致力于为金融投资 机构、学术研究机构、政务监管、媒体和专业投资者提供金融投资领域多场景解决方案，以及更高效、 更精准的投资决策依据。 2025 年7月， A 股全面上涨，融资资金大幅加仓。 Choice 数据统计，截至7月末 ，A 股融资余额累计19710.27 亿元，逼近2015年历史高点的2万亿元。年内净买入金额 1122.09亿元，其中，7月单月净买入1328.74亿元。 数据来源：Choice 5大行业净买入金额超百亿 以下文章来源于东方财富Choice数据 ，作者Choice数据 分行业来看，7月，27个东财一级行业中26个行业获融资资金净买入，仅化石能源行业净 流出。融资资金净买入金额最多的行业是电子设备，净买入金额高达167.4亿元，行业融资 余额升至2483.04亿元，位居行业融资余额首位。 融资资金净买入额排名第二至第五的分别是医药生物、信息技术、有色金属和金融，分别净 买入153.61亿元、150.11亿元、136.11亿元、134.09亿元。 数据来源：Choice 数据来源：C ...

Market Overview - The Shanghai Composite Index experienced fluctuations and reached a new high for the year, closing up 0.16% at 3639.67 points, while the Shenzhen Component Index fell 0.18% to 11157.94 points, and the ChiNext Index declined 0.68% to 2342.86 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 185.28 billion yuan [1] Sector Performance - Sectors such as pharmaceuticals, insurance, steel, and automobiles saw declines, while the semiconductor sector surged [1] - The healthcare, food and beverage, agriculture, and real estate sectors showed upward movement, with the rare earth sector experiencing a significant afternoon rally [1] Investment Trends - Huaxi Securities noted that the current A-share market shows a distinct characteristic of "rotating upward and low-level replenishment" since the "623" period, contrasting with last year's "924" market [1] - The continuous profit-making effect is better, which is conducive to attracting external funds into the market [1] - The A-share financing balance has risen to around 2 trillion yuan, with the financing balance accounting for 2.3% of the circulating market value, reflecting a broad source of incremental funds in the current market [1] - The participation of public and private funds has also increased, indicating a relatively abundant micro liquidity in the current stock market [1] - The positive feedback effect of residents allocating funds into the market and the gradual rise of the stock market is expected to strengthen [1]

Core Viewpoint - The performance of the CSI A500 Index and its leading ETF shows a positive trend, with significant gains in individual stocks and overall market participation increasing, indicating a favorable investment environment [1][4]. Group 1: Index Performance - As of August 6, 2025, the CSI A500 Index rose by 0.41%, with notable individual stock performances such as Robot (up 14.67%) and others reaching their daily limit [1]. - The CSI A500 ETF leading fund (563800) recorded a 0.39% increase, marking its third consecutive rise, with a recent price of 1.02 yuan [1]. Group 2: Trading and Liquidity - The CSI A500 ETF leading fund had a turnover rate of 7.55% and a total trading volume of 1.258 billion yuan on the same day [3]. - Over the past year, the average daily trading volume for the CSI A500 ETF leading fund was 1.929 billion yuan [3]. Group 3: Fund Performance Metrics - The latest scale of the CSI A500 ETF leading fund reached 16.626 billion yuan, with a net value increase of 10.20% over the past six months [3]. - Since its inception, the fund's highest monthly return was 4.54%, with the longest consecutive monthly gains being three months and a maximum increase of 10.12% [3]. - The fund outperformed its benchmark with an annualized excess return of 8.62% over the last three months [3]. Group 4: Risk and Fee Structure - The CSI A500 ETF leading fund has a relatively low drawdown risk, with a year-to-date relative drawdown of 0.04% compared to its benchmark [3]. - The management fee is 0.15% and the custody fee is 0.05%, which are among the lowest in comparable funds [3]. - The tracking error for the fund this year is 0.025%, indicating strong tracking precision [3]. Group 5: Index Composition - The CSI A500 Index comprises 500 securities selected based on market capitalization and liquidity, representing major sectors [4]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 19.83% of the total index weight, with notable companies including Kweichow Moutai and CATL [4][6]. Group 6: Market Sentiment and Financing - The current market sentiment reflects a "rotating rise" and "low-level补涨" since June 23, 2025, which is expected to attract more external funds into the market [4]. - The financing balance in the A-share market has risen to 2 trillion yuan, representing 2.3% of the circulating market value, indicating a broad source of incremental funds [4].

