【导读】沪指再创年内新高，基金公司解读市场 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。 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，都将创下历史纪录。据摩 根士丹利预测，雅江工程将带动西藏GDP年均增速提升至8%以上，未来十年衍生交通、基建等配套投 资超2万亿元；同时，工程将显著拉动水泥等建材需求增长。受此利好驱动，大基建、大建材板块周一 强势爆发。 利好消息还有中央城市工作会议。未来以推进城市更新为重要抓手，稳步推进城中村和危旧房改造、老 旧管线改造升级等，后续相关配 ...

（2）海外四大CSP巨头25年Capex超3000亿美元，且结构性向AI倾斜从需求侧印证算力硬件仍保持高景 气。（3）token激增并提供正反馈为AI产业技术提供底层支撑逻辑，至此AI叙事逐步得到印证，市场主 线已较为明确。 财达证券表示，消费及科技领域利好确定，短线吸引力或降，但A股估值有提升空间，长线机会仍在。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 7月21日午后，创业板指震荡拉升。相关ETF方面，创业板ETF天弘（159977）涨0.55%。成分股中，菲 利华涨近14%，全志科技、乖宝宠物、三环集团等多股跟涨。 创业板ETF天弘（159977）紧密跟踪创业板指数（399006.SZ），该指数是深交所多层次资本市场的核 心指数之一，由最具代表性的100家创业板上市企业股票组成，反映创业板市场层次的运行情况。创业 板指数新兴产业、高新技术企业占比高，成长性突出，兼具价值尺度与投资标的的功能。 创业板ETF天弘（159977）同时配置场外创业板ETF联接基金（A:001592；C:001593）。 国盛证券表示，上周国内海外算力产业链迎来爆发时刻， ...

不知道兄弟们发现没，纵观整个7月，板块上涨周期其实很短，钢铁、有色、光伏、房地产等板块都是 如此。有没有能打破这种平衡的板块呢？有，能贯穿整个7月的大机会，非科技莫属。科技界故事最 多，想象力最丰富，也是游资和散户的大本营。2月DC行情以来，洗盘调整接近5个月，很多资金被洗 下车，前几天复盘视频也一直强调科技的机会，不知道多少兄弟潜伏进去了。 既然趋势没改变，那节奏机会在哪呢？兄弟们竖起耳朵认真听。先说权重的节奏，老陈前面复盘视频反 复强调过，目前结构性牛市特征是三步一回头，银行大概调整三天，券商调整五天，就会有一波小级别 反弹，稳健的、喜欢大块头的兄弟们，这种情况做小级别套利比较舒服。 再说题材节奏，今天高标股三进四全部失败，大阳那家次元机器人入主天天抵制的除外。要提醒喜欢追 高做接力的朋友，在市场高度没打开的情况下，千万别头铁盲目追涨，"A杀"下来的杀跌力度很强。 7月16日，和讯投顾陈杰臻称，今天科技线反弹，是昙花一现还是迎来反转？市场一度跌破3500点，收 盘4100多家下跌，高位股集体"A杀"，兄弟们慌不慌？要是你感到恐慌，那估计是没刷到老陈的视频。 老陈现在告诉大家，机会是跌出来的，那机会在哪呢？ ...

Group 1 - The upcoming disclosure of mid-year reports by listed companies is expected to become a mainstream market focus, with Zhongyan Chemical set to report on July 15 [1] - Companies with significantly better-than-expected performance, such as Huayin Power with a projected increase of over 40 times in earnings, have seen substantial stock price increases, with a 76.72% rise in July [1] - Investors are advised to focus on companies with sustained earnings growth during the mid-year report season, particularly in sectors like artificial intelligence, biomedicine, machinery, and Huawei's supply chain [1] Group 2 - Investors should pay attention to companies with large absolute net profit increases, while also considering the sustainability of future earnings growth and valuation levels [2] - The market is expected to maintain a slow bull trend in the second half of the year, with a focus on blue-chip stocks in banking, non-bank financials, and high-dividend sectors [2] - Investment strategies should consider three main lines: sectors with mid-year report highlights like gold and technology hardware, high-growth opportunities less affected by economic cycles such as the AI industry, and industries that have achieved supply-side clearing in a mild recovery environment [2]

