Market Overview - The Shanghai Composite Index has returned above 3600 points, reaching a new closing high for the year at 3617.60, with a gain of 0.96% [1] - The Shenzhen Component Index closed at 11106.96, up 0.59%, while the CSI 300 Index rose by 0.80% to 4103.45 [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.6 trillion, an increase of 97.5 billion compared to the previous trading day [5] Sector Performance - The top-performing sectors included Comprehensive (+1.98%), Banking (+1.59%), and Steel (+1.45%), while the lagging sectors were Pharmaceuticals (+0.12%) and Computers (+0.25%) [2][3] - Concept stocks related to PEEK materials and military restructuring saw significant gains, while pharmaceutical stocks experienced a pullback [3][4] Future Outlook - The market is expected to maintain upward momentum, supported by active short-term buying sentiment and government policies aimed at enhancing the attractiveness of the domestic capital market [5] - The report suggests an overweight allocation in sectors such as Finance, Machinery, Public Utilities, and TMT (Technology, Media, and Telecommunications) [5] Key Data Points - In July 2025, there were 1.96 million new A-share accounts opened, representing a year-on-year increase of 71% compared to July 2024 [4] - The wholesale sales of new energy passenger vehicles in July reached 1.18 million units, a year-on-year increase of 25% [4]

Key Points - The core viewpoint of the report indicates that all major A-share indices experienced an increase today, with the Shanghai Composite Index rising by 0.96% to close at 3617.60 points, the Shenzhen Component Index increasing by 0.59% to 11106.96 points, and the ChiNext Index up by 0.39% to 2343.38 points [2][13] - The report highlights that the total trading volume in the Shanghai and Shenzhen markets reached 15961 billion yuan, which is an increase of 975 billion yuan compared to the previous trading day [2] - It notes that all first-level industries in the Shenwan index rose today, with the leading sectors being comprehensive, banking, steel, media, and telecommunications, which saw increases of 1.98%, 1.59%, 1.45%, 1.28%, and 1.25% respectively [2][15] - The report also mentions that the concept sectors with the highest gains included first boards, board hitting, consecutive boards, consumer electronics OEM, photolithography glue, satellite internet, insurance, banking, satellite navigation, intelligent logistics, animal vaccines, excavators, and near-term new shares [2][16]

Group 1 - In July 2023, China's capital market experienced extreme volatility, particularly in the commodity market, with the Wenhua Commodity Index rising by 7.2% in the first 19 trading days, followed by a significant pullback [1][4] - Key commodities such as polysilicon surged by 64%, coking coal by 50%, and glass by 34%, but subsequently, many of these commodities saw declines of around 20% [1][6] - The market's initial rally was triggered by the sixth Central Financial Committee meeting, which emphasized the need for legal and regulatory governance of low-price competition and the orderly exit of backward production capacity [5][6] Group 2 - The market's focus on terms like "low price" and "backward capacity exit" led to comparisons with the supply-side reforms initiated in late 2015, particularly affecting polysilicon, which saw significant price increases [6][7] - Following the announcement of a new round of policies aimed at stabilizing growth in key industries, the commodity market entered a phase of aggressive price increases, with coking coal hitting five consecutive daily price limits [6][7] - However, subsequent policy shifts indicated a more targeted approach to capacity governance, leading to a sharp decline in commodity prices, particularly for previously high-flying products [7][8] Group 3 - The A-share market also experienced a strong upward trend in July, with steel stocks rising over 25% and basic chemicals and construction materials increasing by more than 18% [8][9] - The political bureau meeting's adjustments to the anti-involution narrative may pose downward pressure on cyclical sectors, as evidenced by market corrections in early August [9][10] - Potential risks for the A-share market include uncertainties surrounding U.S.-China tariff negotiations and a weakening expectation for macroeconomic policy support [10][11] Group 4 - The U.S. labor market data showed significant downward revisions, raising concerns about the overall economic outlook and potentially impacting global markets [12][13][14] - The credibility of U.S. economic data has come under scrutiny, which could affect global financial markets, including A-shares, especially given their current high valuations [14] - Despite these challenges, the "national team" has historically intervened to stabilize the market, suggesting that while large declines may be mitigated, volatility remains a concern [14][16]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 钢铁 | 2.82 | 131.05 | 48.78 | 西宁特钢 | 9.95 | | 石油石化 | 1.32 | 71.84 | 72.03 | 宝利国际 | 8.14 | | 医药生物 | 1.18 | 997.76 | 3.66 | 南新制药 | 20.00 | | 煤炭 | 1.16 | 57.23 | 41.71 | 安泰集团 | 10.18 | | 银行 | 1.03 | 175.66 | 41.71 | 邮储银行 | 2.14 | | 农林牧渔 | 1.01 | 73.58 | -20.56 | 大禹生物 | 4.61 | | 食品饮料 | 0.90 | 167.88 | -15.82 | 阳光乳业 | 10.01 | | 基础化工 | 0.82 | 481.64 | 7.74 | 久日新材 | 11.09 | | 交 ...

