Group 1 - Public funds increased their holdings in the banking, telecommunications, and non-bank financial sectors by 1.6%, 1.6%, and 0.8% respectively in Q2 2025, while reducing their positions in food and beverage, automotive, and power equipment sectors by 2.1% and 0.9% [1] - The defense sector also saw increased interest from public funds due to heightened geopolitical uncertainties, ranking fourth in terms of increased holdings [1] - The holdings in the STAR Market by public funds rose by 0.4%, reaching a historical high of 14.8% [1] Group 2 - New fund issuance remained sluggish in Q2 2025, with a total of 59.9 billion units of actively managed equity and mixed funds issued, a year-on-year increase of 128%, but down 73% from the peak levels of 2020-2021 [4] - Active management funds have consistently outperformed the CSI 300 index since Q3, indicating potential for increased fund inflows as market performance improves [4] - Positive catalysts in high-holding sectors may lead to increased new fund issuance, providing additional liquidity and creating a positive feedback loop [4] Group 3 - Net inflows from southbound funds reached 273.9 billion RMB in Q2 2025, a year-on-year increase of 25%, with the financial sector seeing the largest inflow [5] - Public funds' holdings in Hong Kong stocks increased by 1.5%, reaching 18.8%, a rise of 6.6 percentage points from Q4 2024 [5] - The AH premium significantly decreased in the first half of 2025 due to liquidity differences between A-shares and H-shares, with expectations of maintaining mid-term low levels [5] Group 4 - The "national team" is estimated to have increased its holdings in A-share ETFs by over 200 billion RMB in Q2 2025, with 65% directed towards CSI 300 index ETFs [6] - The "national team's" actions reflect a commitment to stabilizing the capital market and providing downside protection for A-shares [6] - In extreme scenarios, the "national team" has the capacity to further increase holdings to stabilize the market [7]

沪指本周上涨1.67%，深成指上涨2.33%，创业板指上涨2.76%，沪深300指数上涨1.69%。可交易A股 中，上涨的有3856只，占比71.26%，下跌的1503只。 资金面上，本周主力资金合计净流出1366.37亿元。其中，创业板主力资金净流出401.29亿元；科创板主 力资金净流出87.58亿元；沪深300成份股主力资金净流出224.21亿元。 本周主力资金流向概况（单位：亿元） | 日期 | 深沪两市 | 创业板 | 科创板 | 沪深300 | | --- | --- | --- | --- | --- | | 一周合计 | -1366.37 | -401.29 | -87.58 | -224.21 | | 7月25日 | -493.76 | -103.43 | -8.19 | -171.68 | | 7月24日 | 89.13 | 11.51 | -17.99 | 81.79 | | 7月23日 | -515.28 | -108.88 | -28.79 | -102.02 | | 7月22日 | -377.02 | -113.82 | -15.25 | -15.12 | | 7月21日 | -6 ...

以银行股为代表的红利资产，除了保险资金不断举牌加仓外，公募基金也在增配。 近日，公募基金二季度持仓公布，主动权益类基金持有银行股的占比上升了0.9个百分点，非银金融持仓也提高了0.6个百分点，不过相对于 行业配置基准（行业市值占全A市值的比例）仍有空间。目前银行股的股息率仍然突出，平均市净率PB也低于1，但出于对净息差收窄和地 产下行拖累的担忧，市场对银行股的看法也存在分歧。 值得注意的是，当险资频频举牌银行H股，公募基金也开始增配， 部分银行股的A/H价差收窄，招商银行A/H价格倒挂，邮储银行、民生银 行等A/H溢价率大幅收窄，考虑到港股通20%或28%的红利税成本，后续在具体个股和A/H股的选择上，资金偏好可能有所分化。 金融股持仓比例提升 整体上，主动权益类基金在二季度明显增配了银行股和非银金融（券商、保险等），保险资金也在港股市场上频繁举牌银行股，但局部上一 些资金也获利了结，关于银行股的共识与分歧已经出现。 比如中泰资管的百亿基金经理姜诚，二季度就小幅减仓工商银行、招商银行，不过这两只银行股仍是他管理的中泰星元灵活配置混合A前十 大重仓股。姜诚一直认为选择红利股的关键不仅是股息率高，而且有持续且稳定 ...

