Core Viewpoints - The market is currently in a short-term adjustment phase due to the significant rise of the US dollar and the pullback of leading sectors such as innovative pharmaceuticals in Hong Kong, but the overall upward trend remains intact [1][4][55] - The adjustment is expected to last approximately two weeks, with key technical supports at the 20-day moving average, lower gaps, and the upward trend line for the Shanghai Composite Index [1][4][55] - Even if the trend line is breached, the 60-day moving average will serve as a reliable medium-term support, indicating that the overall market outlook remains positive for a "slow bull" market [1][4][55] Market Overview - The market experienced an overall adjustment this week, with major indices such as the Shanghai Composite, Shanghai 50, and CSI 300 declining by 0.94%, 1.48%, and 1.75% respectively [11][53] - The technology growth sector showed relative strength, while cyclical sectors experienced significant pullbacks, with materials and coal down by 4.69% and 4.56% respectively [12][54] - The average daily trading volume in the Shanghai and Shenzhen markets decreased to 17.9 trillion yuan, reflecting a decline in market sentiment [19] Industry Configuration - The recommended industry allocation strategy is a balanced approach of "1+1+X," focusing on large financials (banks and brokerages) alongside technology growth sectors such as military, computing, media, electronics, and new energy [1][4][56] - There is an emphasis on identifying low-position stocks above the annual line within sectors to optimize "high-low cut" operations [1][4][56] Future Market Outlook - The market is expected to continue its upward trend as long as the key technical supports hold, with potential short-term buying opportunities if the index maintains the upward trend line and the US dollar against the offshore RMB begins to decline [1][4][55] - Historical patterns suggest that the Shanghai Composite Index may aim to surpass its previous high of 3674 points, with reliable short-term supports identified at recent gaps and moving averages [4][52][55]

财信证券认为，继前一个交易日冲高回落后，周四A股市场全天震荡走低，多数题材板块以及个股调 整，短期市场不确定性有所增加。不过当日成交额上升至1.9万亿元以上，市场承接动能较好，若大盘 能快速迎来修复，则仍将处于震荡上行趋势当中。7月份，A股市场总体呈现震荡上行态势，三大指数 月线均收涨。短期内，投资者需更加关注市场风格变化，把握好题材板块轮动节奏。中长期看，虽然宏 观经济及政策未见明显拐点，但"反内卷"政策将缓解"增收不增利"的困境，支撑A股业绩端回暖。预计 A股市场大概率维持震荡偏强走势。 东莞证券认为，周四，A股市场集体回调，沪指跌破3600点。从技术分析角度看，连续反弹后，沪指近 期在3600点上方有所遇阻，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。短线需要注意市场的震荡反复。展望中期，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。 ...

Market Overview - On July 31, the A-share market opened lower and experienced wide fluctuations, with the Shanghai Composite Index finding support around 3580 points[2] - The Shanghai Composite Index closed at 3573.21 points, down 1.18%, while the Shenzhen Component Index closed at 11009.77 points, down 1.73%[7] - Total trading volume for both markets was 19,621 billion yuan, above the median of the past three years[3] Sector Performance - Strong performers included banking, software development, internet services, and consumer electronics, while coal, steel, energy metals, and shipbuilding sectors lagged[3] - Over 70% of stocks in the two markets declined, with chemical pharmaceuticals, software development, and internet services showing the largest gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.81 times and 41.76 times, respectively, indicating a mid-level valuation compared to the past three years[3] - The market is currently in a dual-driven phase of policy and capital, establishing a slow upward trend despite short-term technical adjustment pressures[3] Economic Context - China's economy continues to show moderate recovery, with consumption and investment as core drivers[3] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow from insurance funds, providing significant support[3] Investment Recommendations - It is suggested to focus on technology growth and cyclical manufacturing as dual main lines for investment, while also considering high-dividend banks, public utilities, and strategic emerging industries[3] - Short-term market expectations lean towards steady upward fluctuations, with close monitoring of policy, capital, and external market changes advised[3]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇7月31日｜A股主要指数分化，创业板指拉升涨逾1%，沪指跌0.39%，深成指涨0.17%。CPO、 PCB、辅助生殖等方向涨幅居前，沪深京三市上涨个股近2800只。 ...

