Market Overview - Global major stock indices faced pressure, primarily due to the unexpected slowdown in the US labor market and trade policy disruptions [1] - The US non-farm payrolls added only 73,000 jobs in July, the lowest monthly increase since April 2020, raising concerns about economic stagflation [1] - Major US indices saw declines: Dow Jones down 2.92%, S&P 500 down 2.36%, and Nasdaq down 2.17% [1] - European markets also weakened, with Germany's DAX down 3.27% and France's CAC40 down 3.68% [1] - Asian markets experienced declines, with Japan's Nikkei 225 down 1.58% and South Korea's composite index down 2.40% [1] Commodity Prices - Commodity prices showed mixed trends, with energy commodities performing strongly; INE crude oil rose by 3.79% [2] - Industrial metals faced pressure, with SHFE copper down 1.17% and aluminum prices also retreating [2] - Precious metals saw gains, with COMEX gold futures up 2.41% while SHFE silver fell by 4.84% [2] - The weak US employment data suppressed industrial demand expectations, while Trump's tariff policies raised supply chain concerns [2] - Global gold ETF holdings reached a historical high due to increased demand for safe-haven assets [2] Industry Performance - In the A-share market, the pharmaceutical and biotechnology sector rose by 2.95%, benefiting from favorable policies and strong growth among key drug companies [3] - The communication sector increased by 2.54%, driven by AI computing demand and accelerated 5G investments [3] - The media sector saw a 1.13% rise due to strong box office performance and the application of AI content generation technology [3] - The coal sector fell by 4.67% and non-ferrous metals by 4.62%, impacted by prior gains and weak industrial metal prices [3] - The real estate sector declined by 3.43% amid concerns over regulatory policies and industry adjustment pressures [3] Investment Focus - Short-term focus on three key areas: the artificial intelligence industry chain, innovative pharmaceuticals, and commodity supply-demand restructuring [4] - Investment strategy suggests selecting targets based on "high prosperity verification + dilemma reversal," focusing on AI computing infrastructure and innovative drug commercialization [4] - Long-term perspective indicates a likely upward trend in broad indices, with structural opportunities driven by industrial upgrades [4] - Key sectors to watch include technology (AI computing, military, innovative drugs), new consumption (smart home, health upgrades), and non-ferrous metals [4]

Group 1 - The Jiangsu Provincial Department of Industry and Information Technology and the Provincial Communications Administration have launched a special action plan for network and data security to support new industrialization by 2025 [1][2] - By the end of 2025, a list of key enterprises for network security protection will be established, with at least 300 enterprises conducting self-classification and verification, and at least 50 enterprises participating in network security standard compliance trials [1][2] - The action plan emphasizes the importance of managing key industries within the province's "1650" industrial system, including raw materials, consumer goods, and electronic information sectors [2] Group 2 - The plan includes regular risk assessments, remote monitoring, and on-site diagnostics for key enterprises in the "Build Peak and Strengthen Chain" initiative, aimed at enhancing network security services in the industrial sector [2] - Focus will be placed on industries such as petrochemicals, non-ferrous metals, and intelligent connected vehicles, with ongoing special actions to strengthen data security risk prevention [2] - The initiative will also involve the classification and grading of data security, identifying enterprises that possess critical core technologies and are vital for the stability of the industrial chain [2]

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第七， 食品价格涨跌互现，其中猪肉、蔬菜价格稳中有升。7月全国猪肉平均批发价（月均值）环比回升 1.2%，全国28种重点蔬菜价格环比回升1.4%。7种重点监测水果平均批发价、黄玉米期货结算价环比分别 为-5.0%、-2.3% 。 第八， 简单总结，7月价格面信号整体好转。在反内卷改善供需比的预期下，内需定价的上游原材料和部分 新产业产品上行斜率扩大。价格从低位上涨是有积极意义的，它有助于助推企业原材料补库行为，形成企业行 为和价格的正循环。但需求端的承接也较为关键，政治局会议强调的"两重"项目三季度能否发力较为重要。 同时，最终决定中期供求关系的不止是"反内卷"，还包括地方政府投资的长效机制、产业投资的动态平衡机 制、居民部门两表的正循环等，预计"十五五"期间的政策将作出进一步的部署 。 正文 7月BPI工业原材料价格指数小幅回升，能源价格受供给影响先扬后抑，有色分项价格收涨。截至7月31日， 生意社BPI指数录得869点，相较6月末回升1.4%。其中能源、有色价格（月环比）分别为0.1%、3.1%。 第一， ...

