证券研究报告 2025 年 08 月 04 日 [Table_Title] 每日复盘 2025 年 8 月 4 日市场全天低开回升，军工板块集体走强 报告要点： 2025 年 8 月 4 日市场全天低开回升，军工板块集体走强。上证指数上涨 0.66%，深证成指上涨 0.46%，创业板指上涨 0.50%。市场成交额 14813.17 亿 元，较上一交易日减少 1008.41 亿元。全市场 3775 只个股上涨，1216 只个 股下跌。 风格上看，各指数涨跌幅排序为：成长>周期>金融>消费>稳定>0；小盘 成长>大盘成长>中盘成长>小盘价值>大盘价值>中盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：国防军工 （3.35%），机械（1.91%），有色金属（1.72%）；表现相对靠后的是：石油石 化（-0.30%），综合金融（-0.30%），消费者服务（-0.25%）。概念板块方 面，多数概念板块上涨，兵装重组、军工信息化、军民融合等大幅上涨；乳 业、动物疫苗、信托等板块走低。 资金筹码方面，主力资金 8 月 4 日净流入 0.69 亿元。其中超大单净流入 47.4 ...

证券分析师:张一 S0670524030001 010-83270999-97050 zhangy i@cnht. com. cn 2025年8月4日 证券分析师:李杜 S0670524040001 021-50800937 l idu@cnht. com. cn 策略说明: 恒泰证券研究所基于策略报告《行业轮动下的策略组合报告:基于行业风格延续和切 · 换视角下的定量分析》(20241007)和《股票型ETF市场概览与配置方法研究:以基于 行业轮动策略的ETF组合为例》（20241013）,构建基于行业和主题ETF的策略组合。 恒泰证券 研究所 行业轮动ETF策略周报 (20250728-20250803) 证券研究报告·策略周报 图表3:行业轮动ETF策略建仓以来累计收益率(20241014-20250801) 策略更新: 20250804一周,模型推荐配置电力、股份制银行、白酒等板块。未来一周,策略将新 . 增持有绿电ETF、银行ETF、酒ETF等产品:并继续持有房地产ETF、农业ETF等产品。截 至上周末,部分ETF及标的指数的交易择时信号给出日度或周度风险提示。 图表1:行业轮动ETF策略未来1周推 ...

【导读】继续吸金！港股通 ETF 过去一周资金净流入超 155 亿元 中国基金报记者 若晖 大型基金公司旗下部分 ETF 继续保持资金净流入。 上周五（ 8 月 1 日）， A 股市场多个主流指数下跌。场内资金止盈意愿强烈，继续 " 落袋为安 " 。 W ind 数据显示，过去一周，股票 ETF （含跨境 ETF ）资金净流出超 105 亿元 ，仅上周四，股票 ETF 单日资金净流出就超 100 亿 元。 从过去一周情况看，港股 ETF 是股票 ETF" 吸金 " 主力。其间，港股通 ETF 资金净流入超 155 亿元，多只相关 ETF 资金净流入位居市 场前列。同期，科创债 ETF 是债券市场 ETF" 吸金 " 主力。 股票 ETF 上周五小幅净流入 上周五， A 股市场多个主流指数小幅回调，截至收盘，上证指数跌 0.37% ，报收于 3559.95 点；深证成指下跌 0.17% ，报收于 10991.32 点；创业板指下跌 0.24% ，报收于 2322.63 点。沪深两市成交金额接近 1.6 万亿元，较上一个交易日大幅缩量 3377 亿元。 Wind 数据显示，上周五，股票 ETF （含跨境 ETF ...

今年以来，港股创新药迎来史诗级爆发！带动多只基金净值翻倍。 截至7月31日，规模超1亿的基金中有8只年内净值翻倍。这些翻倍基二季度末的重仓股均属创新药赛道，且多数是港股创新药。 张韡管理的汇添富香港优势精选A以138.23%的净值增长率，夺得年内冠军。 梁福睿管理的长城医药产业精选A年内净值增长率127.05%，位居第二；郑宁管理的中银港股通医药A年内净值增长率113.51%，位居第三。 年内翻倍基还有永赢医药创新智选A、华安医药生物A、汇添富国证港股通创新药ETF、华泰柏瑞恒生创新药ETF、万家中证港股通创新药ETF。 公募基金业绩榜重磅出炉！ | 序号 | 14685 | 名称 | 年初至今净值增长率 | 基金规模(亿元) | 基金经理 | 晨播公司 | | --- | --- | --- | --- | --- | --- | --- | | ل | 470888.OF | 汇添富香港优势精选A | 138.23% | 2.02 | 张萍 | 汇添富基金 | | 2 | 022286.OF | 长城医药产业精选A | 127.05% | 2.04 | 梁福容 | 长城基金 | | 3 | 020397. ...

