Market Overview - The Shanghai Composite Index increased by 0.42% as of 10:28 AM, with a trading volume of 652.87 million shares and a transaction value of 801.59 billion yuan, representing a 0.66% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Steel: Up by 3.99%, with a transaction value of 112.45 billion yuan, led by Xining Special Steel, which rose by 10.21% [1]. - Building Materials: Up by 3.87%, with a transaction value of 137.82 billion yuan, led by Qingsong Building Materials, which increased by 10.08% [1]. - Building Decoration: Up by 3.40%, with a transaction value of 213.32 billion yuan, led by Zhongshe Consulting, which surged by 25.97% [1]. - The sectors with the largest declines included: - Communication: Down by 0.64%, with a transaction value of 350.21 billion yuan, led by *ST Gaohong, which fell by 4.86% [2]. - Banking: Down by 0.61%, with a transaction value of 127.00 billion yuan, led by Qilu Bank, which decreased by 1.91% [2]. - Comprehensive: Down by 0.57%, with a transaction value of 18.29 billion yuan, led by Dongyangguang, which dropped by 4.81% [2]. Summary of Key Industries - Basic Chemicals: Increased by 1.72%, with a transaction value of 504.67 billion yuan, led by Shangwei New Materials, which rose by 19.99% [1]. - Non-ferrous Metals: Increased by 1.46%, with a transaction value of 517.56 billion yuan, led by Shenghe Resources, which rose by 9.98% [1]. - Electric Power Equipment: Increased by 1.40%, with a transaction value of 713.05 billion yuan, led by Ankao Zhidian, which rose by 19.99% [1].

7月21日，A股与港股均维持量能放大的上行格局，呈现显著的政策驱动特征，基建产业链与资源品板 块取代AI硬件成为领涨主线。 A股三大指数分化走高，截至无间收盘，上证指数上涨0.44%，深成指涨0.29%，创业板指微涨0.12%， 半日成交额突破1.1万亿元，超3500只个股上涨显示市场情绪高涨。 港股恒生指数涨0.28%盘中触及25000点创4月以来新高，恒生科技指数涨0.32%，半日成交1514亿港 元，两地市场量能持续放大印证增量资金入场。 板块层面呈现显著的政策驱动特征，A股基建产业链与资源品板块形成强劲领涨合力，建筑材料、建筑 装饰、钢铁板块分别大涨4.56%、3.42%、3.39%，直接受益于雅鲁藏布江下游水电工程开工（总投资 1.2万亿元）及央企援藏3175亿元产业投资落地，摩根士丹利测算该项目年水泥需求达150万吨，中信证 券则预测水电设备市场空间超500亿元。工信部即将实施的钢铁、有色金属等十大行业稳增长方案进一 步强化资源品逻辑，稀土、煤炭板块同步走强。 从资金流向看，当前市场呈现"政策确定性溢价"特征，A股基建链接棒AI成为新主线，港股则聚焦顺周 期与电力设备共振机会。 投资策略上，短期紧 ...

Core Viewpoint - The Shanghai Composite Index increased by 0.44% today, with significant trading volume and notable performance in the construction materials sector, which saw the largest gains among various industries [2]. Industry Performance Summary - The construction materials sector led the market with a gain of 4.41%, with a trading volume of 177.64 billion yuan, an increase of 126.30% compared to the previous trading day. The top-performing stock in this sector was Qingsong Jianhua, which rose by 10.08% [2]. - The steel industry followed with a 3.52% increase, trading at 148.10 billion yuan, up by 54.30%. Xining Special Steel was the leading stock, gaining 10.21% [2]. - The building decoration sector also performed well, rising by 3.38% with a trading volume of 267.83 billion yuan, an increase of 117.20%. The top stock was Zhongshe Consulting, which surged by 27.79% [2]. - Other sectors with positive performance included basic chemicals (1.78%), non-ferrous metals (1.65%), and coal (1.59%), while sectors like comprehensive, communication, and banking experienced declines [2].

Market Overview - The Shanghai Composite Index closed at 3549.89 points, above the five-day moving average, with an increase of 0.44% [1] - The total trading volume of A-shares reached 1,102.604 billion yuan [1] Stocks Performance - A total of 1,176 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Hengli Drilling Tools (22.02%) - Zhongshe Consulting (17.79%) - Tiejian Heavy Industry (15.47%) [1] - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - China Ping An - Ruisheng Intelligent - Gais Food [1] Top Performing Stocks - The top stocks that broke through the five-day moving average on July 21, ranked by deviation rate: - Hengli Drilling Tools: 29.96% increase, turnover rate 32.65%, latest price 25.59 yuan - Zhongshe Consulting: 27.79% increase, turnover rate 36.84%, latest price 9.84 yuan - Tiejian Heavy Industry: 19.90% increase, turnover rate 1.53%, latest price 4.94 yuan [1] - Additional notable stocks include: - Guanlong Energy: 20.00% increase, turnover rate 9.58%, latest price 21.30 yuan - Zhuhai Design: 20.03% increase, turnover rate 3.89%, latest price 17.38 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Iron拓 Machinery: 17.27% increase, turnover rate 27.60%, latest price 21.66 yuan - Kelong Co.: 12.59% increase, turnover rate 18.87%, latest price 6.53 yuan - Cheng Tian Wei Ye: 12.02% increase, turnover rate 5.20%, latest price 45.09 yuan [1]

