Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - With the tax - period impact mostly over, the inter - bank market funds are in an abundant state. The A - share market has strong liquidity and market sentiment, and the stock index is expected to run strongly. It is recommended to adjust and go long as the main strategy [4][6] 3. Summary by Related Catalogs Market Data of Macro - Finance - DR001 closed at 1.31 with a change of - 4.66bp; DR007 at 1.47 with - 1.61bp; GC001 at 1.36 with 4.00bp; GC007 at 1.47 with - 1.00bp; SHBOR 3M at 1.55 with - 0.20bp; LPR 5 - year at 3.50 with 0.00bp; 1 - year treasury at 1.35 with 0.25bp; 5 - year treasury at 1.53 with 1.25bp; 10 - year treasury at 1.69 with 1.20bp; 10 - year US treasury at 4.44 with - 3.00bp [3] - The central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. There were 342.5 billion yuan of reverse repurchases and 120 billion yuan of treasury cash fixed - deposits due on the same day [3] - This week, there will be 1.7268 trillion yuan of reverse repurchases due in the central bank's open market. From Monday to Friday, 226.2 billion yuan, 342.5 billion yuan, 520.1 billion yuan, 450.5 billion yuan, and 187.5 billion yuan will mature respectively. Additionally, 200 billion yuan of MLF will mature on July 25, and 120 billion yuan of treasury cash fixed - deposits matured on July 22 [4] Stock Index Futures and Stock Market Conditions - The CSI 300 rose 0.82% to 4119; the SSE 50 rose 0.72% to 2792; the CSI 500 rose 0.85% to 6213; the CSI 1000 rose 0.38% to 6637. The trading volume of the Shanghai and Shenzhen stock markets reached 1.893 trillion yuan, an increase of 193.1 billion yuan from the previous day [5] - Industry sectors mostly rose. The engineering machinery, coal, cement building materials, steel, engineering consulting services, engineering construction, energy metals, and precious metals sectors led the gains, while the packaging materials, gaming, and banking sectors led the losses [5] - The trading volume and open interest of IF, IH, IC, and IM contracts changed. For example, IF trading volume increased by 31.4% to 117,403, and its open interest increased by 6.5% to 267,547 [5] Stock Index Futures Basis Conditions - IF basis for the current - month contract is 0.06%, next - month 0.00%, current - quarter 0.01%, and next - quarter 2.62%; IH basis is - 1.43%, - 1.02%, - 0.56%, - 0.36% respectively; IC basis is 7.39%, 8.36%, 8.31%, 7.93% respectively; IM basis is 10.79%, 11.34%, 11.22%, 10.59% respectively [7]

智通财经7月23日电，香港恒生指数收涨1.62%，恒生科技指数涨2.48%。科网股涨幅居前，快手涨超 7%，百度集团涨超6%，腾讯控股涨近5%，美团涨超3%；东方电气跌超10%，华新水泥跌超9%。 香港恒生指数收涨1.62% 恒生科技指数涨2.48% ...

