近期，A股市场持续回暖，沪指创出四年以来新高，市场信心显著修复。在此背景下，股权投资机构通过二级市场减持退出的现象明显增多，成 为资本市场关注的焦点。 Wind数据显示，今年8月以来，近270家上市公司发布了减持公告，其中，超80家上市公司公布的减持计划主体名单中涉及股权投资股东，合计减持金额超百亿 元。 业内人士指出，这一现象既是市场成熟度提升的体现，也反映了资本市场"募投管退"良性循环的加速。 股权投资股东减持退出 市场回暖提供"窗口期" 私募股权投资基金的退出主要分为上市退出及非上市退出两大类别。上市退出包括境内外上市退出，非上市退出包括股权回购、股权转让及清算退出等。其中上市 退出一般是投资人所期望的结果、也是实现投资增值最重要的手段。在被投企业上市后，作为股东的私募股权基金在实现退出的过程中尚需遵守二级市场减持的各 项规则，只有当所持股份在锁定期届满或符合规定条件后通过二级市场减持完毕，才标志着正式完成上市退出。 记者梳理发现，股权投资机构减持退出和A股市场表现息息相关。今年4月，美国政府宣布对中国输美商品征收所谓的"对等关税"，A股市场曾出现快速调整。当时 只有75家上市公司发布了股权投资机构减持 ...

Core Viewpoint - The A-share market is experiencing a recovery, with optimistic expectations from brokerages regarding the market outlook due to policy benefits, influx of new capital, and industrial upgrades [1] Market Performance - Major stock indices showed slight gains, with the A50 index up by 0.68% as of 9:50 AM [1] - Notable performers included Industrial Fulian (up 5.45%), BYD (up 1.15%), and China Merchants Bank (up 1.02%) [1] Fund Flow and Investment Sentiment - Private fund product registrations have reached a new high, and the margin trading balance has returned to 2 trillion yuan for the first time in ten years [1] - Brokerages are optimistic about the market's medium to long-term upward trend, supported by the release of policy dividends and the entry of incremental capital [1] Liquidity and External Factors - Zhongyuan Securities noted that domestic liquidity remains loose, with leveraged funds, private equity, and industry ETFs continuing to enter the market [1] - Expectations of a Federal Reserve rate cut in September and a weaker dollar are seen as favorable for foreign capital inflow into A-shares [1] Earnings Season and Market Focus - August marks the peak of semi-annual report disclosures, with caution advised regarding high-valuation stocks facing performance verification pressure [1] - The market is expected to focus on two main lines: technology growth and cyclical manufacturing [1] Short-term Outlook - The short-term outlook for the A-share market is anticipated to be characterized by steady upward fluctuations, with close attention needed on policy, capital flow, and external market changes [1]

Core Viewpoint - The recent recovery in the A-share market has led to increased investor interest and discussions about whether this marks the beginning of a bull market and what investment opportunities are available [4]. Market Recovery Insights - The A-share market has shown a noticeable recovery, with one investor maintaining a 70% position and feeling content with the market's upward movement [6]. - The fund manager emphasizes a bottom-up approach to identify investment opportunities, noting that market activity increases during overall market uptrends, making it easier for undervalued stocks to return to their fair value [6][7]. Market Conditions and Asset Repricing - In recent years, with a pessimistic economic outlook, many investors opted for stable return assets due to risk aversion. However, as market interest rates decline, the yield on these assets has compressed, leading to a rapid repricing of assets as optimism returns [7]. - The fund manager believes that the current market environment is favorable for equity assets, especially as domestic companies are relatively high-quality and recent policies have improved operational stability [7]. Growth and Dividend Assets Performance - Growth and dividend assets have performed well, while large-cap growth stocks have lagged due to macroeconomic influences and a digestion of valuations as growth rates decline [8]. - The fund manager suggests that as the market stabilizes and profitability improves, large-cap growth assets may perform better in the future [8]. Market Timing and Investment Strategies - One investor shares experiences of using a systematic approach to investment, finding that a managed account performed better in timing than personal decisions, leading to a preference for regular investment strategies over market timing [9][10]. - The fund manager advises against trying to time the market, suggesting that understanding historical valuation levels of core indices can provide insights into market conditions [10]. Investment Opportunities - Beyond widely recognized sectors like AI and innovative pharmaceuticals, the concept of "anti-involution" presents non-consensus investment opportunities, particularly in industries that may be at cyclical lows [12]. - Successful past examples of anti-involution include the aluminum and refrigerant industries, where government policies helped improve profitability by limiting excess capacity [13][14]. Hong Kong Market Outlook - The Hong Kong market has shown significant potential, with many quality companies performing well after previous declines, leading to attractive valuations [16]. - The influx of mainland capital and the evolving nature of the market suggest that there are still many investment opportunities in Hong Kong, particularly among smaller companies [16]. Future Investment Strategies - The fund manager's investment philosophy focuses on acquiring quality growth assets at reasonable prices, aiming for moderate returns while managing risk [23]. - The current strategy involves maintaining a mix of stable growth and trend growth assets, while remaining sensitive to early-stage investment opportunities to enhance portfolio flexibility [24].

在赚钱效应之下，新股民继续跑步入场。 8月4日，上交所披露，今年7月，A股市场新开户数达196万户，远超去年同期水平，同比增长71%，环比增长19%。 A股新开户数据一定程度上反映了A股市场回暖、成交活跃度提升的态势，截至2025年7月，A股已累计新开户1456万户，同比增长超三成。 今年上半年，在A股新开户数、两融数据大增下，券商业绩普遍大幅增长，今年7月新开户数延续增长态势，为下半年开局打下了良好开端。 7月新开户数继续大增 就整体来看，截至今年前7个月，A股合计新开户数达到1456.13万户，较2024年前7月A股合计新开户数1063.79万户增长36.88%。 券商下半年开局良好 相比于去年同期，今年7月A股市场交投明显回暖，刺激券商新开户数增长，券商财富管理等业务受益明显。 7月份A股市场以上涨为主，各项指数表现亮眼，上证指数累计上涨3.74%，深证成指上涨5.20%，创业板指上涨8.14%。市场成交活跃度显著提升，投资者参与积极 性高。 与此同时，从券商两融数据来看，今年6月30日，两融余额为1.85万亿元，直到今年7月31日，两融的余额已经飙涨至1.98万亿元，较月初增加了1300亿元左右。其 ...

7月2日，交易所发布最新的A股新开户数据，这成为观察证券行业上半年业绩的一个关键窗口。 数据显示，今年6月A股新开户165万户，比5月增长6%；上半年累计新开户数达到1260万户，较2024年上半年 累计新开户数949万户增长超32%。 A股新开户数据一定程度上反映了A股市场回暖，成交活跃度提升的态势。对此，券商分析师预计，今年上半 年券商在A股一二级市场同步回暖之下，预计上市券商半年报业绩增速延续高景气。 上半年A股新开户1260万户 上半年券商业绩增速延续高景气 相比于去年同期，今年上半年A股市场交投出现明显回暖，刺激券商新开户数增长，券商财富管理等业务受益 明显。 Wind数据显示，今年上半年，A股市场日均成交额为13902亿元，同比增长约61%。截至6月底，市场两融余额 达18505亿元，同比增长25%。 同时，今年上半年A股股权融资规模达7610亿元，同比增长超400%。其中，首发（IPO）项目51个，同比增加 7个；首发募资374亿元，同比增加15%，尤其二季度募资达209亿元，IPO显著回暖。再融资市场亦明显活跃， 上半年定增募资累计达6959亿元，为去年同期的7倍以上。 平安证券非银首席分析师 ...