1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On July 23, 2025, more than half of the convertible bond industries declined, and the valuation decreased compared to the previous day. The CSI Convertible Bond Index dropped by 0.04%, while the Shanghai Composite Index rose by 0.01%. The trading sentiment in the convertible bond market increased, with the trading volume reaching 85.925 billion yuan, a 6.46% increase from the previous day. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The overall weighted average closing price of convertible bonds was 126.48 yuan, a 0.04% decrease from the previous day [3]. - In the stock market, 23 industries declined, with the top three declining industries being Building Materials (-2.27%), National Defense and Military Industry (-1.60%), and Machinery and Equipment (-1.29%); the top three rising industries were Non - Banking Finance (+1.29%), Beauty and Personal Care (+0.59%), and Household Appliances (+0.58%). In the convertible bond market, 16 industries declined, with the top three declining industries being National Defense and Military Industry (-1.66%), Non - Ferrous Metals (-1.02%), and Steel (-1.02%); the top three rising industries were Building Materials (+4.54%), Communication (+1.27%), and Beauty and Personal Care (+0.66%) [5]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index closed at 459.42, down 0.04% for the day, up 2.71% in the past week, 6.08% in the past month, and 10.82% since the beginning of 2025. The Shanghai Composite Index closed at 3582.30, up 0.01% for the day, 2.21% in the past week, 6.62% in the past month, and 6.88% since the beginning of 2025. Different convertible bond and stock market indices showed various trends in daily, weekly, monthly, and year - to - date performance [9]. Market Fund Performance - The trading volume of the convertible bond market was 85.925 billion yuan, a 6.46% increase from the previous day, while the total trading volume of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease from the previous day. The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan, and the yield of the 10 - year Treasury bond increased by 1.34bp to 1.70% [3]. Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 126.48 yuan, down 0.04% from the previous day. The proportion of high - price bonds (above 130 yuan) decreased by 1.71 percentage points to 41.97%, and the proportion of bonds in the 110 - 120 yuan range increased by 1.5 percentage points to 20.99%. The median price was 127.89 yuan, down 0.59% from the previous day [4]. - The 100 - yuan par - value fitted conversion premium rate was 27.32%, down 0.36 percentage points from the previous day. The overall weighted par value was 96.85 yuan, up 0.51% from the previous day. The premium rates of different types of convertible bonds (equity - biased, debt - biased, and balanced) showed different trends [4]. Industry Performance - In the stock market, 23 industries declined, and in the convertible bond market, 16 industries declined. In terms of different sectors, the closing price of the large - cycle sector increased by 0.08%, the manufacturing sector decreased by 0.41%, the technology sector decreased by 0.07%, the large - consumption sector increased by 0.09%, and the large - finance sector increased by 0.12%. The conversion premium rates, conversion values, and pure - debt premium rates of different sectors also showed different trends [5]. Industry Rotation - Non - Banking Finance, Beauty and Personal Care, and Household Appliances led the rise. Different industries had different daily, weekly, monthly, and year - to - date price changes, as well as different valuation quantiles such as PE (TTM), PB (LF), and their 3 - year and 10 - year quantiles [54].

