Group 1 - The core viewpoint of the news highlights the decline in motorcycle production and sales in Jiangsu Innovation Motorcycle Manufacturing Co., with a production drop of 14.71% and a sales drop of 20.05% in June 2025 compared to the previous year [1] - The production volume for June 2025 was reported at 1,450 units, while sales were 1,324 units, resulting in a production-sales ratio of 91.31% and an inventory of 126 units [1] - The report referenced is the "2025-2031 China Motorcycle Industry Market Special Research and Investment Prospect Research Report" published by Zhiyan Consulting [1] Group 2 - The companies mentioned in the news include Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, Jiuqi Co., Linhai Co., Shanghai Phoenix, Zhonglu Co., Lifan Technology, Chuncheng Power, Aima Technology, Longxin General, Yong'an Travel, New Day Co., Lvtong Technology, Taotao Vehicle, and Huayang Racing [1] - Zhiyan Consulting is identified as a leading industry consulting agency in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The data source for the motorcycle production and sales figures is the China Automotive Industry (Motorcycle) Production and Sales Quick Report, organized by Zhiyan Consulting [3]

Group 1 - The core viewpoint of the article highlights the growth in the motorcycle industry in China, particularly focusing on the production and sales data from Jiangmen Changhua Group, which reported a production and sales volume of 11,911 units in June 2025, marking a year-on-year increase of 14.82% [1][3] - The motorcycle production and sales rate for Jiangmen Changhua Group was 100%, indicating no inventory backlog [1] - The article references a market research report by Zhiyan Consulting, which covers the investment prospects in the motorcycle industry from 2025 to 2031 [1][2] Group 2 - The listed companies in the motorcycle sector include Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, Jiuyi Co., Linhai Co., Shanghai Phoenix, Zhonglu Co., Lifan Technology, Chuncheng Power, Aima Technology, Longxin General, Yong'an Travel, New Day Co., Lvtong Technology, Taotao Vehicle, and Huayang Racing [1] - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive industry solutions to empower investment decisions [2]

Core Viewpoint - The stock price of Chunfeng Power closed at 281.20 yuan on August 20, 2025, reflecting a slight decline of 0.38 yuan or 0.13% from the previous trading day [1] Group 1: Stock Performance - The stock opened at 279.80 yuan, reached a high of 284.99 yuan, and a low of 274.00 yuan, with an overall trading range of 3.90% [1] - The trading volume was 14,407 hands, with a total transaction amount of 403 million yuan [1] Group 2: Company Overview - Chunfeng Power specializes in the research, development, production, and sales of all-terrain vehicles, motorcycles, and core components [1] - The company's products are primarily used in leisure, entertainment, and sports sectors, and it owns well-known brands such as "CFMOTO" [1] Group 3: Financial Metrics - The current price-to-earnings (P/E) ratio is 21.41 times, and the price-to-book (P/B) ratio is 6.34 times [1] - On the same day, there was a net outflow of main funds amounting to 22.84 million yuan, with a cumulative net outflow of 138 million yuan over the past five trading days [1]

Summary of Chuanfeng Power Conference Call Company Overview - Chuanfeng Power has experienced rapid revenue and profit growth, with average annual growth rates of 36% for revenue and 52% for profit from 2019 to 2024, resulting in revenue quadrupling and profit octupling during this period [2][3] Industry Insights All-Terrain Vehicle (ATV) Market - The global ATV market has stabilized at over 1 million units, with Chuanfeng Power maintaining over 70% of national export share and increasing its North American market share to over 10% [2][5] - The company is expected to benefit from new products and tariff policy optimizations, potentially achieving a 20% market share in the U.S. and 50% in non-U.S. regions, translating to annual sales of 300,000 units [5] Motorcycle Market - The global motorcycle market, particularly in the mid-to-large displacement segment, presents significant growth opportunities, with a market size of approximately 5 million units, ten times that of the domestic market [6][7] - Chuanfeng Power has made progress in Europe, with market shares in Italy and Spain increasing, and aims to capture a larger share in emerging markets like Latin America and Southeast Asia [8][10][11] Electric Two-Wheeler Market - Chuanfeng Power's electric two-wheeler business is expanding rapidly, with production capacity expected to reach 300,000 units by the end of the year, and projected sales of 10,000 to 180,000 units from 2024 to 2027 [13] Strategic Goals - The company aims to achieve annual global sales of 1 million units across its product lines, contributing at least 15 billion RMB in net profit [12] - Chuanfeng Power plans to enhance its product matrix with new models, including the SR series and NK series, and establish a sub-brand CF light to target the small-displacement market [2][12] Financial Projections - The all-terrain vehicle segment is projected to contribute over 35 billion RMB in net profit, while traditional motorcycles and electric two-wheelers are expected to contribute over 300 billion and 100 billion RMB, respectively [14] - Overall, Chuanfeng Power is positioned to grow into a company with a market capitalization of over 100 billion RMB, competing with Indian and Japanese counterparts [14][15]

