Core Insights - The Hong Kong Stock Connect Non-Bank ETF (513750) has reached a record size of 10.364 billion yuan as of July 24, 2025, marking a year-to-date growth of 1213.56% [1] - The ETF has seen continuous net inflows over the past 17 days, with a total of 4.966 billion yuan in net inflows, and 5.897 billion yuan over the past month [1] - The ETF has achieved a 52.78% increase since its low point on April 10, 2025, and has a one-year net value increase of 90.63%, ranking in the top 1.36% among 2940 index stock funds [2] Fund Performance - The Hong Kong Stock Connect Non-Bank ETF recorded a trading volume of 2.158 billion yuan on July 24, 2025, with a turnover rate of 22.14%, indicating active market participation [2] - The ETF has a maximum monthly return of 31.47% since its inception, with the longest consecutive monthly gain being 4 months and an average monthly return of 7.04% [2] - The ETF closely tracks the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which includes up to 50 listed companies that meet the non-bank financial theme criteria [2] Sector Analysis - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 77.92% of the index, with major holdings including China Ping An, AIA, and Hong Kong Exchanges and Clearing [3] - Market sentiment has improved in Q2 2025, leading to an increase in the non-bank sector's weight, with expectations for both fundamental and valuation improvements [3] - The insurance sector is expected to benefit from a stable interest rate environment and improved investment returns, which could enhance profitability [4]

Group 1: Market Overview - Major indices experienced gains, with the Shanghai Composite Index rising by 2.53% and the ChiNext Index increasing by 3.35% over the past five trading days [2] - The trading volume significantly increased, with a total of 8.87 trillion yuan traded, averaging 1.77 trillion yuan per day, which is an increase of 221.8 billion yuan compared to the previous five trading days [2] - The banking and telecommunications sectors were the only ones to decline, while coal, steel, and construction materials sectors saw the highest gains [2] Group 2: Policy Developments - The commencement of the Yarlung Zangbo River hydropower project was announced, with a total investment of approximately 1.2 trillion yuan for the construction of five hydropower stations [2] - The State Council released the "Rural Road Regulations," emphasizing the need for upgrading rural roads, with an estimated 117.1 billion yuan required for the upgrade of approximately 125,000 kilometers of rural roads [2] - Recent infrastructure investments are expected to further stimulate economic growth, supported by ongoing "anti-involution" policies [2] Group 3: Investment Strategy - The market is expected to benefit from the deployment of major hydropower and infrastructure projects, with supply-side expectations and demand-side policies driving index growth [3] - Key investment opportunities are identified in sectors such as electric equipment, resource products, and construction materials, driven by "anti-involution" and infrastructure stability [3] - The TMT sector, pharmaceuticals, and defense industries are also highlighted as areas with potential investment opportunities due to AI trends and international expansion [3] Group 4: Fund Analysis - As of the end of Q2 2025, the total number of equity funds reached 7,025, with a total scale of 77,162.93 billion yuan, an increase of 2,660.60 billion yuan from the previous quarter [5] - The average equity allocation for mixed equity funds decreased by 0.19 percentage points to 87.56%, while the weighted average allocation fell by 0.10 percentage points to 88.36% [5] - Significant increases in allocation were observed in the Hong Kong Stock Exchange and ChiNext, while the allocation to the main board decreased [6] Group 5: Sector Allocation - The sectors with increased allocation include banking, telecommunications, non-bank financials, pharmaceuticals, and defense, while food and beverage, automotive, and electrical equipment sectors saw decreased allocation [6] - The top five stocks held by active equity funds include Ningde Times, Kweichow Moutai, Tencent Holdings, China Merchants Bank, and Ping An Insurance, with total holdings of 1,427 billion yuan for Ningde Times [6][7]

固收｜可转债近期观点汇报 20250724 摘要 当前市场情绪过热，企业中报发布前宜谨慎，盈利是股市慢牛核心驱动， 建议中报落地后再决策。 权益市场慢牛逻辑未变，需求端新质生产力爆发，供给侧反内卷政策兑 现，资金端权益配置增加，金融改革助力香港金融中心地位。 可转债市场火热，绝对收益空间减少，依赖正股驱动，需谨慎乐观，关 注大金融（银行强赎）、顺周期（资源品、反内卷）和科技板块。 可转债市场被动投资趋势明显，银行大盘转债受益于 ETF 资金加持，非 银板块下修意愿强烈，期权价值和价格弹性值得关注。 顺周期行业关注反内卷和资源品，流动性充裕及美联储降息预期利好有 矿企业，反内卷关注生猪养殖、化工和光伏。 科技类可转债适合右侧配置，关注 AI 应用落地、自主可控（材料方向优 质个券）以及消费电子（大型发行人业绩弹性）。 需警惕可转债下修条款定价空间有限，关注正股业绩超预期表现，整体 盈利明朗后再决策，强赎定价充分。 Q&A 近期 A 股市场的整体表现如何？ 近期 A 股市场表现较为强劲。以上证综指为例，自 2025 年 6 月底突破 3,400 点后，市场情绪和价格涨幅均显著上升，目前指数接近 3,600 点。这 ...

