Investment Rating - Industry rating: Recommended [5] Core Views - The return of the margin balance to 20 trillion yuan signals positive market sentiment, driven by improved policy expectations and a rebound in market risk appetite [3][4][17] - The average daily trading volume of A-shares has shown significant growth compared to previous years, indicating increased market activity [21] - The establishment of private equity funds by insurance capital, such as the approval of Taiping Asset's private equity fund, is expected to enhance long-term capital investment in the capital market [8][18] Summary by Sections 1. Non-Bank Financial Weekly Perspective - The non-bank financial Shenwan index rose by 0.59%, underperforming the CSI 300 index by 0.64 percentage points, ranking 27th among all primary industries [2][15] - The securities sector increased by 0.80%, while the insurance sector rose by 0.25% [2][15] 2. Margin Trading - As of August 5, the margin balance reached 20,002.59 billion yuan, accounting for 2.30% of the A-share market capitalization, with a financing balance of 19,863.11 billion yuan and a securities lending balance of 139.48 billion yuan [3][16] - The last time the margin balance exceeded 20 trillion yuan was on July 1, 2015, when it reached 20,352.90 billion yuan [3][16] 3. Insurance Sector Expansion - Taiping Asset has received approval to establish a private equity fund management company, which will increase the investment capacity of long-term funds in the capital market [8][18] - The total asset management scale of Taiping Asset exceeded 1.5 trillion yuan by the end of 2024, indicating a strong commitment to long-term investment strategies [8][18]

证券研究报告 策略 如何抓住香港本地股的配置机遇 2025 年 8 月 10 日│中国内地 策略周报 香港本地股表现强势，获得超额收益 在《港股重估蓄势待发》，2025.5.23 等报告中，华泰总量及行业团队提出 需战略性重视香港的配置，除了投资者熟知的香港中资股外，也强调关注香 港本身作为小型开放经济体的修复（《香港资产相对优势凸显》，2025.5.22）， 以及香港地产（《把握资产重估预期下的香港地产机遇》，2025.5.25）、 银行（《重视中国资产重估下港银机会》，2025.5.23）、非银（《港交所： 人民币升值预期下的价值重估》，2025.8.10）等资产重估机会。2025 年 5 月 23 日至今，香港本地股和 MSCI 香港指数分别上涨 10.2%和 12.4%，相 对恒生指数（5.3%）和 MSCI 中国指数（5.9%）均有超额收益。 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 华泰研究 易峘 研究员 SAC No. S0570520100005 SFC No. AMH263 李雨婕 研究员 SAC No. S0570525050001 SFC No. BRG962 香港本 ...

【策略月报】 港股流动性望进一步改善 ——港股月报 年初以来港股表现强势；四大核心赛道：科技 AI/新消费/生物医药/高股息 1-7 月港股强势上行，恒生指数累计涨 23.5%，创近四年新高。1-3 月：DeepSeek 大模型突破引爆 AI 科技股行情；4 月上旬：特朗普"对等关税"冲击致恒指短 期暴跌；4 月中下旬以来：关税担忧缓和、国内基本面企稳及美联储降息预期 升温，推动恒指回升。四大主线：（1）科技 AI：DS 技术落地驱动 AI 应用商 业化；（2）生物医药：创新药企国际化突破&政策支持；（3）新消费："悦己经 济"崛起，新消费迎来业绩爆发；（4）高股息：低利率环境下银行股获南向资 金大幅净流入。 下半年港股或受益于中美货币政策宽松推动流动性进一步上行 证 券 研 究 报 告 目前市场普遍预期美国新一轮降息周期大概率从 9 月重启，并预期美联储将 在未来一年将持续降息约 125bp。而在美联储降息与美元趋弱预期的协同作用 下，有望进一步打开国内货币宽松的空间。历史数据显示，美联储降息周期往 往触发跨境套利资金涌入港元体系，叠加美元流动性外溢效应，推动 HIBOR 走低，降息周期内香港银行间流动性明 ...