Summary of the Conference Call on the Motorcycle Industry Industry Overview - The motorcycle industry in China is experiencing significant growth in export markets, with a focus on improving competitiveness through product, channel, and brand development. Exports are becoming a core focus for future growth [1][2][3]. Key Market Insights - **Market Demand**: - The European and American markets are seeing stable recovery, with a compound annual growth rate (CAGR) expected to remain in single digits. The Latin American market is growing steadily, with a rapid increase in the penetration of mid to large displacement models. Southeast Asia is stabilizing, with a steady increase in the penetration of models over 250cc [1][3][4]. - **Market Size Estimates**: - The potential market for mid to large displacement motorcycles in Europe and America is estimated at 1.5 to 2 million units, in Latin America at 500,000 to 1 million units, and in ASEAN at approximately 1 million units [1][3][7]. Competitive Landscape - **Strengths**: - Chinese motorcycle companies are gaining market share overseas due to high cost-performance ratios. Notable models have entered top sales lists in countries like Italy and Spain [5][8]. - **Weaknesses**: - Chinese brands face challenges in product matrix completeness compared to leading global brands like Honda, particularly in the small displacement scooter segment, leading to an unbalanced shipment structure [5][6]. Regional Focus - **Europe and Latin America**: - Chinese brands have made significant inroads in Spain and Italy, with market shares of approximately 20%. The growth in these markets is expected to continue at a CAGR of 5% to 8% [8][9]. - **Emerging Markets**: - In Turkey and other emerging markets, Chinese companies have achieved notable market shares, with Spring Wind, Wuyang, and Qianjiang reaching 2.5%, 0.5%, and 0.2% respectively [10][11]. Future Growth Potential - **Long-term Projections**: - Leading Chinese motorcycle companies are expected to grow export volumes to over 1 million units, significantly increasing revenue and profits, with market capitalizations potentially reaching the billion yuan level [2][16][17]. - **Market Strategies**: - Companies are focusing on localizing production and developing new models tailored to regional demands, particularly in Southeast Asia and Latin America [12][14]. Company Performance - **Spring Wind**: - Achieved a CAGR of 83% in overseas sales, with revenues growing from 100 million yuan to nearly 3 billion yuan [15]. - **Qianjiang**: - Focused on expanding in the Americas and Southeast Asia, with a CAGR of 7% in overseas sales [15]. - **Longxin Group**: - The Wuyang brand has gained significant recognition in Europe, with overseas revenues increasing from less than 100 million yuan to 1.3 billion yuan [15]. Conclusion - Chinese motorcycle companies are positioned for substantial growth in international markets, driven by competitive pricing and strategic market entry. The potential for achieving significant market shares in various regions remains high, with long-term projections indicating a strong upward trajectory in both sales and market capitalization [18].

Core Viewpoint - The motorcycle industry is experiencing strong performance in the mid-to-large displacement segment, with significant growth in exports and a robust domestic market despite seasonal trends [7][22]. Industry Overview - In July 2025, sales of motorcycles above 250cc reached 88,000 units, a year-on-year increase of 21.7% but a month-on-month decrease of 14.2% [5][11]. - Cumulative sales from January to July 2025 totaled 590,000 units, reflecting a year-on-year growth of 37.9% [5][6]. - The export of motorcycles above 250cc in July was 47,000 units, up 77.0% year-on-year, while domestic sales were 42,000 units, down 9.7% year-on-year [5][6]. Market Structure - The top three companies in the 250cc+ segment for July 2025 were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 48.3% [8][9]. - The market share of the top three companies decreased by 2.0 percentage points compared to the entire year of 2024 [8]. Company Performance - Chuanfeng Power reported July sales of 18,000 units in the 250cc+ category, a year-on-year increase of 9.2% [9][10]. - Longxin General's July sales in the same category were 14,000 units, up 15.8% year-on-year [9][20]. - Qianjiang Motorcycle experienced a decline in July sales to 10,000 units, down 34.4% year-on-year [9][16]. Future Outlook - The motorcycle market is expected to continue expanding, driven by new model launches and increased supply from leading manufacturers [22]. - Chuanfeng Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales [15]. - Longxin General is enhancing its export capabilities and has established a strong presence in the high-end motorcycle market [20].