Market Performance - The deep stock connect heavy positions led the market with a return of 2.30%[12] - Quantitative fund heavy positions performed well with a return of 1.96%[12] - The overall market speed of industry and style rotation showed a slight decline[4] Sector Analysis - The materials sector led with a return of 5.25%, exceeding the overall A-share market by 3.03%[20] - The energy sector followed with a return of 4.97%, outperforming the benchmark by 2.76%[20] - The real estate and services sector achieved a return of 3.22%, exceeding the benchmark by 1.01%[20] Investment Style - High valuation and high volatility stocks outperformed, while low valuation and low beta stocks adjusted negatively[22] - The high valuation index returned 2.14%, while the low valuation index returned -0.88%[24] Thematic Trends - The "Emission Reduction Pioneer" theme led with a return of 5.95%[26] - The carbon neutrality series also performed well, with the carbon neutrality index returning 3.91%[26] - The overall performance of the carbon neutrality series was strong, indicating a growing focus on sustainability[26]

Group 1 - The core message emphasizes the importance of technological innovation and the transformation of traditional industries to revitalize the economy in Shanxi and other central regions of China [1][2] - The restructuring of industrial foundations is identified as a key engine for the rapid rise of central regions, with a focus on upgrading traditional industries like steel and machinery to high-end, intelligent, and green production [1][2] - The article highlights the need for a comprehensive innovation support system to overcome challenges such as talent outflow and financial shortcomings, which are critical for achieving breakthrough growth in the central region [2] Group 2 - The development of a robust innovation ecosystem is crucial for the rise of the central region, facilitating the integration of industry, academia, and research to accelerate the transformation of scientific achievements into practical applications [2] - The article calls for a balanced approach that leverages both effective market mechanisms and proactive government involvement to create a conducive environment for enterprises to innovate and compete fairly [2] - The central region's development is framed as a grand systemic project that requires addressing deep-seated institutional issues and focusing on key areas to foster high-quality growth [2]

Core Viewpoint - The Hong Kong stock market is experiencing a significant increase in stock buybacks, with 209 companies repurchasing a total of 4.466 billion shares and spending over 100 billion HKD this year, indicating a broader participation in buyback activities compared to the previous year [1][3]. Group 1: Buyback Trends - A total of 209 Hong Kong-listed companies have engaged in stock buybacks this year, with a cumulative repurchase of 4.466 billion shares and an expenditure exceeding 100 billion HKD [1]. - The number of companies participating in buybacks has increased by 9 compared to the same period last year, reflecting an expanding coverage of buyback activities among listed firms [1]. - Major companies such as Tencent Holdings, Kuaishou-W, HSBC, and AIA have made substantial buybacks, with Tencent leading at 40.043 billion HKD [3]. Group 2: Industry Participation - The buyback activities span multiple key sectors, including internet technology (Tencent, Kuaishou-W), finance (HSBC, AIA), materials (China Hongqiao), and healthcare (WuXi Biologics) [3]. - Tencent Holdings has repurchased shares on 62 trading days, averaging over 600 million HKD per day, with significant single-day repurchases reaching 1.503 billion HKD on specific dates [3]. Group 3: Policy Impact - The upcoming stock repurchase reform by the Hong Kong Stock Exchange, effective June 2024, allows companies to hold repurchased shares as treasury stock instead of mandatorily canceling them, enhancing buyback efficiency [4]. - This reform provides companies with greater flexibility and convenience in managing their buyback activities, which is expected to further stimulate repurchase actions [4]. - The trend of stock buybacks is viewed as a means to enhance shareholder value, especially when companies have excess cash flow and lack high-return investment opportunities [4].