Group 1 - The Yarlung Tsangpo River downstream hydropower project has officially commenced construction, with a total investment of approximately 1.2 trillion yuan, marking a new phase in China's clean energy development and reshaping the global hydropower landscape [1] - The project is expected to boost demand across the upstream and downstream industrial chains, particularly for steel, cement, non-ferrous metals, and waterproof materials, acting as a stabilizer against short-term demand fluctuations [1][2] - The project is estimated to generate a total value of 53.5 to 95.4 billion yuan for related turbine and generator businesses, potentially becoming a new growth point for hydropower equipment after 2030 [1][3] Group 2 - The Chinese government is releasing favorable policies for the building materials sector, with the Ministry of Industry and Information Technology announcing that work plans for ten key industries will soon be introduced to stabilize growth [2] - Fixed asset investment in China reached 24.87 trillion yuan in the first half of 2025, a year-on-year increase of 2.8%, with infrastructure investment growing by 4.6%, indicating a strong demand for construction materials [2] - The construction of the Yarlung Tsangpo project will gradually release demand across various industrial chains, including hydropower construction, infrastructure, ultra-high voltage transmission, equipment manufacturing, and cement supply [2][3] Group 3 - The valuation logic for cyclical sectors has shifted from "weak expectations - weak reality" to "strong expectations - weak reality," indicating a clearer bottom region and improving cost-effectiveness for investments in building materials, infrastructure, and steel sectors [3] - The coal sector, previously underperforming, also shows significant potential for valuation recovery, with dividend yields exceeding 5%, providing a safety margin for investors [3] - The anticipated implementation of special bonds and supportive fiscal policies is expected to gradually manifest in investment and physical volume, with infrastructure investment projected to maintain steady growth throughout the year [3][4] Group 4 - The building materials industry is expected to experience a turnaround in profitability in 2025, with continued demand improvement potentially leading to greater recovery opportunities [4] - Investors are encouraged to seize opportunities arising from the industry's marginal improvement and turnaround [4] - The building materials ETF, which tracks the CSI All Share Building Materials Index, has a leading scale of 623 million yuan as of July 18, 2025, indicating strong investor interest [4]

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to stimulate demand across multiple industries, including construction materials and infrastructure [3]. Demand Side - The Yarlung Tsangpo River project is a national strategic initiative that encompasses hydropower construction, infrastructure development, ultra-high voltage transmission, equipment manufacturing, civil explosives, and cement supply, which will gradually release demand along the upstream and downstream industrial chains [3]. - Recent central urban work meetings have emphasized the need to advance the renovation of urban villages and old housing, as well as the upgrading of outdated pipelines, which is likely to accelerate the introduction of related supporting policies, thereby boosting demand for construction materials and infrastructure [3]. Supply Side - The ongoing "anti-involution" policies are aimed at stabilizing growth in key industries, including steel and construction materials. The Ministry of Industry and Information Technology announced a new round of initiatives to optimize supply and eliminate outdated production capacity [3]. - The construction industry has advocated against "involution," and the China Cement Association has issued opinions to promote high-quality development in the cement sector, indicating that these policies may improve the industry landscape and benefit leading companies in the construction and materials sectors [3]. Investment Perspective - The valuation logic for cyclical sectors has shifted from "weak expectations - weak reality" to "strong expectations - weak reality," indicating that the bottom region is becoming clearer and the cost-effectiveness of investments is improving [4]. - Sectors such as construction materials, infrastructure, and steel are expected to directly benefit from the implementation of "super projects," with significant potential for both performance and valuation expansion. Investors are encouraged to pay attention to construction materials ETF (159745), infrastructure ETF (159619), and steel ETF (515210) [4].

Group 1: Market Overview - The Hong Kong stock market continued its upward trend, with the Hang Seng Index closing at 24,994 points, up 168 points or 0.7% [2] - The market's trading volume increased to HKD 263 billion, a rise of 10.2% from the previous day, with the Stock Connect contributing nearly HKD 160.4 billion, accounting for 30.5% of total trading [2] - Northbound capital saw a net inflow of HKD 7.051 billion, an increase of 18.9% from the previous day, with the most net purchases in stocks like Dongfang Electric and China Energy Construction [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 10 sectors rose while 2 declined, with materials, energy, and real estate sectors outperforming the Hang Seng Index, which rose by 0.66% [3] - The infrastructure and construction materials sectors experienced significant growth following the announcement of a major hydropower project in Tibet, with total planned investment of approximately RMB 1.2 trillion [3] Group 3: Company Analysis - Great Wall Motors - Great Wall Motors is expected to achieve revenue of HKD 92.3 billion in the first half of 2025, a year-on-year increase of 1.0%, with a net profit of HKD 6.34 billion, down 10.2% year-on-year [8][9] - In Q2 2025, the company reported revenue of HKD 52.35 billion, a year-on-year increase of 7.8% and a quarter-on-quarter increase of 30.8%, with a net profit of HKD 4.59 billion, up 19.1% year-on-year and 161.9% quarter-on-quarter [9][10] - The company sold 313,000 vehicles in Q2, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9%, with significant growth in new energy vehicle sales [9][10] Group 4: Future Outlook for Great Wall Motors - Great Wall Motors plans to enhance its product matrix with multiple new vehicle launches in the second half of 2025, focusing on hybrid models and accelerating the introduction of smart new energy products [10] - The target price for Great Wall Motors is set at HKD 18.0, corresponding to a 10.3 times forecasted P/E ratio for 2025, with a buy rating maintained [8][10]