Core Viewpoint - The A-share market showed a slight increase with the Shanghai Composite Index rising by 0.11%, while trading volume and value increased compared to the previous trading day [1] Industry Performance - The steel industry led the gains with a rise of 1.76%, followed by the communication sector at 1.65% and the pharmaceutical and biotechnology sector at 1.48% [2] - The largest trading volume was in the pharmaceutical and biotechnology sector, amounting to 1686.59 billion, which also saw a significant increase of 33.51% compared to the previous day [2] - The sectors with the largest declines included agriculture, forestry, animal husbandry, and fishery at -1.64%, retail at -1.07%, and environmental protection at -0.96% [3] Notable Stocks - Leading stocks included Xining Special Steel in the steel sector with a gain of 10.09%, Dekeli in the communication sector with a rise of 14.73%, and Sanyuan Gene in the pharmaceutical sector with an increase of 24.64% [2] - The stock with the largest decline in the agriculture sector was Shennong Group, which fell by 8.42% [3]

Group 1 - The A-share market saw high research activity from public funds, with 128 institutions participating in 539 research instances covering 104 stocks across 24 industries from July 21 to July 27, 2025 [1][2] - The computer industry was the most favored by public funds, with Nengke Technology and SuperMap Software being the top two researched stocks, receiving 35 and 28 research instances respectively [1][2] - The Yajiang concept stocks also attracted significant attention, with Zhejiang Fu Holdings, Dayu Water-saving, and Haopeng Technology being researched 24, 20, and 17 times respectively [1][2] Group 2 - A total of 19 industries received attention from public funds, with each industry being researched at least 10 times, averaging more than 2 instances per working day [2] - The computer industry led with 83 research instances, followed by the electronic and pharmaceutical sectors, each receiving 53 instances [3] - The pharmaceutical sector had 12 stocks researched, ranking second in terms of the number of stocks receiving attention, just behind the electronic industry [3]

Market Overview - The A-share market showed mixed performance on July 25, with the Shanghai Composite Index closing at 3593.66 points, down 0.33%, and the Shenzhen Component Index at 11168.14 points, down 0.22%. The ChiNext Index fell by 0.23% to 2340.06 points, while the Sci-Tech Innovation 50 Index rose by 2.07% and the North Star 50 Index increased by 0.52% [1] - Total trading volume in the A-share market was 18158.06 billion, a decrease of 583.79 billion compared to the previous trading day [1] Capital Flow - The main capital outflow in the A-share market was 309.84 billion, with an opening net outflow of 137.84 billion and a closing net outflow of 5.56 billion [2] - The CSI 300 index experienced a net outflow of 72.97 billion, while the ChiNext saw a net outflow of 115.68 billion and the Sci-Tech Innovation Board had a net outflow of 16.1 billion [4] Sector Performance - The electronics sector led with a net inflow of 53.66 billion, showing a rise of 1.35% [6][7] - Other sectors with net inflows included the computer sector with 45.09 billion and the media sector with 11.29 billion [7] - The sectors with the largest net outflows were power equipment (-125.07 billion), pharmaceuticals (-96.82 billion), and machinery (-86.01 billion) [7] Stock Highlights - The stock "Yanshan Technology" had the highest net inflow of 5.15 billion [8] - Institutions showed significant interest in several stocks, with "Weiman Sealing" receiving a net institutional buy of 28.48 million and "Yiming Pharmaceutical" seeing a 10% increase [10][11]

