Report Industry Investment Rating - Not provided in the content Core Views - Since late June, the A-share market has been rising, primarily driven by loose liquidity. International capital inflows into non - US dollar assets due to the "weak dollar" trend, and domestic enterprise deposit - loan data has improved, making the stock market more attractive. However, fundamental data remains at a low level, and there are pressures for the index to continue rising. In this context, the index is expected to fluctuate in the short term, and different investment strategies can be adopted [3]. Summary by Relevant Catalogs 1. Market Performance in July - **1.1: Liquidity - driven Index Rise** - In July, the liquidity - driven market led to an index increase. Wind All - A rose by 4.75%, reaching a new high for the year, with significantly higher average daily trading volume. The large - cap growth style was strong, and the barbell strategy that performed well in the first half of the year underperformed the average. Specific index gains include: CSI 1000 up 4.8%, CSI 500 up 5.25%, SSE 50 up 2.36%, and SSE 300 up 3.54% [6]. - **1.2: Index Valuation at 1 - standard - deviation Level** - The index valuation is at the 1 - standard - deviation level, but no further detailed analysis is provided in the text [7]. - **1.3: Volatility and Margin Trading** - The implied volatility of index options rebounded. The 1000IV closed at 22.87%, and the 300IV at 19.11%. Margin trading balance increased significantly, rising by 132.4 billion yuan in July to 1.96 trillion yuan [14]. - **1.4: Sector - driven Index Rise** - In July, the pharmaceutical, electronics, and non - bank financial sectors drove the index up, as shown by their positive contributions to various major indices such as CSI 1000, CSI 500, SSE 300, and SSE 50 [15]. 2. Market Influencing Factors - **2.1: Sino - US Capital Market Linkage** - There are multiple ways of linkage between Sino - US capital markets, including economic - related (SSE 300 moves in tandem with US stocks), capital - related (CSI 1000 moves in tandem with US stocks), negative - related (due to the rise of the US AI industry), risk re - balancing (international funds increase positions in China), and non - related (due to different domestic pressures in the two countries) [23]. - **2.3: Foreign Capital Inflow Preference** - Foreign capital inflows tend to favor the large - cap growth style [26]. - **2.4: Increase in Corporate Deposits and Loans in June** - In June, both corporate deposits and loans increased, but no specific data is provided in the text [28]. - **2.5: Domestic Capital Inflow into the Stock Market** - Due to the relatively high equity risk premium, domestic capital is more inclined to flow into the stock market [32]. - **2.6: Capital Flow to Low - Valued Non - Core Themes** - Capital in the capital market tends to flow to low - valued non - core themes that were undervalued in the early stage [33]. 3. Index and Option Performance - **3.1: CSI 1000 Index** - The CSI 1000 index rose by 4.8% in July, and the annualized convergence of the basis discount was observed [41]. - **3.2: CSI 500 Index** - The CSI 500 index rose by 5.26% in July, with a relatively high annualized convergence of the basis discount [45]. - **3.3: SSE 300 Index** - The SSE 300 index rose by 3.54% in July, and the annualized convergence of the basis discount was observed [47]. - **3.4: SSE 50 Index** - The SSE 50 index rose by 2.36% in July, and the annualized convergence of the basis discount was observed [51]. - **3.5: CSI 1000 Option Indicators** - Various indicators of CSI 1000 options, such as historical volatility, volatility cone, and PCR, are presented, but no detailed analysis is provided [55]. - **3.6: SSE 300 Option Indicators** - Various indicators of SSE 300 options, such as historical volatility, volatility cone, and PCR, are presented, but no detailed analysis is provided [64]. - **3.7: SSE 50 Option Indicators** - Various indicators of SSE 50 options, such as historical volatility, volatility cone, and PCR, are presented, but no detailed analysis is provided [73]. 4. Trading Slippage - **4.1: IM Trading Slippage** - The trading slippage of IM contracts, including long - and short - position slippage, is presented, but no detailed analysis is provided [81]. - **4.2: IC Trading Slippage** - The trading slippage of IC contracts, including long - and short - position slippage, is presented, but no detailed analysis is provided [84]. - **4.3: IF Trading Slippage** - The trading slippage of IF contracts, including long - and short - position slippage, is presented, but no detailed analysis is provided [86]. - **4.4: IH Trading Slippage** - The trading slippage of IH contracts, including long - and short - position slippage, is presented, but no detailed analysis is provided [89].

