Group 1 - The market showed a strong upward trend with an overall increase of 1.94% during the week of August 4-8, with micro-cap stocks, CSI 1000, and CSI Dividend leading the gains, while the STAR 50 and ChiNext Index had narrower increases [2][10] - The defense and military, non-ferrous metals, and machinery equipment sectors led the gains among 31 Shenwan industries, while retail, computing, and pharmaceutical sectors lagged [2][10] - The stock-bond yield spread decreased to 1.1%, indicating a divergence in valuations, with the valuation dispersion index rising by 2.7% [3][25] Group 2 - The film box office in 2025 is projected to exceed 35 billion, with new films scheduled for release, contributing to market enthusiasm [4][47] - The 2025 World Humanoid Robot Games will take place in Beijing from August 15-17, which is expected to catalyze interest in the robotics sector [4][48] - The successful launch of the low-orbit satellite internet group by China is accelerating the pace of satellite deployment, which is crucial for the development of 6G networks [4][49] Group 3 - The report highlights the expansion of growth sectors, including defense and military (aerospace equipment, military electronics), pharmaceuticals (medical devices), AI (semiconductors, IT services), and automotive (auto parts, passenger vehicles) [4][51] - There is a focus on dividend stocks and precious metals, with attention to potential opportunities following corrections in dividend sectors and the impact of U.S. economic data and Federal Reserve rate cut expectations on precious metals [4][51]

如何理解这次回调？ 投资要点： 策 略 研 究 华福证券 本周（7/28-8/1）市场先扬后抑，全 A 收跌-1.09%。从指数情况看， 仅微盘股收涨，科创 50、沪深 300、中证红利领跌。从风格情况看，医药 医疗领涨，周期领跌。本周 31 个申万行业涨少跌多，医药生物、通信、传 媒领涨，房地产、有色金属、煤炭领跌。 策 略 定 期 报 告 市场观察：股债收益差上升，行业轮动强度上升。（1）市场估值：股 债收益差上升至 1.1%，小于+1 标准差。估值分化系数有所下降。（2）市 场情绪：市场情绪调整，行业轮动强度上升。市场小盘风格占优，微盘股 指数跑赢市场，主题热度主要聚集在光模块(CPO)、西藏振兴、创新药。（3） 市场结构：市场量能环比下降，医药生物、传媒、电子多头个股占比居前， 建筑装饰、美容护理、农林牧渔内部或存在α机会。（4）市场资金：本周 陆股通周内日平均成交金额较上周上升 34 亿元，本周陆股通周内日平均成 交笔数较上周下降 4 万笔。本周陆股通成交额排名前三的标的为宁德时代、 中际旭创、药明康德，近 5 日涨幅分别为-7.0%、13.7%、4.6%。杠杆资金 净流入 330 亿元，主要流入行 ...