Group 1: Historical Insights - The previous supply-side reform period (2016-2017) saw significant pressure on consumption profits due to insufficient transmission of cost pressures from upstream resources and raw materials, leading to a general decline in profit growth across the consumption sector [1][12][21] - During the 2016-2017 period, despite strong demand-side policies, the ability of the consumption sector to pass on cost increases was limited, resulting in a divergence between revenue and profit growth [1][12][17] - Consumer confidence index rose from 103.7 in December 2015 to 122.6 in December 2017, indicating a strong demand environment during the previous reform [12][17] Group 2: Current "Anti-Internal Competition" Insights - The current "anti-internal competition" policy is expected to impose more stringent constraints on supply, particularly in sectors like automotive and express delivery, which may stabilize prices more quickly compared to the previous reform period [1][21] - The consumption sector is facing a more severe demand-side challenge now, with consumer confidence at low levels and growth relying more on "value-for-money" rather than brand premium pricing [1][21] - In July, the retail sales of passenger vehicles reached 1.826 million units, a year-on-year increase of 6.3%, but the growth rate significantly slowed from June's 13.3% [1][21] Group 3: Sector-Specific Observations - In the energy and resources sector, coal demand is expected to rise during peak seasons, with July's domestic raw coal production at 42.107 million tons, a year-on-year increase of 3.9% [22][23] - The real estate sector experienced a significant decline in transaction volume, with July's average daily transaction area for commercial housing in 30 major cities down 32.3% month-on-month and 18.6% year-on-year [35][37] - The manufacturing sector showed resilience, with strong performance in machinery and equipment exports, and heavy truck sales performing well [5][10]

最近三个交易日，6日-8日，港股非银(513750)分别获融资买入1.04亿元、0.83亿元、0.60亿元。 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 8月8日，沪深两融数据显示，港股非银(513750)获融资买入额0.60亿元，居两市第303位，当日融资偿还 额0.54亿元，净买入596.48万元。 ...

Market Overview - The Shanghai Composite Index fell by 0.12% on August 8, with 17 out of the 28 sectors rising, led by the comprehensive and building materials sectors, which increased by 1.56% and 1.16% respectively [1] - The power equipment sector rose by 0.62%, while the computer and electronics sectors experienced declines of 2.38% and 1.15% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 41.085 billion yuan, with 8 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow of 2.024 billion yuan, followed by the public utilities sector with a 0.67% increase and a net inflow of 1.132 billion yuan [1] Power Equipment Sector Performance - In the power equipment sector, 195 out of 359 stocks rose, with 5 hitting the daily limit up, while 157 stocks fell, including 1 hitting the daily limit down [2] - The top three stocks with the highest net inflow in the power equipment sector were Zhongchao Holdings (5.68 billion yuan), Sunshine Power (4.33 billion yuan), and Shanshan Shares (2.87 billion yuan) [2] - The stocks with the highest net outflow included Shanghai Electric (3.99 billion yuan), Wolong Electric Drive (3.93 billion yuan), and Xiangdian Shares (1.18 billion yuan) [2][4] Top Gainers in Power Equipment Sector - The top gainers in the power equipment sector included: - Zhongchao Holdings: +9.96% with a turnover rate of 20.00% and a main capital flow of 567.62 million yuan - Sunshine Power: +9.08% with a turnover rate of 7.49% and a main capital flow of 433.29 million yuan - Shanshan Shares: +6.93% with a turnover rate of 8.23% and a main capital flow of 287.14 million yuan [2] Top Losers in Power Equipment Sector - The top losers in the power equipment sector included: - Shanghai Electric: -1.80% with a turnover rate of 2.66% and a main capital flow of -398.61 million yuan - Wolong Electric Drive: -2.84% with a turnover rate of 7.28% and a main capital flow of -393.35 million yuan - Xiangdian Shares: -3.09% with a turnover rate of 3.03% and a main capital flow of -117.92 million yuan [4]

7月A股指数创阶段性新高，各大券商的金股组合表现不俗，让市场对8月金股组合的期待值攀升。记者 通过Wind数据统计，截至8月7日，已有42家券商机构公布8月金股名单，涉及医疗保健、信息技术、工 业、材料以及消费等多个领域。机构普遍认为8月A股将震荡上行，有望冲击新高，延续"慢牛"涨势。 超280只股票入选8月金股 7月沪指站上3600点，市场活跃度大幅提升，新开户数同比大增70%。7月份券商金股组合整体收益率为 7.7%，2025年以来收益率为18.5%。从全历史区间来看，全部金股组合年化收益率为12.2%，收益表现 显著优于沪深300指数和中证500指数。 | | 7月金股组合收益率优于沪深300、中证500 | | | --- | --- | --- | | 组合 | 7月收益率 | 年内收益率 | | 专部金股 | 7.70% | 18.50% | | 沪深 300 | 3.50% | 3.60% | | 中证 500 | 5.30% | 8.70% | | | | 数据来源:Wind、开源证券研究所 | 进入8月，最新的金股组合名单陆续公布。据记者粗略统计，42家券商精选了376只个股，剔除机构重复 ...