Group 1 - The integration of digital technology with quality management is essential for companies to achieve transformation and enhance core competitiveness [1] - The implementation of the "Accelerate the Digital Upgrade of Quality Management" initiative in the Quality Strong District Construction Implementation Plan aims to support policy guidance [1] - The establishment of 72 digital workshops and 10 advanced intelligent factories in the district strengthens the foundation for digital quality management [1] Group 2 - The establishment of the Small and Medium Enterprises Digital Transformation Empowerment Center addresses challenges faced by companies in digital transformation [2] - The center has signed partnerships with numerous digital service providers, including Huawei and Hikvision, to offer comprehensive digital services [2] - Successful projects include the digital management of the entire process for Qijin Food Group, resulting in a 40% increase in production efficiency [2] Group 3 - The market supervision bureau is promoting pilot projects to leverage the advantages of leading enterprises in digital quality management [3] - The implementation of a digital quality management platform by Chongqing Qingshan Industrial Co., Ltd. has led to over 75% online quality business process activity [3] - The company has successfully integrated over 140 suppliers into a fully online supply chain management system [3] Group 4 - The market supervision bureau is selecting 20 enterprises with solid digital foundations to establish a digital quality management demand list and service provider project database [4] - Companies like Chongqing Fudi Lithium Battery Co., Ltd. have significantly improved quality management capabilities through automated systems [4] - The bureau plans to continue supporting digital industrialization and transformation by promoting tailored solutions and training composite talents [4]

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The convertible bond market had more than half of the industries declining, and the valuation was compressed on July 23, 2025. The trading sentiment in the convertible bond market heated up, with the turnover increasing by 6.46% compared to the previous day. The 10 - year Treasury yield rose by 1.34bp to 1.70%. The central price of convertible bonds decreased, and the proportion of high - price bonds declined. The valuation of convertible bonds was compressed, with the conversion premium rate of the 100 - yuan par - value fitting decreasing by 0.36pct compared to the previous day [2][3][6]. 3. Summary According to Relevant Catalogs Market Main Index Performance - **Overall Index**: The CSI Convertible Bond Index decreased by 0.04% compared to the previous day, the Shanghai Composite Index increased by 0.01%, the Shenzhen Component Index decreased by 0.37%, the ChiNext Index decreased by 0.01%, the SSE 50 Index increased by 0.32%, and the CSI 1000 Index decreased by 0.45% [2]. - **Style Index**: The large - cap value style was relatively dominant. The large - cap growth index decreased by 0.04%, the large - cap value index increased by 0.24%, the mid - cap growth index decreased by 0.19%, the mid - cap value index decreased by 0.48%, the small - cap growth index decreased by 0.26%, and the small - cap value index decreased by 0.33% [2]. - **Detailed Index Data**: The closing prices, daily changes, weekly changes, monthly changes, and year - to - date changes of multiple convertible bond and stock indexes are presented in the report, such as the CSI Convertible Bond Index closing at 459.42 with a daily decrease of 0.04% [10]. Market Fund Performance - **Turnover**: The turnover of the convertible bond market was 85.925 billion yuan, a 6.46% increase compared to the previous day. The total turnover of the Wind All - A Index was 1.898371 trillion yuan, a 1.57% decrease compared to the previous day [2]. - **Net Inflow of Main Funds**: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 40.834 billion yuan [2]. - **10 - year Treasury Yield**: The 10 - year Treasury yield rose by 1.34bp to 1.70% [2]. Convertible Bond Valuation - **Overall Valuation**: The conversion premium rate of the 100 - yuan par - value fitting was 27.32%, a decrease of 0.36pct compared to the previous day. The overall weighted par value was 96.85 yuan, an increase of 0.51% compared to the previous day [6]. - **Different Types of Convertible Bonds**: The premium rate of equity - biased convertible bonds was 7.25%, a decrease of 0.16pct; the premium rate of debt - biased convertible bonds was 86.64%, a decrease of 4.93pct; the premium rate of balanced convertible bonds was 20.35%, an increase of 0.45pct [6]. Industry Performance - **Stock Market**: Among A - share markets, the top three industries with the largest declines were building materials (- 2.27%), national defense and military industry (- 1.60%), and machinery and equipment (- 1.29%); the top three industries with the largest increases were non - bank finance (+ 1.29%), beauty care (+ 0.59%), and household appliances (+ 0.58%) [6]. - **Convertible Bond Market**: Among the convertible bond markets, 16 industries declined. The top three industries with the largest declines were national defense and military industry (- 1.66%), non - ferrous metals (- 1.02%), and steel (- 1.02%); the top three industries with the largest increases were building materials (+ 4.54%), communication (+ 1.27%), and beauty care (+ 0.66%) [7]. - **Industry Indicators**: In terms of closing prices, the large - cycle industry increased by 0.08%, the manufacturing industry decreased by 0.41%, the technology industry decreased by 0.07%, the large - consumption industry increased by 0.09%, and the large - finance industry increased by 0.12%. In terms of conversion premium rates, the large - cycle industry increased by 0.89pct, the manufacturing industry decreased by 0.53pct, the technology industry increased by 1.1pct, the large - consumption industry decreased by 1.6pct, and the large - finance industry increased by 1.0pct. In terms of conversion values, the large - cycle industry decreased by 0.43%, the manufacturing industry decreased by 0.56%, the technology industry decreased by 1.03%, the large - consumption industry increased by 0.24%, and the large - finance industry decreased by 0.07%. In terms of pure - bond premium rates, the large - cycle industry increased by 0.11pct, the manufacturing industry decreased by 0.56pct, the technology industry decreased by 0.13pct, the large - consumption industry increased by 0.081pct, and the large - finance industry increased by 0.27pct [7]. Industry Rotation - Non - bank finance, beauty care, and household appliances led the rise. The report also presented the daily, weekly, monthly, and year - to - date changes in stock prices and convertible bond prices of various industries, as well as the P/E and P/B ratios and their percentile rankings in the past 3 - year and 10 - year periods [57].

