国内经济二季度展现较强韧性，叠加"反内卷"政策持续推进，A股在7月延续反弹势头，稳步上涨。 进入8月，海外关税扰动或存变数，美联储降息预期升温，与此同时，国内政策有望持续巩固资本 市场回稳向好势头，A股中报也将进入密集披露期，业绩交易的重要性可能进一步提升。多重因素交织 下，当前哪些投资机会或更具潜力？一起来看看长城基金权益基金经理们的最新观点~ 杨建华：市场震荡消化压力加大 国内方面，宏观经济面临边际放缓压力，7月官方制造业采购经理人指数PMI超季节性回落到49.3， 非制造业PMI也有所回落，7月末政治局会议对当前经济形势评价正面，显示后续新的总量政策或引而 不发。国际方面，美国在与其他国家的对等关税谈判中占据上风，外部不确定性增加。 AI医疗相关板块在2月至3月初经历一段快速上涨后，表现较为乏力。一方面，国内AI应用在 DeepSeek 之后再未出现明显驱动因素；另一方面，AI医疗的市场认可度和关注度暂时不及创新药。 针对上述第一个原因，海外AI在硬件及应用端自4月起的走势持续超预期。当前国内AI的发展态势 与去年之前的阶段存在差异，并非处于大幅落后状态，因此海外AI的发展情形，大概率会滞后体现在A 股 ...

Wind数据显示，截至8月5日，A股两融余额报20002.59亿元，融资余额报19863.11亿元，均创逾十年新高。A股两融余 额上一次超过2万亿元，还是2015年7月1日，当日A股两融余额报20352.90亿元。 今年以来，A股两融余额增加1356.76亿元，融资余额增加1321.66亿元，两融余额的增加部分主要来自于融资余额的增 加。 从行业情况来看，申万一级31个行业中，电子、非银金融、计算机行业两融余额居前，分别为2290.97亿元、1632.18 亿元、1542.73亿元，医药生物、电力设备、机械设备、汽车行业两融余额均超1000亿元。 两融余额前十行业 今年以来融资净买入额前十行业 | 行业 | | 《》》《《 | | | --- | --- | --- | --- | | | 两融交易额(万元) | 融资买入额(万元) | J 融资净买入额(万元) | | SW医药生物 | 105,180,774.04 | 104.696.849.78 | 2.266.182.02 | | SW汽车 | 85,524,521.60 | 85,260,963.28 | 1,922,225.90 | | SW机械设 ...

Core Viewpoint - The recent pullback in Hong Kong stocks is primarily due to adjustments in both domestic and external expectations, but the medium-term liquidity easing logic remains unchanged [1] Group 1: Market Performance - As of the midday close on August 6, the Hang Seng Index rose by 0.18%, the Hang Seng China Enterprises Index fell by 0.03%, and the Hang Seng Tech Index increased by 0.03% [1] - Popular ETFs such as the Hang Seng China Enterprises ETF (159850) and the Hang Seng ETF (159920) experienced slight gains [1] Group 2: Investment Strategy - Huatai Securities recommends focusing on sectors with improving sentiment and low valuations, particularly emphasizing the technology sector [1] - Short-term trading should revolve around mid-year performance reports, with a focus on: 1. Game and internet e-commerce leaders that have attractive valuations and improving sentiment 2. Innovative pharmaceuticals and non-bank financials that have slightly higher forward 12-month valuation percentiles but strong earnings realization [1]

Core Viewpoint - The article highlights the significant increase in the margin trading balance of A-shares, reaching a record high of 20,002.59 billion yuan as of August 5, 2023, indicating strong market activity and investor confidence [1]. Industry Summary - The margin trading balance has increased by 1,356.76 billion yuan this year, with the financing balance contributing 1,321.66 billion yuan to this growth [1]. - Among the 31 industries categorized by Shenwan, the top three in margin trading balance are Electronics (2,290.97 billion yuan), Non-bank Financials (1,632.18 billion yuan), and Computers (1,542.73 billion yuan) [1][2]. - Other notable industries with margin trading balances exceeding 1,000 billion yuan include Pharmaceuticals, Electric Equipment, Machinery, and Automotive [1]. Individual Stock Summary - The top three stocks in margin trading balance are Dongfang Caifu (23.23 billion yuan), China Ping An (22.13 billion yuan), and Kweichow Moutai (17.38 billion yuan), with BYD, CITIC Securities, and Changjiang Electric also exceeding 10 billion yuan [4][6]. - The financing net purchases for the year are led by BYD (6.04 billion yuan), Shenghong Technology (4.72 billion yuan), and Xinyi Technology (4.50 billion yuan), with Jianghuai Automobile and Northern Rare Earth also showing significant net purchases [8][10].

108只ST股公布上半年业绩预告，净利润预盈公司共有11只。 证券时报·数据宝统计显示，截至8月6日，共有108只ST股公布了上半年业绩预告，业绩预告类型显示， 预盈公司共有11家，预亏公司有60家，减亏公司有30家。 以预告净利润上限进行统计，上半年净利润最高的是ST华通，预计实现净利润上限为30.00亿元，其次 是*ST松发、*ST仁东，上半年预计净利润上限分别为7.00亿元、4.00亿元。 业绩预计亏损的ST公司中，预计亏损金额最多的是ST晨鸣，上半年预计最小亏损额为35.00亿元，其次 是*ST金科、*ST中地，预计亏损金额分别为30.00亿元、11.90亿元。（数据宝） ST股业绩预告明细 | 002005 | ST德豪 | 减亏 | -1200.00 | -1800.00 | 54.49 | 家用电 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 器 | | 600193 | *ST 创 | 预亏 | -1250.00 | -1550.00 | 26.25 | 建筑装 | | | 兴 | | | | | 饰 | | 00289 ...

