Group 1 - The report highlights the focus on "anti-involution" policies, which aim to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to targeted measures [3][13] - The A-share market experienced fluctuations with the CSI 300 index rising by 1.54% and the CSI 1000 index increasing by 0.56% during the week of June 30 to July 4, 2025 [12] - Traditional cyclical industries such as steel, coal, and construction materials led the market rally, influenced by the recent policy announcements [12][13] Group 2 - The deep-sea technology sector is identified as a multidisciplinary industry with potential for growth as policies are released, covering a wide range of activities from raw materials to deep-sea resource development [14] - The semiconductor sector is experiencing a shift with the easing of restrictions on EDA tool exports to China, highlighting the importance of domestic EDA tool development and the need for a complete industrial chain [14] - The launch of the Beijing Stock Exchange's specialized index reflects a growing focus on high-quality, specialized small and medium enterprises, which may enhance market activity [15][17] Group 3 - The report provides performance statistics for various equity fund indices, indicating that the medical stock fund index rose by 6.88% last week, while the growth stock fund index increased by 1.15% [18] - The active equity fund indices are categorized by investment style, with the balanced stock fund index showing a weekly increase of 1.85% and the value stock fund index rising by 0.56% [18] - The report emphasizes the importance of evaluating fund performance based on various metrics, including relative benchmark performance and overall competitiveness [30][31]

证券投资基金研究报告/基金周报 报告日期：2025年07月07日 本期（2025.6.30-2025.7.4）上证指数上涨 1.40%，深证成指上涨 1.25%。申万一级行业涨多跌少，其中钢铁和建筑材料行业表现较好。 海外权益市场重要指数涨多跌少，国际黄金价格上涨。本期各类型基金 均上涨。主动投资股票基金较上期上涨 1.82%，主动投资混合基金上涨 1.25%，主动投资债券基金上涨 0.17%；QDII 基金较上期上涨 0.63%。 图 1、基金指数近一年收益率走势 数据来源：wind，上海证券基金评价研究中心； 起止时间：2024 年 7 月 5 日——2025 年 7 月 4 日 图 2、各类型基金本期收益率（%） 数据来源：wind，上海证券基金评价研究中心；数据截至 2025 年 7 月 4 日 注：主动投资股票基金、混合基金及债券基金平均收益率采用中国开放式主动管理基 金系列指数收益率；其他类型基金平均收益率采用样本基金收益率算术平均值 分析师：池云飞 执业证书编号：S0870521090001 电话：021-53686397 E-mail: chiyunfei@shzq.com 研究助理：汪雪凝 ...

Market Overview - The A-share market experienced a volatile increase last week, with the CSI 300 rising by 1.54% and the CSI 1000 increasing by 0.56% [2][15] - The central economic committee's sixth meeting emphasized the need to govern "involution" competition, leading to a rally in traditional cyclical industries such as steel, coal, and building materials [3][15] Policy Insights - The "anti-involution" policy aims to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to managing supply [3][16] - The focus on "anti-involution" is expected to create a macro environment conducive to technological and industrial upgrades, although related policies have yet to be fully implemented [3][16] Sector Analysis - Deep-sea technology is highlighted as a multidisciplinary industry that may see repeated catalysts as policies are released [4][17] - Recent easing of semiconductor restrictions by the U.S. government may enhance domestic EDA tool replacement rates, with a focus on building a complete industrial chain [4][17] Fund Market Dynamics - The Beijing Stock Exchange launched the "Specialized and New" index on June 30, which includes the top 50 companies in strategic emerging industries, potentially increasing trading activity on the exchange [4][18] Fund Performance Tracking - The Active Equity Fund Index rose by 0.46% last week, with a cumulative excess return of 11.29% since inception [5][19] - The Value Equity Fund Index increased by 0.56%, with a cumulative excess return of -5.87% since inception [6][19] - The Balanced Equity Fund Index saw a rise of 1.85%, with a cumulative excess return of 4.91% since inception [7][19] - The Growth Equity Fund Index increased by 1.15%, with a cumulative excess return of 15.96% since inception [8][19] - The Pharmaceutical Equity Fund Index rose by 6.88%, with a cumulative excess return of 21.94% since inception [9][19] - The Consumer Equity Fund Index increased by 0.57%, with a cumulative excess return of 15.46% since inception [10][19] - The Technology Equity Fund Index rose by 0.46%, with a cumulative excess return of 15.71% since inception [11][19] - The High-end Manufacturing Equity Fund Index increased by 1.73%, with a cumulative excess return of -3.19% since inception [12][19] - The Cyclical Equity Fund Index rose by 1.11%, with a cumulative excess return of 3.73% since inception [13][19]