Market Overview - The Shanghai Composite Index fell by 0.03% on July 16, with 14 sectors experiencing gains, led by social services and automotive sectors, which rose by 1.13% and 1.07% respectively [1] - The steel and banking sectors saw the largest declines, with steel down by 1.28% and banking down by 0.74% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 14.265 billion yuan, with 12 sectors seeing net inflows [1] - The public utilities sector had the highest net inflow of 2.823 billion yuan despite a decline of 0.20%, followed by the pharmaceutical and biological sector, which rose by 0.95% with a net inflow of 2.095 billion yuan [1] Steel Industry Performance - The steel industry declined by 1.28% with a net outflow of 588 million yuan, out of 44 stocks in the sector, only 7 saw gains while 36 experienced losses [2] - Among the stocks with net inflows, Fushun Special Steel led with an inflow of 53.565 million yuan, followed by Xinxing Ductile Iron Pipes and Yongjin Co., with inflows of 13.426 million yuan and 5.454 million yuan respectively [2] Individual Stock Performance in Steel Sector - Major stocks with significant net outflows included Liugang Co. (-9.16%), Hesteel Co. (-3.41%), and Baosteel Co. (-1.48%), with net outflows of 1.162 billion yuan, 855.319 million yuan, and 751.885 million yuan respectively [3][4] - Other notable stocks with substantial outflows include Hangang Co. (-0.11%) and Maanshan Steel (-1.48%), with outflows of 719.629 million yuan and 455.659 million yuan respectively [3]

