以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 8 . 1 8 - 8 . 2 4 周度研究成果 申 万 宏 源 策 略 研 究 团 队 目录 一周回顾 1、【大势研判】 慢下来，会更远、更高、更好——申万宏源策略一周回顾展望（20250818-20250823） 2、【行业比较】 A股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250816-20250822） 专题研究 1、 居民存款搬家仍处于起步期 ——申万宏源策略：五问五答看懂居民存款搬家 2、 你追我赶，共迎牛市 ——近期A股港股背离原因分析，关注负面预期Price in后港股的后续布局机会 电话会议 慢下来，会更远、更高、更好——申万宏源策略一周回顾展望(20250818- 一周回顾 1 20250823) 一周回顾 2025.8.23 一、全面牛市还需要积极因素的进一步累积： 我们认为，历来都没有脱离基本面的牛市，全面牛市需要基本面基础更坚实。全面牛市的结构主线，完全可能更丰富。所 以，似乎不必把所有对牛市的期待，都映射在眼前的景气线索上。把握节奏，我们可能等到更多选项。股市在经济循环中的重要性提 ...

Investment Insights - The equity market showed an increase in risk appetite in August 2025, with significant gains in various fund indices, while the bond market experienced volatility and slight declines [2][6][7] - The performance of convertible bonds was strong, with a fund index increase of 3.22%, driven by the positive sentiment in the equity market [7] Equity Fund Strategy - The market is entering a policy vacuum and mid-year report disclosure period, necessitating a wait for guidance on the "14th Five-Year Plan" and specific industry plans to clarify long-term supply-demand relationships [12] - There is a potential for investment opportunities in high-consensus stocks and low-position sectors, as the market may continue to favor these areas amidst short-term capital efficiency pursuits [12] Fixed Income Fund Strategy - The overall bond market is expected to remain in a challenging environment until new policies are implemented or macro data shows significant reversal [3][18] - Attention should be paid to the funding situation and the "stock-bond seesaw" effect, as well as the progress of fundamental recovery to seize trading opportunities in a volatile market [3][18] Fund Performance Review - In July 2025, the equity market was buoyed by favorable policies and events, with notable performances in the healthcare and technology sectors, where the healthcare sector rose by 15.88% and technology by 8.02% [9][10] - The small-cap funds outperformed large-cap funds, with small-cap indices rising by 8.61% compared to 3.63% for large-cap indices [8] Fund Index Construction - The active equity fund selection index has shown a cumulative net value increase of 1.1889 since its inception, outperforming the active stock fund index by 15% [16] - The short-term pure bond fund index has a cumulative net value of 1.0413, with a slight outperformance over its benchmark [20] Sector Focus - The "anti-involution" policy aims to stabilize market expectations and improve resource allocation efficiency, focusing on sectors like new energy vehicles and photovoltaics [11] - The market sentiment is shifting towards a more guided and regulatory approach, which may lead to a broader market style beyond just cyclical sectors [11]