8月股债赛道加速轮动，不少理财投资者感到"有些迷茫"。低利率背景下，以往作为安心之选、习惯性 放在银行的存款和大额存单，现在看来略显鸡肋，低波动资产的收益率薄得不够看了。 再叠加去年全年大债牛行情对收益率下行空间的透支，曾被视作"稳稳的幸福""持有即赚钱"的债券理财 产品，如今顺风局也已过；包括现金类和债券类在内的固收类理财产品，现今正黯然失色。 固收稳赚"潮水"退去 回顾市场行情，股债上演着冰火两重天。步入8月，权益市场强势爆发，8月18日当天，沪指创10年新 高，北证50创历史新高，A股市值总和首次突破100万亿元大关。8月21日发稿当天早盘，A股市场再度 上攻，沪指再创近十年以来新高，直攻3800点。年初至今，赚钱效应极为火热。 低风险保守稳健理财"不香了"，怎么办？近期权益市场强势高涨之下，一部分高风险偏好投资人群选择 跑步入场、加注股市投资。 这阵子，准备"冲一波"大A的资金趋势在年轻理财投资者中尤为普遍。某在校大学生理财爱好者向记者 称，"目测形势一片大好、All in了军工和机器人板块"。另一位大学生股民态度则更为谨慎：称个人加 仓科技并看好消费电子，做好短线操作的准备、"踩好时机进场和撤离"。 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend despite ongoing economic pressures, indicating a divergence between stock market performance and macroeconomic conditions [1][2]. Group 1: Economic Context - The current macroeconomic environment in China is characterized by structural adjustments and challenges, yet the stock market is exhibiting "counter-cyclical" behavior, suggesting a shift in funding logic and policy environment [2][4]. - Historical examples show that stock markets can rise independently of economic performance, as seen during the Great Depression and Japan's lost decades [2]. Group 2: Funding Logic - Recent reductions in domestic deposit rates are prompting a shift in capital flows, as lower interest rates diminish the attractiveness of bank savings, pushing funds towards higher-return investments [3][4]. - The stock market acts as a significant reservoir for capital, where rising indices attract more investments, creating a positive feedback loop that fuels further market growth [5]. Group 3: International Perspective - Anticipated interest rate cuts by the Federal Reserve are expected to create a more favorable global monetary environment, enhancing risk appetite in capital markets [6][7]. - As a major global economy, China is positioned to attract significant capital inflows, particularly in the context of global monetary easing, which will likely resonate with domestic funding trends [8]. Group 4: Bull Market Mindset - Transitioning to a bull market mindset involves a shift in investment strategies, where patience and trend-following become crucial for maximizing returns [9][10]. - Investors are encouraged to focus on leading sectors such as renewable energy, technology, and artificial intelligence, which are expected to drive long-term growth despite short-term market fluctuations [11][12]. Group 5: Investment Insights - Key strategies for navigating a bull market include selecting industry leaders, maintaining a long-term holding period, managing portfolio allocations wisely, and controlling emotional responses to market volatility [17][18][19][20]. - The current bull market phase in the A-share market is supported by favorable funding conditions and policy environments, suggesting a robust foundation for continued growth [22].

图 一周摘要 图 市场概况： 上周（6月30日至7月4日） A 股呈现 "深强沪弱" 特征，上证 50 上涨 1.21%，沪深 300 上涨 1.54%，市净率处于近 5 年中位数附近，受新能源和电子板块提振，创业板指大涨 1.50%，但科创 50 却 逆势下跌 0.35%，银行股指数创新高，显示资金从高估值赛道向政策受益领域迁移。全周上证指数上涨 1.40%，深证指数上涨1.25%，创业板指上涨1.50%。 行业板块： 上周 Wind一级平均涨幅1.30%，Wind百大概念指数上涨比例78%。板块方面， 81%板块获 得正收益，钢铁、建筑材料、银行相对表现良好，分别上涨5.06%、3.96%、3.77%，综合、传媒、农林 牧渔等均出现2%以上的涨幅，而仅有美容护理、非银金融、计算机走弱，分别下跌0.55%、0.72%、 1.28%。 基金表现 ： 上周 万得全基指数上涨 0.71% 。其中，万得普通股票型基金指数上涨 1.60% ，万得偏股混合型基金指数上涨 1.25% ，万得债券型基金指数上涨 0.20% 。 图 一周市场 图 01 全球大类资产回顾 大类资产方面，上周 国际权益市场略有分化，美股延续涨势 ...