近期，上证指数突破3600点，水泥、钢铁、光伏等传统行业在"反内卷"催化下迎来爆发，也有算力、机 器人等新兴行业在技术突破下的轮动行情。伴随行情的回暖，多家外资公募也纷纷发声看好A股后续市 场表现。 桥水基金认为，未来中国股票宜适度增持，原因是政策支持和估值相对较低。贝莱德基金表示，今年以 来，中国股市、债市及外汇韧性都超预期，将继续看好中国股债双边行情。路博迈基金认为，股市上行 的条件已部分具备，市场等待更确定性的因素落地，三季度末到四季度更有望突破中枢。 投资快报记者从景顺全球最新发布的研究调查看到，国际投资机构对中国市场的兴趣明显回升。从国内 的外资公募持仓来看，公募排排网统计数据显示，二季度有6家进行了股票增持，其中路博迈基金、联 博基金在二季度的股票市值增长率分别高达491.66%、348.49%。 摩根大通基金持股超200亿，超5000万自购 数据显示，截至二季度末，摩根大通基金资产规模高达1989.01亿元，根据基金二季度报，旗下基金在 二季度持有186只标的，合计市值约为225.50亿元。 摩根大通基金二季度持股市值最多的20家公司，均在3亿以上。值得注意的是，自一季度末以来，仅4只 个股出现 ...

机构投研需求呈现分化，部分券商分析师称需求增多、市场情绪旺盛，也有券商分析师认为，与此前变 化不大，且传统领域人气回升不明显。 此外，在"牛市"氛围渐浓的情况下，券商分析师"转会"依旧频繁，但仍以业内横向流动为主。同时，券 商分析师研究业务趋向多元化，保险资管等新领域，有望成为分析师转型的新方向。 "牛市"相关研报增多 近日，沪指在时隔9个月后首次突破3600点，"牛市"氛围逐渐成为A股市场的主流叙事，市场预测的目 标点位不断抬升。那么，作为行情风向标，券商研究所最近发布报告、举行路演、开电话会、开展调研 的频次，是不是也出现"水涨船高"的情况？ 慧博智能终端的数据显示，最近一周，券商研究所总共发布了各类投资策略研报近224份，研报数量较 此前没有明显增多。 近期，随着A股"牛市"氛围渐浓，券商相关"牛市"研报数量显著增加。 《每日经济新闻》记者了解到，近一个月，标题含"牛市"的券商策略报告达到13篇，占近3个月券商策 略报告总数量的57%。与此同时，7月以来，以"牛市"为关键词的电话会有17场，数量创下年内新高。 也有一些卖方分析师认为，最近，机构投研需求和之前变化不大。一家大型券商的策略首席分析师向 《每 ...

【导读】苹果首次在华关停直营店 中国基金报记者泰勒 大家好，简单关注下今天市场发生了什么。 苹果首次关闭中国零售店 7月29日，苹果公司将首次关闭其在中国的一家零售店，这标志着这家 iPhone制造商在这一力求重振销量的市场中出现一次显著的收缩。 苹果表示，将于8月9日关闭位于大连市中山区百年城购物中心的零售店，理由是该购物中心的环境发生变化。苹果在大中华区约有56家零售店，占其全球 530多家门店总数的逾10%。 苹果在声明中表示："我们始终致力于为所有顾客提供卓越的体验，无论是在网上，还是在大中华区50多家苹果零售店中。鉴于百年城购物中心多家零售 商相继撤离，我们决定关闭在那里经营的门店。" 此次关闭的门店是苹果在大连市的两家门店之一。另一家位于奥林匹克66购物中心的门店将继续营业。苹果表示，被关闭门店的员工将有机会调往其他地 点工作。这两家门店相距约10分钟路程。 总体而言，苹果正寻求在中国市场实现反弹。今年第二财季（截至3月29 日）苹果在中国的销售额下降2.3%至160亿美元，低于分析师预期的168 亿美 元。 另据报道，苹果将于8月16日在深圳前海万象汇开设新店，并计划在未来一年于北京和上海开设更 ...

