1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - 7 - month economic data was generally below expectations, showing a weak - recovery pattern of "stable production, under - expected consumption, and intensified investment differentiation", which confirmed the "weak demand + low inflation" fundamental for the bond market. The risk of a trend - based correction in the bond market was generally controllable. It was suggested to seize the adjustment window in the third quarter and gradually allocate bonds after the adjustment [1]. - Short - term concerns included changes in risk - preference assets such as equities and commodities, and the effect of policies like fiscal discounts on private - sector financing demand [1]. 3. Summary by Catalog 3.1 Demand - Real estate: The transaction area of commercial housing in 20 cities decreased both month - on - month and year - on - year, significantly lower than the seasonal level. The transaction area of second - hand housing in key cities showed differentiated performance. In Beijing and Shenzhen, it increased week - on - week, while in Shanghai, Guangzhou, Hangzhou, and Chengdu, it decreased [2][12]. - Consumption: Automobile consumption decreased week - on - week. The box office of movies decreased week - on - week but was stronger than the same period last year. The national migration scale index increased week - on - week, and the subway passenger volume in first - tier cities increased [2][38]. 3.2 Production - Mid - and upstream: The operating rates of rebar, PTA, and polyester filament decreased, while the operating rate of petroleum asphalt plants increased [3][47]. - Downstream: The operating rate of all - steel tires for automobiles increased, while that of semi - steel tires decreased, but the latter was still at a seasonal high [3][47]. 3.3 Investment - Rebar: Apparent consumption decreased, but the price increased week - on - week [4][64]. - Cement: The price decreased week - on - week, while the shipping rate and inventory ratio increased [4][64]. 3.4 Trade - Export: Port throughput increased, while the comprehensive CCFI index decreased. The BDI index increased week - on - week [5][75]. - Import: The comprehensive CICFI index decreased by 1.2% week - on - week [5][75]. 3.5 Prices - CPI: The agricultural product wholesale price 200 index increased by 0.7% week - on - week. Vegetable prices increased, while egg, pork, and fruit prices decreased [6][86]. - PPI: The Nanhua industrial product price index increased by 0.2% week - on - week. Brent crude oil and COMEX gold prices decreased, while LME copper prices increased. The commodity futures market was stable with differentiated performance among varieties [6][91]. 3.6 Interest - rate Bond Tracking - Next week (August 18 - 22, 2025), the planned issuance of interest - rate bonds was 765.2 billion yuan, with a net financing of 495.2 billion yuan [7][110]. - As of August 15, the cumulative issuance progress of replacement bonds this year exceeded 95%, that of new general bonds was 72.0%, and that of new special bonds was 64.5% [7][112][117]. 3.7 Policy Weekly Observation - The Q2 monetary policy report emphasized implementing and refining a moderately loose monetary policy, including maintaining sufficient liquidity, matching financing and money supply with economic growth targets, and promoting a reasonable recovery of prices [122][123]. - Multiple policies were introduced in the week, including fiscal subsidy policies for consumer loans, tax policies for express delivery services, and real - estate policies in some regions [123][124].

