20250722-财达证券-每日市场观察_5页_428kb

Market Summary: July 22, 2025

Key Market Performance

On July 22, the market closed higher with increased trading volume, reaching 1.73 trillion yuan – a 1400 billion yuan increase from the previous day. Most sectors rose, led by cyclicals (e.g., construction, building materials, steel, industrial metals, chemicals), while financials, computing, and consumer goods saw minor declines. The market showed a more balanced structure after weeks of improving volume.

Catalysts and Drivers

The launch of the Yarlung Tsangpo River downstream hydroelectric project provided significant tailwinds for cyclical sectors, amplifying price gains and signaling sustained interest. This, combined with ongoing economic policies like digital transformation for small and medium enterprises (SEMs), supported broader market positivity.

Sector Opportunities

Cyclical industries such as construction, building materials, chemicals, and power equipment remain highly favored due to projects like Yarlung Tsangpo and weak valuations. Tech-related sectors, including computing and rare earths, face consolidation but offer chances after digestion of recent gains.

News Highlights

• Digital finance initiatives, including SEM digitalization plans, aim to enhance access to services.
• Western region trade exports reached record levels, boosting confidence in global trade.
• Loan prime rates (LPR) remain unchanged, reflecting stable monetary policy.

Industry Updates

• E-commerce and online services saw growth in revenue contributions.
• Railway infrastructure advancements, including expanded logistics and "New Three" exports, position for future demand.
• Fund performance: Hong Kong stocks rebounded strongly, with ETF inflows and active fund strategies outperforming in specific areas like FOFs.

Fund Trends

• Hong Kong-focused funds delivered high returns amid global strength.
• Fixed-odd funds (FOFs) showed average gains of 4.24% for the year, with select products exceeding 15% returns.