Market Overview - The three major indices experienced slight increases, with the Shanghai Composite Index returning above 3500 points, closing at 3509.68, up 0.48% [1][3] - The Shenzhen Component Index closed at 10631.13, up 0.47%, while the CSI 300 Index closed at 4010.02, also up 0.47% [1][3] Sector Performance - The top-performing sectors included Real Estate (3.19%), Oil & Petrochemicals (1.54%), and Steel (1.44%) [2] - Conversely, the worst-performing sectors were Automotive (-0.62%), Media (-0.54%), and Defense & Military Industry (-0.41%) [2] Concept Index Performance - The leading concept indices were Silicon Energy (3.39%), Organic Silicon Concept (2.51%), and Rent and Sale Rights (2.45%) [2] - The lagging concept indices included Electronic ID (-1.63%), Unmanned Retail (-1.34%), and PET Copper Foil (-1.29%) [2] Future Outlook - The market is expected to continue its upward trend, with a focus on sectors such as Finance, Consumer Goods, Machinery Equipment, and TMT [5] - The report highlights the importance of monitoring corporate earnings growth as companies begin to disclose their mid-year performance forecasts [5] Policy Support - The State Council has issued a notice to enhance employment support policies, focusing on stabilizing employment, enterprises, and market expectations [4] - Specific measures include expanding the scope of special loans for job stabilization and optimizing service consumption experiences [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, the convertible bond market followed the equity market's upward trend, with valuations rising on a month - on - month basis. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. The overall weighted average closing price of convertible bonds was 124.13 yuan, up 0.43% from yesterday [2]. - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday [2]. - In the industry performance, more than half of the underlying stock industry indices rose, with 17 industries rising in the A - share market and 18 in the convertible bond market [3]. 3. Summary by Related Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index rose 0.40% month - on - month, the Shanghai Composite Index rose 0.48%, the Shenzhen Component Index rose 0.47%, the ChiNext Index rose 0.22%, the SSE 50 Index rose 0.62%, and the CSI 1000 Index rose 0.25% [1]. - Small - cap value stocks were relatively dominant. Small - cap value stocks rose 1.06%, while large - cap growth stocks rose 0.14% [1]. | Index Code | Index Name | Closing Price | Daily Change (%) | Weekly Change (%) | Monthly Change (%) | YTD Change (%) | | --- | --- | --- | --- | --- | --- | --- | | 000832.CSI | CSI Convertible Bond | 450.71 | 0.40 | 1.43 | 3.45 | 8.72 | | 889033.WI | Convertible Bond Equal - Weighted | 213.99 | 0.28 | 0.99 | 2.56 | 10.04 | | 8841324.WI | Convertible Bond Index | 1960.13 | 0.34 | 1.94 | 4.41 | 18.75 | | 884257.WI | Convertible Bond Pre - plan | 1713.71 | 0.21 | 1.32 | 5.18 | 17.43 | | 000001.SH | Shanghai Composite Index | 3509.68 | 0.48 | 1.59 | 3.23 | 4.71 | | 399001.SZ | Shenzhen Component Index | 10631.13 | 0.47 | 2.10 | 3.72 | 2.08 | | 399006.SZ | ChiNext Index | 2189.58 | 0.22 | 3.10 | 6.22 | 2.24 | | 000016.SH | SSE 50 Index | 2756.93 | 0.62 | 1.26 | 2.61 | 2.69 | | 000852.SH | CSI 1000 Index | 6406.57 | 0.25 | 1.54 | 3.02 | 7.53 | [7] 3.2 Market Capital Performance - The trading volume in the convertible bond market was 66.907 billion yuan, a 1.57% decrease from the previous day. The total trading volume of the Wind All - A Index was 1.515068 trillion yuan, a 0.81% decrease from the previous day [1]. - The net outflow of main funds from the Shanghai and Shenzhen stock markets was 21.158 billion yuan, and the yield of the 10 - year Treasury bond rose 1.70 bp to 1.66% [1]. 3.3 Convertible Bond Price and Valuation - The overall closing - price weighted average of convertible bonds was 124.13 yuan, up 0.43% from yesterday. The closing price of equity - biased convertible bonds was 164.25 yuan, down 0.91%; that of bond - biased convertible bonds was 115.18 yuan, up 0.46%; and that of balanced convertible bonds was 124.13 yuan, up 0.29% [2]. - The proportion of bonds with a closing price above 130 yuan was 33.19%, up 1.57 pct from yesterday. The largest change in proportion was in the 100 - 110 (including 110) range, with a proportion of 3.19%, down 1.08 pct from yesterday. There were 2 bonds with a closing price below 100 yuan [2]. - The median price was 125.74 yuan, up 0.51% from yesterday. The fitted conversion premium rate for 100 - yuan par value was 25.30%, up 0.71 pct from yesterday. The overall weighted par value was 94.96 yuan, up 0.51% from yesterday [2]. 3.4 Industry Performance - In the A - share market, the top three rising industries were real estate (+3.19%), petroleum and petrochemicals (+1.54%), and steel (+1.44%); the top three falling industries were automobiles (-0.62%), media (-0.54%), and national defense and military industry (-0.41%) [3]. - In the convertible bond market, the top three rising industries were environmental protection (+2.50%), coal (+1.39%), and non - bank finance (+0.95%); the top three falling industries were communications (-0.92%), agriculture, forestry, animal husbandry and fishery (-0.67%), and media (-0.24%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - Conversion premium rate: The large - cycle sector decreased 1.1 pct, the manufacturing sector increased 0.32 pct, the technology sector increased 0.024 pct, the large - consumption sector decreased 0.13 pct, and the large - finance sector decreased 0.34 pct [3]. - Conversion value: The large - cycle sector rose 1.12%, the manufacturing sector fell 0.41%, the technology sector fell 0.25%, the large - consumption sector rose 0.07%, and the large - finance sector rose 0.96% [3]. - Pure - bond premium rate: The large - cycle sector rose 1.0 pct, the manufacturing sector rose 0.046 pct, the technology sector fell 0.28 pct, the large - consumption sector rose 0.11 pct, and the large - finance sector rose 0.77 pct [4]. 3.5 Industry Rotation - Real estate, petroleum and petrochemicals, and steel led the rise. For example, real estate had a daily increase of 3.19% in the underlying stock market, and its PE (TTM) 3 - year quantile was 97.80%, and PB (LF) 3 - year quantile was 51.03% [53].

