Macro Analysis - The US non-farm payroll data for July fell short of expectations, with significant downward revisions for May and June, raising concerns about data quality and indicating a weakening private sector job market [4] - There is a divergence between the non-farm payroll data and the unemployment rate, attributed to the impact of immigration policies, which have reduced the proportion of foreign-born individuals in the labor market [4] - The Federal Reserve faces a dilemma between managing inflation and employment, with the July non-farm data likely insufficient to alter Powell's hawkish stance ahead of the Jackson Hole central bank meeting in August [4] Chinese Market Strategy - The Chinese stock market is characterized as a "transformation bull," with expectations for further index highs despite recent adjustments [9][10] - Key drivers of this transformation include economic shifts towards new technologies and consumption patterns, as well as systemic declines in risk-free interest rates, which lower the opportunity cost of investing in stocks [11] - Institutional reforms aimed at improving investor returns are crucial, enhancing the market's resilience and reducing risk premiums [11] Investment Themes - Emerging technologies are identified as a primary investment theme, while cyclical financial sectors are seen as potential dark horses [12] - Recommendations include stable and monopolistic sectors such as brokerage, banking, and insurance, alongside emerging growth sectors like internet, media, defense, and innovative pharmaceuticals [12] - The cyclical sector is expected to improve as competition dynamics evolve, with recommendations for materials like non-ferrous metals, chemicals, and construction materials [12] Hong Kong Market Insights - The Hong Kong new consumption sector is currently in a phase of heat digestion after significant gains earlier in the year, with consumer preferences shifting towards experiential and social consumption [17][18] - Historical parallels with Japan suggest that the transformation in consumer behavior towards personalized and rational consumption will continue to evolve in China [18] - The Hong Kong market offers a more balanced exposure to new consumption compared to the A-share market, which is dominated by traditional sectors [19]

Group 1 - The report indicates that the bond market pressure has eased, signaling a potential turning point. The marginal softening of the "anti-involution" policy has reduced inflation expectations, and recent deep corrections in commodity futures have alleviated panic in the bond market, enhancing the willingness of investors to enter the market [4][23][25] - The stock market is expected to maintain a volatile pattern in the short term, with the Shanghai Composite Index likely to fluctuate due to a vacuum in incremental policy. The omission of "rate cuts" in the recent political bureau meeting suggests a lower probability of new stimulus policies, shifting focus to the implementation of existing measures [5][25] - The report highlights two main investment directions: defensive stocks such as banks and non-bank financials that serve as stabilizers for the index, and opportunities in rare earths due to the US-China competition and price increases, as well as low-position opportunities in other thematic rotations [5][25] Group 2 - The report reviews significant events, including the continuation of US-China trade negotiations and the Chinese government's emphasis on stabilizing economic policies without aggressive measures like rate cuts. The meeting reiterated the need for a proactive macro policy while avoiding mention of "disorderly competition" [13][14] - The weekly market review indicates a rebound in the bond market, with a decrease in manufacturing PMI reflecting short-term disturbances in economic recovery. The report notes that the A-share market has seen a significant pullback, with some sectors reaching high valuations after a rapid increase since June [16][19] - The report tracks key indicators in the A-share and bond markets, noting that the yield curve remains historically low, and the valuation of A-shares has significantly adjusted downwards. The market's turnover rate has decreased, indicating lower trading enthusiasm and a decline in the profit-making effect [28][31][32]

Core Viewpoint - The article highlights the recent performance of A-share listed companies, focusing on significant stock price increases for specific companies amid a generally declining market trend. It emphasizes the importance of institutional research and the potential for growth in certain sectors, particularly in technology and manufacturing. Group 1: Market Performance - During the week of July 28 to August 1, A-share indices experienced fluctuations, with the Shanghai Composite Index falling by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index dropped by 1.58% and 0.74%, respectively [2] - Despite the overall market decline, two stocks, Defu Technology and Shenghong Technology, surged over 20%, reaching new highs for the year [3] Group 2: Institutional Research - A total of 125 listed companies disclosed institutional research minutes last week, with nearly 40% of the companies experiencing positive returns. Defu Technology and Shenghong Technology were among those with significant gains, with Defu Technology achieving a year-high stock price [3] Group 3: Defu Technology - Defu Technology (301511) hosted 144 institutional investors for research, the highest number for the week. The interest was driven by the company's plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion, which is noted for its advanced technology and production capabilities [5] - The acquisition will increase Defu Technology's electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [5] - The company highlighted a supply shortage in the global HVLP3 and above copper foil market, indicating strong future growth potential [5] Group 4: Shenghong Technology - Shenghong Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The company aims to become a leading player in the AI hardware supply chain [6] - The funds raised from the IPO will be used for high-end capacity expansion, smart upgrades, and research in advanced PCB technologies, enhancing the company's global expansion capabilities [8] Group 5: Industry Insights - CIMC Group reported optimistic performance in its container business, driven by favorable US-China trade negotiations and increased demand for container orders, with expectations of industry production exceeding 3 million TEU for the year [9] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [9] - BOE Technology indicated a continued trend of inventory reduction in the LCD TV market, with expectations for price stabilization as demand recovers in August [9]

