近期指数上涨幅度较大，情绪影响占主导地位，而基本面支撑仍然缺位。9月3日之后行情或有所降温， 全面牛市有概率转向结构性，市场将从短期对动量、资金面的关注回归至对基本面和业绩的验证。在流 动性支持下牛市有望延续，在中期维度上建议对估值较低的绩优成长保持关注，回避前期过热的方向。 相关机构表示，市场情绪全面转好，昨日成交额进一步放大至3.18万亿元。受美联储降息预期、上海房 地产新政、高盛大幅上调寒武纪目标价等多重利好消息推动，市场走出加速上涨行情。此前我们提示过 可以适当转向科技、成长板块，近日两创指数连续大涨已反映了资金对这些方向的系统性重估。 没有股票账户的投资者可以通过上证综指ETF的联接基金（011320）把握A股投资机会。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 ...

2025.8.22 上证指数收盘上涨54.66点，涨幅为1.45%，报收3825.76点，成交额10950.91亿元；深证成指收盘上涨 246.3点，涨幅为2.07%，报收12166.06点，成交额14516.18亿元；创业板指收盘上涨87.08点，涨幅为 3.36%，报收2682.55点，成交额6977.4亿元；沪深300收盘上涨89.93点，涨幅为2.1%，报收4378.0点， 成交额6759.35亿元。 板块层面，芯片、半导体、证券等多数板块表现强势，红利、养殖等个别板块表现稍弱。沪深两市成交 额超2.5万亿，场外资金进场积极。A股连续8日成交额破2万亿元。盘面上，个股上涨家数略多，全市场 超2800只个股上涨，约2400只下跌。 站在当下，操作上建议"一动不如一静"，恐高离场和盲目追高均并不理智，一旦出现回调或可大胆加 仓。一方面，上涨趋势并没有结束的信号，空间上的压力并不能阻挡趋势的推进，甚至之前的套牢盘成 为了多头资金的目标位。但另一方面，随着一个多月来的持续大涨，技术面已经逐渐进入超买区间，当 下追涨的赔率并不具备优势。 展望后市，如此斜率并不可能一直持续，预计会逐渐转入震荡，在高位构建新的筹码 ...

Group 1 - The article highlights a positive policy environment since the beginning of the year, with more aggressive fiscal policies and moderately loose monetary policies expected to boost market sentiment [1] - The encouragement of insurance as a long-term capital source is likely to expand equity allocations, with the scope of investments extending to insurance stocks, which may enhance investment returns and drive a revaluation of insurance stock values [1] - The reduction in the predetermined interest rates for life insurance is anticipated to lower the liability costs for insurance companies [1] Group 2 - The capital market is stabilizing, with active trading levels remaining high and the balance of margin financing continuing to expand, indicating a trend of recovery in brokerage performance [1] - The Shanghai Composite Index ETF (510760) tracks the Shanghai Composite Index (000001), which encompasses all A-shares and B-shares listed on the Shanghai Stock Exchange, primarily composed of traditional industries such as finance and energy [1] - Investors without stock accounts may consider the Guotai Shanghai Composite ETF Connect A (011319) and Guotai Shanghai Composite ETF Connect C (011320) [1]

Group 1 - The essential viewpoint is that the essential consumer sector shows superior valuation cost-effectiveness, with the average valuation percentile for food and beverage, as well as agriculture, forestry, animal husbandry, and fishery over three and five years being only 15.13%/9.09% and 12.67%/9.24%, indicating potential for valuation recovery [1] - The midstream materials and manufacturing sectors, represented by automotive and machinery equipment, as well as the large financial sector represented by banks, are at historical high valuation levels, suggesting limited upward space amid volume contraction and structural adjustment [1] - Attention should be paid to certain sectors experiencing rapid short-term valuation increases, with textiles, apparel, and beauty care having current one-year average valuation percentiles exceeding 92%, indicating a significant convergence of valuation cost-effectiveness advantages [1] Group 2 - Most primary industries experienced declines this week, with TMT and large financial sectors leading the drop, particularly in computer, communication, electronics, and non-bank financials [1] - Emerging industries overall declined, with the digital economy facing the largest drop, as cloud computing and IDC fell by 3.63% and 3.5% respectively; high-end equipment manufacturing also weakened across the board, with industrial mother machines and integrated circuits dropping by 3.87% and 2.25% respectively [1] - The Shanghai Composite Index ETF (510760) tracks the Shanghai Composite Index (000001), which is compiled by the Shanghai Stock Exchange and encompasses all A-shares and B-shares listed on the exchange, effectively reflecting the overall performance of the Shanghai securities market [1]