Policy Developments - The State Council of China has issued an opinion to gradually implement free preschool education, starting from the fall semester of 2025, exempting public kindergarten fees for the last year of preschool education[2] - This policy is seen as a continuation of previous investments in child-rearing, with a subsidy of 3,600 yuan per child per year for children under three years old, aimed at improving short-term demand and long-term economic sustainability[2] Economic Insights - President Trump criticized the Federal Reserve for delaying interest rate cuts, indicating potential changes in leadership at the Fed, which could impact the independence of the institution and global financial markets[3] - The brain-computer interface market in China reached 3.2 billion yuan in 2024, with an annual growth rate of 18.8%, expected to exceed 3.8 billion yuan in 2025 and 5.5 billion yuan by 2027, indicating a robust growth trajectory[4] Market Performance - The global diesel generator market was valued at $17.864 billion in 2024, projected to grow to $25.509 billion by 2029, with a compound annual growth rate (CAGR) of 7.02%[5] - The A-share market has a total market capitalization of 96.03 trillion yuan, with a year-to-date increase of 1.017 trillion yuan, and a price-to-earnings ratio (PE) of 20.47x[17] Industry Trends - The Ministry of Industry and Information Technology has released a plan for the digital transformation of the machinery industry from 2025 to 2030, aiming for 50% of enterprises to reach a maturity level of two or above in intelligent manufacturing by 2027[5] - The photovoltaic industry is seeing a push against unfair competition, which is expected to improve the supply-demand dynamics within the sector[6] Financial Metrics - The latest 10-year government bond yield is 1.703%, with a change of -0.89 basis points, while the DR007 rate is at 1.445%, down by 0.73 basis points[7] - The USDCNH exchange rate is currently at 7.1886, reflecting a slight increase of 0.07%[9]

恒生指数低开0.15%，恒生科技指数跌0.31%。盘面上，乳业概念走强，中国飞鹤涨近1%；新能源汽车 股走弱，理想汽车跌近2%。 中信证券研报称，行情的定位决定了主导资金的行为，资金的行为决定了上涨的行业结构及模式。历史 上增量流动性驱动的行情中，领涨行业大都是持续集中，而不是高切低轮动；背后的本质是资金对效率 的追逐，更倾向于高共识品种，而非在低位品种里"蹲变化"。7月的行情演绎也验证了这一点，行业逐 步向趋势性品种聚焦，而高切低模式效率偏低；近期增量流动性边际上有所放缓，行情需要降温才能行 稳致远。目前我们重点关注的依然聚焦在AI、创新药、资源、恒科以及科创板。 关于港股后市 华泰证券发布港股策略研报称，近期港股回调主因内外预期修正，但中期流动性宽松逻辑不改。配置上 建议寻找景气改善+低估值板块，尤其强调对科技板块的配置；短期交易围绕中报业绩展开，建议关 注：1)估值有性价比且景气改善的游戏和互联网电商龙头；2)前向12个月估值分位数略高但盈利兑现度 高，如港股创新药及非银金融。 浙商证券认为，建议坚持当前中线仓位。行业配置方面，继续采取"1+1+X"均衡配置，但需要注意积极 挖掘年线上方低位个股，做好板 ...

8月5日，沪深两融数据显示，港股非银(513750)获融资买入额0.93亿元，居两市第178位，当日融资偿还 额0.91亿元，净买入141.01万元。 最近三个交易日，1日-5日，港股非银(513750)分别获融资买入0.55亿元、0.53亿元、0.93亿元。 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 本文源自：金融界 作者：智投君 ...

Core Viewpoint - The report from China Merchants Securities highlights five key sectors with marginal improvements to focus on in August: AI applications, AI hardware, non-bank financials, defense and military industry, and innovative pharmaceuticals [1] Short-term Focus - The five sectors identified for short-term attention include AI applications, AI hardware, non-bank financials, defense and military, and innovative pharmaceuticals [1] Long-term Strategy - The long-term strategy suggests focusing on cycles and supply-demand dynamics, emphasizing the progress of societal intelligence under the new technology cycle, including continuous iteration of large models, improvement of computing infrastructure and AI ecosystem, commercialization of AI business models, and AI's empowerment of consumer electronics and robotics [1] Domestic Substitution Cycle - Attention is drawn to the domestic substitution cycle, particularly in the context of self-controllable industrial chains related to domestic large models, AI applications, computing power, and the integrated circuit industry [1] Carbon Neutrality Cycle - The report also emphasizes the carbon neutrality cycle, focusing on cost reduction and efficiency improvement across the entire industry chain, including solar energy, wind energy, energy storage, hydrogen energy, and nuclear power [1] Electrification and Intelligence Trend - The trend towards electrification and intelligence is highlighted, with an increase in the penetration rate of electric smart vehicles [1]

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