Market Overview - The market is currently experiencing a temperature check with a significant portion of the indices showing a long-term signal of 75% [1] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have shown varying performance, with the latter two indices experiencing declines of 1.62% and 0.77% respectively [1] Sector Performance - The chemical sector has shown a strong rebound, with a notable increase in the index closing over 1% higher, driven by a net capital inflow of over 144 billion yuan in the past 60 days [4][6] - The media sector led the inflow of funds with 1.072 billion yuan, while the computer sector faced the largest outflow of 89.79 billion yuan [2] Investment Signals - The chemical and financial technology sectors are highlighted as having significant potential for investment, with the chemical sector benefiting from policy expectations and valuation recovery [6] - The recent implementation of the stablecoin regulations in Hong Kong is expected to create opportunities in the fintech sector, particularly for those obtaining the first batch of licenses [6] ETF Performance - The chemical ETF has shown a 10.60% increase over the past six months, indicating strong performance in this sector [4] - The financial technology ETF has also demonstrated robust growth, with a notable increase in trading volume and turnover [4] Future Outlook - The chemical sector's future performance will depend on actual improvements in the fundamental aspects of the industry, despite the current positive sentiment [6] - The fintech sector is expected to gain traction as stablecoin regulations take effect, with a focus on platforms that can create use cases for stablecoins [6]

新信号。 随着近期A股市场整体上行，市场上的百元股（股价大于或等于100元/股的股票，下同）数量也在稳步 增加。截至7月29日收盘，A股市场百元股数量已重返100只以上，达101只。 统计数据显示，目前百元股阵营总体业绩表现较好，多数股票具有较好的业绩增速支撑。 百元股数量的增加，很多时候伴随着市场的整体上行，以及市场整体活跃度的提升。 A股市场百元股数量重返100只以上 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 目前A股百元股阵营有这些特点 从目前百元股分布情况来看，若按照上市板划分，科创板股票最多，达到45只，其次为创业板的28只， 主板和北交所股票则分别为25只和3只。从上述101只百元股上市时间来看，绝大多数为2025年之前上市 的股票，仅有少数为今年以来上市的新股和次新股，包括同宇新材、影石创新、优优绿能、天有为、宏 工科技、矽电股份等股票。 从行业分布上看，若按照申万一级行业划分，电子行业百元股数量最多，达到30只；医药生物行业居于 次席，为16只；计算机行业居于第三的位置，为14只；电力设备、食品饮料、汽车、机械设备、通信等 行业也较多，均超过5只；美容护理、家用 ...

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant divergence in market performance among sectors, with non-bank financials seeing the largest inflow and electric equipment experiencing the largest outflow [1][2]. Industry Summary Net Inflow Industries - Non-bank financials had a net inflow of 2.859 billion, with a price change of 1.29% and a turnover rate of 2.32%, showing a 52.20% increase in trading volume compared to the previous day [1]. - Banking sector recorded a net inflow of 0.491 billion, with a price change of 0.40% and a turnover rate of 0.37%, despite a 6.99% decrease in trading volume [1]. - Home appliances sector saw a net inflow of 0.388 billion, with a price change of 0.58% and a turnover rate of 2.10%, reflecting a 10.97% increase in trading volume [1]. Net Outflow Industries - Electric equipment faced the largest net outflow of 10.171 billion, with a price change of -1.20% and a turnover rate of 4.17%, showing a 6.18% decrease in trading volume [2]. - Machinery equipment experienced a net outflow of 7.034 billion, with a price change of -1.29% and a turnover rate of 4.09%, reflecting a 10.69% decrease in trading volume [2]. - Basic chemical industry had a net outflow of 4.762 billion, with a price change of -0.81% and a turnover rate of 3.34%, despite a 1.65% increase in trading volume [2].