中国资产全线爆发，沪指续创年内新高。 A股今日(7月8日)全线走高，沪指再次逼近3500点，创业板指大涨超2%；港股亦走强，恒生指数涨逾1%，恒生科技指数涨近2%。 具体来看，沪指盘中在券商、石油等板块的带动下强势上扬，再次逼近3500点大关，续创年内新高，深证成指、创业板指均走强。截至收盘，沪指涨 0.7%报3497.48点，深证成指涨1.47%报10588.39点，创业板指涨2.39%报2181.08点，科创50指数涨1.4%，沪深北三市合计成交14747亿元，较此前一日增 加近2500亿元。 场内近4300股飘红，钢铁、有色、化工、石油等资源股集体上扬，柳钢股份（601003）、杭钢股份（600126）、屹通新材（300930）等涨停；AI产业链 股爆发，逸豪新材（301176）、奕东电子（301123）20%涨停，景旺电子（603228）再创新高；光伏产业链股崛起，首航新能（301658）、国际复材 （301526）20%涨停，亚玛顿（002623）、通威股份（600438）、钧达股份（002865）等十余股均涨停；消费电子概念活跃，工业富联（601138）涨停， 最新市值超5200亿元。 港股方面， ...

中国资产全线爆发，沪指续创年内新高。 A股今日（7月8日）全线走高，沪指再次逼近3500点，创业板指大涨超2%；港股亦走强，恒生指数涨逾1%，恒生科技指数涨近2%。 具体来看，沪指盘中在券商、石油等板块的带动下强势上扬，再次逼近3500点大关，续创年内新高，深证成指、创业板指均走强。截至收盘，沪指涨0.7%报 3497.48点，深证成指涨1.47%报10588.39点，创业板指涨2.39%报2181.08点，科创50指数涨1.4%，沪深北三市合计成交14747亿元，较此前一日增加近 2500亿元。 场内近4300股飘红，钢铁、有色、化工、石油等资源股集体上扬，柳钢股份、杭钢股份、屹通新材等涨停；AI产业链股爆发，逸豪新材、奕东电子20%涨 停，景旺电子再创新高；光伏产业链股崛起，首航新能、国际复材20%涨停，亚玛顿、通威股份、钧达股份等十余股均涨停；消费电子概念活跃，工业富联 涨停，最新市值超5200亿元。 港股方面，胜利证券大涨超30%，国泰君安国际涨超28%，申万宏源香港涨近20%。此外，金涌投资飙涨超530%，盘中一度涨超650%。据悉，公司与 AnchorX达成战略合作，其中包括稳定币应用场景拓展等探 ...

Group 1 - The A-share market is experiencing fluctuations, with the Shanghai Composite Index trading above 3400 points, and the A500 ETF fund (512050) down 0.41% as of 10:15 AM, with a trading volume exceeding 780 million yuan, ranking first among its peers [1] - The strategy team at CITIC Securities notes that the current market environment resembles that of late 2014, with investors seeing some profit in Hong Kong stocks, small-cap stocks, and industry sectors, while new product issuance is gradually recovering [1] - The report highlights that non-financial sector profit expectations are nearing a bottom, and while investor patience is improving, confidence still needs to be restored, with policy goals focusing on anti-involution and boosting domestic demand [1] Group 2 - The A500 ETF fund (512050) aids investors in easily allocating to new A-share assets, tracking the CSI A500 Index with a dual strategy of industry-balanced allocation and leading stock selection [2] - This ETF covers all sub-industries and integrates both value and growth attributes, with a focus on over-allocating sectors such as AI industry chain, pharmaceutical biology, electric equipment for new energy, and national defense [2] - The fund exhibits a natural "dumbbell" investment characteristic, providing a balanced approach compared to the CSI 300 Index [2]

