Macro Economic Overview - The report indicates that the next important time point may be in the late third quarter of 2025, with a suggested asset allocation order of stocks > commodities > bonds > currency [2][4] - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, laying a good foundation for achieving the annual target of 5.0% [2][4] - Economic data from July shows signs of growth pressure, including weakened external demand due to increased tariffs from the US and sluggish domestic consumption [2][4] Asset Performance - The A-share market saw an increase, with the CSI 300 index rising by 2.37% and the CSI 300 stock index futures up by 2.83% [11][12] - Commodity futures showed mixed results, with coking coal futures up by 0.33% and iron ore down by 1.65% [11][12] - The yield on ten-year government bonds rose by 6 basis points to 1.75%, while active ten-year government bond futures fell by 0.26% [11][12] Policy Insights - The report emphasizes the importance of expanding domestic demand in the second half of the year, suggesting that policies should be implemented to enhance efficiency and release domestic demand [2][4] - It is noted that the fiscal policy may have room for further adjustments within the year, particularly in light of external pressures easing due to potential interest rate cuts by the Federal Reserve [2][4] Sector Performance - The report highlights that the TMT sector has shown significant growth, with the ChiNext index leading with an 8.58% increase, followed by the Shenzhen Component Index at 4.55% [35][36] - The report also notes that the banking sector has faced declines, with a drop of 3.22% [35][36] Financial Data - In July, new social financing amounted to 1.13 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating weak financing demand in the real economy [4][17] - The M2 money supply grew by 8.8% year-on-year, reflecting a relatively strong liquidity environment despite weak economic indicators [4][17]

Group 1: Core Views - The report evaluates the ongoing risks associated with China Electronics Technology Finance Co., Ltd. and confirms that the company's internal control systems are effective and regulatory indicators meet requirements [9][7][8]. Group 2: Company Overview - China Electronics Technology Finance Co., Ltd. is a non-bank financial institution approved by the National Financial Supervision Administration, with a registered capital of 580 million RMB and established on December 14, 2012 [1]. - The company operates under a comprehensive range of financial services, including deposit acceptance, loan processing, and financial consulting for its member units [1]. Group 3: Internal Control and Risk Management - The company has established a robust internal control system with 13 categories and 191 regulations to ensure effective management and compliance [6]. - Risk management is structured with a clear division of responsibilities across departments, allowing for effective risk identification, assessment, and control [2][3]. Group 4: Financial Performance - As of June 30, 2025, the total assets of the finance company reached 89.495 billion RMB, with liabilities of 78.103 billion RMB and equity of 11.392 billion RMB [7]. - The company reported a revenue of 0.951 billion RMB and a net profit of 0.597 billion RMB for the first half of 2025 [7]. Group 5: Regulatory Compliance - The finance company meets all regulatory requirements, including a capital adequacy ratio of 21.81%, significantly above the minimum requirement of 10% [8]. - Other compliance indicators, such as liquidity ratio and loan-to-deposit ratio, also align with regulatory standards [8].

