基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 如何从指标 感知市场温度? 常见的指标有两融余额、北向 资金流向、波动率指数等。 融资融券余额、北向资金流向 是较为直观的指标。 融资余额快速增长,说明投资者加杠杆意愿强烈, 中泰证券资产管理 扫码进入基本功专栏 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the behavior of northbound capital in the Chinese stock market, particularly focusing on the food and beverage, home appliance, telecommunications, non-ferrous metals, real estate, and construction materials industries. Core Insights and Arguments - In Q2 2025, northbound capital significantly reduced its holdings in the food and beverage sector, with a total reduction of 13.8 billion yuan, indicating a negative outlook on economic conditions [1][3] - The home appliance sector experienced a reduction of 17.9 billion yuan, marking it as the sector with the highest reduction in holdings [3] - Notable white horse stocks closely tied to the Chinese economy, such as Midea, were significantly sold off, reflecting a contrarian view on economic prosperity [1][3] - Conversely, northbound capital increased its investments in telecommunications and non-ferrous metals, driven by clear industry trends, interest rate cuts, and overall sector performance [1][3] - The real estate and construction materials sectors saw increased investments based on policy dynamics and supply-side clearing logic, despite weak demand indicators [1][3] - Among large-cap stocks (market capitalization over 10 billion yuan), Kweichow Moutai and Midea were the most sold, while Ningde Times and Heng Rui Pharmaceutical saw the most significant increases in holdings [1][3] - Zijin Mining also received notable net inflows, indicating a shift in investment focus [1][3] Other Important but Potentially Overlooked Content - The banking sector showed a mixed response from northbound capital, with some banks being sold off while others were accumulated. Overall, the banking sector saw a net inflow of 500 million yuan, which is negligible compared to the total northbound holdings exceeding 200 billion yuan [4][5] - The investment focus in new sectors primarily centered on innovative pharmaceuticals and telecommunications, which were key areas for increased investment in Q2 [6] - A notable trend was the shift from core assets to traditional sectors and from old tracks to new tracks, exemplified by the selling of Kweichow Moutai and the buying of Zijin Mining [2][6]

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