1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-shares are expected to maintain a high-risk preference, and investment opportunities in innovative drugs, artificial intelligence, and rare earths are favored [12]. - Bond market yields may continue to fluctuate within a narrow range at a low level [12]. - In the context of the Fed's dovish stance, gold has the possibility to break through its previous high [12]. 3. Summary by Related Catalogs Stock Market Performance - U.S. stocks rose, with the Nasdaq, S&P 500, and Dow Jones Industrial Average changing by 3.87%, 2.43%, and 1.35% respectively. The Nasdaq China Technology Index changed by 4.25%, and the Hang Seng Index changed by 1.43% [2]. - A-shares generally rose, with the Wind All A Index rising 1.94%. Most major indices showed positive changes, and most sectors and industries also rose, with non-ferrous metals, machinery, and national defense and military industry leading the gains [3][4]. Bond Market Performance - Interest rate bond prices rose, and the yield curve steepened. The 10-year Treasury bond futures contract rose 0.19%, and the yield of the 10-year Treasury bond active bond decreased by 1.68 BP [5]. - Bond market leverage increased, and the central bank's open market operations had a net withdrawal of 536.5 billion yuan [6][8]. - U.S. Treasury yields increased, and the curve shifted upward as a whole [9]. Foreign Exchange and Commodity Markets - The U.S. dollar depreciated, and the U.S. dollar index decreased by 0.43%. Gold prices rose, with London gold spot prices rising 1.49% and COMEX gold futures prices rising 1.29% [10]. Fed's Stance - The Fed's regulatory vice-chairman's remarks were more dovish than the market's mainstream expectations, and the market's mainstream expectation for the number of Fed rate cuts in 2025 remains 2 times [11].

Group 1 - The issuance of equity funds has shown a significant increase, with 7 equity funds established at the beginning of July, indicating a recovery in investor confidence and optimism towards the equity market [1][2] - Among the 67 funds currently being issued, 50 are equity funds, accounting for 74.63%, and 34 are passive index funds, making up 50.75% [2] - The trend of increasing equity fund issuance is expected to inject more capital into the market, enhancing liquidity and trading activity, while also fostering healthy competition among public fund institutions [2] Group 2 - Passive index funds are favored due to their clear investment style, high transparency, and standardization, which facilitates asset allocation [3] - The growing recognition of passive index funds among investors, along with their risk mitigation capabilities in volatile markets, has contributed to their appeal [3] - Public fund institutions are diversifying their product offerings, focusing on various indices and industry themes such as healthcare, robotics, and aerospace, reflecting their assessment of future investment opportunities [3][4] Group 3 - The healthcare sector is highlighted as a significant investment opportunity, with expectations of a major recovery in the innovative drug industry by 2025, driven by favorable policies and market conditions [4] - The Chinese innovative drug sector is anticipated to gain global market attention once clinical data is validated internationally, marking a substantial trend in the industry [4]