Core Viewpoint - Ningbo Tongshang Holding Group Co., Ltd. has been assigned an "AAA" rating by China Chengxin International, reflecting its strong creditworthiness supported by its strategic importance and diversified business operations [1][2]. Group 1 - The political and economic significance of Ningbo City contributes to the strong financial strength of the company, which ranks among the top in the province [1]. - The company has a diversified business portfolio, including engineering construction, toll bridge operations, natural gas supply, water supply and sewage treatment, commodity trading, real estate, and investment [2]. - In 2024 and the first quarter of 2025, the company's operating revenues were 84.944 billion and 17.770 billion respectively [2]. Group 2 - The company was originally established as a state-owned enterprise by the Ningbo Municipal Government's State-owned Assets Supervision and Administration Commission and was restructured into a company in 2006 [2]. - In June 2023, the company was renamed from "Ningbo Tongshang Group Co., Ltd." to its current name as part of a reform initiative by the Ningbo State-owned Assets Supervision and Administration Commission [2]. - China Chengxin International anticipates that the credit level of Ningbo Tongshang Holding Group will remain stable over the next 12 to 18 months [2].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the fourth week of July, production maintained a certain level of resilience, with good freight volume in the industrial sector and stable开工率 in coking, chemical, and automotive industries. In the construction industry, cement supply was low, demand marginally improved, and asphalt开工率 decreased. In the real estate sector, both new and second - hand housing sales recovered, but the trend needs further observation, and housing prices need to stabilize. External demand saw an increase in throughput, and freight rates showed a differentiated trend. Consumption showed a convergence in travel enthusiasm, with a differentiation between urban travel data and flights, while automobile consumption remained resilient. Prices of most commodities, such as black metals, were strong, while crude oil prices were volatile [2]. 3. Summary by Relevant Catalogs 3.1 Consumption - Travel: The resilience of travel enthusiasm converged, with a decline in the year - on - year growth of subway travel and congestion delay index, an increase in the total number of flights, and a flight execution rate basically the same as last year [2]. - Commodity consumption: Automobile consumption remained popular, textile consumption decreased, and express delivery collection was at a high level [2]. 3.2 Real Estate - New housing: The transaction volume of new housing increased, with third - tier cities leading [3]. - Second - hand housing: Second - hand housing transactions also increased, with the markets in Beijing, Shanghai, and Chengdu warming up slightly, and the market in Shenzhen cooling down. The recovery of second - and third - tier cities needs further observation. The listing price and quantity of second - hand housing decreased [3]. - Land: Last week, land transaction volume was weak, but the premium rate improved [3]. 3.3 Production - Freight volume remained high, and开工率 data showed a differentiated performance [4]. 3.4 Construction Industry - The year - on - year arrival of construction funds decreased. Cement demand was stronger than supply, black metal supply and demand were weak, and asphalt开工率 decreased [5]. - The开工率 of asphalt decreased both year - on - year and month - on - month, and its price also decreased. The开工率 of styrene and PVC improved [6]. 3.5 External Demand - Freight volume: Port cargo throughput and container throughput increased [7]. - Freight rates: The RJ/CRB index increased year - on - year, the Baltic Dry Index (BDI) rose significantly, and international shipping rates showed a differentiated trend. The CCFI index decreased month - on - month, while the SCFI index increased [7]. 3.6 Prices - Agricultural products: The price index of agricultural products decreased slightly [10]. - Industrial products: The domestic Nanhua Industrial Products Index and the overseas RJ/CRB Index both increased. Crude oil prices were volatile, while the prices of black metals, glass, and most other commodities, such as manganese silicon, lithium carbonate, coking coal, and ferrosilicon, were strong [2][10].

