Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The trading activity on the Beijing Stock Exchange (BSE) slightly decreased compared to the previous month, while the margin financing and securities lending (two-in-one) balance reached a historical high [1] - The total number of listed companies on the BSE is 269, with a total market capitalization of 838.455 billion and a circulating market value of 513.506 billion [1][23] - The BSE's stock trading volume and transaction amount for the month were 26.763 billion shares and 585.584 billion, reflecting a month-on-month decrease of 0.9% and 3.7% respectively [1][34] - The average daily two-in-one balance for July reached 6.045 billion, marking a month-on-month increase of 9.51% [1][43] Market Overview - As of July 31, the PE ratio of the BSE 50 Index was 48.04, positioned at the 85.15th percentile over the past two years, while the PB ratio was 9.34, at the 91.13th percentile [4][48] - The dividend yield was 0.74, at the 7.23rd percentile over the past two years [48] - The computer industry had the highest median PE ratio at 125, followed by building materials at 107 and communications at 105 [50] Industry Performance - The BSE 50 Index showed a downward trend, closing down 1.6797% for the month, while the specialized index also fell by 2.7020% [5][55] - The report indicates mixed performance across industries, with notable gains in construction decoration, pharmaceuticals, building materials, textiles, and environmental services, while transportation, communications, defense, media, and automotive sectors saw declines [61] New Listings - One new company, Dingjia Precision (920005.BJ), was listed this month, bringing the total number of companies on the BSE to 269 [1][20] Financial Performance of Key Companies - Dingjia Precision reported a total revenue of 1,007.218 million for the first quarter of 2025, with a year-on-year growth rate of 20.36% [85] - The company has received multiple accolades, including "High-tech Enterprise" and "National Specialized and New Small Giant Enterprise" [84]