Core Viewpoint - The public fund industry shows a positive trend in total scale and investor preferences, with a notable shift towards bond-type products and overseas assets, while equity funds see mixed performance [3][4]. Group 1: Public Fund Overview - As of Q2 2025, the total scale of public funds reached 34.4 trillion yuan, reflecting a 6.76% increase from Q1 2025 and a 10.65% year-on-year growth [3]. - Investor preference remains strong for stable-return bond products, with significant interest in commodity and overseas assets [3]. - Bond-type products show a mixed internal structure, with bond FOF, short-term pure bond, passive index bond, and enhanced index bond funds seeing growth rates exceeding 10% [3]. Group 2: Active Equity Funds - The scale of active equity funds remained stable in Q2 2025, with a total of 3.04 trillion yuan, reflecting a slight decrease of 0.88% [4]. - The median stock position of active equity funds increased to 90.32%, indicating a slight recovery in asset allocation [4]. - There is an increased allocation to the ChiNext, Hong Kong stocks, and the Beijing Stock Exchange, while the main board and STAR Market saw reduced allocations [4]. Group 3: Sector and Stock Preferences - Active managers increased their positions in financial real estate, defense, pharmaceuticals, and TMT sectors, with notable increases in communication, pharmaceutical biology, and non-bank financial industries [5]. - The TMT sector shows significant internal differentiation, with high interest in communication and computing power, while consumer electronics and robotics face reduced funding [6]. - The top five holdings include Tencent Holdings, CATL, Kweichow Moutai, Midea Group, and Zijin Mining, with a decrease in concentration among the top 20 holdings [6]. Group 4: Fund Performance and Trends - The market is experiencing structural rotation, with a decline in the trend of fund manager clustering, indicating a lack of consensus on core asset investment opportunities [6]. - High-performing funds are primarily from the Beijing Stock Exchange and pharmaceutical themes, demonstrating strong capital attraction for actively managed products [7].

Performance Insights - In Q2 2025, convertible bond funds achieved a median return of 3.52%, outperforming pure bond funds which had returns of 0.96%[1] - The overall performance of typical fixed income + funds surpassed that of pure bond funds following a rapid market recovery after a sharp decline[1] Fund Size and Positioning - In Q2 2025, the size of convertible bond funds decreased by 3.67% (CNY 36 billion) to CNY 948 billion, while first and second-tier bond funds increased by CNY 800 billion and CNY 385 billion, reaching CNY 8,487 billion and CNY 8,077 billion respectively[2][20] - The convertible bond fund's position increased slightly by 0.18 percentage points to 91.41%, while first-tier bond funds saw a minor decrease of 0.11 percentage points to 8.54%[24] Market Dynamics - The decline in convertible bond positions was primarily due to passive reductions, as fund managers struggled to find suitable investment opportunities amidst high demand and rising prices[3][26] - The high valuation of convertible bonds has weakened the common low-price investment strategy, leading to a constrained capacity for bottom-layer investment strategies[3][26] Sector Allocation - Public funds focused on increasing allocations in financial securities and mid-to-low priced cyclical consumer sectors, while reducing holdings in banks and other sectors facing forced redemption[4][37] - The top holdings included financial sector bonds, with significant increases in holdings of bonds from banks and non-bank financial institutions[4][37] Investment Strategy - The demand for convertible bonds remains strong, suggesting a continued bullish stance as long as underlying stocks do not show a downward trend[4] - A "barbell" investment strategy is recommended, combining large-cap bank stocks with policy-driven domestic demand sectors and undervalued technology growth stocks[4]

Core Insights - The public fund's second quarter report for 2025 reveals a total of 2,917 A-share companies held, with a total market value of approximately 25,837 billion yuan, a decrease of about 50 billion yuan compared to the previous quarter [1][2] Industry Distribution - The electronics industry has the highest market value among the sectors, totaling approximately 4,392 billion yuan, followed by power equipment, food and beverage, pharmaceutical biology, and banking, each exceeding 2,000 billion yuan [1][2] - Significant increases in holdings were observed in the communication and banking sectors, with both seeing an increase of over 400 billion yuan, while the food and beverage sector experienced the largest decrease, dropping over 500 billion yuan [1][2] Changes in Holdings - The top ten heavy stocks include Ningde Times with a holding value of about 1,426 billion yuan and Kweichow Moutai at approximately 1,252 billion yuan [3] - The report indicates a shift in fund allocation towards TMT (Technology, Media, and Telecommunications) and financial real estate sectors, with notable increases in communication and banking sub-sectors, while automotive and food and beverage sectors faced reductions [3][4] Strategic Insights - The electronics sector's strong performance is attributed to multiple driving factors, including the acceleration of national technology self-sufficiency strategies and the deepening of semiconductor domestic substitution [4] - The outlook for the second half of the year suggests a structural evolution towards a dual focus on "technology growth and value safety," with continued interest in electronics and semiconductors, while undervalued blue-chip stocks in banking and non-bank financial sectors are expected to provide stability and defensive characteristics [4]

