Group 1 - The core viewpoint is that the building materials ETF (159745) is expected to benefit from improved real estate policies and "anti-involution" policies, leading to a nearly 2% increase in its price and a net inflow of nearly 300 million yuan over the past two trading days [1] - The Shanghai Housing Provident Fund Management Committee has issued a notice to optimize the housing provident fund withdrawal and loan policies, effective from August 26, 2025, which includes increasing the loan limit for green buildings by 15% and allowing fund withdrawals for down payments on new pre-sale properties [1] - Dongxing Securities indicates that the combination of intense market competition and the implementation of various policies will accelerate the elimination of outdated production capacity in the building materials industry, enhancing the growth certainty of leading companies and leading to valuation recovery and performance elasticity [1] Group 2 - Investors without stock accounts can access investment opportunities in the building materials sector through the building materials ETF's connecting fund (013020) [2]

Group 1 - The core viewpoint is that the market has the potential to challenge the 4000-point level, and investors with existing positions may hold, while those without should wait or observe [1] - The market has recently surpassed the previous high from October 8 of last year and has also broken through the 10-year high, indicating a strong performance in the past quarter [1][3] - Investors are questioning how to invest above 3700 points and whether the bull market has begun, reflecting a cautious sentiment in the market [1] Group 2 - The stock market's performance is influenced by multiple factors, including fundamentals, liquidity, policies, and market sentiment [3] - The GDP growth rate for the first half of the year reached 5.3%, with expectations for a slight decline in the second half, which has led some investors to doubt the market's fundamental support [3][4] - Despite a lower GDP growth expectation, the overall economic situation remains stable, with no significant external risks anticipated [4] Group 3 - The liquidity situation is improving, with margin trading balances steadily increasing and stock market transaction volumes returning to over 2 trillion [4] - The macro liquidity environment is generally loose, with expectations of potential interest rate cuts by the Federal Reserve, which could further support the market [5] - Policy measures are seen as neutral to slightly optimistic, with ongoing efforts in fiscal policy aimed at improving people's livelihoods [5][6] Group 4 - The market sentiment has improved significantly, driven by increased confidence in domestic capabilities, particularly in technology and defense sectors [6] - The current market trend is characterized as a "slow bull" market, suggesting a more stable and gradual upward movement rather than a rapid surge [6] - Investors are advised to consider technical indicators if they find it challenging to capture rapid changes in fundamentals, sentiment, liquidity, and policies [6] Group 5 - Asset allocation strategies are recommended to adopt a "core + satellite" approach, with a focus on technology and dividend sectors [8] - The 中证A500ETF is highlighted as a balanced product that may outperform the 沪深300 index in a bull market due to its exposure to emerging industries [8] - The communication ETF and semiconductor equipment ETF are also noted for their strong performance and potential for future growth [9][10] Group 6 - The military industry is expected to perform well historically around significant events such as military parades, indicating potential investment opportunities [10] - The consumer sector, particularly pharmaceuticals and food and beverage, is identified as a key area for investment, with specific funds recommended for consideration [10][11] - The bond market is experiencing a period of adjustment, with opportunities for investors to accumulate positions during this time [12]

天风证券指出，当前长三角、湖北、湖南及川渝等地区企业正在就错峰生产方案展开积极磋商，若 后续行业自律措施有效落实，水泥价格将开启恢复性上调走势。新藏铁路有限公司的成立（注册资本 950亿元）及三峡水运新通道、浙赣粤运河等重点工程有望为水泥需求带来增量。此外，高端电子布基 本面呈现量价齐升趋势，玻纤电子布投资链条值得关注。水泥市场近期重点地区企业平均出货率约 44%，中长期供需格局有望随基建需求改善而优化。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻 璃、陶瓷等基础建材及新型建材制造业务的上市公司证券作为指数样本，以反映建筑装修材料相关上市 公司证券的整体表现。该指数兼具周期性与成长性特征，涵盖建筑与装修材料全产业链领域。 没有股票账户的投资者可关注国泰中证全指建筑材料ETF发起联接C（013020），国泰中证全指建 筑材料ETF发起联接A（013019）。 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 ...