2025 年 07 月 07 日 一周市场回顾 证券研究报告-一周市场回顾 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一周市场回顾 （ 2025.06.16 — 2025.06.20） 2025.06.23 一周市场回顾 （ 2025.06.09 — 2025.06.13） 2025.06.16 一周市场回顾 （ 2025.06.03 — 2025.06.06） 2025.06.09 本周 A 股上证指数上涨 1.40%，收于 3472.32 点，深证成指上涨 1.25%，收于 10508.76 点，创业板指上涨 1.50%，收于 2156.23 点。 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 1.21%、上涨 1.48%、上涨 1.54%，成长风格类板块代表指数中小 100、中证 500、中证 1000 分别上涨 1.83%、上涨 0.81%、上涨 0.56%。 融资融券： 市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 请务必阅读报告正文后各项声明 1 / ...

二 〇 二 五 年 度 2025 年 7 月 7 日 股指期货：震荡偏多格局 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 报告导读： 1、 市场回顾与展望：上周市场重心继续上行，尾盘冲高回落。板块方面，钢铁、建筑材料、银行涨 幅居前，计算机、非银金融、美容护理跌幅居前。上周行情核心驱动在于 1 日召开的中财委会议，通过统 一大市场建设强调"反内卷"，叠加当天刊发的《求是》杂志亦提及"反内卷"，使得市场对于新一轮供给 侧改革预期急速升温。前期调整明显的新能源、建材期货出现可类比于 9•24 的反转行情，也带动了股票 市场相关题材的活跃。从四大指数表现来看，上周价值风格表现更强，IH、IF 强于 IC、IM，主要也受到 了周期品上涨的贡献。从海外市场来看，上周美国大美丽法案通过，非农数据好于预期，关税大限将至下 陆续展开谈判，美股标普 500 和纳斯达克指数也同步创下历史新高。 后期展望方面，当前外部地缘局势平静，全球风险资产表现强势。国内经济预期从悲观转为平稳，结 构性改革开始发力。股市风险偏好持续回升，成为当前期指多头格局运行的重要基础。不过边际上利多超 预期动能不足，故指数以 ...

Group 1 - The current A-share market is experiencing increased volatility, with significant fluctuations occurring within short time frames [1] - Historical analysis shows that the average gain during "valuation expansion" phases since 2005 is 21.9%, lasting an average of 53 trading days [1] - Factors leading to the end of valuation expansion include policy tightening, external negative shocks, and excessive valuation and sentiment [1] Group 2 - The recent "Big Beautiful Bill" signed by the US government aims to boost AI subsidies and promote domestic chip manufacturing, with a projected economic growth impact of 0%-0.6% by 2026 [8] - The bill's long-term effects may lead to a decrease in economic growth rates after 2028 [8] Group 3 - The Chinese government is focusing on stabilizing the real estate market by promoting the construction of safe, comfortable, and green housing [16] - Recent data indicates that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts on July 4, 2025, driven by extreme heat [11] Group 4 - The semiconductor industry in Shenzhen is being promoted through ten measures aimed at high-quality development [15] - The aviation sector is seeing regulatory changes with the establishment of a leadership group to develop general aviation and low-altitude economy [12] Group 5 - The food delivery market is witnessing intense competition, with Meituan reporting over 1.2 billion orders in a single day [5][34] - The e-commerce platform Taobao is launching a significant subsidy campaign, aiming for a substantial increase in order volume [34] Group 6 - The latest industry trends indicate that the textile, light manufacturing, and media sectors are in a recession phase, while the computer, communication, and defense industries are expanding [27] - The pharmaceutical and food and beverage sectors are expected to see an increase in their economic outlook, while the construction materials and steel industries may experience a decline [28]