Group 1 - The core viewpoint of the article highlights that despite market fluctuations, active equity funds have increased their stock holdings, with a total market value of 2.9 trillion yuan for active equity funds and 3 trillion yuan for passive index ETFs as of the end of Q2 [1] - Active equity funds have raised their stock positions in Q2, with ordinary stock funds increasing by 0.6% to 88.9%, mixed equity funds up by 0.1% to 87.2%, and flexible allocation funds rising by 0.6% to 75.5% [1] - The market value of Hong Kong stocks held by active equity funds reached 325.46 billion yuan, accounting for 19.7% of their total holdings, which is an increase of 0.7% from Q1 [1] Group 2 - The highest allocation sectors for active equity funds in Q2 were electronics, pharmaceuticals, and power equipment, with allocations of 18.8%, 10.9%, and 9.9% respectively [1] - The sectors with the most significant increases in allocation were telecommunications, banking, and national defense, while the sectors with the largest reductions were food and beverage, automotive, and power equipment [1] - The overseas AI computing sector has emerged as a prominent area for fund managers to increase their positions, particularly in the overseas AI computing supply chain, which has become a consensus among institutions [1] Group 3 - In Q2, the fund with the highest net subscription was Yongying Advanced Manufacturing Select C, which had a net subscription of 1.491 billion shares despite a return rate of -4.06%, bringing its total scale to 10.869 billion yuan [5] - The funds that experienced the most significant outflows included Huatai-PineBridge Medical Service A and Bank of China Innovation Medical A, with net redemptions of 1.441 billion shares and 1.016 billion shares respectively [8] - The article notes that the technology sector has seen a return to volatility, yet many fund managers have chosen to increase their positions and adopt a more aggressive strategy [11]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Overseas, the trade agreement between the US and Japan and the positive negotiations with the EU boosted investor confidence, leading to a collective rise in the three major US stock indices. Domestically, the strong upward movement of the financial sector provided strong support for the index, but overall market sentiment tended to be cautious, with signs of profit - taking in previously strongly rebounding sectors. It is expected that the cautious market sentiment will continue today. Although the view of strategically bullish on stock indices in the medium - to - long term is maintained, short - term operations need to be cautious [1][2][3] 3) Summary by Relevant Catalogs Market Analysis - **International Trade**: The US and Japan reached a trade agreement. The "reciprocal tariff" rate imposed by the US on Japan will be reduced from 25% to 15%. Japan will increase the import of US rice under the "minimum access system" and commit to investing $550 billion in the US. Japan will purchase $8 billion worth of US goods. The EU and the US are moving towards an agreement that will set a 15% tariff rate for most products. China and the US will hold economic and trade talks in Sweden from July 27th to 30th [1] - **Stock Market**: In the domestic spot market, the three major A - share indices rose and then fell. The Shanghai Composite Index rose 0.01% to close at 3582.30 points, and the ChiNext Index fell 0.01%. Sector indices mostly declined, with non - bank finance, beauty care, and household appliances leading the gains, while building materials, national defense and military industry, machinery, and power equipment sectors leading the losses. The trading volume in the Shanghai and Shenzhen stock markets remained at 1.9 trillion yuan. In the overseas market, the three major US stock indices all closed higher, with the Dow Jones Industrial Average rising 1.14% to close at 45010.29 points [2] - **Futures Market**: In the futures market, the basis of stock index futures showed differentiation, with only the IM discount continuing to repair. In terms of trading volume and open interest, both the trading volume and open interest of stock index futures increased [2] Strategy - Overseas events boosted investor confidence, while domestic market sentiment was cautious. Although the medium - to - long - term view is bullish on stock indices, short - term operations should be cautious [3] Chart Summary - **Macroeconomic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [7][8][10] - **Spot Market Tracking Charts**: The table shows the daily performance of major domestic stock indices on July 23, 2025, and July 22, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. There are also charts of the trading volume in the Shanghai and Shenzhen stock markets and margin trading balances [13][14] - **Stock Index Futures Tracking Charts**: Tables show the trading volume and open interest of stock index futures (IF, IH, IC, IM), the basis of stock index futures (including different contract periods), and the inter - period spreads of stock index futures. There are also corresponding charts for each item [18][40][50]

Domestic Market Overview - The Shanghai Composite Index closed at 3582.3 points, up 0.01%, while the Shenzhen Component Index closed at 11059.04 points, down 0.37%. The ChiNext Index decreased by 0.01%, and the STAR Market 50 Index increased by 0.45%. The total trading volume of the A-share market was 18984 billion, slightly down from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 4 sectors saw gains, with non-bank financials, home appliances, and banks leading the increase. Conversely, building materials, defense, and comprehensive finance experienced significant declines [1][4][9] Overseas Market Overview - On July 23, all three major U.S. stock indices rose, with the Dow Jones Industrial Average increasing by 1.14%, the S&P 500 rising by 0.78%, and the Nasdaq gaining 0.61%. Notably, Merck rose nearly 3%, and UnitedHealth Group increased by over 2% [2][4] News Highlights - The Ministry of Commerce announced that He Lifeng will visit Sweden from July 27 to 30 for economic and trade talks with the U.S. [3][11] - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18 this year, implementing a series of liberalization policies [3][12] - The Public Security Bureau will strengthen the regulation of "smart driving" systems in vehicles [3][14] - A cross-provincial real estate registration mechanism has been established among Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen, benefiting over 90 million people [3][15] - The U.S. and Japan have reached an agreement on tariff negotiations, reducing the tariff rate on Japan from 25% to 15% [3][17]

