Industrial: In July, high winds and capital inflows were dominated by overseas insurance assets, and insurance allocation also increased simultaneously.

Industrial released a research report stating that the market is gradually entering a bull market mindset, with higher-risk funds showing a more significant net inflow in July. Lower-risk funds are embracing structural opportunities, actively seeking and exploring niche areas within the main trend that have not been fully priced. In the net inflow of higher-risk funds in July, leverage funds and private equity funds were the main contributors, while ETFs as contrarian funds saw some net outflow. Industry-themed ETFs within the ETFs contributed structurally, focusing on inflow cycles and TMT (Technology, Media, and Telecommunications). Insurance funds continue to significantly increase their allocation to equity assets, gradually expanding from narrow dividend assets such as finance and utilities to broader dividend assets. New issuances and subscriptions of actively managed equity funds showed marginal improvements in July, indicating a potential recovery in confidence in active fund management. Foreign investment in Chinese A-shares showed a positive change in July, with EPFR data reflecting an inflow of foreign funds. The increase in Northbound trading volume reflects the growing participation and willingness of foreign investors in A-shares. In terms of financing, both IPOs and refinancing saw significant increases in size in July, albeit still at a very low level. The continuous influx of incremental funds coupled with limited financing demands may be a significant factor driving market sentiment and the continued recovery of index valuations. The main points highlighted by Industrial are as follows: 1. Active equity funds: New issuances and subscriptions show marginal improvements, indicating a potential exit from the bottom 2. ETFs: Broad-based ETFs face profit-taking outflows, while industry-themed ETFs become the highlight 3. Margin trading: Accelerated net inflow since July focused on TMT, high-end manufacturing, healthcare, non-bank financials, and non-ferrous metals 4. Insurance: Long-term assessment clears institutional barriers, insurance funds continue to show a strong appetite for equity assets 5. Foreign investment: Turning to net inflows in July, foreign participation in A-shares is on the rise 6. Private equity: Management scale and long equity positions have seen significant increases 7. Retail investors: New account openings increased in July, but the growth was relatively slow compared to previous periods 8. Listed companies and industrial capital: Financing and divestment both showed marginal improvements in July Overall, the report is a historical data analysis report and does not constitute recommendations or suggestions for industries or individual stocks.