宏观经济 | 证券研究报告 — 总量周报 2025 年 7 月 6 日 周度金融市场跟踪 财经委会议"反内卷"，钢铁建材领涨 A 股；债 券市场收益率整体小幅震荡下行 （ 6 月 30 日 -7 月 4 日） 股票方面，本周 A 股震荡上涨，全周累计看，沪深 300 上涨 1.5%，中证 2000 上涨 0.6%。本周港股走势弱于 A 股，恒生指数下跌 1.5%，恒生科技指数下跌 2.3%。行业方面，本周钢铁、建筑材料和银行领涨，计算机、非银金融和美容 护理领跌。周内看，周一（6 月 30 日）上午，6 月制造业 PMI 指数发布，连续 2 个月回升。当天市场超 4000 只股票上涨。周二（7 月 1 日）市场震荡上涨。 周二盘后中央财经委第六次会议新闻发布，会议强调依法依规治理企业低价无 序竞争。受此影响，周三（7 月 2 日）钢铁、煤炭和建筑材料等传统周期类行业 领涨 A 股。周四（7 月 3 日）盘前美国解除对中国芯片设计类软件出口限制新 闻发出，当天市场超 3200 家公司上涨，创业板指数上涨 1.9%。周五（7 月 4 日） 市场有所分化，以沪深 300 为代表的大盘股上涨，但以中证 2000 为代 ...

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 ...

证券研究报告|金融工程研究报告 [Table_Date] 2025 年 7 月 5 日 [Table_Title] 一周市场数据复盘 20250704 [Table_Summary] ► 宽基指数表现 上周市场普涨，大盘板块涨幅相较小盘板块更加明显， 沪深 300、创业板指分别上涨 1.54%、1.50%；科创 50 指数 下跌 0.35%。 今年以来小盘风格表现最好，中证 2000、中证 1000 指 数涨跌幅排名靠前，分别为 14.16%、5.95%。 ► 行业指数表现 上周涨幅最大的行业是钢铁、建筑材料，分别上涨 5.06%、3.96%；跌幅最大的行业是计算机、非银金融，分别 下跌 1.28%、0.72%。 今年以来有色金属、银行行业表现最好，分别上涨 19.21%、17.77%。 PE 分位数最高的三个行业是钢铁、国防军工、建筑材 料，分别为 100%、99%、99%；PE 分位数最低的三个行业 是食品饮料、农林牧渔、家用电器，分别为 8%、10%、 28%。 ► 行业拥挤度 我们使用行业指数最近一周价格和成交金额变动的马氏 距离衡量拥挤度。 上周建筑材料行业出现明显交易拥挤。 风险提示 量化报告的结 ...

| 家用电 | 15.88 | -2.77 | 2.07 | 0.03 | -3.89 | | --- | --- | --- | --- | --- | --- | | 器 | | | | | | | 社会服 | 13.50 | 11.98 | 2.99 | -0.20 | -4.08 | | 务 | | | | | | | 环保 | 18.96 | 11.58 | 2.12 | -1.03 | -4.59 | | 医药生 物 | 68.04 | -1.48 | 2.49 | 0.39 | -5.73 | | 通信 | 32.51 | 17.15 | 1.87 | -0.85 | -15.10 | | 汽车 | 45.27 | -0.21 | 2.09 | -0.53 | -17.97 | | 基础化 工 | 71.27 | 1.70 | 2.66 | -1.22 | -21.74 | | 机械设 | 65.11 | -6.74 | 2.40 | -0.97 | -28.36 | | 备 | | | | | | | 国防军 | 32.96 | -12.68 | 3.05 | -0.91 | -29.30 | ...