Market Overview - As of 10:29 AM, the Shanghai Composite Index decreased by 0.05% with a trading volume of 464.51 million shares and a turnover of 631.45 billion yuan, representing a 10.61% decrease compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Comprehensive: +1.26% with a turnover of 9.93 billion yuan, led by Tianchen Co., which rose by 10.00% [1]. - Steel: +1.09% with a turnover of 47.44 billion yuan, led by Liugang Co., which increased by 10.08% [1]. - Retail: +0.93% with a turnover of 108.41 billion yuan, led by Guoguang Chain, which rose by 9.98% [1]. - The sectors with the largest declines included: - Public Utilities: -1.00% with a turnover of 141.00 billion yuan, led by C Huaxin, which fell by 8.36% [2]. - Banking: -0.66% with a turnover of 85.43 billion yuan, led by CITIC Bank, which decreased by 1.29% [2]. - Oil and Petrochemicals: -0.62% with a turnover of 33.82 billion yuan, led by China Petroleum, which dropped by 1.11% [2]. Notable Stocks - Chengdu Xian Dao in the pharmaceutical sector saw a significant increase of 20.02% with a turnover of 632.76 billion yuan [1]. - Wuxin Tunnel Equipment in the machinery sector rose by 19.31% with a turnover of 487.80 billion yuan [1]. - Anning Co. in the non-ferrous metals sector experienced a decline of 5.85% with a turnover of 194.00 billion yuan [1].

Summary of Key Points Core Viewpoint - As of July 11, the market's latest financing balance reached 1,862.586 billion yuan, showing an increase of 2.082 billion yuan compared to the previous trading day, with 14 out of 31 industries experiencing an increase in financing balance [1][2]. Industry Financing Balance Changes - The non-bank financial sector saw the largest increase in financing balance, rising by 2.273 billion yuan to a total of 159.278 billion yuan, reflecting a growth rate of 1.45% [1]. - Other industries with notable increases include: - Non-ferrous metals: increased by 1.210 billion yuan, total 82.105 billion yuan, growth rate of 1.50% [1]. - Computer: increased by 0.632 billion yuan, total 143.933 billion yuan, growth rate of 0.44% [1]. - Banking: increased by 0.532 billion yuan, total 57.877 billion yuan, growth rate of 0.93% [1]. - Conversely, 17 industries reported a decrease in financing balance, with the electronic sector experiencing the largest drop of 1.431 billion yuan, totaling 213.174 billion yuan, a decline of 0.67% [2]. Notable Increases and Decreases by Industry - Industries with the highest financing balance increases: - Steel: increased by 0.229 billion yuan, total 14.341 billion yuan, growth rate of 1.62% [1]. - Non-ferrous metals: increased by 1.210 billion yuan, growth rate of 1.50% [1]. - Non-bank financial: increased by 2.273 billion yuan, growth rate of 1.45% [1]. - Industries with the largest decreases: - Food and beverage: decreased by 0.387 billion yuan, total 50.716 billion yuan, decline of 0.76% [2]. - Electronic: decreased by 14.31 billion yuan, total 2131.74 billion yuan, decline of 0.67% [2]. - Pharmaceutical and biological: decreased by 6.46 billion yuan, total 1326.05 billion yuan, decline of 0.48% [2].

Core Insights - The non-banking financial sector experienced the highest net inflow of capital today, amounting to 3.47 billion, with a price change of 1.37% and a turnover rate of 2.01% [1] - The electronic sector faced the largest net outflow of capital, totaling -4.90 billion, with a price change of -0.31% and a turnover rate of 2.61% [1] Industry Summary - **Non-banking Financial**: - Trading volume: 839.6 million shares - Change in trading volume: +13.28% - Net capital inflow: 3.47 billion [1] - **Real Estate**: - Trading volume: 635 million shares - Change in trading volume: +85.74% - Net capital inflow: 2.23 billion [1] - **Banking**: - Trading volume: 588.2 million shares - Change in trading volume: +36.92% - Net capital inflow: 2.05 billion [1] - **Electronic**: - Trading volume: 718.3 million shares - Change in trading volume: -10.63% - Net capital outflow: -4.90 billion [1] - **Media**: - Trading volume: 431.3 million shares - Change in trading volume: -9.33% - Net capital outflow: -2.54 billion [1] - **Automobile**: - Trading volume: 410.5 million shares - Change in trading volume: -13.74% - Net capital outflow: -2.81 billion [1]