The CSI A500 Index (000510.CSI) fell 1.62% this week, marking its first decline after five consecutive weekly gains. As of the close on August 1, it stood at 4,792.42 points. The average daily trading volume this week was 573.743 billion yuan, with a day-on-day decrease of 0.61%.

Among the 38 CSI A500 funds this week, only Guolian An saw a slight increase of 0.48%, while Hua An Fund experienced the largest drop, falling 2.28%. In terms of scale, the total assets under management (AUM) of CSI A500 funds currently amount to 178.028 billion yuan, a week-on-week decrease of 6.42%. For individual funds, the top three in scale remain Huatai-PineBridge, Guotai Fund, and Southern Fund, with AUMs of 18.417 billion yuan, 17.075 billion yuan, and 16.714 billion yuan, respectively.

Institutional Views

Guohai Securities' research report analyzed that in the past four bull markets (2005-2007, 2009-2010, 2014-2015, 2019-2021), market indices generally peaked after valuations reached their highs. The core reason is that optimistic market valuations incorporate expectations of future performance improvements. Only the 2009-2010 and 2019-2021 cycles saw a lag of about one year, but the subsequent gains were quite limited. After valuations peaked, structural opportunities in the market were mainly industry-driven. However, in the current cycle, valuations have not yet peaked. As of July 30, 2025, the valuation level of the Wind All-A Index still has about 19% room to reach the early 2021 valuation peak.

Zhongtai Securities' research report indicated that since the beginning of the year, the proportion of monthly trading volume of equity ETFs to the total A-share monthly trading volume and the proportion of equity ETF net assets to the total market capitalization of Wind All-A at month-end have both shown a downward trend, reflecting a decline in investor allocations to ETFs. It is expected that the A-share market will continue its structural震荡上行行情 (volatile upward trend) under the dual宽松 (loose) fiscal and monetary environment and structural policy guidance, with valuation repair as the main theme. The report recommends focusing on three sectors: technological innovation, modern services, and high-dividend blue chips.

(Disclaimer: The content is for reference only and does not constitute investment advice. Investors bear their own risks based on this information.)