Group 1: Macroeconomic Situation - In the first half of the year, GDP growth reached 5.3% year-on-year, supported by policies such as "Two New" and "Two Heavy," as well as the overseas "export grabbing effect" [5][33] - Fixed asset investment grew by 2.8% year-on-year in the first half, with real estate investment being a major drag, while manufacturing investment increased by 7.5% [24][26] - The July Politburo meeting emphasized the need for stable economic growth and the implementation of effective policies to support the economy [34] Group 2: Liquidity Environment - The Federal Reserve maintained interest rates in July, with market expectations for a rate cut in September rising to 93.6% following disappointing employment data [39][40] - Domestic monetary policy is expected to remain loose and abundant, focusing on the implementation of existing policies rather than introducing new ones [38][45] - The liquidity in the capital market has shown signs of improvement, with increased trading volumes and a rise in margin financing [51][83] Group 3: Capital Market Liquidity Environment - The A-share market has experienced a significant increase in trading volume and turnover rate, driven by favorable policies and improved market sentiment [51][83] - The July IPO fundraising level was three times higher than the average of other months this year, indicating a recovery in market capacity [75] - The net reduction in industrial capital reached 242.1 billion yuan in July, reflecting increased activity in the secondary market [75] Group 4: Market Strategy - The market is entering a phase of strong expectations versus weak realities, with the "anti-involution" policy expected to influence price levels and performance [94] - Valuation is shifting from price-to-earnings (PE) to price-to-book (PB) ratios, with PB valuations generally below the 50th percentile [95][96] - The A-share market is expected to maintain an upward trend in the medium term, with potential adjustments providing opportunities for stronger future gains [100]

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 本报告统计时间为2025.07.28-2025.08.01。 沪指短期或维持震荡格局：当前处于增量政策真空期，政治局会议删除"降准降息"表述，预示新增刺激政策概率降低，重 心转向现有措施落地。叠加海外扰动（中美关税豁免期虽大概率延期但仍存变数），A股赚钱效应或将有所下降。操作上 宜多看少动，配置聚焦两大方向：1）防御压舱石：银行、非银等低波板块发挥指数稳定器功能。2)关注稀土（中美博 弈、涨价）的布局机会以及其他主题轮动的低位布局机会。 权益市场， 上周，市场风格方面，小盘风格占优，价值成长偏向均衡；市场风格波动方面，大小盘风格波动及价值成长 风格波动上升。市场结构方面，上周，行业指数超额收益离散度略有上升，行业轮动速度维持震荡，成分股上涨比例大幅 下行；交易集中度方面，前100个股成交额占比及前5行业成交额占比均维持在上期水平。市场活跃度方面，上周，市场波 动率快速上升，市场换手率继续上行。 商品市场方面， 上周，各板块趋势强度均略有下降；基差动量方面，贵金属板块基差动量略有上行，其余板 ...

Macro Data Commentary - The report highlights the outstanding performance of small and mid-cap funds, with the average return of fund heavyweights at 8.94%, significantly outperforming the average return of the CSI 800 component stocks at 1.66% [1][15] - In the second quarter, 30 out of 31 industries saw fund heavyweights outperform their benchmark industry indices, with an excess return of 5.91% over the industry average [1][16] Timing Selection Ability - The report indicates that the asset allocation effects of various funds were not ideal, with equity funds reducing their average stock positions by 0.24 percentage points and mixed funds by 1.21 percentage points compared to the previous period [2][20] - The overall performance of the bond market was also subpar, with the total wealth index of bonds rising by only 1.53% while bond funds reduced their holdings by 0.12% [2][20] Risk Management Ability - The risk exchange efficiency of bond funds remained stable, with slight declines in both returns and volatility for equity and mixed funds [2][22] - The report notes that despite a recovery in the market since September, equity assets are still in a downward trend over a longer time frame [2][22] Comprehensive Management Ability - The report states that the Shanghai Securities comprehensive management ability index integrates performance across security selection, timing selection, and risk management [5][23] - Notable fund managers with outstanding performance include Jin Xin, Da Cheng, and Yuan Xin Yong Feng in the active management of equity funds, and Yi Fang Da, Tian Hong, and Bo Shi in pure bond funds [5][23] Fund Rating Performance Tracking - The report tracks the performance of rated funds, indicating that five-star funds maintain a 60% probability of being in the top 40% of their peers within 6 months to 1 year after rating [3][29] - Since 2015, the three-year return of five-star ordinary stock fund portfolios reached 216.93%, compared to only 38.82% for the CSI All Index [3][29]