Core Viewpoint - The article discusses the current state of the stock market, highlighting the contrasting performance of the banking sector and other industries, with a focus on the implications for investment strategies and market dynamics [2][10]. Banking Sector Analysis - The banking sector has seen a significant decline, with the China Securities Banking Index dropping over 2%, which has stabilized the overall market and allowed other sectors to flourish [2][10]. - The long-term value of banking stocks is emphasized, suggesting a structural shift in asset allocation towards banking stocks as real estate declines, leading to a potential valuation recovery for banks [4][5]. - Despite the recent downturn, the banking sector is viewed as having a strong safety margin and potential for returns, with a call for investors to consider this as a pivotal moment for investment [5][9]. Market Dynamics - The article notes that the recent adjustments in banking stocks are beneficial for the overall A-share market, providing room for other industries to rise [10][16]. - The performance of the banking sector has contributed significantly to the Shanghai Composite Index, with a noted contribution of 118.13 points to the index's rise this year [10]. - The article suggests that a continued slight adjustment in banking stocks could free up additional upward space for the index, promoting broader market participation [10][16]. Investment Strategy - The author advises against chasing banking stocks at current levels but also suggests not to reduce holdings, indicating a cautious approach to investment [3]. - The potential for a market consensus shift driven by a rising market is highlighted as a catalyst for breaking investor biases [5]. - The insurance sector's investment behavior is discussed, indicating a preference for long-term stability over short-term fluctuations, which may influence demand for banking stocks [7][8].

Core Insights - The city of Suzhou has released its first "Top Ten Industrial Technology Achievements" and "Top Ten Industrial Technology Nominations," highlighting significant technological advancements and innovations in various sectors [1][2]. Group 1: Achievements - One achievement has been recognized as part of the "Top Ten Scientific Advances in China" for 2024, specifically the radiation photovoltaic micro-nuclear battery developed by Suzhou University [2]. - Several achievements have broken international monopolies, with multiple products holding the highest market share in their respective niche sectors within China [1][2]. - The average number of invention patents per achievement is 45, indicating a strong emphasis on innovation [1]. Group 2: Companies Involved - The achievements involve contributions from seven (proposed) listed companies, ten specialized and innovative enterprises, seven unicorn cultivation companies, and sixteen high-tech enterprises [1]. - The average revenue per company last year was 7.1 billion yuan, with an average R&D investment of 640 million yuan [1]. Group 3: Notable Technology Achievements - The notable achievements include: - The world's first and only approved GCG/GLP-1 natural dual-target weight loss drug by Innovent Biologics [2]. - The first domestic artificial heart entering clinical trials in the U.S. by Tongxin Medical [2]. - The first commercial 200kV field emission transmission electron microscope by Bozhong Instruments [2]. - The leading market share in voice interaction products for new energy vehicles by Sibilite [2]. - The mass production auxiliary driving system by Momenta, a unicorn in the autonomous driving sector [2]. - The PECVD equipment by Maiwei Technology, achieving global market leadership [2]. - The submarine optical cable communication system by Hengtong Huahai, ranking first in China and third globally [2]. - The GaN chip production line by InnoSilicon, the first of its kind globally [2]. - The perovskite photovoltaic modules by GCL-Poly, which have set multiple world records for conversion efficiency [2]. Group 4: Nominated Achievements - The nominated achievements include: - Intelligent six-legged guide dog by the Suzhou Innovation Institute of Shanghai Jiao Tong University [3]. - Tunnel boring machine by China Communications Construction Company [3]. - Large liquid launch vehicle by Tianbing Technology [3]. - Domestic heterogeneous liquid-cooled intelligent computing server by the Chinese Academy of Sciences [3]. - High-performance solid-state power battery by Qingtai Energy [3]. - Quantum-resistant encryption chip by Guoxin Technology [3]. - Integrated modeling and simulation platform by Tongyuan Soft Control [3]. - High-power semiconductor laser chip by Changguang Huaxin [3]. - Electric drive system for heavy-duty mining trucks by Kaibo Yikong [3]. - Non-oriented silicon steel by Shagang Group [3].

