1日早盘，沪指盘中窄幅震荡，深证成指、创业板指回落翻绿，场内近3000股飘红。 （文章来源：证券时报网） 盘面上看，旅游、石油、半导体等板块走低，物流板块拉升，医药、环保、农业等板块上扬，辅助生 殖、创新药、光伏产业链股活跃。 东莞证券表示，连续反弹后，沪指近期在3600点上方遇阻，短线存在一定的抛压释放，特别是创业板指 收出两连阴，显示短期休整压力加大，而从统计局最新公布的PMI数据来看，7月份经济数据或有所走 弱，也对基本面带来一定压制，短线需要注意市场的震荡反复。展望中期，7月底政治局会议定调偏积 极，在外部经贸摩擦缓和预期、国内稳增长政策持续发力以及流动性环境维持合理充裕的多重因素驱动 下，中期市场仍将保持稳定。 截至午间收盘，沪指跌0.19%报3566.55点，深证成指跌0.15%，创业板指跌0.16%，科创50指数跌 0.84%，沪深北三市合计成交10082亿元。 ...

Core Views - The market is expected to enter a short-term policy vacuum and performance verification phase, leading to a period of consolidation with limited trend opportunities, although structural opportunities still exist [2][9] - The recent market downturn is attributed to several factors, including the Federal Reserve's decision to maintain interest rates in the 4.25% to 4.50% range and disappointing economic data, which has dampened market sentiment [1][8][10] Market Overview - On Thursday, the three major indices in the A-share market collectively declined, with the Shanghai Composite Index closing at 3573.21 points, down 42.51 points or 1.18%, and total trading volume reaching 19,360 billion [5] - The market showed significant differentiation, with cyclical stocks experiencing collective adjustments while sectors like AI hardware and innovative pharmaceuticals continued to perform strongly [1][9] Sector Analysis - The AI theme remains active, with stocks related to AI technologies showing strong performance. The report emphasizes the rapid development of domestic AI computing power and its implications for hardware innovation [6] - The reproductive assistance sector saw a notable increase, driven by government initiatives to include reproductive technologies in insurance coverage, which is expected to benefit over 1 million people in 2024 [7] Investment Strategy - Investors are advised to manage their positions carefully, considering reducing holdings in stocks that have seen significant gains, while looking to accumulate quality growth and blue-chip stocks during market pullbacks [2][9]

辅助生殖概念持续走强，汉商集团、福元医药、利德曼涨停，共同药业、达嘉维康、思创医惠、博拓生 物、贝瑞基因、麦迪科技等跟涨。 ...

Market Performance - On the last trading day of July, all three major A-share indices fell by over 1%, with the Shanghai Composite Index closing below 3600 points at 3573.21, down 1.18% [1] - The Shenzhen Component Index dropped 1.73% to 11009.77, while the ChiNext Index decreased by 1.66% to 2328.31 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.96 trillion yuan [1] Sector Performance - The sectors that saw gains included liquid cooling IDC, assisted reproduction, Google, biopharmaceuticals, chemical pharmaceuticals, and computers [1] - Conversely, sectors that experienced declines included aquaculture, PTA, iron ore, energy metals, steel, and minor metals [1] Notable Stocks - The AI sector showed strong fluctuations, with Yidian Tianxia (301171) hitting the 20% daily limit up [1] - The liquid cooling server sector performed well, with Sihua New Materials (301489) also reaching the 20% limit up, alongside Yingweike (002837) and Chunz中科技 (603516) [1] - The assisted reproduction sector continued to strengthen, with Gongtong Pharmaceutical (300966) and Anke Biotechnology (300009) both hitting the 20% limit up, while Hanshang Group (600774) also reached the limit [1] - The steel sector faced adjustments, with Baogang Co. (600010) dropping over 8% [1] - The coal sector declined across the board, with Antai Group (600408) falling over 7% [1] Market Outlook - According to Jifeng Investment Advisory, the A-share market is expected to continue a structural trend in August, supported by the intensive disclosure of mid-term performance and ongoing policy efforts, favoring industries with high earnings certainty [1] - Dongfang Securities noted that the current A-share market is in a sustained upward trend with ample trading volume, attracting new capital, and maintaining a cautiously optimistic sentiment without immediate risk of reversal [2]