| 汽车 | 45.40 | -9.31 | 2.09 | 0.80 | -0.29 | | --- | --- | --- | --- | --- | --- | | 综合 | 5.27 | 24.48 | 3.00 | 1.34 | -0.60 | | 纺织服 | 16.32 | -1.32 | 2.32 | 1.08 | -0.65 | | 饰 | | | | | | | 传媒 | 34.27 | 4.83 | 2.34 | 1.20 | -1.54 | | 环保 | 27.84 | 17.24 | 3.11 | 0.52 | -4.27 | | 轻工制 | 18.91 | -11.80 | 2.26 | 0.65 | -5.26 | | 造 | | | | | | | 电力设 | 83.79 | -19.15 | 3.39 | 1.17 | -10.90 | | 备 | | | | | | | 公用事 | 53.81 | -21.63 | 1.35 | -0.09 | -12.57 | | 业 | | | | | | | 银行 | 49.51 | 1.66 | 0.37 | -1.42 | -16.0 ...

7月24日，A股市场整体上涨。 截至收盘，上证指数收报3605.73点，上涨0.65%，深证成指收报11193.06点，上涨1.21%，创业板指收 报2345.37点，上涨1.5%，北证50指数上涨1.1%。A股市场合计成交18741.85亿元，较上一交易日减少 245.11亿元。 1. A股市场全天主力资金净流出29.95亿元 今日A股市场主力资金开盘净流出69.95亿元，尾盘净流入41.62亿元，全天净流出29.95亿元。 （注：此表为主力资金净流入统计，与上一张表及下一张表的机构净买入统计口径均不同） | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-7-24 | -29.95 | -69.95 | 41.62 | 66. 68 | | 2025-7-23 | -408. 34 | -149.26 | -68.01 | -169.98 | | 2025-7-22 | -352. 69 | -130. 31 | 1.98 | -137. ...

Group 1 - The core point of the article indicates that on July 24, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 29.95 billion yuan, with the ChiNext board seeing a net inflow of 8.47 billion yuan and the CSI 300 index stocks a net inflow of 27.57 billion yuan [1] - Among the 28 industries tracked, the beauty and personal care sector had the highest increase at 3.1%, while the non-ferrous metals, steel, retail, non-bank financials, and social services sectors also saw gains exceeding 2% [1] - A total of 17 industries received net inflows from main funds, with the non-ferrous metals industry leading at 46.33 billion yuan, followed by non-bank financials at 18.71 billion yuan [1] Group 2 - The article highlights that 89 stocks had net inflows exceeding 100 million yuan, with 17 stocks seeing inflows over 300 million yuan [2] - Notable stocks with significant net inflows include Dongfang Caifu with 16.63 billion yuan and Tianqi Lithium with 8.33 billion yuan, both of which are part of the strong lithium mining sector [3][4] - The article also notes that the Yajiang hydropower concept stocks, particularly China Power Construction, experienced a significant net outflow of 24.37 billion yuan, marking the highest outflow since May 4, 2015 [5][6] Group 3 - The tail-end trading session on July 24 saw a net inflow of 41.62 billion yuan, with the ChiNext board contributing 24.89 billion yuan and the CSI 300 index stocks 23.46 billion yuan [7] - In the tail-end trading, Dongfang Caifu and Ganfeng Lithium led the net inflows, amounting to 8.95 billion yuan and 1.04 billion yuan respectively [8] - Conversely, BYD topped the net outflows during the tail-end session with 1.25 billion yuan, followed by Kweichow Moutai and Yahua Group, each exceeding 600 million yuan in outflows [9][10]

沪指7月24日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、有色金 属，涨幅分别为3.10%、2.78%。基础化工行业今日上涨0.90%。跌幅居前的行业为银行、通信、公用事 业，跌幅分别为1.42%、0.15%、0.09%。 资金面上看，两市主力资金全天净流入89.13亿元，今日有16个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨2.78%，全天净流入资金77.36亿元，其次是非银金融行业，日 涨幅为2.06%，净流入资金为56.44亿元。 主力资金净流出的行业有15个，建筑装饰行业主力资金净流出规模居首，全天净流出资金34.17亿元， 其次是机械设备行业，净流出资金为27.37亿元，净流出资金较多的还有基础化工、通信、银行等行 业。 基础化工行业今日上涨0.90%，全天主力资金净流出27.13亿元，该行业所属的个股共401只，今日上涨 的有306只，涨停的有6只；下跌的有83只。以资金流向数据进行统计，该行业资金净流入的个股有160 只，其中，净流入资金超5000万元的有7只，净流入资金居首的是横河精密，今日净流入资金9929.88万 元，紧随其后 ...