Group 1 - The U.S. stock market showed slight gains with the Dow Jones up 0.16%, Nasdaq up 0.35%, and S&P 500 up 0.25% [1] - Talen Energy's stock surged over 17% following the announcement of a $3.5 billion acquisition of power plants in Pennsylvania and Ohio [1] - Stablecoin-related stocks saw early gains, with Robinhood rising nearly 6%, Coinbase up over 4%, and Circle up over 3% [1] Group 2 - The Nasdaq Golden Dragon China Index increased by over 2%, with notable gains from Futu Holdings (up over 10%), Kingsoft Cloud (up nearly 10%), and Alibaba (up over 4%) [1] - Citigroup upgraded the ratings for Chinese and South Korean stock markets to "overweight," citing a return of profit-making effects in A-shares and Hong Kong stocks attracting foreign investment [1] - Citigroup expressed a constructive medium-term outlook for Asian markets, predicting a return of about 7% for the MSCI Asia (excluding Japan) index by mid-2026, with an estimated price-to-earnings ratio of around 14 times [1] Group 3 - China is shifting its economic growth focus from investment-led to consumption-led, with potential measures including consumption vouchers and moderate fiscal and monetary policies [2] - Sectors such as consumption, internet, raw materials, and technology are expected to benefit more from these policies [2] - A survey by Invesco revealed a noticeable increase in interest from international investment institutions in the Chinese market, covering 83 sovereign wealth funds and 58 central banks managing approximately $27 trillion in assets [2]

Group 1 - The China Securities Materials Index (000987) has shown strong performance, with a 1.70% increase as of July 18, 2025, and notable gains in constituent stocks such as Shengxin Lithium Energy (002240) reaching a 10% limit up [1] - The Materials ETF (159944) has seen a 17.14% increase in net value over the past five years, with a maximum monthly return of 20.09% since inception and an average monthly return of 5.90% during rising months [1] - The valuation of the index is at a historical low, with a latest price-to-book ratio (PB) of 1.66, which is lower than 80.63% of the time since the index was established, indicating strong valuation attractiveness [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the China Securities Materials Index account for 29.27% of the index, including companies like Zijin Mining (601899) and Wanhu Chemical (600309) [2] - Recent announcements from Northern Rare Earth and Baosteel indicate a price adjustment for rare earth concentrate to 19,109 yuan/ton, with price fluctuations linked to changes in REO content [2] - Pacific Securities notes that while there is support for energy metal prices due to government policies promoting orderly competition, there is a lack of significant price transmission in materials, and confidence in sustained price increases may be insufficient [2] Group 3 - The demand for rare earth permanent magnets is expected to grow rapidly due to the increasing sales of electric vehicles and emerging industries such as humanoid robots and energy-efficient products [3] - The long-term growth of demand for rare earth permanent magnets is anticipated to remain robust as new technologies and products emerge [3]

Core Viewpoint - The China Securities Index for domestic resources has shown positive performance, with a recent increase in value and significant year-to-date growth, indicating a favorable market trend for resource-related stocks [1]. Group 1: Index Performance - The China Securities Index for domestic resources rose by 0.29% to 3511.13 points, with a trading volume of 35.435 billion yuan [1]. - Over the past month, the index has increased by 1.37%, by 5.59% over the last three months, and by 5.12% year-to-date [1]. Group 2: Index Composition - The top ten holdings in the China Securities Index for domestic resources are: Zijin Mining (15.56%), China Shenhua (6.62%), China Petroleum (5.46%), China Petrochemical (4.52%), Northern Rare Earth (4.1%), Shaanxi Coal and Chemical (3.98%), China National Offshore Oil (3.32%), Luoyang Molybdenum (3.07%), China Aluminum (3.06%), and Shandong Gold (2.99%) [1]. - The index is primarily composed of the materials sector (68.47%) and the energy sector (31.53%) [2]. Group 3: Market Structure - The Shanghai Stock Exchange accounts for 78.58% of the index's holdings, while the Shenzhen Stock Exchange represents 21.42% [1]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Related Funds - Public funds tracking the domestic resources index include Minsheng Jianyin China Securities Domestic Resources C and Minsheng Jianyin China Securities Domestic Resources A [3].

Group 1 - The core index of the China Securities Index for domestic renewable energy has shown a recent upward trend, with a 5.75% increase over the past month and a 9.44% increase over the past three months, although it has decreased by 4.60% year-to-date [1][2] - The index comprises 50 sample companies that are significant players in renewable energy production, storage, and electric vehicles, selected based on their business scale and profitability [1] - The top ten weighted companies in the index include CATL (15.28%), Sungrow Power (10.42%), China Nuclear Power (7.45%), and others, indicating a concentration in key industry players [1] Group 2 - The index's holdings are primarily in the industrial sector (72.63%), followed by utilities (20.45%) and materials (6.93%), reflecting the industry's structure [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, ensuring the index remains relevant [2] - Public funds tracking the index include various ETFs and fund products, indicating a growing interest in renewable energy investments [2]