格隆汇8月28日｜在28日举行的2025年中期业绩发布会上，中国人寿(601628)副总裁、首席投资官刘晖 回应资产配置时表示，债券市场维持低位波动，股票市场估值总体合理，市场底部相对夯实，积极因素 累积增多。对下半年A股市场仍保持乐观，将持续关注市场上涨板块中的轮动，比如科技创新、先进制 造、新消费、出海企业等方向的投资机会。她表示，下半年将围绕"配置资产做稳、弹性资产做优"的配 置思路，将保持中性灵活的配置策略，保持资产负债久期缺口保持在较低水平。权益市场方面，将积极 落实中长期资金入市要求，持续优化权益配置结构，重点关注新质生产力和优质高股息股票的配置，不 断提升权益配置的稳健性和长期回报潜力。 ...

Group 1 - The core viewpoint of the article is that China Life remains optimistic about the A-share market in the second half of the year, focusing on investment opportunities in sectors such as technological innovation, advanced manufacturing, new consumption, and overseas enterprises [1] - The company plans to adopt a flexible asset allocation strategy, maintaining a low duration gap in its asset-liability management while emphasizing stability in asset allocation [1] - In the equity market, China Life aims to implement long-term capital market entry requirements and optimize its equity allocation structure, with a focus on new productive forces and high-dividend stocks to enhance the robustness and long-term return potential of its equity investments [1]

Core Viewpoint - China Life Insurance Company expresses optimism about the A-share market for the second half of the year, focusing on investment opportunities in sectors such as technological innovation, advanced manufacturing, new consumption, and overseas enterprises [1] Group 1 - China Life's Vice President and Secretary of the Board, Liu Hui, highlighted the company's positive outlook on the A-share market [1] - The company plans to continuously monitor sector rotation within the market, particularly in areas showing growth [1] - Key investment directions identified include technology innovation, advanced manufacturing, new consumption, and companies expanding overseas [1]

Core Viewpoint - The market continues to show strength, with the Shanghai Composite Index reaching a ten-year high after surpassing 30 trillion in trading volume yesterday, indicating a robust market sentiment [1] Market Analysis - Short-term market may experience slight pullbacks, but the overall magnitude is manageable [1] - From a valuation perspective, there are signs of localized overheating in the market, yet it is not widespread [1] - Future improvements in the fundamentals are expected to gradually alleviate valuation concerns [1] Sector Outlook - The technology sector is viewed positively, with anticipated opportunities arising from industry trends [1] - The advanced manufacturing sector is expected to see effective results from internal competition, leading to more systematic investment opportunities in the future [1]

（文章来源：第一财经） 昨天成交破三万亿后，今天市场继续低开高走，沪指再度刷新十年高点。申万宏源证券策略首席分析师 金倩婧表示，短期市场有小幅回调的可能，但幅度总体可控。从估值角度看，市场局部有过热现象，但 未全面过热，后续待基本面改善逐步消化估值。板块布局上，看好科技产业趋势机会，未来先进制造反 内卷见成效也会带来更多系统性投资机会。 ...

Market Performance - The A-share market continues its upward trend, with the Shanghai Composite Index closing up 1.04%, reaching a ten-year high as of August 20 [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 2.4 trillion yuan, maintaining above 2 trillion yuan for six consecutive trading days, marking the first occurrence since November 2024 [1] - Since the second half of 2025, the A-share market has shown significant acceleration, with the Shanghai Composite Index up 9.34%, the Shenzhen Component Index up 13.97%, and the ChiNext Index up 21.12% as of August 20 [1] Market Sentiment and Public Interest - Despite the market's upward movement, the public interest in keywords like "A-share" and "bull market" on platforms like WeChat and Baidu has not significantly increased compared to last year's "924" market rally [4][7] - The Baidu search index for "A-share" has risen, but the interest in "bull market" remains relatively unchanged, indicating a disparity between market performance and public engagement [4] Market Structure and Characteristics - The current market rally is characterized by a slower pace and structural features, with 617 stocks declining and 2,466 stocks underperforming the Shanghai Composite Index since the beginning of the second half of the year [7] - In contrast, during last year's "924" rally, only 5 stocks declined, highlighting the structural differences in the current market dynamics [7] Investment Dynamics - Analysts suggest that the current market rally is not solely driven by sentiment but is supported by policy expectations and industry trends, with a focus on AI, advanced manufacturing, and anti-involution themes [8] - The influx of long-term capital and the deepening of internationalization in the A-share market may lead to a more sustainable "slow bull" market, reflecting China's economic transformation and enhancing its position in the global capital market [8]

