Group 1 - The current market is transitioning from a stock market to an incremental market, with A-shares experiencing high volatility in certain sectors while manufacturing sectors remain undervalued [1] - The "anti-involution" narrative is compared to the "Belt and Road" initiative, suggesting that it will help stimulate low-performing sectors in the context of increased capital inflow [1] - The valuation gap in Hong Kong stocks is becoming apparent, with insurance funds likely to expand their investment scope, indicating a favorable time to increase allocations to Hong Kong stocks [1] Group 2 - The "anti-involution" policy is expected to anchor the basic expectations of the midstream manufacturing sector, with short-term investment opportunities becoming more apparent [2] - The passing of the "Big and Beautiful" bill in the U.S. is expected to enhance fiscal stimulus, reducing the risk of a deep recession and improving visibility for China's supply-demand dynamics by 2026 [2] - The market has already begun to reflect a "bull market atmosphere," with the Shanghai Composite Index breaking through key levels, enhancing risk appetite and spreading profit-making effects [2] Group 3 - A-share market performance has been strong, driven by the upward trend in U.S. stocks and the positive impact of technology leaders reaching new highs [3] - The "anti-involution" policy is expected to alleviate domestic price pressures, with the upcoming earnings season providing a favorable environment for stocks with positive earnings forecasts [3] - The overall earnings improvement rate for A-shares is higher than the same period last year, indicating structural opportunities in high-growth TMT sectors and competitive midstream manufacturing [3] Group 4 - The "transformation bull market" is gaining momentum, driven by a systematic reduction in market discount rates and a favorable shift in economic structure [4] - The willingness of investors to accept risk is increasing, suggesting that the market may consolidate before making new highs [4] - Short-term focus should be on the "anti-involution" theme, with a rotation towards growth sectors continuing [4] Group 5 - Investment strategies should focus on three main areas: AI technology breakthroughs, consumer stock valuation recovery, and the rise of undervalued assets [5] - The recovery cycle in consumer stocks is supported by low valuations, declining interest rates, and policy catalysts, indicating potential opportunities in the sector [5] Group 6 - The capital return in A-shares is expected to stabilize and recover due to the "anti-involution" policy and the cessation of debt contraction [6] - The combination of domestic manufacturing recovery and overseas capital return will enhance the attractiveness of A-shares compared to other markets [6] - Recommended investment strategies include focusing on upstream resource products and capital goods that benefit from both domestic and international trends [6] Group 7 - The current market conditions resemble those of 2014, with a significant disconnect between market performance and earnings [7] - The "anti-involution" policy is seen as a positive signal, although its impact may be weaker than previous real estate policy shifts [7] - The market is expected to experience a similar trend to the second half of 2014, but tactical breakthroughs may not be smooth [7] Group 8 - The A-share index has recently surpassed 3500 points, with financial sectors and technology themes driving market momentum [8] - The market's valuation has recovered from the bottom, indicating that further gains will require increased trading volume [8] - Structural opportunities are abundant, with a focus on stable dividend assets, resource products, and new technology sectors [8] Group 9 - The core drivers of the current market breakthrough include rising policy expectations, the "anti-involution" investment theme, and improved trading activity [9] - July is viewed as a favorable window for investment, with a focus on TMT, non-bank financials, and military sectors [9] - The AI computing sector's performance is closely tied to the strong results of benchmark U.S. stocks, influencing A-share valuations [9] Group 10 - The market is in a new bullish phase, with investor sentiment improving and incremental capital entering the market [10] - The "anti-involution" policy is expected to alleviate income stagnation, potentially leading to a new phase of market growth [10] - Investment strategies should focus on sectors related to the "anti-involution" theme, stable currencies, and sectors with positive earnings forecasts [10]

Group 1 - The core viewpoint of the article highlights that the performance of innovative drug funds is expected to continue, with a focus on overseas licensing and domestic sales growth in the third quarter [1][5] - The first public fund semi-annual report for 2025 has been released, showcasing the investment strategies of high-performing fund managers [2][3] - The Longcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, achieved a net value growth rate of 75.18% in the first half of the year, ranking second among equity funds [3][4] Group 2 - The top three holdings of the Longcheng fund include Sanofi Pharmaceutical, Innovent Biologics, and Hotgen Biotech, with respective market values of 110 million, 104 million, and 104 million [4] - Significant increases in positions were noted for several companies, including a 2794.14% increase for Nocera Biopharma and 1751.97% for Yifang Biotech [4] - The report indicates that the innovative drug sector is expected to see continued development, with a focus on clinical data, overseas licensing, and domestic sales [5] Group 3 - Several short- and medium-term bond funds have seen a surge in total shares during the second quarter, indicating a shift in investor interest [6][7] - The total shares of Debang Short Bond Fund increased by over 30 billion to 54.82 billion, a growth of over 125% [8] - The Huian Yongfu 90-day holding short bond fund exhibited the most significant growth, with total shares rising from 1.84 billion to 18.2 billion, an increase of 889.13% [10]