Core Viewpoints - The market is currently in a short-term adjustment phase due to the significant rise of the US dollar and the pullback of leading sectors such as innovative pharmaceuticals in Hong Kong, but the overall upward trend remains intact [1][4][55] - The adjustment is expected to last approximately two weeks, with key technical supports at the 20-day moving average, lower gaps, and the upward trend line for the Shanghai Composite Index [1][4][55] - Even if the trend line is breached, the 60-day moving average will serve as a reliable medium-term support, indicating that the overall market outlook remains positive for a "slow bull" market [1][4][55] Market Overview - The market experienced an overall adjustment this week, with major indices such as the Shanghai Composite, Shanghai 50, and CSI 300 declining by 0.94%, 1.48%, and 1.75% respectively [11][53] - The technology growth sector showed relative strength, while cyclical sectors experienced significant pullbacks, with materials and coal down by 4.69% and 4.56% respectively [12][54] - The average daily trading volume in the Shanghai and Shenzhen markets decreased to 17.9 trillion yuan, reflecting a decline in market sentiment [19] Industry Configuration - The recommended industry allocation strategy is a balanced approach of "1+1+X," focusing on large financials (banks and brokerages) alongside technology growth sectors such as military, computing, media, electronics, and new energy [1][4][56] - There is an emphasis on identifying low-position stocks above the annual line within sectors to optimize "high-low cut" operations [1][4][56] Future Market Outlook - The market is expected to continue its upward trend as long as the key technical supports hold, with potential short-term buying opportunities if the index maintains the upward trend line and the US dollar against the offshore RMB begins to decline [1][4][55] - Historical patterns suggest that the Shanghai Composite Index may aim to surpass its previous high of 3674 points, with reliable short-term supports identified at recent gaps and moving averages [4][52][55]

