随着二级市场行情回升，公募定增热情也逐渐升温。近三个月，16家公募旗下基金参与定增的资金超过 了45亿元，参与的定增项目最高涨幅达到344%。但本轮定增中表现踊跃的不是头部公募，而是个别长 期聚焦定增策略的中小公募。 基金业内人士分析，下半年定增供需仍将保持良好趋势，可关注并购重组配套融资。数据显示，年内披 露的定增项目中，配套融资类预案占比超过40%，绝对数量和比例均超过去年全年，配套融资类项目成 为定增项目新的增长点，这类项目投资价值值得深度挖掘。 和公募定增热情上升相对应的是，A股上市公司近期持续推出定增计划，并且从最新股价来看，不少参 与其中的资金已实现浮盈。 数据显示，截至8月1日，近三个月已有34家上市公司实施定增，合计募资总额超5700亿元。如果从今年 1月1日算起，年内则有78家上市公司实施定增，合计募资规模超过6600亿元。不难发现，近三个月的定 增规模占比很高，达到86%。从8月1日最新收盘价和定增发行价格对比来看，上述34家实施定增的上市 公司，有31家股价上涨，占比超过90%。其中，有7只个股涨幅超过100%，涨幅最高的超过340%。 从基金产品层面看，参与定增的100多只基金中大多实 ...

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Core Viewpoint - The A-share market is facing a critical defense at the 3500-point level, influenced by the significant downturn in the US stock market, termed "Black Friday," which has raised concerns about a potential market top [1][3]. Market Impact - The Shanghai Composite Index fell below the 20-day moving average (3550 points) and showed weak rebound capacity, with key support levels shifting down to 3536-3542 points [1]. - The US stock market's decline was triggered by disappointing non-farm payroll data for July, which reported only 73,000 new jobs, significantly below the expected 100,000 and the prior months' revised figures [3]. - The outflow of northbound capital from A-shares exceeded 50 billion in a single day, with a net outflow of 25.62 billion on August 1, heavily impacting the electronics and new energy sectors [5]. Sector Performance - Companies heavily reliant on the US market, such as Luxshare Precision and GoerTek, faced significant sell-offs due to high exposure, with US revenue accounting for over 60% [5]. - High-valuation stocks, particularly those with dynamic PE ratios exceeding 50, are at risk of substantial declines, as seen with companies like Zhongji Xuchuang [5]. - The ChiNext index dropped 2% in a single day, pressured by profit-taking and the decline of major stocks like CATL [5]. Policy and Economic Outlook - The National Development and Reform Commission has allocated 800 billion for "two重" construction projects by 2025, and the third batch of special bonds for consumer goods has been fully disbursed [8]. - However, the lack of new stimulus policies from recent meetings has heightened expectations of an economic slowdown [8]. - The real estate sector has seen a net capital outflow of 1.26 billion, raising doubts about the sustainability of any rebound [8]. Investment Strategy - A rebound in the A-share market requires two signals: a daily trading volume exceeding 900 billion and the implementation of policy countermeasures, particularly during the upcoming US-China tariff negotiations [9]. - Defensive asset allocation should increase to 50%, focusing on high-dividend sectors like coal and utilities, while also considering the healthcare sector due to aging population demands [9]. - Investors are advised to select stocks with a return on equity (ROE) exceeding 15% for three consecutive years and those that have seen institutional buying in the first quarter [9].

Group 1 - The manufacturing PMI stands at 50.8%, indicating a slight recovery, with the new orders index rising to 51.2%, suggesting ongoing demand [3] - There is a significant disparity between large enterprises (PMI at 52.1%) and small enterprises (PMI at 49.3%), highlighting the lack of policy support for smaller firms [3] - The non-manufacturing PMI is at 54.5%, driven by strong performance in tourism and film sectors, while real estate sales remain weak, indicating a divergence in market sentiment [3] Group 2 - The "production and business expectations index" in the manufacturing PMI has surged to 57.3%, the highest this year, reflecting strong corporate confidence despite delayed policy implementation [4] - The technology sector shows promising growth potential, with significant investments from major companies like Google and Microsoft, and a high pre-announcement growth rate exceeding 60% for mid-year reports [4] - High dividend stocks, such as Industrial and Commercial Bank of China with a 5.7% dividend yield, are attracting investment in a volatile market, emphasizing the importance of cash flow [5]