Group 1 - The A-share market experienced an overall upward trend, with major indices rising and the Shanghai Composite Index reaching a new high [2][3] - The construction materials sector led the gains, with a surge in stocks such as Qingsong Jianhua, Qinglong Pipeline, and Huaxin Cement, among others, hitting the daily limit [2][3] - Concept sectors like water conservancy construction, underground pipelines, and prefabricated buildings also saw significant increases [3] Group 2 - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, commenced construction on July 19 [3] - The project will build five cascade power stations, primarily focusing on power transmission and local consumption in Tibet [3] - In the Hong Kong market, Dongfang Electric's stock surged, with an intraday increase exceeding 700% [8][9] Group 3 - Several stocks, including A-share companies like Shouwei New Materials and Meibang Co., have seen consecutive daily limit increases, indicating strong market activity [4][6][7] - Shouwei New Materials reported a cumulative increase of over 400% since July, with a current price-to-earnings ratio significantly higher than the industry average [5] - Liugang Co. also experienced a notable rise, with a cumulative increase of 74.15% since July 1, outpacing the steel industry index and the Shanghai Composite Index [7]

Core Viewpoint - The A-share market experienced an overall rise on July 21, driven by positive news, with significant gains in sectors such as building materials, steel, and water conservancy construction [1][4]. A-share Market Performance - The A-share market saw major indices rise, with the Shanghai Composite Index reaching a new high during the session. Key sectors leading the gains included building materials, steel, and construction decoration, with the building materials sector experiencing a surge in stocks hitting the daily limit [3][4]. - Notable stocks in the building materials sector that hit the daily limit included Qingsong Jianhua, Qinglong Pipeline, Guotong Shares, and several cement companies [4]. Conceptual Sector Performance - Conceptual sectors such as water conservancy construction, underground pipelines, and prefabricated buildings showed significant increases. A major project, the Yarlung Tsangpo River downstream hydropower project, was inaugurated on July 19, with a total investment of approximately 1.2 trillion yuan [5]. Individual Stock Highlights - Aowei New Materials achieved a nine-day limit-up streak, with a cumulative increase of over 400% since July. The company reported a closing price of 33.47 yuan per share, with a current P/E ratio significantly higher than the industry average [8]. - Meibang Shares and Beihua Shares both experienced limit-up for three consecutive trading days, with Meibang reporting a cumulative price increase of over 20% in two days [9]. - Liugang Shares also saw a limit-up for three consecutive days, with a cumulative increase of 74.15% since July 1, significantly outperforming the steel industry index and the Shanghai Composite Index [10][11]. Hong Kong Market Performance - In the Hong Kong market, Dongfang Electric's stock surged, with an intraday increase exceeding 700%. Other sectors related to hydropower and infrastructure also saw substantial gains [2][12][13].

Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. Core Views of the Report - The Sci - tech Innovation Bonds have witnessed a booming trading volume due to the significant increase in the scale of Sci - tech Innovation Bond ETFs. However, they are currently "overbought", and their ETF component bonds have low cost - performance. It is recommended to focus on the spread opportunities of non - component bonds and non - Sci - tech Innovation Bonds compared to Sci - tech Innovation Bond ETF component bonds. [1][2][15] - In the volatile market, holding 4 - 5 - year large - bank capital bonds may be a more flexible choice. Short - duration credit enhancement can consider 3 - year AA perpetual bonds and 2 - year AA - bank capital bonds. [3][5] Summary According to the Directory 1. Urban Investment Bonds: Single - month Net Financing May Turn Positive, and High - grade Bonds Prevail in the Sci - tech Innovation Bond Market - Urban investment bond net financing has increased, and single - month net financing may turn positive. From July 1 - 20, 2025, the issuance was 271.5 billion yuan, the maturity was 239.2 billion yuan, and the net financing was 32.3 billion yuan, but it decreased by 62.1 billion yuan year - on - year. [24] - In the primary market, the issuance enthusiasm remains high, and the proportion of full - scale multiples above 3 times remains at 60%. Many municipal platforms have refreshed the issuance term length, and the issuance interest rates of all terms are at historical lows. [24] - In the secondary market, the yields of urban investment bonds generally declined, and the credit spreads mostly narrowed. High - grade 3 - year and low - grade 10 - year bonds performed better. Sci - tech urban investment bonds performed prominently, with an average low - valuation of nearly 5bp. [27][30] 2. Industrial Bonds: Both Issuance and Trading Have Reduced Duration - In July, the issuance and net financing scale of industrial bonds increased year - on - year. From July 1 - 20, 2025, the issuance was 507.1 billion yuan, and the net financing was 225.2 billion yuan. The net financing scale of the food and beverage, public utilities, and non - banking finance industries was relatively large. [31] - The proportion of long - term issuance over 5 years decreased significantly, and the issuance interest rates of all terms declined. In terms of trading, the buying sentiment recovered, the trading duration decreased slightly, and the proportion of high - grade trading decreased slightly. [31][33] 3. Bank Capital Bonds: Yields Declined Across the Board, and Trading Sentiment Warmed Up - From July 14 - 18, 2025, the yields of bank capital bonds declined across the board, and the spreads mostly narrowed. 2 - 3 - year bank capital bonds and low - grade perpetual bonds performed better, while 4 - 5 - year large - bank capital bonds performed weakly. [19][36] - In terms of trading, the trading sentiment of bank capital bonds warmed up. The secondary capital bond trading extended the duration, while the perpetual bond trading slightly reduced the duration. The trading sentiment of city commercial banks also warmed up significantly, with the secondary capital bond trading extending the duration and spreading to low - grade bonds. [39] - Regarding TLAC bonds, the 10 - year TLAC bonds are more cost - effective than secondary capital bonds at present. [42]

