7月3日，美国众议院以218票赞成、214票反对的结果，通过了"大而美"法案。次日，白宫椭圆形办公室内，特朗普正式签 署生效。 公众层面关于这份法案的第一印象，大多是关于马斯克和特朗普这对恩怨CP。实际上，掩盖在喧嚣之下的，还有"大而 美"法案新增的1500亿军费开支。如果得到落实，2026年美国的军费开支总额将突破1万亿美元——要知道2024年全球突破 万亿美元GDP大关的国家，不过18个。 可以预见的是，未来军费规模飙升的不仅仅只有美国，欧洲、韩日也在美国的施压下抬升了军费开支。根据斯德哥尔摩国 际和平研究所（Sipri)公布的报告显示，2024年全球军费开支的涨幅是冷战结束以来最大水平。 视线转向国内。与国际趋势相比，我国军费开支占GDP比重仍相对温和，A股军工板块的估值也长期在低位徘徊。 经历"歼十"带来的市场热度后，核心问题逐渐浮出水面：作为潜在的国家核心资产，中国军工企业目前的估值水平如何、 业绩整体的情况又如何、估值改善的预期又有哪些？ 01 行业基本面：整体估值中等偏上，利润五年负增长 （1）整体的估值水平及热度 首先来看一下国防军工板块整体的估值水平。 目前，申万国防军工板块一级行业整体的P ...

Group 1 - The average position of public actively managed equity mixed funds is approximately 85.99% as of July 25, reflecting an increase of 2.05 percentage points from the previous week [1] - The sectors with increased positions include electronics, defense and military industry, consumer services, machinery, and textile and apparel [1] - The sectors with decreased positions include telecommunications, agriculture, forestry, animal husbandry and fishery, media, home appliances, and oil and petrochemicals [1]

Market Overview - On July 28, the Shanghai Composite Index rose by 0.12%, the CSI 300 increased by 0.21%, the STAR Market 50 gained 0.09%, the CSI 1000 was up by 0.35%, the ChiNext Index climbed by 0.96%, and the Hang Seng Index increased by 0.68% [3][4] - The best-performing sectors on July 28 were defense and military (+1.86%), non-bank financials (+1.51%), pharmaceutical and biological (+1.47%), comprehensive (+1.29%), and communication (+1.24%). The worst-performing sectors were coal (-2.6%), steel (-1.41%), transportation (-1.38%), oil and petrochemicals (-1.02%), and textiles and apparel (-0.93%) [3][4] - The total trading volume for the A-share market on July 28 was 1.7662 trillion yuan, with a net inflow of 9.253 billion Hong Kong dollars from southbound funds [3][4] Key Insights - The report emphasizes a focus on consumption and growth styles, with industry attention on electric equipment, non-ferrous metals, pharmaceuticals, electronics, and brokerage firms [5] - The report suggests that under the current monetary environment, the "dumbbell strategy" remains effective, but the large-cap growth style may attract market attention in the short term [5] - Factors driving this outlook include strong support from hydropower projects and policy catalysts such as "anti-involution" and Hainan's customs closure, which have impacted the previously strong dumbbell strategy [5] - The report recommends increasing focus on mid-to-large-cap growth styles in August, particularly in sectors related to consumption and growth, as well as electric equipment and non-ferrous metals influenced by industry trends in pharmaceuticals (innovative drugs, AI healthcare) and electronics [5]

Market Overview - The A-share market has shown a strong upward trend, with all three major indices rising and the Shenzhen Component Index and ChiNext Index reaching new highs for the year [1][2] - Over 2,700 stocks in the A-share market increased in value, with more than 60 stocks hitting the daily limit [1] - The total market turnover was 1.77 trillion yuan, slightly down from the previous trading day [1][2] Sector Performance - The PCB sector experienced a surge, with multiple stocks hitting the daily limit, including Chipbond Technology and Tongguan Copper Foil, which saw price increases of 20% [3] - Other active sectors included PEEK materials, rare earths, and optical modules, while sectors like building materials, coal, and shipping saw some adjustments [2] - In the Shenwan first-level industry classification, defense and military, non-bank financials, and pharmaceutical industries led the gains, with increases of 1.86%, 1.51%, and 1.47% respectively [2] Financing and Investment Trends - As of July 25, the financing balance in the A-share market reached 1.933841 trillion yuan, the highest in over four months, with a net increase of over 95 billion yuan in July [3][4] - The majority of industries saw an increase in financing balance, with pharmaceuticals, non-ferrous metals, and machinery leading in net buying amounts [3] - A total of 182 stocks saw over 100 million yuan in increased positions from financing clients, with notable increases in stocks like Feilihua and China Power Construction [3] Market Sentiment and Future Outlook - Analysts suggest that the current market strength is supported by high-risk appetite from various funds, including private equity and retail investors, alongside positive policy developments [4][5] - The consensus remains focused on "low valuation cycle recovery" and "technology growth industry trends" as the main investment themes [5] - Future attention is recommended for sectors with high or improving economic conditions, such as coking coal, steel, building materials, and semiconductors [5]

