1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In Q2 2025, the overall scale of public - offering funds increased by 6.76% compared to the end of Q1, with the share attractiveness rising. Different types of funds showed various growth trends. The share changes reflected investors' preferences for stable - income products, commodity assets, and overseas assets [13][14][19]. - The scale of active equity - biased funds was basically flat in Q2 2025, with a环比 decrease of 0.88%. Asset allocation,持仓板块, industry allocation, and other aspects of these funds had specific changes, and the clustering trend continued to decline [2][3][23]. 3. Summary According to the Catalog 3.1 Public - Offering Funds - Overall Scale: By the end of Q2 2025, the total scale of public - offering funds was 34.4 trillion yuan, with a 6.76%环比 increase from Q1 2025 and a 10.65% year - on - year increase. Monetary funds and bond funds contributed more to the环比 growth, while alternative investment funds and FOF products developed rapidly [13][14]. - Share Changes: In Q2 2025, investors still preferred bond - type products with stable returns, and also showed high enthusiasm for commodity and overseas assets. Among equity funds, only passive products maintained positive share growth [19]. 3.2 Active Equity - Biased Funds 3.2.1 Asset Allocation - The median stock position of active equity - biased funds in Q2 2025 slightly rebounded compared to the previous quarter, reaching the 74% quantile level since 2019 [24]. 3.2.2 Positioning in Different Boards - Active funds increased their positions in the ChiNext, Hong Kong stocks, and the Beijing Stock Exchange in Q2 2025. The proportion of Hong Kong stocks increased by 8.33 pcts compared to Q2 2024, becoming the second - largest board in terms of allocation [28]. 3.2.3 Industry Allocation - In Q2 2025, public - offering funds mainly increased their positions in the financial real - estate, national defense and military industry, medicine, and TMT sectors, especially in the communication, pharmaceutical biology, and non - bank finance industries. They significantly reduced their positions in the food and beverage, automobile, and retail sectors [30][33]. 3.2.4 Conceptual Hotspots - There was significant differentiation within the TMT sector. The allocation market value of active equity - biased funds in the communication and computing power fields increased, while they reduced their positions in consumer electronics, robots, etc. [34]. 3.2.5 Heavy - Positioned Stocks - The top 5 companies with the highest market value of holdings in Q2 2025 were Tencent Holdings (H), CATL, Kweichow Moutai, Midea Group, and Zijin Mining. The concentration of the top 20 holdings decreased环比. Stocks such as Inphi Xucheng, New H3C Technologies, and Huadian Technology were newly added to the heavy - position list, while BYD, Luxshare Precision, etc. were removed [39][41]. 3.2.6 Clustering Degree - The clustering trend of active equity - biased funds continued to decline in Q2 2025, indicating that fund managers had not reached a consensus on investment opportunities in core assets and market trading mainlines [3][43]. 3.2.7 High - Performing Funds - High - performing funds mainly came from the Beijing Stock Exchange and pharmaceutical themes. Active products with superior relative returns showed strong capital attraction [45].

