Market Overview - The market experienced fluctuations with the Shanghai Composite Index adjusting while the ChiNext Index saw a pullback after a rise. The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, an increase of 56.2 billion yuan compared to the previous trading day. Over 3,400 stocks declined, indicating a mixed performance across the market [1] - AI hardware stocks surged again, with companies like Zhongji Xuchuang reaching new historical highs. AI application stocks also strengthened, with Yidian Tianxia hitting the daily limit. Innovative drug concept stocks remained active, with companies like Kangyuan Pharmaceutical also hitting the daily limit [1] AI Industry - The AI industry chain saw a comprehensive breakout, particularly in computing power hardware, with companies such as Zhongji Xuchuang, Xinyisheng, and Dongshan Precision reaching new historical highs [1] - The number of personal users registered for large model applications exceeded 3.1 billion, with API call users totaling over 159 million, indicating significant growth in AI application usage [25] Innovative Pharmaceuticals - Innovative drug stocks continued to be active, with notable gains from companies like Kangyuan Pharmaceutical, Gongtong Pharmaceutical, and Dexuan Health, among others [13] - A significant licensing agreement was announced between Shiyao Group and Madrigal Pharmaceuticals, with a total transaction value potentially reaching 2.075 billion USD, highlighting the growing cash flow for domestic innovative pharmaceutical companies [15] Assisted Reproductive Technology - The assisted reproductive sector saw strong performance, with stocks like Gongtong Pharmaceutical and Hancheng Group hitting the daily limit. The Beijing government has introduced measures to enhance reproductive health services, which may further support this sector [4][35] - The Beijing Municipal Government's new policies aim to improve housing support for families with multiple children, which may indirectly benefit the assisted reproductive technology market [42] Market Sentiment - The overall market sentiment remains structurally differentiated, with the three major indices showing mixed results. The focus should remain on core hotspots, particularly in AI and innovative pharmaceuticals, while seeking opportunities for supplementary gains [15]

Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, Sci-Tech Comprehensive Index, and Sci-Tech 100 Index all experienced declines of 1.1%, 1.1%, and 1.2% respectively, while the Sci-Tech Growth Index fell by 1.3% [1]. Company Developments - Blue Arrow Aerospace Technology Co., Ltd. has completed the filing for guidance and plans to conduct an initial public offering (IPO) on the Sci-Tech Innovation Board [1]. Investment Insights - Dongwu Securities indicates that the long-term investment themes should focus on the AI industry chain, humanoid robots, military industry, and innovative pharmaceuticals. Additionally, thematic investments may be considered in areas such as brain-computer interfaces, commercial aerospace, controllable nuclear fusion, and 3D printing [1]. Index Composition - The Sci-Tech Innovation Board 50 Index consists of 50 stocks characterized by high market capitalization and liquidity, with over 60% of its composition in the semiconductor sector. The combined share of medical devices, software development, and photovoltaic equipment industries exceeds 75% [3]. Valuation Metrics - The rolling price-to-earnings (P/E) ratio for the Sci-Tech Innovation Board 50 Index is reported at 147.9 times, while the Sci-Tech 100 Index has a rolling P/E ratio of 247.6 times [3][4]. The Sci-Tech Growth Index has a rolling P/E ratio of 239.0 times [6].

每日经济新闻 （责任编辑：张晓波 ） 市场资金活跃度的提升，与宏观经济预期的改善形成呼应，国际层面也释放出对中国经济的积极看 好信号。国际货币基金组织（IMF）发布最新《世界经济展望》报告，将中国2025年GDP增长预期大幅 上调0.8个百分点至4.8%，2026年增长率也上调0.2个百分点至4.2%。 新一代核心宽基A500ETF基金（512050）助力投资者一键布局A股核心资产。该ETF所跟踪中证 A500指数，采取行业均衡配置与龙头优选双策略，中证全部35个细分行业全覆盖，融合价值与成长属 性，相比沪深300，超配AI产业链、医药生物、电力设备新能源、国防军工等新质生产力行业，具备天 然的哑铃投资属性。场外联接（A类：022430；C类：022431）。 7月29日A股市场全天震荡走强，创业板指领涨。截至收盘沪指涨0.33%，深成指涨0.64%，创业板 指涨1.86%。行业板块方面，CPO、PCB等算力硬件股继续走强，雅江电站概念股午后拉升。跟踪中证 A500指数的A500ETF基金（512050）强势上涨0.59%。随着CPO概念扩大，持仓股天孚通信收涨逾 13%。此外，持仓股恒生电子、福斯特强势涨停 ...