创纪录投资提振经济，德国政府"财政火箭筒"正在陆续射出。 在核心预算层面，借贷规模将出现显著增长。报道援引财政部消息人士称，核心预算借贷将从2024年的 333亿欧元跃升至2026年的899亿欧元。 据媒体周一报道，德国财政部消息人士透露称，政府将于周三批准一项包含创纪录投资规模的2026年预 算草案，投资金额高达1267亿欧元（约1476亿美元），作为基础设施和国防"财政火箭筒"计划的重要组 成部分。 这一大规模支出计划是德国政府振兴疲软经济的关键举措。德国是G7国家中唯一连续两年未实现增长 的经济体，政府预测今年经济仍将陷入停滞。 特别基金助力投资激增，核心预算借贷大幅增长 德国政府此次投资激增主要依靠两大特别基金的支持。 其中，5000亿欧元的基础设施特别基金将在2026年增加589亿欧元的借贷，该基金同样不受德国"债务刹 车"规则约束。 "债务刹车"规则将借贷限制在GDP的0.35%以内，但基础设施投资获得了豁免。这为德国政府大规模基 础设施投资扫清了法律障碍。 在国防支出方面，德国前总理朔尔茨在俄乌战争爆发后设立的1000亿欧元国防特别基金将在2026年增加 255亿欧元的借贷，该基金预计将在202 ...

Market Overview - The A-share market experienced an overall increase on July 28, with the Shanghai Composite Index closing at 3597.94 points, up 0.12%, the Shenzhen Component Index at 11217.58 points, up 0.44%, and the ChiNext Index at 2362.6 points, up 0.96% [1] - The total trading volume for both markets was 17423.07 billion, a decrease of 450.29 billion compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 110 billion, with a total net outflow of 112.73 billion for the day [2] - The opening net outflow was 66.2 billion, and the closing net outflow was 2.3 billion [2] - Over the last five trading days, the main funds have shown a consistent trend of outflow, with the highest outflow recorded on July 23 at 408.34 billion [3] Sector Performance - The CSI 300 index saw a net inflow of 4.04 billion, while the ChiNext experienced a net outflow of 31.21 billion [4] - The electronic industry achieved a net inflow of 51.20 billion, with a growth of 1.39%, while the defense and military industry saw a net inflow of 38.08 billion, growing by 2.20% [7] - In contrast, the computer sector faced a significant net outflow of 99.75 billion, with a minimal growth of 0.11% [7] Top Stocks - The top stocks with the highest net inflow from institutions included ShenNan Circuit with a 10.00% increase and a net buy of 229.78 million, and Astone with a 9.18% increase and a net buy of 84.84 million [10] - Conversely, stocks like Xingye Technology and Guangxun Technology faced substantial net outflows, with declines of 8.62% and 10.00%, respectively [10] Investment Recommendations - Notable investment recommendations include WanNianQing with a target price of 6.8, currently at 6.24, indicating an upside potential of 8.97% [11] - Other stocks such as JiaAo Environmental Protection and China Duty Free have target prices significantly above their current prices, suggesting strong buy signals [11]

