证券研究报告 | 2025年08月02日 金融工程日报 A 股震荡走低，AI 智能体午后走强、AI 硬件方向走低 核心观点 金融工程日报 市场表现：20250801 规模指数中中证 2000 指数表现较好，板块指数中深证 综指表现较好，风格指数中中证 500 价值指数表现较好。传媒、轻工制造、 家电、纺织服装、汽车行业表现较好，石油石化、国防军工、钢铁、通信、 非银行业表现较差。快递、PVC 地板、智慧停车、动物疫苗、K-12 教育等概 念表现较好，稀土、中船系、稳定币、磁电存储、电路板等概念表现较差。 市场情绪：20250801 收盘时有 51 只股票涨停，有 9 只股票跌停。昨日涨停 股票今日收盘收益为 1.58%，昨日跌停股票今日收盘收益为-4.00%。今日封 板率 58%，较前日下降 1%，连板率 25%，较前日提升 0%。 市场资金流向：截至 20250731 两融余额为 19848 亿元，其中融资余额 19710 亿元，融券余额 138 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 10.5%。 折溢价：20250731 当日 ETF 溢价较多的是油气资源 ETF，ETF ...

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.37%, the ChiNext Index down 0.24%, and the Shenzhen Component Index down 0.17% [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 16,199 billion yuan, a decrease of 3,420 billion yuan compared to the previous day [1] Sector Performance - AI hardware themes generally retreated, with CPO and GPU sectors leading the decline; stablecoins, military industry, and semiconductor stocks also saw significant drops [1] - Conversely, AI applications, photovoltaic, innovative pharmaceuticals, and smart logistics sectors were active [1] ETF Highlights - The Guangfa Fund's Hang Seng Consumer ETF rose by 4.69% [1] - The photovoltaic sector showed strength, with Guangfa Fund's Photovoltaic ETF, Guotai Fund's Photovoltaic 50 ETF, and Huashan Fund's Photovoltaic ETF Index Fund increasing by 2.53%, 1.94%, and 1.94% respectively [1] - The traditional Chinese medicine sector was active, with Yinhua Fund's Traditional Chinese Medicine 50 ETF and Huitianfu Fund's Traditional Chinese Medicine ETF rising by 2.36% and 1.89% respectively [1] International Market Trends - Overnight oil prices declined, leading to a drop of over 5% in Sinopec's stock, and the oil and gas resource ETF fell by 4.18% [1] - The South Korean stock market also declined, with the South Korea Semiconductor ETF down 3.38% [1] - European stock markets closed at their lowest in over a week, with France's CAC40 ETF and Germany's ETF down 2.44% and 2.2% respectively [1] - U.S. stocks experienced a pullback after an initial rise, with the U.S. 50 ETF and Nasdaq ETF both down by 2% [1] - Military stocks were among the biggest losers, with the aerospace and defense ETF down 2.31% [1]

Group 1 - The ETF market on August 1 showed mixed performance, with the Hang Seng Consumer ETF (159699) leading gains at 4.59% [2] - The leading photovoltaic ETF (560980) increased by 2.32%, while the Traditional Chinese Medicine 50 ETF (562390) rose by 2.16% [2] - The Oil and Gas Resources ETF (563150) experienced the largest decline at 3.77%, followed by the China-Korea Semiconductor ETF (513310) which fell by 2.55%, and the Shanghai 180 ETF Index (510040) decreased by 2.22% [2]

Market Performance - As of July 30, 2025, the three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.17% to 3615.72 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.77% to 11203.03 points and 1.62% to 2367.68 points respectively [1] - The total trading volume of the two markets reached 1.84 trillion yuan [1] Industry Highlights - The fishery sector performed notably well, surging by 4.06%, followed by the steel and film industries, which rose by 3.30% and 2.76% respectively [1] - A total of 356 non-currency ETFs increased in value, representing 29% of the market [1] - The China Steel Index rose by 1.58%, and the Steel ETF increased by 1.53% [1] - The China Petrochemical Industry Index saw a rise of 1.57%, with the Petrochemical ETF and Chemical Industry ETF increasing by 2.07% and 1.66% respectively [1] - The China Film Theme Index rose by 1.26%, with the Film ETF increasing by 1.64% and another Film ETF by 1.40% [1] ETF Performance - The top-performing ETFs included the Oil and Gas Resources ETF, which rose by 3.25%, and the Petrochemical ETF, which increased by 2.07% [3] - The Steel ETF had a total share size of 23.50 billion units, closely tracking the China Steel Index [5] - The Oil and Gas ETF had a share size of 1.13 billion units, tracking the National Oil and Gas Index [4] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the China National New Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index is 8.74, which is below 99.80% of the time over the past three years [4] - The National Oil and Gas Index has a PE-TTM of 11.34, below 66.36% of the time over the past three years [5] Declining Sectors - A total of 809 non-currency ETFs declined, accounting for 67% of the market [5] - The China Hong Kong Stock Connect Automotive Industry Theme Index and the China Financial Technology Theme Index experienced the largest declines, falling by 4.50% and 2.94% respectively [5]