Market Overview - On July 21, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.72% to 3559.79 points, the Shenzhen Component Index increasing by 0.86% to 11007.49 points, and the ChiNext Index up by 0.87% to 2296.88 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 172.71 billion yuan, an increase of 133.9 billion yuan from the previous day, with over 4000 stocks rising and more than 120 stocks hitting the daily limit [2] Sector Performance - The leading sectors included engineering machinery, cement and building materials, steel, electric grid equipment, and new urbanization, all showing significant gains [2] - Conversely, sectors such as cross-border payment, banking, education, and photolithography concepts experienced declines [2] International Market - In the U.S. market, the Dow Jones Industrial Average fell by 0.04% to 44323.07 points, while the S&P 500 rose by 0.14% to 6305.60 points, and the Nasdaq Composite increased by 0.38% to 20974.17 points [4][5] - European markets showed mixed results, with the UK FTSE 100 up by 0.23%, the French CAC40 down by 0.31%, and the German DAX up by 0.08% [4][5] - International oil prices declined, with WTI crude oil falling by 0.21% to $67.20 per barrel and Brent crude down by 0.10% to $69.21 per barrel [4] Regulatory Developments - The State Council of China announced the implementation of the "Housing Rental Regulations" effective from September 15, 2025, aimed at standardizing rental activities and promoting high-quality development in the housing rental market [6][7][8] - The regulations emphasize the need for market-driven and government-guided approaches, encouraging the growth of professional rental enterprises and ensuring compliance with safety standards [6][7] Cross-Border Financial Initiatives - The People's Bank of China and other regulatory bodies released the "Implementation Rules for Cross-Border Asset Management Pilot Business" in Hainan, facilitating foreign investment in financial products within the Hainan Free Trade Port [9] - This initiative aims to enrich cross-border financial product offerings and attract asset management institutions to Hainan, supporting the development of the free trade port [9] Consumption Trends - The Chinese consumption market saw robust growth in new consumption models, with online retail sales of physical goods increasing by 6.0% year-on-year, accounting for 24.9% of total retail sales [10] - Notable growth was observed in green consumption, particularly in the new energy vehicle sector, which saw a retail volume increase of 33.3% [10] Energy Consumption - In June, China's total electricity consumption reached 867 billion kWh, marking a year-on-year increase of 5.4% [11] - Cumulative electricity consumption for the first half of the year was 4841.8 billion kWh, up by 3.7% compared to the same period last year [11] Technological Investment - Hangzhou aims to increase its technological innovation investment to 300 billion yuan by 2027, with a focus on enhancing research and development spending [12] Automotive Industry Regulation - Guangdong and Anhui provinces are implementing measures to regulate competition in the automotive industry, focusing on quality management and fair payment practices to combat "price wars" [14][15]

Group 1 - The China Securities Regulatory Commission (CSRC) has intensified support for high-quality unprofitable tech companies to go public, exemplified by the IPO of Yushu Technology, leading to a bullish market trend with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year [1][3] - A significant investment of approximately 1.2 trillion yuan in water conservancy projects has driven the A-share market's upward momentum, with the Shanghai Composite Index peaking at 3560 points [2][3] - The market's strong performance is characterized by a collective rise in the three major indices, with the Shanghai Composite Index closing up 0.72%, indicating a broad-based rally across various sectors including infrastructure and technology [7] Group 2 - The market is experiencing a shift where funds are being redirected towards large infrastructure projects, while sectors such as robotics are also gaining attention due to positive news, including Yushu Technology's IPO guidance and significant procurement orders in the humanoid robot sector [7] - The current market dynamics suggest a recovery from previous losses, with over a hundred stocks hitting the daily limit up, indicating a more diverse market landscape beyond just large financial stocks [5][7] - The ongoing bullish sentiment in the market is seen as a potential recovery phase rather than the beginning of a new bull market, emphasizing a cautious yet optimistic outlook for investors [5][6]

