Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - In the primary market, 9 green bonds were newly issued in the inter - bank and exchange markets from July 14 to July 18, 2025, with a total issuance scale of about 8.579 billion yuan, a decrease of 26.246 billion yuan compared to the previous week [1]. - In the secondary market, the weekly trading volume of green bonds from July 14 to July 18, 2025, totaled 52.3 billion yuan, a decrease of 10 billion yuan compared to the previous week [2]. - The overall deviation of the weekly average trading price valuation of green bonds from July 14 to July 18, 2025, was not large. The discount trading amplitude was greater than the premium trading, and the proportion of discount trading was higher than that of premium trading [3]. 3. Summary by Relevant Catalogs Primary Market Issuance - **Number and Scale**: 9 green bonds were issued, with a total scale of about 8.579 billion yuan, down 26.246 billion yuan from the previous week [1]. - **Issuance Term**: Most issuance terms were 3 years [1]. - **Issuer Nature**: Included central enterprise subsidiaries, local state - owned enterprises, Sino - foreign joint - ventures, and other enterprises [1]. - **Subject Rating**: Mostly AAA and AA+ grades [1]. - **Issuer Region**: Beijing, Anhui, Sichuan, Zhejiang, Shanghai, and Tianjin [1]. - **Bond Types**: Science and technology innovation bonds, commercial bank ordinary bonds, private placement corporate bonds, credit ABS, and general corporate bonds [1]. Secondary Market Trading - **Total Trading Volume**: The weekly trading volume was 52.3 billion yuan, a decrease of 10 billion yuan compared to the previous week [2]. - **By Bond Type**: The top three in trading volume were non - financial corporate credit bonds (25.6 billion yuan), financial institution bonds (20.8 billion yuan), and interest - rate bonds (4.3 billion yuan) [2]. - **By Issuance Term**: Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 88.61% [2]. - **By Issuer Industry**: The top three industries in trading volume were finance (21.5 billion yuan), public utilities (13.5 billion yuan), and transportation equipment (1.8 billion yuan) [2]. - **By Issuer Region**: The top three regions in trading volume were Beijing (16.8 billion yuan), Guangdong (6 billion yuan), and Hubei (4 billion yuan) [2]. Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were 24 Kangfu Leasing ABN001 Priority (Green) (-1.1390%), GK Guoneng 02 (-0.9872%), and 24 Fengdian G2 (-0.4418%). The main industries of the issuers were energy, real estate, and public utilities, and the regions were mainly Beijing, Guangdong, and Guizhou [3]. - **Premium Bonds**: The top four premium bonds were 25 Shuineng G1 (0.3293%), 21 Chongqing Rail Transit GN003 (Carbon - neutral Bond) (0.1777%), Kunpeng 19A2 (0.1201%), and 25 Deda G2 (0.1079%). The main industries of the issuers were finance, public utilities, and transportation, and the regions were mainly Beijing, Guangdong, Yunnan, and Jiangxi [3].

Group 1 - The major industry ETFs in the US stock market are mostly rising, with the utilities ETF increasing by over 1% and the consumer discretionary ETF showing the highest gains [1] - The utilities ETF (US XLU) is priced at 83.43, up by 1.06 (+1.28%) with a trading volume of 1.8687 million shares [2] - The consumer discretionary ETF (US XLY) is priced at 221.67, up by 1.45 (+0.66%) with a trading volume of 398,400 shares [2] Group 2 - The regional banks ETF (US KRE) is priced at 63.49, up by 0.32 (+0.51%) with a trading volume of 1.7887 million shares [2] - The gold ETF (US GLD) is priced at 308.87, up by 1.28 (+0.42%) with a trading volume of 714,600 shares [2] - The energy sector ETF (US XLE) is priced at 86.96, up by 0.30 (+0.35%) with a trading volume of 3.8263 million shares [2] Group 3 - The semiconductor ETF (US SMH) is priced at 292.52, up by 0.81 (+0.28%) with a trading volume of 381,900 shares [2] - The technology sector ETF (US XLK) is priced at 261.75, up by 0.69 (+0.26%) with a trading volume of 442,500 shares [2] - The financial sector ETF (US XLF) is priced at 52.59, up by 0.08 (+0.15%) with a trading volume of 2.6215 million shares [2] Group 4 - The consumer staples ETF (US XLP) is priced at 81.19, up by 0.08 (+0.10%) with a trading volume of 1.4676 million shares [2]