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant disparity in investment trends, with the communication sector experiencing the highest net inflow and the electric equipment sector facing the largest net outflow [1][2]. Industry Summary - **Communication**: - Net inflow of funds: 2.151 billion - Change in trading volume: +29.35% - Price change: +4.61% - Turnover rate: 2.13% [1] - **Computer**: - Net inflow of funds: 1.839 billion - Change in trading volume: +24.97% - Price change: +1.42% - Turnover rate: 5.02% [1] - **Electric Equipment**: - Net outflow of funds: -5.055 billion - Change in trading volume: +5.70% - Price change: -0.74% - Turnover rate: 3.28% [2] - **Non-banking Financial**: - Net outflow of funds: -2.960 billion - Change in trading volume: -19.95% - Price change: -0.59% - Turnover rate: 1.55% [2] - **Pharmaceutical**: - Net outflow of funds: -3.550 billion - Change in trading volume: +12.72% - Price change: -0.13% - Turnover rate: 2.72% [2] - **Basic Chemical**: - Net outflow of funds: -3.567 billion - Change in trading volume: +14.17% - Price change: -1.00% - Turnover rate: 2.65% [2] - **Steel**: - Net outflow of funds: -0.058 billion - Change in trading volume: -24.20% - Price change: -1.24% - Turnover rate: 2.04% [1] - **Real Estate**: - Net outflow of funds: -0.838 billion - Change in trading volume: +11.46% - Price change: -0.98% - Turnover rate: 2.72% [1]

Core Insights - The non-banking financial sector experienced the highest net inflow of capital today, amounting to 8.21 billion yuan, with a price change of 2.02% and a turnover rate of 3.22% [1][2] - The power equipment sector faced the largest net outflow of capital, totaling -3.83 billion yuan, with a price change of -0.18% and a turnover rate of 3.29% [1][2] Industry Summary - **Non-banking Financial**: - Trading volume: 13.464 billion shares - Change in trading volume: +60.37% - Turnover rate: 3.22% - Price change: +2.02% - Net capital inflow: 8.21 billion yuan [1] - **Computer**: - Trading volume: 9.252 billion shares - Change in trading volume: +23.21% - Turnover rate: 5.20% - Price change: +1.93% - Net capital inflow: 6.20 billion yuan [1] - **Power Equipment**: - Trading volume: 8.180 billion shares - Change in trading volume: +0.04% - Turnover rate: 3.29% - Price change: -0.18% - Net capital outflow: -3.83 billion yuan [2] - **Real Estate**: - Trading volume: 5.910 billion shares - Change in trading volume: -6.93% - Turnover rate: 2.71% - Price change: +0.16% - Net capital outflow: -1.24 billion yuan [2] - **Banking**: - Trading volume: 7.548 billion shares - Change in trading volume: +28.32% - Turnover rate: 0.57% - Price change: -2.41% - Net capital outflow: -2.15 billion yuan [2]

Core Insights - As of July 8, the latest market financing balance reached 1,851.893 billion yuan, an increase of 5.488 billion yuan compared to the previous trading day [1] - Among the 22 first-level industries, the computer industry saw the largest increase in financing balance, rising by 0.965 billion yuan [1] - The industries with notable increases in financing balance also include non-bank financials, public utilities, and electrical equipment, with increases of 0.907 billion yuan, 0.693 billion yuan, and 0.669 billion yuan respectively [1] - Conversely, nine industries experienced a decrease in financing balance, with food and beverage, petroleum and petrochemicals, and steel showing the largest declines of 0.221 billion yuan, 0.162 billion yuan, and 0.145 billion yuan respectively [1][2] Industry Summary - The light manufacturing industry recorded the highest growth rate in financing balance, with a latest balance of 13.268 billion yuan, reflecting a 1.81% increase [1] - Public utilities, telecommunications, and textile and apparel industries followed with growth rates of 1.60%, 0.81%, and 0.77% respectively [1] - The steel, petroleum and petrochemicals, and social services industries had the largest declines in financing balance, with latest balances of 14.069 billion yuan, 25.147 billion yuan, and 9.915 billion yuan, showing decreases of 1.02%, 0.64%, and 0.58% respectively [1][2]

Core Viewpoint - The A-share market showed positive performance today, with the Shanghai Composite Index rising by 0.58% and trading volume increasing by 13.14% compared to the previous trading day [1] Industry Performance - The construction materials, electronics, and electrical equipment sectors experienced the highest gains, with increases of 2.38%, 2.36%, and 2.28% respectively [1] - Conversely, the utilities, agriculture, forestry, animal husbandry, and transportation sectors faced the largest declines, with decreases of 0.54%, 0.15%, and 0.13% respectively [1] Trading Data - Total trading volume reached 704.97 billion shares, with a total transaction value of 8853.31 billion yuan [1] - Among individual stocks, 3918 stocks rose, including 55 hitting the daily limit up, while 1246 stocks fell, with 7 hitting the daily limit down [1] Leading Stocks - In the construction materials sector, "International Composite Materials" led with a gain of 20.00% [1] - In the electronics sector, "N Yi Tang" surged by 148.52%, marking the highest increase [1] - "Shouhang New Energy" in the electrical equipment sector also rose by 20.00% [1]