Core Viewpoint - The transportation sector in China has achieved historic accomplishments during the 14th Five-Year Plan period, with significant advancements in the construction of a comprehensive transportation system and the establishment of a national integrated transportation network [1] Group 1: Achievements in Transportation - The national integrated transportation network has a completion rate of over 90% for the "6 axes, 7 corridors, and 8 channels" framework [1] - China has built the world's largest high-speed railway network, expressway network, and postal express network, along with the largest maritime fleet and world-class port clusters [1] - The comprehensive capacity, service quality, and operational efficiency of transportation have significantly improved [1] Group 2: Challenges in the Transportation Sector - There are multiple constraints in the development of the transportation industry, including the need to enhance multimodal transport connectivity and the incomplete coverage of dedicated railway lines at key ports [2] - Differences in cargo coding and document formats across various transport modes hinder intermodal efficiency [2] - The core technology's self-control capability needs strengthening, as some key components and patents in the intelligent transportation sector still rely on external sources [2] Group 3: Future Directions - The industry needs to focus on integrated solutions to eliminate transportation efficiency bottlenecks, enhance the national integrated transportation network, and improve the levels of national, regional, and local transportation hubs [2] - There is a push for technological innovation to overcome industry bottlenecks, with an emphasis on deep integration of traditional transportation with new information technologies and new energy materials [3] - A green transition is essential to reshape the development landscape, optimizing transportation structure and increasing the share of rail and inland waterway freight [3]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - "Anti - involution" will alleviate the dilemma of "increasing revenue without increasing profit", with a greater boost to PPI than CPI, and promote the nominal GDP growth rate to approach the real GDP growth rate [5][21]. - The US economy shows signs of weakness, and the market's expectation of the Fed's interest rate cut is rising, with an expected cumulative rate cut of 75bp in 2025 [5][83]. - China's economic growth rate in 2025 may be high in the first half and low in the second half, but it can achieve the 5% target for the whole year [5]. - The A - share market still has a certain degree of sustainability, and the bond market is likely to fluctuate narrowly, while the commodity market will enter a wide - range shock trend [5]. Group 3: Summary by Directory 1 "Anti - involution": Alleviate the Dilemma of "Increasing Revenue without Increasing Profit" and Improve Market Performance Expectations - **Overview**: "Anti - involution" aims to promote the economy to return from "scale expansion" to "high - quality growth", improve social overall efficiency, and is a key part of building a unified national market [10][11]. - **Approach**: Different from the previous supply - side reform, it focuses on downstream emerging industries, mainly private enterprises, with more moderate and gradual policies using market - based and legal means [18][19]. - **Impact**: It is expected to have a greater impact on PPI than CPI, and promote the nominal GDP growth rate to approach the real GDP growth rate, but there is uncertainty in the transmission of price increases from upstream to downstream [21][24]. - **Style**: From April to September, the market pays more attention to performance, and the "anti - involution" direction has performance release expectations [28]. - **Law**: It may be a key factor supporting the strength of the A - share market, and the current "anti - involution" market is in the policy - expectation stage [32][36]. - **Summary**: It can alleviate the dilemma of "increasing revenue without increasing profit" and improve market performance expectations [46]. 2 Global: The US Economy Shows Signs of Weakness, and the Fed's Interest Rate Cut Expectation is Rising - **Overseas Tariffs**: The US average effective tariff rate has reached the highest level since 1933, reducing global economic growth potential, and tariffs remain a key variable affecting China's exports [49]. - **Overseas Economy**: The global economy has short - term resilience, but the US economy shows signs of weakness in investment, and the Fed has lowered its economic growth forecast [55][60][66]. - **Overseas Inflation**: The short - term impact of tariffs on US inflation is emerging, and the medium - term inflation trend still faces great uncertainty [69][73]. - **Overseas Liquidity**: The inflection point of non - farm data may have arrived, and the market's expectation of the Fed's interest rate cut is rising, with an expected 75bp rate cut in 2025 [77][83]. - **Summary**: The global economy has short - term resilience but increasing uncertainty, and the expectation of the Fed's interest rate cut is rising [83]. 3 China: The Economic Growth Rate May be High in the First Half and Low in the Second Half, and the Spontaneous Recovery Momentum Needs to be Consolidated - **Economic Overview**: China's economic growth rate in 2025 may be high in the first half and low in the second half, with the GDP growth rate in Q3 and Q4 expected to decline compared with Q1 and Q2 [84]. - **Investment End**: The growth rate of fixed - asset investment continues to bottom out, and real estate investment is still the main drag [85]. - **Consumption End**: Consumption data still has resilience, and service consumption may be the key area of development [27]. - **Export End**: Attention should be paid to the impact of tariffs and export over - draw effects [5][28]. - **Liquidity**: The government sector is still the main force for increasing leverage, and the time for reserve requirement ratio and interest rate cuts is expected to be postponed [28]. - **Summary**: The annual economic growth rate is likely to be high in the first half and low in the second half [29]. 4 Market Strategy: Positive Factors are Gradually Accumulating to Strengthen the Foundation for the A - share Market to Improve - **General Trend Judgment**: The subsequent market is expected to have a certain degree of sustainability [30]. - **Policy Trends**: The economic policy in the second half of the year is expected to maintain its stance and act appropriately [32]. - **Allocation Framework**: Gradually increase the allocation of stock assets [33]. - **Investment Advice**: The equity index will run strongly, the bond market may fluctuate narrowly, and the commodity market will enter a wide - range shock trend [5][33].