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1、金融要闻 本期看点：东莞推出22项政策便利企业融资；东莞科创接续S基金完成首单投资；天元股份子公司终止 设立柬埔寨合资公司；仕佳光子拟购买东莞福可喜玛通讯科技股权；银禧科技上半年净利同比预增64% —83%；汇景控股2024年亏损约8亿元；鼎通科技上半年净利约1.14亿，同比预增131.75%。 东莞推出22项政策便利企业融资 近日，《东莞市便利企业融资赋能高质量发展若干措施》发布，通过强化金融资源供给、创新重点领域 金融服务、完善融资服务体系、加大财政金融协同力度、健全保障机制五个方面22条举措为东莞企业提 供便利融资。如用好"莞企转贷"专项扶持资金，推动更多中小微企业纳入"莞企转贷"企业名录，为名单 内企业提供最长10个工作日、单笔最高2亿元的资金支持。 创投风投机构是金融市场的重要组成部分。东莞将加快推动松山湖科技金融集聚区建设，支持松山湖出 台风投创投发展扶持政策，完善私募基金会商机制，用好合格境外有限合伙人（QFLP）试点，畅通风 投创投机构落户渠道，并依托市园两级母基金构建完善产业基金体系，吸引知名风投创投机构和社会资 本在松山湖集聚发展。 东莞科创接续S基金完成首单投资 近日，市属国企东莞科 ...

Core Viewpoint - The current A-share market is experiencing a shift from a stock market dominated by existing shares to one driven by new capital inflows, with a potential for structural opportunities despite short-term consolidation needs [1][3]. Group 1: Market Trends and Strategies - The "623" market rally is distinct from last year's "924" rally, as the A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains require volume support [1][3]. - The strategy outlook suggests a high probability of a market trend similar to the comprehensive bull market of the second half of 2014, driven by low interest rates and potential increases in resident capital inflows [2][4]. - The current 10-year government bond yield is approximately half of what it was in 2014, with a significant decline over the past two years, indicating a favorable environment for market growth [4]. Group 2: Sector Performance and Opportunities - Sectors expected to perform well in the upcoming earnings season include high-growth TMT areas such as semiconductors, software development, and gaming, as well as midstream industries with global competitive advantages like automotive parts and defense [2][3]. - The ongoing domestic demand expansion policies are likely to benefit sectors such as home appliances, beauty care, and agriculture, while other sectors like precious metals and pharmaceuticals are also anticipated to show performance improvements [2][3]. - The market is expected to see better stock performance in July and August for industries with strong mid-year earnings reports, particularly in consumer sectors and technology [3][5].

Market Review - The domestic market shows a clear "stock-bond seesaw" effect, with rising market risk appetite driven by the ongoing "anti-involution" trend and expectations from important real estate meetings, leading to an increase in stock and commodity markets while the bond market remains under pressure. Major A-share indices saw a broad increase, with the Shanghai Composite Index surpassing 3500 points, led by real estate, steel, and non-bank financial sectors. The banking index reached a historical high on Thursday but adjusted on Friday [1][2]. Market Outlook - The "stabilizing fund" is seen as a stabilizer for A-shares, with three main lines expected to perform well. The Shanghai Composite Index has reached 3500 points for the first time this year, with large financials, "anti-involution," and technology themes showing alternating upward trends. The proportion of financing funds and northbound trading funds in the market has significantly increased, reflecting a recovery in market risk appetite driven by profit-making effects. Unlike the previous "924" rally, the current A-share market valuation has risen from the bottom to above the historical median, indicating that further index gains will require volume support, and short-term market consolidation may be needed. However, the policy support for capital markets remains strong, and the influx of medium- to long-term funds like the "stabilizing fund" suggests limited downside even if the market experiences pullbacks, presenting numerous structural opportunities in a "stable yet rising" environment [2][3]. Industry Allocation - Focus on three main lines for industry allocation: 1) In a low-interest-rate environment, stable dividend assets will continue to be an important direction for medium- to long-term fund allocation 2) Beneficiaries of price increases in related resource sectors, such as minor metals and industrial metals 3) New technology and growth sectors, including military industry, marine economy, AI computing power, and solid-state batteries [2][3].