截至2025年8月1日 10:29，沪深300指数上涨0.17%，成分股圆通速递上涨9.71%，大全能源上涨5.60%，同花顺上涨4.78%，紫光国微上涨4.66%，海康威视上 涨4.20%。沪深300ETF(159919)红盘蓄势。 流动性方面，沪深300ETF盘中成交1.14亿元。拉长时间看，截至7月31日，沪深300ETF近1年日均成交11.16亿元。规模方面，沪深300ETF近2周规模增长 3887.14万元。 数据显示，截至2025年6月30日，沪深300指数前十大权重股分别为贵州茅台、宁德时代、中国平安、招商银行、兴业银行、长江电力、美的集团、紫金矿 业、比亚迪、东方财富，前十大权重股合计占比22.76%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | -0.34% | 4.19% | | 300750 | 宁德时代 | 0.29% | 3.15% | | 601318 | 中国平安 | 0.46% | 2.83% | | 600036 | 招商银行 | 0.34% | 2.69% | | 601166 ...

Market Overview - The A-share market experienced a collective decline today, with the Shanghai Composite Index falling by 1.18% to close at 3573.21 points, the Shenzhen Component Index down by 1.73% to 11009.77 points, and the ChiNext Index decreasing by 1.66% to 2328.31 points [2][3][4] - This marks the largest single-day decline since April 7, with a total trading volume of 19.36 trillion yuan, an increase of 91.8 billion yuan compared to the previous day [4][12] Index Performance - The CSI 300 Index, which represents major stocks in the Shanghai and Shenzhen markets, saw a larger drop of 1.82%, indicating significant contributions from heavyweight stocks to the overall market decline [5] - Out of 4274 stocks in the two markets, only 1060 stocks rose, highlighting a broad-based sell-off [5] Sector Analysis - Only six sectors showed positive performance, primarily driven by pharmaceutical stocks due to ongoing speculation in innovative drugs, and sectors related to information technology [6] - The sectors with the largest declines included coal and non-ferrous metals, with steel and photovoltaic equipment also experiencing drops of over 2.63% [6] Individual Stock Impact - Major negative contributors to the Shanghai Composite Index included China Life, Ping An Insurance, Kweichow Moutai, Yangtze Power, and China Mobile [7] - For the Shenzhen Component Index, CATL, BYD, Midea Group, Wuliangye, and Dongfang Caifu had the most significant negative impacts, with CATL experiencing a 4.45% drop following disappointing revenue expectations [7][8] Market Sentiment and Future Outlook - The market's sudden downturn occurred shortly after a political bureau meeting emphasized stabilizing the capital market, leading to concerns about irrational panic selling [9][10] - Despite the overall market decline, major banks showed resilience, with Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Bank of China all posting slight gains [11] - The recent speculative trading behavior, particularly in stocks like Weiwei New Materials, which surged 1200% in a month, has raised concerns about regulatory scrutiny and potential repercussions for the broader market [11][12]

周期致富=价值投资+主力思维 投资是理性与耐心的修行！盈利模式的关键是锁定预期目标！克服人性的贪婪和恐惧！ 投资有风险 入市需谨慎！请注意！内容主要来自公开信息,本人观点"非常主观，很不客观" 不构成任何 投资建议！如果对你有价值投资、主力控盘感兴趣，请关注、收藏@周哥财经日记，对你有帮助感 谢"点赞"、"分享"到朋友圈、若有不同见解欢迎"评论"。 一、核心宏观事件与市场影响 中美关税展期共识 中国商务部确认双方将继续推动美方暂停的24%对等关税及中方反制措施的展期 外资增配中国资产：港股、A股核心资产（如沪深300ETF）或受资金青睐，尤其新能源（宁德时代）、 基建（中国建筑）等出口拉动领域。 人民币汇率支撑：经济韧性增强或缓解贬值压力，利好航空（中国国航）、造纸（太阳纸业）等外币负 债行业。 泰柬边境冲突再起 影响： 利好出口依赖型中企：如机电、家电、纺织等行业龙头（如海尔智家、美的集团），关税不确定性降低 或提振估值修复。 风险提示：若后续谈判生变，对美出口占比高的企业（如安克创新）仍存潜在关税冲击。 IMF大幅上调中国经济增长预期 IMF将2025年中国GDP增速预测从4%上调至4.8%，主因上半年出 ...