Core Viewpoints - The current market conditions are conducive to a bull market driven by policy and liquidity, with deflation and a downturn in the real estate market unlikely to change the overall bullish trend [1][6]. Industry Research - The 2025 World Artificial Intelligence Conference in Shanghai showcased over 800 companies, with more than 50% being international, indicating a significant interest in AI technologies. AI is expected to be a major application area, particularly in programming [3]. - The mining and metallurgy sector is expected to see a divergence, with bullish sentiment on non-ferrous metals due to inventory cycles, while black metals are anticipated to face downward price pressure [11]. - The "anti-involution" theme is emerging, with funds favoring low-valuation, high-dividend sectors such as traditional industries and certain new energy sectors like wind and solar [12]. - The market is shifting towards a rotation phase, focusing on previously lagging sectors such as coal, utilities, and real estate, indicating a search for undervalued assets [13]. Equity Market - The A-share market has shown strong performance since June, with a favorable external environment and liquidity conditions. However, internal pressures from fundamentals and policy responses are expected to create a balancing act [5]. - The Hong Kong stock market is likely to see a structural market where tech stocks can perform independently despite a lack of overall market trends [7]. - The current A-share market resembles the 2014-2015 period, with a clear trend of household savings moving into the stock market, favoring thematic investments and high-quality growth stocks [22].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a slight decline of 0.28% as of July 25, 2025, with mixed performance among constituent stocks, indicating a volatile market environment [3] Group 1: Market Performance - China Resources Land (01109) led the gains with an increase of 1.52%, while China Hongqiao (01378) saw the largest decline at 2.27% [3] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.09%, marking its sixth consecutive increase, with a latest price of 1.09 yuan [3] - Over the past week, the Bosera ETF has accumulated a rise of 4.63% [3] Group 2: Liquidity and Fund Flow - The Bosera ETF recorded a turnover of 3.56% with a transaction volume of 175 million yuan [3] - The ETF's latest scale reached 4.917 billion yuan, a new high in nearly a year [4] - Despite a recent net outflow of 3.2457 million yuan, the ETF has attracted a total of 463 million yuan over the last 18 trading days [4] Group 3: Investment Strategy and Opportunities - Current valuations in the Hong Kong dividend sector are at historical mid-low levels, providing a high margin of safety, especially amid increasing market volatility [3] - Companies in the communication equipment sector are expected to benefit from the global expansion of AI capital expenditures, particularly with Meta's announcement of two large-scale AI data centers in the U.S. [4] - The ETF's focus on companies with strong cash flow and stable dividend policies offers good dividend return guarantees for investors [3][4] Group 4: Performance Metrics - The Bosera ETF has seen a net value increase of 48.65% over the past two years, ranking 101 out of 2237 index equity funds [5] - The ETF's highest monthly return since inception was 24.18%, with an average monthly return of 4.96% during rising months [5] - As of July 18, 2025, the ETF's Sharpe ratio over the past year was 1.55, indicating strong risk-adjusted returns [5] Group 5: Tracking and Fees - The Bosera ETF has a management fee of 0.50% and a custody fee of 0.10% [7] - The tracking error for the ETF over the past month was 0.048%, demonstrating its close alignment with the HSSCHKY index [8] - The top ten weighted stocks in the HSSCHKY index account for 29.27% of the index, with notable companies including Yancoal Australia (03668) and China Petroleum & Chemical Corporation (00386) [8]

Group 1 - The Shanghai Composite Index has finally surpassed the 3600-point mark, which has not been seen for nearly a decade, leading to optimism about a potential bull market [1][4] - The bull market has already begun in certain sectors, such as the banking index and innovative pharmaceutical index, which have shown significant gains [5][6] - Historical data indicates that while the overall index may rise, individual sector performance can vary greatly, with some sectors lagging behind [6][7] Group 2 - During previous bull markets, the Shanghai Composite Index's growth was less than 100%, and less than 35% of sectors experienced over 100% growth, indicating a structural bull market rather than a comprehensive one [6][10] - The performance of individual stocks during a bull market can lead to significant disparities in returns, emphasizing the importance of sector selection [7][11] - The article highlights that many investors may not benefit from the bull market if they are invested in underperforming sectors, regardless of the index's performance [11][12] Group 3 - The article suggests that the focus should not solely be on whether a bull market has arrived, but rather on whether individual accounts are positioned to benefit from it [13][14] - A diversified investment strategy is recommended to capture opportunities across different markets and asset classes, regardless of market conditions [16][24] - The All Weather Strategy, as demonstrated by Bridgewater, shows that a diversified approach can yield stable returns across various macroeconomic environments [16][19][22]

