(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月29日｜A股主要指数持续走强，创业板指拉升涨逾3%，沪指涨0.57%，深成指涨1.55%。电 池、保险、白酒、能源金属等方向涨幅居前，沪深京三市上涨个股近2900只，创业板指权重股宁德时代 (300750)涨近12%。 ...

Group 1 - The A-share market is experiencing a strong upward trend, with major indices reaching new highs and foreign institutions maintaining an optimistic outlook on the Chinese stock market, particularly on small and mid-cap stocks [1] - Goldman Sachs reports that only 22% of household financial assets are currently allocated to stocks and related products, indicating a potential inflow of over 10 trillion yuan, which provides substantial incremental funding support for the market [3] - The focus is on mid-cap indices such as the CSI 1000 and CSI 500, which benefit from a higher proportion of retail investors and a more balanced industry allocation, aligning with the current economic transformation and upgrading direction [3] Group 2 - Technical indicators show a market expansion effect, with A-shares being the most net bought market, reflecting continued foreign optimism towards the Chinese stock market [4] - Approximately 10% of the Shanghai Composite Index constituents and 8% of the Shenzhen Component Index constituents have reached 52-week highs, indicating strong market momentum [4] - About 90% of the constituents in both the Shanghai and Shenzhen indices are trading above their 50-day moving average, suggesting that concentration risk is diminishing and investor confidence is broadening [4]

Group 1 - The brokerage sector has become a focal point for capital, with a total net inflow of 4.962 billion yuan into brokerage ETFs last week, and the prominent brokerage ETF (159842) has seen continuous net inflows for five weeks [1] - Historical data shows that brokerage stocks have a high beta attribute, significantly rising during major market rallies, indicating that large funds are optimistic about the A-share market's strength and the potential for brokerage stocks to perform well again [1][2] - As of July 20, 29 listed brokerages or companies with stakes in brokerages have released mid-year performance forecasts, with an average net profit growth of 171.03% to 203.81%, and 14 companies expecting over 100% growth [2][3] Group 2 - The A-share market has seen a notable increase in trading activity, with an average daily trading volume of 1.403669 trillion yuan in 2025, and 1.508589 trillion yuan in the second half of the year, significantly higher than 1.063353 trillion yuan in 2024 [3] - The margin trading balance in the Shanghai and Shenzhen markets has reached 1.902336 trillion yuan, marking a continuous increase for four weeks, which supports brokerage performance and boosts investment sentiment in the sector [3] - Following significant policy changes in the Sci-Tech Innovation Board and other major events, analysts suggest that the non-bank financial sector, represented by brokerages, is likely to continue its upward trajectory [3] Group 3 - The brokerage ETF (159842) has seen net subscriptions for five consecutive weeks, accumulating 1.401 billion units, indicating strong investor interest [3] - The current management fee rate for the brokerage ETF is 0.15%, and the custody fee is 0.05%, making it one of the lowest fee structures among ETFs tracking the CSI All Share Securities Company Index [3]

Group 1 - The A-share market has shown a strong upward trend, with the Shanghai Composite Index reaching a new high of 3555.22 points, marking a 9-month peak since October 2024 [1][2] - The Shanghai Composite Index reported a closing value of 3510.18 points, reflecting an increase of over 1% since the beginning of the year [2] - The banking sector has significantly contributed to this growth, with a rise of over 9% in the past month, driven by enhanced economic recovery expectations and the attractiveness of high dividend yields in a low-interest-rate environment [2][3] Group 2 - Fiscal policies have been continuously strengthened, with local special bond issuance expanding significantly year-on-year, and the resumption of special government bonds providing unexpected liquidity [3] - A series of capital market reforms have been implemented, including optimizing the new stock issuance mechanism and improving the delisting system, which enhances market liquidity and pricing efficiency [3] - The A-share market's resilience is attributed to multiple positive factors, including policy support, economic stabilization, and an improved market funding structure [2][3] Group 3 - The A-share market's sustained strength reflects an increase in resource allocation efficiency, reinforcing its core function in serving the real economy [4] - As of June 30, 2025, the total market value of northbound capital holdings reached 2.29 trillion yuan, indicating a 2% increase from the previous quarter, with significant investments in sectors like non-ferrous metals and pharmaceuticals [4] - The upward trend in the A-share market provides broader capital operation space for real enterprises, enabling them to enhance operational efficiency and expand business boundaries through mergers and acquisitions [5] Group 4 - The upcoming "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" preparation are expected to guide market policies, with a focus on technological innovation as a key driver of economic development [5] - A significant influx of capital is anticipated in strategic emerging industries such as artificial intelligence and quantum computing, supporting companies in overcoming technological bottlenecks and expanding production capacity [5] - The A-share market is expected to continuously optimize resource allocation, injecting vitality into the high-quality development of the real economy [5]