行情升温，有网友发帖直言，"股市一天赚了一个月工资"；连续盈利下，有人称"每天都在思考为啥要 上班"。另一方面，在众多晒收益的帖子评论区，依旧有不少其他声音，"还没回本""买的基金现在还 赔，不敢动了""刚解套"。 也有投资者对记者说，股市新高了，但好像周围没什么人聊股票。记者注意到，8月18日，"牛市"关键 词在微信指数中创下年内新高，但较去年"9·24"行情高点依旧有数倍差距。 上述券商人士对记者表示，近期客户交易换手率整体提升，成长型公司投资占比有所增加，但大部分客 户依旧以优质权重股投资为主。其介绍，客户年龄结构以35-60岁的中年投资者为主力军，年轻投资者 虽参与度在提升，但整体占比变化不大，"新增投资者在年龄、地域、资产规模分布等方面，依旧维持 过往态势"。 "股市一天赚了一个月工资"，网上晒投资收益的现象又多起来了。"最近股市涨得都不想工作了。"有投 资者感叹，也有投资者逆向而行，"决定了，明天清仓"。 日前，上证指数创近十年新高，有专家称一年后可能上5000点；存款搬家、A股开户数激增等话题引发 热议。但经历多轮行情起伏，投资者心态正发生变化。有公募人士对记者表示，最近主动权益类基金净 值回升 ...

Market Overview - The Shanghai Composite Index reached a nearly ten-year high, surpassing 3700 points, with the total market capitalization of A-shares exceeding 100 trillion yuan [3][10] - Predictions suggest that the index could rise to 5000 points within a year, indicating a bullish sentiment among experts [3][10] Investor Sentiment - Investor sentiment is mixed, with some expressing excitement over recent gains, while others remain cautious due to past market downturns [3][10] - The number of new A-share accounts surged to 1.9636 million in July, a year-on-year increase of 70.54% [3][10] Fund Performance - Active equity funds have shown a strong recovery this year, with an average return of 20% and 97.6% of funds reporting positive returns [7][9] - Over 150 funds have announced "purchase limits" in the past month, indicating a response to increased demand and to protect existing investors [9] Trading Behavior - There has been an increase in trading turnover and a shift towards growth-oriented investments, although many investors still prefer high-quality blue-chip stocks [6][10] - Investors are becoming more proactive in their trading strategies, with a growing interest in diversified asset allocation [6][10] Market Dynamics - The current market is characterized as a "healthy bull" phase, supported by improved earnings expectations and steady inflow of new capital [10][11] - The shift in public fund management philosophy from "scale" to "returns" is evident, with a focus on sustainable performance rather than just asset accumulation [9][11]

Overall Summary - The report is a weekly financial engineering report on the fund market, covering market performance, style analysis, and factor performance as of August 1, 2025 [3]. Market Performance - In the week ending August 1, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -1.14%, 0.13%, and -2.46% respectively [3]. - In the public - fund market, there was a divergence in stock - bond returns in the past week, with medium - and long - term bonds outperforming. The index weekly return was 0.14%. Passive index returns in the equity market weakened, neutral strategy products mostly rose, pure - bond strategy returns in the bond market rebounded, convertible bond returns declined, and silver and energy - chemical ETFs in the commodity market significantly corrected, while gold and soybean meal ETFs had slightly weaker returns [3]. Style Analysis 1. Zhongxin Five - Style Index - Last Friday, the style index closed down, with growth and consumption relatively stronger. The style rotation chart showed that the relative strength of each style decreased month - on - month, and the cyclical style had a large decline in the indicator momentum [3]. - In the public - fund pool, the average return of consumption - style funds in the past week did not outperform the benchmark index, while cyclical and growth - style funds had better excess performance. The style coefficients of growth and stable styles slightly increased [3]. - The growth style rose to a historically high - congestion range [3]. 2. Style Timing Model - According to the latest scoring results of the style timing model, the financial style weakened marginally this week, the stable style rebounded, and the current signal favored the consumption style. The return of the style timing strategy last week was -0.41%, and the excess return compared to the benchmark balanced allocation was 0.97% [3]. Barra Factor Performance - In the past week, the return of the residual volatility factor continued to strengthen, with a weekly excess return of 1.02%. The returns of the profitability and liquidity factors weakened. In terms of winning rate, the capital flow factor strengthened marginally, and the leverage and residual momentum factors decreased month - on - month [3]. - This week, the cross - sectional rotation speed of factors decreased marginally and was currently in a historically low - quantile range [3].