Group 1 - The A-share market experienced a rebound driven by trading funds, with a notable increase in volatility expectations and a return to a "dumbbell" style focusing on dividends and small-cap stocks [1][2] - The margin trading balance reached a nearly 10-year high of 2 trillion yuan, indicating significant liquidity support for the market [2][3] - The number of public fund reports has shown signs of recovery, suggesting a potential shift of household savings into equity funds [2][3] Group 2 - The "anti-involution" policy is beginning to show results, with July's PPI year-on-year expected to rebound from its low point, although the extent of recovery will depend on policy effectiveness [3][4] - The macroeconomic indicators, such as improved profit margins for industrial enterprises and reduced accounts receivable turnover days, reflect positive impacts from the "anti-involution" measures [3][4] - Certain sectors, including wind power, automotive, logistics, and aquaculture, are experiencing a recovery in sentiment, indicating a broader improvement in economic conditions [3][4] Group 3 - External risks remain, particularly regarding tariff policies and Federal Reserve monetary policy, which could affect market sentiment and investment strategies [4][5] - The market is approaching a period of concentrated interim report disclosures, which may lead to increased volatility, but the downside risk is considered limited [5][6] - Tactical investment strategies are recommended to focus on sectors with improving sentiment and potential for rebound, such as storage, software, and certain chemical products [5][6]

证券研究报告 策略 流动性驱动行情或仍有空间 公募报会数量回暖，流动性驱动行情或仍有增量资金支撑；2）短期中报密 集披露期和新一轮贸易谈判下波动或放大，但下行空间相对有限，可能主要 以板块轮动的方式消化交易拥挤度压力；3）7 月 PPI 同比触底，"反内卷" 政策初现成效，政策决心和难度均不宜低估。配置上，战术配置挖掘景气改 善、具备补涨逻辑的存储、软件、通用自动化、部分化工品、保险、煤炭， 华泰研究 何康，PhD 研究员 hekang@htsc.com +(86) 21 2897 2202 方正韬* 研究员 SAC No. S0570524060001 fangzhengtao@htsc.com +(86) 21 2897 2228 王伟光* 研究员 SAC No. S0570523040001 wangweiguang@htsc.com +(86) 21 2897 2228 2025 年 8 月 10 日│中国内地 策略周报 两融余额创近 10 年新高，公募报会数量回暖 本轮流动性驱动行情或仍有增量资金支撑：1）交易型资金是主要增量来源， 上周两融余额时隔 10 年重回 2 万亿元，两融余额占 A 股流通 ...