Group 1 - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to regulate low-price disorderly competition among enterprises [1] - The Central Financial Committee emphasized the need to govern low-price competition and promote the orderly exit of backward production capacity [1] - The Ministry of Industry and Information Technology announced plans to implement growth stabilization work for ten key industries, including steel and non-ferrous metals, to eliminate backward production capacity [1] Group 2 - The "anti-involution" policy is gaining momentum, leading to a renewed outlook for cyclical industries, with July's PPI showing a month-on-month decline of 0.2%, the smallest drop since March [2] - The current supply-demand imbalance is more complex, with traditional industries facing "demand insufficiency" and emerging industries experiencing "supply expansion" issues [2] - The stock market has reacted strongly to the "anti-involution" policy, with industry valuations undergoing fundamental changes, indicating potential buying opportunities [3] Group 3 - Coal ETF (515220) is the only coal ETF in the market with a scale exceeding 8.1 billion, tracking the China Securities Coal Index [4] - Steel ETF (515210) is the only steel ETF in the market with a scale exceeding 3.2 billion, tracking the China Securities Steel Index [4] - The photovoltaic 50 ETF (159864) has seen over 80% growth in share this year, tracking the China Securities Photovoltaic Industry Index [4]

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。 8月11日，建材ETF（159745）涨超1.2%。 天风证券指出，中共中央政治局会议强调"稳增长"基调，并提出"反内卷"治理框架，对水泥行业形 成积极影响。短期来看，水泥行业具备较好协同基础且需求有支撑，复价效果或更明显；中长期则有望 通过"市场+行政+法律"组合拳推动产能治理。预计短期内水泥价格将呈现震荡趋稳态势，行业景气已接 近周期底部，后续基建和地产需求改善预期有望带动基本面修复，中长期供给格局或持续优化。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻 璃、陶瓷等建材制造业务的上市公司证券作为指数样本，以反映建筑材料行业相关上市公司证券的整体 表现。该指数成分股兼具周期性与成长性特征，行业配置主要集中于基础建设及房地产相关领域。 没有股票账 ...

建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻璃、陶 瓷等传统建材及新型环保建材生产与销售的上市公司证券作为指数样本，以反映建筑材料行业相关上市 公司证券的整体表现。该指数具有较强的周期性特征，与房地产、基建等行业的发展密切相关。 没有股票账户的投资者可关注国泰中证全指建筑材料ETF发起联接A（013019），国泰中证全指建筑材 料ETF发起联接C（013020）。 天风证券指出，中共中央政治局会议强调"稳增长"基调，短期来看，水泥行业因协同基础较好且需求有 支撑，价格修复效果或更明显；中长期部分行业产能治理将依靠行政化手段。当前水泥市场价格延续下 行态势，受高温、强降雨等天气影响，需求依旧疲软，全国重点地区水泥企业平均出货率不足45%。由 于多数地区水泥价格已跌至低位，整体降幅较前期显著收窄，预计短期内价格将呈现震荡趋稳态势。政 策预期升温及基本面改善（如旺季涨价）有望对行业估值形成二次催化。 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 ...

Core Viewpoint - The "anti-involution" concept is experiencing a temporary pullback, but this does not fundamentally change the valuation logic driven by policies aimed at regulating industry competition and promoting technological upgrades [1][3]. Market Performance - Coal ETF (515220) fell over 3%, Steel ETF (515210) dropped over 2%, while Building Materials ETF (159745) and Photovoltaic 50 ETF (159864) decreased nearly 1.5% [1]. - The market's pullback is seen as a release of high market sentiment rather than a reversal of underlying valuation logic [1]. Policy Implications - The core of the "anti-involution" policy focuses on standardizing industry competition, eliminating inefficient capacity, and reshaping the profit model of cyclical industries [1]. - Historical data shows that during the last supply-side reform from February 2016 to the end of 2017, the building materials industry rose by 45.75%, steel by 41.61%, and coal by 31.55% [1]. Investment Opportunities - Coal ETF (515220) has a market size exceeding 7 billion, tracking the China Coal Index [4]. - Steel ETF (515210) has surpassed 3 billion in size, tracking the China Steel Index [4]. - Building Materials ETF (159745) is the largest in its category with a size of 1.49 billion, tracking the China Building Materials Index [4]. - Photovoltaic 50 ETF (159864) has seen a net inflow exceeding 200 million for five consecutive days, tracking the China Photovoltaic Industry Index [4]. Economic Outlook - Citic Securities indicates that "anti-involution" may help stabilize the decline in PPI, and with demand-side expansion policies, a low-price state may be overcome [3]. - Huatai Securities suggests maintaining flexibility in trading strategies due to various events in August, while focusing on the effectiveness of "anti-involution" policies in the medium term [3].