Core Insights - As of July 24, the total market financing balance reached 1.93 trillion yuan, an increase of 6.097 billion yuan from the previous trading day, marking four consecutive days of growth in financing balance [1] - On July 24, 1,965 stocks received net financing purchases, with 559 stocks having net purchases exceeding 10 million yuan, and 30 stocks exceeding 100 million yuan [1] - The top net financing purchase was for China Power Construction, with a net purchase of 725 million yuan, followed by Zhongjin Gold and Northern Rare Earth with net purchases of 512 million yuan and 304 million yuan, respectively [1][2] Financing Balance and Stock Performance - The average financing balance as a percentage of circulating market value for stocks with significant net purchases is 3.56%, with Jianghuai Automobile having the highest ratio at 9.22% [2] - The stocks with the highest net financing purchases on July 24 included: - China Power Construction: 725 million yuan, 10.04% increase - Zhongjin Gold: 511 million yuan, 4.41% decrease - Northern Rare Earth: 303 million yuan, 9.00% increase - Iron Construction Machinery: 298 million yuan, 8.43% increase - Huatai Securities: 296 million yuan, 3.28% increase [2][3] Industry Distribution - The industries with the most stocks receiving net financing purchases exceeding 100 million yuan include: - Non-ferrous metals: 5 stocks - Non-bank financials: 4 stocks - Machinery equipment: 3 stocks [1] - The distribution of significant net purchases shows that 25 stocks are from the main board, 3 from the ChiNext board, and 2 from the Sci-Tech Innovation board [1]

Group 1 - As of the end of Q2 2025, public funds held shares in a total of 2,917 A-share companies, with a total market value of approximately 25,837 billion yuan, a decrease of about 50 billion yuan compared to the end of Q1 [1] - The electronics industry had the highest total market value of fund holdings, approximately 4,392 billion yuan, followed by power equipment, food and beverage, pharmaceutical and biological, and banking industries, each with market values exceeding 2,000 billion yuan [3] - A total of 43 A-share companies had public fund holdings exceeding 100 billion yuan, with 11 from the electronics industry and 4 each from non-bank financials, banking, food and beverage, and pharmaceutical and biological sectors [3] Group 2 - As of the end of Q2 2025, 99 companies had a public fund holding ratio of over 10% of their circulating shares, with 13 from the electronics industry and 8 from the pharmaceutical and biological industry among the top 30 companies by holding ratio [4] - The most favored A-share company by public funds was Ningde Times, with a holding market value of approximately 1,426 billion yuan, followed by Kweichow Moutai at approximately 1,252 billion yuan [3] - A total of 136 A-share companies were heavily held by over 100 funds, with the most popular company being Ningde Times, held by 1,774 funds, while Zijin Mining, Midea Group, and Kweichow Moutai were also held by over 1,000 funds [3]

