Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 1.437 billion yuan compared to the previous day, marking a continuous increase for seven trading days [1][2] - A total of 427 stocks on the Sci-Tech Innovation Board have a financing balance exceeding 100 million yuan, with 18 stocks having a balance over 1 billion yuan [1] - The stocks with the highest net financing purchases include Upwind New Materials, Haiguang Information, and Lanke Technology, with net purchases of 1.36 billion yuan, 1.32 billion yuan, and 832.39 million yuan respectively [2][3] Financing Balance Overview - As of July 22, the total margin financing balance on the Sci-Tech Innovation Board reached 165.873 billion yuan, with a financing balance of 165.274 billion yuan [1] - The number of stocks with a financing balance that increased compared to the previous day was 332, while 46 stocks saw a decrease exceeding 10 million yuan [1][2] Stock Performance - The stock with the largest net financing purchase was Upwind New Materials, which saw a 20% increase in its stock price [2] - Among the stocks favored by financing clients, the average increase was 1.17%, with notable gainers including Tiejian Heavy Industry and Upwind New Materials, which rose by 20.04% and 20% respectively [2][3] - The sectors attracting the most financing interest include pharmaceuticals, electronics, and computers, with 26, 25, and 12 stocks respectively [2] Financing Balance by Stock - Stocks with significant financing balances include Rongbai Technology, with a financing balance of 1.361 billion yuan, accounting for 12.81% of its market value [2] - Other stocks with high financing balance ratios include Suochen Technology, Weide Information, and Sunshine Nuohe, with ratios of 9.57%, 8.31%, and 8.26% respectively [2]

金融工程 | 证券研究报告 — 总量点评 2025 年 7 月 23 日 主动权益基金 2025 年二季 度配置分析 主动权益基金仓位处于历史高位， TMT 、金融 板块配置显著提升 中银国际证券股份有限公司 具备证券投资咨询业务资格 金融工程 证券分析师: 郭策 (8610)66229239 ce.guo@bocichina.com 证券投资咨询业务证书编号：S1300522080002 证券分析师: 李腾 (8610)66229367 teng.li@bocichina.com 证券投资咨询业务证书编号：S1300522080001 ◼ 仓位监控：截止到 2025Q2，主动权益基金仓位中位数为 90.63%，与上 一季度相比有所提升，自 2020 年以来持续围绕在 90%仓位震荡，目前处 于历史高位。 ◼ 板块配置：2025Q2 配置比例最高的三个板块分别为 TMT、港股和机 械，占比分别为 23.37%、20.41%和 19.68%。与近五年历史均值相比， 2025Q2持仓占比高于历史均值的板块有港股、TMT、金融、地产基建和 其它，超配比例分别为 9.67%、4.65%、1.69%、1.53%和 0. ...

Core Insights - As of July 22, the latest market financing balance reached 1,919.613 billion yuan, an increase of 15.048 billion yuan compared to the previous trading day [1] - Among the 23 primary industries under Shenwan, the electronic industry saw the largest increase in financing balance, rising by 2.381 billion yuan [1] - The industries with notable increases in financing balance also include pharmaceuticals, electric equipment, and machinery, with increases of 1.413 billion yuan, 1.359 billion yuan, and 1.126 billion yuan respectively [1] - Conversely, eight industries experienced a decrease in financing balance, with the computer, home appliance, and retail industries seeing the largest declines of 0.114 billion yuan, 0.095595 billion yuan, and 0.090656 billion yuan respectively [2] Industry Financing Balance Changes - The coal industry had the highest growth rate in financing balance, with a latest balance of 15.839 billion yuan, reflecting a 2.48% increase [1] - Other industries with significant increases include construction decoration, banking, and building materials, with growth rates of 2.25%, 1.70%, and 1.65% respectively [1] - The steel, retail, and home appliance industries reported the largest declines in financing balance, with latest balances of 14.479 billion yuan, 21.545 billion yuan, and 26.662 billion yuan, showing decreases of 0.48%, 0.42%, and 0.36% respectively [2]

Core Viewpoint - The A-share market is experiencing a short-term upward trend despite some fluctuations, with a positive outlook for the upcoming months as various industry catalysts emerge [1][2]. Market Overview - The A-share market showed initial volatility but began to rise after 10:30 AM, with most major indices closing in the green, indicating a strong buying force [1]. - The Shanghai Composite Index has officially broken through the high point of November 8, 2024, suggesting the end of the sideways movement since Q4 2024 [1]. - Concerns regarding trade conflicts have eased, and with the policy window approaching in July, the market is expected to maintain a slow upward trend [1]. Future Outlook - There are multiple industry catalysts that could positively influence the market, such as the launch of the Yarlung Tsangpo River downstream power station and potential recovery in H20 chip exports [2]. - After the index surpasses 3500 points, two potential paths are identified: continuing the upward trend or consolidating before challenging the previous high of 3674 points [2]. - For the market to challenge the previous high, three conditions must be met: implementation of fiscal stimulus policies, continued global easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is expected to be driven by events, with a likelihood of sector rotation between high and low-performing areas [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and functional robots [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see a rebound in orders, with signs of recovery in various sub-sectors [3]. 5. The innovative drug sector is anticipated to reach a turning point in fundamentals after a prolonged adjustment period [3]. Market Performance Review - The A-share market experienced fluctuations but maintained an upward trend, with strong buying support observed [4]. - Leading sectors included coal, building materials, construction, steel, and non-ferrous metals, while banking, computing, telecommunications, electronics, and textiles lagged [4].