Core Viewpoint - Qianjiang Motorcycle (000913) is expanding its business beyond fuel motorcycles to include electric vehicles, focusing on domestic and Southeast Asian markets [1] Group 1 - The company has a wholly-owned subsidiary, Qianjiang Electric Technology, which is working on integrating electric vehicle models while advancing its fuel motorcycle business in Indonesia [1] - The company is tailoring its product and market strategies based on regional needs [1]

Core Viewpoint - The motorcycle market, particularly in the mid to large displacement segment, continues to show strong performance despite being in the off-season, with significant growth in both domestic and export sales [5][14]. Industry Overview - In July 2025, sales of motorcycles above 250cc reached 88,000 units, a year-on-year increase of 21.7% but a month-on-month decrease of 14.2%. Cumulative sales from January to July reached 590,000 units, up 37.9% year-on-year [2][3]. - For motorcycles above 125cc, July sales were 665,000 units, down 7.1% year-on-year and 5.9% month-on-month, with growth primarily driven by the 125-150cc and 500-800cc segments [3][4]. Sales Structure - The sales of motorcycles in various displacement categories showed diverse trends: - 250cc to 400cc: July sales of 44,000 units, up 6.1% year-on-year, but down 17.5% month-on-month; cumulative sales of 309,000 units, up 45.0% year-on-year [4]. - 400cc to 500cc: July sales of 24,000 units, down 1.1% year-on-year; cumulative sales of 153,000 units, up 5.7% year-on-year [4]. - 500cc to 800cc: July sales of 19,000 units, up 238.8% year-on-year; cumulative sales of 112,000 units, up 118.9% year-on-year [4]. - Over 800cc: July sales of 1,000 units, up 12.5% year-on-year; cumulative sales of 16,000 units, up 107.4% year-on-year [4]. Export and Domestic Sales - Exports of motorcycles above 250cc in July reached 47,000 units, up 77.0% year-on-year, while domestic sales were 42,000 units, down 9.7% year-on-year [3][4]. - Cumulative exports from January to July reached 312,000 units, up 71.1% year-on-year, while domestic sales totaled 279,000 units, up 13.4% year-on-year [3][4]. Company Performance - Changan Power: In July, total two-wheeler sales reached 57,000 units, up 120.4% year-on-year, with significant contributions from both fuel and electric motorcycles [7]. - Qianjiang Motorcycle: In July, sales were 30,000 units, down 24.4% year-on-year, with cumulative sales of 234,000 units, down 13.1% year-on-year [11][12]. - Longxin General: In July, sales were 89,000 units, down 47.8% year-on-year, with cumulative sales of 860,000 units, down 2.8% year-on-year [13][14]. Market Dynamics - The top three companies in the 250cc+ segment in July were Changan Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 48.3% [6]. - Changan Power maintained a leading position with a market share of 20.9% in July, while Longxin General and Qianjiang Motorcycle held 15.9% and 11.5% respectively [6]. Future Outlook - The mid to large displacement motorcycle market is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][14]. - Changan Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales, while also expanding its export market [10].