Core Insights - The AI Fund, focusing on state-owned enterprise reform, reported a profit of 5.35 million yuan for Q2 2025, with a net asset value growth rate of 3.15% [3] - As of July 17, 2025, the fund's unit net value was 1.121 yuan, and it had a total scale of 170 million yuan [3][17] - The fund manager, Wang Yu, oversees two funds, both of which have shown positive returns over the past year, with the highest growth rate being 9.37% for the state-owned enterprise reform fund [3] Fund Performance - The fund's one-year net value growth rate is 9.37%, ranking 484 out of 601 comparable funds [4] - Over the past three months, the fund's net value growth rate was 3.51%, ranking 552 out of 607 [4] - The fund's three-year net value growth rate is -11.87%, ranking 233 out of 468 [4] Risk Metrics - The fund's three-year Sharpe ratio is -0.0946, ranking 311 out of 468 comparable funds [10] - The maximum drawdown over the past three years is 32.45%, ranking 355 out of 461 [12] - The highest quarterly drawdown occurred in Q1 2020, at 24.98% [12] Investment Strategy - The fund's portfolio is concentrated in stable industries and high-quality companies, with significant overlap in high-dividend sectors such as home appliances, public utilities, light industry, and competitive chemical and machinery sectors [3] - The average stock position over the past three years was 88.1%, with a peak of 94.15% in mid-2024 and a low of 73.51% in Q3 2023 [15] Top Holdings - As of Q2 2025, the fund's top ten holdings include Zijin Mining, Jiangsu Bank, Guodian Nanjing Automation, Yuntianhua, Hangzhou Bank, Jiangzhong Pharmaceutical, Yili Group, Shanjin International, Xiyang Group, and Goldwind Technology [21]

Economic Outlook - The market anticipates that tariffs will lead to economic growth slowdown and rising inflation in the coming months, but significant opportunities for long or short positions in overall duration have not been identified yet [1] - Federal Reserve Chairman Powell advocates for patience regarding interest rates, suggesting that the Fed may prioritize employment goals and consider rate cuts later in the year as inflation is expected to decline [1] - Global central banks are adopting different policies in response to regional dynamics, leading to a general divergence between the economy and the markets [1] Government Bonds - In the Eurozone, the market expects the European Central Bank to further cut rates after a 175 basis point reduction, with long-term yields facing upward risks due to signs of demand recovery and low inflation expectations [3] - Japan is experiencing inflation pressure, with nominal GDP growth exceeding 5% year-on-year, but concerns over tariffs may hinder GDP growth and market confidence [3] - Investment opportunities may arise in UK government bonds as fears of fiscal irresponsibility lead to increased term premiums, despite signs of a weakening job market [3] Equities - The company maintains a moderate overweight in global equities, expecting positive earnings growth across major regions, although valuation remains a concern due to low risk premiums indicating market over-optimism [5] - Japanese equities are favored over U.S. equities due to valuation differences and ongoing corporate governance reforms, although potential policy headwinds may limit further overweighting [5] - U.S. equities are underweighted due to high valuations and market over-reliance on a few large companies for performance, with expectations for broad earnings growth being delayed [5][6] Credit Markets - Credit spreads have tightened back to historical lows after an initial widening, with a moderate overweight in credit spreads deemed acceptable in a non-recession scenario [8] - U.S. high-yield bonds have a total return of 6%-7%, attracting investors seeking arbitrage opportunities, supported by improved credit quality and low default rates [8] Commodities - The company holds a neutral view on commodities, with gold benefiting from structural factors and geopolitical concerns, although a cautious approach to new positions is advised [10] - Oil allocation has been slightly reduced due to expectations of oversupply by year-end, presenting a potential shorting opportunity, with risks associated with significant negative spreads [10]