Market Overview - The A-share market showed mixed results on July 10, with the Shanghai Composite Index closing at 3509.68 points, up 0.48%, and the Shenzhen Component Index at 10631.13 points, up 0.47% [2] - Total trading volume in the A-share market was 15152.79 billion, a decrease of 123.41 billion from the previous trading day [2] Capital Flow - The main capital in the A-share market experienced a net outflow of 211.58 billion, with an opening net outflow of 85.28 billion and a closing net outflow of 25.44 billion [3][4] - The CSI 300 index saw a net inflow of 4.7 billion, while the ChiNext index had a net outflow of 102.46 billion [5][6] Sector Performance - Among the 12 sectors in the Shenwan first-level industry classification, 12 sectors saw net capital inflows, with the non-bank financial sector leading at 64.7 billion [7][8] - The top five sectors with net capital inflows included: - Non-bank financial: 64.7 billion, up 1.34% - Real estate: 51.43 billion, up 2.95% - Banking: 42.45 billion, up 0.97% - Non-ferrous metals: 26.76 billion, up 0.89% - Oil and petrochemicals: 25.16 billion, up 1.00% [8] Institutional Activity - Institutions showed interest in several stocks, with notable net purchases in Jingao Technology and net sales in Honghe Technology [9][11] - The top stocks with institutional net purchases included: - Jingao Technology: 13239.79 million, up 9.96% - Chongqing Construction: 2013.68 million, up 10.12% [11] Recent Institutional Focus - Institutions have recently focused on stocks such as TCL Technology, with a target price of 5.90, representing a potential upside of 31.99% from the latest closing price [13]

Market Overview - On July 10, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.48%, the Shenzhen Component Index up by 0.47%, and the ChiNext Index up by 0.22%, continuing a warming trend [1] - The China A50 Index led the mainstream indices with a rise of 0.64% [2] - In the Hong Kong market, the Hang Seng China Enterprises Index increased by 1.66%, while the Hang Seng Index rose by 0.57% [4][5] Sector Performance - The real estate sector led the gains with an increase of 3.19%, followed by oil and petrochemicals at 1.54%, and steel at 1.45%. Conversely, the automotive sector fell by 0.62%, media by 0.54%, and defense and military by 0.41% [7] Industry Highlights Photovoltaic Industry - The photovoltaic sector is witnessing a positive shift towards breaking the "involution" competition, with leading silicon material companies forming a platform company to acquire excess capacity in the industry. This aims to balance supply and demand by unifying production and sales [7] - Analysts suggest that this transformation will significantly alter the industry ecosystem, moving from "price wars" to "quality pricing," which could lead to an orderly exit of backward production capacity and improve supply-demand dynamics [7] Banking Sector - On July 10, A-share bank stocks strengthened, with the four major state-owned banks reaching historical highs. The banking sector is attracting funds due to its high dividend yield and stable operations [8] - Financial policies are accelerating, with a more flexible monetary policy expected to support credit growth. The focus on the cost of bank liabilities may alleviate net interest margin pressures, indicating positive fundamentals for the banking sector [8]