Market Overview - The market experienced a high opening followed by a decline, with the Shanghai Composite Index losing the 3600-point mark [2][4] - The trading volume in the Shanghai and Shenzhen markets was 1.86 trillion, a decrease of 28.4 billion from the previous trading day, indicating active trading sentiment [4] Sector Performance - Non-bank financials, beauty care, household appliances, banking, and environmental protection sectors showed positive performance, while construction materials, defense, machinery, power equipment, and social services sectors lagged [2][4] - Notable concept indices included high-pressure oxygen chambers, internet insurance, cell immunotherapy, gene sequencing, and CRO concepts performing well, while military restructuring, Hainan Free Trade Zone, and other concepts faced declines [2][4] Investment Opportunities - The report highlights the importance of focusing on sectors such as TMT (Technology, Media, and Telecommunications), machinery, coal, and finance for potential investment opportunities [4] - The Hainan Free Trade Port's operational timeline was confirmed, with plans to expand zero-tariff goods and enhance the investment environment, which may create new investment opportunities [3]

Market Performance - On July 23, 2025, the Shanghai Composite Index fluctuated and lost the 3600-point level, closing at 3582.30, up 0.01%[15] - The Shenzhen Component Index fell by 0.37%, closing at 11059.04, while the ChiNext Index decreased by 0.01%[15] - Total market turnover was 18642.75 billion CNY, a decrease of 284.50 billion CNY from the previous trading day[15] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors declined; leading sectors included Non-Bank Financials (up 1.31%), Home Appliances (up 0.51%), and Banks (up 0.38%)[20] - The worst-performing sectors were Building Materials (down 2.56%), Defense and Military (down 1.80%), and Comprehensive Finance (down 1.35%)[20] - In terms of investment style, Financials outperformed, followed by Consumption and Growth, while Large-Cap Value stocks led over Large-Cap Growth stocks[20] Capital Flow - On July 23, 2025, the net outflow of main funds was 646.03 billion CNY, with large orders seeing a net outflow of 346.87 billion CNY and super large orders a net outflow of 299.17 billion CNY[24] - Small orders continued to see a net inflow of 609.73 billion CNY, while medium orders had a slight inflow of 10.19 billion CNY[24] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw varied trading volumes, with the SSE 50 ETF trading at 21.25 billion CNY, an increase of 2.14 billion CNY from the previous day[29] - The CSI 500 ETF had a trading volume of 17.65 billion CNY, up by 3.66 billion CNY, while the CSI 1000 ETF traded at 10.37 billion CNY, an increase of 2.32 billion CNY[29] Global Market Overview - On July 23, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.62% at 25538.07 points and the Nikkei 225 up 3.51% at 41171.32 points[33] - In contrast, European indices showed mixed results, with the DAX down 1.09% and the FTSE 100 up 0.12%[33]

Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.01% to close at 3582.30 points, the Shenzhen Component Index fell 0.37% to close at 11059.04 points, and the ChiNext Index fell 0.01% to close at 2310.67 points. The total trading volume of A-shares in the two markets was 1898.7 billion yuan. The top-performing sectors were non-bank finance (1.29%), beauty care (0.59%), and household appliances (0.58%), while the worst-performing sectors were building materials (-2.27%), national defense and military industry (-1.60%), and machinery and equipment (-1.29%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia SSE STAR 50 ETF (up 0.47%, premium rate 0.46%), Huatai-PineBridge CSI 300 ETF (down 0.05%, premium rate 0.15%), and Cathay CSI All-Securities Company ETF (up 0.84%, premium rate 0.89%) [3][7]. 3. Bond ETFs - The top trading volume bond ETFs were Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF (down 0.10%, premium rate -0.11%), Haitong CSI Short-Term Financing Bond ETF (up 0.00%, premium rate -0.02%), and Penghua CCDC 30-Year Treasury Bond ETF (down 0.18%, premium rate 0.08%) [4][9]. 4. Gold ETFs - Gold AU9999 rose 1.04% and Shanghai Gold rose 0.98%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.99%, premium rate 0.94%), E Fund Gold ETF (up 0.97%, premium rate 0.89%), and Bosera Gold ETF (up 0.98%, premium rate 0.94%) [12]. 5. Commodity Futures ETFs - The top trading volume commodity futures ETFs were Huaxia Feed Soybean Meal Futures ETF (up 0.35%, premium rate 0.41%), CCB E Fund YiSheng Energy and Chemical Futures ETF (down 1.08%, premium rate -0.18%), and Dacheng Nonferrous Metals Futures ETF (down 0.35%, premium rate -0.23%) [13][14]. 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.40%, the Nasdaq fell 0.39%, the S&P 500 rose 0.06%, and the German DAX fell 1.09%. Today, the Hang Seng Index rose 1.62% and the Hang Seng China Enterprises Index rose 1.82%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 2.89%, premium rate 2.40%), GF CSI Hong Kong Innovative Drugs ETF (down 0.07%, premium rate 0.07%), and Huaxia Hang Seng Internet Technology Industry ETF (up 3.86%, premium rate 3.42%) [15]. 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, HuaBaoTianYi ETF, and CCB TianYi Money Market ETF [17][19].

