今天，A股三大指数集体走强，上证指数与创业板指数创下年内新高。截至收盘，上证指数、深证成 指、创业板指数的涨幅均在0.72%~0.87%之间。 沪深两市成交额达到1.7万亿元，较上周五放量1289亿元。整个市场有超过4000只个股上涨，个股涨跌 幅的中位数为上涨0.89%。 今天上证指数不仅突破了6月30日至7月11日的上升趋势线，而且还突破了前高3555.22点，这意味着上 行行情将延续。 当然，在达哥看来，无论是技术角度，还是政策角度，亦或是资金角度，都支持A股走出一波两到三年 的牛市行情。其中的逻辑，在之前的文章中陆续给大家分享过。 我们继续回到今天的市场。 今天，雅下水电概念股表现良好，没有出现先手割后手的情况，打破了"周末吹爆但在周一出现负反 馈"的规律。从这个角度来说，雅下水电这个题材的赚钱效应，可能会持续两三个交易日。 既然上证指数向上突破的小概率事件已经出现，那么我们也就只有跟随市场。 7月剩余的时间里，市场的焦点有两个，一是7月的政治局会议，二是7月底的美联储议息会议，届时我 们关注消息即可。 今天，市场的焦点是雅下水电概念股大面积涨停，主要是受雅鲁藏布江下游水电工程（本文简称雅下水 电）开 ...

Core Viewpoint - The overall economic fundamentals are improving, supported by dual policy efforts, positive external environment, and internal demand recovery, which is driving profit recovery [3]. Group 1: Market Performance - As of the latest trading session, the Shanghai Composite Index rose by 0.44% to 3549.89 points, the Shenzhen Component Index increased by 0.29% to 10945.76 points, and the ChiNext Index gained 0.12% to 2279.83 points [1]. - The market saw a surge in over 3500 stocks, with sectors like hydropower, cement, engineering machinery, rare earths, and building materials leading the gains, while the financial sector experienced a collective pullback [1]. Group 2: Investment Strategy - Investment focus should shift towards structural performance, with an emphasis on sectors benefiting from policies and strong earnings, as the financial market is not yet over [3]. - High certainty in earnings is expected to drive strong performance in certain sectors, with a continued focus on trend certainty in the market [3]. - The second half of the year is anticipated to be a busy period for technology releases in the domestic tech industry, alongside increasing certainty in sectors like biomedicine, aerospace, rare metals, and capacity optimization [3]. - Suggested themes for investment include AI applications, self-controllable technologies, innovative pharmaceuticals, and capacity resolution [3].

Group 1 - The market shows positive signals with the Shanghai Composite Index consistently above 3500 points, indicating potential for upward movement in A-shares [1] - The market is expected to maintain a volatile pattern in the short term, with limited downside adjustment space and clearer upward logic [1] - Mid to long-term trends in the A-share market remain upward, supported by long-term funds entering the market, particularly from insurance capital [1] Group 2 - High certainty in earnings is leading to strong performance in certain sectors, with a focus on themes such as AI applications, self-control, innovative drugs, and capacity optimization [1] - The "anti-involution" sectors are showing low valuations and are expected to benefit from price increases, which will help maintain market momentum [2] - Financial data from June indicates a strong performance, improving mid-term profit expectations across the A-share market [2] Group 3 - The non-bank sector is favored, with an emphasis on mergers and acquisitions driven by policy and event catalysts, as new capital enters the market [2] - The "anti-involution" narrative is gaining traction, with a focus on key industries for stable growth, particularly in metals and commodities [3] - The power equipment sector in the Hong Kong market is highlighted as a core asset, with expectations for improved profitability in wind and hydroelectric power [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index rose by 0.25% as of July 21, 2025, with notable increases in constituent stocks such as Tiedao Heavy Industry (+19.90%) and Lingyun Optics (+5.66%) [1] - The Huaxia Sci-Tech 100 ETF (588800) increased by 0.39%, with a latest price of 1.02 yuan and a trading volume of 23.5642 million yuan, indicating a turnover rate of 0.82% [1] - The latest scale of the Huaxia Sci-Tech 100 ETF reached 2.864 billion yuan [1] Group 2 - CITIC Securities highlighted that sectors with high earnings certainty are performing well, and the market is expected to continue focusing on trend certainty [2] - The market sentiment remains high, with new macro narratives and event catalysts developing, particularly in the second half of the year, which is typically a busy period for technology releases in the domestic tech industry [2] - The Sci-Tech Innovation Board's outlook is positive, with investment tools becoming increasingly diverse, including the active trading of the Huaxia Sci-Tech Index ETF (589000) [2]