一、证券市场回顾 南财金融终端数据显示，昨日(7月23日,下同)上证综指日内上涨0.01%，收于3582.3点，最高3613.02点；深证成指日内下跌0.37%，收于11059.04点，最高 11158.22点；创业板指日内下跌0.01%，收于2310.67点，最高2333.31点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-0.09%。其中按照不同分类，规模指数ETF中汇添富中证A100ETF收益率最高，为1.19%；行业指数ETF中鹏华国证证券龙头 ETF收益率最高，为1.5%；策略指数ETF中华夏中证红利质量ETF收益率最高，为0.5%；风格指数ETF中银华中证500价值ETF收益率最高，为0.94%；主题 指数ETF中博时中证可持续发展100ETF收益率最高，为3.27%。 | 类别 | 代码 | | --- | --- | | 股票型 | 159787.SZ | | 股票型 | 516750.SH | | 股票型 | 159745.SZ | | 股票型 | 516950.8H | | 股票型 | 159619.SZ | | 股票型 | 159635.SZ | ...

Market Overview - On July 22, the Shanghai Composite Index rose by 0.62% to close at 3581.86 points, with a daily high of 3584.72 points [1] - The Shenzhen Component Index increased by 0.84% to close at 11099.83 points, reaching a high of 11099.83 points [1] - The ChiNext Index gained 0.61%, closing at 2310.86 points, with a peak of 2313.46 points [1] ETF Market Performance 1. Overall Performance of Stock ETFs - The median return of stock ETFs was 0.74% on the same day [2] - The highest return among scale index ETFs was from the Penghua CSI 800 Free Cash Flow ETF at 2.58% [2] - The highest return in the industry index ETFs was from the China Tai CSI Coal ETF at 8.25% [2] - The highest return in strategy index ETFs was from the Bank of China Huashang CSI High Dividend Strategy ETF at 3.09% [2] - The highest return in style index ETFs was from the CCB Schroder Shenzhen 300 Value ETF at 2.11% [2] - The highest return in theme index ETFs was from the Bank of China Huashang CSI Infrastructure ETF at 6.99% [2] 2. Stock ETF Performance Rankings - The top three stock ETFs by return were: - Guotai CSI Coal ETF (8.25%) - E Fund CSI All Share Construction Materials ETF (7.91%) - Yinhua CSI Infrastructure ETF (6.99%) [5] 3. Fund Flow in Stock ETFs - The top three stock ETFs by fund inflow were: - Guotai CSI All Share Construction Materials ETF (inflow of 0.892 billion) - Penghua CSI Subdivided Chemical Industry Theme ETF (inflow of 0.757 billion) - Fuguo CSI All Share Construction Materials ETF (inflow of 0.753 billion) [8] 4. Margin Trading Overview for Stock ETFs - The top three stock ETFs by margin buying were: - Huaxia SSE Sci-Tech 50 ETF (0.876 billion) - E Fund ChiNext ETF (0.531 billion) - Guotai CSI All Share Securities Company ETF (0.341 billion) [11] Industry Insights - Datong Securities predicts that the coal sector still has room for price increases, noting a significant rise in the coal sector on July 22 [13] - The proportion of loss-making companies in the coal industry is currently at 53.6%, significantly higher than the 35% recorded in 2016, indicating a decline in total profits [13] - The high temperatures have led to increased daily consumption of thermal power, and the profitability of downstream steel mills remains acceptable, boosting procurement activity [13] - Prices for thermal coal and coking coal continue to rise, and under the constraints of production reduction, further price increases in coal are expected [13]

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]