电力设备行业资金流出榜 沪指7月23日上涨0.01%，申万所属行业中，今日上涨的有8个，涨幅居前的行业为非银金融、美容护理，涨幅分别为1.29%、0.59%。跌幅居前的行业为建筑材料、国防军工，跌幅分别为2.27 资金面上看，两市主力资金全天净流出515.28亿元，今日有8个行业主力资金净流入，非银金融行业主力资金净流入规模居首，该行业今日上涨1.29%，全天净流入资金28.59亿元，其次是银行 主力资金净流出的行业有23个，电力设备行业主力资金净流出规模居首，全天净流出资金101.71亿元，其次是机械设备行业，净流出资金为70.34亿元，净流出资金较多的还有国防军工、建筑 电力设备行业今日下跌1.20%，全天主力资金净流出101.71亿元，该行业所属的个股共359只，今日上涨的有32只，涨停的有1只；下跌的有325只。以资金流向数据进行统计，该行业资金净流 电力设备行业资金流入榜 ...

Overview of Public Fund Market - As of June 30, the total net asset value of the public fund market reached 33.72 trillion yuan, with money market funds accounting for 14.23 trillion yuan, representing 42.2% of the total [1] - Bond funds totaled 10.91 trillion yuan, making up 32.36%, while equity funds reached 4.27 trillion yuan, accounting for 12.66% [1] - Mixed funds stood at 3.21 trillion yuan, representing 9.51%, and QDII funds totaled 590.2 billion yuan, or 1.75% [1] - The total net asset value of public funds grew by 1.42 trillion yuan in the first half of the year, with a share increase of 763.6 billion units [1] Fund Performance and Changes - In the first half of the year, equity funds saw a net asset value increase of 201.7 billion yuan, with a share increase of 85.5 billion units [1] - Mixed funds experienced a net asset value growth of 31.8 billion yuan but faced a net redemption of 116.4 billion units [1] - Bond funds increased by 376.2 billion yuan in net asset value, with a share growth of 127.7 billion units [1] - Money market funds grew by 622.6 billion yuan in net asset value, with a share increase of 622.7 billion units [1] Active Equity Fund Dynamics - As of the end of Q2 2025, the number of active equity funds totaled 4,582, with a combined net asset value of 34.65 trillion yuan, a decrease of 211.8 billion yuan from the previous quarter [7] - Active equity funds held stocks valued at 2.94 trillion yuan, with stock positions rising to 84.24%, the highest level since 2005 [10] - The proportion of A-shares in active equity fund asset allocation continued to decline, dropping from 70.80% to 70.05% [10] Sector Allocation Insights - In Q2 2025, the top sectors by holding value included electronics (18.67%), pharmaceuticals (10.91%), and electric equipment (9.89%) [17] - The allocation to the technology growth sectors, including communications and defense, saw significant increases, while financial sectors remained under-allocated [20] - The semiconductor, chemical pharmaceuticals, and battery industries ranked high in terms of holding value among active equity funds [20] ETF Market Expansion - By June 30, 2025, the total net asset value of domestic non-money ETFs reached 4.15 trillion yuan, with stock ETFs accounting for 3.04 trillion yuan [22] - The stock ETF market grew by 203.7 billion yuan in Q2 2025, driven by significant capital inflows [25] - The net inflow for stock ETFs was 103.3 billion yuan, with new ETF establishments contributing 38.4 billion yuan [25]