Focus Review - Hong Kong released the "Digital Asset Development Policy Declaration 2.0," emphasizing stablecoins as a core tool for financial innovation and integration with the real economy, leading to a significant increase in the stablecoin index by 16.7% from June 23 to June 27 [3] Equity Market - Hong Kong stocks are expected to experience significant upward potential, with valuations at historical lows and support from technology and consumer sectors [5] - The long-term narrative for A-shares is strengthened by the "China-US strategic standoff," with policy support for the technology sector and innovation-driven industries [6] - A-shares may see a rebound in sectors such as brokerage firms, the Sci-Tech Innovation Board, and Hang Seng Technology, with brokerages being a key indicator of a bull market [7] Industry Research - Global stablecoin regulatory improvements and domestic policies are driving the rise of digital currencies and cross-border payments, with a focus on themes like digital currency and AI products [12] - The cyclical manufacturing sector presents potential opportunities, particularly in industries with high prosperity rates such as military, food and beverage, and electronics [13] - The technology sector, especially computing and communication, is experiencing a rebound, driven by the approval of cryptocurrency trading qualifications for financial institutions [14] Macroeconomic and Fixed Income - The bond market is viewed neutrally to bearish for US and German bonds, with a focus on emerging markets and A/H shares [18] - The bond market lacks clear new drivers, with ongoing uncertainties in the external environment [19] - Structural opportunities in the bond market are emphasized, particularly in the Sci-Tech Board [20] Asset Allocation - Mid-term strategies suggest focusing on sectors with performance releases and clear industry trends, including technology and dividend-paying stocks [22] - Recommendations include investing in technology sectors like AI, digital currency, and semiconductors, while also considering undervalued Hong Kong stocks [23]

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant disparity in capital movement, with the media sector experiencing a net inflow while the electronics sector faced the largest net outflow [1][2]. Industry Summary - **Media**: - Net inflow of funds: 1.82 billion - Change in trading volume: +21.70% - Turnover rate: 2.98% - Price change: -0.48% [1] - **Electronics**: - Net outflow of funds: -54.08 billion - Change in trading volume: -4.55% - Turnover rate: 2.40% - Price change: -0.59% [1][2] - **Petrochemical**: - Net inflow of funds: 1.33 billion - Change in trading volume: +36.86% - Turnover rate: 1.09% - Price change: +0.86% [1] - **Household Appliances**: - Net inflow of funds: 0.03 billion - Change in trading volume: +37.17% - Turnover rate: 1.88% - Price change: -0.98% [1] - **Other Notable Industries**: - **Automotive**: Net outflow: -21.05 billion, Price change: -1.47% [2] - **Electric Equipment**: Net outflow: -23.52 billion, Price change: -1.45% [2] - **Telecommunications**: Net outflow: -24.30 billion, Price change: -0.83% [2] - **Machinery**: Net outflow: -25.38 billion, Price change: -1.56% [2] - **Pharmaceuticals**: Net outflow: -48.01 billion, Price change: -1.86% [2]

Market Overview - The three major indices experienced slight gains, with the Shanghai Composite Index closing at 3388.81, up by 0.04% [2] - The Shenzhen Component Index closed at 10175.59, up by 0.24%, while the CSI 300 Index rose by 0.12% to 3874.97 [2] Sector Performance - The top-performing sectors included Electronics (1.50%), Communication (1.39%), and National Defense & Military Industry (0.95%) [3] - Conversely, the worst-performing sectors were Beauty Care (-1.73%), Real Estate (-1.35%), and Building Materials (-1.22%) [3] Concept Index Performance - The PCB concept led the concept sectors with a gain of 3.29%, followed by the Sci-Tech New Shares at 2.80% [3] - The weakest concept sectors included Glyphosate (-2.82%) and Rare Earth Permanent Magnet (-2.57%) [3] Market Outlook - The market showed mixed performance with many stocks declining despite the slight rise in indices, indicating a lack of significant profit-making opportunities [4] - The market is expected to remain in a range-bound state due to ongoing divergence between bulls and bears, with potential for a rebound supported by economic resilience and policy backing [6] Policy Developments - The 2025 Lujiazui Forum introduced significant financial opening measures, including the establishment of a trading report library and a digital RMB international operation center [5] - The government plans to support consumer goods replacement policies with a budget of 300 billion yuan, of which 162 billion yuan has already been allocated [5]