Market Overview - The two markets experienced a net outflow of 25.747 billion yuan, with 1,736 stocks seeing net inflows and 3,104 stocks seeing net outflows [1] - The Shanghai Composite Index closed up 0.01% [1] Industry Performance - Nine industries saw net inflows, with the non-bank financial sector leading at 2.751 billion yuan, followed by steel with a net inflow of 0.552 billion yuan [1] - The non-bank financial index rose by 1.29%, while the steel sector saw a slight decline of 0.01% [1] - A total of 22 industries experienced net outflows, with the power equipment sector leading at 6.159 billion yuan, followed by defense and military at 3.571 billion yuan [1] Individual Stock Performance - 20 stocks had net inflows exceeding 0.2 billion yuan, with Dongfang Caifu leading at 1.148 billion yuan [2] - Other notable stocks with significant inflows include Xue Ren Group (0.718 billion yuan) and Baogang Co. (0.701 billion yuan) [2] - Stocks with the highest net outflows included China Energy Construction (1.195 billion yuan), followed by Dongfang Electric (0.949 billion yuan) and Huaxin Cement (0.649 billion yuan) [2] Stock Price Movements - Stocks with net inflows over 0.2 billion yuan saw an average increase of 22.58%, outperforming the Shanghai Composite Index [2] - Notable gainers included China Electric Power Construction and Zhongyuan Ocean Science, which closed at their daily limit [2] Detailed Stock Data Top Net Inflows | Code | Name | Closing Price (Yuan) | Change (%) | Net Inflow (Billion Yuan) | Industry | |------|--------------|----------------------|------------|---------------------------|----------------| | 300059 | Dongfang Caifu | 23.71 | 0.72 | 1.148 | Non-bank Financial | | 002639 | Xue Ren Group | 11.44 | 10.00 | 0.718 | Machinery | | 600010 | Baogang Co. | 2.29 | 4.57 | 0.701 | Steel | | 002670 | Guosheng Jinkong | 15.38 | 4.98 | 0.689 | Non-bank Financial | | 600030 | CITIC Securities | 29.78 | 2.94 | 0.511 | Non-bank Financial | [3][4] Top Net Outflows | Code | Name | Closing Price (Yuan) | Change (%) | Net Outflow (Billion Yuan) | Industry | |------|--------------------|----------------------|------------|-----------------------------|----------------| | 601868 | China Energy Construction | 2.90 | 3.20 | -1.195 | Construction | | 600875 | Dongfang Electric | 23.74 | 10.01 | -0.949 | Power Equipment | | 600801 | Huaxin Cement | 17.44 | 10.03 | -0.649 | Building Materials | | 603300 | Hainan Huatie | 11.68 | 1.04 | -0.596 | Non-bank Financial | | 601606 | Great Wall Military | 29.66 | -7.86 | -0.580 | Defense | [5]

Core Viewpoint - The banking sector experienced a slight increase of 0.40% on July 23, with a net inflow of 4.91 billion yuan in main capital, indicating positive investor sentiment towards the sector [1][2]. Market Performance - The Shanghai Composite Index rose by 0.01% on the same day, with eight industries showing gains, particularly non-bank financials and beauty care, which increased by 1.29% and 0.59% respectively [1]. - The banking sector's performance was supported by 28 out of 42 listed banks experiencing price increases, while nine saw declines [2]. Capital Flow - The non-bank financial sector led the net capital inflow with 28.59 billion yuan, followed by the banking sector with 4.91 billion yuan [1]. - A total of 23 industries faced net capital outflows, with the power equipment sector experiencing the largest outflow of 101.71 billion yuan [1]. Individual Bank Performance - Agricultural Bank of China topped the net inflow list with 6.33 billion yuan, followed by China Bank and China Merchants Bank with inflows of 3.34 billion yuan and 1.83 billion yuan respectively [2]. - Notable outflows were observed in Industrial Bank, Minsheng Bank, and Chengdu Bank, with outflows of 2.58 billion yuan, 1.30 billion yuan, and 1.20 billion yuan respectively [2]. Detailed Bank Data - The top-performing banks in terms of capital flow included: - Agricultural Bank: +2.46% with a main capital flow of 633.09 million yuan [3] - China Bank: +0.90% with a main capital flow of 334.19 million yuan [3] - China Merchants Bank: +0.40% with a main capital flow of 183.25 million yuan [3] - Conversely, banks like Industrial Bank and Minsheng Bank reported significant capital outflows, with -25.75 million yuan and -13.03 million yuan respectively [4].

| 医药生 | 82.57 | 4.30 | 3.02 | -0.09 | -19.77 | | --- | --- | --- | --- | --- | --- | | 物 | | | | | | | 农林牧 | 31.04 | 2.72 | 3.29 | -0.38 | -21.70 | | 渔 | | | | | | | 建筑材 | 39.30 | -3.01 | 5.28 | -2.27 | -24.16 | | 料 | | | | | | | 公用事 业 | 68.66 | -4.16 | 1.72 | -0.90 | -24.55 | | 有色金 | | | | | | | 属 | 67.69 | -12.38 | 3.09 | -0.40 | -26.75 | | 电子 | 63.91 | -10.06 | 2.31 | -0.03 | -31.88 | | 基础化 | 88.47 | 1.65 | 3.34 | -0.81 | -47.62 | | 工 | | | | | | | 建筑装 饰 | 93.39 | 29.23 | 3.33 | -0.98 | -54.51 | | 国防军 | ...