Group 1 - The A-share market showed strong performance in the first half of the year, driven by AI trends and sector rotations led by new consumption and innovative pharmaceuticals [1] - The trading sentiment in the A-share market improved significantly compared to last year, indicating a noticeable increase in market activity and profit-making opportunities [1] - Growth assets across various sectors, including technology, new energy vehicles, consumption, and pharmaceuticals, are experiencing valuation increases, attracting active capital seeking growth potential [1] Group 2 - New consumption emerged as a key market focus in the second quarter, with companies adapting to personalized and diversified consumption trends, aligning well with market preferences for growth [2] - Emerging growth opportunities are expected to expand from new consumption and innovative pharmaceuticals to technology and cyclical industries, with a positive outlook on investments in the AI industry chain, domestic semiconductor equipment, and chips [2] - High-end manufacturing is also seen as a growth opportunity, alongside leading companies with cyclical growth attributes, which are expected to show more significant upward valuation elasticity [2]

总体来看，今年上半年市场的鲜明特征之一是避险思维让位于机会思维，与前两年存在明显不同。市场 交投情绪明显好于去年，上半年A股日均成交额维持在1.3万亿元以上，超过去年下半年的1.2万亿元， 更远高于去年上半年的8600亿元水平，市场活跃度的提升意味着赚钱效应的显现。另外，机会广度较以 往也明显扩大。过去备受追捧、被视为"避险港湾"的红利类资产出现缩圈，而成长类资产则呈现扩散态 势，从科技、新能源汽车，再到消费、医药，不同行业均有所表现，这表明市场不再仅仅抱团避险，而 是积极寻找各个领域具有增长潜力的机会。经济总量虽有压力，但企业分化在加大，具有稀缺性成长的 资产受到市场追逐，估值对于盈利的敏感性大幅提升。 本季度市场的一个投资热点是新消费。背后体现的是过去几年，一些新消费企业凭借敏锐的消费洞察和 优质的产品供给，适应了个性化、多元化消费新趋势的兴起，其商业模式、行业空间、高盈利增长等特 征与市场对成长景气的偏好高度契合。我们对这一赛道持续有所跟踪。 展望下半年，在资金仍在场内积极寻找机会的情形下，新兴成长类资产仍然有望成为市场关注重点。部 分高景气赛道通过技术迭代、品牌升级或全球化突破等途径实现企业的快速增长 ...

Group 1 - Recent escalation of conflicts in the Middle East has significantly impacted global oil prices, leading to a substantial increase in international oil prices due to the region's status as a major oil exporter and the risk of a broader war between Israel and Iran [1] - Rising oil prices will increase production costs for industrial companies that rely on oil as a raw material and fuel, potentially affecting their profits [1] - Oil companies with existing oil inventories may benefit from the appreciation of their stock, leading to increased revenue [1] Group 2 - The ongoing U.S.-China trade negotiations have shown progress, with a joint statement released in Geneva and a temporary suspension of tariff increases for 90 days, which may be extended [2] - China's relaxation of rare earth export policies signals a positive development in trade relations, which could lead to a normalization of trade and support a recovery in global trade [2] - The U.S. stock market has seen a recent rebound, but valuations remain high, while the Hong Kong stock market is positioned for potential recovery due to lower valuations [2] Group 3 - China's economic data indicates significant growth in consumption driven by policies like the trade-in program, although fixed asset investment and industrial output growth remain low, suggesting insufficient growth momentum [3] - The Consumer Price Index (CPI) has shown negative growth for three consecutive months, indicating a need for continued policy measures to boost domestic demand [3] - The internationalization of the Chinese yuan is accelerating, with more countries adopting it for trade settlements, reflecting a clear trend towards de-dollarization [3] Group 4 - The technology sector, particularly in areas like humanoid robots and AI, is expected to lead market growth during a potential recovery, with significant growth opportunities in household applications [3] - The consumer market is experiencing a divergence, with new consumption models thriving among younger demographics, while traditional consumer goods may face short-term pressure but could recover in an upward economic cycle [3]