Core Viewpoint - The A-share market experienced a significant drop, with the Shanghai Composite Index falling below 3600 points, indicating a potential shift in market dynamics and investor sentiment [1][9]. Market Reaction to Federal Reserve - The Federal Reserve's recent meeting and comments from Chairman Powell regarding persistent inflation led to a sharp decline in market expectations for interest rate cuts, causing a ripple effect across global markets [1][3]. - The Nasdaq Golden Dragon Index fell nearly 2%, and the Hang Seng Index dropped by 1.58%, with technology stocks like Li Auto leading the decline [1][3]. Market Dynamics and Investor Behavior - The market showed signs of distress with a significant sell-off, as evidenced by a net outflow of nearly 800 billion yuan in capital, indicating that smart money was quietly exiting the market [3][11]. - The A-share market saw over 4000 stocks decline, with only 42 stocks managing to rise, highlighting a stark contrast between winners and losers [1][13]. Sector Performance - AI hardware stocks, particularly in the liquid cooling server segment, saw gains, with some stocks like Siqun New Materials hitting the daily limit up [5]. - The assisted reproduction sector also performed well, driven by policy support, with stocks like Gongtong Pharmaceutical rising in response to the inclusion of assisted reproductive technology in health insurance [7]. Struggles of Traditional Sectors - Traditional sectors such as steel and coal faced significant declines, with stocks like Antai Group dropping over 5% [7]. - The pharmaceutical sector also struggled, with leading companies like BeiGene and WuXi AppTec experiencing notable drops in their stock prices [8]. Market Capitalization Impact - The A-share market saw a loss of over 2 trillion yuan in market capitalization in a single day, reflecting a severe impact on household wealth and investor confidence [13].

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 | 排名 | 代码 | 基金简称 | 2025-07-31 | | 2025-07-30 | | EMES | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 单位净值3 | 累计净值3 | 单位净值8 | 累计净值3 | | | 1 | 018362 | 东方阿尔法瑞丰混合发起A | 1.1281 | 1.1281 | 1.0777 | 1.0777 | 0.05 | | 2 | 018363 | 东方阿尔法瑞丰混合发起C | 1.1193 | 1.1193 | 1.0693 | 1.0693 | 0.05 | | 3 | 023753 | 永赢信息产业智选混合发起A | 1.0552 | 1.0552 | 1.0189 | 1.0189 | 0.03 | | 4 | 018611 | 鹏华高端装备一年持有期混合A | 1.2398 | 1.2398 | 1.1972 | 1.1972 | 0 ...

Market Overview - The Shanghai Composite Index closed at 3573.21 points, down 1.18%, with a trading volume of 845.89 billion yuan [1] - The Shenzhen Component Index closed at 11009.77 points, down 1.73%, with a trading volume of 1090.14 billion yuan [1] - The ChiNext Index closed at 2328.31 points, down 1.66%, with a trading volume of 544.39 billion yuan [1] - The STAR 50 Index closed at 1047.87 points, down 1.01%, with a trading volume of 45.68 billion yuan [1] - The total trading volume of both markets was 1936.04 billion yuan, an increase of 91.76 billion yuan compared to the previous trading day [1] Sector Performance - The computer, communication, and biopharmaceutical sectors showed the highest gains, while sectors such as steel, non-ferrous metals, real estate, coal, securities, insurance, electric equipment, chemicals, and transportation saw significant declines [3] - Among the 31 primary industries, 7 experienced net inflows of funds, with the computer industry seeing the highest net inflow of 1.33 billion yuan [4][5] - The electric equipment sector had the largest net outflow of funds, totaling 4.90 billion yuan [5] Individual Stock Movements - A total of 1016 stocks rose, while 4064 stocks fell, with 62 stocks remaining flat and 8 stocks suspended [3] - 67 stocks received net inflows exceeding 100 million yuan, with Yidian Tianxia leading at 909 million yuan [6][7] - 119 stocks experienced net outflows exceeding 100 million yuan, with Ningde Times seeing the largest outflow of 1.691 billion yuan [8][9] Institutional Activity - Institutional investors had a net buying of approximately 352 million yuan, with Yidian Tianxia being the most purchased stock at around 173 million yuan [10][11] - The top net selling stock by institutions was Dongxin Co., with a net outflow of approximately 119 million yuan [11] ETF Performance - The Food and Beverage ETF saw a decrease of 3.57% over the past five days, with a net outflow of 60.47 million yuan [13] - The Gaming ETF increased by 3.22% over the past five days, with a net outflow of 30.03 million yuan [13] - The Cloud Computing 50 ETF increased by 3.62% over the past five days, with a net inflow of 4.75 million yuan [14]

