港交所披露信息显示，继弘康人寿保险股份有限公司（以下简称"弘康人寿"）举牌郑州银行H股后，近 日，这家中小险企再度买入郑州银行67.5万股H股，持股比例从触发举牌前的不到5%激增至14.03%（截 至8月5日）。 记者 熊 悦 此外，7月份以来，以"平安系"为主的险资对H股上市银行的增持热情依旧不减，获增持的银行包括邮 储银行、招商银行、郑州银行等多家H股上市银行。增持行为尤其集中在7月底至8月初。 责任编辑：张文 在利率下行、政策引导中长期资金入市等背景下，银行股凭借高股息率、估值偏低以及低波动性等特点 成为险资权益投资的重要标的，使得险资举牌、增持银行股等高股息率资产的行为频频发生。多家研究 机构分析认为，近日，新发国债等债券利息收入恢复征收增值税政策的推出，或将进一步推动债券配置 规模大、占比高的险资增配更具优势的高股息权益资产。 "长期来看，险资对权益资产的配置有望持续提升，以缓解国债等券种增值税提升以及长端利率中枢下 行带来的配置压力。"民生证券研究院非银金融首席分析师张凯烽分析称，预计险资"免税资产+高股息 权益"配置风格有望加强，伴随宏观经济企稳和资本市场回暖，险企投资收益弹性有望进一步提升。 ...

Core Insights - The asset management trust market in July showed a slight decline in issuance quantity and a significant decrease in issuance scale, while the establishment market experienced a notable increase in quantity but a clear decline in scale [1][2]. Issuance Market - In July, a total of 2,549 asset management trust products were issued, representing a month-on-month decrease of 1.13%, with a disclosed issuance scale of 130.318 billion yuan, down 16.35% [1]. - Non-standard products faced significant setbacks, with issuance quantity decreasing by 13.85% and issuance scale dropping by 23.97% [1]. - Conversely, standard products saw a notable increase, with 1,491 standard trust products issued, an increase of 141 products or 10.44%, while the disclosed issuance scale slightly decreased by 1.53% [1]. - The positive performance of the equity market contributed to the growth of standard trust product issuance [1]. Establishment Market - In July, 2,295 asset management trust products were established, marking a month-on-month increase of 10.50%, with a disclosed establishment scale of 77.682 billion yuan, down 6.88% [2]. - Non-standard products also saw a significant decline in establishment scale, with a month-on-month decrease of 9.30% [2]. - The establishment of standard trust products increased significantly, with a rise of 195 products or 17.55%, while the disclosed establishment scale remained relatively stable, decreasing by only 0.09% [2]. - TOF (Trust of Funds) products emerged as a key growth driver in the standard trust establishment market, with 481 products established, an increase of 121 products or 33.62%, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [2]. Importance of Standard Trusts - The development of standard trusts is crucial in the context of the trust industry's transformation, helping to reduce reliance on non-standard business and mitigate existing risks [3]. - Standard trusts offer high transparency, strong liquidity, and clear risk-return characteristics, catering to diverse investor preferences [3]. - By investing in standardized assets like bonds and stocks, standard trusts can channel social funds into the capital market and support the real economy, thereby enhancing resource allocation efficiency [3].

Core Viewpoint - The trend of cash dividends among listed companies in China is increasing, with a total cash dividend amount of 2.4 trillion yuan for the year 2024, representing a 9% increase from 2023 [1] Group 1: Cash Dividend Data - In 2024, 2.4 trillion yuan was distributed as cash dividends by listed companies, marking a 9% increase from 2023 [1] - Among 4,445 listed companies that have been publicly traded for over three years, 2,447 companies have continuously paid cash dividends for the past three years, a 12% increase from 2023 [1] - Among 3,569 listed companies that have been publicly traded for over five years, 1,681 companies have continuously paid cash dividends for the past five years, a 6% increase from 2023, with 210 companies showing continuous growth in dividends over the past five years [1] Group 2: Policy Influence - The new "National Nine Articles" emphasizes strengthening the regulation of cash dividends, which has led to increased awareness and action among listed companies regarding dividend payments [2] - The China Securities Regulatory Commission (CSRC) has issued opinions to enhance cash dividend regulation and improve investor returns, encouraging companies to develop and disclose medium- to long-term dividend plans [2] - The revision of listing rules by the Shanghai and Shenzhen Stock Exchanges introduces risk warnings for companies that fail to meet cash dividend standards, creating stronger incentives for companies to return value to investors [2] Group 3: Internal Motivations for Dividends - Companies are increasingly motivated to provide dividends as a reflection of their strong performance and growth potential, with regular dividends serving as a demonstration of operational success [3] - Stable dividends attract long-term investors seeking consistent returns, with data indicating that funds are more likely to hold shares in companies that pay dividends multiple times a year [3] - There are 466 listed companies with an average dividend yield exceeding 3% over the past three years, and 133 companies with an average yield exceeding 5%, attracting global investment [3] Group 4: Considerations for Dividends - Companies must balance dividend payments with their profitability, capital expenditure, and debt repayment capabilities, ensuring that high dividend payouts do not compromise financial health [4] - Regulatory bodies will closely monitor companies with high debt ratios and poor cash flow that still opt for significant cash dividends [4]