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) has successfully concluded, showcasing China's commitment to global supply chain stability and international cooperation [2] - The event has seen significant upgrades compared to previous editions, with increased international participation, enhanced connectivity, and a higher number of returning exhibitors [2] International Participation - The proportion of overseas exhibitors at the Chain Expo has increased to 35%, up from 32% in the previous edition, marking a 9 percentage point rise [3] - Over 65% of the participating companies are from the Fortune Global 500 and industry leaders, with exhibitors coming from 75 countries and regions, up from 55 in the first edition [3] - Notable international organizations, including the United Nations Food and Agriculture Organization and the World Intellectual Property Organization, participated in the event, highlighting its global appeal [3] Industry Collaboration - The Chain Expo serves as a platform for global chemical companies to showcase innovative technologies and products, with companies like Wacker and Honeywell presenting advancements in electric vehicle components and energy management solutions [3] - The event emphasizes long-term cooperation over immediate sales, facilitating connections among supply chain participants [5] - Major companies, including Apple and Siemens, showcased their collaborative efforts and technological advancements in manufacturing and sustainability [5] Emerging Markets Engagement - Companies from Belt and Road Initiative countries actively participated, with delegations from Serbia, Thailand, and several African nations attending [4] - Collaborative agreements were signed between companies from Kyrgyzstan and Chinese firms during the expo, indicating a focus on renewable energy partnerships [4] Future Outlook - The Chain Expo has established a foreign exhibitor alliance to enhance cooperation and service for international businesses, aiming to create a continuous platform for engagement [6] - A significant number of companies, including Honeywell and Siemens, have already signed up for the next edition of the expo, indicating strong demand and interest in future participation [8]

Group 1 - The US and Japan have reached a trade agreement, reducing the reciprocal tariff rate from 25% to 15%, with Japan committing to invest $550 billion and open its agricultural market, including rice [1] - Following the announcement, the Japanese stock market experienced a significant surge, with the Nikkei 225 index surpassing the 40,000-point mark, showing an intraday increase of over 2% [2] - The Tokyo Stock Exchange index also saw a notable rise, breaking the 2,900-point threshold with an increase exceeding 2.4% [4] Group 2 - Japanese automotive stocks were the highlight of the market surge, with Mazda's stock rising over 17%, Subaru's over 14%, Toyota's over 10%, Honda's over 9%, and Nissan's over 9% [5] - The automotive sector is crucial to Japan's economy, and the previous announcement of a 25% tariff on Japanese automotive exports had been a significant point of contention in US-Japan trade negotiations [5]

2025 年 07 月 23 日 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 81 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：机器人、RDA、水电 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：81 分（过热） 1、机器人主题：据国新网 7 月 14 日消息，国务院新闻 办公室将于 2025 年 7 月 15 日(星期二)下午 3 时举行"新征 程上的奋斗者"中外记者见面会，请民营企业家代表围绕 "弘扬企业家精神，坚定做优秀中国特色社会主义事业建设 者"与中外记者见面交流。另外，智元机器人和宇树科技成 功中标中移（杭州）信息技术有限公司 2025 年至 2027 年人 形双足机器人代工服务采购项目，该项目总标包金额高达 1.24 亿元。相关标的：卧龙电驱（600580）、长盛轴承 （300718） 2、RDA 主题：中国财政公众号提及 ...