Group 1 - The oil and gas resource ETF (563150) increased by 3.25% [1] - The petrochemical ETF (159731) rose by 2.07% [1] - The chemical industry ETF (516570) saw a gain of 1.66% [1] Group 2 - The Hong Kong automotive ETF (520600) decreased by 3.86% [1] - The Hong Kong automotive ETF fund (159237) fell by 3.85% [1] - The Hong Kong Stock Connect automotive ETF (159323) dropped by 3.73% [1]

Group 1 - The ETF market showed mixed performance, with the Sci-Tech Innovation Board New Energy ETF (588960) leading gains at 9.44% [1] - The Robot 50 ETF (159559) increased by 4.79%, while the Sci-Tech New Energy ETF (588830) rose by 4.71% [1] - On the downside, the S&P Oil & Gas ETF (513350) fell by 6.2%, and the S&P Oil & Gas ETF (159518) decreased by 5.96% [1][1] - The Oil and Gas Resources ETF (563150) also declined, dropping by 5.1% [1] Group 2 - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for a Hong Kong Stock Connect [1]

Group 1 - The ETF market showed mixed performance at midday, with the Robot ETF (300024) from E Fund leading the gains at 3.81% [1] - The Robot 50 ETF (159559) increased by 3.78%, while the Hong Kong Securities ETF (513090) rose by 3.69% [1] - Conversely, the S&P Oil & Gas ETF (513350) experienced the largest decline at 6.0%, followed closely by the S&P Oil & Gas ETF (159518) which fell by 5.96%, and the Oil & Gas Resources ETF (563150) which dropped by 4.8% [1] Group 2 - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for a Hong Kong Stock Connect [1]

Core Viewpoint - The ETF market shows mixed performance, with certain ETFs experiencing significant gains while others face notable declines [1] Group 1: ETF Performance - The Hang Seng China Enterprises ETF (159960) leads with a gain of 3.14% [1] - The China-Korea Semiconductor ETF (513310) increases by 2.58% [1] - The German ETF (159561) rises by 2.00% [1] - The S&P Oil & Gas ETF (513350) experiences the largest decline at 6.4% [1] - The S&P Oil & Gas ETF (159518) falls by 6.37% [1] - The Oil & Gas Resources ETF (159309) decreases by 5.21% [1] Group 2: Investment Strategy - The strategy suggests that investors should consider buying index ETFs to capitalize on market rebounds [1]

Group 1: Fund News - Dong Fang has resigned as the Deputy General Manager of China Merchants Fund effective June 19, 2023, after joining the company in August 2023 [1] - As of June 19, 2023, 47 new equity funds have been established in June, with several funds entering the investment phase within half a month of their establishment [2] - Oil and gas public funds have outperformed innovative drug-themed products in terms of net value growth since June, with 12 public funds showing over 10% growth, all of which are oil-themed funds [3] Group 2: Fund Manager Dynamics - Li Xiaoxing has adjusted holdings in Jingpin Special Equipment, with the Silver Hua Xinyi Flexible Allocation Mixed Fund appearing in the top ten circulating shareholders for the first time, holding 840,100 shares [4] Group 3: ETF Market Review - The market experienced a downward trend, with the Shanghai Composite Index falling by 0.07%, the Shenzhen Component Index by 0.47%, and the ChiNext Index by 0.84%. The total trading volume in both markets was 1.07 trillion yuan, a decrease of 182.9 billion yuan from the previous trading day [5] - The liquor sector saw a rebound, with Huangtai Liquor reaching the daily limit, and the liquor ETF leading with a 2.20% increase [5][6] Group 4: ETF Opportunities - The white liquor industry is expected to continue seeking a bottom in its industrial prosperity by Q2 2025, with price pressures outweighing volume pressures. Companies that can adapt to fast-moving consumer goods operations will have a competitive advantage [8] Group 5: Upcoming Fund Launches - The Qianhai Open Source CSI 500 Equal Weight ETF Link is set to launch, managed by Liang Pusen, with a performance benchmark of the CSI 500 Equal Weight Index return rate multiplied by 95% plus the after-tax bank RMB demand deposit interest rate multiplied by 5% [9]

Group 1 - The ETF market opened with mixed performance, with the Hang Seng Internet Technology ETF (159202) leading the gains at 2.54% [1] - The Consumption ETF for Shanghai-Hong Kong-Shenzhen (517550) increased by 1.59% [1] - The Saudi ETF (159329) rose by 1.11% [1] Group 2 - The Oil and Gas Resources ETF (159309) experienced the largest decline, falling by 1.08% [1] - The Oil and Gas ETF from Bosera (561760) decreased by 1.02% [1] - The Oil and Gas Resources ETF (563150) dropped by 0.92% [1]