| 交通运输 | | | | 锦江在线 | | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | -1.31 | 104.53 | -4.22 | 爱慕股份 | -9.99 | | 钢铁 | -1.59 | 156.13 | -16.33 | 柳钢股份 | -8.58 | | 煤炭 | -2.14 | 119.39 | -11.14 | 郑州煤电 | -5.93 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计，截至下午13:58，今日沪指涨0.07%，A股成交量1046.13亿股，成交金额14321.26 亿元，比上一个交易日增加2.39%。个股方面，2562只个股上涨，其中涨停53只，2642只个股下跌，其 中跌停10只。从申万行业来看，国防军工、非银金融、电子等涨幅最大，涨幅分别为1.67%、1.59%、 1.27%；煤炭、钢铁、纺织服饰等跌幅最大，跌幅分别为2.14%、1.59%、1.31%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨 ...

Group 1 - The A-share market has accelerated its upward trend, with the Shanghai Composite Index breaking through the 3600-point mark and average daily trading volume rising to 1.86 trillion yuan [1] - The overall market style is characterized by a performance hierarchy: cyclical > growth > financial > consumer sectors [1] - Recent policy announcements and national strategic plans have boosted economic recovery confidence, with the upcoming Politburo meeting expected to play a crucial role in market performance [1] Group 2 - The Jin Ying Fund suggests a balanced allocation to mitigate potential volatility, particularly in the financial sector due to the upcoming Stablecoin regulations [2] - In the technology growth sector, interest in AI applications and the semiconductor industry is expected to rise following the World Artificial Intelligence Conference [2] - Despite a potential decrease in "anti-involution" enthusiasm due to falling futures prices, related policies are likely to continue, with sectors like photovoltaic and building materials still worth monitoring [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - A - share mid - year report performance pre - announcements show a sequential improvement but a slight year - on - year decline. Industry differentiation is significant, with non - bank finance and non - ferrous metals leading, while the real estate industry chain is under pressure [3]. - The market is mainly trading on the "anti - involution" policy expectations. The July Politburo meeting is yet to be held, and the market is concerned about the policy focus in the second - half economic work [3]. - The US Treasury Secretary said that China - US economic and trade officials will conduct the third round of trade consultations in Stockholm, Sweden. - The liquidity is relatively abundant, with the A - share margin trading balance increasing and the trading volume rising. The short - term upward speed of the stock index may slow down, showing a volatile pattern [3]. 3. Summary by Relevant Catalogs 3.1 Part One: Main Views and Strategy Overview - **Influence Factors and Their Driving Forces** - **Economic and Corporate Earnings**: Neutral. As of July 21, about 28.6% of A - share companies (1547) disclosed their 2025 mid - year report pre - announcements, with a pre - joy rate of 43.7%. Non - bank finance and non - ferrous metals have strong performance expectations, while the real estate industry chain is sluggish [3]. - **Macro Policy**: Neutral - bullish. The market is highly concerned about whether the upcoming policies signal a new round of supply - side reform. The July Politburo meeting is awaited for policy focus [3]. - **Overseas Factors**: Neutral. The US Treasury Secretary announced China - US trade consultations [3]. - **Liquidity**: Bullish. The A - share margin trading balance increased, and the trading volume rose [3]. - **Investment Views and Trading Strategies** - **Investment View**: Adjust and go long. The short - term upward speed of the stock index may slow down due to the ebb of hot topics [3]. - **Trading Strategy**: Unilateral: Adjust and go long. Risk concerns include domestic policies and overseas geopolitical factors [3]. 3.2 Part Two: Stock Index Market Review - **Index Performance**: Last week, the CSI 300 rose 1.69% to 4127.2; the SSE 50 rose 1.12% to 2795.5; the CSI 500 rose 3.28% to 6299.6; the CSI 1000 rose 2.36% to 6706.6 [5]. - **Industry Index Performance**: In the Shenwan Primary Industry Index, building materials (8.2%), steel (7.7%), non - ferrous metals (6.7%), building decoration (5.6%), and real estate (4.1%) led the gains last week, while only banking (- 2.9%), communication (- 0.8%), and public utilities (- 0.3%) declined [9]. - **Futures Volume and Open Interest**: The trading volume and open interest of some stock index futures changed. For example, the trading volume of CSI 300 futures increased by 3.80%, and the open interest increased by 2.76% [13]. - **Contract Premium and Discount**: As of July 25, the annualized discounts and premiums of different contracts of various stock index futures varied [15]. - **Cross - variety Spread**: The CSI 300 - SSE 50 spread was at the 86.1% historical quantile level, and the CSI 1000 - CSI 500 spread was at the 61.7% historical quantile level [19]. 3.3 Part Three: Stock Index Influence Factors - Liquidity - **Central Bank Operations**: The central bank conducted 1656.3 billion yuan of reverse repurchase operations this week, along with 400 billion yuan of MLF and 100 billion yuan of treasury cash fixed - deposit operations. The net investment for the whole week was 10.95 billion yuan [26]. - **Market Liquidity Indicators**: As of July 24, the A - share margin trading balance was 1935.73 billion yuan, an increase of 39.32 billion yuan from the previous week. The margin trading volume accounted for 11.3% of the total market trading volume, at the 96.4% quantile level in the past decade. The average daily trading volume last week increased by 277.84 billion yuan compared with the previous week [32]. 3.4 Part Four: Stock Index Influence Factors - Economic Fundamental and Corporate Earnings - **Macroeconomic Indicators**: In June 2025, China's GDP growth rate was 5.2%, industrial added value increased by 6.8% year - on - year, and other economic indicators showed different trends [35]. - **Industry - specific Economic Data**: The real estate industry showed a decline in investment, while the manufacturing and consumer industries had their own characteristics. For example, the manufacturing industry maintained a certain growth rate, and the consumer industry had different performances in various sub - sectors [35][38][39]. - **PMI Data**: In June 2025, the manufacturing PMI was 49.7, and the non - manufacturing PMI was 50.5, showing marginal improvements in some sub - indicators [42]. - **Earnings Indicators of Major Broad - based Indexes**: The year - on - year growth rates of net profit attributable to shareholders and ROE of major broad - based indexes varied [47]. - **Financial Data of Shenwan Primary Industry Index**: The profitability of different industries in the Shenwan Primary Industry Index showed significant differences, with some industries having high growth rates and others in decline [48]. 3.5 Part Four: Stock Index Influence Factors - Policy Drive - **Recent Macro - policy Trends**: A series of meetings and policies have been introduced, including the Central Financial and Economic Commission meeting emphasizing the governance of low - price and disorderly competition, and the Central Urban Work Conference focusing on urban development transformation. A package of financial policies has also been announced to support the economy [52][53]. 3.6 Part Five: Stock Index Influence Factors - Overseas Factors - **US Economic Data**: In June 2025, the US manufacturing PMI was 49%, the non - manufacturing PMI was 50.8%, the unemployment rate was 4.1%, and the number of new non - farm jobs was 147,000. The PCE and CPI also showed different trends [60][63]. - **Trump Team's Statements and Actions**: Trump has proposed a series of tariff policies, which have had a certain impact on international trade relations. There have also been legal disputes over tariff policies [69][71][73]. 3.7 Part Six: Stock Index Influence Factors - Valuation - As of July 25, 2025, the rolling price - to - earnings ratios of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 13.5 times, 11.4 times, 30.7 times, and 41.3 times respectively, at the 73.7%, 81.5%, 71.6%, and 63.9% quantile levels in the past decade [76].

