Market Overview - The Shanghai Composite Index has achieved a four-day winning streak, reaching a new high for the year at 3639.67 points, with a slight increase of 0.16% [2][4] - The Shenzhen Component Index closed at 11157.94 points, down by 0.18% [2] - The market showed mixed performance, with over 3000 stocks declining, indicating a lack of significant profit-making opportunities [4] Sector Performance - The top-performing sectors included Non-ferrous Metals (1.20%), Beauty Care (0.99%), Real Estate (0.82%), Textiles and Apparel (0.81%), and Transportation (0.73%) [3][4] - Conversely, the worst-performing sectors were Pharmaceutical Biology (-0.92%), Electric Equipment (-0.74%), Communication (-0.47%), Defense and Military Industry (-0.39%), and Household Appliances (-0.29%) [3][4] - Concept indices that performed well included Rare Earth Permanent Magnet (3.24%), Brain-Computer Interface (2.69%), Hyperbaric Oxygen Chamber (2.56%), Terahertz (1.65%), and Blood Oxygen Monitor (1.62%) [3][4] Economic Indicators - In July, China's total imports and exports reached 3.91 trillion yuan, marking a growth of 6.7%. Exports were 2.31 trillion yuan, up by 8%, while imports were 1.6 trillion yuan, increasing by 4.8% [4] - The Ministry of Industry and Information Technology and other departments issued opinions to promote the development of the brain-computer interface industry [4] Future Outlook - The overall market trend remains strong, supported by a recovery in the funding environment and fundamentals, with the margin financing balance returning to over 2 trillion yuan, indicating rising market confidence [4] - However, the Shanghai Composite Index is approaching previous high levels, suggesting potential selling pressure in the near term [4] - Recommended sectors for future investment include Financials, Non-ferrous Metals, Construction Decoration, Agriculture, Forestry, Animal Husbandry, and Machinery Equipment [4]

Group 1: Economic Development and Investment - Shenzhen has completed an investment of 178.65 billion yuan in major projects in the first half of the year, achieving an investment progress rate of 58.1% [1][2] - The city has planned a total of 798 major projects with a total investment of approximately 3.2 trillion yuan by 2025, focusing on modern industries, public welfare, and infrastructure [2] - Major projects in modern industries include the Shenzhen International Exchange Center and various headquarters for companies like Xiaomi and JD.com, which are expected to enhance the city's industrial capabilities [1][2] Group 2: Social Welfare and Public Services - Shenzhen plans to invest 95.37 billion yuan in 292 major projects aimed at improving public welfare by 2025, focusing on education, healthcare, and cultural tourism [3] - The city has increased its educational capacity significantly, adding 100,000 public high school seats and addressing the tight supply of high school placements [3] - In healthcare, Shenzhen has reached a total of 75,000 hospital beds and established 82 elderly care institutions, with community services benefiting over 200,000 elderly residents [4]

Core Viewpoint - The Vietnamese government aims to achieve significant infrastructure development goals by the end of the year, including the construction of 3,000 kilometers of highways and various major projects to enhance transportation and urbanization [1] Infrastructure Development Goals - The government plans to complete 3,000 kilometers of highways by the end of the year [1] - Key projects include the first phase of Long Thanh Airport, coastal roads, and at least 100,000 social housing units [1] - The approval process for major projects such as the North-South high-speed railway and the Lao Cai-Hanoi-Haiphong railway is to be expedited [1] Maritime and Port Development - Investment in maritime development is highlighted as having relatively low costs and minimal land acquisition needs [1] - Existing ports and terminals have significant development potential [1] Importance of Highway Construction - Highway construction is deemed crucial for driving development in inland areas [1] Focus on Rail and High-Speed Rail - The Ministry of Construction is urged to prioritize technology transfer and talent development in the railway and high-speed rail sectors [1] Urbanization and Infrastructure Quality - The government emphasizes accelerating urbanization while improving quality [1] - Urban infrastructure development should align with modern, green, and smart city concepts to adapt to climate change [1]

