1. Report Industry Investment Rating No information provided in the text. 2. Core Views of the Report - The Convertible Bond Index reached a new high this week, with a cumulative increase of 9.48% since the beginning of the year. The valuation of convertible bonds has entered a high - level range and is shifting from following the underlying stock to an active upward - adjustment phase. It is recommended to focus on convertible bonds with low option valuations and those with elastic advantages in structure, such as those with a par value between 80 - 100 yuan [1][10]. - During the interim report period, attention should be paid to industries with improving performance expectations. It is advisable to focus on convertible bonds of industries with stable demand and high performance certainty, as well as those with performance recovery expectations under the "anti - involution" trend, while avoiding some high - price and high - premium targets that deviate from fundamentals [2][19]. - Considering the impact of refinancing policies, there is certain support on the demand side under the shrinking supply of convertible bonds. With the low long - term yield of pure bonds, the opportunity cost of convertible bonds is relatively low. However, the current overall valuation of convertible bonds is at a relatively high level, so be vigilant against callback risks. In terms of clauses, continue to focus on the game space of downward revisions, beware of forced redemption risks, and appropriately pay attention to short - term game opportunities of near - maturity convertible bonds [23]. 3. Summary According to Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. How to View the New High of Convertible Bonds - As of Friday, the Convertible Bond Index continued to rise, reaching a new high in recent years. The valuation of convertible bonds has entered a high - level range, and the valuation is gradually shifting from following the underlying stock to an active upward - adjustment phase. Analogy to early 2022 suggests a potential overheating risk after the active upward adjustment of convertible bond valuations. It is recommended to focus on individual convertible bonds with relatively low option valuations [1][10]. - In terms of convertible bond elasticity, focus on convertible bonds with elastic advantages in structure, such as those with a par value between 80 - 100 yuan. During the short - term valuation upward period, the elastic asymmetry advantage of convertible bonds is more significant in medium - and low - par value convertible bonds, especially those in the 70 - 100 yuan par value group, which have better offensive - defensive properties [12]. - During the interim report period, 123 convertible bond issuers have disclosed their semi - annual performance forecasts for 2025. Industries such as electronics and non - ferrous metals have relatively more issuers with pre - increased or slightly increased performance. It is recommended to focus on convertible bonds of industries with stable demand and high performance certainty, as well as those with performance recovery expectations under the "anti - involution" trend, and avoid some high - price and high - premium targets that deviate from fundamentals [2][19]. 3.1.2. Weekly Review and Market Outlook - The market showed mixed daily gains and losses this week but rose overall. The A - share market had different trends each day, with changes in trading volume and sector performance. For example, on Monday, the trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1480.9 billion yuan, a decrease of 255.7 billion yuan from the previous day, and the humanoid robot and reducer concepts led the gains [22]. - It is believed that the current A - shares still present good allocation value. The rebound in export orders has led to a narrow improvement in the PMI in June, and measures such as large - scale equipment updates and consumer goods trade - ins are expected to boost domestic demand. At the convertible bond level, there is support on the demand side under the shrinking supply, but be vigilant against callback risks. In terms of industries, focus on popular themes, domestic demand - oriented sectors, and high - dividend sectors under the Chinese - characteristic valuation system [23]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Closed Higher - This week, major equity market indices closed higher. The Wind All - A Index rose 1.40%, the Shanghai Composite Index rose 0.69%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index rose 3.17%. The market style was more inclined to small - cap value [27]. - Among the Shenwan industry indices, 19 industries rose and 12 fell. The communication, pharmaceutical biology, and automobile industries led the gains, with increases of 7.56%, 4.00%, and 3.28% respectively, while the media, real estate, and public utilities industries were among the top losers [30]. 