Core Viewpoint - Southbound capital has significantly increased its investment in the Hong Kong stock market this year, leading to a historical net inflow of over 840 billion HKD, surpassing previous records and contributing to a strong performance in the market [1][2]. Group 1: Southbound Capital Inflows - As of July 29, 2023, southbound capital has recorded a cumulative net inflow of 8420.02 billion HKD, marking a historical high for the year and more than double the inflow of the same period in 2024 [1][2]. - The daily net inflow peaked on April 9, 2023, with 355.86 billion HKD, setting a record for single-day inflows [1]. - In 135 trading days this year, there were net inflow days on 114 occasions, accounting for over 80% of the trading days [1]. Group 2: Market Performance - The Hang Seng Index has risen over 27% year-to-date, while the Hang Seng Technology Index has increased by over 26% [1][3]. - Major stocks with market capitalizations exceeding 1 trillion HKD have all seen gains, with Xiaomi Group-W up over 60% and Tencent Holdings up over 34% [1][4]. - The Hong Kong stock market has outperformed major global markets, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index showing respective increases of 27.24%, 25.46%, and 26.33% [3]. Group 3: Sector and Stock Performance - Southbound capital has heavily invested in the financial, information technology, and consumer discretionary sectors, with holdings valued at 14517.43 billion HKD, 11115.84 billion HKD, and 7175.67 billion HKD respectively [2][3]. - Notable individual stock holdings include Tencent Holdings at over 5400 billion HKD, and other significant investments in China Mobile, Xiaomi Group-W, and Alibaba-W, each exceeding 2000 billion HKD [2][3]. Group 4: Valuation and Future Outlook - The rolling P/E ratio of the Hang Seng Index has increased to 10.49 times, up from 8.96 times at the beginning of the year, indicating a rise in market valuation [5][6]. - Analysts predict that southbound capital inflows could exceed 1 trillion HKD for the year, although the pace may slow in the second half [6][7]. - The overall market sentiment remains positive, with expectations of continued upward movement supported by improved fundamentals and ongoing capital inflows [6][7].

科技投资迎布局热 在WAIC现场，汇聚了800多家企业，涵盖40余款大模型、50余款AI终端产品、超过60款智能机器人以及80余款"全球首发"或"中国首秀"的重磅新品，规模创 历届之最。据国泰基金介绍，参展商及展品涵盖模型应用、智能体、具身智能和人形机器人、智能硬件、AI+AR眼镜、AI芯片、智算与AI基础设施等热门 行业。 中欧中证机器人指数基金经理宋巍巍也在会期前往了WAIC现场，并分享了他对于年内投资机构对人形机器人投资取向的观察。他认为，目前的投资机构集 中投资机器人行业的上游零部件厂商，这些厂商有四个特点，一是零部件有技术难度和技术壁垒，二是和机器人整机大厂有密切的合作，三是公司本身的业 务具备持续赚钱的能力，四是起始估值和市值较低。 对于市场投资方向为何集中在机器人上游产业链，宋巍巍进一步提到，有两点原因。首先，之前机器人行业还在"0—1"的阶段，也就是供给侧的逻辑更重 要。市场关注能不能做出来，而不是做出来多少，零部件厂商是最先拿到确定性营业收入的公司，机器人行业带来的增量会给这些公司带来较大的业务变 化。其次，之前A股一直没有已经上市的机器人整机公司，缺乏投资的渠道，所以资金只能集中在上游。 ...

月29日A股市场投资情绪 资本市场是投资者信心的晴雨表。投资者情绪的波动会影响其对未 的主观判断,进而影响投资行为,形成合力后对市场产生显著影响 想通过几个问题,了解投资者对每日市场的看法。7月29日共有411 用户参与了调研,具体情况如下: 创业板 上证指数 深证成指 ▲ 0.64% ▲ 0.33% ▲ 1.86 A股市场呈现"指数新高与个股分化并存"的结构性特征，沪指盘中围绕3600; 荡，最终站稳,创业板指创2024年11月以来新高,科技成长贡献主要涨幅。 两市成交额 两市成交额放量突破1.8万亿元,市场 高位,资金情绪修复。结构性行情明§ 前十的行业集中于科技与医药领域,仆 业如煤炭、钢铁成交额缩量,反映资; 板块向高成长赛道迁移。 2240家上涨 涨跌停止 个股涨少跌多,市场呈现"指数新高、个股普跌"分 化格局。结构性机会凸显,生物制品、化学制药、半 导体等赛道涨幅居前,传统行业如钢铁、煤炭、银行 等板块调整,反映资金对业绩不确定性与产能过剩行 业的规避。 加仓 28.15% 减仓 19.56% 按兵不动 货金情绪 主力资金净流出 899 散户资金净流入 机构结构性乐观，资金持续流入科技成长板块，显 ...