Core Viewpoint - The report evaluates the financial risks associated with the relationship between Sinopec Petroleum Engineering Technology Service Co., Ltd. and Sinopec Finance Co., Ltd., highlighting the latter's solid financial performance and risk management practices [1][7]. Company Overview - Sinopec Finance Co., Ltd. was established on July 8, 1988, as a non-bank financial institution approved by the People's Bank of China, with a registered capital of RMB 18 billion [2]. - The company is primarily engaged in providing financial services to its member units, including deposit acceptance, loan processing, and financial consulting [2]. Risk Management and Internal Control - The company has established a comprehensive risk management structure, including a board of directors, supervisory board, and various committees to ensure effective governance [3]. - Risk management focuses on internal control mechanisms, employee training, and a robust internal audit system to mitigate financial risks [3][5]. - Credit risk management is emphasized, with a structured process for credit rating, unified credit granting, and loan approval [4]. Operational and Financial Performance - As of June 30, 2025, Sinopec Finance Co., Ltd. reported monetary funds of RMB 41.163 billion and a net profit of RMB 1.117 billion [5]. - The company has maintained a stable operational status, adhering to regulatory requirements and demonstrating strong financial health [6]. Loan and Deposit Situation - As of June 30, 2025, Sinopec Petroleum Engineering Technology Service Co., Ltd. had deposits of RMB 105 million and loans totaling RMB 23.479 billion from Sinopec Finance Co., Ltd., indicating good liquidity and safety of deposits [6]. Risk Assessment Opinion - The evaluation concludes that Sinopec Finance Co., Ltd. operates within legal frameworks and has no significant risk management deficiencies, ensuring that financial transactions with Sinopec Petroleum Engineering Technology Service Co., Ltd. are secure [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Active equity fund positions have reached the highest level of the year, with continuous increases in the communication industry position. The market's broad - based indices generally rose last week, with the Shanghai Composite Index breaking through 3700 points. TMT industries performed strongly, while dividend - related industries such as banking and coal were weak. [4][12] - Active equity public funds have been continuously increasing their positions, and the overall position has reached the highest level of the year. Even relatively cautious "fixed - income +" funds have been continuously raising their positions. In terms of style, public funds have focused on the growth sector and shifted towards small - cap stocks. [4][12] - Public funds are optimistic about the communication industry, which has seen the most significant position increase in the past three months. The proportion in the consumer sector has decreased, and the allocation ratio of the food and beverage industry has reached a multi - year low. It is recommended to shift the allocation towards the growth sector. [4][12] 3. Summary According to the Table of Contents 3.1 Last Week's Market Review - **Broad - based Index Performance**: Last week (2025/8/11 - 2025/8/15), A - share broad - based indices generally rose, with the ChiNext Index rising significantly. As of 2025/8/15, the Shanghai Composite Index closed at 3696.77 points, up about 1.70% week - on - week; the Shenzhen Component Index closed at 11634.67 points, up about 4.55%; the ChiNext Index closed at 2534.22 points, up about 8.58%; and the CSI 300 closed at 4202.35 points, up about 2.37%. [13] - **Industry Index Performance**: TMT and non - banking industries performed well last week. The top - performing industries in terms of weekly returns were communication, comprehensive finance, non - bank finance, electronics, and computer, with returns of 7.11%, 7.07%, 6.57%, 6.44%, and 6.31% respectively. The bottom - performing industries included banking, steel, textile and apparel, coal, and