3.2.2. The Convertible Bond Market Closed Higher, and the Hundred - Yuan Premium Rate Rose - This week, the convertible bond market closed higher. The CSI Convertible Bond Index rose 0.67%, the Shanghai Convertible Bond Index rose 0.52%, and the Shenzhen Convertible Bond Index rose 0.92%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 70.669 billion yuan, an increase of 2.554 billion yuan from last week, and a total weekly trading volume of 353.346 billion yuan [3][32]. - At the industry level, 22 convertible bond industries rose and 7 fell. The household appliances, media, and computer industries were the top three gainers, with increases of 3.21%, 2.49%, and 2.20% respectively. At the corresponding underlying stock level, 18 industries rose and 11 fell, with the household appliances, computer, and pharmaceutical biology industries leading the gains [38]. - Most individual convertible bonds rose (341 out of 466). After excluding the closing data of newly - listed convertible bonds this week, the top five weekly gainers were Borui Convertible Bond (pharmaceutical biology, 36.83%), Bohui Convertible Bond (petroleum and petrochemical, 33.80%), Julong Convertible Bond (basic chemicals, 24.43%), Yitian Convertible Bond (household appliances, 24.41%), and Hongfeng Convertible Bond (power equipment, 23.14%). The top five weekly losers were Seli Convertible Bond (pharmaceutical biology, - 9.74%), Guangda Convertible Bond (power equipment, - 8.86%), Huachen Convertible Bond (power equipment, - 8.71%), Punai Convertible Bond (building materials, - 8.32%), and Liande Convertible Bond (electronics, - 7.44%). The top five in terms of weekly trading volume were Seli Convertible Bond (pharmaceutical biology, 22.08 billion yuan), Bohui Convertible Bond (petroleum and petrochemical, 14.263 billion yuan), Outong Convertible Bond (power equipment, 11.195 billion yuan), Borui Convertible Bond (pharmaceutical biology, 11.061 billion yuan), and Huicheng Convertible Bond (environmental protection, 10.133 billion yuan) [40]. - The weighted conversion value of the entire market increased, and the premium rate rose. The weighted average conversion value at the end of this week was 95.31 yuan, an increase of 0.45 yuan from the end of last week. The weighted conversion premium rate of the entire market was 44.37%, an increase of 0.39 percentage points from last week. The hundred - yuan par value premium rate was 23.38%, an increase of 0.80 percentage points from last week. The median implied volatility of the entire market's convertible bonds was 32.71%, an increase of 0.79 percentage points from last week, and the pure - bond premium rate of debt - biased convertible bonds was 8.28%, an increase of 0.21 percentage points from last week [47]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuations of convertible bonds with a par value below 80 yuan increased significantly, while those with a par value between 80 - 90 yuan decreased, and the valuations of other par - value convertible bonds increased. The valuations of AAA, AA +, and AA - rated convertible bonds increased, while those of other ratings decreased. The valuation of large - cap convertible bonds increased, while those of other size - segmented convertible bonds decreased [53]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom. As of Friday, the conversion premium rate of equity - biased convertible bonds was around the 35th percentile since 2017, and that of balanced convertible bonds was below the 50th percentile since 2017 [53]. 3.2.3.2. Market Index Performance - This week, AAA - rated convertible bonds fell by 0.06%, while other rated convertible bonds rose. Since 2023, AAA - rated convertible bonds have recorded an 18.83% return, AA + - rated convertible bonds 6.65%, AA - rated convertible bonds 10.00%, AA - - rated convertible bonds 18.17%, A + - rated convertible bonds 20.64%, and A and below - rated convertible bonds 26.82%. Historically, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker downside resistance and greater rebound strength [69][71]. - This week, convertible bonds of all sizes rose. Small - cap convertible bonds rose 2.23%, small - and medium - cap convertible bonds 0.67%, medium - cap convertible bonds 0.74%, and large - cap convertible bonds 0.22%. Since 2023, small - cap convertible bonds have recorded a 21.20% return, small - and medium - cap convertible bonds 18.87%, medium - cap convertible bonds 15.00%, and large - cap convertible bonds 14.77% [71]. 3.3. Convertible Bond Supply and Clause Tracking 3.3.1. This Week's Primary Plan Issuance - Two new convertible bonds were listed this week (Yongxi Convertible Bond and Xizhen Convertible Bond), and three have been issued but not yet listed (Libo Convertible Bond, Bo 25 Convertible Bond, and Guanghe Convertible Bond). There were six primary approvals this week (from July 14 to July 18, 2025). Jindawen (1.801 billion yuan) and Weidao Nano (1.17 billion yuan) were approved by the CSRC [75]. - Since the beginning of 2023 to July 18, 2025, there have been a total of 86 planned convertible bonds, with a total scale of 138.41 billion yuan. Among them, 11 convertible bonds have passed the board of directors' resolution, with a total scale of 15.878 billion yuan; 40 have passed the general meeting of shareholders, with a total scale of 67.022 billion yuan; 29 have been accepted by the exchange, with a total scale of 48.781 billion yuan; 2 have passed the listing committee, with a total scale of 1.45 billion yuan; and 4 have been approved by the CSRC, with a total scale of 5.28 billion yuan [76]. 3.3.2. Downward Revision & Redemption Clauses - This week, 12 convertible bonds announced that they were expected to trigger a downward revision, 4 announced that they would not make a downward revision, 1 proposed a downward revision, and 1 announced the result of a downward revision [79]. - This week, 8 convertible bonds announced that they were expected to trigger redemption, 3 announced that they would not redeem in advance, and 5 announced early redemption [81][82]. - As of the end of this week, there were 5 convertible bonds still in the put - option declaration period and 23 in the company's capital - reduction repayment declaration period. It is recommended to continuously monitor the price changes of convertible bonds and the marginal changes in the company's tendency for downward revisions [84].