Group 1 - The core viewpoint indicates that during the week of July 10-16, the A-share market saw an increase in margin financing balance, with a general rise in turnover rates and trading volumes across major indices. The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading the gains [1][2][3]. Group 2 - The stock-bond yield spread increased, indicating a relatively high investment cost-effectiveness in equity investments. As of July 16, 2025, the dividend yield of the CSI 300 was 3.06%, while the 10-year government bond yield was 1.66%, resulting in a stock-bond yield of -1.40%, which is higher than the average since the beginning of 2025 by 0.30 percentage points [13][16]. - The average margin financing balance for the week was approximately 1.89 trillion yuan, an increase of 1.10% compared to the previous week. The proportion of financing purchases in total A-share trading volume rose to 10.48%, up by 0.47 percentage points [16][19]. - Major indices experienced a general increase in trading volumes, with the CSI 300 showing the largest increase of 27.81% compared to the previous week, followed by the Shanghai Composite Index with an 18.54% increase [19][20]. Group 3 - The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading with a rise of 2.7 percentage points, followed by the CSI 500 with a 1.9 percentage point increase. The PB valuation percentiles also saw a general increase, with Wind's dual innovation index rising the most by 3.0 percentage points [23][27]. - Among different styles, the consumer sector led the increase in PE valuation percentiles by 1.2 percentage points, followed by the cyclical sector with a 1.0 percentage point increase. In terms of PB valuation percentiles, the cyclical sector saw the largest increase of 13.5 percentage points [31][35]. - In terms of industry performance, the oil and petrochemical sector led the increase in PE valuation percentiles by 4.0 percentage points, while the public utilities sector saw a decline of 1.8 percentage points [45][48].

Core Viewpoint - The A-share market shows a mixed performance with a slight increase in the Shanghai Composite Index, while the non-ferrous metals sector leads the gains among various industries [2] Industry Performance - The non-ferrous metals sector experienced the highest increase of 1.66%, with a transaction volume of 806.93 billion yuan, up by 82.56% from the previous trading day [2] - The steel industry rose by 0.98%, with a transaction volume of 114.66 billion yuan, an increase of 35.33% compared to the last trading day [2] - The coal industry saw a rise of 0.84%, with a transaction volume of 68.80 billion yuan, up by 83.14% from the previous day [2] - Other notable sectors include basic chemicals and defense industry, both increasing by 0.74% [2] Stock Highlights - Leading stocks in the non-ferrous metals sector include Haixing Co., which rose by 10.03% [2] - In the steel sector, Baogang Co. increased by 5.97% [2] - Yunmei Energy in the coal sector saw a rise of 10.05% [2] - Other significant gainers include Fumiao Technology in basic chemicals, which surged by 20.02% [2]

Market Overview - The market opened low and closed high, with the ChiNext Index leading the gains [4] - Major indices showed positive performance, with the Shanghai Composite Index up by 0.37%, Shenzhen Component Index up by 1.43%, and ChiNext Index up by 1.75% [2][4] - Over 3,500 stocks in the market rose, indicating a broad-based rally [4] Sector Performance - The top-performing sectors included Defense and Military (+2.74%), Communication (+2.41%), Electronics (+2.18%), Biomedicine (+1.77%), and Comprehensive (+1.42%) [3] - Conversely, the worst-performing sectors were Banking (-0.42%), Transportation (-0.39%), Environmental Protection (-0.26%), Public Utilities (-0.24%), and Construction Decoration (-0.19%) [3] Concept Index Highlights - The leading concept indices were Co-packaged Optics (CPO) (+3.34%), PCB Concept (+3.07%), AI Mobile (+3.01%), AI PC (+3.01%), and Recombinant Protein (+2.92%) [3] - The lagging concept indices included Gold Concept (-0.13%), Control Shares (-0.12%), Cement Concept (-0.06%), Solid Waste Treatment (-0.03%), and New Urbanization (-0.03%) [3] Future Outlook - The market is expected to continue its upward trend, with a focus on sectors such as Machinery Equipment, Consumer Goods, TMT (Technology, Media, and Telecommunications), and Financials [6] - The upcoming political bureau meeting and the Federal Reserve's interest rate decision are key events to watch [6] - The overall economic performance remains resilient, with a GDP growth of 5.3% year-on-year in the first half of the year [6] Investment Opportunities - The robotics sector is highlighted as a key area of growth, driven by advancements in AI and automation [5] - The innovative drug sector remains strong, with recent government policies favoring the procurement of established drugs while excluding innovative drugs from centralized purchasing [5] - Chinese biotech companies are seen as undervalued compared to their U.S. counterparts, presenting potential investment opportunities [5]