Group 1 - The core viewpoint of the article highlights the strong performance of dividend sectors, with the Hang Seng High Dividend Low Volatility Index rising by 1.1%, achieving a four-day consecutive increase this week [1] - The CSI Dividend Low Volatility Index increased by 0.3%, while both the CSI Dividend Index and CSI Dividend Value Index rose by 0.2% [1] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of 10.2 million units today, accumulating over 1.5 billion yuan in the past month, with a total scale exceeding 4 billion yuan, ranking first among similar ETFs [1] Group 2 - According to China Merchants Securities, in the current low-interest-rate environment, dividend assets offer relatively high and stable returns, attracting significant investor attention [1] - Policy guidance is encouraging long-term capital to enter the market, further increasing the demand for long-term allocation of dividend assets [1]

8月7日，A股市场整体涨跌互现。 截至收盘，上证指数收报3639.67点，上涨0.16%，深证成指收报11157.94点，下跌0.18%，创业板指收报2342.86点，下跌0.68%。A股市场合计成交18527.4 亿元，较上一交易日增加932.04亿元。 1.A股市场全天资金净流出267.48亿元 今日A股市场主力资金开盘净流出86亿元，尾盘净流入17.71亿元，A股市场全天主力资金净流出267.48亿元。 3.食品饮料行业净流入16.95亿元居首 申万一级行业中，7个行业实现资金净流入，其中食品饮料行业净流入16.95亿元居首。 | | | 今日资金净流入前五大行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金 (亿元) | 资金流入较多个股 | | 食品饮料 | 0. 66% | 16. 95 | 五粮液 | | 银行 | 0. 32% | 14. 22 | 工商银行 | | 交通运输 | 0. 75% | 13. 05 | 韵达股份 | | 房地产 | 0. 59% | 5.64 | 金地集团 | | 农林牧渔 | 0. 73% | 4. 67 | ...

（文章来源：证券日报） 证券日报网讯 8月7日晚间，五洲交通发布公告称，公司2025年第二次临时股东会审议通过了《关于广 西五洲交通股份有限公司变更第十届董事会非独立董事的议案》。 ...

