Market Overview - The Shanghai Composite Index has returned above 3600 points, reaching a new closing high for the year at 3617.60, with a gain of 0.96% [1] - The Shenzhen Component Index closed at 11106.96, up 0.59%, while the CSI 300 Index rose by 0.80% to 4103.45 [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.6 trillion, an increase of 97.5 billion compared to the previous trading day [5] Sector Performance - The top-performing sectors included Comprehensive (+1.98%), Banking (+1.59%), and Steel (+1.45%), while the lagging sectors were Pharmaceuticals (+0.12%) and Computers (+0.25%) [2][3] - Concept stocks related to PEEK materials and military restructuring saw significant gains, while pharmaceutical stocks experienced a pullback [3][4] Future Outlook - The market is expected to maintain upward momentum, supported by active short-term buying sentiment and government policies aimed at enhancing the attractiveness of the domestic capital market [5] - The report suggests an overweight allocation in sectors such as Finance, Machinery, Public Utilities, and TMT (Technology, Media, and Telecommunications) [5] Key Data Points - In July 2025, there were 1.96 million new A-share accounts opened, representing a year-on-year increase of 71% compared to July 2024 [4] - The wholesale sales of new energy passenger vehicles in July reached 1.18 million units, a year-on-year increase of 25% [4]

Market Overview - The three major indices in the A-share market ended the first half of the year with an overall increase, with the Shanghai Composite Index closing at 3444.43, up 0.59% [2] - The Shenzhen Component Index rose by 0.83% to 10465.12, while the CSI 300 Index increased by 0.37% to 3936.08 [2] - The ChiNext Index and the STAR 50 Index saw gains of 1.35% and 1.54%, closing at 2153.01 and 1003.41 respectively [2] Sector Performance - The top five performing sectors included Defense and Military Industry (+4.35%), Media (+2.82%), and Communication (+1.90%) [2] - Conversely, the sectors with the largest declines were Non-Bank Financials (-0.77%), Banks (-0.34%), and Transportation (-0.09%) [2] - Notable concept stocks that performed well included military equipment restructuring, brain-computer interface, and photolithography [3] Future Outlook - The market is expected to maintain upward momentum, with a focus on sectors such as TMT (Technology, Media, and Telecommunications), machinery equipment, and finance [4] - The manufacturing Purchasing Managers' Index (PMI) for June was reported at 49.7%, indicating a slight increase and a broader expansion in the manufacturing sector [4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.49 trillion, marking the 23rd consecutive day above 1 trillion [4]