construction, with returns of - 3.22%, - 2.00%, - 1.36%, - 0.77%, and - 0.59% respectively. [16] 3.2 Public Funds - **Net Value Performance**: The average net value change of active partial - stock funds last week was 3.47%. Among the 4468 funds, 3990 rose, accounting for 89.30%. The top five funds in terms of net value performance were Yongying Digital Economy Smart Selection Hybrid A, SDIC UBS Jinbao Flexible Allocation Hybrid, SDIC UBS Advanced Manufacturing Hybrid, SDIC UBS New Energy Hybrid A, and SDIC UBS Industry Trend Hybrid A, with weekly net value changes of 18.81%, 17.88%, 17.34%, 17.29%, and 17.01% respectively. [4][18] - **Position Calculation**: As of 2025/8/15, the average position of active equity funds was about 89.14%. Among them, the average position of common stock funds was about 91.41% (up 0.86 pct from the previous week), the average position of partial - stock hybrid funds was about 88.93% (up 1.90 pct), the average position of allocation funds was about 88.23% (up 2.61 pct), and the average position of "fixed - income +" funds was about 23.48%, up 0.43 pct from the previous week. [2][22] - **Style Trends**: Recently, public funds have mainly been allocated to the small - cap growth style. As of 2025/8/15, the positions of active partial - stock funds in large - cap growth, large - cap value, mid - cap growth, mid - cap value, small - cap growth, and small - cap value were 27.52% (up 0.19 pct from the previous week), 9.4% (down 0.69 pct), 9.51% (down 0.37 pct), 5.96% (up 0.3 pct), 43% (up 1.06 pct), and 4.62% (down 0.5 pct) respectively. [3][29] - **Industry Trends**: From the perspective of the weighted average of stock - holding market value, the industries with a significant increase in the allocation ratio of active equity funds last week were communication (about 6.19%, up 0.86 pct from the previous week), non - ferrous metals (about 4.31%, up 0.42 pct), petroleum and petrochemicals (about 1.17%, up 0.33 pct), comprehensive (about 0.52%, up 0.30 pct), and real estate (about 1.03%, up 0.24 pct). The industries with a significant decrease were food and beverage (about 3.96%, down 0.62 pct), electronics (about 15.99%, down 0.54 pct), national defense and military industry (about 5.05%, down 0.52 pct), banking (about 3.57%, down 0.43 pct), and textile and apparel (about 1.09%, down 0.32 pct). [4][32] - **ETF Market Tracking**: Last week (2025/8/11 - 2025/8/15), domestic stock ETFs had a net outflow of about 23.799 billion yuan, cross - border ETFs had a net inflow of about 16.335 billion yuan, bond ETFs had a net inflow of about 12.633 billion yuan, and commodity ETFs had a net outflow of about 1.719 billion yuan. [39] - **Newly Established Funds**: This year, 171 active equity funds have been newly issued, with a total scale of about 68.102 billion yuan, about 130.65% of the same period in 2024; 356 passive equity funds have been newly issued, with a total scale of 184.103 billion yuan, about 320.38% of the same period in 2024. [44] 3.3 Main/Active Capital Flows - **Main Capital Flow**: Last week, the main capital flowed into non - bank and electronics sectors and flowed out of national defense and military industry and machinery sectors. [5][56] - **Active Capital Flow**: The net main - buying amount last week was about - 1016.139 billion yuan. Active capital flowed into non - bank and electronics sectors. The industries with the highest net main - buying amounts were non - bank finance, electronics, computer, communication, and non - ferrous metals; the industries with significant outflows were machinery, national defense and military industry, banking, power and public utilities, and medicine. [5][56]

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《OpenAI 发布 GPT-5，Claude Opus 4.1 上线——AI 动态汇总 20250811》 - 2025.08.12 《融资余额新高，创新药光通信调整， 指数预期仍将震荡上行挑战前高—— 行业轮动周报 20250810》 - 2025.8.11 《ETF 资金偏谨慎流入消费红利防守， 银行提前调整使指数回调空间可控— — 行 业 轮 动 周 报 20250803 》 - 2025.08.04 《ETF 资金持续净流出医药，雅下水电 站成短线情绪突破口——行业轮动周 报 20250727》 – 2025.07.28 《ETF 资金净流入红利流出高位医药， 指数与大金融回调有明显托底——行 业轮动周报 20250720》 – 2025.07.21 《大金融表现居前助指数突破，GRU 行 业轮动调入非银行金融—— ...