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints Manufacturing - Overall: In July, the manufacturing PMI's five - year percentile was 25.4%, with a change of - 18.6%. Seven industries had their manufacturing PMI in the expansion range, an increase of 1 month - on - month and 5 year - on - year [4]. - Supply: It slightly rebounded. The 3 - month average of the manufacturing PMI production index in July was 50.7, a 0.2 - percentage - point increase month - on - month. Nine industries improved month - on - month, while 6 declined [4]. - Demand: It slightly improved. The 3 - month average of the manufacturing PMI new orders in July was 49.8, a 0.1 - percentage - point increase month - on - month. Nine industries improved month - on - month, while 6 declined [4]. - Inventory: De - stocking slowed down. The 3 - month average of the manufacturing PMI finished - goods inventory in July remained unchanged at 47.3, with 7 industries seeing inventory increases and 8 seeing decreases. The raw - material inventory in March increased by 0.2 percentage points to 47.7, with 6 industries seeing inventory increases and 8 seeing decreases [4]. Non - manufacturing - Overall: In July, the non - manufacturing PMI's five - year percentile was 15.2%, with a change of - 15.3%. Eleven industries had their non - manufacturing PMI in the expansion range, unchanged month - on - month and a decrease of 1 year - on - year [5]. - Supply: Employment slowed down. The 3 - month average of the non - manufacturing PMI employee index in July remained unchanged at 45.5. The service industry decreased by 0.1 percentage points, while the construction industry increased by 1 percentage point [5]. - Demand: It recovered. The 3 - month average of the non - manufacturing PMI new orders in July was 46.1, a 0.3 - percentage - point increase month - on - month. The service industry's new orders increased by 0.1 percentage points, and the construction industry's increased by 1 percentage point [5]. - Inventory: De - stocking slowed down. The 3 - month average of the non - manufacturing PMI inventory in July remained unchanged at 45.4. The service industry remained unchanged, and the construction industry increased by 0.2 percentage points [5]. Summary by Directory Overview - Manufacturing PMI: In July, the manufacturing PMI's five - year percentile was 25.4%, with a change of - 18.6%. Seven industries had their manufacturing PMI in the expansion range, an increase of 1 month - on - month and 5 year - on - year [10]. - Non - manufacturing PMI: In July, the non - manufacturing PMI's five - year percentile was 15.2%, with a change of - 15.3%. Eleven industries had their non - manufacturing PMI in the expansion range, unchanged month - on - month and a decrease of 1 year - on - year [10]. Demand: Focus on the Improvement of General Equipment and Construction Installation and Decoration - Manufacturing: The 3 - month average of the manufacturing PMI new orders in July was 49.8, a 0.1 - percentage - point increase month - on - month. Nine industries improved month - on - month, while 6 declined [17]. - Non - manufacturing: The 3 - month average of the non - manufacturing PMI new orders in July was 46.1, a 0.3 - percentage - point increase month - on - month. The service industry's new orders increased by 0.1 percentage points, and the construction industry's increased by 1 percentage point. By industry, 8 industries improved month - on - month, while 7 declined [17]. Supply: Focus on the Contraction of Non - ferrous Metals, Automobiles, and Textiles - Manufacturing: The 3 - month average of the manufacturing PMI production index in July was 50.7, a 0.2 - percentage - point increase month - on - month. Nine industries improved month - on - month, while 6 declined. The manufacturing PMI employee index in March remained unchanged at 48.0. Six industries improved month - on - month, while 9 declined [24]. - Non - manufacturing: The 3 - month average of the non - manufacturing PMI employee index in July remained unchanged at 45.5. The service industry decreased by 0.1 percentage points, and the construction industry increased by 1 percentage point. By industry, 4 industries improved month - on - month, while 11 declined [24]. Price: Focus on the Pressure of Non - ferrous Metals and Textiles - Manufacturing: The 3 - month average of the manufacturing PMI ex - factory price index in July was 46.4, a 1.2 - percentage - point increase month - on - month. Nine industries saw price improvements, while 6 declined. In terms of profit, the profit trend in March decreased by 1.4 percentage points, and the overall profit continued to converge [31]. - Non - manufacturing: The 3 - month average of the non - manufacturing charge price index in July was 48.0, a 0.4 - percentage - point increase month - on - month. The service industry increased by 0.4 percentage points, and the construction industry increased by 0.7 percentage points. By industry, 8 industries improved month - on - month, while 6 declined. In terms of profit, the profit in March decreased by 0.6 percentage points. The service industry decreased by 0.4 percentage points, and the construction industry decreased by 1.3 percentage points [31]. Inventory: Focus on the Low Levels of Postal Services and Textile and Apparel - Manufacturing: The 3 - month average of the manufacturing PMI finished - goods inventory in July remained unchanged at 47.3. Seven industries saw inventory increases, and 8 saw decreases. The raw - material inventory in March increased by 0.2 percentage points to 47.7. Six industries saw inventory increases, and 8 saw decreases [40]. - Non - manufacturing: The 3 - month average of the non - manufacturing PMI inventory in July remained unchanged at 45.4. The service industry remained unchanged, and the construction industry increased by 0.2 percentage points. By industry, 6 industries saw inventory increases, and 9 saw decreases [40]. Main Manufacturing Industry PMI Charts - The report provides multiple charts showing data such as the manufacturing and non - manufacturing PMI in July, new orders, production, prices, and inventory, along with their changes and five - year percentiles [8]. - Tables present detailed PMI data for various manufacturing industries, including general equipment, automobiles, computers, and others, covering aspects like new orders, production, employment, prices, and inventory [51][56][60].

Core Viewpoint - The A-share market experienced a collective decline across the three major indices, indicating a bearish sentiment among investors [1] Market Performance - The Shanghai Composite Index closed at 3573.21 points, down 1.18%, with a trading volume of 845.893 billion [1] - The Shenzhen Component Index closed at 11009.77 points, down 1.73%, with a trading volume of 1,090.142 billion [1] - The ChiNext Index closed at 2328.31 points, down 1.66%, with a trading volume of 541.201 billion [1] Sector Performance - Major sectors such as coal, steel, chemical fiber, oil, non-ferrous metals, real estate, brokerage, insurance, electricity, and liquor all saw declines [1] - Conversely, the AI industry chain stocks showed resilience, with liquid cooling servers and computing power concepts performing strongly [1] - The assisted reproduction concept also saw gains, along with active performance in brain engineering and innovative drug concepts [1]

投资咨询业务资格： 证监许可[2011]1771号 [Table_Report] 分析师 贾利军 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 李卓雅 从业资格证号：F031445 ...