Group 1 - Yunnan Shangchi Trading Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Luo Yanqing [1] - The business scope includes manufacturing and retail of automotive parts, sales of new energy vehicles, and various automotive services [1] Group 2 - The company is involved in the sales of automotive accessories, tires, and battery components [1] - It also provides services such as vehicle appraisal, towing, and small vehicle rental [1] - The company is permitted to operate independently within the scope of its business license, excluding projects that require approval [1]

Report Industry Investment Ratings - Automobile Industry: Maintain "Overweight" rating for Geely Automobile [44] - Logistics and Warehousing Industry: Maintain "Overweight" rating for the express delivery sector, continue to be optimistic about the opportunity for earnings and valuation repair of express delivery companies [22] - Real Estate Industry: Maintain "Overweight" rating, expecting further adjustments to housing provident fund policies [32] - Yeast Industry: Maintain "Overweight" rating for Angel Yeast [35] - Industrial Automation Industry: Maintain "Overweight" rating for Yiheda [40] - Online Music Industry: Maintain "Overweight" rating for NetEase Cloud Music [54] - Steel Industry: Maintain "Overweight" rating for Shougang Co., Ltd. [58] - Internet Industry: Maintain "Overweight" rating for Tencent Holdings [63] - Software Industry: Maintain "Overweight" rating for Kingdee International [67] - Luggage Industry: Maintain "Overweight" rating for Samsonite [73] - Motorcycle Industry: Maintain "Overweight" rating for CF Motopower, and raise the target price [77] Core Views - **Macro Economy**: In July 2025, there was a divergence between money and credit. The growth rate of social financing stock increased, but loan growth turned negative. The growth rates of M2 and M1 both rebounded. The divergence was mainly due to the need to boost effective demand and the weakening of the scale complex of financial institutions. The government played an important role in credit expansion, and private sector asset - liability sheet repair influenced money - related phenomena [2][3][4] - **Hong Kong Stock Market**: The correlation between Hong Kong stocks and A - shares has been increasing, and the dependence on overseas liquidity has been weakening. The fundamentals of Hong Kong stocks are more closely related to the Chinese mainland. These changes may reflect new changes in the investment environment of Hong Kong stocks [6][7][8] - **Robot Industry**: The humanoid robot industry is driven by both "technology deepening" and "scenario implementation". Figure 02 has achieved breakthroughs in folding clothes and has innovative designs in dexterous hands, indicating the penetration from industrial to household scenarios [10][12][14] - **Solar Energy Industry**: The prices of the solar energy industry chain have stabilized, and the supply - demand situation is expected to improve. Some companies plan to cut production in September, which will support prices, and the photovoltaic sector has continuous layout opportunities [16] - **Logistics and Warehousing Industry**: The "anti - involution" in the express delivery industry in 2021 - 2022 drove the double repair of performance and valuation. In 2025, the "anti - involution" intensity exceeded expectations, alleviating short - term competition pressure and ensuring long - term healthy competition [20][21] - **Real Estate Industry**: The housing provident fund system has played an important role in stabilizing the real estate market. Optimizing provident fund policies can potentially boost housing consumption, especially in second - and third - tier cities. There is still room for further adjustment of provident fund policies [30][31][32] - **Yeast Industry**: Angel Yeast's performance has continued to improve in 2025. Domestic sales have recovered, and overseas markets have maintained rapid growth. The company's internal structure adjustment has had a weakening impact, and cost and price factors have driven profit improvement [37][38] - **Industrial Automation Industry**: Yiheda's performance has accelerated growth, with significant improvement in gross profit margin, mainly driven by the lithium - battery and automotive sectors. The company is accelerating its global layout and improving its one - stop procurement platform capabilities [40][41][43] - **Automobile Industry**: Geely Automobile's operating performance in the first half of 2025 increased significantly, with a significant increase in sales volume. The company has a reasonable brand structure, and with the implementation of the "Smart Geely 2025" strategy, revenue and net profit are expected to continue to grow [44] - **Liquor and Beer Industry**: Zhenjiu Liudu's report has cleared risks, and the company is actively promoting new products. The new products are expected to drive the company's growth rate to improve quarter - on - quarter, taking advantage of the low - base effect