Liquidity drives the further evolution of the uptrend, with funds focusing on the consensus of "technology + cycle".

Last week, the three major stock indexes in A-shares all rose, with the Shanghai Composite Index up 1.67%, the Shenzhen Component Index up 2.33%, and the ChiNext Index up 2.76%. In terms of market structure, the concept of infrastructure construction as a whole strengthened, and concepts such as steel, coal, and cement continued to be strong. At the same time, technology stocks such as semiconductors and AI were active again, with the Sci-Tech 50 Index leading the market with a weekly increase of 4.63%. Institutional analysis believes that the recent market trend has the typical feature of liquidity driving: institutional funds have been continuously warming up since the beginning of the year, with the recent market profitability effect accumulating, individual investor funds accelerating into the market, and the margin balance of the two markets returning to above 1.9 trillion yuan. Looking ahead, with optimistic trading sentiment and stable incremental capital, this round of market still has good sustainability. A-shares in August are expected to continue their strong trend of oscillating, and the market may show the characteristics of "cyclical setting the stage, growth performing".