Group 1 - The article discusses the impact of the AI wave on professionals in their 30s, particularly those who graduated from business schools, focusing on their entrepreneurial and investment activities [2] - It highlights the relationship between industry, career, and education, emphasizing how individuals can identify their goals, recognize their strengths, and shape their professional core [2] - The event features a roundtable discussion titled "Navigating Industry Cycles and Forging Career Anchors," aimed at providing insights into career development and investment opportunities [7] Group 2 - The event is organized by First Financial and Shanghai Jiao Tong University, aiming to share experiences from industry experts to help professionals pinpoint their career paths [9] - Notable speakers include professionals with backgrounds in AI, finance, and investment, showcasing a diverse range of expertise relevant to the current market trends [5][8] - The agenda includes a Q&A session, allowing attendees to engage directly with the experts and gain deeper insights into their fields [7]

Group 1 - The core point of the article is that Darui Electronics (300976.SZ) announced its wholly-owned subsidiary, Shenzhen Ruichuang Future Investment Co., Ltd., signed a partnership agreement to invest in the Shenzhen Zhuoyuan Darui Artificial Intelligence Venture Capital Partnership [1] - The total committed capital of the partnership is RMB 87.01 million, with Ruichuang Future contributing RMB 42 million, accounting for 48.27% of the total [1] - The investment focus of the partnership is on early to mid-stage investments, particularly in artificial intelligence, smart hardware, and advanced manufacturing sectors, prioritizing hard technology projects that support intelligent manufacturing technology collaboration [1]

Core Viewpoint - Strongray Technology (301128.SZ) has signed a partnership agreement to invest in Shenzhen Zhuoyuan Dali Artificial Intelligence Venture Capital Partnership, focusing on early to mid-stage investments in AI, smart hardware, and advanced manufacturing sectors [1] Group 1 - The total committed capital for the partnership is expected to be RMB 87.01 million [1] - Strongray Technology will contribute RMB 8 million, representing 9.19435% of the total committed capital [1] - The investment strategy prioritizes hard technology projects that support intelligent manufacturing technology collaboration [1]

Core Insights - The A-share market has seen a strong performance with 269 stocks doubling in price this year, particularly in the machinery and pharmaceutical sectors [2][3] - Nearly 60% of these doubling stocks are heavily held by mutual funds, indicating a significant correlation between market recovery and fund performance [2][6] - Investors are advised to reassess their fund portfolios due to market volatility and sector performance divergence, as the market enters a new investment cycle [2][8] Market Performance - The Shanghai Composite Index has returned to 3600 points and reached a year-to-date increase of 9.37% as of August 12, with the Shenzhen and ChiNext indices also showing gains of 9% and 12.5% respectively [3] - The number of doubling stocks has increased from 136 at the end of Q2 to 269 by August 12, with significant contributions from the machinery and pharmaceutical sectors [3][4] Fund Dynamics - As of the end of Q2, 156 of the doubling stocks were held by mutual funds, with the telecommunications, electronics, and pharmaceutical sectors being the most represented [6][7] - The pharmaceutical sector, particularly innovative drug companies, has seen substantial fund inflows, with stocks like Shuyou Shen being heavily accumulated by multiple funds [6][7] Investor Behavior - There is a notable trend of investors redeeming funds upon recovering losses, reflecting a cautious sentiment despite the market's recovery [6][7] - Behavioral finance factors such as loss aversion and short-termism are influencing investor decisions, leading to a focus on asset allocation and discipline rather than short-term market fluctuations [7][8] Sector Focus - Analysts highlight a growing interest in high-dividend assets and sectors such as innovative pharmaceuticals and AI, driven by favorable macroeconomic conditions and a shift in investment strategies [8]