Market Overview - The report indicates a short-term shift from "narrow circle" to "expanded circle" in the equity market, driven by improved market sentiment and liquidity, alongside mid-year performance impacts [1][4] - Current market sentiment is high, but the upward space for indices may stabilize, necessitating a focus on structural rotation opportunities [1][4] Sector Performance - The report highlights that the banking, non-banking, and dividend sectors will continue to play a stabilizing role for the index [1][4] - Key themes for low-positioned investments include technology (strong performance, policy catalysts, US restrictions easing), innovative pharmaceuticals (overseas expansion, turnaround), rare earths (US-China competition, price increases), new energy (anti-involution), and military industry (military parades) [1][4] Market Style and Volatility - Last week, small-cap growth style outperformed, while the volatility of large and small-cap styles remained at near-year lows, with value growth style volatility continuing to rise [2][6] - The report notes that the excess return dispersion of industry indices remained at near-year lows, with a slight decrease in industry rotation speed and an increase in the proportion of rising constituent stocks [2][6] Trading Activity - Trading concentration increased, with the top 100 stocks' transaction value and the top 5 industries' transaction value both rising [2][6] - Market volatility remains low, while turnover rates have slightly increased [7][8] Commodity Market Insights - In the commodity market, the precious metals sector maintains a strong trend, while other sectors show mixed performance, with the non-ferrous sector's trend strength declining [18][21] - Precious metals have seen a rapid increase in basis momentum, while other sectors exhibit volatility [18][21] Options Market Analysis - The implied volatility of the SSE 50 index is on the rise, reaching historically high levels, while the implied volatility of the CSI 1000 has decreased [24] - The skew between call and put options has widened, indicating heightened overall market sentiment driven by policies against involution [24][25] Convertible Bond Market - The convertible bond market shows that the premium rate for conversion remains relatively high, with transaction amounts slightly increasing [30] - The proportion of low conversion premium bonds has remained stable, and credit spreads continue to stay at relatively low levels [30]

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].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.01% closing at 3582.30 points, while the Shenzhen Component Index fell by 0.37% to 11059.04 points. The ChiNext Index experienced a minor decline of 0.01% to 2310.67 points, and the Sci-Tech 50 Index rose by 0.45% to 1020.86 points. Overall, 4025 stocks declined, 1269 stocks rose, and 120 stocks remained unchanged across the market [1][2]. Industry Performance - Among the Shenwan first-level industries, only five sectors including non-bank financials, beauty care, home appliances, banking, and environmental protection saw gains, while the rest experienced declines. The sectors that led the decline included construction materials, national defense and military industry, machinery equipment, electric power equipment, social services, and construction decoration [1]. Sector Highlights - The top-performing concept sectors today included water conservancy and hydropower construction, selected aviation transportation, Contract Research Organizations (CRO), selected insurance, semiconductor equipment, stock trading software, selected medical services, Microsoft partners, rare earths, optical chips, medical beauty, cloud computing, central enterprise banks, stem cells, and optical modules (CPO) [2].

