1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, boosted by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, the pro - cyclical sectors collectively soared, and the index continued to rise. The Shanghai Composite Index achieved four consecutive weekly gains. The daily average trading volume of the two markets increased by 19.56% compared with last week, and the margin trading balance continued to rise above 1.9 trillion. Domestic hot money accelerated its inflow, showing signs of over - heating market sentiment in the short term. The commodity futures market mostly rose, and the bond market corrected significantly due to the impact of the equity market [1][10]. - As August approaches, a series of major events, such as the Politburo meeting's tone - setting, the results of the third round of Sino - US economic and trade negotiations, and the monetary policy decisions of the Federal Reserve and the Bank of Japan, may trigger market fluctuations. Investors are advised to be cautious in the short term, control their positions, and avoid blind operations in the face of uncertainties. They can appropriately focus on growth sectors with relatively reasonable valuations, such as AI applications, cloud computing, and science and technology innovation chips. From a medium - term allocation perspective, high - dividend assets are still the preferred bottom - position assets, and hedging assets such as gold and treasury bonds can be combined to build a diversified portfolio to smooth out volatility risks and seize structural opportunities [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - Coal, steel, non - ferrous metals, building materials, and construction sectors led the gains this week. The trading volume proportions of coal, building materials, construction, steel, and transportation sectors increased significantly compared with last week, while the trading activity of the comprehensive financial sector decreased significantly. The coal sector soared 8.00%, and its trading volume proportion reached a new high in the past four weeks at 1.16%. The pro - cyclical sectors strongly led the rise, while the trading activities of technology sectors such as electronics, computer, media, and communication cooled down, and their trading volume proportions reached new lows in the past four weeks. The bank sector, which was strong in early July, led the decline this week, and its trading volume proportion was at a new low in the past four weeks at 2.00% [10]. - The leverage factor and book - to - market ratio factor had the highest gains this week, while the residual volatility factor had a large decline. The IH contract remained at a premium, indicating that investors were more optimistic about large - cap stocks, and the discount of the IM contract continued to narrow. The average and median returns of neutral hedge funds this week were 0.10% and 0.17% respectively [10]. 3.1.2 Market Style - Affected by the "anti - involution" concept and the positive news of Yaxia Hydropower Station, all five CITIC style indices rose this week, with the cyclical style leading the gains. The growth sector rose 2.54% this week, and its trading volume proportion decreased to a new low in the past four weeks at 47.94%. The consumer style index rose 1.59%, and its trading volume proportion was basically the same as last week. The financial style index performed weakly, only rising slightly by 0.36%, and its trading volume proportion increased to 8.09%. The stable style index rose 1.74%, and its trading volume proportion increased significantly to a new high in the past four weeks at 5.43%. The cyclical style index rose 3.51%, and its trading volume proportion increased to a new high in the past four weeks at 25.81% [14]. - All major broad - based indices rose this week. The mid - cap stocks represented by the CSI 500 showed an obvious catch - up effect. Based on the CSI A - share index, the Shanghai - Shenzhen 300 and CSI 2000 indices only rose 1.69% and 1.81% respectively, while the CSI 500 index rose 3.28% this week, and the trading volume proportions of the Shanghai - Shenzhen 300 and CSI 500 indices both increased to new highs in the past four weeks [14]. 3.2 Active Equity Funds 3.2.1 Top - Performing Funds in Different Theme Tracks This Week - The report divides active equity funds into single - track and double - track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cyclical sectors. Single - track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double - track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods [19]. 3.2.2 Top - Performing Funds in Different Strategy Categories - The report classifies funds into deep - undervalued, high - growth, high - quality, quality - growth, quality - undervalued, GARP, and balanced - cost - effective types based on investment styles and strategies, and lists the top - performing funds in each type this week [20]. 3.3 Index - Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index - Enhanced Funds - The average and median excess returns of CSI 300 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 500 index - enhanced funds were - 0.11% and - 0.13% respectively; those of CSI 1000 index - enhanced funds were 0.05% and 0.03% respectively; those of CSI 2000 index - enhanced funds were 0.24% and 0.36% respectively; those of CSI A500 index - enhanced funds were - 0.02% and - 0.07% respectively; those of ChiNext index - enhanced funds were - 0.29% and - 0.13% respectively; and those of STAR Market - ChiNext 50 index - enhanced funds were - 0.22% and - 0.05% respectively [24]. - The average and median absolute returns of neutral hedge funds were 0.10% and 0.17% respectively; those of quantitative long - only funds were 2.07% and 2.05% respectively [25]. 3.4 This Week's Bond Fund Selections - The report comprehensively screened the medium - and long - term bond - type fund pool and short - term bond - type fund pool based on indicators such as fund size, return - risk indicators, the latest fund size, Wind Fund secondary classification, three - year rolling return, and three - year maximum drawdown [41]. 3.5 This Week's Fund High - Frequency Position Detection - Active equity funds significantly increased their positions in the electronics (0.41%) and computer (0.27%) industries this week; they significantly reduced their positions in the power equipment and new energy (0.23%), basic chemicals (0.11%), and agriculture, forestry, animal husbandry, and fishery (0.10%) industries. From a one - month perspective, the positions in the electronics (1.77%) and computer (1.06%) industries increased significantly, while the positions in the food and beverage (0.55%) and power equipment and new energy (0.62%) industries decreased significantly [3]. 3.6 This Week's US Dollar Bond Fund Weekly Tracking - Not provided in the content

