Core Viewpoint - The A-share market is expected to enter a phase characterized by the convergence of policy implementation and mid-term performance verification, with structural trends likely dominating the market [1][2] Group 1: Market Performance and Trends - The Shanghai Composite Index closed at 3559 points, marking a new high for the year, with the market showing signs of structural differentiation and volatility in Q2 [1] - High dividend and defensive sectors performed strongly, reflecting market preference for stable cash flow and high dividends amid uncertain macroeconomic recovery [1][2] - The technology sector experienced internal differentiation, with the AI-related communication industry leading, while semiconductor and hardware sectors showed limited growth [2][3] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, focusing on high-quality growth stocks with long-term industry trends and performance stability, while also considering defensive value sectors [3] - The fund has maintained a high allocation to the AI industry while adjusting the internal composition to increase exposure to AI infrastructure and leading application companies with stronger performance [4] - As of the end of Q2 2025, the fund achieved a net value growth rate of 59.27% over the past year, significantly outperforming the benchmark return of 10.93% by 48.34% [4]

消息面上，本周二、周四在内蒙古包头以及沈阳等地会有相关军贸装备的展示，机构预计近期来访的大 客户可能都会参加，会给板块带来积极的催化。 机构指出，在市场风格相对不友好的情况下，国防军工依然稳步上行，继续创年内新高，与科技板块走 势相对独立。昨日中证国防指数上涨近1%，离去年11月11日的高点以及不足1%，成交金额小幅萎缩至 347亿，量价走势相对健康。 虽然军贸订单的落地需要一个相对漫长的过程，但是想要证伪军贸订单也是不容易的，只要这个预期一 直在，那么估值的溢价也就会有其合理性。公募基金的二季度已经披露，根据卖方策略的统计，公募基 金在二季度被显著增持，其变动比例仅次于通信、银行，位列第三位。 截至2025年7月22日 10:22，中证国防指数(399973)上涨0.77%，成分股钢研高纳(300034)上涨7.49%，中 兵红箭(000519)上涨4.88%，图南股份(300855)上涨4.58%，内蒙一机(600967)上涨3.87%，菲利华 (300395)上涨3.45%。国防ETF(512670)上涨0.62%， 冲击4连涨。最新价报0.82元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属 ...

军工行情不断催化，年内不断创新高。近期正逢中报季，中邮证券指出，截至7月20日，跟踪的120家军 工行业上市公司中，37家披露2025H1业绩预告。按2025H1预告业绩的中值看，14家上市公司预告业绩 为正且实现同比增长；6家上市公司预告业绩为正但同比下滑；5家上市公司预告业绩为负但同比减亏； 12家上市公司预告业绩为负且亏损同比扩大。展望2025年，"建军百年奋斗目标"任务进入下半场，军工 行业订单有望迎来拐点，在服务于提升装备性能或降低装备成本的新技术、以新域新质作战力量为代表 的新产品、军贸和军用技术转化带来的新市场方向或蕴含更大弹性。 截至2025年7月22日 10:46，中证国防指数(399973)上涨0.80%，成分股钢研高纳(300034)上涨7.25%，内 蒙一机(600967)上涨4.45%，中兵红箭(000519)上涨4.38%，图南股份(300855)上涨3.67%，洪都航空 (600316)上涨3.17%。国防ETF(512670)上涨0.74%， 冲击4连涨。最新价报0.82元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家 ...

Group 1 - The core viewpoint of the report indicates that in Q2 2025, actively managed equity funds showed good performance but have not yet entered a positive "asset-liability" cycle, where good performance attracts new funds to reinforce performance trends [2][3][4] - In Q2 2025, the stock position of actively managed equity funds rose to 85.76%, with A-shares at 71.30% and Hong Kong stocks at 14.45%, continuing the trend of "reducing A and increasing Hong Kong" [2][11] - The median return for actively managed equity funds in Q2 2025 was approximately 1.8%, with over 50% of funds outperforming their benchmarks, although this proportion decreased from 72% in Q1 2025 [2][15][17] Group 2 - In Q2 2025, actively managed equity funds continued to increase their positions in mid-cap and small-cap growth stocks, as well as small-cap value stocks, while reducing positions in food and beverage, automotive, machinery, and home appliances [3][16] - The report highlights that the active funds have shifted from underweight to overweight in the telecommunications sector, while their overweight in food and beverage has dropped to the lowest level since 2017 [3][16] - The performance of actively managed equity funds continues to exhibit a "stronger gets stronger" characteristic, with top-performing funds showing significant exposure to high valuation, low dividend yield, small to mid-cap stocks, high gross margin, and low ROE [2][22][23] Group 3 - The "fixed income plus" funds also increased their allocations to financials, TMT, military, and medical sectors in Q2 2025, mirroring the trends seen in actively managed equity funds [4][29] - Since July 2025, individual investors have re-emerged as the main source of incremental funds, leading to a continued rise in the positions of actively managed equity funds and a return of capital from northbound investments [4][30] - The report notes that the overall net inflow of equity funds (both active and passive) has resumed, but the divergence between active and passive funds has widened, with active funds experiencing net outflows while passive funds saw significant inflows [2][3][4]