Core Viewpoint - The A-share market showed strong performance initially but experienced a drop before noon, with significant gains in the financial and defense sectors [1][4]. Market Performance - The A-share market opened strong on July 28, with the Shanghai Composite Index fluctuating around the 3600-point mark and the ChiNext Index rising by 1% at one point. However, it faced a downturn before the noon break, with major indices like the Shanghai Composite, Shenzhen Component, and North 50 Index turning negative [4]. - By noon, the Shanghai Composite Index was at 3587.69, down 0.17%, while the ChiNext Index managed a slight gain of 0.10% [5]. Sector Performance - The non-bank financial sector showed strength, with an overall increase of over 2% at one point. Notable stocks included Zhongyin Securities, Zhongyou Capital, New China Life Insurance, and Huatai Securities [4]. - The banking sector also performed well, with stocks like Qilu Bank, Qingdao Bank, Shanghai Bank, and Jiangsu Bank showing significant gains [4]. - Other sectors that performed well included defense and military, pharmaceuticals, electronics, and real estate, while coal, beauty care, and steel sectors weakened [6]. Individual Stock Highlights - A noteworthy stock, Aowei New Materials (688585), surged to a peak price exceeding 77 yuan, marking a more than tenfold increase from its closing price at the end of last year, making it the first stock in the A-share market to achieve such a milestone this year [2][10]. - As of noon, Aowei New Materials was up 13.12%, trading at 74.73 yuan per share, with a year-to-date increase of over 1026% [10]. Company Overview - Aowei New Materials, established in 1992, specializes in the research, production, and sales of environmentally friendly high-performance corrosion-resistant materials and new composite materials. Its products are primarily used in energy conservation and environmental protection, as well as in the new energy sector [12]. - The company reported a significant market valuation, with a latest price-to-earnings ratio of 300.47, which is substantially higher than the industry average of 24.81 [12].

Core Viewpoint - The ETF market showed mixed performance at midday, with certain ETFs experiencing significant gains while others faced notable declines [1] Group 1: ETF Performance - The Hong Kong Stock Connect Non-Bank ETF (513750) led the gains with an increase of 2.57% [1] - The Innovative Drug ETF Tianhong (517380) rose by 2.11% [1] - The Pharmaceutical ETF (562050) saw an increase of 2.10% [1] - Conversely, the Sci-Tech Innovation Index ETF Jiashi (589300) experienced a significant drop of 14.61% [1] - The Energy and Chemical ETF (159981) declined by 3.98% [1] - The Coal ETF (515220) fell by 2.96% [1]

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.30%，A股成交量607.68亿股，成交金额8174.66亿 元，比上一个交易日减少5.49%。个股方面，2622只个股上涨，其中涨停37只，2527只个股下跌，其中 跌停8只。从申万行业来看，非银金融、国防军工、银行等涨幅最大，涨幅分别为2.42%、1.49%、 0.80%；钢铁、煤炭、美容护理等跌幅最大，跌幅分别为1.57%、1.46%、1.18%。（数据宝） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 非银金融 | 2.42 | 449.26 | 1.25 | 中银证券 | 8.33 | | 国防军工 | 1.49 | 373.71 | 55.52 | 新光光电 | 11.38 | | 银行 | 0.80 | 139.95 | -7.50 | 齐鲁银行 | 3.88 | | 医药生物 | 0.67 | 713.37 | -24.59 | 尔康制药 | 15.16 | ...