Group 1 - The core viewpoint is that state-owned enterprises are significantly enhancing their support for Tibet's high-quality development, with 16 central enterprises signing investment agreements for 75 industrial projects totaling 317.54 billion yuan [1] - The signed projects primarily focus on critical areas such as clean energy, green minerals, electric communication, and infrastructure, which are urgently needed in Tibet [1] - There is an anticipated surge in demand for cement and building materials due to the aid projects, with local leading companies expected to benefit from the logistics constraints [1] Group 2 - The building materials sector is expected to see a sustained improvement in fundamentals, particularly in the context of the previous supply-side reforms, which led to a cumulative increase of 45.75% in the building materials industry by the end of 2017 [1] - The Building Materials ETF (159745) closely tracks the CSI All Share Building Materials Index, focusing on the performance of the building materials industry [1] - With the recovery of consumption and the real estate market, the building materials industry is poised for a new growth cycle [1]

Core Insights - The report highlights the significant growth of China's retail sales, which are approximately 80% of the United States in absolute terms, and exceed the US in terms of purchasing power by 1.6 times according to World Bank data [4] - The establishment of the new state-owned enterprise, China Yajiang Group, with a total investment of about 1.2 trillion yuan, indicates a strong push for infrastructure and industrial development [6] - The report emphasizes the importance of innovation in future industries such as humanoid robots, metaverse, and brain-computer interfaces, as promoted by the Ministry of Industry and Information Technology [6] Industry Updates - The National Export Control Work Coordination Mechanism has initiated a special action to combat the smuggling of strategic minerals, impacting related stocks such as Northern Rare Earth and Dongfang Zuoye [6] - The report notes that the market is experiencing a shift towards value investing, with large-cap stocks showing a trend of upward movement, replacing pure concept speculation [10] - The rare earth sector is leading the market rally, driven by government policies on illegal exports and new mineral discoveries, alongside increased demand for humanoid robots [10] Company Focus - China Unicom is exploring the layout of a 100,000-card computing cluster, aiming for a computing scale of 45 EFLOPS by the end of the year [8] - Betta Pharmaceuticals is advancing its clinical projects targeting the KRAS gene, with plans to submit clinical trial applications soon [8] - Luxshare Precision has commenced construction of its robotics headquarters project in Changshu, with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon reaching full production [8] - Yinlun Machinery has delivered its liquid cooling system for data centers as scheduled, with expectations for accelerated order acquisition due to high investments in digital energy thermal management [8]

国资央企援藏升级、雅鲁藏布江下游水电工程开工、城市更新、"反内卷"政策等，建材板块利好消息不 断！ 1、利好政策提振建材行业需求 首先，国资央企援藏再升级。据央视新闻报道，在国资央企助力西藏高质量发展推进会上，共有16家中央 企业与西藏自治区签署75个产业项目投资协议，投资额达3175.37亿元。此次签约的产业项目主要集中于西 藏自治区最急需的清洁能源、绿色矿产、电力通信、基础设施等重点领域。 援藏工程中，水泥建材需求有望大增。特别是水泥，受制于运输环节，就地取材可能性高，本土龙头企业 优势明显。 其次，据新华社报道，雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行，总投资约 1.2万亿元。 建材ETF（159745）跟踪中证全指建筑材料指数，集齐水泥+玻璃+消费建材等细分板块，资金持续布局， 今年来份额增长近30%，当前规模位居同类第一，感兴趣的投资者可以关注相关布局机会。 国金证券表示，短期看来，稳增长政策有望助力价格端企稳。当前多数建材品类价格已达历史较低水平。 6~7月，防水涨价函频发，稳增长背景下，叠加竞争格局改善与龙头利润诉求的驱动，预计顺利落地的可 能性较大。 2、"反内卷"政 ...