7月31日午后，A股三大指数走弱，截至14:50，创业板指跌1.86%，沪指跌1.39%，深成指跌1.95%。煤炭、钢铁、有色金属、光伏、房地产等方向跌幅居 前，沪深京三市下跌个股跌超4400只。 水产、稀有金属、房地产、保险、煤炭板块跌幅居前。 | 序号 | 代码 | 名称 | 涨跌幅 ▲ | 5分钟 | | --- | --- | --- | --- | --- | | 1 | 884870 | 水产指数 | -4.42% | | | 2 | 8841362 | 稀有金属精选指数 | -3.97% | | | 3 | 8841369 | 房地产精选指数 | -3.82% | | | র | 8841413 | 保险精选指数 | -3.73% | | | 5 | 8841358 | 煤炭开采精选指数 | -3.57% | | | 6 | 884739 | 光伏玻璃指数 | -3.53% | | 稀土永磁概念震荡走弱，包钢股份（600010）跌逾7%，北方稀土（600111）跌逾5%，中矿资源（002738）跌逾4%，大地熊、中国铝业（601600）、厦门 钨业（600549）等跌幅居前。 A股保险板块持续走 ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 没有股票账户的投资者可关注国泰中证科创创业50ETF发起联接A（013306），国泰中证科创创业 50ETF发起联接C（013307）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 科创创业ETF（588360）涨超1.3%。国投证券指出，当前市场结构正从"杠铃策略"向"中间资产"过 渡，以创业板指和科创50为代表的科技科创领域迎来周期性拐点。从盈利估值匹配度看，创业板指市盈 率处于近十年23.82%分位数，显著低于其他宽基指数，一季度利润增速达19%，在 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国投证券指出，创业板50作为宽基指数，当前市盈率处于近十年23.82%分位数，显著低于主流宽 基指数60%-80%的估值水位，具备相对优势。从盈利角度看，其一季度利润增速达19%，明显优于全A 的3.46%。宏观层面，长期利率下移放缓叠加"反内卷"等政策推动产能出清，AI算力、创新药、半导 体、新能源车等新动能产业相继迎来周期性拐点，为创业板50的估值修复创造条件。产业层面，该指数 涵盖的硬科技、生物医药等新兴产业在供需格局改善背景下，正逐步转向景气回升阶段。当前市场增量 资金共振环境下，机构回补仓位与股债再配置资金共同推动低估值大盘成长风格占优，创业板50作为兼 具估值安全边际与盈利弹性的宽基品种，其超额收益的持续性值得关注。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅可达2 ...

Group 1: Coal Chemical Industry - The operational level of China's coal chemical industry continues to improve, with steady increases in capacity utilization rates across major sub-industries [3] - The coal-to-synthetic ammonia and coal-to-methanol sectors have undergone supply-side structural reforms during the 13th Five-Year Plan, leading to the elimination of outdated capacity and a positive development trend [3] - The coal-to-ethylene and coal-to-oil gas projects are maturing, benefiting from high oil prices and favorable national pipeline reforms, resulting in continuous improvement in capacity utilization [3] Group 2: Chemical Fiber Industry - The chemical industry is experiencing an optimization of supply clearing patterns, with the exit of outdated facilities expected to enhance the polyester filament industry landscape [3] - Polyester filament, as the largest chemical fiber by output, has reached a relatively concentrated industry structure in China, benefiting leading companies [3] Group 3: AI Industry - The demand for AI computing power in the US stock market is expanding into lower-tier and emerging markets, driven by reduced costs of large models [3] - Short-term beneficiaries of the growing AI computing demand include IT operations, network security, and database sectors, which have shorter value chains and stronger certainty compared to downstream AI application companies [3] - A favorable financing environment is expected to encourage companies to increase AI investments and IT budgets, with potential regulatory relaxations under the Trump administration further supporting AI demand [3] Group 4: Company Performance - Baowu Magnesium Industry is facing performance pressure due to declining magnesium prices, while the magnesium-aluminum price ratio has remained below 1 for the past 11 months, indicating growing opportunities in automotive lightweight applications [4] - Sujiao Technology reported a decline in traditional business, with H1 2025 revenue of 1.78 billion and a net profit of 100 million, down 39.5% year-on-year, while new businesses are growing but still need nurturing [4] - WuXi AppTec achieved significant revenue growth in H1 2025, with total revenue of 20.799 billion, a year-on-year increase of 20.64%, and a net profit of 8.561 billion, up 101.92% [5] - Aidi Biological reported a revenue of 579 million in H1 2025, a year-on-year increase of 6.69%, with net profit growing by 31.41% [6]