Core Insights - As of July 24, the latest market financing balance reached 1,928.369 billion yuan, an increase of 6.097 billion yuan compared to the previous trading day [1] - A total of 23 industries saw an increase in financing balance, with the non-ferrous metals industry experiencing the largest increase of 2.587 billion yuan [1] - The banking, construction decoration, and pharmaceutical industries also reported significant increases in financing balance, with increases of 1.495 billion yuan, 0.996 billion yuan, and 0.768 billion yuan respectively [1] Industry Summary - **Non-Ferrous Metals**: Latest financing balance is 88.642 billion yuan, with a growth of 3.01% [1] - **Banking**: Latest financing balance is 60.553 billion yuan, with a growth of 2.53% [1] - **Construction Decoration**: Latest financing balance is 34.703 billion yuan, with a growth of 2.96% [1] - **Pharmaceuticals**: Latest financing balance is 138.285 billion yuan, with a growth of 0.56% [1] - **Machinery Equipment**: Latest financing balance is 101.761 billion yuan, with a growth of 0.56% [1] - **Basic Chemicals**: Latest financing balance is 83.580 billion yuan, with a growth of 0.63% [1] - **Environmental Protection**: Latest financing balance is 16.020 billion yuan, with a growth of 2.34% [1] - **Utilities**: Latest financing balance is 46.190 billion yuan, with a growth of 0.80% [1] Declining Industries - **Social Services**: Latest financing balance is 10.593 billion yuan, with a decrease of 0.92% [2] - **Real Estate**: Latest financing balance is 30.223 billion yuan, with a decrease of 0.66% [2] - **Automotive**: Latest financing balance is 100.390 billion yuan, with a decrease of 0.23% [2] - **Computers**: Latest financing balance is 148.879 billion yuan, with a decrease of 0.16% [2]

Market Overview - The Shanghai Composite Index closed above 3600 points, specifically at 3605.73, with a gain of 0.65% [2][4] - The Shenzhen Component Index and the ChiNext Index also saw significant increases, rising by 1.21% and 1.50% respectively [2][4] Sector Performance - The top-performing sectors included Beauty Care (3.10%), Non-ferrous Metals (2.78%), and Steel (2.68%) [3] - Conversely, the Banking sector recorded a decline of 1.42%, while the Communication sector fell by 0.15% [3] Conceptual Sector Highlights - The Hainan Free Trade Zone and the Horse Racing concept were among the leading conceptual sectors, with gains of 9.11% and 4.67% respectively [3][4] - In contrast, the F5G concept and Controlled Nuclear Fusion sectors experienced declines of 0.55% and 0.09% respectively [3][4] Future Outlook - The report indicates a strong short-term technical outlook, with the potential for continued upward movement in the market, although increased selling pressure may lead to volatility [5] - The attractiveness of Chinese assets is expected to rise due to macro policy support and capital market reforms, with a long-term upward trend anticipated [5] Investment Focus - Short-term investment focus should be on sectors expected to report favorable mid-year results, while long-term attention should be directed towards domestic demand, technology, and dividend-paying sectors [5]

Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record size of 10.364 billion yuan as of July 24, 2025, marking a year-to-date growth of 1213.56% [1] - The ETF has seen continuous net inflows over the past 17 days, with a total of 4.966 billion yuan in net inflows, and 5.897 billion yuan over the past month [1] - The ETF has achieved a 52.78% increase since its low point on April 10, 2025, and has a one-year net value increase of 90.63%, ranking in the top 1.36% among 2940 index stock funds [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF recorded a trading volume of 2.158 billion yuan on July 24, 2025, with a turnover rate of 22.14%, indicating active market participation [2] - The ETF has a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and an average monthly return of 7.04% [2] - The ETF closely tracks the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which includes up to 50 listed companies that meet the non-bank financial theme criteria [2] Sector Analysis - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 77.92% of the index, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3] - Market sentiment has improved in Q2 2025, leading to an increase in the non-bank sector's weight, with expectations for both fundamental and valuation improvements [3] - The insurance sector is expected to benefit from a stable interest rate environment and improved investment returns, which could enhance profitability [4]

