Market Overview - The market experienced a high opening followed by a decline, with the Shanghai Composite Index losing the 3600-point mark [2][4] - The trading volume in the Shanghai and Shenzhen markets was 1.86 trillion, a decrease of 28.4 billion from the previous trading day, indicating active trading sentiment [4] Sector Performance - Non-bank financials, beauty care, household appliances, banking, and environmental protection sectors showed positive performance, while construction materials, defense, machinery, power equipment, and social services sectors lagged [2][4] - Notable concept indices included high-pressure oxygen chambers, internet insurance, cell immunotherapy, gene sequencing, and CRO concepts performing well, while military restructuring, Hainan Free Trade Zone, and other concepts faced declines [2][4] Investment Opportunities - The report highlights the importance of focusing on sectors such as TMT (Technology, Media, and Telecommunications), machinery, coal, and finance for potential investment opportunities [4] - The Hainan Free Trade Port's operational timeline was confirmed, with plans to expand zero-tariff goods and enhance the investment environment, which may create new investment opportunities [3]

Group 1 - The core focus of Fund of Funds (FOF) is on asset allocation and fund investment, with a notable preference for gold and bond ETFs as primary investment targets [1][2] - As of the end of Q2 2025, the Huazhang Gold ETF was the most heavily held fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan [1] - Despite the popularity of the Huazhang Gold ETF, there was a decrease in FOF holdings compared to Q1, where it had 86 FOFs with a market value of 1.414 billion yuan [2] Group 2 - Bond ETFs remain a significant focus for FOFs, with the Hai Futong Zhongzheng Short-term Bond ETF being the highest held, with a market value exceeding 1.643 billion yuan held by 57 FOFs [2] - FOF managers are increasingly adopting a proactive investment strategy, favoring growth-oriented themes such as Hong Kong tech, innovative pharmaceuticals, and semiconductor ETFs [1][3] Group 3 - The Industrial Bank's Rui Zhi Jin Qu FOF achieved a return rate of 21.64% year-to-date, ranking among the top FOFs, with significant holdings in growth-oriented ETFs [3] - The Bo Hai Hui Jin Preferred Progress FOF also focused on growth themes, heavily investing in Hong Kong innovative pharmaceuticals and technology ETFs, while also diversifying into overseas assets [3] Group 4 - The investment strategy of the Bo Hai Hui Jin Preferred Progress FOF includes a framework of "three main lines + one buffer," focusing on technology in the US, leading internet and financial assets in Hong Kong, and new productivity sectors in A-shares, with gold as a core buffer asset [4] - The FOF managers emphasize regular rebalancing of asset exposure and maintaining cash reserves to capture opportunities during market volatility [4]

白宫贸易顾问纳瓦罗：美国销售武器将让Raytheon（雷神）乐不可支。 ...

军工股洛克希德马丁发行20亿美元投资级债券。 本周稍早，该公司业绩报告让投资者措手不及。 ...

Market Performance - On July 23, 2025, the Shanghai Composite Index fluctuated and lost the 3600-point level, closing at 3582.30, up 0.01%[15] - The Shenzhen Component Index fell by 0.37%, closing at 11059.04, while the ChiNext Index decreased by 0.01%[15] - Total market turnover was 18642.75 billion CNY, a decrease of 284.50 billion CNY from the previous trading day[15] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors declined; leading sectors included Non-Bank Financials (up 1.31%), Home Appliances (up 0.51%), and Banks (up 0.38%)[20] - The worst-performing sectors were Building Materials (down 2.56%), Defense and Military (down 1.80%), and Comprehensive Finance (down 1.35%)[20] - In terms of investment style, Financials outperformed, followed by Consumption and Growth, while Large-Cap Value stocks led over Large-Cap Growth stocks[20] Capital Flow - On July 23, 2025, the net outflow of main funds was 646.03 billion CNY, with large orders seeing a net outflow of 346.87 billion CNY and super large orders a net outflow of 299.17 billion CNY[24] - Small orders continued to see a net inflow of 609.73 billion CNY, while medium orders had a slight inflow of 10.19 billion CNY[24] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw varied trading volumes, with the SSE 50 ETF trading at 21.25 billion CNY, an increase of 2.14 billion CNY from the previous day[29] - The CSI 500 ETF had a trading volume of 17.65 billion CNY, up by 3.66 billion CNY, while the CSI 1000 ETF traded at 10.37 billion CNY, an increase of 2.32 billion CNY[29] Global Market Overview - On July 23, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.62% at 25538.07 points and the Nikkei 225 up 3.51% at 41171.32 points[33] - In contrast, European indices showed mixed results, with the DAX down 1.09% and the FTSE 100 up 0.12%[33]

Group 1 - The overall fund positions increased marginally in Q2 2025, with a notable increase in the ChiNext index and a decrease in the main board [6][10][14] - In terms of industry allocation, public funds increased their holdings in technology and cyclical sectors while reducing exposure to manufacturing and consumer sectors [25][31] - The allocation to high-dividend sectors rose, with significant increases in insurance holdings [50][52] Group 2 - The public funds significantly increased their positions in the ChiNext index by 1.74 percentage points to 15.18% and reduced the main board by 1.87 percentage points to 72.46% [14][24] - The technology sector saw increased allocations, particularly in electronics, healthcare, and home appliance manufacturing, while the food and beverage sector saw a decline [31][34] - The telecommunications and financial sectors experienced notable increases in allocation, while discretionary and staple consumer sectors were reduced [28][31] Group 3 - The report highlighted a marginal increase in the stock positions of four types of funds, with the balanced mixed funds showing a more significant increase [11][19] - The concentration of the top ten holdings decreased, with the top ten holdings accounting for 16.70%, down 3.4 percentage points from the previous quarter [24] - The report indicated a continued rise in the allocation to Hong Kong stocks, while the allocation to the Hang Seng Technology index saw a decline [15][17]

