Group 1 - The report identifies investment opportunities in various industries under the "anti-involution" theme, drawing parallels with the supply-side reform period from 2015 to 2018, focusing on policy effects, inventory cycles, and industry prosperity [1][8] - The current "anti-involution" theme has a broader industry coverage, with a positive outlook on photovoltaic and medical devices based on their clearing reversal elasticity, while chemicals and building materials are favored for their certainty in prosperity [2][14] Group 2 - The report outlines the criteria for selecting actively managed equity funds related to the "anti-involution" theme, requiring a significant holding in relevant industry stocks and a minimum fund size [3][16] - For ETF funds, a scoring system based on various performance metrics is used to identify the top products in the same category [3][16]

Market Overview - The Shanghai Composite Index rose by 0.72% to close at 3559.79 points, with a daily high of 3560.63 points [1] - The Shenzhen Component Index increased by 0.86% to close at 11007.49 points, reaching a high of 11008.48 points [1] - The ChiNext Index gained 0.87%, closing at 2296.88 points, with a peak of 2297.14 points [1] ETF Market Performance - The median return for stock ETFs was 0.72% [2] - The highest return among scale index ETFs was 2.07% for the Penghua CSI 800 Free Cash Flow ETF [2] - The highest return in industry index ETFs was 10.05% for the Fuguo CSI All-Share Construction Materials ETF [2] - The top three ETFs by return were: - Fuguo CSI All-Share Construction Materials ETF (10.05%) - Guotai CSI All-Share Construction Materials ETF (9.97%) - E Fund CSI All-Share Construction Materials ETF (9.94%) [4][5] ETF Fund Flow - The top three ETFs by fund inflow were: - GF CSI Construction Engineering ETF (5.98 billion CNY) - Guotai CSI All-Share Construction Materials ETF (4.48 billion CNY) - Huaxia SSE Sci-Tech 50 ETF (4.39 billion CNY) [6][7] - The top three ETFs by fund outflow were: - Invesco CSI A500 ETF (2.57 billion CNY) - Huatai-PB SSE 300 ETF (2.02 billion CNY) - Guotai CSI Military Industry ETF (1.95 billion CNY) [6][7] Financing and Margin Trading - The highest financing buy amounts were: - Huaxia SSE Sci-Tech 50 ETF (619 million CNY) - E Fund ChiNext ETF (437 million CNY) - Guotai CSI All-Share Securities Company ETF (295 million CNY) [8][9] - The highest margin sell amounts were: - Southern CSI 500 ETF (35.19 million CNY) - Huatai-PB SSE 300 ETF (29.61 million CNY) - Huaxia SSE 50 ETF (10.41 million CNY) [8][9] Institutional Insights - Dongwu Securities noted stable infrastructure investment in the first half of the year, with a focus on urban renewal and key engineering projects [10] - The firm expects fiscal policy support and improvements in financing to gradually show effects on investment and physical output [10] - Everbright Securities highlighted that infrastructure investment grew by 4.6% year-on-year in the first half, driven by the commencement of major projects [11]

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].

Group 1 - The Shanghai Composite Index has re-entered the 3500-point mark after nine months, with trading volume exceeding 1 trillion yuan for 31 consecutive days, which has encouraged investors [1] - Investors are experiencing confusion due to the rapid rotation among sectors such as pharmaceuticals, technology, new energy, and banking, leading to difficulties in decision-making [1] Group 2 - Northbound capital, often referred to as "smart money," has shown a significant inflow trend from Q4 2024 to Q2 2025, with the construction and decoration sector receiving the most attention [2][4] - The construction and decoration sector is benefiting from a shift in supply-demand dynamics due to government policies aimed at reducing "involution" in the industry, which has been struggling with oversupply [4][5] Group 3 - Recent government policies are expected to boost the real estate sector, which in turn will positively impact the construction and decoration industry [4][5] - Two main strategies for investors to follow Northbound capital include investing in ETFs that track the China Securities Index for infrastructure and construction materials [6] Group 4 - Specific ETFs tracking the China Securities Index for infrastructure have shown stable returns, with the Yinhua China Securities Infrastructure ETF achieving a return of 9.00% [8] - ETFs tracking the China Securities Index for construction materials have outperformed those for infrastructure, with the Guotai China Securities Construction Materials ETF returning 12.92% [9]