Market Overview - The market reached a new high of 3613.02 points, indicating a strong performance in 2023, with increasing discussions about a potential bull market [1] - Private equity funds have shown significant returns, with some achieving nearly double returns in the new consumption sector, while the average return for most funds is around 10-12% [1][2] Sector Performance - The main sectors that saw increased holdings among private equity funds include pharmaceuticals, light industry manufacturing, and computers, with pharmaceuticals contributing over 20% to returns [1][2] - Conversely, sectors like oil and coal have been major detractors from performance [2] Investment Strategies - Many established private equity funds have consistently outperformed the market, with notable managers maintaining strong performance despite market challenges [3] - A shift towards new consumption and technology sectors is evident, with funds increasing allocations to industries like innovative pharmaceuticals and artificial intelligence [2][4] Emerging Trends - New consumption is likened to the wine industry from a decade ago, with a focus on innovative products that create new demand [20] - The investment landscape is evolving, with a growing emphasis on companies that can adapt to changing consumer preferences and technological advancements [11][12] Future Outlook - The outlook for the second half of the year suggests continued interest in emerging growth assets, particularly in technology and cyclical industries, as funds seek opportunities amidst economic uncertainties [12][39] - The real estate sector is experiencing significant differentiation, with high-quality properties in prime locations still in demand, while lower-quality assets struggle [21][22] Key Insights from Fund Managers - Fund managers emphasize the importance of understanding market dynamics and maintaining a focus on long-term investment strategies, particularly in sectors with strong growth potential [8][9] - The need for a cautious approach is highlighted, with an emphasis on identifying companies with solid cash flow and sustainable business models [40][41]

Market Overview - The Shanghai Composite Index increased by 0.75% as of the morning close, with a trading volume of 961.63 million shares and a transaction amount of 1,159.55 billion yuan, representing a 0.06% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank financials: +2.24% with a transaction amount of 656.21 billion yuan, led by Guosheng Financial Holdings (+10.03%) [1]. - Banking: +1.70% with a transaction amount of 237.08 billion yuan, led by Agricultural Bank of China (+3.28%) [1]. - Computer: +0.95% with a transaction amount of 839.81 billion yuan, led by Guoyuan Technology (+18.00%) [1]. - The sectors with the largest declines included: - National defense and military industry: -1.11% with a transaction amount of 394.78 billion yuan, led by Guolian Aviation (-13.81%) [2]. - Building materials: -1.02% with a transaction amount of 253.62 billion yuan, led by Fujian Cement (-7.14%) [2]. - Social services: -0.46% with a transaction amount of 115.32 billion yuan, led by Lansheng Co. (-7.06%) [2]. Summary of Key Stocks - Notable gainers included: - N-Tech Source in the food and beverage sector, which surged by 302.57% [1]. - Shengde Xintai in the steel sector, which increased by 12.57% [1]. - Notable decliners included: - Haima Automobile in the automotive sector, which fell by 5.86% [1]. - Yongyue Technology in the basic chemical sector, which decreased by 8.70% [2].

证 券 研 究 报 告 寻找中报可能的超预期 2025年7月23日 • 中报预告报喜率44%，非银/有色/电子报喜占比高。1564家A股上市公司披露25年中报业绩预告，报喜率44%。从行业报喜占比来看，非银、 有色、电子、农林牧渔、汽车等行业占比较高。 • 报喜公司数量：电子/化工/机械居前。报喜公司：电子（73家）、化工（59家）、机械（56家）、汽车（47家）、医药（43家）居前。报 忧公司：化工（72家）、医药（61家）、机械（55家）、计算机（53家）、房地产（53家）居前。 • 报喜率略低于23&24年，业绩上修/下修公司比例高于过去3年。25年中报预喜率44%，略低于24年47%、23年48%，与22年持平。A股分 析师的业绩预测在过去三个月出现明显上修，对比过去四年来看，目前净利润上修/下修公司的比例仅次于21年同期，已高于此前其他年份。 • 行业25E业绩：金融预期改善，消费预期趋弱。根据25E净利润近4周变化率，业绩预期相对改善的板块主要集中在金融（银行、非银）、部 分周期（环保、化工、钢铁）；业绩预期相对恶化的板块主要集中在部分消费（美护、轻工、家电、医药）以及煤炭、公用等。 • 工业企业 ...