汇丰银行：预计关税的直接影响对我们的收入影响相对温和。 ...

Group 1 - The core viewpoint of the news highlights the positive performance and investor interest in the Dividend Low Volatility ETF (512890), which has shown a net inflow of funds over a longer period despite some short-term fluctuations [1][4]. - As of July 30, 2025, the Dividend Low Volatility ETF (512890) has a circulating scale of 21.388 billion yuan, indicating strong market recognition [1]. - The ETF's top holdings include several banks, with notable increases in stock prices for institutions like Chengdu Bank (up 0.70%) and Jiangsu Bank (up 1.50%), reflecting a focus on high dividend yield and low volatility in stock selection [2][4]. Group 2 - The recent adjustments by the Ministry of Finance regarding long-term assessments of insurance funds are expected to encourage insurance capital to increase equity asset allocations, benefiting the banking sector due to its stable dividends and low volatility [4]. - The banking sector is currently characterized by low valuations and high dividend yields, which are likely to attract medium to long-term incremental capital inflows, enhancing the dividend value of bank stocks [4]. - Investors seeking stable returns and low-risk alternatives to bonds can consider participating in the Dividend Low Volatility ETF (512890) through its linked funds, even without a stock account [4].

在9月16日至17日的会议之前，政策制定者将看到另两份就业报告，包括将于本周五公布的7月就业报 告。此外，更多美国通胀、支出和住房数据也将相继出炉。 智通财经APP获悉，投资者正密切关注杰罗姆·鲍威尔将于今夜进行的讲话，但若想从中找到美联储即 将降息的蛛丝马迹，或许将失望而归。外界普遍预计，在7月29日至30日的会议结束时，政策制定者将 连续第五次维持利率不变。不过，若有一名或多名官员投反对票，或将向市场释放出信号：联邦公开市 场委员会(FOMC)中部分成员倾向于尽早降息。 不过，由于9月下次会议前将有大量经济数据公布，这位美联储主席可能会选择保留操作空间，直到经 济走向和政策的正确路径更加清晰为止。 "毫无疑问，FOMC将维持利率不变，"银行政策研究所首席经济学家比尔·纳尔逊周二在报告中表示。曾 担任美联储高级经济学家的纳尔逊指出："问题在于，他们是否会传递出对9月会议降息更开放的态 度。" 美国总统唐纳德·特朗普一直在呼吁降息。此外，鲍威尔肯定还会被问及美联储耗资25亿美元的大楼翻 新项目——这已成为共和党人攻击美联储的靶点。 美联储的利率决议将于美东时间周三下午2点公布，鲍威尔将在之后30分钟召开会后新 ...

Market Overview - The A-share major indices showed mixed performance, with the Shanghai Composite Index up by 0.52% at 3628.53 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index decreased by 0.71% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 110.22 billion yuan, a decrease of 43.6 billion yuan compared to the previous day, with over 2000 stocks rising [1] Sector Performance - The film and cinema sector experienced a significant rally, with stocks like Happiness Blue Ocean achieving five consecutive trading limits, and Jin Yi Film and Ciweng Media hitting the daily limit. The summer box office surpassed 5.5 billion yuan, with "Nanjing Photo Studio" grossing over 600 million yuan [1] - The overnight international oil price increased by over 3%, leading to a rise in oil and gas stocks, with Keli Co. and Tongyuan Petroleum both rising by over 5% [1] - The innovative drug sector maintained its momentum, with Dongcheng Pharmaceutical and Chenxin Pharmaceutical hitting the daily limit [1] - The financial sector saw a "de-involution" trend, with bank stocks generally rising, including Ping An Bank and Postal Savings Bank, both increasing by nearly 2% [1] Declining Sectors - The battery sector faced significant declines, with Xinyu Ren and Zhengye Technology both dropping by over 5% [1] - The diversified financial concept stocks fell, with Nanhua Futures decreasing by nearly 7% and Zhongyou Capital dropping by nearly 6% [1] - The rare earth permanent magnet concept stocks also saw widespread declines, with Shenghe Resources and Huahong Technology both falling by over 6% [1]

Group 1 - The banking sector has seen a resurgence, with the bank AH preferred ETF (517900) rising by 0.63% as of 10:47 AM on July 30, reaching a peak increase of 0.82% [1] - Major banks such as China Merchants Bank, Industrial Bank, and Agricultural Bank have shown positive performance, with increases of 1.36%, 1.01%, and 0.58% respectively, while Bank of Communications experienced a slight decline of 0.14% [1] - The fund has experienced a net inflow of funds for four consecutive days as of July 29 [1] Group 2 - According to a report from CITIC Securities, the recent pullback in the banking sector was influenced by capital outflows following the dividend season, particularly from quantitative funds seeking to confirm returns [1] - The report suggests that the impact of capital fluctuations and style changes has already materialized, and the mid-term performance of the banking sector will continue to be driven by the revaluation of net assets [1] - The report anticipates that the absolute return trend in the banking sector will persist, with trading funds focusing on undervalued stocks and allocation funds continuing to favor beta stocks [1]