Core Viewpoint - The article discusses the recent trade agreement between the United States and Japan, which includes a reduction in tariffs and significant Japanese investment in the U.S. [1] Group 1: Trade Agreement Impact - The U.S. and Japan have reached a trade agreement that lowers the reciprocal tariff rate from 25% to 15% [1] - Japan is set to invest $550 billion in the U.S. and will open its market for rice and other agricultural products [1] Group 2: Market Reaction - Following the announcement, the Japanese stock market experienced a significant surge, with the Nikkei 225 index surpassing the 40,000-point mark, showing an intraday increase of over 2% [2][4] - Major automotive stocks in Japan saw substantial gains, with companies like Mazda, Subaru, Toyota, Honda, and Nissan reporting increases of over 9% to 17% [10] Group 3: Sector Performance - The automotive sector was highlighted as a key driver of the market rally, with collective gains among major car manufacturers [9][10] - Other large companies in Japan, including TDK, Yamaha, and Panasonic, also saw their stock prices rise significantly [6]

策略研究 · 点评报告 公募基金二季度持仓有哪些看点? 2025 年 07 月 22 日 核心观点: 分析师 周美丽 网: zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 杨超 相关研究 2025-07-16，A 股风格转换的历史复盘与回测分析 2025-07-15, 中央城市工作会议利好 A 股市场哪些 板块? 2025-06-26, 2025 年大类资产中期投资展望：驭 变谋势 2025-06-21，2025 年港股中期投资展望：时移世 易, 见机而作 2025-06-20，2025 年 A 股中期投资展望：筑基行 稳,重塑鼎新 2025-06-10,稳定币概念股投资展望 2025-05-28, 上市公司并购重组迎来哪些新变化? 2025-05-21，低利率时代欧洲资产配置启示 2025-05-12, 关税缓和信号下哪些板块有望受益? 2025-05-07, 关键时间节点的发布会：一揽子金融 政策稳市场稳预期 2025-05-05,年报和一季报有哪些亮点? 2025-05-04, "五一"假期事件梳理及市场展望 2025-04-25,"持续稳定和 ...

Market Overview - On July 22, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.62% to close at 3581.86 points, the Shenzhen Component Index increasing by 0.84% to 11099.83 points, and the ChiNext Index up by 0.61% to 2310.86 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 192.86 billion yuan, an increase of 20.15 billion yuan from the previous day, with over 2500 stocks rising and more than 100 stocks hitting the daily limit for the second consecutive day [2] Sector Performance - The sectors that performed well included hydropower, engineering machinery, coal, steel, pork, and liquor, while sectors such as gaming, banking, and PCB concepts saw declines [2] - Specifically, the coal sector experienced a rapid increase in the afternoon, while the banking sector mostly adjusted downwards [2] International Market - In the U.S. stock market on July 22, the Dow Jones Industrial Average rose by 179.37 points (0.4%) to 44502.44 points, while the S&P 500 increased by 4.02 points (0.06%) to 6309.62 points. The Nasdaq Composite Index fell by 81.49 points (0.39%) to 20892.69 points [4][5] - In Europe, the FTSE 100 index rose by 10.82 points (0.12%) to 9023.81 points, while the CAC 40 index in France fell by 53.81 points (0.69%) to 7744.41 points, and the DAX index in Germany decreased by 265.90 points (1.09%) to 24041.90 points [4][5] Commodity Prices - International oil prices fell on July 22, with WTI crude oil dropping by $0.99 to $66.21 per barrel (1.47% decline) and Brent crude oil decreasing by $0.62 to $68.59 per barrel (0.90% decline) [4][5] Regulatory Developments - The "Rural Road Regulations" were published, set to take effect on September 15, 2025, aimed at promoting high-quality development of rural roads and supporting rural revitalization and agricultural modernization [6][7] - The regulations emphasize government-led planning, responsibility for county-level governments, and the need for improved road network quality and safety measures [6][7] Industry Initiatives - Shanghai's "Next-Generation Display Industry High-Quality Development Action Plan (2026-2030)" was issued, aiming to build a comprehensive industry system and enhance competitiveness by 2030 [9] - The plan focuses on developing two major technology routes and addressing four core areas to create a complete and resilient industrial chain [9] Gaming Industry - The National Press and Publication Administration approved seven imported games in July, indicating ongoing regulatory activity in the gaming sector [10] Foreign Exchange Market - The Deputy Director of the State Administration of Foreign Exchange stated that there are no significant expectations for the appreciation or depreciation of the RMB, with the market remaining stable and rational [11] Financial Sector Insights - The People's Bank of China reported a rebound in real estate loan growth, with a total balance of real estate loans reaching 53.33 trillion yuan, a year-on-year increase of 0.4% [13] - The report highlighted an increase in both real estate development loans and personal housing loans, indicating a gradual recovery in the real estate sector [13] Institutional Perspectives - Tianfeng Securities noted a significant pullback in bank stock prices since July 11, but maintains a positive long-term outlook for bank valuations due to expected improvements in net interest margins and non-interest income [14] - CITIC Construction pointed out that China's controllable nuclear fusion industry is advancing rapidly, with ongoing project financing and policy support [15][16] Capital Flow - The coal industry saw a net inflow of 2.588 billion yuan, while the internet services sector experienced a net outflow of 4.759 billion yuan [18] - Major stocks with significant net inflows included Changcheng Military Industry and Guizhou Moutai, while Northern Rare Earth and Wolong Electric Drive faced substantial outflows [19]