[Table_Title] 每日复盘 证券研究报告 2025 年 07 月 30 日 2025 年 7 月 30 日沪指冲高回落，稳定币概念股集体调整 报告要点： 2025 年 7 月 30 日沪指冲高回落，稳定币概念股集体调整。上证指数上 涨 0.17%，深证成指下跌 0.77%，创业板指下跌 1.62%。市场成交额 18278.93 亿元，较上一交易日增加 384.71 亿元。全市场 1662 只个股上涨，3412 只个 股下跌。 风格上看，各指数涨跌幅排序为：消费>稳定>金融>0>周期>成长；大盘 价值>中盘价值>中盘成长>小盘价值>大盘成长>小盘成长；中证全指表现优 于基金重仓股。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：石油石化 （1.78%），钢铁（1.66%），食品饮料（0.86%）；表现相对靠后的是：综合金 融（-3.09%），电力设备及新能源（-2.15%），计算机（-1.35%）。概念板块 方面，多数概念板块下跌，可燃冰、青蒿素、乳业等板块上涨；电子身份 证、数字货币、移动支付等大幅走低。 资金筹码方面，主力资金 7 月 30 日净流出 667.37 亿元。其中超大单净 ...

Market Overview - The market experienced a strong upward trend on Tuesday, with the ChiNext Index rising nearly 2% and surpassing the 2400-point mark [1] - The Shanghai Composite Index closed at 3609.71 points, up 0.33%, with a trading volume of 793.6 billion [1] - The Shenzhen Component Index closed at 11289.41 points, up 0.64%, with a trading volume of 1009.6 billion [1] - The ChiNext Index closed at 2406.59 points, up 1.86%, with a trading volume of 495.8 billion [1] Sector Performance - The CRO, steel, CPO, and advanced packaging sectors saw significant gains, while insurance, pork, banking, and agriculture sectors experienced declines [1] - Pharmaceutical stocks collectively surged, with CRO and innovative drug sectors leading the gains, and several stocks like Chenxin Pharmaceutical hitting the daily limit [2] - CPO and computing hardware stocks showed strong fluctuations, with companies like Zhongji Xuchuang reaching historical highs [2] Institutional Insights - According to Jifeng Investment Advisory, the current policy cycle is shifting towards a positive stance, suggesting that A-shares and the economy may see upward turning points [4] - Investment recommendations include focusing on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [4] - Fuyong Fund noted that cyclical and blue-chip sectors are benefiting from "anti-involution" policies and large-scale investments in hydropower projects, leading to a significant increase in market expectations for industrial product prices [4] Corporate News - Zhu Huarong has been appointed as the Party Secretary and Chairman of China Changan Automobile Group [5] - Zhao Fei has been appointed as the Deputy Secretary and Director, nominated as the General Manager candidate [5] - Other appointments include Tan Benhong, Jia Lishan, Deng Wei, and others in various leadership roles within the company [5] Agricultural Sector Initiatives - The Ministry of Agriculture and Rural Affairs plans to enhance the cultivation of agricultural brands and improve consumer confidence [7] - Efforts will include developing management standards for agricultural brand cultivation and promoting high-quality agricultural products through marketing campaigns [7][8] - The ministry aims to strengthen the marketing service capabilities for agricultural products and optimize consumption channels [8]

Core Insights - A total of 241 ETF funds experienced net inflows from financing, while 28 funds saw net outflows from securities lending [1] - Significant inflows were observed in specific ETFs, including the Government Bond ETF (511520.SH) and the National Debt ETF (511010.SH), with net inflows of 8.29 billion and 3.17 billion respectively [1][3] - Conversely, notable outflows were recorded in ETFs such as the CSI 500 ETF (510500.SH) and the CSI 1000 ETF (512100.SH), with net outflows of 1.24 billion and 1.05 billion respectively [1][5] Financing Inflows - 62 ETFs had financing net inflows exceeding 5 million, with the top five being: - Government Bond ETF: 8.29 billion - National Debt ETF: 3.17 billion - City Investment Bond ETF: 2.76 billion - Short-term Bond ETF: 1.50 billion - Sci-Tech 50 ETF: 1.37 billion [1][3][10] Securities Lending Outflows - 6 ETFs had securities lending net outflows exceeding 5 million, with the top five being: - CSI 500 ETF: 1.24 billion - CSI 1000 ETF: 1.05 billion - CSI 300 ETF: 1.055 billion - Shanghai Stock Exchange 50 ETF: 801.58 million - CSI 2000 ETF: 526.18 million [1][5][12] Recent Trends - 91 ETFs have seen continuous financing net inflows, with the Hong Kong Securities ETF leading with a net inflow of 6.11 billion over the past 7 days [1][7] - In terms of continuous securities lending net outflows, 4 ETFs were noted, with the Innovation Drug ETF experiencing a net outflow of 45.47 million over 3 days [1][8] Long-term Observations - Over the past 5 days, significant financing net inflows were recorded in: - Government Bond ETF: 4.48 billion - Hong Kong Securities ETF: 4.43 billion - Hang Seng Technology ETF: 2.12 billion [1][8][10] - Conversely, the top 5 ETFs with net outflows over the same period included: - CSI 500 ETF: 1.34 billion - CSI 1000 ETF: 1.22 billion [1][10][12]