Core Viewpoint - The A-share market has experienced a continuous upward trend since mid-June, with all three major indices reaching new highs for the year, driven by significant capital inflows and supportive macro policies [1] Group 1: Market Performance - As of July 30, the three major stock indices showed slight gains, with the Shanghai 180 Index continuing to rise [1] - The Shanghai Composite Index closed at 3609 points, up 0.33%, the Shenzhen Component Index at 11289 points, up 0.64%, and the ChiNext Index at 2406 points, up 1.86% [1] Group 2: Key Stocks - Notable performers included WuXi AppTec, which rose by 2.71%, China Ping An by 2.19%, and Zijin Mining by 1.33%, while Guizhou Moutai, Yangtze Power, and Industrial Bank also saw slight increases [1] Group 3: Analyst Insights - The Chief Analyst of A-share Strategy at CITIC Securities, Qiu Xiang, indicated that the significant improvement in capital inflows and ongoing macro policies have shifted the A-share market towards an incremental market [1] - Investment strategies are recommended to transition from trading-oriented to holding-oriented, with resilient fundamentals in sectors like AI and innovative pharmaceuticals becoming core investment themes [1] - Sectors with appropriate valuation levels are expected to present good allocation opportunities [1]

7月29日，蜀道集团与中国建设银行在成都举行会谈，就深化银企合作，共谋高质量发展进行交流。 ...

《金融时报》记者注意到，在政策发布后，多家商业银行细化了金融支持提振消费的行动"路线图"，通 过深耕消费场景、强化产品创新、优化资源配置等一系列组合式服务，为消费市场注入更多金融活水。 多家银行打出促消费"组合拳" 近1个多月来，已有青海、云南、福建、吉林等多地金融监管局就金融促消费发布了相关指导意见。其 中，吉林金融监管局明确提出，将金融助力提振消费纳入日常监管，通过窗口指导、现场督导等方式做 好督促指导。 各地政策发布后，多家银行也进一步优化了下半年提振消费行动方案，全面加大对促消费、扩内需的金 融支持力度。 继《中信银行（601998）金融助力提振消费专项行动方案》发布后，近期，中信银行又推出了金融支持 提振和扩大消费实施细则。据中信银行相关负责人介绍，该行将通过"信贷支持+场景优惠+绿色激 励"的"组合拳"，有效降低居民消费成本，提升消费意愿。 7月21日，江苏银行（600919）也积极响应国家提振消费政策号召，发布了《江苏银行金融支持提振和 扩大消费的"18条"落实举措》，通过支持增强消费能力、提升金融机构服务能力、聚焦重点消费领域等 六大主题18条举措，全方位助力消费市场释放活力。 消费"热"，经 ...

2025 年 7 月 30 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 中国股市涨跌互现。港股回调，资讯科技、金融与电讯下跌，医疗、工业与 能源上涨。A 股上涨，通信、钢铁与生物医药领涨，农业、银行与美容护理 下跌。随着经济再平衡政策推进，A 股相对港股可能具有更大补涨空间。国 债期货下跌，人民币汇率走平。焦煤日内大跌后，夜盘大幅反弹。中美经贸 会谈在瑞典举行，双方将推动 8 月 12 日到期的关税休战协议再展期 90 天。 中美元首可能在 10 月底韩国 APEC 峰会前后会晤，在此之前双方将努力创 造良好氛围。 韩国计划学习日本以对美投资换关税协议。三星电子与特斯拉签署 165 亿美 元芯片制造协议后，考虑在美国投资 70 亿美元建立先进芯片封装厂，这将 是三星继 Taylor 晶圆厂后在美半导体领域又一重大投资。三星项目若能快速 落地，将填补美国本土高 ...

Core Viewpoint - The A-share market has seen a collective rise in bank stocks, with notable increases in Postal Savings Bank and Ping An Bank exceeding 2% [1] Group 1: Stock Performance - Postal Savings Bank (601658) increased by 2.67%, with a total market value of 691.7 billion and a year-to-date increase of 6.39% [2] - Ping An Bank (000001) rose by 2.11%, with a market value of 244.5 billion and a year-to-date increase of 11.07% [2] - Qingnong Commercial Bank (002958) saw a rise of 1.99%, with a market value of 19.9 billion and a year-to-date increase of 21.86% [2] - Other banks such as Chongqing Rural Commercial Bank (601077), CITIC Bank (601998), Agricultural Bank of China (601288), and others also reported increases ranging from 1.08% to 1.78% [2] Group 2: Market Trends - The overall trend indicates a positive sentiment in the banking sector, with multiple banks showing significant year-to-date performance improvements, particularly Qingnong Commercial Bank and Agricultural Bank of China, both exceeding 20% [2] - The collective rise in bank stocks suggests a potential recovery or growth phase in the banking industry, attracting investor interest [1]