Group 1 - The central government has increased its holdings in the chemical ETF, with the largest holder owning 248 million shares, accounting for 10.02% of the ETF's total shares [1] - The social security fund holds over 6 billion in the chemical sector, leading the industry, with a total market value of 33.2 billion across 129 stocks [2] - The chemical sector is experiencing a resurgence, with expectations of improved conditions due to the reduction of excessive competition and capacity in certain sub-industries [4] Group 2 - The chemical ETF has seen significant growth in scale, increasing from 1.8 billion to 12 billion since mid-July, indicating a strong investment preference for this sector [5] - The chemical industry is at a critical point for inventory cycles, with potential demand recovery expected to impact production rates positively [4] - The current market conditions suggest that the chemical sector may outperform the broader market, particularly as PPI trends show signs of recovery [4]

本报记者 于宏 随着上市公司半年报密集发布，券商二季度重仓情况逐渐浮出水面。Wind资讯数据显示，截至6月末，券商合计持有147只 重仓股（当同一只个股被多家券商持有时，仅统计为一只个股）；二季度，券商合计新进持有79只个股，增持31只个股。同 时，多家券商纷纷披露权益类投资业务的"选股"思路。 新进持有79只个股 增持方面，二季度，券商共增持了31只个股。其中，藏格矿业被申万宏源证券、招商证券2家券商增持，增持股份数量分 别为295.74万股、7.2万股。 增持股份数量方面，有8只个股被券商增持股份超过100万股。其中，宏创控股被中金公司增持575.76万股，云天化被国投 证券增持500万股，数量居前。 稳健、多元成选股共识 从券商持有重仓股的情况来看，头部券商整体上"持股"更多。截至6月末，中金公司共持有30只重仓股，居于行业首位， 其中持股数量最多的个股为明泰铝业，持股数量为1612.36万股；中信证券共持有26只重仓股，其中持股数量最多的个股为新钢 股份，持股数量为2622.27万股；国泰海通、华泰证券、国信证券、申万宏源证券持有重仓股的数量分别为14只、13只、12只、 10只。 值得注意的是，多家 ...

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 8 月 W3 港股资金：南向流入非银软件，外资流 出金融板块——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 8 月 18 日至 21 日，南向资金净流入 306.13 亿港元，主要流入非银金融、软件服务、 可选消费零售、医药生物、硬件设备等行业，排名前五的行业合计净流入 238.11 亿港元。南向 资金净流入最多的五个行业是：非银金融（85.1 亿港元）、软件服务（62.8 亿港元）、可选消 费零售（30.69 亿港元）、医药生物（30.69 亿港元）、硬件设备（28.85 亿港元）。主要流出 煤炭Ⅱ、消费者服务、纺织服装Ⅱ、家电Ⅱ、电气设备等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 8 月 W3 港股资金：南向流入非银软件，外资流 2] 出金融板块——"重估牛"系列之港股资金面 [Table_Summary ...

Group 1 - As of August 22, 2025, QFII has disclosed holdings in 223 companies, with a total of 1.466 billion shares valued at 28.02 billion yuan [2] - QFII's new favorites include 118 stocks in the second quarter of 2025, indicating a significant interest in these companies [2][4] - The top sectors for QFII investments include basic chemicals, pharmaceuticals, machinery, and power equipment, with 24, 22, 21, and 21 stocks held respectively [3] Group 2 - Among the new stocks, Jinpu Titanium (000545) is the most notable, with 32.22 million shares purchased by foreign institutions, making it a top shareholder [4][5] - Other significant new holdings include Yuyin Co. (002177.SZ), Rongfa Nuclear Power (002366.SZ), and Senma Apparel (002563.SZ), each with substantial foreign investment [4][5] - The top ten stocks by market value among QFII's new holdings include Changdian Technology (600584.SH) and Yinzhijie (300085.SZ), indicating strong foreign interest in these companies [5][6] Group 3 - QFII increased holdings in 51 stocks in the second quarter, with Alloy Investment (000633) and New Power Finance seeing the most significant increases [9] - Three companies, including Shengyi Technology (600183), Jiuhua Company (689009), and Dongfang Yuhong (002271), have QFII holdings exceeding 1 billion yuan [9][10] - Barclays Bank and UBS Group are among the foreign institutions holding over 10 stocks, with Barclays leading with 123 stocks [11]

人民财讯8月22日电，截至午间收盘，恒生指数涨0.32%，恒生科技指数涨1.61%。盘面上，半导体、硬 件设备等板块涨幅居前，华虹半导体涨超11%，中芯国际涨超6%。其他个股方面，中兴通讯、小鹏汽 车涨超10%，名创优品涨超18%。 转自：证券时报 ...

