Market Overview - A-shares experienced a strong rally on July 21, with all three major indices rising, and both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year [1][2] - The total market capitalization of A-shares reached a historical high of 104.40 trillion yuan [5] - The trading volume was 1.73 trillion yuan, an increase of 133.8 billion yuan compared to the previous trading day [2] Sector Performance - The big infrastructure sector saw significant gains, with construction materials, construction decoration, and steel industries leading the market [1][2] - The construction materials sector had notable performers, with over 20 stocks hitting the daily limit, including Jinju Group and Xizang Tianlu [2] - The robotics sector, particularly Yushutech, surged following news of its IPO counseling, with stocks like Changsheng Bearing and Zhongdali De also hitting the limit [3] Financing and Capital Flow - The financing balance in the A-share market increased by over 51 billion yuan in July, indicating a strong inflow of capital [3][4] - Among 31 sectors, 26 saw an increase in financing balance, with the power equipment, computer, and non-ferrous metals sectors leading in net buying [4] - Specific stocks like Xinyisheng and Dongshan Precision saw significant increases in financing, reflecting strong investor interest [4] Future Outlook - Analysts suggest that the mid-term market trend will be determined by fundamentals, but capital flow will also play a crucial role [5] - The market is transitioning to an incremental market, with expectations of continued capital inflow and potential sector rotations post mid-year earnings [5][6] - Recommended sectors for investment include electronics, machinery, pharmaceuticals, defense, and non-ferrous metals, driven by strong industry trends and improving corporate earnings [5][6]

Core Insights - The article highlights that tariff measures are expected to lead to an increase in construction material prices [1] Industry Impact - The anticipated rise in construction material prices could affect overall construction costs and project budgets [1] - Increased costs may lead to a slowdown in construction activities as companies reassess their financial plans [1]

Group 1 - The article provides an overview of the performance of various funds, highlighting the top and bottom performers based on net asset value updates as of July 21, 2025 [3][4]. - The top 10 funds with the highest net value growth include several ETFs focused on construction materials, indicating a strong performance in this sector [3]. - The bottom 10 funds, such as the Morgan Stanley Hong Kong-Shanghai Select Mixed Fund C, show a decline in net value, suggesting challenges in their respective strategies [4]. Group 2 - The Shanghai Composite Index experienced a rebound, with a trading volume of 1.72 trillion, and a significant number of stocks advancing compared to those declining [6]. - The construction materials and engineering machinery sectors led the market with gains exceeding 4%, reflecting positive sentiment in these industries [6]. - The fund with the fastest net value growth is the Fortune China Securities All Index Construction Materials ETF, which aligns with the strong performance of the construction materials sector [6]. Group 3 - The top holdings of the leading construction materials fund include companies like Conch Cement and North New Materials, which have shown significant price increases [7]. - The fund's style is categorized as passive index tracking, specifically following the China Securities All Index Construction Materials Index, indicating a focus on the construction materials industry [7]. - In contrast, the pharmaceutical sector funds, such as the Morgan Stanley Hong Kong-Shanghai Select Mixed Fund, have underperformed, with significant declines in key holdings like BeiGene and Zai Lab [7].

【导读】沪指再创年内新高，基金公司解读市场 中国基金报记者 张燕北 A股三大指数7月21日集体上涨，沪指"4连阳"，再创年内新高。大基建板块井喷，超级水电 板块全线爆发，大基建、钢铁、建材等板块涨幅居前。 盘后记者采访了多家公募，分析当前市场表现，展望后市走势。受访公募普遍认为，市场表 现强势或源于国家级重大水电工程开工等多个利好消息带动，后续基建投资有望保持稳健增 长、建材行业有望迎来困境反转的修复空间。 多重利好刺激A股走强 A股周一强势表现背后，或是雅鲁藏布江下游超级水电项目开工、"反内卷"政策持续发力等诸 多利好因素的综合作用。 国泰基金表示，消息面上，7月19日，李强出席雅鲁藏布江下游水电工程开工仪式并宣布工程 开工。 华润元大基金认为，从上半年经济数据来看，全年实现5%的实际GDP增长目标具备较强可行 性。这一判断意味着，短期大规模逆周期政策加码的必要性有所降低，政策重心将更多向稳 定价格水平、优化经济结构倾斜。7月底召开的政治局会议将是观察增量政策导向的关键节 点，其表态对市场情绪和资金流向可能产生重要影响。 雅江"超级水电工程"的投资金额之巨、施工难度之高、耗时之久、影响之广，都将创下历史 纪 ...