Group 1 - The core viewpoint is that the cement industry is expected to see price increases as demand enters a peak season, with current valuations remaining low at a price-to-book ratio of 0.7, which is at the 17th percentile over the past three years [1] - The cement industry is projected to achieve a total profit of 15-16 billion yuan in the first half of 2025, marking a significant turnaround from losses, driven by factors such as increased pricing awareness among leading companies, a year-on-year increase in average cement prices by approximately 20 yuan per ton, and a 4.3% year-on-year decline in cement production [1] - The Ministry of Industry and Information Technology will implement a new round of growth stabilization plans for the building materials industry, aiming to optimize supply and eliminate outdated production capacity, which is expected to improve the supply-demand dynamics in the industry [1] Group 2 - The building materials ETF (159745) tracks the CSI Building Materials Index (931009), which reflects the overall performance of listed companies in the building materials sector, including cement, glass, and new building materials [1] - Investors without stock accounts can consider the Guotai CSI All-Share Building Materials ETF Initiated Link A (013019) and Link C (013020) for exposure to the building materials sector [1]

Core Viewpoint - The construction materials ETF (159745) has risen over 2.2%, with seasonal price pressures but increasing expectations for recovery in peak season [1] Group 1: Industry Insights - Cement prices are expected to increase after the demand surge in August, with the current industry valuation at a low point (PB at 0.7x, in the 17th percentile over the past three years) [1] - Policy expectations are rising, coupled with the Ministry of Industry and Information Technology's efforts to promote stable growth in the construction materials sector, which may catalyze valuation recovery [1] - The industry is projected to achieve a total profit of 15-16 billion yuan in the first half of 2025, with significant performance improvements among leading companies [1] Group 2: Factors Influencing Performance - Key factors contributing to performance improvement include: 1. Enhanced awareness among companies regarding price stability and profit increase, with average cement prices rising approximately 20 yuan/ton year-on-year [1] 2. Narrowing demand decline, with production down 4.3% year-on-year [1] 3. Decrease in coal costs by about 200 yuan/ton year-on-year [1] - The trend of profit recovery in the industry is becoming clear due to policy-driven supply-side optimization and the approaching peak demand season [1] Group 3: Investment Options - The construction materials ETF (159745) tracks the construction materials index (931009), which selects listed companies engaged in the production and sales of construction materials, reflecting the overall performance of the sector [1] - Investors without stock accounts can consider the Guotai CSI All-Share Construction Materials ETF Initiated Link A (013019) and Guotai CSI All-Share Construction Materials ETF Initiated Link C (013020) [1]

Group 1 - The core viewpoint of the articles highlights the positive impact of the Yajiang project on the construction materials and infrastructure sectors, leading to significant market activity and investment opportunities [1][2] - The Yajiang project, a national strategic initiative, is expected to enhance Tibet's GDP growth rate to over 8% annually and generate over 2 trillion yuan in related investments over the next decade, significantly boosting demand for cement and construction materials [1] - Recent government policies aimed at stabilizing growth in key industries, including construction materials, are expected to optimize the industry structure and improve the fundamentals for leading companies in the construction and materials sectors [1][2] Group 2 - The construction materials sector has seen a downturn in recent years, but recent data indicates that various sub-industries are approaching profitability bottoms, with expectations for recovery in 2025 [2] - Demand-side factors, such as urban renewal initiatives and support for home renovations, are anticipated to drive consumption of construction materials like pipes, waterproofing, and coatings [2] - The trend of "anti-involution" is expected to lead to positive changes in supply-side dynamics, with potential improvements in industry structure and profit margins for companies in the construction materials sector [2]