Group 1 - The Shanghai Composite Index is showing a strong upward trend, currently just 20 points away from a new high, indicating a bullish market sentiment [1][3]. - Key sectors contributing to the index's rise include banking, liquor, securities, real estate, and insurance, with simultaneous gains observed across these sectors [3][5]. - The market is expected to continue its upward trajectory, with potential for new highs, despite possible short-term pullbacks [5][7]. Group 2 - The trading volume has increased, suggesting that the recent gains are likely driven by institutional rather than retail investors [3][5]. - Individual stocks are experiencing independent movements, and the upcoming mid-year earnings reports may reveal significant issues for some companies [3][5]. - The market is characterized by alternating sector performances, with expectations for a rebound in the new energy sector and a need for the growth of emerging industries [5][7].

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints - The extreme divergence between credit spreads and stock risk premiums led to the starting point of the current A-share valuation expansion. The current round of A-share market is driven by funds, and the logic has only reached the middle stage, with the upward trend unfinished [2]. - The fact that the risk premium has reached "mean - 1 standard deviation" does not mean the end of the market. Considering the intensity and duration of the current round of fund - driven, A - share valuations are expected to continue to expand, driving the risk premium to decline further, and the risk - compensation returns of stocks and bonds will eventually converge [2][5]. Summary by Directory 1. Historically, the stock market risk premium can stay below "mean - 1 standard deviation" for a long time - There were several historical periods when the stock market risk premium fell below "mean - 1 standard deviation", such as from December 2014 to August 2015, November 2017 to February 2018, and September 2020 to April 2021, with durations of 9 months, 2 months, and 8 months respectively. Except for the 2017 - 2018 period when the risk premium could not continue to decline due to rapid liquidity withdrawal, in other periods, it could fall to around "mean - 2 standard deviations" or even lower [3]. - These historical periods had similar macro - environments that did not support a bull market in stocks. The factors driving the significant expansion of A - share valuations were not fundamental but fund - driven, and there was no continuous expansion of corporate profits [3]. 2. In the current round of the market, the indexes have expanded to varying degrees, and there are no signs of an end - Since the beginning of the year, the stock market has priced in the decline of the risk - free rate. Different sectors have different repair progress. The repair of large - cap stocks is relatively large, with the ERP basically reaching "mean - 1 standard deviation", while the ERP of small - and medium - cap stocks is still above the historical mean [4]. - The current round of valuation expansion also starts from changes in the capital side. Since September 2024, the economic fundamentals and corporate profit growth have been weak, and the monetary policy has been relatively loose. The core factor determining the start and end of the market is the sustainability of fund - driving. The current round of fund - driven logic has only evolved to institutional - driven and allocation - driven (insurance funds taking the lead), and bank wealth management and public funds will take over in the second half of the year [4]. - With the expansion of A - share valuations, the risk premium of the Shanghai Composite Index has been below "mean - 1 standard deviation" since July 18, lasting for less than 1 month. "Mean - 1 standard deviation" cannot be a sign of the end of the market, especially since the risk premiums of some sectors are still above the mean [4]. 3. Valuation expansion space calculation under two scenario assumptions - Historically, the extreme situation of index valuation expansion is in the range of "mean - N standard deviations", where N is between 0.6 - 4.0, with a median of approximately 2.0. - Scenario 1 assumes that the stock market risk premium can fall to "mean - 2 standard deviations"; Scenario 2 assumes that it can fall to "mean - N standard deviations", where N corresponds to the lowest level previously reached by the index's ERP. - Based on these two assumptions, the ChiNext Index has the largest PE expansion space, followed by the Wind 300 (ex - banks), CSI 1000, and CSI 500. The PE expansion spaces of the SSE 50, Shanghai Composite Index, and Wind Dividend Index are relatively small, but there is still expansion space even in a conservative scenario [6][7].

7月A股行情收官，上证指数、深证成指、创业板指分别累计上涨3.74%、5.2%、8.14%。7月涨幅最大的 行业是钢铁行业，上涨16.76%；最牛股票是本月出现11次"20CM"涨停的上纬新材，累计涨逾1080%。 数据显示，截至7月31日，A股总市值为104.48万亿元，单月增加4.43万亿元。资金层面，数据显示，截 至7月30日，A股市场融资余额报19705.95亿元，创逾十年新高，7月以来净买入1324.46亿元。 ...