Market Overview - On July 21, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3555 points[2] - The Shanghai Composite Index closed at 3559.79 points, up 0.72%, while the Shenzhen Component Index rose 0.86% to 11007.49 points[8] - Total trading volume for both markets reached 17,274 billion yuan, above the median of the past three years[3] Sector Performance - Strong sectors included engineering construction, cement materials, electric grid equipment, and securities, while banking, insurance, education, and internet services lagged[3] - Over 70% of stocks in the two markets rose, with cement materials and engineering machinery leading the gains[8] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.54 times and 40.05 times, respectively, indicating a mid-level valuation over the past three years[3] - The current market conditions are deemed suitable for medium to long-term investments[3] Economic Outlook - China's economy continues to show moderate recovery, with consumption and investment as core drivers[3] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow of insurance funds providing significant support[3] Investment Strategy - Short-term focus on sectors with high mid-year performance such as rare earths, lithium, and electricity; mid-term focus on AI, robotics, and innovative pharmaceuticals; long-term focus on high-dividend banks, public utilities, and strategic emerging industries[3] - The market is expected to maintain a steady upward trend, with close attention needed on policy, capital flow, and external market changes[3]

Group 1 - The Yarlung Tsangpo River downstream hydropower project (referred to as "Yaxia Hydropower") officially commenced construction in Linzhi City, Tibet, with a total investment of approximately 1.2 trillion yuan [1] - The project plans to build five cascade power stations, primarily focusing on power transmission and consumption outside Tibet while also considering local demand [1] - The hydropower sector is a significant component of China's clean energy landscape, with over 94,000 dams built and a cumulative installed capacity of 436 million kilowatts, generating 1.42 trillion kilowatt-hours annually, accounting for 57% of renewable energy generation [1] Group 2 - The Three Gorges Project has a total investment of 207.2 billion yuan, with an installed capacity of 22.5 million kilowatts and an annual generation exceeding 100 billion kilowatt-hours [2] - According to Guosheng Securities, the construction of hydropower stations requires a substantial amount of concrete, with key construction segments accounting for over 65% of the total investment, amounting to nearly 670 billion yuan [2] - Leading companies in the domestic hydropower engineering market, such as China Power Construction and China Energy Engineering, are expected to see rapid growth in orders as the Yaxia Hydropower project progresses and contracts are gradually released [2]

21世纪经济报道记者曹恩惠、费心懿 据新华社报道，雅鲁藏布江下游水电工程（下称雅下水电工程）开工仪式于7月19日上午在西藏自治区 林芝市举行。雅下水电工程总投资约1.2万亿元，建设5座梯级电站。工程电力以外送消纳为主，兼顾西 藏本地自用需求。 同一日，国务院国资委发布2025年1号公告。经国务院批准，组建中国雅江集团有限公司（下称中国雅 江集团），由国务院国有资产监督管理委员会代表国务院履行出资人职责，列入国务院国有资产监督管 理委员会履行出资人职责的企业名单。而作为我国第99家央企，中国雅江集团将成为雅下水电工程的项 目业主单位，保障项目顺利建设运营。 雅下水电工程项目的开工建设，备受关注，其对于保障我国能源安全具有重要的战略意义。与此同时， 高达万亿级的投资规模，同样也将拉动我国的社会经济发展。 7月21日，受雅下水电工程开工的消息影响，A股、H股市场相关概念股都相继大涨。 以A股为例，沪深两市逾70只涨停股中，绝大部分与水电工程建设相关。另据Wind热门概念指数显示， 雅江水电站、水泥制造、水利水电建设、西部大基建、西藏振兴、挖掘机等六大概念板块涨幅领跑二级 市场。 "超级"水电工程开工 2021年3月 ...