■肖伟 其一，投资规模是否可控。若资金占比过高，甚至动用信贷资金加杠杆，投资风险有可能向经营领域传 导；反之，用小比例闲置资金进行低风险配置，则更易掌握主动权。 其二，投资逻辑是否清晰。上市公司在开展证券投资前首先需要明确，是为了短期现金管理，还是服务 于长期战略布局。前者需优先考虑安全性，后者则需考量与主业的协同性，避免盲目跟风。 其三，决策过程是否透明。完备的董事会审议程序、充分的信息披露、专业的投资团队和科学的投资决 策机制，既是对股东知情权的尊重，也能通过内部监督防止非理性投资。相关上市公司须严格按规定进 行信息披露，打消投资者的疑虑。 对现金流充裕、短期内无大规模扩产计划的上市公司而言，让"趴"在账上的闲置资金动起来，是市场化 配置资源的题中应有之义。一些企业通过投资上下游产业链标的，不仅可以获得财务回报，还深化了供 应链合作。这种"战略协同型投资"，更显出上市公司使用资金的巧思。 然而，也有部分上市公司的投资行为失了分寸。有的上市公司将大额资金押注高波动成长股，单季度投 资收益甚至超过主营业务利润，被投资者调侃"炒股成了主业"。有的上市公司在市场狂热时跟风追涨， 行情反转后陷入浮亏，拖累整体业绩。 ...

当前，尽管锂行业上游供给端加速出清，但是下游需求尚未完全复苏，行业正在寻找新的平衡。为深入 探讨锂电新能源产业发展路径，促进产业协同创新，8月8日，2025中国(宜春)锂电新能源产业大会 在"亚洲锂都"江西宜春召开。 会上，中国有色金属工业协会党委常委、副会长兼秘书长段德炳表示，在国家"双碳"目标的指引下，锂 电产业已成为推动全球能源绿色低碳转型的"中国引擎"之一，但供需错配、"内卷"竞争、技术瓶颈、贸 易壁垒等高质量发展转型中的"成长阵痛"仍存。面对新形势，行业企业要锚定"安全、创新、绿色、协 同"四大方向，推动锂电产业行稳致远。 以行业共赢为路径 当前，"反内卷"正从终端环节向上游传导，近期多家大型锂盐企业相继开展停产检修、技改工作。 江西特种电机股份有限公司7月21日公告，近日接到全资下属公司宜春银锂新能源有限责任公司的通 知，为进一步降低生产成本，确保生产设备后续的安全稳定运行，宜春银锂新能源有限责任公司拟于7 月25日对生产线进行设备检修，预计检修时间26天左右。 中矿资源（002738）集团股份有限公司则于6月27日公告，为进一步降低锂盐业务生产成本，加速推进 智能制造转型升级，深化绿色低碳发展模 ...

Group 1 - Multiple QDII funds have adjusted their subscription limits since August, primarily due to urgent investment quotas and significant international market volatility impacting fund holders' interests [1][2] - Specific funds such as Bosera Nasdaq 100 ETF and Wanji Nasdaq 100 Index have announced suspension of subscriptions to protect the interests of fund holders [2] - The recent adjustments in QDII quotas are aimed at meeting the reasonable demand for overseas investments while ensuring the stability of fund operations [3] Group 2 - The total net asset value of QDII funds has increased from 533.768 billion to 621.829 billion yuan since the beginning of the year, with the number of products rising from 307 to 313 [4] - The growth in QDII fund scale and quantity is attributed to investors' preference for diversified asset allocation and increased demand for international assets [4] - Performance among QDII funds has varied significantly, with some funds achieving over 100% net value growth, while others have reported negative growth [4][5] Group 3 - Gold-themed QDII funds have performed well this year, with net value growth rates exceeding 30%, while energy-related funds have faced declines due to international oil price fluctuations [5] - Bond QDII funds have shown relative stability, maintaining certain defensive characteristics and stable returns despite short-term policy impacts [5] - Overall, QDII funds have maintained stability in product quantity and asset scale, with notable performance in high-growth sectors like pharmaceuticals and artificial intelligence [5]