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the A-share market rebounded strongly, with the Shanghai Composite Index breaking through the year's high. The average daily trading volume increased by 22.36% week-on-week. The market risk appetite increased due to the easing geopolitical situation and the introduction of domestic growth-stabilizing policies [1][10]. - The financial technology sector led the rise this week, with both financial and growth styles performing well. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high [14]. - Looking ahead, the market is expected to maintain a steady upward trend. In July, the market is expected to see an orderly rotation of hot sectors. However, investors should remain cautious before the uncertainties of Sino-US tariff negotiations and the Fed's interest rate decision are eliminated [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - The comprehensive finance, computer, comprehensive, national defense and military industry, and non-bank finance sectors led the gains this week. The trading volume of non-bank finance and bank sectors increased significantly compared to last week, while the trading activity of media, petroleum and petrochemical, medicine, food and beverage, and agriculture, forestry, animal husbandry, and fishery sectors decreased significantly [10]. - COMEX gold fell 2.94%, and the Chinese bond market maintained a narrow range of fluctuations. The basis of stock index futures contracts increased overall, and the net value of stock hedging strategies continued to decline. The average and median returns of neutral hedging funds this week were -0.10% and -0.03% respectively [1][10]. 3.1.2 Market Style - The financial technology sector led the rise this week, driving the market index higher. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high. The consumer style index rose 1.46%, and its trading volume accounted for 10.93% of the total, reaching a four-week low [14]. - The financial style index rose 3.41%, and its trading volume accounted for 10.07% of the total, reaching a four-week high. The stable style index rose only 0.78%, and its trading volume accounted for 3.45% of the total, reaching a four-week low [14]. - The cyclical style index rose 3.02%, and its trading volume accounted for 21.35% of the total, reaching a four-week low. The CSI 2000 index rose 5.55% this week, but its trading volume accounted for 28.89% of the total, reaching a four-week low [14]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Theme Tracks This Week - In the single-track fund category, the top five funds in terms of performance this week were Dongcai Value Qihang A, Taixin Development Theme, Chang'an Yusheng A, Huashang Upstream Industry A, and Huitianfu Consumption Upgrade A [20]. - In the double-track fund category, the top five funds in terms of performance this week were China Merchants Securities Technology Theme 6-Month Holding A, Yin Hua Multi-Power, Yongying High-End Equipment Smart Selection A, Huashang Computer Industry Quantitative A, and Hongtu Innovation Selection LOF [20]. 3.2.2 Funds with Excellent Performance in Different Strategy Categories - In the deep undervaluation strategy, the top three funds were Orient Internet Jia, Qianhai Kaiyuan Event-Driven A, and GF Shanghai-Hong Kong-Shenzhen Value Growth A [2][22]. - In the high-growth strategy, the top three funds were China Europe Prosperity Outlook One-Year Holding A, Yuanxin Yongfeng High-End Manufacturing, and Huafu Guotai Min'an A [2][22]. - In the high-quality strategy, the top three funds were Furong Fujin A, Great Wall Jiuxin A, and E Fund New Normal [2][22]. - In the quality undervaluation strategy, the top three funds were Tongtai Financial Selection A, Qianhai Kaiyuan Shengxin A, and Wells Fargo Financial Real Estate Industry A [2][22]. - In the quality growth strategy, the top three funds were AVIC New Takeoff A, SDIC UBS New Energy A, and E Fund National Defense and Military Industry A [2][22]. - In the GARP strategy, the top three funds were Guoshou Anbao Target Strategy A, Guotai Dazhizao Two-Year Holding, and China AMC Panyi One-Year Fixed Open [2][22]. - In the balanced cost-performance strategy, the top three funds were Hongtu Innovation Selection LOF, Chang Sheng State-Owned Enterprise Reform Theme, and Taixin Development Theme [2][22]. 3.3 Index Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index Enhanced Funds - The average and median excess returns of CSI 300 index enhanced funds were 0.06% and 0.10% respectively [25]. - The average and median excess returns of CSI 500 index enhanced funds were -0.35% and -0.37% respectively [25]. - The average and median excess returns of CSI 1000 index enhanced funds were -0.20% and -0.22% respectively [25]. - The average and median excess returns of CSI 2000 index enhanced funds were -0.04% and -0.06% respectively [25]. - The average and median excess returns of CSI A500 index enhanced funds were 0.11% and 0.13% respectively [25]. - The average and median excess returns of ChiNext index enhanced funds were -0.20% and -0.17% respectively [25]. - The average and median excess returns of STAR Market and ChiNext 50 index enhanced funds were -0.11% and -0.14% respectively [26]. 3.4 This Issue's Bond Fund Selections - The report screened out the medium- and long-term bond fund pool and the short-term bond fund pool based on indicators such as fund size, performance risk indicators, the latest fund size, Wind Fund secondary classification, three-year rolling returns, and three-year maximum drawdowns [42]. 3.5 This Week's High-Frequency Fund Position Detection - Active equity funds significantly increased their positions in the petroleum and petrochemical (0.18%), coal (0.09%), and comprehensive (0.08%) industries this week; they significantly reduced their positions in the machinery (0.19%), automobile (0.13%), and commercial and retail (0.08%) industries [3]. - From a one-month perspective, the position of the pharmaceutical industry increased significantly by 0.71%, while the positions of the machinery and automobile industries decreased significantly by 0.64% and 0.65% respectively [3]. 3.6 This Week's Weekly Tracking of US Dollar Bond Funds - Not provided in the content