Core Viewpoint - The article discusses the recent market trends and signals from a significant political meeting, indicating a structural bull market with increasing divergence among stocks and sectors, alongside government policies aimed at stimulating the economy and capital markets [1][5]. Group 1: Market Trends - Major indices have been rising since June 23, with the Shanghai Composite Index reaching new highs for the year, while the Shenzhen Component and ChiNext indices have shown signs of decline, indicating increasing market divergence [1]. - Over 3,500 stocks have declined, with major players selling off 80 billion, highlighting a structural bull market where being on the wrong side can lead to losses [2]. Group 2: Government Policy Signals - A key meeting of the Central Political Bureau on July 30 emphasized the need for sustained macroeconomic policies, including more proactive fiscal measures and moderately loose monetary policies to enhance the effectiveness of these policies [3]. - The meeting called for effective release of domestic demand potential, focusing on boosting consumption and expanding effective investment [4]. Group 3: Focus Areas from the Meeting - The meeting highlighted the importance of technological self-reliance and industrial upgrades, with support for sectors like semiconductors and AI, which has led to increased capital inflow into these areas [7][8]. - Consumer spending was identified as a priority for expanding domestic demand, with policies aimed at increasing household income and supporting service sectors like tourism and childcare [10]. - The meeting addressed real estate risk management, advocating for the acquisition of existing properties for affordable housing, which may alleviate inventory pressures for real estate companies [12][13]. Group 4: Market Implications - The anticipated policies are expected to boost market confidence in economic stabilization, particularly benefiting sectors linked to infrastructure investment and consumer spending [5]. - The emphasis on preventing excessive competition may lead to resource concentration in leading companies with core technologies, potentially enhancing industry concentration [9]. - The article warns of high-level risks in the market, suggesting a shift in investment focus as high-performing stocks may face corrections, especially with upcoming mid-year reports [14].

近期A股市场持续上行，上证指数站稳3600点，沪深300指数低估值高股息特征凸显，科创综指更创下 13连阳历史纪录，市场热度高涨。易方达沪深300ETF联接基金(A类：110020；C类：007339)作为跟踪 沪深300指数的低成本工具，当前沪深300指数估值仅13.34倍市盈率、股息率2.97%，流动性充裕，为投 资者一键布局中国经济核心资产提供高效入口。在指数投资领域，易方达基金管理公司经验已超21年， 且资产管理总规模处于行业前列，产品线齐全，后续将为产品运行保驾护航。(数据来源：Wind，截至 于2025年7月29日) 易方达沪深300ETF联接基金(A类：110020；C类：007339)紧密跟踪沪深300指数，覆盖金融、消费、科 技、工业等核心行业，成份股以不足6%数量占比A股近48%市值，行业权重动态匹配产业升级(如信息 技术权重提升)，盈利稳定性与分红能力长期优于市场平均。该基金年化管理费率0.15%为行业标杆，场 外申购10元起投，底层ETF流动性保障高效进出。当前沪深300点位4167附近，沪深 300 指数距离2021 年的高点还有40%以上的空间，慢牛行情中指数化投资可避免个股波动风 ...