A股市场人气近期持续升温，私募机构正在积极布局。数据显示，超六成百亿级私募已接近满仓运作。 截至8月15日，百亿级股票私募平均仓位升至82.29%，较前一周大幅上涨8.16个百分点。从策略应对角 度来看，一方面，科技成长、中小盘、高景气等主线依然是私募关注的焦点；另一方面，加仓操作以及 维持高仓位运作，已成为了私募机构普遍执行的策略。值得注意的是，有私募机构提示，目前场内资金 换手率已经达到历史高位水平，市场短期波动幅度可能增大。（中证报） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From April 21st to 25th, 2025, the A - share market oscillated upward with prominent structural rotation characteristics. The ChiNext Index performed strongly with a weekly increase of 1.7%. Small - cap stocks showed more elasticity, and the CSI 2000 rose significantly by 2.7%. The main funds had a daily net outflow of 8.09 billion yuan, and the trading situation became more intense. The automobile, communication, and machinery equipment sectors led the gains, while consumer sectors such as food and beverage and social services corrected significantly. The trading volume increased moderately, and the trading heat of growth sectors such as electronics and computers declined slightly. It is recommended to focus on the pro - cyclical direction and the prosperous sub - industries supported by policies [6][10]. - The convertible bond market oscillated upward. The CSI Convertible Bond Index rose 0.9% this week, and the average daily trading volume slightly rebounded to 56.4 billion yuan. The median market price rebounded to 111.6 yuan, and the implied volatility slightly increased to 20.0%, indicating a mild recovery of risk appetite. Small - cap convertible bonds had better elasticity, and the valuations of low - parity and low - market - price convertible bonds were repaired. In terms of industries, convertible bonds in the communication, machinery equipment, and automobile sectors led the gains, while previous popular sectors such as agriculture, forestry, animal husbandry, and fishery adjusted and sorted [10]. - In the primary market, the supply continued to heat up. Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued, with a total fundraising of 2.24 billion yuan. Twelve listed companies updated their issuance plans, and the total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan. In terms of clause games, the number of convertible bonds expected to trigger a downward revision remained high, and 28 convertible bonds issued announcements of expected downward revision this week. Only 2 convertible bonds announced early redemptions, and the redemption pressure was generally controllable. Overall, the equity and convertible bond markets may continue to oscillate and rotate in the short term, with structural opportunities remaining the main line. It is recommended to focus on low - premium and high - prosperity directions [6][10]. Summary According to Relevant Catalogs Market Theme Weekly Review Equity Theme Weekly Review - This week, the A - share market's theme market showed a structural rotation within the growth track, still in a relatively trading - oriented game stage. The leading gainers were concentrated in sub - fields such as the communication chain, automotive electronics, and embodied intelligence. AI - generalized directions such as humanoid robots and intelligent driving continued to be strong. Some previous strong themes adjusted, and traditional "defensive" sectors also performed weakly. Overall, the current theme market is a re - balance within the growth track, and funds are concentrated in technology sub - directions with policy catalysts, technological innovation, and performance realization expectations [14]. Convertible Bond Weekly Review - This week, the convertible bond market continued to oscillate, with the index rising slightly and significant differentiation among individual bonds. The rise of bonds such as Fuxin Convertible Bond was mainly driven by the sharp rise of the underlying stocks. The underlying stocks of sectors such as military industry and agriculture, forestry, animal husbandry, and fishery were under pressure, and the related convertible bonds adjusted as a whole. The implied volatility rebounded, and the market risk preference slightly recovered but remained cautious. The downward - revision game was active, and 28 convertible bonds issued announcements of expected downward revision. The primary - market supply slightly accelerated, and the potential supply scale at the exchange acceptance and subsequent stages rose to 55.48 billion yuan. Overall, the convertible bond market still mainly featured structural rotation, and the short - term oscillation pattern may continue [17]. Market Weekly Tracking Equity Market Style Differentiation and Sector Rotation with Low - Level Supplementary Gains - The main A - share stock indices generally rose but showed some differentiation. The Shanghai Composite Index rose 0.6% this week, the Shenzhen Component Index rose 1.4%, and the ChiNext Index rose 1.7%. Small - cap stocks were more favored by funds, with the CSI 2000 rising 2.7% and the Science and Technology Innovation 50 Index falling 0.4%. The trading activity of the market slightly recovered, and the main funds had a daily net outflow of 8.09 billion yuan, with the pressure of capital outflow alleviated, but the characteristic of stock game was still obvious, indicating that market sentiment was slightly repaired in caution [20]. - In terms of industries, the automobile, communication, and machinery equipment sectors led the gains, with weekly increases of 4.8%, 2.9%, and 2.8% respectively. Consumer - attribute sectors such as social services, food and beverage, and agriculture, forestry, animal husbandry, and fishery adjusted significantly. The overall trading volume increased moderately, and funds were concentrated in sectors such as electronics, computers, and machinery equipment. The trading activity of some sectors showed a structural differentiation feature, with some at a low level and some remaining at a high level [10][23][24]. Convertible Bond Market Shows Structural Premium Stratification - The convertible bond index rose slightly this week. The CSI Convertible Bond Index rose 0.90%, and the small - cap convertible bonds led the gains. The average daily trading volume slightly rebounded to 56.4 billion yuan, and the market heat marginally recovered. The implied volatility rose to 20.0%, and the median market price rose to 111.6 yuan, indicating a mild recovery of risk appetite [10]. - Divided by the parity interval, the valuation of low - parity convertible bonds was significantly compressed, while the high - parity interval showed relative resilience. Divided by the market - price interval, the valuation center moved down as a whole, and the adjustment of low - price bonds was particularly severe. It is recommended to focus on high - parity varieties with a conversion parity above 110 yuan and a stable fundamental, as well as individual bonds with clear prosperity support and large valuation - repair potential in the 90 - 120 yuan interval [35][36]. - In terms of sectors, most convertible bond sectors rose, with the media, automobile, and computer sectors leading the gains, and only the agriculture, forestry, animal husbandry, and fishery sector falling. In terms of individual bonds, most showed an upward trend, and the growth sector performed well. The top - five gainers in the conversion period were mainly driven by strong underlying stocks, with high underlying - stock increases and low conversion premium rates [47][51]. Primary Market Tracking and Clause Games This Week's Primary - Market Pre - issuance Situation - Three new convertible bonds, Dinglong Convertible Bond, Qingyuan Convertible Bond, and Anji Convertible Bond, were issued this week, with a total issuance scale of 2.24 billion yuan. Twelve listed companies updated their convertible - bond issuance plans, including two approved for registration, one passed by the listing committee, and three accepted by the exchange. The total scale of projects at the exchange acceptance and subsequent stages reached 55.48 billion yuan [10][56][59]. This Week's Downward - Revision - Related Announcement Arrangement - This week, 28 convertible bonds issued announcements of expected downward revision, 37 convertible bonds issued non - downward - revision announcements, and 2 convertible bonds proposed downward revisions. The current convertible bond market has different situations at each issuance stage, including 1 bond waiting to be listed, 6 companies approved for registration, 7 companies passing the listing committee, and 17 companies at the exchange acceptance stage, with corresponding planned issuance scales [63][64]. This Week's Redemption - Related Announcement Arrangement - This week, no convertible bonds announced expected redemptions, 1 convertible bond announced non - early redemption, and 2 convertible bonds announced early redemptions [75].