Core Viewpoint - The Shanghai Composite Index rose by 0.48% on July 10, with 18 out of 28 sectors experiencing gains, particularly in real estate and oil & petrochemicals, which increased by 3.19% and 1.54% respectively [1] Industry Summary - The oil & petrochemical sector saw a 1.54% increase, with a net inflow of 525 million yuan in capital. Out of 48 stocks in this sector, 34 rose, and 1 hit the daily limit up, while 12 declined [1] - The top three stocks with the highest net capital inflow were China National Offshore Oil Corporation (CNOOC) with 440 million yuan, followed by China Petroleum & Chemical Corporation (Sinopec) with 264 million yuan, and China Petroleum with 55.96 million yuan [1] - The stocks with the largest net capital outflow included Guanghui Energy, Yueyang Xingchang, and Zhongman Petroleum, with outflows of 176 million yuan, 36.79 million yuan, and 27.54 million yuan respectively [1] Stock Performance - CNOOC's stock rose by 3.59% with a turnover rate of 3.74% and a main capital flow of 440.40 million yuan [1] - Sinopec's stock increased by 1.41% with a turnover rate of 0.24% and a main capital flow of 264.20 million yuan [1] - China Petroleum's stock saw a 0.93% rise with a turnover rate of 0.08% and a main capital flow of 55.96 million yuan [1]

Core Viewpoint - High dividend stocks continue to perform strongly, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030), which saw a price increase of 1.45% as of the report time [1]. Group 1: Market Performance - The value ETF (510030) opened with fluctuations and rose by 1.45%, with a trading price of 1.119 as of 13:11 [2]. - The 180 Value Index has outperformed major A-share indices, with a year-to-date increase of 7.44%, compared to the Shanghai Composite Index's 4.22% and the CSI 300 Index's 1.44% [3][4]. Group 2: Stock Performance - Key stocks in the banking and non-banking financial sectors showed significant gains, with Minsheng Bank soaring over 7%, and China National Offshore Oil Corporation and Industrial and Commercial Bank of China both rising over 3% [1]. - Other notable stocks included China Ping An, China Merchants Bank, and Huaxia Bank, each increasing by over 2% [1]. Group 3: Investment Insights - The current valuation of the 180 Value Index is at a price-to-book ratio of 0.85, indicating a favorable long-term investment opportunity [4]. - Analysts suggest that in the current uncertain global environment, investors may prefer dividend assets due to their stable cash flow and high dividend yields, which are expected to attract more capital in the medium to long term [4][5].

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

Market Overview - The Shanghai Composite Index increased by 0.34% as of 10:28 AM, with a trading volume of 550.19 million shares and a turnover of 648.98 billion yuan, representing a decrease of 8.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.24%, 1.19%, and 0.97% respectively [1] - The real estate sector had a trading volume of 88.46 billion yuan, up by 37.10% from the previous day, with Chongqing Development leading the sector with a rise of 9.94% [1] - The banking sector recorded a turnover of 153.25 billion yuan, an increase of 17.78%, with Minsheng Bank rising by 4.93% [1] - The oil & petrochemicals sector had a turnover of 48.87 billion yuan, up by 16.65%, with *ST Xinchao gaining 5.08% [1] Declining Industries - The defense, textile, and automotive sectors experienced the largest declines, with decreases of 1.24%, 0.78%, and 0.78% respectively [2] - The defense sector had a trading volume of 225.22 billion yuan, down by 30.96%, with North China Longchang falling by 8.13% [2] - The textile sector recorded a turnover of 73.19 billion yuan, down by 14.13%, with Wanlima decreasing by 7.63% [2] - The automotive sector had a turnover of 270.54 billion yuan, down by 19.82%, with Redick declining by 6.84% [2]

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

Group 1 - As of the end of Q2 2025, the total market value of northbound funds reached 2.29 trillion yuan, an increase of over 2% compared to the end of Q1, with the number of shares held reaching 123.51 billion, a growth of over 3% [1] - Northbound funds showed a significant structural adjustment in industry allocation, with over 20 industries seeing an increase in holdings, accounting for more than 60% of the 31 industries tracked [3] - The social services industry has been continuously favored by northbound funds for three consecutive quarters, indicating sustained foreign interest in this sector [3] Group 2 - The retail trade industry saw the most significant increase, with a 28.69% rise in the number of shares held and a market value increase of over 45%, reaching 19.75 billion yuan [3] - The defense and military industry also received notable attention, with a 12.5% increase in holdings, and its index leading the market with over a 15% rise in Q2 [3] - In contrast, the oil and petrochemical, textile and apparel, electronics, and home appliances industries experienced a decline in holdings of over 10% [3] Group 3 - Over 1,500 individual stocks saw an increase in holdings by northbound funds, reflecting a clear value orientation [4] - The top ten stocks held by northbound funds include Ningde Times, Kweichow Moutai, and Midea Group, with holdings in Ningde Times exceeding 150 billion yuan and Kweichow Moutai over 100 billion yuan [4] - Notable increases in holdings were observed in Huaming Equipment, Rongchang Biology, and Huayou Cobalt, with Huaming Equipment's latest holding ratio at 17.45%, reflecting a more than 6 percentage point increase [4]