Group 1 - The Shanghai 180 Index (000010) has shown a strong increase of 1.12% as of August 18, 2025, with notable gains from stocks such as Stone Technology (688169) up 14.10%, Northern Rare Earth (600111) up 10.00%, and Great Wall Motors (601633) up 8.32% [3] - The Shanghai 180 ETF Index Fund (530280) has risen by 0.44%, marking its fifth consecutive increase, with a latest price of 1.13 yuan. Over the past week, the fund has accumulated a rise of 2.46%, ranking 1st among comparable funds [3] - The Shanghai 180 Index employs a barbell strategy consisting of 90% dividend stocks and 10% technology stocks, providing a good option for equity market allocation. This strategy allows for potential benefits from rapid technological development while maintaining a solid dividend base [3] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519), Hengrui Medicine (600276), and Ping An Insurance (601318), with these stocks collectively accounting for 25.4% of the index [4] - The weightings of the top stocks are as follows: Kweichow Moutai at 4.92%, Ping An Insurance at 2.75%, and Hengrui Medicine at 2.62%, among others [6]

沈思越 连一席 遥远 本轮春季躁动当中投资者有两大烦恼：一是港股走牛、A股震荡，两地市场的分化造成机构产品 业绩分化；二是国内宏观波动在降低，市场从三年宏观大年步入宏观小年，但不少原有应对剧烈 宏观波动的杠铃型策略很难在市场快速上涨时完成调仓。从市场分化的角度来看，本轮以新经济 为主线的春季躁动当中，互联网、硬科技、智能车和创新药当中最优质的核心资产聚集在港股， 这是港股走牛而A股仍在震荡的本质原因。约6 0%的公募资管产品不具备港股通权限，即使具备 权限，测算港股可投比例距离基金合同上限平均还有约2 6 . 5%的上升空间，业绩分化和赛马机制 在驱动配置型持仓加速从A股转向港股，加剧两地市场走势分化。从策略范式的角度来看，过去 三年是宏观大年，宏观波动和政策应对是驱动市场的主要变量，杠铃策略成为应对频繁宏观扰动 的方式；反观今年，政策方向和目标清晰，国内宏观波动在降低，市场在向宏观小年过渡，宏观 和政策的边际变化很难再成为驱动市场方向和结构的因素，产业景气驱动的思路在接棒杠铃策 略。从应对而言，端侧AI和高能量密度电池是A股相对具有独占性的产业主题，且我们预计二季 度将会迎来密集催化；A股传统核心资产出清在 ...