Core Viewpoint - The A-share market is expected to maintain a slow upward trend despite short-term fluctuations, with technology stocks playing a significant role in the rebound [1][2]. Market Outlook - The market is likely in a phase of consolidation before a breakout, with two potential paths: continuing the upward trend or consolidating before challenging previous highs [2]. - Three conditions are necessary for a direct challenge to the previous high of 3674 points: implementation of fiscal stimulus policies, continued global environment easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is anticipated to be driven by event-based themes, with a high likelihood of sector rotation [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors and controllers [3]. 3. Semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. Military industry, with expectations of order recovery and signs of bottoming out in Q1 reports [3]. 5. Innovative pharmaceuticals, which are expected to see a fundamental turning point in 2025 after a period of adjustment [3]. Market Review - The A-share market showed signs of stabilization and resumed an upward trend, with the ChiNext index rising over 1.7% [4]. - More than 3500 stocks rose, indicating a positive earning effect, with leading sectors including defense, telecommunications, electronics, and pharmaceuticals [4].

证券时报·数据宝统计，今日有15个行业主力资金净流入，16个行业主力资金净流出。资金净流入金额 最大的行业为计算机，涨跌幅1.33%，整体换手率4.62%，成交量较前一个交易日变动3.30%，主力资金 净流量52.02亿元；今日资金净流出最大的行业为公用事业，涨跌幅-0.24%，整体换手率1.26%，成交量 较前一个交易日变动-14.47%，主力资金净流量-12.48亿元。（数据宝） 今日各行业主力资金流向一览 | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 计算机 | 82.26 | 3.30 | 4.62 | 1.33 | 52.02 | | 电子 | 82.94 | 31.35 | 3.00 | 2.18 | 44.55 | | 国防军 工 | 28.62 | 53.48 | 2.65 | 2.74 | 28.25 | | 通信 | 33.14 | 1.05 | 1.90 | 2.41 | 19.91 ...

Market Overview - The Shanghai Composite Index rose by 0.37% on July 17, with 25 out of the 28 sectors experiencing gains, led by defense and military industry (up 2.74%) and communication (up 2.41%) [2] - The banking and transportation sectors saw declines of 0.42% and 0.39%, respectively, while the public utilities sector fell by 0.24% [2] Capital Flow Analysis - The net inflow of capital in the two markets was 11.662 billion yuan, with 15 sectors receiving net inflows [2] - The computer sector had the highest net inflow of 5.202 billion yuan, with a daily increase of 1.33%, followed by the electronics sector, which saw a 2.18% increase and a net inflow of 4.455 billion yuan [2] Public Utilities Sector Performance - The public utilities sector experienced a decline of 0.24%, with a net outflow of 1.248 billion yuan [3] - Out of 132 stocks in the public utilities sector, 44 stocks rose while 69 stocks fell [3] - The top three stocks with the highest net inflow in the public utilities sector were Huaguang Huaneng (net inflow of 34.38 million yuan), Leshan Electric Power (24.99 million yuan), and Jinko Technology (18.78 million yuan) [3] Public Utilities Sector Capital Inflow and Outflow - The top stocks with capital inflow included: - Huaguang Huaneng: +4.51%, 5.61% turnover, 34.38 million yuan inflow - Leshan Electric Power: +1.85%, 7.17% turnover, 24.99 million yuan inflow - Jinko Technology: 0.00%, 1.92% turnover, 18.78 million yuan inflow [4] - The top stocks with capital outflow included: - C Huaxin: -9.19%, 43.46% turnover, -281.48 million yuan outflow - Shaoneng Shares: -1.42%, 6.61% turnover, -87.48 million yuan outflow - Huayin Electric Power: -2.17%, 13.89% turnover, -87.12 million yuan outflow [5]