每周一景： 云南兰坪澜沧江山谷河流村庄风光 点击右上角菜单，收听朗读版 【策略】 Q2基金动向：中盘成长与大金融 主动基金增配中盘科技成长股与大金融。 2025Q2主动偏股基金在赎回压力下逆势加仓，仓位小幅升至84.2%。持仓集中度CR20环比明显下降3.3%。板块 上，主动基金继续增配港股，配置比例环比+0.7%至19.5%，再创新高。A股方面，大幅增配创业板，略增科创板，减配主板。风格上，主动基金AH股持仓 结构有一定调整。一方面，从自下而上景气趋势出发，增配以中证500为代表的中盘成长股，如科技硬件、医药与新消费等，而减配龙头权重个股，这使得基 金个股配置集中度有明显回落。另一方面是明显提升了大金融板块仓位，并对保险/城商行/股份行的大幅增配，主动顺应了公募基金改革的趋势。对于传统领 域的周期和消费股基金则以减配为主。除此之外，二季度被动基金股票持仓市值首次超过主动基金，且主要同样增配大金融、TMT与军工，资金行为的共识度 较高，后续需要边际重视投资者配置工具切换后被动资金边际定价权的提升。 行业配置：增配TMT与大金融，减仓顺周期与制造。 二季度基金主要增配通信/银行/军工/非银，减配食饮/汽车/电新 ...

上市仅两天，规模逼近千亿 7月17日，首批10只科创债ETF集体上市，仅两个交易日，合计成交额便达到1830.22亿元。根据Wind数据，截至7月18日收盘，首批产品中诞生了5只百亿 级单品，推动这10只产品总规模逼近1000亿元大关。 | 指数代码 | 指数简称 | 上市日期 | 跟踪指数名称 | 17-18日成交额 | 18日甚至规模 | | --- | --- | --- | --- | --- | --- | | | | | | [单位] 亿元 | [单位] 亿元 | | 551550.SH | 科创债ETF华夏 | 2025-07-17 | AAA科创债 | 208.48 | 152.59 | | 159600.SZ | 科创债ETF嘉实 | 2025-07-17 | AAA科创债 | 311.62 | 142.89 | | 551030.SH | 科创债ETF鹏华 | 2025-07-17 | 沪AAA科创债 | 284.96 | 140.12 | | 159200.SZ | 科创债ETF富国 | 2025-07-17 | AAA科创债 | 247.24 | 137.55 | | 551900.S ...

沃森生物：与玉溪国有资本运营公司签署战略合作框架协议 7月23日晚，沃森生物（300142）发布公告称，公司与玉溪国有资本运营有限公司签署了《战略合作框 架协议》。双方拟围绕疫苗及生物制品产业领域建立长期合作关系，通过共同设立股权投资基金、参与 产业链企业投资、战略入股等多种方式深化合作。此次合作旨在推动公司在创新疫苗及合成生物制造行 业的产业升级和业务扩张。 资料显示，沃森生物成立于2001年1月，主营业务是人用疫苗等生物技术药的研发、生产和销售。 所属行业：医药生物–生物制品–疫苗 苑东生物：初步确定询价转让价格为42.06元/股 7月23日晚，苑东生物（688513）发布公告称，公司股东询价转让初步定价为42.06元/股。本次询价转 让共吸引12家机构投资者参与，涵盖基金、保险、证券及私募基金等专业机构，合计有效认购股份数量 为540万股，有效认购倍数为1.60倍。拟受让方为10家机构投资者，拟受让股份总数为336.955万股。 资料显示，苑东生物成立于2009年6月，主营业务是化学原料药、高端化学药品及生物药品研发、生 产、销售。 所属行业：医药生物–化学制药–化学制剂 伟明环保：上半年完成发电量22 ...

投资要点 本报告统计时间为2025.07.14-2025.07.18。 分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 01 市场行情回顾 本报告统计时间为2025.07.14-2025.07.18。 多主题轮动，关注高低切换。 短期内由于市场情绪升温，权益市场流动性较好，叠加中报业绩影 响，出现了短期的从"缩圈"到"扩圈"，即中大盘行业龙头补涨、通过行业ETF或主题基金布局的赚 钱效应有所回升。当前市场情绪偏高，但指数上行空间或趋稳，需积极把握结构性轮动机会。行 业风格方面，杠铃低波端，银行、非银、红利等板块仍将承担稳指数重任。多主题轮动下，关注 科技（业绩较好、政策催化、美国放松限制）、创新药（出海、困境反转）、稀土（中美博弈、 涨价）、新能源（反内卷）、军工（阅兵）等主题轮动中的低位布局机会。 02 股票市场因子跟踪 上周，市场风格方面，小盘成长风格占优；市场波动方面，大小盘风格波动保持在近一年低位， 价值成长风格波动继续上升。 多主题轮动，关注高低切换。短期内由于市场情绪升温，权益市场流动性较好，叠加中报业绩影 响，出现了短期的从"缩圈" ...