Market Overview - The A-share market showed mixed results on August 7, with the Shanghai Composite Index closing at 3639.67 points, up 0.16%, while the Shenzhen Component Index closed at 11157.94 points, down 0.18%, and the ChiNext Index closed at 2342.86 points, down 0.68% [1] - The total trading volume in the A-share market reached 185.27 billion yuan, an increase of 9.32 billion yuan compared to the previous trading day [1] Capital Flow - The A-share market experienced a net outflow of 26.75 billion yuan in main funds throughout the day, with an opening net outflow of 8.6 billion yuan and a closing net inflow of 1.77 billion yuan [2] - The CSI 300 index saw a net outflow of 6.14 billion yuan, while the ChiNext index had a net outflow of 14.29 billion yuan, and the STAR Market recorded a net inflow of 1.18 billion yuan [4] Sector Performance - The food and beverage sector led with a net inflow of 1.695 billion yuan, followed by the banking sector with 1.422 billion yuan, and the transportation sector with 1.305 billion yuan [6][7] - The pharmaceutical and biological sector faced the largest net outflow, totaling 14.757 billion yuan, followed by the machinery equipment sector with 13.056 billion yuan [7] Institutional Activity - The top net inflow stock was Tianyu Digital Science with 643 million yuan, while stocks like Dongfang Precision and Dajiang Innovation saw significant institutional buying [8][10] - Institutions showed interest in several stocks, with notable net purchases in Dongfang Precision and Dajiang Innovation, while stocks like Innovation Medical experienced net selling [10] Institutional Focus - Recent institutional ratings include Ningde Times with a strong buy rating and a target price of 363.69 yuan, indicating a potential upside of 38.26% from its latest closing price of 263.05 yuan [12] - Other stocks receiving attention include Jerry Shares and Foster, both rated as "increase" with target prices indicating significant upside potential [12]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The report focuses on BoDao Fund's fund manager Sun Wenlong, who has about 9.5 years of investment management experience and currently manages the BoDao Huitai Preferred Fund. His investment framework combines a bottom - up four - dimensional stock selection approach from the company, industry, market style, and social and environmental levels with Graham's three - factor valuation method to find high - quality companies at reasonable prices [1][7]. - The BoDao Huitai Preferred Fund has shown excellent performance since its establishment in January 2023. As of July 31, 2025, its return has reached 20.95%, significantly outperforming the Wind Partial - Stock Hybrid Fund Index (885001), which dropped 2.38% during the same period. It also has a relatively low volatility and high Sharpe and Calmar ratios [1][23][28]. - The fund has distinct investment characteristics, including balanced and dynamically adjusted industry allocation with a moderate preference for advanced manufacturing, concentrated stock holdings with long - term positions and appropriate position adjustments, and the ability to generate significant excess returns through both stock selection and trading [1][35][45]. - Sun Wenlong demonstrates strong capabilities in stock selection and invisible trading. Since 2024, the fund has performed well in both favorable and unfavorable market conditions, with stock - selection ability mostly excellent except in the second half of 2024, and significant excess returns through position adjustments, especially since the second half of 2024 [1][55]. 3. Summary by Relevant Catalogs 3.1 Background of BoDao Fund's Sun Wenlong - Sun Wenlong has an economics master's degree. He worked at Guotou Ruixin from July 2010 to December 2021 and joined BoDao Fund in January 2022. He currently serves as the deputy director of equity investment and manages the BoDao Huitai Preferred Fund [4]. - By constructing a fund - manager index, it is found that Sun Wenlong's fund - manager index has stably outperformed the CSI 300 Index [4]. 3.2 Investment Framework - **Stock Selection Method**: Sun Wenlong selects stocks from the "point, line, surface, and body" perspectives. The "point" refers to the company level, considering factors such as products, channels, and corporate governance; the "line" is the industry level, focusing on supply - demand relationships and competitive landscapes; the "surface" is the market - style level, concerned with the impact of the macro - economy on market styles; and the "body" is the social and environmental level [11]. - **Valuation Method**: He uses Graham's three - factor valuation method to value enterprises, including valuing net - asset value, profitability, and growth potential. Different valuation methods can be applied at different times for the same company [18]. - **Investment Style**: His investment style is balanced - growth. He maintains a balanced industry allocation, with a single - industry proportion not exceeding 20%. The portfolio is about 80% growth - oriented and 20% value - oriented [7][8]. 3.3 Performance Analysis of BoDao Huitai Preferred - **Overall Performance**: Since January 18, 2023, as of July 31, 2025, the fund's return has reached 20.95%, ranking in the top 13% among active - equity funds. It has an annualized volatility of 19.29%, in the lower 36% range. The annualized Sharpe ratio is 0.45, and the Calmar ratio is 0.33, ranking about in the top 10% and 9% respectively [23]. - **Relative Performance**: Compared with the Wind Partial - Stock Hybrid Fund Index (885001), the fund has significantly outperformed, with an excess return of 23.33% (20.95% - (- 2.38%)) as of July 2025. The excess - return curve is relatively stable, with a maximum drawdown of only 6.61%. The monthly win - rate since February 2023 is 73.3%, with an average monthly excess return of 0.76% [28][32]. 3.4 Investment Characteristics Analysis - **Industry Distribution**: The fund's industry allocation is balanced and dynamically adjusted, with a moderate preference for the advanced - manufacturing sector. It has increased the allocation of transportation, agriculture, forestry, animal husbandry, and fishery industries since the first half of 2024 and reduced the proportion of basic chemicals [35]. - **Positioning Characteristics**: The fund has concentrated stock holdings, with the top - ten stocks accounting for over 60% of the total holdings in the second half of 2024. The holding period is long, with some stocks held for over two years, but the position of each stock is adjusted. It mainly focuses on medium - and large - cap stocks, with about 25% of the stocks in small - cap stocks, and has a moderate turnover rate [37][41]. - **Source of Returns**: Both stock selection and trading contribute significantly to the excess returns. The stock - selection return was stable before September 2024 and declined due to the rapidly rising market, but the trading return increased significantly, indicating possible position adjustments by the fund manager. The advanced - manufacturing sector contributes the most to the absolute and relative returns [45][49]. 3.5 Fund Manager's Ability Circle - **Industry and Stock Concentration**: The fund is moderately diversified in industries and concentrated in stocks. - **Performance in Different Market Conditions**: Since 2024, the fund has performed well in both favorable and unfavorable market conditions, especially more stable in unfavorable markets. - **Stock - Selection Ability**: Except for the second half of 2024 when the market fluctuated sharply, the fund's stock - selection ability has been mostly excellent, ranking in the top 25% among similar products in the long - term. - **Invisible Trading Ability**: The fund has obtained a large amount of excess returns through position adjustments, especially since the second half of 2024, effectively coping with the volatile market [55].