in the second half of 2025 [50][51][52] - **Online Music Industry**: NetEase Cloud Music's membership subscription business has grown steadily, and it has significantly reduced promotion and advertising expenses. The company's financial structure has continued to improve, and the online music business has achieved high - quality growth, while the social entertainment business is under pressure [54][55] - **Steel Industry**: Shougang Co., Ltd.'s performance has increased due to falling raw material prices and product structure optimization. The company is building its fourth strategic product, and its depreciation expenses are expected to decrease. The industry's supply - demand pattern is expected to improve [58][59][60] - **Internet Industry**: Tencent Holdings has continued to invest in the AI field, which has promoted revenue and profit growth. Its international games have performed well, and AI has accelerated game content production. AI has also driven the iteration and upgrading of advertising and platform functions [63][64][65] - **Software Industry**: Kingdee International's revenue has grown in high - quality, and its cloud transformation has entered the harvest period. The large - enterprise business has achieved high growth, and the AI contract amount has exceeded 150 million yuan, indicating strong corporate AI application demand [67][70][71] - **Luggage Industry**: Samsonite's profitability in Q2 2025 improved quarter - on - quarter, and the decline in North American Tumi sales narrowed. The company is actively responding to US tariff adjustments, and its profitability is expected to continue to stabilize and improve in Q3 [73][74][75] - **Motorcycle Industry**: CF Motopower's mid - year report in 2025 was outstanding, with rapid growth in revenue and performance. The company's three major business lines have contributed to growth, and the electric two - wheeled vehicle business has provided a new growth curve [77][78][79] - **Financial Engineering**: Options in the domestic market provide tools for strategies. Overseas market's covered products can reduce the net - value volatility of the underlying index. The covered strategies constructed with 300ETF and 500ETF and their corresponding options have different effects in different market conditions [83][84] - **Finance**: In July 2025, social financing continued to expand, with government financing contributing the most. Credit demand from the private sector was insufficient, and both corporate and household loans declined. The growth rates of M1 and M2 rebounded, and household deposits continued to move to risk assets [87][88][89] Summaries by Directory Macro专题: 《货币与信贷：为何背离》 - In July 2025, the growth rate of social financing stock increased to 9.0%, with new social financing of 1.16 trillion yuan. Government bonds increased significantly, while loans decreased. Credit decreased by 500 million yuan, and both corporate and household loans declined. The growth rates of M2 and M1 rebounded. The divergence between money and credit was due to the need to boost effective demand and the weakening of the scale complex of financial institutions [2][3] 海外策略研究: 《对港股热点研究问题的思考 - 20250815》 - The correlation between Hong Kong stocks and A - shares has been increasing since 2020, while the correlation with US stocks has weakened. The liquidity of Hong Kong stocks has become less dependent on overseas factors, and its fundamentals are more closely related to the Chinese mainland. These changes may be due to geopolitical factors, the return of Chinese concept stocks, and the inflow of domestic capital [6][7][8] 行业跟踪报告: 机器人《Helix 模型助力 Figure 02 自主折衣，灵巧手工程创新实现突破》 - Figure 02 has mastered clothes - folding skills through algorithm optimization and data accumulation, demonstrating its technical generalization ability. Its dexterous hand design uses under - actuated modular finger components, which is an engineering innovation. The robot industry is driven by "technology deepening" and "scenario implementation", and is expected to expand from industrial to household scenarios [12][13][14] 行业跟踪报告: 太阳能《产业链价格持稳，供需情况有望修复》 - The prices of the solar energy industry chain have remained stable, with a slight increase in polysilicon prices. Some companies plan to cut production in September to relieve supply - demand pressure. The photovoltaic sector has continuous layout opportunities [16] 行业专题研究: 物流仓储《反内卷保障良性竞争，监管力度决定持续性》 - The "anti - involution" in the express delivery industry in 2021 - 2022 drove the double repair of performance and valuation. In 2025, the "anti - involution" intensity exceeded expectations, alleviating short - term competition pressure and ensuring long - term healthy competition. The regulatory intensity of the postal administration will determine the sustainability of price increases and future profit elasticity [20][21][22] 行业周报: 基础化工《全固态锂电池关键难题突破，世界机器人大会在北京开幕》 - With the development of emerging technologies, the demand for high - performance copper - clad laminates has increased. Solid - state