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 12.79 yuan, with 39 stocks priced below 2 yuan, the lowest being *ST Suwu at 0.94 yuan [1] Group 1: Market Performance - As of August 15, the Shanghai Composite Index closed at 3696.77 points, with a total of 39 stocks trading below 2 yuan [1] - Among the low-priced stocks, 30 experienced price increases, with *ST Yunwang, ST Zhongzhu, and *ST Yangguang showing gains of 5.03%, 4.44%, and 3.37% respectively [1] - Conversely, 3 stocks declined, with *ST Suwu, *ST Gaohong, and Meike Home showing decreases of 5.05%, 4.97%, and 1.00% respectively [1] Group 2: Low-Priced Stocks Overview - The list of low-priced stocks includes *ST Suwu (0.94 yuan), *ST Jinke (1.41 yuan), and Rongsheng Development (1.42 yuan) [1] - A total of 13 out of the 39 stocks priced below 2 yuan are ST stocks, accounting for 33.33% of this group [1] - The highest daily turnover rates among low-priced stocks were observed in *ST Yunwang (3.96%) and ST Zhongzhu (3.99%) [2]

导语 二季度，社保基金持仓股票中，增持的主要涉及银行、化工、电子等行业，偏好业绩稳定增长的个股；新进个股行业分布则较为多元，既关注传统优势行 业，也布局新兴成长领域。 在银行板块中，常熟银行成为社保基金较为青睐的个股，截至6月底，共有4个组合出现在该行十大流通股东名单中，合计持股 2.78 亿股，占该行流通股 比例达到8.38%，其中新增持股2379.72万股， 行业分布方面，17只新进个股涵盖了基础化工、家用电器、社会服务、计算机、交通运输等多个行业领域，传统优势行业与新兴成长板块均有涉及。 二季度重仓股有涨有跌 据Choice统计，截至8月14日，社保基金已在近50家上市公司半年报前十大流通股东中现身，合计持股数量超过8亿股，持股市值合计超过151亿元。从持 股变动来看，新进17只个股，增持15只，减持9只，没有变化的共有有8只。 从新进个股来看，涵盖了基础化工、家用电器、社会服务、计算机、交通运输等多个行业领域。业绩表现方面，超过六成上半年净利润实现增长。 从市场表现来，上述二季度社保基金重仓的个股年初至今的平均涨幅超过22%，超过七成个股上涨。 多领域布局17只新进个股 二季度社保基金重仓股超过七成半 ...

Core Viewpoint - The launch of the China Canada CSI 300 Dividend Low Volatility Index Fund aims to provide investors with a solution that combines dividend returns from quality companies while seeking to reduce portfolio volatility in a low-interest-rate environment [1][2][7]. Group 1: Market Environment - The current macroeconomic environment features a downward shift in interest rates, with the 10-year government bond yield at approximately 1.75%, highlighting the value of assets with significant dividend yield advantages [2]. - The CSI 300 Dividend Low Volatility Index is projected to have a dividend yield of about 4.31% over the next 12 months, creating a considerable spread opportunity for investors [2]. - Regulatory changes, such as the new "National Nine Articles," emphasize the importance of dividend distribution among listed companies, particularly benefiting high-quality enterprises, especially state-owned enterprises, which account for over 60% of the index [2]. Group 2: Investment Strategy - The fund employs a passive index investment strategy, closely tracking the CSI 300 Dividend Low Volatility Index, which selects 50 high dividend yield and low volatility stocks from the CSI 300 Index [3]. - The fund aims to maintain a stock investment ratio of no less than 90% of its total assets, with at least 80% of non-cash assets invested in the index's constituent stocks [3]. - The dual-factor strategy focuses on both "dividend" and "low volatility" factors, aiming to balance potential returns and defensive attributes in uncertain market conditions [3]. Group 3: Cost and Management - The index fund typically has lower management fees compared to actively managed funds, which helps investors save on investment costs [4]. - The China Canada Fund's research team emphasizes a long-term value investment philosophy, achieving strong competitive performance in medium to long-term results [5]. - The fund's quantitative team has extensive experience in index tracking and risk management, ensuring efficient replication of the index's performance [6]. Group 4: Long-term Commitment - The introduction of the CSI 300 Dividend Low Volatility Index Fund reflects the company's response to the market's demand for stable return tools [7]. - The company is committed to maintaining a trustworthy relationship with investors, emphasizing professionalism and responsibility in managing entrusted assets [7].