一、证券市场回顾 南财金融终端数据显示，上周（7月21日-7月25日，下同），上证综指周内上涨1.67%，收于3593.66 点，最高3613.02点；深证成指周内上涨2.33%，收于11168.14点，最高11210.91点；创业板指周内上涨 2.76%，收于2340.06点，最高2350.06点。在全球市场中，主要指数均上涨。纳斯达克综指上涨1.02%， 道琼斯工业指数上涨1.26%，标普500上涨1.46%。亚太地区，恒生指数上涨2.27%，日经225指数上涨 4.11%。 二、新股申购情况 上周有3只新股发行，详情见下表： | 股票代码 | 股票简称 | 中购日期 | | --- | --- | --- | | 001221.SZ | 悍高集团 | 20250721 | | 301491.SZ | 汉桑科技 | 20250725 | | 920005.BI | 鼎佳精密 | 20250722 | 三、融资融券情况 沪深两市的融资融券余额为19412.22亿元，其中融资余额19276.34亿元，融券余额135.88亿元。两市融 资融券余额较前一周增加448.09亿元。分市场来看，沪市两融余额为9876. ...

上交所融资余额报9781.90亿元，较前一交易日增加51.35亿元；深交所融资余额报9494.44亿元，较前一交易日增加3.87亿元；两市合计19276.34亿元，较前 一交易日增加55.22亿元，融资交易额3601.02亿元，占A股成交额20.15%，其中融资买入额1828.12亿元，融资偿还额1772.90亿元，交易活跃度下降6.20%。 统计发现，融资客保持连续5日净买入，净买入额分别为152.40亿元、149.55亿元、26.47亿元、60.25亿元、55.22亿元，合计443.90亿元。 融资最新持仓情况 e公司数据统计显示，截至7月25日，融资持仓市值前五行业为电子、非银金融、计算机、医药生物、汽车，占持仓总市值51.55%。 持仓市值较20个交易日前增加幅度前3的行业为有色金属、建筑材料、建筑装饰，增加幅度分别为15.52%、14.37%、11.25%。 持仓市值较20个交易日前减少幅度前1的行业为食品饮料，减少幅度分别为1.64%。 | | | 7月25日融资持仓分布 | | | | --- | --- | --- | --- | --- | | 行业名称 | 持仓比例 | | 持仓市值 | ...

7月25日沪指下跌0.33%，市场两融余额为19474.29亿元，较前一交易日增加54.37亿元。 证券时报·数据宝统计显示，截至7月25日，沪市两融余额9876.38亿元，较前一交易日增加51.02亿元； 深市两融余额9535.85亿元，较前一交易日增加3.86亿元；北交所两融余额62.07亿元，较前一交易日减 少0.50亿元；深沪北两融余额合计19474.29亿元，较前一交易日增加54.37亿元。 分行业看，申万所属行业中，融资余额增加的行业有25个，增加金额最多的行业是非银金融，融资余额 增加15.77亿元；其次是医药生物、建筑装饰行业，融资余额分别增加7.59亿元、6.23亿元。 具体到个股来看，融资余额出现增长的股票有1747只，占比47.08%，其中，312股融资余额增幅超过5% 。融资余额增幅最大的是金春股份，该股最新融资余额1.44亿元，较前一交易日增幅达108.18%；股价 表现上，该股当日上涨2.55%，表现强于沪指；融资余额增幅较多的还有苏博特、国源科技，融资余额 增幅分别为62.12%、50.43%。 | 688520 | 神州细 | 17811.75 | -21.13 | -2.96 ...

| 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 非银金融 | 1635.64 | 15.77 | 0.97 | | 医药生物 | 1390.44 | 7.59 | 0.55 | | 建筑装饰 | 353.25 | 6.23 | 1.79 | | 食品饮料 | 508.81 | 5.77 | 1.15 | | 电子 | 2200.22 | 5.68 | 0.26 | | 计算机 | 1494.43 | 5.65 | 0.38 | | 汽车 | 1009.15 | 5.25 | 0.52 | | 交通运输 | 348.69 | 4.26 | 1.24 | | 家用电器 | 270.36 | 3.21 | 1.20 | | 银行 | 608.64 | 3.11 | 0.51 | | 有色金属 | 888.96 | 2.54 | 0.29 | | 电力设备 | 1400.40 | 1.55 | 0.11 | | 传媒 | 419.18 | 1.53 | 0.37 | | 机械设备 | 1018.69 | ...