主动权益基金仓位继续下探， 国有险企长周期考核正式落地 —— 量化市场追踪周报（2025W28） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 金工定期报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com 量化市场追踪周报(2025W28)：主动权益基金仓位 继续下探，国有险企长周期考核正式落地 2025 年 7 月 13 日 主动权益基金延续下行趋势再创年内新低，"固收+"基金仓位也降至近期 低点。截至 2025/7/11，主动权益型基金的平均仓位约为 83.93%。其中， 普通股票型基 ...

Core Viewpoint - The article discusses the criminal conviction of Xu Xiong, the actual controller of ST Dongshi, for manipulating the securities market, resulting in a prison sentence of 6 years and 6 months, along with a fine of 170 million RMB [2][3]. Group 1: Legal Proceedings - Xu Xiong was convicted of manipulating the securities market and sentenced to 6 years and 6 months in prison, with a fine of 170 million RMB and the confiscation of illegal gains [2][3]. - The Shanghai First Intermediate People's Court issued the judgment, which can be appealed within ten days [3][4]. - The case has seen multiple developments, including Xu Xiong's arrest in September 2023 and the subsequent removal from all positions within the company [5][6]. Group 2: Company Background and Financial Performance - ST Dongshi, established in August 2005 and listed in 2016, was once valued over 10 billion RMB but has faced significant financial decline, with stock prices dropping to 0.99 RMB [8][10]. - The company has reported continuous losses, with a net loss of 903 million RMB in 2024, following previous losses in 2023 and 2022 [14]. - The company is currently facing challenges, including the occupation of 387 million RMB of its funds by its controlling shareholder and the risk of delisting due to unresolved financial issues [10][14]. Group 3: Market Impact - The stock of ST Dongshi has been suspended since June 20, 2025, due to unresolved fund occupation issues, with potential delisting risks if corrective actions are not taken within the stipulated timeframe [10][14]. - The company’s operational activities are reported to be normal, but the ongoing legal issues and financial challenges pose significant risks to its future [3][14].

Core Viewpoint - The public fund industry in China is increasingly adopting a "co-management" model, with over 700 funds hiring additional fund managers this year, reflecting a trend towards enhanced decision-making efficiency and risk management [1][3][5]. Group 1: Co-management Model Overview - As of July 11, over 1,970 fund products have seen managerial changes, with more than 700 adopting the "co-management" approach from nearly 130 fund companies, including products managed by renowned fund managers [3][6]. - The rise of the "co-management" model is attributed to the need for improved management efficiency in response to rapid fund growth and to reduce reliance on "star fund managers," thereby fostering a more systematic investment research capability [3][4][8]. - The combination of "senior managers and new generation" is becoming increasingly common in co-managed funds, facilitating talent development and ensuring continuity in investment strategies [3][4]. Group 2: Market Trends and Future Outlook - Currently, over 25% of the fund products in the market are managed by two or more fund managers, indicating a significant shift towards the co-management model [6]. - The co-management model is seen as a response to market volatility and the increasing pressure on individual fund managers, particularly in managing multi-asset "fixed income+" funds [4][8]. - The trend towards co-management is expected to deepen as the Chinese fund industry matures, with a potential shift from reactive measures to proactive team-building and management optimization strategies [7][8].

Core Insights - Funds play a crucial role in asset allocation, which involves distributing capital across various asset types to mitigate risk and pursue reasonable returns [1] - Investors must clarify their investment goals and risk tolerance, as these factors vary significantly among individuals [1] - Constructing a fund portfolio is essential for effective asset allocation, requiring the selection of different types of funds to cover multiple asset classes [2] - Regular evaluation and adjustment of asset allocation is necessary due to changing market conditions and asset performance [3] Group 1 - Funds are important investment tools for asset allocation, which aims to diversify risk and achieve reasonable returns [1] - Investors' goals can range from short-term capital appreciation to long-term wealth accumulation, influenced by factors like age and financial stability [1] - Young investors typically have a higher risk tolerance, while those nearing retirement may prioritize asset stability [1] Group 2 - Building a fund portfolio involves selecting various fund types, such as equity funds for higher potential returns and bond funds for stability [2] - Different styles of equity funds, like growth and value funds, perform differently in various market conditions, allowing for optimized asset allocation through diversification [2] Group 3 - Asset allocation is not a one-time task; it requires periodic assessment and adjustments to align with changing market trends and investor goals [3] - The need for adjustments arises when the original asset allocation deviates from the set targets due to market fluctuations [3]