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of July 31, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 东方阿尔法瑞丰混合发起A with a unit net value of 1.1281, up from 1.0777, showing a growth of 4.7% 2. 东方阿尔法瑞丰混合发起C with a unit net value of 1.1193, up from 1.0693, showing a growth of 4.7% 3. 永赢信息产业智选混合发起A with a unit net value of 1.0552, up from 1.0189, showing a growth of 3.6% 4. 鹏华高端装备一年持有期混合A with a unit net value of 1.2398, up from 1.1972, showing a growth of 3.5% 5. 永赢信息产业智选混合发起C with a unit net value of 1.0520, up from 1.0159, showing a growth of 3.6% 6. 鹏华高端装备一年持有期混合C with a unit net value of 1.2246, up from 1.1826, showing a growth of 3.6% 7. 鹏华创新驱动混合 with a unit net value of 1.4763, up from 1.4269, showing a growth of 3.5% 8. 同泰大健康主题混合C with a unit net value of 0.6134, up from 0.5941, showing a growth of 3.5% 9. 同泰大健康主题混合A with a unit net value of 0.6240, up from 0.6044, showing a growth of 3.5% 10. 华富健康文娱灵活配置混合C with a unit net value of 1.4523, up from 1.4079, showing a growth of 3.2% [2][4]. - The bottom 10 funds with the lowest net value growth include: 1. 富荣福银混合C with a unit net value of 0.8518, down from 0.9088, showing a decline of 6.1% 2. 富荣福银混合A with a unit net value of 0.8658, down from 0.9238, showing a decline of 6.3% 3. 北信瑞丰产业升级 with a unit net value of 1.2031, down from 1.2594, showing a decline of 4.5% 4. 汇丰晋信研究精选混合 with a unit net value of 0.8478, down from 0.8849, showing a decline of 4.2% 5. 招商沪深300地产等权重指数A with a unit net value of 0.3288, down from 0.3429, showing a decline of 4.1% 6. 招商沪深300地产等权重指数C with a unit net value of 0.3276, down from 0.3416, showing a decline of 4.1% 7. 鹏华中证800地产指数(LOF)I with a unit net value of 1.0056, down from 1.0478, showing a decline of 4.0% 8. 鹏华中证800地产指数(LOF)A with a unit net value of 0.6148, down from 0.6406, showing a decline of 4.0% 9. 鹏华中证800地产指数(LOF)C with a unit net value of 0.6031, down from 0.6284, showing a decline of 4.0% 10. 国泰中证钢铁ETF with a unit net value of 1.4015, down from 1.4591, showing a decline of 3.9% [4][6]. Market Analysis - The market showed a mixed performance with the Shanghai Composite Index opening lower and closing down, while the ChiNext Index also opened high but closed lower. The total trading volume reached 1.96 trillion, with a market breadth of 1,061 gainers to 4,287 decliners [6]. - Leading sectors included communication equipment, while the steel, chemical fiber, insurance, non-ferrous metals, and real estate sectors experienced declines exceeding 3% [6].

今日的A股又是亏钱日，上演突然大跌的走势，源于"内忧外患"的不利因素，导致金融资源等股票下跌拖累所致，尤其尾盘跳水杀跌，加大个股的下跌幅 度，真是郁闷！ 实际上，这样的调整并非毫无征兆。国际市场传来的利空消息持续发酵，叠加各大权重板块集体走弱的拖累，共同构成了今日行情的压力源。其中，受利空 因素直接冲击的资源股成为重灾区，全天领跌两市；而金融板块的同步下行，更让盘面承压明显，最终导致指数走弱。 突然大跌、近4300股下跌，原因是什么？ 从今日盘面走势来看，A 股突然大跌且个股全天普跌的背后，主要有以下四点原因： 原因一：权重股集体 "熄火" 成为今日下跌的直接导火索。资源股首当其冲领跌市场，煤炭、钢铁、有色等板块持续下探，随着跌幅不断扩大，整个周期类 股票被显著拖累。金融板块同样表现疲软，成为仅次于资源股的砸盘力量 —— 保险板块单边下跌幅度高达 3%，证券板块同步走低，仅银行股相对抗跌。 由此可见，各大权重板块的集体走弱，是今日 A 股下跌的最强空头力量。 原因二：主力资金持续砸盘与量化基金反手做空形成共振。盘面下跌往往与主力资金动向密切相关，继昨日净卖出 792 亿元后，今日主力资金再度单边流 出，截至收 ...