Core Viewpoint - The recent performance of cyclical stocks, such as photovoltaic, steel, and chemicals, indicates a potential signal for the mid-stage main upward wave of the bull market [1][12] Group 1: Historical Context - In previous major bull markets (2013-2015 and 2019-2021), cyclical stocks underperformed in the early stages but became active in the later stages [2][5] - During the mid-stage of the 2014-2015 bull market, cyclical stocks outperformed despite weak economic conditions and declining commodity prices, driven by themes like mergers and acquisitions and state-owned enterprise reforms [2][5] - In the 2020-2021 bull market, cyclical stocks significantly outperformed as the economy stabilized and commodity prices rose [2][5] Group 2: Reasons Behind Performance - The underperformance of cyclical stocks in the early bull market stages is attributed to limited incremental capital, leading to slow price increases, while only a few sectors with strong fundamentals saw gains [9][12] - As the bull market progresses, increased resident capital leads to valuation uplifts across most sectors, with cyclical stocks benefiting from their low valuations in the early stages [9][12] Group 3: Future Outlook - There are two potential scenarios for the future: 1. If economic recovery is weak and supply-side policies take time to impact, cyclical stocks may see 1-2 quarters of excess returns but face volatility afterward [12] 2. If supply-side policies improve quickly and demand-side growth policies show results, cyclical stocks could experience a year-long rally starting from the mid-stage of the bull market [12] - Regardless of the scenario, cyclical stocks are expected to generate excess returns within the next 1-2 quarters [12] Group 4: Current Market Judgments - The current market is characterized by low valuations, weak corporate earnings, and positive policy signals, resembling the early stages of previous bull markets [16] - The market is entering a phase driven by policy improvements and capital inflows, suggesting a broader bull market is likely [16] Group 5: Investment Strategy - The recommendation is to adopt a flexible allocation strategy, increasing exposure to non-bank financials, AI applications, and cyclical stocks, which are expected to show elastic performance in the next six months [18][19] - The focus should shift from a "barbell strategy" to an "elastic strategy," with strong performance anticipated in sectors like new consumption and AI, which are less correlated with the economy [18][19]

Core Viewpoint - The market is expected to experience a correction in the upcoming week due to various technical and quantitative indicators suggesting a weakening market sentiment [1][2]. Market Analysis - The liquidity shock indicator for the CSI 300 index was recorded at 1.71, indicating that current market liquidity is 1.71 times higher than the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF options increased to 0.80, reflecting a growing caution among investors regarding the short-term performance of the SSE 50 ETF [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A Index were 1.07% and 1.65%, respectively, indicating a decrease in trading activity [2]. Macroeconomic Factors - The onshore and offshore RMB exchange rates experienced slight declines of -0.08% and -0.1% respectively [2]. - New RMB loans in June amounted to 22,400 billion, exceeding the consensus forecast of 18,447.29 billion and the previous value of 6,200 billion [2]. - The broad money supply (M2) grew by 8.3% year-on-year, surpassing both the consensus forecast of 8.08% and the previous value of 7.9% [2]. Technical Analysis - The Wind All A Index remains above the SAR point, but the index and SAR point are now closely aligned [2]. - The moving average strength index is currently at 253, placing it in the 93.8 percentile since 2021 [2]. - The sentiment model score is 1 out of 5, indicating a decrease in market sentiment, while the trend model signal is positive and the weighted model signal is negative [2]. Performance Overview - For the week of July 14-18, the SSE 50 Index rose by 0.28%, the CSI 300 Index increased by 1.09%, the CSI 500 Index gained 1.2%, and the ChiNext Index surged by 3.17% [3]. - The overall market PE (TTM) stands at 20.4 times, which is at the 65.3 percentile since 2005 [3]. Factor Crowding Observation - The small-cap factor crowding is at a high level with a score of 1.07, while the low valuation factor crowding is at 0.36 [3]. - The industry crowding levels are relatively high in banking, comprehensive, non-ferrous metals, steel, and non-bank financial sectors, with notable increases in steel and pharmaceutical industries [3].