Group 1: Market Overview - Major indices experienced gains, with the Shanghai Composite Index rising by 2.53% and the ChiNext Index increasing by 3.35% over the past five trading days [2] - The trading volume significantly increased, with a total of 8.87 trillion yuan traded, averaging 1.77 trillion yuan per day, which is an increase of 221.8 billion yuan compared to the previous five trading days [2] - The banking and telecommunications sectors were the only ones to decline, while coal, steel, and construction materials sectors saw the highest gains [2] Group 2: Policy Developments - The commencement of the Yarlung Zangbo River hydropower project was announced, with a total investment of approximately 1.2 trillion yuan for the construction of five hydropower stations [2] - The State Council released the "Rural Road Regulations," emphasizing the need for upgrading rural roads, with an estimated 117.1 billion yuan required for the upgrade of approximately 125,000 kilometers of rural roads [2] - Recent infrastructure investments are expected to further stimulate economic growth, supported by ongoing "anti-involution" policies [2] Group 3: Investment Strategy - The market is expected to benefit from the deployment of major hydropower and infrastructure projects, with supply-side expectations and demand-side policies driving index growth [3] - Key investment opportunities are identified in sectors such as electric equipment, resource products, and construction materials, driven by "anti-involution" and infrastructure stability [3] - The TMT sector, pharmaceuticals, and defense industries are also highlighted as areas with potential investment opportunities due to AI trends and international expansion [3] Group 4: Fund Analysis - As of the end of Q2 2025, the total number of equity funds reached 7,025, with a total scale of 77,162.93 billion yuan, an increase of 2,660.60 billion yuan from the previous quarter [5] - The average equity allocation for mixed equity funds decreased by 0.19 percentage points to 87.56%, while the weighted average allocation fell by 0.10 percentage points to 88.36% [5] - Significant increases in allocation were observed in the Hong Kong Stock Exchange and ChiNext, while the allocation to the main board decreased [6] Group 5: Sector Allocation - The sectors with increased allocation include banking, telecommunications, non-bank financials, pharmaceuticals, and defense, while food and beverage, automotive, and electrical equipment sectors saw decreased allocation [6] - The top five stocks held by active equity funds include Ningde Times, Kweichow Moutai, Tencent Holdings, China Merchants Bank, and Ping An Insurance, with total holdings of 1,427 billion yuan for Ningde Times [6][7]

Summary of Key Points from Conference Call Records Industry Overview - The current market sentiment is overheated, and caution is advised before the release of corporate mid-term reports, as profitability is the core driver of a slow bull market in stocks [1][2] - The equity market's slow bull logic remains unchanged, driven by new productive forces on the demand side, the realization of anti-involution policies on the supply side, and increased equity allocation from the financial sector [1][3][4] Equity Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index rising significantly since late June 2025, driven by policy effects and specific events [2] - The recommendation is to wait for mid-term reports to make further judgments, as corporate profitability is crucial for long-term market trends [2] Convertible Bond Market Insights - The convertible bond market is currently very active, with median prices rising, leading to reduced absolute return space and increased reliance on underlying stock performance [1][5] - There is a noticeable trend towards passive investment in the convertible bond market, with significant inflows into ETFs, benefiting large-cap bank convertible bonds [6][7] Investment Opportunities - Focus areas for investment include: - **Large Financial Sector**: Banks are showing upward momentum, with many meeting strong redemption conditions [5] - **Cyclical Industries**: Attention is drawn to anti-involution and resource sectors, with liquidity and potential Fed rate cuts favoring mining companies [8] - **Technology Sector**: Convertible bonds in technology are suitable for right-side allocation, particularly in AI applications, self-sufficiency, and consumer electronics [9][10] Specific Sector Analysis - **Cyclical Industries**: - **Resource Sector**: Current liquidity conditions and potential price speculation could lead to price volatility, making mining companies attractive [8] - **Anti-involution Focus**: Key areas include pig farming, chemicals, and photovoltaics, with improving supply-demand dynamics [8] - **Technology Sector**: - The rapid progress in AI and the encouragement of technology innovation by regulators make this sector promising for investment [9][10] Risks and Considerations - Caution is advised regarding the pricing space of convertible bonds due to high median prices and potential volatility risks from unmet expectations [11] - Strong redemption pricing is currently well-reflected in the market, necessitating a focus on underlying stock performance and overall profitability clarity before making further investment decisions [11]