Market Overview - The A-share market showed a strong upward trend with the ChiNext Index leading the gains, closing at 2406.59, up by 1.86% [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion, marking an increase of 609 billion compared to the previous trading day, indicating active trading sentiment [5] Sector Performance - The top-performing sectors included Communication (up 3.29%), Steel (up 2.59%), and Pharmaceutical & Biological (up 2.06%), while Agriculture, Forestry, Animal Husbandry, and Fishery saw a decline of 1.36% [2][3] - Notable concept indices that performed well included CRO Concept, Recombined Protein, and Innovative Drugs, while sectors like Pork and Chicken experienced declines [3] Policy Impact - The implementation of the childcare subsidy policy, effective from January 1, 2025, is expected to boost consumer retail sales, providing marginal growth momentum for social consumption [4][5] Technical Analysis - The Shanghai Composite Index is showing strong support around the 3600-point mark, with a potential breakthrough expected to enhance overall market confidence [5] - The market is entering a phase of policy dividend release and maintaining reasonable liquidity, indicating a gradual structural bull market [5] Investment Focus - Recommended sectors for investment include TMT (Technology, Media, and Telecommunications), Public Utilities, Pharmaceuticals, and Financials, as they are expected to perform well in the current market environment [5]

Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

Group 1: Basic Information on Public REITs - The infrastructure projects involved include Beijing Shougang Biomass Energy Project, Beijing Shougang Kitchen Waste Collection and Transportation Integration Project (Phase I), and Beijing Shougang Rujia Mountain Residue Storage Project, with the underlying project company being Beijing Shougang Biomass Energy Technology Co., Ltd. [1] - The main products and services of the biomass company include household waste disposal services, kitchen waste collection and disposal services, and electricity sales [1]. Group 2: Temporary Capital Expenditure and Progress - On July 2, 2025, the fund manager announced a temporary call of 40 million yuan from reserved capital expenditures due to a cash flow tightness caused by the delay in receiving waste disposal fees from the Beijing Municipal Commission of Urban Management [1]. - By July 29, 2025, the biomass company received 69.2 million yuan in waste disposal fees for the first half of 2025, with 40 million yuan used to replenish the temporarily called capital expenditure, and the remaining amount to supplement the company's working capital [1]. Group 3: Impact Analysis on Fund Shareholders - The fund manager's flexible adjustment of the reserved capital expenditures effectively alleviated the temporary cash flow tightness of the infrastructure project without incurring any funding costs [3]. - The capital expenditure called was promptly replenished upon receipt of the waste disposal fees, ensuring stable operation of the infrastructure project and positively impacting the rights of fund shareholders [3]. Group 4: Future Plans - The fund manager and the operational management organization will continue to optimize production organization and capital expenditure arrangements to further explore project potential and enhance the quality and efficiency of the infrastructure projects [2]. - Future plans will involve coordinating fund usage based on annual budgets and revenue collection from infrastructure projects to ensure stable operations [2].

债券受托管理人 二〇二五年七月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《绿色 动力环保集团股份有限公司 2021 年公开发行可转换公司债券之受托管理协议》（以下简 称"《受托管理协议》"）《绿色动力环保集团股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三方机构出具 的文件等，由本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证 券"）编制。中信建投证券对本报告中所包含的发行人、第三方机构出具文件的引述内 容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 证券代码：601330 证券简称：绿色动力 债券代码：113054 债券简称：绿动转债 绿色动力环保集团股份有限公司 公开发行 A 股可转换公司债券 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信建投证券不承担任 何责任。 中信建投证 ...

Core Viewpoint - The company, 创业集团(控股) (stock code: 2221), announced a fundraising through the issuance of new shares, raising approximately HKD 22.15 million, with a net amount of about HKD 22.02 million after expenses [1] Group 1: Fundraising Details - The company plans to issue 221,500,000 new shares at a price of HKD 0.10 per share, representing a premium of approximately 44.9% over the previous trading day's closing price of HKD 0.069 [1] - The new shares will account for about 13.8% of the existing issued share capital and approximately 12.1% of the enlarged share capital upon completion [1] Group 2: Use of Proceeds - Approximately HKD 13.2 million of the proceeds will be used to repay overdue lease payments and other outstanding bond obligations, while about HKD 8.8 million will be allocated for general operating funds [1] Group 3: Regulatory Approval - The issuance is subject to approval from the Stock Exchange's listing committee for the new shares to be listed and traded, and the company has obtained all necessary consents and approvals for the fundraising [1] - The completion of the issuance is expected to occur on the third business day after the relevant conditions are met [1]