Core Viewpoint - The auction of *ST WanFang's major shareholder's shares has been retracted due to jurisdictional issues, but the risk of future auctions remains, potentially affecting the company's control structure and financial performance [1][2][3] Group 1: Auction and Shareholder Control - The Changchun Intermediate Court planned to auction 90.86 million shares held by WanFang Yuan, representing 29.18% of the total shares, on July 22-23, 2025 [1][2] - The auction was retracted because the Beijing Third Intermediate Court did not transfer the disposal rights of the shares [1][2] - If the shares are auctioned and sold in the future, WanFang Yuan could lose its status as the major shareholder, which would automatically invalidate the voting rights entrusted to HuiDe Industrial [3] Group 2: Financial Performance - *ST WanFang expects a net loss of 4.5 million to 6.5 million yuan for the first half of 2025, compared to a profit of 1.0471 million yuan in the same period last year [3] - The significant decrease in net profit is attributed to the previous year's recovery of receivables, which resulted in a reversal of credit impairment losses of approximately 7.8 million yuan [3] - Non-recurring gains and losses are expected to impact net profit by about 580,000 yuan, mainly from government subsidies received by subsidiaries [3]

7月21日沪指上涨0.72%，市场两融余额为19179.18亿元，较前一交易日增加155.82亿元。 证券时报·数据宝统计显示，截至7月21日，沪市两融余额9689.11亿元，较前一交易日增加75.49亿元； 深市两融余额9429.27亿元，较前一交易日增加78.76亿元；北交所两融余额60.81亿元，较前一交易日增 加1.58亿元；深沪北两融余额合计19179.18亿元，较前一交易日增加155.82亿元。 分行业看，申万所属行业中，融资余额增加的行业有25个，增加金额最多的行业是医药生物，融资余额 增加18.33亿元；其次是机械设备、电子行业，融资余额分别增加17.15亿元、16.39亿元。 具体到个股来看，融资余额出现增长的股票有2131只，占比57.44%，其中，529股融资余额增幅超过5% 。融资余额增幅最大的是菲利华，该股最新融资余额7.54亿元，较前一交易日增幅达105.62%；股价表 现上，该股当日上涨10.79%，表现强于沪指；融资余额增幅较多的还有恒立钻具、C华新，融资余额增 幅分别为92.92%、74.99%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨6.54%，涨幅居前的有恒 ...

智通财经7月22日电，早盘军工板块延续强势，钢研高纳、新余国科涨超10%，霍莱沃、洪都航空、长 城军工、晨曦航空、中航沈飞等跟涨。消息面上，浙商证券认为，2025年地缘政治冲突不断，我国军贸 出口装备在海外冲突中得到实战检验，在军贸领域引领下，我国国防军工企业价值有望得到重估。 军工板块延续强势 钢研高纳涨超10% ...

A股军工板块直线拉升，博云新材涨停，新余国科涨超11%，菲利华、佳驰科技、长城军工、晨曦航空 跟涨。 ...

根据昨日复盘指导，竞价前25分，水电方向有大几十亿封单，显示周末预期被超预期强化。今日，无论 是正宗还是蹭题材的水电股均涨停。对于明日走势，今日盘前筛选的水电核心股均难买入，从主板到30 厘米涨幅的个股均如此，如中军电建直接一字板涨停。此外，之前拆解过的题材中，主板批量20厘米及 30厘米涨幅的个股也有一字板，从情绪炒作角度看，强度超预期。因此，该题材至少有一周表现机会， 但具体能否持续，还需关注后续走势及玩法，是"吃独食"还是给予换手参与机会。 兰生股份（600826）今日符合预期断板，新节点将围绕水电方向展开，中午的节点已失效。今日水电方 向遍地开花，分支众多，包括民爆、水泥、盾构机、刀具、特高压、炸药等。研究后发现，分支实在过 多，但从当前强度看，建议尽量围绕上游布局。通常资金炒作一个题材时，会按上中下游节奏推进，目 前上游工程机械类最强，且今日已爆发。因此，明日只能在分歧中寻找换手板机会，或博弈中军换手。 中军代表股方面，可关注电建、海螺等。 7月21日，和讯投顾李嘉乐表示，水电新方向今日获得资金认可，情绪迎来久违爆发。在新题材带动 下，涨停家数达上百家。当前盘面分为两大阵营：一是与情绪共振的新低位方 ...

招商证券发布研报称，2025Q2主被动基金规模均有回升，各类型主动基金仓位普遍回升，同时持股集 中度进一步下降，港股持有比例再创历史新高，主动基金对港股配置意愿明显增强，2025Q2主动基金 港股重仓总规模达3259亿元，在全部重仓股总市值中的占比从2025Q1的19.13%提升至19.92%，创 2015Q2以来新高，加仓方向上主要围绕科技、大金融、军工医药展开，成长及小市值因子偏好继续回 升。被动基金风格则更加偏好金融、大盘价值。 招商证券主要观点如下： 2025Q2主被动基金规模均有回升。2025年二季度以来A股探底修复，投资者风险偏好提升，成长风格整 体占优叠加AI、创新药各类产业趋势提速，主动基金业绩规模继续双增。与此同时，被动基金规模在4 月初国家队入市维稳推动下同样迎来大幅净申购。主动基金净流出规模收窄，被动基金净流入。各类型 主动基金仓位普遍回升，同时持股集中度进一步下降。 二是加仓大金融板块，重点加仓估值修复的银行和受益于市场活跃度提升的券商以及保险。二季度以 来，银行板块高股息属性叠加保险资金持续入市增持，银行估值继续修复，城商行及股份行同样获主动 基金大幅加仓。4月初市场因美国所谓"对等 ...