Market Overview - A-shares experienced a significant increase in trading volume, reaching 1.73 trillion yuan, with major indices mostly rising, and the Shanghai Composite Index surpassing 3550 points [1][2] - The market is characterized by a "weak economic recovery + strong policy support + capital rebalancing" phase, leading to a rotation and differentiation among sectors [1][9] Sector Performance - The construction materials sector surged over 6%, with 22 related stocks hitting the daily limit [3] - Other cyclical sectors such as construction decoration, steel, non-ferrous metals, basic chemicals, and coal also saw gains exceeding 2% [3] - The machinery equipment sector performed well, with 18 related stocks reaching the daily limit [4] Policy Impact - The commencement of the Yarlung Tsangpo River hydropower project, with an installed capacity of 60 million kilowatts and a total investment of 1.2 trillion yuan, has stimulated the market [4] - The National Development and Reform Commission has allocated over 300 billion yuan to support major strategic projects, benefiting the infrastructure industry chain [4] - The Ministry of Industry and Information Technology plans to implement ten key industry growth stabilization plans, further supporting sectors like chemicals [4] Capital Flow - Main capital is shifting from previously high-performing sectors like new energy, consumption, and technology to undervalued cyclical sectors, creating a "high-low switch" effect [1][5] - The banking sector underperformed, attributed to profit-taking and a cooling of policy expectations, leading to significant net outflows [5][6] Future Outlook - The market is expected to maintain a "震荡整理" (oscillating consolidation) pattern in the coming week, awaiting direction [1][9] - Analysts suggest a balanced allocation between cyclical and technology sectors, with a focus on infrastructure and sectors with strong mid-year performance expectations [11]

7月21日，上证指数早盘震荡上扬，午后持续走强；深证成指、创业板指早盘冲高回落，午后震荡上 扬；科创50指数早盘探底回升，随后震荡回落，午后再度回升。截至收盘，上证指数报3559.79点，涨 0.72%，成交额7309.06亿元；深证成指报11007.49点，涨0.86%，成交额9690.74亿元；创业板指报 2296.88点，涨0.87%，成交额4440.17亿元；科创50指数报1007.89点，涨0.04%，成交额269.07亿元。沪 深两市合计成交16999.8亿元，成交额较上一交易日增加1289.25亿元。 建筑材料、钢铁等行业走强上纬新材9连板 盘面上来看，行业板块、概念涨多跌少。其中，建筑材料、钢铁、化工、建筑装饰、有色金属、煤炭、 机械设备、农林牧渔、电力设备等行业涨幅靠前；水利建设、民爆、工程机械、抽水蓄能、低碳冶金、 房屋检测、同步磁阻电机、特高压、草甘膦等概念走势活跃。银行、教育、计算机等行业跌幅居前；跨 境支付、国资云、数字货币、财税数字化、信创等概念走势较弱。涨停个股主要集中在建筑材料、化 工、机械设备、建筑装饰、医药生物、电力设备等行业。 个股涨跌情况，截至收盘，沪深两市合计3797 ...

当年三峡工程、后来雄安新区都跑出一批超级牛股。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 周末，A股注册制时代投资者必须使用的APP——市值风云App的社区被雅鲁藏布江水电工程刷屏 了。 1.2万亿的投资额，引爆了全国舆论。 超级工程的基本情况和概念股 雅鲁藏布江下游水电工程，即墨脱水电站，是中国近年来备受瞩目的国家级重点工程之一。 该工程位于西藏自治区林芝市，采用"截弯取直+隧洞引水"的创新开发方式，计划建设5座梯级电站， 总投资额高达1.2万亿元，规划装机容量接近7000万千瓦，年发电量预计超过3000亿千瓦时。 这些数字不仅体现了工程的规模之大，更凸显了其在中国能源战略中的重要地位。 早在2021年3月《中华人民共和国国民经济和社会发展第十四个五年规划和 2035 年远景目标纲要》中 就曾明确了十四五期间"实施雅鲁藏布江下游水电开发"。 2024年12月25日，中国政府正式核准该工程，标志着其从规划阶段进入实施阶段。 2025年3月，国家发改委将其列为年度重点领域重大投资项目，并推动开工。 2025年4月，为推进工程，专门成立了新的央企——中国雅江集 ...