Group 1 - The current price recovery in China may reshape the global demand cycle, output cycle, profit distribution, and capital flow [2][12] - The global advantage of China's output system is reflected in asset pricing, leading to a systematic PB (Price-to-Book) adjustment, with Chinese assets expected to rise rapidly and the RMB (Renminbi) likely to appreciate [2][12] - Focus is on non-bank financials, low PB stocks, Hang Seng Technology, and military industry, while paying attention to long-term bonds and micro-market risks [3][12] Group 2 - In June, China's exports showed strong growth, with a year-on-year increase of 5.9%, improving from 4.7% previously, and exports to the US saw a significant month-on-month increase of 32.44% [11][12] - The report indicates a broad recovery in commodity prices in China, suggesting a potential restructuring of globalization, moving away from the previous US-dominated profit monopoly [12] - The Hong Kong stock market saw significant gains, with the Hang Seng Index rising by 2.84% and the Hang Seng Technology Index increasing by 5.53% [13][15] Group 3 - The A-share market experienced a broad rally, with the Shanghai Composite Index rising by 0.69% and the ChiNext Index leading the gains [19][31] - The healthcare sector outperformed, with significant gains in cancer treatment concepts and biopharmaceuticals [18][31] - High-end manufacturing sectors showed strong relative performance, while financial and real estate sectors faced declines [31][32] Group 4 - The report highlights a divergence in foreign capital index futures positions, with IC turning into a net short position and IF expanding its net short position, while IH remained stable [41][42] - The onshore and offshore RMB swap yields have declined, with the 10-year US Treasury yield surpassing the yields of Chinese bonds and swaps [45][46] Group 5 - Upcoming key focus includes the US M2 money supply and new home sales data [47][49]

Group 1 - The core conclusion indicates that the recent performance of previously oversupplied cyclical industries (such as photovoltaic, steel, and chemicals) may signal the entry of the bull market into its mid-term main upward wave [3][7][19] - In the two major bull markets (2013-2015 and 2019-2021), cyclical stocks significantly underperformed in the early stages but began to show strong performance in the later stages [3][8][10] - The steel sector is highlighted as the most representative cyclical industry due to its limited sub-sectors and high correlation with domestic macroeconomic demand [10][19] Group 2 - The report suggests that the main reason for the cyclical stocks' performance shift is related to valuation rather than earnings changes, as the fundamentals of cyclical stocks varied significantly in the two bull markets [3][13][19] - In the early stages of a bull market, only a few sectors see valuation increases, while in the later stages, most sectors experience valuation uplift, making cyclical stocks' valuation advantages more pronounced [3][13][19] - The report outlines two potential scenarios for the future: one where economic recovery is weak, leading to temporary excess returns for cyclical stocks, and another where rapid supply-side improvements and stable growth policies lead to a longer bullish trend for cyclical stocks [19][23][28] Group 3 - The report emphasizes that the current market conditions, characterized by low valuations and active policy support, resemble the early stages of previous bull markets, suggesting a comprehensive bull market is likely [23][28] - The suggested tactical approach includes increasing allocations to sectors with elastic performance, such as non-bank financials, AI applications, and cyclical stocks, which are expected to show elastic performance in the next six months [28][29] - Specific industry allocation recommendations include increasing exposure to non-bank financials, media, and cyclical sectors like chemicals and steel, which may benefit from stable supply policies and potential demand stabilization [29][30]