Group 1 - The A-share market experienced a volatile upward trend, with the Shanghai Composite Index reaching a high of 3497 points, closing at 3472.32 points, an increase of 0.32%, marking a new high for the year [1] - A500ETF Jiashi (159351) saw significant trading volume, with a total turnover of 33.406 billion yuan, ranking second in the market for similar products, and first in the Shenzhen market [1] - The trading turnover rate for A500ETF Jiashi reached 21.14%, the highest among similar products in the Shenzhen market [1] Group 2 - A500ETF Jiashi (159351) tracks the CSI A500 Index, consisting of 500 stocks with large market capitalization and good liquidity, providing a balanced industry distribution and favoring large and mid-cap styles [2] - The fund includes a high proportion of new productive forces, offering investors a tool to allocate to representative A-share companies [2] - Investors can also access quality core asset opportunities through the Jiashi CSI A500 ETF linked fund [2]

1. Index Trends - On July 01, the Shanghai Composite Index rose 0.39% to close at 3457.75 points, with a trading volume of 553.557 billion yuan; the Shenzhen Component Index rose 0.11% to close at 10476.29 points, with a trading volume of 912.459 billion yuan [1]. - The CSI 1000 Index rose 0.28%, with a trading volume of 334.302 billion yuan, opening at 6358.06, closing at 6373.77, with a daily high of 6373.77 and a low of 6308.06 [1]. - The CSI 500 Index rose 0.33%, with a trading volume of 213.596 billion yuan, opening at 5915.8, closing at 5934.67, with a daily high of 5936.92 and a low of 5890.11 [1]. - The SSE 50 Index rose 0.21%, with a trading volume of 66.144 billion yuan, opening at 2714.97, closing at 2717.71, with a daily high of 2721.4 and a low of 2708.19 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 17.59 points from the previous close. Sectors such as Medicine and Biology, Non - ferrous Metals, and Basic Chemicals significantly pulled the index up, while Non - Banking Finance and Computer sectors pulled it down [3]. - The CSI 500 rose 19.28 points from the previous close. Sectors like Medicine and Biology, Electronics, and Non - ferrous Metals significantly pulled the index up, while Power Equipment and Computer sectors pulled it down [3]. - The SSE 50 rose 5.72 points from the previous close. Sectors including Banking, Non - ferrous Metals, and Medicine and Biology significantly pulled the index up, while Power Equipment, Food and Beverage, and Electronics sectors pulled it down [3]. 3. Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 77.15, IM01 of - 151.38, IM02 of - 226.11, and IM03 of - 403.9 [13]. - IC00 had an average daily basis of - 57.04, IC01 of - 105.34, IC02 of - 158.75, and IC03 of - 282.0 [13]. - IF00 had an average daily basis of - 27.6, IF01 of - 43.21, IF02 of - 52.91, and IF03 of - 86.83 [13]. - IH00 had an average daily basis of - 20.26, IH01 of - 24.66, IH02 of - 26.31, and IH03 of - 27.13 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - The report provides data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH futures contracts at different 15 - minute intervals throughout the trading day [22][24][26].

Group 1 - The Tesla concept sector experienced a decline of 0.89% with a capital outflow of 4,235.96 million [1] - A total of 45 stocks in the sector increased in value, while 157 stocks decreased [1] Group 2 - The top-performing stocks in the sector included Haike Xinyuan (20.0%), Nord Shares (10.04%), and Saiwu Technology (10.04%) [1] - Other notable gainers were Yanggu Huatai (9.11%), Shandong Weida (4.27%), and Puni Testing (3.9%) [1] Group 3 - The stocks with the largest declines included Gongzhi Tui (-84.93%), Longhua Group (-7.95%), and Sikan Technology (-7.17%) [1] - Significant capital outflows were observed in stocks such as Beite Technology (-6.63%) and Qianfeng Automotive (-5.44%) [1]

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.86%，A股成交量639.07亿股，成交金额8058.88亿 元，比上一个交易日增加5.73%。个股方面，714只个股上涨，其中涨停31只，4656只个股下跌，其中 跌停14只。从申万行业来看，国防军工、综合、纺织服饰等跌幅最大，跌幅分别为2.78%、1.98%、 1.92%。（数据宝） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 银行 | -0.01 | 146.47 | -16.73 | 瑞丰银行 | -1.67 | | 传媒 | -0.48 | 273.39 | 11.82 | 华扬联众 | -4.89 | | 电子 | -0.53 | 1045.35 | 26.64 | 影石创新 | -9.80 | | 家用电器 | -0.55 | 136.55 | 47.86 | 同洲电子 | -9.81 | | 食品饮料 | -0.57 | 152.11 | -27.70 | 莫高股份 ...