batteries have broad application prospects, and the high - end new materials in the robot field are realizing import substitution. Chemical new - material companies such as Shengquan Group are recommended [24] 行业专题研究: 房地产《优化用途稳刚需，增加效用惠民》 - The housing provident fund system has developed rapidly in the past decade, with an expanding coverage and an increasing proportion of housing - related withdrawals. Optimizing provident fund policies can potentially boost housing consumption, especially in second - and third - tier cities. There is still room for further adjustment of provident fund policies [30][31][32] 公司半年报点评: 安琪酵母（600298）《盈利改善持续，扣非增速亮眼》 - In 2025, Angel Yeast's performance has continued to improve. Domestic sales have recovered, and overseas markets have maintained rapid growth. The company's internal structure adjustment has had a weakening impact, and cost and price factors have driven profit improvement [37][38] 公司半年报点评: 怡合达（301029）《锂电、汽车领域引领增长，毛利率提升显著；加速全球布局》 - Yiheda's performance has accelerated growth, with significant improvement in gross profit margin, mainly driven by the lithium - battery and automotive sectors. The company is accelerating its global layout and improving its one - stop procurement platform capabilities [40][41][43] 海外报告: 吉利汽车（0175）《2025 年上半年经营业绩大幅增长》 - Geely Automobile's operating performance in the first half of 2025 increased significantly, with a 47% increase in sales volume to 1.409 million vehicles. The company has a reasonable brand structure, and with the implementation of the "Smart Geely 2025" strategy, revenue and net profit are expected to continue to grow [44] 海外报告: 珍酒李渡（6979）《报表释压，关注新品》 - Zhenjiu Liudu's report has cleared risks, and the company is actively promoting new products such as "Dazhen" liquor and "Bull Market News" beer. The new products are expected to drive the company's growth rate to improve quarter - on - quarter, taking advantage of the low - base effect in the second half of 2025 [50][51][52] 海外报告: 网易云音乐（9899）《会员订阅业务稳健增长，大幅削减推广及广告费用》 - NetEase Cloud Music's membership subscription business has grown steadily, and it has significantly reduced promotion and advertising expenses. The company's financial structure has continued to improve, and the online music business has achieved high - quality growth, while the social entertainment business is under pressure [54][55] 公司跟踪报告: 首钢股份（000959）《盈利修复增长，产品结构持续优化》 - Shougang Co., Ltd.'s performance has increased due to falling raw material prices and product structure optimization. The company is building its fourth strategic product, and its depreciation expenses are expected to decrease. The industry's supply - demand pattern is expected to improve [58][59][60] 海外报告: 腾讯控股（0700）《延续高质量增长，AI 建设能力不断强化》 - Tencent Holdings has continued to invest in the AI field, which has promoted revenue and profit growth. Its international games have performed well, and AI has accelerated game content production. AI has also driven the iteration and upgrading of advertising and platform functions [63][64][65] 海外报告: 金蝶国际（0268）《大型企业业务进展亮眼，合同彰显 AI 应用需求旺盛》 - Kingdee International's revenue has grown in high - quality, and its cloud transformation has entered the harvest period. The large - enterprise business has achieved high growth, and the AI contract amount has exceeded 150 million yuan, indicating strong corporate AI application demand [67][70][71] 海外报告: 新秀丽（1910）《25Q2 盈利能力环比改善，北美 Tumi 降幅收窄》 - Samsonite's profitability in Q2 2025 improved quarter - on - quarter, and the decline in North American Tumi sales narrowed. The company is actively responding to US tariff adjustments, and its profitability is expected to continue to stabilize and improve in Q3 [73][74][75] 公司半年报点评: 春风动力（603129）《中报表现亮眼，三大业务不断向上》 - CF Motopower's mid - year report in 2025 was outstanding, with rapid growth in revenue and performance. The company's three major business lines have contributed to growth, and the electric two - wheeled vehicle business has provided a new growth curve [77][78][79] 金融工程专题报告: 《基于 A 股市场的备兑策略研究》 - Options in the domestic market provide tools for strategies. Overseas market's covered products can reduce the net - value volatility of the underlying index. The covered strategies constructed with 300ETF and 500ETF and their corresponding options have different effects in different market conditions [83][84] 金融工程专题报告: 《行业轮动四象限策略综述》 - A monthly industry rotation model is constructed from four dimensions: prosperity, sentiment, technology, and macro - economy. As of the end of July 2025, the cumulative return of the industry long - position portfolio was 18.1%, with a cumulative excess return of 8.3% compared to the benchmark portfolio [85] 事件点评: 《7 月金融数据全览》 - In July 2025, social financing continued to expand, with government financing contributing the most. Credit demand from the private sector was insufficient, and both corporate and household loans declined. The growth rates of M1 and M2 rebounded, and household deposits continued to move to risk assets [87][88][89]