日本防卫省周一公布了旨在通过公私部门合作提高太空领域防御能力的指导方针。 （日本时事通讯 社） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, A-share market showed strong bullish sentiment, with significant trading volume increase. Cyclical stocks performed well, but funds shifted from high - risk themes to low - risk and high - certainty targets on Thursday and Friday. [2][11] - Active equity funds in the second - quarter adjusted their positions around prosperity and valuation repair, with a focus on the computing power chain, innovative drugs, military, and financial sectors. [12] - The "anti - involution" market is a theme - driven market under a capital - rich environment, and state - owned enterprises may see more marginal improvements. [13] - The technology wave is ongoing, with AI still having room for growth, and semiconductors are also worth attention due to potential low - level rebound. [4][13] Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 21 to 25, 2025, major A - share indices rose. The average daily trading volume was about 1.85 trillion yuan, a significant increase of 300 billion yuan compared to the previous week. Cyclical stocks led the rise, but funds shifted on Thursday and Friday. [11] - **Public Fund Q2 Report Adjustment**: Active equity funds increased their positions in the ChiNext and slightly raised their Hong Kong stock holdings. They concentrated less on heavy - position stocks. The top five industries for increased holdings were communication, medicine, non - bank finance, bank, and national defense and military industry, while the top five for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. [12] - **Re - discussion on "Anti - involution"**: The "anti - involution" theme stimulates traditional cyclical industries. It is a theme - driven market, and state - owned enterprises may have more marginal improvements. [13] - **Technology Sector Rebound**: The 2025 World Artificial Intelligence Conference was held. The AI industry is booming, and semiconductors may benefit from low - level rebound. [13] 1.2. Public Fund Market Dynamics - On July 24, the second batch of 12 new floating - rate funds was approved, including industry - themed products. Some funds adjusted their management fee thresholds to strengthen performance constraints. [4][14] 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection - The index selects 15 funds equally weighted, with core positions balanced according to the style distribution of the CSI Active Stock Fund Index. Its performance benchmark is the Active Stock Fund Index (930980.CSI). It rose 1.67% last week and has a cumulative excess return of 12.31% since its establishment. [15][16] 2.2. Value Stock Fund Selection - The index includes value - style funds, selecting 10 funds based on style classification. Its performance benchmark is the CSI 800 Value Index (H30356.CSI). It rose 2.49% last week and has a cumulative excess return of - 3.41% since its establishment. [15][19] 2.3. Balanced Stock Fund Selection - The index selects 10 balanced - style funds. Its performance benchmark is the CSI 800 (000906.SH). It rose 1.25% last week and has a cumulative excess return of 6.01% since its establishment. [15][20] 2.4. Growth Stock Fund Selection - The index selects 10 growth - style funds. Its performance benchmark is the 800 Growth Index (H30355.CSI). It rose 1.68% last week and has a cumulative excess return of 18.39% since its establishment. [15][24] 2.5. Pharmaceutical Stock Fund Selection - The index selects 15 pharmaceutical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the pharmaceutical - themed fund index. It fell 0.95% last week and has a cumulative excess return of 22.21% since its establishment. [15][26] 2.6. Consumption Stock Fund Selection - The index selects 10 consumption - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the consumption - themed fund index. It rose 0.84% last week and has a cumulative excess return of 14.87% since its establishment. [15][28] 2.7. Technology Stock Fund Selection - The index selects 10 technology - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the technology - themed fund index. It rose 2.35% last week and has a cumulative excess return of 17.37% since its establishment. [15][32] 2.8. High - end Manufacturing Stock Fund Selection - The index selects 10 high - end manufacturing - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the high - end manufacturing - themed fund index. It rose 1.67% last week and has a cumulative excess return of - 2.78% since its establishment. [15][32] 2.9. Cyclical Stock Fund Selection - The index selects 5 cyclical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the cyclical - themed fund index. It rose 2.28% last week and has a cumulative excess return of - 0.40% since its establishment. [15][37]

| 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 ...

Market Overview - The stock market exhibited a volatile and differentiated pattern on July 28, with major indices showing mixed results. The cyclical sector, which performed strongly last week, experienced a pullback, while the technology and pharmaceutical sectors acted as a "dual engine" for growth [1][2]. A-Share Market Performance - The Shanghai Composite Index opened higher but experienced a decline, closing down 0.17% at 3587.69 points. The Shenzhen Component Index fell by 0.16%, while the ChiNext Index rose by 0.1%, indicating resilience in growth sectors. The STAR 50 and Northbound 50 indices dropped by 0.27% and 0.38%, respectively, highlighting significant structural characteristics in the market. The total trading volume reached 1.14 trillion yuan, maintaining a high level of market activity [1]. Sector Performance in A-Shares - The technology and pharmaceutical sectors formed a "dual engine" for growth, with the PCB concept surging due to technological breakthroughs and AI hardware demand. New materials like PEEK also saw gains, driven by innovations from Shanghai's AI laboratory and Tesla's robotics progress. The defense and military sector rose by 1.07%, reflecting investor interest in policy-sensitive themes. The pharmaceutical sector showed multiple points of growth, with leading innovative drug companies benefiting from major collaborations, while antibiotic stocks also gained, indicating improvements in the industry fundamentals and policy support [2]. Hong Kong Market Performance - The Hong Kong market mirrored the A-share market's sectoral differentiation. The financial index rose by 1.14%, with the Hang Seng Insurance Index leading with a 2.17% increase, reflecting a preference for undervalued financial assets. The pharmaceutical and biotechnology sector surged by 3.14%, with the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug 50 Index rising by 1.85%, highlighting investor focus on pharmaceutical R&D breakthroughs and policy benefits [3]. Overall Market Sentiment - The current market is characterized by "high-level fluctuations and structural rotation," with continued inflow of incremental capital suggesting limited adjustment space. The driving logic includes clear messages from patent releases, conference catalysts, and order benefits. Following a cooling in cyclical stocks due to policy adjustments, capital has accelerated into technology growth sectors, with sustained activity in innovative drugs and financial stocks reflecting a consensus on policy support and fundamental improvements [3]. Strategic Insights - Short-term operations should focus on capital movements, paying attention to active trading and policy-driven opportunities in financial and pharmaceutical sectors. In the medium term, the focus should be on long-term benefits from industrial transformations, particularly in the broad technology field (AI computing power, robotics, digital economy), new consumption sectors (AI hardware, segmented consumption upgrades), and non-ferrous metals benefiting from domestic substitution, demand recovery, and "anti-involution" policies [4].