Core Insights - The Hong Kong stock market experienced a decline across all major indices, with the Hang Seng Index down 0.24% to 25,104.61, the Hang Seng Tech Index down 0.77% to 5,498.5, and the Hang Seng China Enterprises Index down 0.43% to 8,974.77, while the Hang Seng Stock Connect High Dividend Index rose by 0.91% [4][8] - The market's performance was influenced by a pullback in U.S. tech stocks, leading to a significant drop in Apple supply chain-related stocks, indicating a technical correction after previous rapid gains [8] - Positive policy signals were noted, including directives from President Xi Jinping to advance major infrastructure projects, which boosted expectations in related sectors, and Premier Li Qiang's emphasis on enhancing the biopharmaceutical industry, contributing to a rise in the Hong Kong Stock Connect pharmaceutical sector [8] Industry Summary - The overall market turnover reached HKD 239.49 billion, with net inflows from southbound funds amounting to HKD 7.461 billion [8] - In terms of sector performance, the light industry manufacturing sector led gains with an increase of 3.26%, followed by pharmaceuticals at 2.14% and home appliances at 1.42%. Conversely, the electronics sector fell by 2.08%, and the defense and consumer services sectors declined by 1.70% and 1.63%, respectively [4][8] - The report highlights three core directions for future growth in the Hong Kong market: the potential for AI technology and new consumption to drive market increases, continued inflows from southbound funds enhancing pricing power, and the impact of monetary policy changes in the U.S. on global liquidity supporting further market growth [8]

Group 1: Social Security Fund Holdings - As of August 21, the Social Security Fund holds 129 stocks with a total market value of 33.2 billion yuan [1] - The top ten stocks by market value include Changshu Bank, Pengding Holdings, Haida Group, and Wanhua Chemical [1] - The chemical sector has the highest market value among the holdings, reaching 6 billion yuan [1] Group 2: Chemical Sector Dynamics - The chemical sector is experiencing a resurgence, with stocks like titanium dioxide and nitrogen fertilizers seeing significant price increases [3] - Central China Securities indicates that the rectification of overcapacity in the chemical industry may lead to a phase of improved market conditions [3] - The chemical industry is under pressure from both supply and demand, with some products showing high operating rates but low profitability [3][4] Group 3: Inventory Cycle and Market Trends - The past two years have seen a significant reduction in inventory cycles due to overseas de-stocking and domestic economic challenges [4] - The industry is at a critical point for restarting the inventory cycle, with potential demand recovery expected to impact chemical products positively [4] - Recent inflows into chemical ETFs indicate a growing investor preference for specific sectors, reflecting a shift in market sentiment [4]

Group 1 - QFII has accelerated its investment in the Chinese capital market, with total holdings in disclosed A-share companies exceeding 20.4 billion yuan as of the end of Q2 2025, reflecting foreign investors' long-term confidence in Chinese assets [1][2] - The investment structure of QFII is broad and deep, covering key sectors such as non-ferrous metals, non-bank financials, pharmaceuticals, and hardware equipment, with a particular focus on technology and manufacturing [2][3] - The top holdings of QFII include Shengyi Technology with a holding value of 9.55 billion yuan, followed by Ninebot and Oriental Yuhong with 1.169 billion yuan and 1.017 billion yuan respectively, indicating strong recognition of their fundamentals by foreign investors [2] Group 2 - QFII has actively adjusted its portfolio in Q2, significantly increasing holdings in 30 stocks, mainly in the non-ferrous metals and hardware equipment sectors, with Alloy Investment and New Power Financial being notable examples of substantial increases [3] - Among the 117 heavily held stocks, 56 were newly added by QFII in Q2, indicating a strong willingness to seek new investment targets [3] - Major global investment institutions, including Abu Dhabi Investment Authority and Morgan Stanley, are collectively optimistic about A-shares, with the former holding nearly 2.9 billion yuan in 9 stocks by the end of Q2 [5]

经济观察网 据证券时报网消息， 随着中国股市持续走强，外资机构加仓的步伐加快。截至8月18日，已 有663家A股上市公司披露了半年报，其中超过430家公司归母净利润实现同比增长，111家公司增幅超 过100%，尤其是制造业与科技板块韧性十足。其中，超70家上市公司的前十大流通股股东名单中出现 QFII身影，合计持股市值约68亿元。QFII在二季度新晋28家公司前十大流通股东。分行业来看，QFII持 股偏好汽车、医药生物、化工、食品饮料、硬件设备等领域；在个股方面，九号公司、东方雨虹 （002271）、海大集团（002311）的QFII持仓市值居前。 外资机构对中国市场的"看多"氛围也同步升温，高盛、瑞银、摩根士丹利等多家外资机构发布的最新观 点均表示，持续看好中国股市。瑞银资产管理中国股票主管施斌表示，目前是参与中国市场的良机，尤 其看好具备市场领导地位的科技公司。 ...

随着中国股市持续走强，外资机构加仓的步伐加快。 截至8月18日，在已披露的半年报中，超过70家上市公司的前十大流通股股东名单中出现合格境外机构投资者（QFII）身影，合计持股市值约68亿元。 外资机构对中国市场的"看多"氛围也同步升温，高盛、瑞银、摩根士丹利等多家外资机构发布的最新观点均表示，持续看好中国股市。瑞银资产管理中国股票主管 施斌表示，目前是参与中国市场的良机，尤其看好具备市场领导地位的科技公司。 海外机构重返中国市场 随着上市公司半年报密集披露，QFII上半年重仓股及持股变动情况浮出水面。Wind数据统计显示，截至8月18日，已有663家A股上市公司披露了半年报，其中超过 430家公司归母净利润实现同比增长，111家公司增幅超过100%，尤其是制造业与科技板块韧性十足。 其中，超70家上市公司的前十大流通股股东名单中出现QFII身影，合计持股市值约68亿元。QFII在二季度新晋28家公司前十大流通股东。分行业来看，QFII持股偏 好汽车、医药生物、化工、食品饮料、硬件设备等领域；在个股方面，九号公司、东方雨虹、海大集团的QFII持仓市值居前。 从QFII相关机构持仓情况来看，巴克莱银行持有金浦钛业 ...