Group 1 - Korean investors have shown increasing interest in Chinese stocks, with a cumulative trading volume of approximately $5.514 billion in 2023, making China the second most favored overseas market for Korean investors, following the United States [1] - The trading volume of Korean investors in Chinese mainland and Hong Kong stocks surged to $782 million in February 2023, nearly doubling from the previous month, marking the highest level since August 2022 [2] - The recent launch of AI models in China has attracted global capital, further fueling Korean investors' enthusiasm for the Chinese market [2] Group 2 - The Hong Kong IPO market has seen a significant increase in activity, with total fundraising exceeding 100 billion HKD in the first half of 2023, surpassing levels from the past three years [3] - Notable IPOs include CATL raising 41.006 billion HKD and Hengrui Medicine raising 11.374 billion HKD, among others, indicating strong investor interest across various sectors [4] Group 3 - Citigroup's report indicates that despite macroeconomic fluctuations, Asian stock markets are performing better than global counterparts, with a constructive mid-term outlook for Chinese stocks, particularly in the consumer sector [7] - Morgan Stanley predicts sustained global investor interest in Chinese assets, while Goldman Sachs forecasts that AI advancements could lead to a 2.5% annual increase in overall earnings for Chinese stocks over the next decade [7] - JPMorgan anticipates a continued revaluation of Chinese tech stocks, projecting an average annual return of 7.8% over the next 10 to 15 years [7]

Market Overview - The A-share market has shown a "slow bull" trend with four consecutive weeks of gains, with over 3,100 stocks rising during the last week [2] - The Shanghai Composite Index is approaching its second-highest level since the "9.24" market rally last year, with approximately 140 points left to reach the next target [3] Index Performance - Various indices have made progress in recovering from previous declines, with the CSI 2000 and Northbound 50 indices having already rebounded, while others like the STAR 50 and CSI 1000 have not yet done so [4][5] - The performance of small-cap stocks, represented by the CSI 2000 index, has been strong, but recent weeks have seen the ChiNext index outperforming it [7] Sector Performance - The top-performing sectors include telecommunications, with a 7.56% increase, and automotive, with a 3.28% increase, while sectors like media and coal have shown declines [9] - The market is experiencing rapid rotation among leading sectors, with banks showing signs of adjustment after previously supporting the index [9] Market Sentiment and Predictions - Analysts suggest that the market is shifting towards a trend of gradual increases rather than short-term speculative trading, favoring stocks with solid industrial logic [10] - Institutional perspectives indicate a continued mild upward trend in the market, with expectations for indices to break above last year's highs [12][13] Earnings Forecasts - As of July 18, 1,542 A-share companies have disclosed their mid-year earnings forecasts, with industries like construction materials and non-bank financials showing strong growth potential [19] - Notable stocks with expected strong performance include companies like Pengding Holdings and Shanghai Pharmaceuticals [19] Upcoming Events - Key upcoming events include the release of the July LPR and the publication of important economic reports, which may influence market dynamics [21][22][23]

Market Overview - The Shanghai Composite Index increased by 0.69% this week, while the Shenzhen Component Index rose by 2.04%, and the ChiNext Index saw a gain of 3.17%. The CSI 300 Index increased by 1.09% [1] - Among the tradable A-shares, 3,104 stocks rose, accounting for 57.33%, while 2,220 stocks declined [1] Fund Flow Analysis - The total net outflow of main funds this week was 104.887 billion yuan. The ChiNext experienced a net outflow of 37.661 billion yuan, the Sci-Tech Innovation Board saw a net outflow of 4.081 billion yuan, and the CSI 300 constituents had a net outflow of 18.339 billion yuan [2] - The main funds in the electronic industry had the largest net outflow, totaling 12.687 billion yuan, despite a weekly increase of 2.15%. The non-bank financial sector also saw a net outflow of 11.333 billion yuan with a weekly decline of 1.24% [3] Industry Performance - Among the 19 primary industries classified by Shenwan, the telecommunications and pharmaceutical sectors had the highest gains, with increases of 7.56% and 4.00%, respectively. Conversely, the media and real estate sectors experienced declines of 2.24% and 2.17% [2] - The electronic industry led in net outflow, followed by non-bank financials, computers, electric equipment, and non-ferrous metals [3] Individual Stock Performance - A total of 1,486 stocks saw net inflows this week, with 182 stocks having net inflows exceeding 1 billion yuan. The stock with the highest net inflow was C Huaxin, which fell by 7.38% but had a net inflow of 3.112 billion yuan. Other notable inflows were from Jianghuai Automobile and Kweichow Moutai, with net inflows of 1.661 billion yuan and 1.025 billion yuan, respectively [5] - Conversely, 403 stocks experienced net outflows exceeding 1 billion yuan, with the largest outflows from Dongfang Caifu, Sairisi, and ST Huatuo, amounting to 2.804 billion yuan, 2.313 billion yuan, and 1.685 billion yuan, respectively [5]