Group 1 - The A-share market showed an overall upward trend on July 24, with the Hainan sector experiencing significant growth, becoming one of the market's highlights [1][2] - The Hainan sector surged over 9% by midday, with multiple stocks hitting the daily limit, including Kangzhi Pharmaceutical, Hainan Airport, and Hainan Highway [4][6] - Major industry sectors such as retail, steel, and real estate saw gains exceeding 2%, while sectors like communication and banking underperformed [4] Group 2 - The China Electric Power Construction Company (China Power Construction) reached its daily limit, with trading volume exceeding 150 billion yuan, marking a near ten-year high [9] - The government announced that the Hainan Free Trade Port will officially start operations on December 18, 2025, with significant policy changes including an increase in zero-tariff goods from 21% to 74% [8] - The new policies will allow for a broader range of zero-tariff goods and more flexible trade management, enhancing the operational environment for businesses in Hainan [8]

Core Viewpoint - The A-share market continues to show a strong trend, with major indices reaching new highs, while structural differentiation remains evident in the market [1][2][4]. Market Indices Performance - Major A-share indices have been on the rise, with the Shanghai Composite Index surpassing 3600 points, reaching a nearly 9-month high; the Shenzhen Component Index and the ChiNext Index also achieved new highs [2]. - The CSI 2000 Index and CSI 1000 Index reached new highs since their respective launches, while the CSI 500 Index hit its highest level in 8 months [2]. Market Activity and Trading Volume - Market trading volume has significantly increased, with total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeding 1.9 trillion yuan on July 22, marking a 4-month high and an increase of several hundred billion yuan since early July [2]. - Margin trading has become more active, with daily margin purchases reaching 200.9 billion yuan on July 22, the highest in over 4 months, compared to less than 100 billion yuan a month prior [3]. Structural Differentiation in the Market - Despite the overall rise in indices, there is notable structural differentiation, with some sectors and stocks underperforming relative to the indices [4]. - From a longer-term perspective, while major sectors have seen varying degrees of increase since 2024, the banking sector has outperformed with over 60% growth, while sectors like food and beverage, coal, and real estate have seen less than 10% growth [4]. Market Sentiment and Future Outlook - Analysts indicate that the A-share market has exhibited intense volatility and convergence of trends, driven by aggressive capital speculation and market sentiment influencing short-term pricing [5][6]. - The outlook remains optimistic, supported by a 5.3% economic growth rate in the first half of the year, ongoing capital market reforms, and favorable monetary policies, which enhance the attractiveness of A-share investments [6].

Core Viewpoint - The A-share market is showing strong upward momentum, with multiple indices reaching new highs and increasing trading volumes, indicating a positive market sentiment and potential investment opportunities [1][5][9]. Group 1: Market Performance - On July 23, major indices such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reached new highs, with the Shanghai Composite Index surpassing the 3600-point mark for the first time in over nine months [5][7]. - The total trading volume in the Shanghai, Shenzhen, and Beijing markets has been rising, with a record of over 1.9 trillion yuan on July 22, marking a significant increase compared to early July [7][9]. Group 2: Margin Trading Activity - Margin trading has become increasingly active, with daily financing purchases reaching 200.9 billion yuan on July 22, the highest level since March 6 [9][8]. - The total margin balance exceeded 1.9 trillion yuan on July 17, indicating a growing interest in leveraged trading [9]. Group 3: Market Structure and Trends - Despite the overall market uptrend, there is notable structural differentiation, with some sectors and stocks underperforming relative to the indices [10][11]. - Since the beginning of 2024, the banking sector has seen a significant increase of over 60%, while sectors like food and beverage, coal, and real estate have shown minimal growth of less than 10% [11][12]. - Over 3,000 stocks have doubled from their lowest points in 2024, while more than 100 stocks have seen their prices drop by over 50% from their peaks, indicating high volatility and selective performance among individual stocks [12][13]. Group 4: Future Outlook - Analysts predict that the optimistic trend in the market is likely to continue, supported by a GDP growth rate of 5.3% in the first half of the year and ongoing reforms in the capital market [13]. - The current global monetary order is undergoing changes, which may benefit Chinese assets, further attracting overseas capital to the A-share market [13].

