Core Viewpoint - The current market is experiencing a bull run, with major indices showing strong performance, yet retail investors are largely absent from this rally, participating at only one-third of their levels during previous market peaks in 2015 and 2022 [4][5][6]. Group 1: Market Performance - The Shanghai Composite Index reached a nearly ten-year high after surpassing 3700 points, indicating a strong bullish sentiment in the market [5]. - Institutional investors, including the "national team," have injected over one trillion yuan into the market, while public funds have seen a resurgence with the emergence of "doubling funds" after three years [5]. - Quantitative funds have also performed well, with an average profit of nearly 2 billion yuan per fund among 36 large quantitative funds [5]. Group 2: Retail Investor Sentiment - Retail investors currently hold over one-third of the market shares and account for 70% of trading volume, yet their participation remains low compared to previous bull markets [6]. - Many retail investors are hesitant to enter the market, with some recounting past experiences of significant losses during previous peaks, leading to a cautious approach despite the current bullish trend [6][11]. - The article highlights various personal stories of retail investors, illustrating their struggles and the psychological barriers they face in the current market environment [7][10][14][19][25]. Group 3: Investment Strategies - Some retail investors have adapted their strategies to focus on risk management and disciplined trading, with a shift towards low-risk investments and diversified portfolios [25][28]. - The importance of maintaining a balanced investment approach is emphasized, with suggestions to allocate only a portion of funds to the stock market to mitigate risks [26][28]. - The article also discusses the need for retail investors to recognize market trends and adjust their strategies accordingly, rather than sticking to outdated methods [16][30].

Market Overview - The major indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [2] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [2] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [2]

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [1] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [1] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [1]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion yuan, an increase of 1380 billion yuan compared to the previous trading day [1] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the leading sectors being defense and military, machinery and equipment, coal, textile and apparel, and computer industries, which rose by 3.07%, 1.98%, 1.89%, 1.36%, and 1.30% respectively [1] - Conversely, the pharmaceutical and biological, building materials, commercial retail, social services, and banking sectors saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [1] Concept Sector Performance - The top-performing concept sectors today included continuous boards, top ten military industrial groups, aircraft carriers, robots, and military-civilian integration, among others [2] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [11]

Key Points - The core viewpoint of the report indicates that all major A-share indices experienced an increase today, with the Shanghai Composite Index rising by 0.96% to close at 3617.60 points, the Shenzhen Component Index increasing by 0.59% to 11106.96 points, and the ChiNext Index up by 0.39% to 2343.38 points [2][13] - The report highlights that the total trading volume in the Shanghai and Shenzhen markets reached 15961 billion yuan, which is an increase of 975 billion yuan compared to the previous trading day [2] - It notes that all first-level industries in the Shenwan index rose today, with the leading sectors being comprehensive, banking, steel, media, and telecommunications, which saw increases of 1.98%, 1.59%, 1.45%, 1.28%, and 1.25% respectively [2][15] - The report also mentions that the concept sectors with the highest gains included first boards, board hitting, consecutive boards, consumer electronics OEM, photolithography glue, satellite internet, insurance, banking, satellite navigation, intelligent logistics, animal vaccines, excavators, and near-term new shares [2][16]

证券研究报告 | 策略点评 2025 年 08 月 05 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250805 今日关注 指数涨跌情况：今日 A 股主要宽基指数全数上涨。截止收盘，沪指涨 0.96%， 收报 3617.60 点；深证成指涨 0.59%，收报 11106.96 点；创业板指涨 0.39%， 收报 2343.38 点；科创 50 涨 0.40%，收报 1053.65 点。总体上全天个股涨多 跌少，Wind 数据显示，全市场 3901 只个股上涨，1325 只个股下跌，189 只个 股收平。沪深两市今日成交额合计 15961 亿元，较上个交易日放量 975 亿元。 行业涨跌情况：今日申万一级行业全数上涨，综合、银行、钢铁、传媒和通 信行业领涨，涨幅分别为 1.98%、1.59%、1.45%、1.28%和 1.25%，医药生物、 计算机、建筑材料、商贸零售和公用事业行业涨幅靠后，涨幅分别为 0.12%、 0.25%、0.30%、0.41%和 0.44%。 板块涨跌情况：今日涨幅居前概念板块 ...

Market Overview - The main indices showed a decline today, with the Shanghai Composite Index down by 1.18%, the Shenzhen Component Index down by 1.73%, and the ChiNext Index down by 1.66% [1] - Among the Shenwan first-level industries, the computer, communication, and comprehensive sectors performed well, while coal, non-bank financials, and electric equipment lagged behind [1] - Concept sectors showed mixed performance, with continuous boards, board hitting, and anti-cancer concepts performing relatively well, while rare metals, coal mining, and insurance concepts performed poorly [1]

证券研究报告 | 策略点评 2025 年 07 月 30 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250730 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.17%，深证成指涨跌幅为-0.77%， 创业板指涨跌幅为-1.62%。 申万一级行业表现：钢铁、石油石化、传媒在行业涨跌幅榜居前；国防 军工、通信、综合在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、打板、影视概念表现相对较好；数字 货币、金融科技、动力电池概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 5 资 ...

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.37% to close at 3516.83 points, while the Shenzhen Component rose by 1.43% to 10873.62 points. The ChiNext Index saw a gain of 1.75%, closing at 2269.33 points, and the Sci-Tech 50 Index increased by 0.80% to 1005.65 points. Overall, 3535 stocks rose, 1609 fell, and 271 remained unchanged, with a total trading volume of 15,394 billion yuan, an increase of 973 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, communication, electronics, pharmaceutical and biological, and comprehensive industries, with respective gains of 2.74%, 2.41%, 2.18%, 1.77%, and 1.42%. Conversely, the banking, transportation, environmental protection, public utilities, and construction decoration sectors experienced declines, with losses of 0.42%, 0.39%, 0.26%, 0.24%, and 0.19% respectively [1][2]. Concept Sector Performance - The top-performing concept sectors today included circuit boards, CRO (Contract Research Organization), innovative drugs, aircraft carriers, first boards, medical services, board trading, large aircraft, continuous boards, wireless charging, the top ten military industrial groups, biological vaccines, photoresist, consumer electronics OEM, and 5G [2].

Market Overview - The core viewpoint of the report indicates that the A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.27% to close at 3519.65 points, while the Shenzhen Component Index fell by 0.11% to 10684.52 points, and the ChiNext Index decreased by 0.45% to 2197.07 points [1][10] - Overall, a total of 3178 stocks rose, while 2062 stocks fell, and 175 stocks remained unchanged, indicating a generally positive sentiment in the market despite some declines in major indices [1][10] Industry Performance - Among the Shenwan first-level industries, the mechanical equipment, comprehensive, public utilities, home appliances, and petroleum and petrochemical sectors led the gains, with increases of 1.23%, 1.04%, 1.04%, 1.02%, and 0.86% respectively [1][10] - Conversely, the real estate, media, non-bank financials, commercial retail, and computer industries experienced declines, with decreases of 1.29%, 1.24%, 1.03%, 0.94%, and 0.88% respectively [1][10] Sector Highlights - The top-performing concept sectors today included first boards, lithium mining, board hitting, vitamins, innovative drugs, charging piles, gold and jewelry, ultra-high voltage, paper making, pre-increase, consecutive boards, CRO, auto parts, masks, and animal vaccines [2][12] - The sectors that faced the most significant declines included stock trading software, marketing communication, and financial technology [2][12]