Market Performance - A-shares steadily advanced this week, with the ChiNext Index reaching a new high for the year and the Shenzhen Component Index hitting a four-month high, approaching its highest point of the year [1] - Weekly trading volume increased to 7.73 trillion yuan, marking the largest weekly trading volume in three months [1] Fund Inflows - Leverage funds actively entered the market, with most industries under the Shenwan first-level industry classification seeing net buying, particularly the computer industry with over 4.4 billion yuan and the electronics industry with over 3 billion yuan [2] - The electronic, biopharmaceutical, and automotive sectors each received over 20 billion yuan in net inflows, while the non-bank financial sector saw a net outflow of over 8.3 billion yuan [2] Rare Earth Demand - The rare earth sector performed strongly, with the rare earth permanent magnet index reaching a three-and-a-half-year high [3] - Demand for rare earths is expected to grow rapidly due to advancements in humanoid robots and electric vehicles, with estimates suggesting a demand of at least 70,000 tons of neodymium-iron-boron by 2025 [3] Energy Metals - The energy metals sector, including lithium and cobalt, reached a two-year high, with lithium carbonate futures breaking 70,000 yuan/ton, marking a 20% increase from recent lows [4] - Short-term lithium salt supply may decline due to reduced exports from Chile and domestic production halts, leading to a potential price stabilization [4] Biopharmaceutical Sector - The biopharmaceutical sector saw significant gains, with the innovative drug index hitting record highs multiple times this week [6] - Notable stocks in the sector, such as Lianhuan Pharmaceutical and Aosaikang, experienced consecutive trading halts, with some stocks showing year-to-date gains exceeding 200% [6][7] Earnings Forecasts - Several pharmaceutical companies have recently forecasted substantial profit increases for the first half of 2025, with estimates suggesting net profit growth exceeding 19 times for some firms [7]

Market Overview - On July 18, the Shanghai Composite Index rose by 0.50%, the Shenzhen Component Index increased by 0.37%, the ChiNext Index went up by 0.34%, and the CSI 300 Index gained 0.60% [1] - Among the tradable A-shares, 2,603 stocks rose, accounting for 48.15%, while 2,567 stocks declined [1] Capital Flow - The main capital saw a net outflow of 22.987 billion yuan throughout the day [1] - The ChiNext experienced a net outflow of 11.028 billion yuan, while the STAR Market had a net outflow of 2.009 billion yuan [1] - The CSI 300 constituent stocks had a net inflow of 2.142 billion yuan [1] Industry Performance - Out of the 28 primary industries classified by Shenwan, 22 industries saw an increase, with the non-ferrous metals and basic chemicals sectors leading with gains of 2.10% and 1.36%, respectively [1] - The media and electronics sectors had the largest declines, with drops of 0.98% and 0.49% [1] Industry Capital Inflow and Outflow - The non-ferrous metals industry had the highest net inflow of capital, totaling 3.794 billion yuan, and rose by 2.10% [1] - The non-bank financial sector saw a net inflow of 0.897 billion yuan, with a daily increase of 0.33% [1] - The electronics industry had the largest net outflow, with a total of 8.341 billion yuan and a decline of 0.49% [1] - The computer sector experienced a net outflow of 4.375 billion yuan, despite a daily increase of 0.35% [1] Individual Stock Performance - A total of 1,835 stocks had net inflows, with 661 stocks seeing inflows exceeding 10 million yuan, and 70 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Northern Rare Earth, which rose by 9.87% with a net inflow of 2.109 billion yuan [2] - Other notable inflows included China Oil Capital and Wanhua Chemical, with net inflows of 1.150 billion yuan and 0.849 billion yuan, respectively [2] - Conversely, 101 stocks had net outflows exceeding 100 million yuan, with Changshan Beiming, Shenghong Technology, and Hengbao shares leading the outflows at 1.302 billion yuan, 1.087 billion yuan, and 0.716 billion yuan, respectively [2]