Global Market Outlook - Morgan Asset Management's report highlights significant uncertainty in the global economy and financial markets due to U.S. trade, fiscal policies, and geopolitical risks, suggesting investors should build resilient portfolios with global asset allocation to diversify returns and reduce volatility [1] China Equity Market - The report anticipates a structural slowdown in China's economic growth in the second half of the year due to weak confidence in households and businesses, ongoing real estate sector challenges, and deflationary pressures [2] - A "barbell strategy" combining growth and defensive sectors is expected to become mainstream, with potential opportunities in sectors related to new productivity, AI, new consumption, and innovative pharmaceuticals [2][4] Overseas Stocks - The U.S. economic outlook is influenced by tariff reductions, tax policies, and the Federal Reserve's interest rate decisions, with concerns about stagflation and declining consumer and business confidence [5] - European stocks are viewed favorably due to attractive valuations, reduced inflation pressures, and planned increases in defense spending and infrastructure investments, leading to a potential shift of investments back to Europe from U.S. markets [5] Asian Markets - Asian economies are experiencing reduced currency appreciation pressures, allowing central banks more room to lower interest rates to support growth, with Japan's stock market showing positive performance due to corporate transformation [6] Overseas Bonds - The report emphasizes focusing on non-U.S. bond markets, as central banks in mature markets and Asia may lower rates more aggressively than the Federal Reserve, presenting additional opportunities for bond investors [8] Alternative Assets - In uncertain environments, investors are encouraged to consider alternative assets such as infrastructure, real estate, and transportation, which historically have lower correlation with traditional stocks and bonds, providing predictable cash income and reducing portfolio volatility [10] Summary - The global economy faces downward risks and increased volatility, but a combination of fiscal and monetary policies may help mitigate risks outside the U.S. Investors are advised to diversify across regions and asset classes to enhance portfolio resilience against market shocks [13]

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index experiences a decline [3][5]. Group 1: A-share Market Performance - The Shanghai Composite Index rose by 0.12% at midday, while the Shenzhen Component Index fell by 0.13% and the ChiNext Index dropped by 0.52% [3]. - The consumer electronics manufacturing concept is gaining strength, with leading stock Industrial Fulian seeing a peak increase of over 9% before narrowing its gains [5]. - The communication sector led the decline, with a drop exceeding 2%, affecting several previously strong stocks [5]. Group 2: Industrial Fulian - Industrial Fulian's stock price reached a historical high during the session, fluctuating around a total market capitalization of approximately 700 billion [5]. - The stock's performance reflects the overall strength of the consumer electronics manufacturing sector, with other stocks like Luxshare Precision and Zhuoyue Technology also showing significant increases [5]. Group 3: Convertible Bond Market - The Titan convertible bond experienced a sharp decline, with a maximum drop of over 11% during the session [8]. - The decline was triggered by an announcement regarding the potential redemption conditions of the Titan convertible bond, which could impact investor sentiment [8]. Group 4: Hong Kong Market Performance - The Hong Kong market showed narrow fluctuations, with notable movements in individual stocks such as Yisou Technology, which surged over 14% following an announcement regarding a share subscription agreement [10][11]. - The overall performance of the Hang Seng Index was mixed, with some stocks like ZTO Express and Sands China leading the gains, while others like Sino Biopharmaceutical faced declines [10].