沪指7月21日上涨0.72%，申万所属行业中，今日上涨的有27个，涨幅居前的行业为建筑材料、建筑装 饰，涨幅分别为6.06%、3.79%。建筑材料行业位居今日涨幅榜首位。跌幅居前的行业为银行、综合， 跌幅分别为0.77%、0.34%。 资金面上看，两市主力资金全天净流出69.45亿元，今日有11个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨2.06%，全天净流入资金31.93亿元，其次是建筑材料行业，日 涨幅为6.06%，净流入资金为20.38亿元。 主力资金净流出的行业有20个，计算机行业主力资金净流出规模居首，全天净流出资金93.19亿元，其 次是电子行业，净流出资金为20.52亿元，净流出资金较多的还有医药生物、银行、通信等行业。 建筑材料行业今日上涨6.06%，全天主力资金净流入20.38亿元，该行业所属的个股共71只，今日上涨的 有68只，涨停的有22只；下跌的有2只。以资金流向数据进行统计，该行业资金净流入的个股有44只， 其中，净流入资金超5000万元的有18只，净流入资金居首的是中材科技，今日净流入资金3.29亿元，紧 随其后的是青龙管业、四川金顶，净流入资金分别为 ...

7月21日，沪指上涨0.72%，深成指上涨0.86%，创业板指上涨0.87%，沪深300指数上涨0.67%。可交易 A股中，上涨的有4005只，占比74.11%，下跌的1291只。 资金面上，今日主力资金全天净流出69.45亿元。其中，创业板主力资金净流出86.67亿元；科创板主力 资金净流出17.36亿元；沪深300成份股主力资金净流出17.19亿元。 分行业来看，申万所属的一级行业中，今日上涨的有27个，涨幅居前的行业为建筑材料、建筑装饰，涨 幅为6.06%、3.79%。跌幅居前的行业为银行、综合，跌幅为0.77%、0.34%。 个股方面，全天资金净流入的个股共有2209只，净流入在1000万元以上的有888只，其中，净流入资金 超亿元的有104只，净流入资金最多的是宁德时代，今日上涨3.12%，全天资金净流入11.45亿元，其次 是卧龙电驱、C华新等，净流入资金分别为8.78亿元、8.66亿元。资金净流出超亿元的有99只，净流出 资金规模居前的个股为东方财富、四方精创、药明康德，分别净流出资金10.41亿、7.32亿元、7.23亿 元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨 ...

Market Overview - The Shanghai Composite Index rose by 0.72% on July 21, with 27 out of the 28 sectors in the Shenwan classification experiencing gains, led by the construction materials and construction decoration sectors, which increased by 6.06% and 3.79% respectively [1] - The banking and comprehensive sectors saw declines of 0.77% and 0.34% respectively, with the computer industry ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 6.945 billion yuan across the two markets, with 11 sectors experiencing net inflows. The power equipment sector led with a net inflow of 3.193 billion yuan and a daily increase of 2.06%, followed by the construction materials sector with a net inflow of 2.038 billion yuan and a daily increase of 6.06% [1] - The computer industry had the largest net outflow, totaling 9.319 billion yuan, followed by the electronics sector with a net outflow of 2.052 billion yuan. Other sectors with significant outflows included pharmaceuticals, banking, and telecommunications [1] Computer Industry Performance - The computer industry declined by 0.31% today, with 335 stocks in the sector. Among these, 154 stocks rose, including one that hit the daily limit, while 174 stocks fell. A total of 87 stocks experienced net inflows, with five stocks seeing inflows exceeding 50 million yuan [2] - The top three stocks with the highest net inflows were Chunzong Technology (1.34 billion yuan), Youke De (1.06 billion yuan), and Kexin Information (721.11 million yuan) [2] - The outflow leaderboard featured Sifang Precision with a net outflow of 732.32 million yuan, followed by Guiding Compass with 532.00 million yuan, and Dazhi Technology with 434.21 million yuan [3]