Core Viewpoint - The article discusses the economic data released by the National Bureau of Statistics for July, highlighting a mixed performance in various economic indicators, with a notable rebound in exports while other sectors showed signs of decline. Overall, the cumulative growth rates from January to July remain stable. Group 1: Trade and Exports - In July, the total goods import and export volume reached 3.91 trillion yuan, a year-on-year increase of 6.7%. Exports amounted to 2.31 trillion yuan, growing by 8.0%, while imports were 1.6 trillion yuan, increasing by 4.8% [1][3] - Despite a decrease in exports to the U.S. due to tariffs, China's overall export resilience is evident, with significant growth in non-U.S. markets [3] - The rebound in imports is attributed to the U.S. lifting some export controls on high-tech products, with the largest increase in imports seen in high-tech categories such as aircraft engines and integrated circuits [3][5] Group 2: Consumer Spending - The total retail sales of consumer goods in July reached 3.88 trillion yuan, with a year-on-year growth of 3.7% but a month-on-month decline of 0.14%. Retail sales of goods grew by 4.0%, while catering revenue increased by only 1.1%, indicating cautious consumer spending [3][5] - The "old-for-new" policy significantly boosted the consumption of key goods, with retail sales of home appliances and audio-visual equipment rising by 28.7% year-on-year [5] - Cumulatively, from January to July, retail sales of consumer goods grew by 4.8%, while service retail sales increased by 5.2%, suggesting a steady recovery in consumption [5] Group 3: Investment Trends - From January to July, fixed asset investment (excluding rural households) totaled 28.82 trillion yuan, with a year-on-year growth of 1.6%, a decline of 1.2 percentage points compared to the first half of the year [5][6] - Manufacturing investment grew by 6.2%, while infrastructure investment increased by 3.2%. However, real estate development investment saw a year-on-year decline of 12%, with the drop widening by 0.8 percentage points [5][6] - Factors contributing to the decline in investment growth include extreme weather conditions, complex external environments, and weakened investment momentum in traditional industries like real estate [6][7] Group 4: Policy and Economic Outlook - The National Bureau of Statistics emphasized the need for proactive macroeconomic policies to address the complex international environment and domestic challenges, aiming to stabilize employment, businesses, and market expectations [7][8] - The Central Political Bureau meeting highlighted the importance of maintaining a continuous and flexible macro policy to effectively stimulate domestic demand and promote economic stability [8]

Group 1 - The A-share market continues its upward trend, with the cash flow strategy performing well, as evidenced by the 500 cash flow index rising by 2.23% and the free cash flow index increasing by 1.68% as of 1:30 PM on August 15 [1] - Over 300 A-share companies have disclosed their semi-annual reports by August 14, with nearly 200 companies reporting year-on-year growth in net profit attributable to shareholders, over 30 companies turning losses into profits, and nearly 30 companies achieving a year-on-year profit increase of more than 100% [1] - Key industries such as automotive, electrical equipment, and non-ferrous metals have shown strong performance in the first half of the year among A-share companies [1] Group 2 - The free cash flow ETF (159201) focuses on industry leaders with abundant free cash flow, covering sectors such as home appliances, automotive, non-ferrous metals, electrical equipment, and oil and petrochemicals, providing significant industry diversification to mitigate single-industry volatility risks [1] - The fund management annual fee rate is 0.15%, and the custody annual fee rate is 0.05%, both of which are the lowest in the market [1] - The cash flow 500 ETF (560120) targets sectors like non-ferrous metals, basic chemicals, transportation, machinery, and pharmaceuticals, combining growth and quality with characteristics of small and mid-cap stocks [2]

Group 1 - The core viewpoint of the article highlights the growth of the service industry in July, with a production index increase of 5.8% year-on-year, driven by increased summer tourism and related services [1] - The transportation, warehousing, and postal services sector also saw a production index growth of 5.5% in July, which is an acceleration of 0.4 percentage points compared to the previous month [1]

Group 1 - The CSI Dividend Index rose by 0.03% while the CSI Dividend Value Index fell by 0.2% and the CSI Dividend Low Volatility Index decreased by 0.6% as of midday close [1] - The Hang Seng High Dividend Low Volatility Index dropped by 1%, and the Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of over 28 million units in the first half of the day [1] - The composition of the dividend-paying stocks reflects high dividend levels and low volatility, with the banking, transportation, and construction industries accounting for approximately 70% [5] Group 2 - The Hang Seng Dividend Low Volatility ETF tracks the Hang Seng High Dividend Low Volatility Index [6] - The index consists of 50 liquid stocks within the Stock Connect that have a history of continuous dividends, moderate dividend payout ratios, and low volatility, with financial, industrial, and energy sectors making up nearly 70% [7] - The Dividend Value ETF tracks the CSI Dividend Value Index, which includes 50 stocks characterized by high dividend yields and value traits [7]