Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Although economic data weakened in July, market expectations for policy intensification have risen. The market is focused on the semi - annual reports of listed companies, with positive net profit growth in the four broad - based indices. Some companies' improved fundamentals support the stock market, but caution is needed regarding the potential drag on index performance from companies with unannounced and possibly poor earnings. A - shares, with reasonable valuations, are attracting foreign capital inflows. The strategy suggests light - position buying on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - IF, IH, and IC main contracts (2509) rose, while IM main contract (2509) fell. For example, IF main contract (2509) was at 4282.2 (+28.2↑), IH main contract (2509) was at 2865.4 (+24.0↑), IC main contract (2509) was at 6656.4 (-4.0↓), and IM main contract (2509) was at 7202.2 (-31.4↓). Most of the contract spreads decreased, such as IF - IH monthly contract spread at 1416.8 (-2.0↓) [2] 3.2 Futures Position Holdings - The net positions of the top 20 in IF, IH, IC, and IM all decreased. IF top 20 net position was - 30,886.00 (-783.0↓), IH top 20 net position was - 17,218.00 (-1458.0↓), IC top 20 net position was - 16,125.00 (-305.0↓), and IM top 20 net position was - 58,664.00 (-1904.0↓) [2] 3.3 Spot Prices and Basis - The spot prices of CSI 300 and SSE 50 rose, while those of CSI 500 and CSI 1000 fell. The basis of IF, IH, IC, and IM main contracts all decreased. For instance, CSI 300 was at 4288.07 (+16.7↑), and IF main contract basis was - 5.9 (-4.5↓) [2] 3.4 Market Sentiment - A - share trading volume was 24,603.35 billion yuan (+119.21↑), and margin trading balance was 21,475.69 billion yuan (+158.75↑). The proportion of rising stocks decreased to 40.02% (-27.75↓), and Shibor was 1.466% (-0.007↓) [2] 3.5 Wind Market Strength - Weakness Analysis - The strength of all A - shares, technical aspects, and capital aspects all decreased. All A - shares were at 4.30 (-2.70↓), technical aspects were at 4.60 (-2.10↓), and capital aspects were at 4.00 (-3.10↓) [2] 3.6 Industry News - From January to July 2025, national fixed - asset investment (excluding rural households) was 288,229 billion yuan, with a year - on - year increase of 1.6%. Real estate development investment was 53,580 billion yuan, a year - on - year decrease of 12.0%. In July, the total retail sales of consumer goods were 38,780 billion yuan, a year - on - year increase of 3.7%. The LPR remained unchanged in August [2] 3.7 Key Events to Watch - On August 21 at 21:45, the preliminary values of the SPGI manufacturing, services, and composite PMIs in the US for August will be released. On August 22 at 22:00, Fed Chairman Powell will speak at the Jackson Hole Global Central Bank Annual Meeting [3]

Group 1 - The current A-share market is experiencing a surge, with listed companies' semi-annual reports being disclosed, prompting securities analysts to conduct extensive research on these companies [1] - Since August, a total of 162 listed companies have been researched by securities firms, covering popular industries such as electronics, pharmaceuticals, machinery, and power equipment [1] - The pet sector, particularly Zhongchong Co., has attracted significant attention, being the most researched company by securities firms in August, with 61 firms participating in its recent performance briefing [1]

沪深股市在上周快速突破 3400 点之后，再次转入牛皮盘整阶段。从原因看，一方面，由于大盘多 次探底不下，韧性十足，因此多方向上试盘，并获得市场认同，其中上证指数创出年内新高。另一方 面，目前还是存量资金参与为主。在现有信息披露中，尚没有证据表明有明显的增量资金在短期内集中 介入，因此在存量格局下，短期内也很难持续放量突破。从技术上看，价升量增，放量突破，才能够确 认行情的有效性。如果从今年春节以后的几次上攻走势看，2、3 月份的最大单日成交分别为 2.19 万亿 元和 1.79 万亿元，本轮上攻则只有 1.60 万亿元，周三已萎缩到 1.40 万亿元以下，可见量能是渐次萎缩 和收敛的，存在一定的技术背离。从目前看，在没有持续放量之前，行情继续窄幅波动的可能性较大。 热点方面，仍以快速轮动为主。周三表现较强的以钢铁、水泥、煤炭、玻璃等传统行业、强周期板 块为主，此前这些板块主要受房地产行业影响较大，表现相对沉寂，目前以轮动为主，基本面没有特别 变化。而前期表现高弹性的通信设备、航天航空、半导体、电子元件等周三跌幅居前，同样是以短期表 现为主。 展望后市：大盘继续以窄幅波动为主。在未来两周，6 月份以及二季度宏 ...