Group 1 - Apple is set to close its first retail store in China, located in Dalian, due to changes in the shopping center environment, marking a significant contraction in its efforts to boost sales in this market [3][4] - The closure will take effect on August 9, and Apple has approximately 56 retail stores in Greater China, accounting for over 10% of its global total of more than 530 stores [3] - Despite the closure, Apple plans to open a new store in Shenzhen on August 16 and aims to establish more locations in Beijing and Shanghai over the next year [3][4] Group 2 - In the second fiscal quarter ending March 29, Apple's sales in China decreased by 2.3% to $16 billion, falling short of analysts' expectations of $16.8 billion [3] - The company is also becoming more cautious regarding lease renewals, as evidenced by the simultaneous announcement of store closures in the UK and other locations [5] - Overall, Apple's retail expansion has slowed since the pandemic, with a greater focus on online store openings in new markets like India and Saudi Arabia, as well as upgrading or relocating existing stores [4]

| 代码 | 名称 | 涨幅+ | 现价 | | --- | --- | --- | --- | | 837344 | 三元基因 | +20.76% | 34.84 | | 300149 | 雪智医药 | +20.02% | 13.61 | | 300725 | 药石科技 | +18.77% | 53.10 | | 688189 | 图新制药 | +17.01% | 11.90 | | 688513 | 苑东生物 | +15.45% | 65.92 | | 300683 | 海特生物 | +15.28% | 50.61 | | 688321 | 微芯生物 | +12.85% | 38.37 | | 430047 | 诺思兰德 | +11.14% | 25.25 | | 603229 | 奥翔药业 | +10.02% | 10.54 | | 002370 | 亚太药业 | +10.02% | 6.81 | | 603367 | 辰欣药业 | +10.01% | 25.93 | | 603456 | 九洲药业 | +10.01% | 19.68 | | 601089 | 福元医药 | 49.99% | 22.90 ...

Market Performance - On July 28, 2025, the ChiNext Index rose by 0.96%, while the Shanghai Composite Index increased by 0.12% and the Shenzhen Component Index by 0.44%[2] - The total market turnover was 17,255.14 billion CNY, a decrease of 465.71 billion CNY from the previous trading day[2] - Out of 5,028 stocks, 2,722 rose and 2,306 fell on the same day[2] Sector and Style Analysis - The top-performing sectors included Defense and Military (2.23%), Non-Bank Financials (1.66%), and Communications (1.51%)[21] - The worst-performing sectors were Coal (-2.61%), Transportation (-1.43%), and Steel (-1.31%)[21] - Fund-heavy stocks outperformed the CSI All Share Index[21] Capital Flow - On July 28, 2025, the net outflow of main funds was 186.98 billion CNY, with large orders contributing to a net outflow of 128.40 billion CNY[25] - Small orders saw a continuous net inflow of 235.65 billion CNY[25] ETF Activity - Major ETFs like the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw varied trading volumes, with the former at 17.83 billion CNY, an increase of 1.12 billion CNY[30] - The net inflow for the ChiNext ETF was 0.15 billion CNY on July 25, 2025[30] Global Market Overview - On July 28, 2025, the Hang Seng Index rose by 0.68%, while the Nikkei 225 fell by 1.10%[33] - The Dow Jones Industrial Average increased by 0.47%, closing at 44,901.92 points[34]

7月28日，上证指数、科创50指数早盘探底回升，临近午盘快速回落，午后震荡回升；深证成指、创业 板指早盘探底回升，临近午盘震荡回落，午后回升上扬。截至收盘，上证指数报3597.94点，涨0.12%， 成交额7612.65亿元；深证成指报11217.58点，涨0.44%，成交额9810.42亿元；创业板指报2362.60点， 涨0.96%，成交额4543.89亿元；科创50指数报1055.11点，涨0.09%，成交额350.94亿元。沪深两市合计 成交17423.07亿元，成交额较上一交易日减少450.3亿元。 医药生物、保险等行业走强西藏旅游6连板 盘面上来看，行业板块、概念涨多跌少。其中，医药生物、保险、国防军工、电子、通信、机械设备、 塑料制品、电力设备等行业涨幅靠前；PCB、复合集流体、长寿药、PEEK材料、纳米银、6G、玻璃基 板、全息技术等概念走势活跃。煤炭、钢铁、交通运输、石油石化、纺织服饰、建筑装饰等行业跌幅居 前；低碳冶金、赛马、海南自贸、黄金、钒电池、快递、民爆等概念走势较弱。涨停个股主要集中在电 子、医药生物、机械设备、化工、轻工制造等行业。 个股涨跌情况，截至收盘，沪深两市合计2675只 ...