Market Overview - A-shares experienced a rare consecutive decline at the end of July, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down 1.18%, 1.73%, and 1.66% respectively, with over 4200 stocks declining and only about 1000 stocks rising [4] AI Marketing - AI marketing stocks showed strong performance, with Yidian Tianxia hitting a 20% limit up, and other companies like BlueFocus, Xinhua Du, and InSai Group also seeing significant gains. This was catalyzed by Meta's Q2 earnings report, which exceeded expectations and indicated robust growth in its advertising business, supporting aggressive investments in AI [7][8] - The upcoming implementation of a new e-commerce tax policy in China starting October 1, 2025, is expected to shift the industry towards more precise advertising, further benefiting AI marketing and advertising sectors [7] Assisted Reproductive Technology - Stocks related to assisted reproduction saw a rebound, with companies like Lide Man and Hancheng Group hitting the limit up. The sector was positively influenced by news from the National Healthcare Security Administration, which announced that assisted reproductive technologies would be fully covered by insurance, enhancing service optimization in maternal and child healthcare [11][10] - The assisted reproduction sector recorded a near 4.5% increase during the day, ultimately closing up 2.83% [11] ST Guandao - ST Guandao experienced a significant surge, achieving a 250% increase over six days, following a period of sharp declines after its resumption of trading. The stock's volatility and rapid gains have drawn attention in the market [14][15] Dongxin Technology - Dongxin Technology opened significantly higher, gaining over 10% and reaching a 20% limit up. The stock's rise was attributed to the release of new GPU chips by its major shareholder, Lisan Technology, which has generated considerable market interest [17][18]

Group 1: Market Performance - Major indices declined on July 31, with the Shanghai Composite Index down 1.18%, Shenzhen Component down 1.73%, ChiNext down 1.66%, and the STAR Market down 1.01%. Over 1,000 stocks rose in the two markets, with a total trading volume of approximately 1.94 trillion yuan [2] - The AI sector showed strong performance, with stocks like Kexin New Energy (300731.SZ) rising 12.82%, and Industrial Fulian (601138.SH) and Youke De (688158.SH) both increasing over 6% [2] Group 2: AI Industry Growth - According to CCID Consulting, China's AI industry is expected to experience explosive growth this year, leading the global market. The industry is projected to grow from 398.5 billion yuan in 2025 to 1,729.5 billion yuan by 2035 [2] Group 3: Assisted Reproductive Technology Stocks - Stocks related to assisted reproduction surged, with Anke Bio (300009.SZ) and Gongtong Pharmaceutical (300966.SZ) both rising 20%, and Guangshengtang (300436.SZ) increasing over 18% [3] - The Ministry of Finance announced a budget of 90 billion yuan for a new "child-rearing subsidy fund" as part of a broader initiative to support fertility policies [3] Group 4: Innovative Pharmaceuticals - Innovative drug stocks also performed well, with Zhendong Pharmaceutical (300158.SZ) rising over 16% and Shutaishen (300204.SZ) increasing over 10% [3] - According to Industrial Securities, China's innovative drug industry is transitioning to a leading position, with significant opportunities expected in 2025 as many products are projected to exceed 3 to 5 billion USD in peak sales [3] Group 5: Declining Sectors - The anti-involution sector saw significant declines, with steel, coal, and photovoltaic sectors being heavily impacted. Stocks like Baogang Co. (600010.SH) and Anyang Steel (600569.SH) fell over 7% [4] - Other sectors such as real estate, securities, liquor, film, and precious metals also showed weakness, with stocks like Happiness Blue Ocean (300528.SZ) dropping over 8% [4]

Market Overview - The A-share market experienced a decline on July 31, with the Shanghai Composite Index falling by 1.18%, and both the Shenzhen Component and ChiNext Index reaching new lows in nearly a month, indicating increased technical risks [1][2]. Investor Sentiment - A total of 2,770 investors participated in a survey regarding market sentiment, revealing a mixed outlook with a significant number of investors adjusting their positions [1][6]. Trading Activity - The total trading volume across both markets exceeded 1.9 trillion yuan, marking the highest level in July, with notable selling pressure from major sectors such as securities, small metals, and semiconductors [3][6]. Capital Flow - There was a net outflow of 706.85 billion yuan from major funds, while retail investors showed a net inflow, indicating a shift towards defensive sectors amidst market volatility [5][6]. Sector Performance - Despite the overall market downturn, certain sectors like liquid cooling and assisted reproduction showed resilience, suggesting that funds are seeking safe-haven investments [2][6]. Positioning Strategies - Retail investors displayed a tendency to increase their positions, with 29.32% opting to add to their holdings, while 18.70% chose to reduce their exposure, reflecting a growing divide in market strategies [11][6].