Group 1 - As of July 2023, the total number of registered local companies in Hong Kong exceeded 1.5 million, and the number of registered non-Hong Kong companies surpassed 15,000, both reaching historical highs [1] - From January to July 2023, the Investment Promotion Agency assisted 1,333 companies in establishing or expanding their businesses in Hong Kong, bringing in HKD 174 billion in first-year direct investment and creating over 19,000 new jobs [1] - The unique dual-platform function of Hong Kong allows it to attract foreign investment while assisting mainland companies in exploring overseas markets [1] Group 2 - The "Introduction of Key Enterprises Office" has attracted 84 key enterprises in cutting-edge technology, expected to bring about HKD 50 billion in investment and create over 20,000 jobs in the coming years [2] - The Hong Kong Investment Corporation has invested in over 100 projects, with more than 10 companies already or preparing to submit applications for listing in Hong Kong [2] - The international application scenarios in Hong Kong are attracting many domestic and foreign enterprises to test and apply their cutting-edge technologies, aiding in the transformation and upgrading of industries [2] Group 3 - The Hong Kong Investment Corporation supports local enterprises collaborating with foreign companies on green energy projects, promoting Hong Kong's electric vehicle charging technology abroad [3] - The fifth batch of key enterprises will soon be announced, bringing the total number of enterprises introduced since the establishment of the office to around 100, including several leading international pharmaceutical companies [3] - The pace of investment attraction in Hong Kong is expected to accelerate despite the changing global trade landscape [3]

前海开源基金首席经济学家杨德龙对《证券日报》记者表示，对于公募机构而言，布局QDII基金业务 不仅是顺应市场需求、把握投资机遇的战略举措，也有助于其拓展全球资产管理业务边界、提升投研等 综合竞争力。 近年来，中国资本市场不断推进双向开放进程，吸引更多基金公司开始布局QDII业务。截至8月1日， 正在申请QDII基金业务资格的基金公司数量已达11家。这一数据反映出公募机构对QDII基金业务的参 与热情。 "公募机构积极布局QDII业务，也离不开QDII基金近年来整体的亮眼表现。业绩持续向好，极大地激发 了投资者跨市场配置资产的热情。"陕西巨丰投资资讯有限责任公司高级投资顾问陈宇恒在接受《证券 日报》记者采访时表示。 在全球化资产配置逐渐成为投资者关注焦点的当下，公募机构对QDII（合格境内机构投资者）业务布 局的热情不断高涨。 日前，中国证监会披露的公开信息显示，8月1日，兴银基金管理有限责任公司提交申请QDII业务资格 的相关申报材料被接收。 这是年内第4家新布局QDII业务的基金管理公司。此前，民生加银基金管理有限公司、国联安基金管理 有限公司、鑫元基金管理有限公司也已先后提交申报材料，加入了布局QDII业 ...

Core Insights - The development of tendon ropes, a key component of cable-driven robots, is accelerating among listed companies and startups to meet future demands in robotics [1][2] Group 1: Industry Overview - Cable-driven robots are characterized by their lightweight, flexibility, high safety performance, energy efficiency, and strong biomimetic capabilities [1] - Current prototypes of cable-driven robots have been developed by various companies, including a university's octopus-like robotic arm capable of handling fragile and irregular objects [1] Group 2: Company Developments - Jiangsu Henghui Security Co., Ltd. is actively developing ultra-high molecular weight polyethylene fibers for use in robotic tendons, having completed multiple rounds of sample testing with leading robotics firms [2] - Shandong Daye Co., Ltd. is focusing on the development of metal tendons for cable-driven robots, having received small batch orders based on their research in high-performance steel wire [2] - Shandong Nanshan Zhishang Technology Co., Ltd. is producing ultra-high molecular weight polyethylene fibers with properties suitable for robotics, and is in the process of sending samples to various downstream robotics companies [2] Group 3: Material Innovations - Some companies are exploring carbon fiber materials for tendon development due to their superior tensile strength, corrosion resistance, and fatigue performance compared to metals and polymers [3]

Core Viewpoint - Beijing's recent policy adjustments aim to optimize real estate regulations and enhance housing loan support for residents, particularly through increased housing provident fund loan limits and reduced down payment requirements [1][2]. Group 1: Policy Adjustments - The new policy allows individuals without housing in Beijing and without previous provident fund loans to access first-home loan benefits [1]. - For second-home purchases, the maximum loan amount is set at 1 million yuan, with a minimum down payment of 30% [1]. - Borrowers can now obtain 150,000 yuan for each year of provident fund contributions, with a minimum calculation based on one full year of contributions [1]. Group 2: Impact on Borrowers - The new policy increases the loan amount available to borrowers, allowing for a potential increase of at least 250,000 yuan in total loan capacity [2]. - The down payment ratio for first-time homebuyers is reduced from 30%-35% to 20%, and the loan interest rate decreases from 3.075% to 2.6%, significantly lowering the cost of homeownership [2]. - For a 2 million yuan loan over 30 years, the interest savings amount to 182,000 yuan, with monthly repayments reduced by 506 yuan [2]. Group 3: Broader Market Implications - Over 30 cities, including Shenzhen and Hangzhou, have implemented similar policies to allow the use of provident fund withdrawals for down payments, indicating a trend towards easing housing purchase barriers [3]. - The adjustments are expected to enhance the purchasing power of homebuyers and may lead to further optimizations in provident fund policies, such as supporting "mortgage transfer" and increasing talent support [3].