从中证高端制造50指数持仓的市场板块来看，深圳证券交易所占比52.19%、上海证券交易所占比 47.81%。 从中证高端制造50指数持仓样本的行业来看，工业占比37.06%、信息技术占比30.98%、医药卫生占比 13.98%、可选消费占比12.66%、通信服务占比5.32%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界7月29日消息，上证指数低开高走，中证高端制造50指数 (高端造50，932025)报1492.82点。 数据统计显示，中证高端制造50指数近一个月上涨10.15%，近三个月上涨13.05%，年至今上涨6.21%。 据了解，中证高端制造50指数，选取信息技术、通信设备、电力设备、航空航天与国防、机械制造、医 药卫生、环保、汽车及零配件、油气开采等行业的50只有代表性的上市公司证券 ...

Core Viewpoint - The company announced the approval of two significant proposals during its board meeting, indicating ongoing strategic developments and partnerships in the water treatment sector [1] Group 1 - The company approved a proposal for Tianjin Zhongshui Co., Ltd. to sign a recycled water supporting project agreement with related parties, highlighting its commitment to expanding its service offerings in the water management industry [1] - The board also reviewed and approved five institutional amendments, which may enhance operational efficiency and governance within the company [1]

证券日报网讯瑞晨环保（301273）7月29日在互动平台回答投资者提问时表示，公司目前暂没有针对机 器人电机进行技术储备或研发的计划。 ...

（原标题：科净源7月29日龙虎榜数据） 科净源今日涨停，全天换手率28.92%，成交额3.40亿元，振幅15.48%。龙虎榜数据显示，机构净卖出 1624.00万元，营业部席位合计净买入2878.28万元。 科净源7月29日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 华鑫证券有限责任公司上海宛平南路证券营业部 | 952.53 | 0.00 | | 买二 | 华泰证券股份有限公司深圳益田路荣超商务中心证券营业 部 | 888.60 | 12.41 | | 买三 | 国泰海通证券股份有限公司上海长宁区江苏路证券营业部 | 803.51 | 14.35 | | 买四 | 国信证券股份有限公司深圳互联网分公司 | 703.74 | 69.73 | | 买五 | 东亚前海证券有限责任公司四川分公司 | 635.65 | 0.00 | | 卖一 | 机构专用 | 614.63 | 1412.44 | | 卖二 | 机构专用 | 169.82 | 699.13 | | 卖三 | 华 ...

Core Viewpoint - The market sentiment score has increased, indicating a bullish outlook for the market as of July 25, with a score of 1.8, up from 0.65 the previous week [1]. Group 1: Market Sentiment Indicators - The sentiment structure indicator is calculated using a scoring method based on the direction of each sub-indicator and its position within the Bollinger Bands, resulting in a 20-day moving average score [1]. - The trading volatility between industries has shown a positive signal, suggesting increased capital activity and reduced uncertainty in short-term sentiment [4][14]. - The financing ratio has decreased, indicating a decline in the heat of margin trading, which requires further observation [4]. Group 2: Trading Activity and Volume - The overall trading volume in the A-share market has maintained an upward trend, with a peak daily trading volume of 19,286.45 billion RMB on July 25 [9]. - The consistency of price and volume remains high, indicating active participation and capital engagement in the market [6]. Group 3: Industry Performance - Industries such as basic chemicals, non-ferrous metals, and electric equipment have shown strong performance, while sectors like public utilities, media, and banking have lagged behind [16]. - The short-term trend scores for industries like coal, food and beverage, and beauty care have significantly increased, with coal showing a remarkable rise of 109.09% [19][20]. Group 4: Style and Trend Analysis - The small-cap growth style is currently favored, with the relative strength index (RSI) indicating a strong preference for growth stocks over value stocks [21][22]. - The trend scoring model shows that industries like coal, food and beverage, and construction materials have strong short-term trend scores, suggesting potential investment opportunities [19][20].