Core Viewpoint - The dividend asset strategy is gaining popularity due to its characteristics of being both offensive and defensive, attracting significant capital inflow into high dividend yield Hong Kong stocks this year [1] Group 1: Market Performance - High dividend yield Hong Kong stocks have seen substantial capital inflow, with a net inflow of 14.5 billion yuan this year, 2.27 billion yuan in the month, and 820 million yuan this week [1] - The Hang Seng Dividend Low Volatility ETF (159545) has recorded the highest net inflow among Hong Kong dividend ETFs this month, with its fund size surpassing 3 billion yuan, reaching 3.045 billion yuan [1] Group 2: Index and ETF Characteristics - The Hang Seng Dividend Low Volatility Index, tracked by the ETF, has increased by 16.8% this year and 33.7% over the past year, leading all dividend ETF tracking indices [1] - The index consists of high dividend low volatility securities with a record of continuous dividends for three years, providing a high dividend yield of 5.8% [2][3] Group 3: ETF Management and Composition - The ETF has a management fee of 0.15% per year and a custody fee of 0.05% per year, resulting in a total expense ratio of 0.20%, the lowest among similar dividend ETFs [3] - The constituent stocks of the index are predominantly from traditional high dividend industries, with 50% of the companies having a market capitalization greater than 100 billion HKD [3]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The overall grain production in the year has a good foundation. Summer grain production achieved stable yields and a bumper harvest, with a national summer grain output of 299.48 billion catties, the second - highest in history after last year [1]. - The retail price threshold for the super - luxury car consumption tax has been adjusted to 900,000 yuan (excluding VAT) [1]. - Guangzhou is soliciting opinions on the implementation measures for converting commercial personal housing loans to housing provident fund personal housing loans, with different measures based on the housing provident fund personal housing loan rate [2]. 3) Summary by Related Catalogs A. Mid - level Event Overview - **Production Industry** - The scope of super - luxury cars subject to consumption tax has been adjusted to include vehicles with a retail price of 900,000 yuan (excluding VAT) and above of various power types [1]. - Summer grain production overcame drought in some areas, achieving stable yields and laying a solid foundation for annual grain production [1]. - **Service Industry** - Guangzhou is seeking public opinions on the implementation measures for converting commercial personal housing loans to housing provident fund personal housing loans, with different control measures based on the loan - to - deposit ratio [2]. B. Industry Overview - **Upstream** - International oil prices are fluctuating [3]. - Egg prices are rising [3]. - **Mid - stream** - The operating rates of polyester and PX are stable [4]. - **Downstream** - The sales of commercial housing in first - and second - tier cities are stable at a low level [5]. - The number of domestic flights during the summer vacation has increased [5]. C. Industry Credit Spread Tracking - Different industries have different credit spread values and trends. For example, the credit spread of the real estate industry decreased from 101.86 last week to 99.89 this week, with a quantile of 2.70 [48]. D. Key Industry Price Index Tracking - Various industries have different price trends. For instance, the spot price of corn in the agricultural industry was 2327.1 yuan/ton on July 17, with a year - on - year decrease of 1.15%, while the spot price of eggs was 5.8 yuan/kg, with a year - on - year increase of 4.91% [49].