Market Overview - On May 26, the A-share market experienced a slight decline, with the Shanghai Composite Index down 0.05% to 3346.84 points, the Shenzhen Component Index down 0.41%, and the ChiNext Index down 0.8%. The total trading volume was 1.01 trillion yuan, showing a slight decrease compared to the previous trading day [1] - The pharmaceutical and automotive sectors adjusted, while the controllable nuclear fusion concept led the gains [1] Policy Developments - The "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" was released, proposing improvements to the income distribution system of enterprises, promoting a reasonable wage growth mechanism, and establishing a scientific salary and performance evaluation system for senior management. It encourages listed companies to implement long-term incentives and stable cash dividend policies, which are expected to enhance investment returns and make A-share valuations more attractive in the long run [1] International Trade Relations - On May 25, former President Trump agreed to extend the deadline for tariff negotiations with the EU to July 9, indicating a desire to maintain negotiation space and avoid escalating trade tensions. This news boosted market sentiment, with a weaker dollar providing effective support for Asia-Pacific assets, although the fluctuating tariff situation may still disrupt global capital markets [1] Investment Strategies - During the current trade conflict, the resilience of the RMB reflects improved export competitiveness and diversification, suggesting that investors may consider strategies like regular investment or grid trading to capitalize on lower prices. Suggested investment vehicles include the CSI A500 ETF (159338) and the Shanghai Composite Index ETF (510760) [2] - Following the LPR reduction on May 20, long-term interest rates have continued to rise, with the 10-year government bond yield approaching 1.7%. The bond market is under pressure due to the peak issuance of special government bonds and positive impacts from US-China trade negotiations. The outlook suggests that a more relaxed exchange rate could further open monetary policy space, with a continued focus on long-duration strategies [2] Dividend Policies - Recent policies encouraging listed companies to distribute dividends are seen as beneficial for state-owned enterprises, helping to stabilize dividend expectations and enhance investor returns. This aligns with the "China Special Valuation" initiative aimed at value reconstruction. Investors may consider the monthly dividend-paying National Enterprise ETF (510720) and the cash flow ETF (159399), which has outperformed major indices over the past nine years [5]

Group 1 - The joint statement from the US and China on May 12 indicates a significant reduction in bilateral tariff levels, marking a major easing of trade tensions between the two largest economies, which may restore market sentiment [1] - The military industry is experiencing a recovery in market sentiment as the negative impacts from annual and quarterly reports have cleared, with a strong certainty of domestic demand growth and positive industry fundamentals [1] - The unexpected outcomes of tariff negotiations and sustained high growth in capital expenditures from overseas cloud service providers are benefiting AI supply chain companies, leading to a dual opportunity for profit and valuation enhancement in the communication sector [1] Group 2 - The robot industry is rapidly developing globally, particularly in China, driven by policy support and market demand, presenting investment opportunities for domestic suppliers [2]

Group 1 - The artificial intelligence sector is expected to maintain high investment and growth due to rapid technological iteration and internal top-level design support. The trend of domestic substitution is beginning to reflect in recent financial reports, and it may accelerate in response to customer demand. AI agents are gaining market favor, showcasing economic advantages in task processing, which is beneficial for increasing product penetration rates [1] - On April 29, the healthcare sector showed strong performance, with the healthcare ETF rising by 1.04%. Two key trends are noteworthy: first, consumer healthcare benefits from policy boosts, such as the "Special Action Plan to Boost Consumption" promoting health consumption upgrades; second, the acceleration of domestic equipment substitution. The medical device bidding market is expected to significantly rebound in Q1 2025, with a year-on-year increase of 67.49%. High-end equipment like CT and ultrasound is experiencing both volume and price increases driven by domestic substitution [1] - The valuation of the pharmaceutical sector is currently low, with public fund holdings still underweight. New technologies and business models, such as "AI + healthcare" and brain-computer interfaces, are emerging, making the healthcare ETF worth attention [1] Group 2 - Important policy goals from recent meetings have strengthened the focus on corporate entities and financial markets, providing solid confidence support for the market. Investors are encouraged to consider low-entry positions in broad-based products like the CSI A500 ETF and the Shanghai Composite Index ETF. Additionally, to mitigate potential market volatility, investors may diversify into defensive assets such as cash flow ETFs [2]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down 0.05% and the Shenzhen Component Index also down 0.05%, while the North and Sci-Tech 50 indices saw gains of 1.24% and 0.1% respectively [1] - The AI sector is expected to maintain high investment and growth due to rapid technological iterations, strict external restrictions, and supportive internal policies [1] - The Chinese government emphasizes the importance of AI development, focusing on enhancing technological innovation and high-end industry leadership [1][2] Group 2 - Domestic companies are increasingly focusing on overcoming "bottleneck" areas due to tightening US technology restrictions, with notable revenue growth reported by companies like Cambrian [2] - AI products are gaining market traction, with significant funding rounds and economic advantages over human experts, leading to increased product penetration [2] - The medical sector is experiencing a recovery, with a notable increase in the medical equipment bidding market, driven by domestic substitution and high-end product demand [4] Group 3 - The medical device sector is seeing a normalization of high-value consumables procurement, with policies supporting innovative medical devices expected to enhance their development [5] - The pharmaceutical industry is witnessing a surge in international engagement, with a significant number of Chinese companies participating in global conferences and showcasing new drug research [8] - The recent political bureau meeting highlighted the need for strengthening economic work and supporting technology innovation amidst external shocks [9]