Group 1 - The company primarily engages in the research, production, and sales of lithium battery copper foil, which is widely used in electric vehicles, 3C digital products, and energy storage systems [2] - The company's lithium battery copper foil products serve as a key material for lithium batteries, indicating their importance in various applications [2] - The company's products are also utilized in AI hardware devices such as drones, robots, and smart terminals, highlighting their role as essential materials in the AI industry chain [2]

Group 1 - The 2025 World Artificial Intelligence Conference held in Shanghai from July 26 to 28 aims to inject new momentum into the high-quality development of the AI industry, leading to increased attention and investment in the Hang Seng Technology ETF (513130) [1] - On July 28, the Hang Seng Technology ETF saw a net subscription of 201 million shares, raising its total shares to 3.7482 billion and its scale to 28.149 billion yuan, highlighting its scale advantage [1] - Year-to-date, over 18.7 billion yuan has flowed into ETFs tracking the Hang Seng Technology Index, with the Hang Seng Technology ETF receiving 3.019 billion yuan in additional investments, indicating strong market interest [1] Group 2 - The AI industry is transitioning from technological exploration to value cultivation, with emerging technologies expected to accelerate practical applications, benefiting the Hang Seng Technology ETF which closely tracks the AI industry chain [2] - The top five constituents of the Hang Seng Technology Index include major players in the AI field such as Tencent, Xiaomi, NetEase, Alibaba, and BYD, which are expected to benefit from increased capital expenditure [2] - The Hang Seng Technology Index's price-to-earnings ratio has recently dropped to 21.58, making it more attractive for investment, potentially opening a significant allocation window [2] Group 3 - The management of the Hang Seng Technology ETF, Huatai-PB Fund, is one of the first ETF managers in China, maintaining an 18-year record of zero errors in ETF operations, providing diversified and high-quality index investment tools [3] - The performance of the Hang Seng Technology ETF since its inception on May 24, 2021, shows returns of -30.24%, -21.43%, -8.89%, 21.13%, and 16.37% for the years 2021 to 2025 H1, respectively, compared to its benchmark returns [3]

Core Viewpoint - The financial technology sector is experiencing mixed performance, with specific stocks showing significant gains and losses, while the overall market sentiment remains cautious as new policies are proposed to enhance investment in technology enterprises [3][4]. Group 1: Market Performance - As of July 29, 2025, the China Securities Financial Technology Theme Index (930986) decreased by 0.16%, with notable stock movements including a 10.01% increase in Hang Seng Electronics (600570) and a 3.97% decline in Feitian Chengxin (300386) [3]. - The Financial Technology ETF (516860) saw a slight decline of 0.20%, priced at 1.47 yuan, but has accumulated a 2.86% increase over the past week [3]. - The Financial Technology ETF's latest scale reached 1.337 billion yuan, with a net outflow of 16.1352 million yuan recently, although there was a net inflow of 144.4 million yuan over the last ten trading days [4]. Group 2: Investment Opportunities - A recent draft from Zhejiang Province aims to enhance investment in technology enterprises, targeting a total fund scale of 40 billion yuan by 2027 through various initiatives [3]. - The Financial Technology ETF has shown a remarkable annual net value increase of 133.68%, ranking 5th out of 2938 index stock funds, indicating strong performance [4]. Group 3: Fund Characteristics - The Financial Technology ETF has the lowest management fee rate of 0.50% and a custody fee of 0.10% among comparable funds, enhancing its attractiveness to investors [5]. - The ETF closely tracks the China Securities Financial Technology Theme Index, which includes companies involved in financial technology, reflecting the overall performance of this sector [5]. - As of June 30, 2025, the top ten weighted stocks in the index accounted for 51.2% of the total, indicating a concentrated investment in leading companies within the financial technology space [5].

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9] Core Insights - In Q2 2025, the communication sector saw a decline of 0.57%, ranking 31st among major industries, but has increased by 17.08% since the beginning of the year, ranking 7th [2][4] - Public fund holdings in the communication sector significantly increased in Q2 2025, with optical modules being the core focus for allocation [5] - The AI arms race is intensifying as North American tech giants ramp up investments, leading to a "Davis Double Play" moment for the AI industry chain, which is expected to accelerate commercial monetization and boost PE valuations [2][7] - The communication sector's valuation remains low, offering high cost-performance for allocation [7] Summary by Sections Market Performance - The communication sector's performance in Q2 2025 shows a 0.57% decline, with a year-to-date increase of 17.08% [2][4] - Top gainers in the sector include Dongxin Peace (+34.1%), Shen Sanda A (+9.8%), and Dingtong Technology (+9.7%), while the biggest losers are Dekeli (-9.6%), Hengbao Shares (-8.3%), and Yingweik (-7.3%) [4] Fund Holdings - In Q2 2025, public fund holdings in the communication sector rose to 5.37%, an increase of 2.63 percentage points, ranking 6th among 32 major industries [5] - The allocation ratios for communication equipment, telecom applications, and operators were 4.52%, 0.11%, and 0.74%, respectively, with year-on-year increases [5] AI Investment Trends - Major North American companies are significantly increasing their AI investments, with Meta planning two large data centers with a total capacity of 3 GW by 2030 [6] - Oracle and OpenAI are adding 4.5 GW of data center capacity, while Google has raised its capital expenditure plan for 2025 from $75 billion to $85 billion [6] - The report highlights the rapid growth in AI application usage and the increasing demand for AI computing resources [6] Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom for operators; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for optical modules; and Fenghuo Communication and Huafeng Technology for domestic computing [7] - AI application recommendations include Heertai, Tuobang Shares, and Meige Intelligent [7]