Core Insights - The report highlights the current industry allocation positions of the Bank of China’s multi-strategy system, with significant weights in non-bank financials (8.9%), comprehensive (8.5%), and telecommunications (7.7%) sectors [1] - The average weekly return for the CITIC primary industries is reported at 0.8%, with the telecommunications sector leading at 6.5% and banking lagging at -2.1% [3][10] - The report indicates that the composite strategy has achieved a cumulative return of 17.5% year-to-date, outperforming the CITIC primary industry equal-weight benchmark by 2.1% [3] Industry Performance Review - The top three performing industries for the week are telecommunications (6.5%), comprehensive financials (6.0%), and electric equipment & new energy (3.3%), while the worst performers are banking (-2.1%), national defense & military (-1.7%), and textiles & apparel (-1.7%) [3][10] - The report provides a detailed breakdown of weekly and monthly returns across various industries, indicating a strong performance in sectors like telecommunications and comprehensive financials [11] Valuation Risk Warning - The report employs a valuation warning system based on the PB ratio over the past six years, identifying industries with high valuation risks. Currently, the retail trade, national defense & military, media, and computer industries are flagged for high valuations, exceeding the 95% percentile [12][13] - The methodology for the valuation warning system involves excluding the top 10% of PB ratios to ensure robust estimates [12] Strategy Performance - The report outlines various strategies and their performance, with the highest excess return from the long-term reversal strategy (6.3%) and the lowest from the funds flow strategy (-2.0%) [3] - The current top three industries based on the high prosperity industry rotation strategy are non-bank financials, telecommunications, and non-ferrous metals [15][16] Macro Style Rotation - The macro style rotation strategy identifies the top six industries based on macroeconomic indicators, which include comprehensive financials, computers, media, national defense & military, comprehensive, and non-bank financials [21][23] - The report emphasizes the importance of macroeconomic indicators in predicting industry performance and the methodology used to rank industries based on their exposure to various styles [22] Emotional Momentum Tracking - The emotional momentum tracking strategy identifies the top three industries based on implied market sentiment, which are machinery, telecommunications, and light industry manufacturing [18][20] - This strategy focuses on capturing market sentiment before earnings expectations are published, utilizing daily return and turnover rate data [19]

Domestic Market Overview - The domestic market experienced a low opening followed by a rise, with the Shanghai Composite Index closing at 3696.77 points, up 0.83% [1][4] - The Shenzhen Component Index closed at 11634.67 points, up 1.6%, while the ChiNext Index rose by 2.61% [1][4] - A total of 29 out of 30 sectors in the CITIC first-level industry index saw gains, with non-bank financials, electric equipment and new energy, and computers leading the increases [1][4] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average up 0.08%, while the S&P 500 and Nasdaq fell by 0.29% and 0.4% respectively [2][4] - UnitedHealth Group surged over 12%, leading the Dow, while Tesla and Nvidia saw declines of over 1% and 0.86% respectively [2][4] - Chinese concept stocks mostly rose, with Xunlei up over 26% and Hesai Technology nearly 10% [2][4] Key News Highlights - The State Council decided to amend the regulations on the entry and exit of foreigners, introducing a new K visa for foreign youth in technology [3][10][11] - The "Self-Regulatory Convention for Air Passenger Transport" was released to enhance service quality in the aviation industry [12][13][14] - The first domestically produced commercial electron beam lithography machine was launched in Hangzhou, marking a significant advancement in quantum chip research [15] - The U.S. PPI for July surged to 3.3% year-on-year, exceeding expectations and marking the highest level since February [16][17]

Group 1 - The article outlines a comprehensive research framework training program titled "洞察价值，共创未来" (Insight Value, Co-create Future) scheduled for August 18-19 and August 25-26, 2025, focusing on various sectors including macroeconomics, consumption, finance, cycles, medicine, technology, and manufacturing [18][19]. - The training sessions will cover a wide range of topics, with specific time slots allocated for each area of research, such as food and beverage, internet applications, and renewable energy [14][15][16]. - The event will take place at the Guotai Junan Financial Bund Plaza in Shanghai, emphasizing the importance of in-depth analysis across all sectors [18]. Group 2 - The training program is designed to enhance the research capabilities of analysts and is led by various chief analysts specializing in different fields, ensuring a comprehensive approach to industry analysis [8][10]. - Participants will have the opportunity to engage with experts in macroeconomic research, strategy, fixed income, and various sector-specific studies, fostering a collaborative learning environment [14][15][16]. - The program aims to equip analysts with the necessary tools and insights to navigate the complexities of the financial markets and identify potential investment opportunities [18].