"牛市"相关研报增多 随着近日沪指在时隔9个月后首次突破3600点，"牛市氛围"逐渐成为A股市场的主流叙事，市场预测的 目标点位不断抬升。那么，作为行情风向标，券商研究所最近发布报告、路演、电话会、调研的频次是 不是也"水涨船高"呢? 据慧博智能终端数据，最近一周内，券商总共发布了各类投资策略研报近224份，研报数量较此前没有 明显增多。 时值中报披露静默期，最近券商对上市公司的调研也有所减少。据Choice数据统计，近一个月，券商调 研次数达到3080次，比近6个月的平均值下降较多。 不过值得关注的是，近期券商对于"牛市"的呼声较此前明显增多。据慧博智能终端数据，最近一个月 内，标题出现"牛市"的券商策略报告多达13篇。相比之下，最近三个月内，标题出现"牛市"的券商策略 报告是23篇。也就是说，其中有57%的"牛市"研报发布时间是近一个月内。而一些研报即使标题里没有 出现"牛市"，但看多的情绪溢于言表，比如某头部券商策略团队最新的观点明确"3600不是终点"。 与此同时，近期，各券商举办的路演，"牛市"也成为关键词。据进门财经，7月以来（截至7月28日）， 券商举办的各类以"牛市"（也包括商品牛市）为关键词 ...

Core Viewpoint - The A-share market showed strong performance initially but experienced a drop before noon, with significant gains in the financial and defense sectors [1][4]. Market Performance - The A-share market opened strong on July 28, with the Shanghai Composite Index fluctuating around the 3600-point mark and the ChiNext Index rising by 1% at one point. However, it faced a downturn before the noon break, with major indices like the Shanghai Composite, Shenzhen Component, and North 50 Index turning negative [4]. - By noon, the Shanghai Composite Index was at 3587.69, down 0.17%, while the ChiNext Index managed a slight gain of 0.10% [5]. Sector Performance - The non-bank financial sector showed strength, with an overall increase of over 2% at one point. Notable stocks included Zhongyin Securities, Zhongyou Capital, New China Life Insurance, and Huatai Securities [4]. - The banking sector also performed well, with stocks like Qilu Bank, Qingdao Bank, Shanghai Bank, and Jiangsu Bank showing significant gains [4]. - Other sectors that performed well included defense and military, pharmaceuticals, electronics, and real estate, while coal, beauty care, and steel sectors weakened [6]. Individual Stock Highlights - A noteworthy stock, Aowei New Materials (688585), surged to a peak price exceeding 77 yuan, marking a more than tenfold increase from its closing price at the end of last year, making it the first stock in the A-share market to achieve such a milestone this year [2][10]. - As of noon, Aowei New Materials was up 13.12%, trading at 74.73 yuan per share, with a year-to-date increase of over 1026% [10]. Company Overview - Aowei New Materials, established in 1992, specializes in the research, production, and sales of environmentally friendly high-performance corrosion-resistant materials and new composite materials. Its products are primarily used in energy conservation and environmental protection, as well as in the new energy sector [12]. - The company reported a significant market valuation, with a latest price-to-earnings ratio of 300.47, which is substantially higher than the industry average of 24.81 [12].

Group 1 - The core view of the report indicates that the Sci-Tech Innovation Board is expected to accelerate its rise, with a shift in leading sectors towards technology. The index is anticipated to continue its upward trend without significant resistance, as evidenced by the recent increases in major indices: Shanghai Composite Index up 1.67%, ChiNext Index up 2.76%, and Sci-Tech 50 Index up 4.63% [2][13]. - There is an imminent change in the leading structure of industries and themes. Last week, the leading sectors included construction materials (up 8.2%), coal (up 8.0%), steel (up 7.7%), and non-ferrous metals (up 6.7%), driven by themes such as "anti-involution" and hydropower station developments. However, the report suggests that the current phase of rapid price increases may be nearing its end, and market expectations for policy announcements may not exceed optimistic forecasts [3][14]. - The technology sector is expected to become the main focus of attention as the rapid rise of cyclical sectors comes to an end. The report emphasizes that technology will be the main line of the upcoming market trends [4][15]. Group 2 - The report maintains a positive outlook on artificial intelligence (AI) as a key theme, predicting significant marginal changes in the AI industry over the next 1-2 months. The release of new models, such as OpenAI's GPT-5, is expected to stimulate competition and drive growth in the sector [5][16]. - Within the AI theme, the report highlights strong potential in domestic computing power, AI applications, PCB-related sectors, and robotics. It argues that domestic computing power is crucial for national development and will likely receive continued policy support. AI applications are expected to gain traction as new models are released, while the PCB sector remains in an upward trend. Robotics, as a significant application of AI, is also projected to follow the growth of the AI sector [6][17][18].