Group 1 - The Central Political Bureau meeting on July 30 emphasized the need to stabilize employment, enterprises, markets, and expectations, while maintaining policy continuity and flexibility [1] - The meeting acknowledged the strong vitality and resilience of the economy this year, but also recognized various risks and challenges that need to be addressed [1] - Macro policies are to be sustained and adjusted as necessary, with a focus on implementing more proactive fiscal policies and moderately easing monetary policies to fully unleash policy effects [1] Group 2 - Specific tasks for the second half of the year include effectively releasing domestic demand potential, deepening reforms, stabilizing foreign trade and investment, and ensuring the protection of people's livelihoods [1] - The meeting highlighted the importance of maintaining a bottom-line thinking approach to consolidate the positive economic momentum [2]

Group 1 - The core viewpoint of the news is that the recent extension of the tariff negotiation deadline between China and the U.S. is a positive development for the A-share market, indicating that further discussions are likely and that the market sentiment will benefit from the avoidance of escalation in relations [1] - The A-share market experienced a mixed performance with the Shanghai Composite Index rising by 0.17%, while the Shenzhen Component and ChiNext Index fell by 0.77% and 1.62% respectively, indicating volatility in the market [3][7] - The wide fluctuations in the A-share market are seen as beneficial for consolidating positions, with expectations that the index will find it easier to rise towards 3674 points after the recent volatility [5] Group 2 - The Shanghai Composite Index opened lower but saw a high of 3636 points before retreating to a low of 3593 points, reflecting a rollercoaster trading day with significant internal capital outflow of nearly 500 billion [3][7] - The market is characterized by a "seesaw effect" between heavyweight blue-chip stocks and thematic stocks, suggesting a strategy of focusing on thematic opportunities rather than just index movements [7]

Core Viewpoint - The A-share market is experiencing increased activity with a significant rise in margin financing, indicating a positive shift in investor sentiment and expectations for future market performance [1][3][10]. Group 1: Margin Financing and Investor Sentiment - As of July 29, the margin financing balance reached 1.97 trillion yuan, marking the highest level since July 3, 2015 [1][3]. - The proportion of daily margin buying to total A-share trading volume has exceeded 10% for seven consecutive trading days, reflecting a notable increase in market risk appetite [5][10]. - The continuous growth in margin financing suggests that investors are increasingly willing to leverage their positions, indicating a more optimistic outlook for the market [3][4]. Group 2: Institutional and Capital Market Dynamics - Institutional funds are showing positive signals, with a significant increase in the issuance of equity public funds since June, particularly in mixed public funds [6][10]. - The Ministry of Finance has introduced measures to encourage long-term stable investments by insurance funds, which is expected to enhance the stability of equity asset allocation and accelerate the entry of insurance capital into the market [6][10]. - The reduction in the scale of capital reductions by industrial capital, which decreased by approximately 40% compared to the previous month, has alleviated selling pressure in the market [7][10]. Group 3: Market Outlook and Economic Context - Analysts suggest that the core index may challenge its yearly high, although the path may not be smooth, requiring close attention to policy implementation, economic data validation, and external environmental changes [10][11]. - The current macroeconomic policies aimed at stabilizing growth and expanding domestic demand are expected to support a recovery in economic data in the second half of the year [11]. - The overall market sentiment is likely to remain strong due to the attractive valuation of equity assets and the anticipated stabilization of the macroeconomic environment [11].

Group 1 - The overall performance of the stock ETF market was active on July 29, with significant inflows into Hong Kong-related ETFs, totaling 6.8 billion yuan [1] - The net inflow for Hong Kong Securities ETF was 1.75 billion yuan, while the Hong Kong Internet ETF saw a net inflow of 1.193 billion yuan [2] - The upcoming Central Political Bureau meeting at the end of July is expected to have a significant impact on the A-share market [1] Group 2 - The top-performing ETFs included Hong Kong Securities ETF with a net inflow of 1.75 billion yuan and a share increase of 749 million [2] - The Hong Kong Internet ETF had a net inflow of 1.193 billion yuan but experienced a decline of 0.85% on July 29 [2] - The total net inflow for various Hong Kong-related ETFs reached 6.8 billion yuan, indicating strong investor interest [1][2]

Core Viewpoint - A-shares showed mixed performance in the morning session, with the Shanghai Composite Index reaching a new high since October 8, indicating a technical bull market with over a 20% increase from the April low [1] Market Performance - The Shanghai Composite Index rose by 0.52%, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index decreased by 0.71% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion, with over 2900 stocks declining [1] Sector Performance - The film and cinema sector continued its strong performance, leading the gains [1] - Other sectors that saw significant increases included oil, innovative pharmaceuticals, and pork [1] - Conversely, sectors that experienced declines included batteries, diversified finance, and minor metals [1]

Group 1 - The A-share major indices weakened, with the ChiNext Index dropping over 1%, the Shanghai Composite Index down 0.17%, and the Shenzhen Component Index falling 0.54% [1] - Sectors such as infant and child products, hydropower infrastructure, and stablecoins experienced significant declines, with nearly 3,500 stocks in the Shanghai, Shenzhen, and Beijing markets declining [1]