Core Viewpoint - Zhuhai Guangku Technology Co., Ltd. has conducted a risk assessment report on Zhuhai Huafa Group Financial Co., Ltd. for the first half of 2025, indicating that the financial company has established a comprehensive internal control system and meets regulatory requirements, ensuring effective risk management [1][12]. Group 1: Basic Information of the Financial Company - Zhuhai Huafa Group Financial Co., Ltd. is a non-bank financial institution approved by the China Banking and Insurance Regulatory Commission, established to provide financial management services to Huafa Group and its subsidiaries [1][2]. - The financial company has a registered capital of 5 billion RMB and is owned by several entities, with Huafa Group holding 30% [2]. Group 2: Internal Control and Risk Management - The financial company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board, along with various specialized committees for risk management and auditing [3][4]. - A comprehensive internal control management system has been implemented, including risk identification and assessment procedures, ensuring that risks are kept at a manageable level [5][11]. Group 3: Financial Performance - As of June 30, 2025, the financial company reported total assets of 43.24 billion RMB, total liabilities of 36.23 billion RMB, and net assets of 7.00 billion RMB, with operating income of 495.59 million RMB and net profit for the first half of 2025 [11]. - The financial company has maintained a stable operation without significant incidents affecting its normal business, such as deposit runs or major loan defaults [11][12]. Group 4: Regulatory Compliance - As of June 30, 2025, the financial company’s capital adequacy ratio was 17.44%, and liquidity ratio was 34.16%, indicating compliance with regulatory requirements [11]. - The financial company has not faced any administrative penalties or orders for rectification from regulatory authorities [11][12]. Group 5: Business Objectives and Advantages - The financial company's mission is to provide efficient financial management services to its group members, enhancing capital utilization and operational efficiency [12]. - It aims to leverage its position as a corporate financial company to create a comprehensive financial platform for Huafa Group [12]. Group 6: Risk Assessment Opinion - The company believes that the financial company has a valid financial license and business license, with a complete internal control system that effectively manages risks [12]. - No significant deficiencies in risk management have been identified, and the risks associated with deposit financial services are considered controllable [12].

- The "Hong Kong Stock Selection Portfolio" is constructed based on analyst recommendation events, including upward earnings revisions, initial coverage, and unexpected research report titles. Stocks are selected from the recommendation pool using fundamental and technical criteria to identify those with both fundamental support and technical resonance. The backtesting period is from January 1, 2010, to June 30, 2025, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index[14][15][19] - The "Stable New High Stock Screening Method" identifies stocks that have reached a 250-day high within the past 20 trading days. The screening criteria include analyst attention, relative stock strength, price path stability, and continuity of new highs. The formula for calculating the 250-day new high distance is: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. A value of 0 indicates a new high, while positive values indicate the degree of fallback from the high[20][22][23] - Stocks are further filtered based on the following metrics: - Analyst attention: At least 5 buy or overweight ratings in the past 6 months - Relative stock strength: Top 20% in 250-day returns within the sample pool - Price path stability: Evaluated using metrics like price displacement ratio - Continuity of new highs: Average 250-day new high distance over the past 120 days and past 5 days[23][22][20] - The "Hong Kong Stock Selection Portfolio" achieved an absolute return of 6.90% and an excess return of 5.25% relative to the Hang Seng Index for the week of August 11-15, 2025. Year-to-date, the portfolio has delivered an absolute return of 61.44% and an excess return of 35.47%[17][19] - The annualized performance metrics for the "Hong Kong Stock Selection Portfolio" include an IR of 1.22, tracking error of 14.55%, and a maximum drawdown of 23.73%. The portfolio's return-to-drawdown ratio is 0.78[19] - The "Stable New High Stock Screening Method" identified 17 stocks in the pharmaceutical sector, followed by 8 in technology, 7 in consumer, 7 in financials, and 6 in cyclical industries. Examples include HeYu-B, which achieved a 250-day new high distance of 0.0% and a 447.9% return over the past 250 days[22][23][27]