Core Viewpoint - The stock ETF market experienced a net outflow of approximately 3.22 billion yuan on July 21, despite the overall market reaching new highs for the year [1][2]. Group 1: Market Overview - On July 21, the total scale of the stock ETF market reached 3.74 trillion yuan, with a total increase of 3.123 billion shares [2]. - The industry-themed ETFs saw the highest net inflow, totaling 3.152 billion yuan [2]. - The top five sectors for inflows included Hong Kong financials (1.2 billion yuan), infrastructure and construction (1.16 billion yuan), Hong Kong internet (990 million yuan), Sci-Tech 50 (610 million yuan), and building materials (530 million yuan) [2]. Group 2: Fund Performance - The Hong Kong Internet ETF led with a net inflow of 969 million yuan, followed by the Hong Kong Securities ETF with 624 million yuan, and the Infrastructure 50 ETF with 598 million yuan [3]. - Major fund companies like E Fund and Huaxia Fund reported significant inflows in their ETFs, with E Fund's total scale reaching 671.44 billion yuan, increasing by 5.23 billion yuan on the same day [4]. - Huaxia Fund's Sci-Tech 50 ETF and Robot ETF saw net inflows of 439 million yuan and 163 million yuan, respectively [4]. Group 3: Outflows in Broad-based ETFs - Broad-based ETFs experienced the largest net outflows, totaling 2.396 billion yuan, with the CSI A500 seeing the highest outflow of 1.581 billion yuan [5]. - The Southern Fund's CSI 1000 ETF had a net outflow exceeding 400 million yuan, ranking first among stock ETFs [5]. - The recent market trend indicates that some investors are opting to take profits as the index rises, leading to outflows from A500-related ETFs [5].

【导读】复牌当天再遭基金公司"补刀"，招商基金下调诺泰生物估值 中国基金报记者若晖 因涉及财务造假，诺泰生物复牌并被实施"ST"的当天，就迎来基金公司下调估值"第一枪"。 7月22日，招商基金公告，自7月21日起，对旗下证券投资基金（除ETF外）所持有的诺泰生物股票估值价格调整为32.78元，相比停牌前价格下调约20%。 Wind数据显示，截至二季度末，共有8家基金公司旗下19只基金重仓持有诺泰生物，合计持有923.38万股。业内人士表示，未来不排除有更多的基金公司 跟进下调估值。 基金公司下调诺泰生物估值 屋漏偏逢连夜雨，在被正式"戴帽"实施"ST"的当天，诺泰生物就遭到基金公司第一时间下调估值。 7月22日，招商基金发布关于旗下基金估值变更的公告，公告中称，本公司经与基金托管人、会计师事务所协商一致，决定自7月21日起，对旗下证券投资 基金（除ETF外）所持有的上述股票进行估值调整，调整后的估值价格为32.78元；同时，对ETF联接基金持有的标的ETF，在当日份额净值的基础上考虑 上述股票的调整因素进行估值。 招商基金表示，待上述股票交易体现了活跃市场交易特征后，将恢复按市价估值方法进行估值，届时不再另行 ...

【导读】携手老同事创业，原公募总经理宋小龙备案上海理泉私募基金 又见公募基金总经理"奔私募"。 7月18日，中国证券投资基金业协会（以下简称协会）发布了最新一批完成备案登记的私募基金管理人名单，其中有一家机构名叫"上海理泉私募基金管理 有限公司"（以下简称理泉私募基金）。基金君发现，这家私募机构的总经理宋小龙，曾在公募行业工作24年左右，先后担任富国基金基金经理，长信基 金副总，太平基金、华宸未来基金两家公司总经理。 具体来看，协会网站信息显示，理泉私募基金成立于2024年4月19日，注册资本为1000万元。该公司于2025年7月18日完成私募证券投资基金管理人登记， 目前有5名全职员工，且均取得了基金从业资格。 | 机构信息 | | | --- | --- | | 基金管理人全称(中文) | 上海理泉私募基金管理有限公司 | | 基金管理人全称(英文) | | | 登记编号 | P1075005 | | 组织机构代码 | 91310000MADHPAMY8L | | 登记时间 | 2025-07-18 | | 成立时间 | 2024-04-19 | | 注册地址 | 上海市崇明县竖新镇响椿路58号 | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 盘面上，上午大基建板块全面爆发，贵金属、建筑等板块领涨A股，雅江水电站、水利水电建设、西藏振兴、水泥制造等概念股持续火热；互联网、保 险、银行板块整体走低，PEEK材料、宇树机器人、央企银行等概念股不振。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 雅江水电站 | 水利水电建设 | 西部大基建 | 水泥制造 | | 9.84% | 6.45% | 4.79% | 4.57% | | 西藏振兴 | 大基建央企 | 培育钻石 | 锂矿 | | 4.56% | 4.08% | 3.51% | 3.44% | | 挖掘机 | 盐湖提锂 | 抖音豆包 | 拼多多合作商 | | 3.29% | 3.20% | -1.03% | -1.04% | | DeepSeek | 银行 | 医保支付改革 | 智能体 | | -1.05% | -1.06% | -1.08% | -1.10% | | 微软合作商 | 宇树机器人 | 央企银行 | PEEK材料 | | -1.13% | -1.29% | -1.29% | -1.58 ...

（原标题：亚洲最大REIT，换帅！） 【导读】王国龙将退任领展集团行政总裁 中国基金报记者 郭玟君 7月22日，领展房地产投资信托基金（以下简称领展房托）的管理人——领展资产管理有限公司（以下 简称领展）董事会（以下简称董事会）宣布，集团行政总裁王国龙在这家聚焦亚洲的领先房地产投资者 及管理公司服务逾16年后，决定退休。 王国龙决定退休 正值领展房托将迎上市20周年 领展房托是亚洲最大的房地产投资信托基金。领展在管理领展房托及其房地产投资组合的同时，亦致力 利用其投资管理能力，透过旗下业务——领展房地产投资，为资本伙伴提供可靠的投资管理服务。 王国龙的退休决定，正值领展即将于2025年11月庆祝领展房托上市20周年。自成立以来，领展已从一家 单一市场、单一资产类别的营运者，蜕变为亚洲领先的房地产投资者和管理人之一。 领展透露，董事会将展开全面的甄选程序，物色合适继任人，领导集团的下一阶段发展。王国龙将在过 渡期间协助集团顺利交接。 领展董事会主席欧敦勤表示："领展拥有一支稳健且表现卓越的领导团队。我们将坚守既定策略，继续 专注于积极管理和优化领展房托的物业组合，同时拓展房地产投资管理平台。在充满挑战的市场环境 ...

| | | Wind热门概念指数 | | | --- | --- | --- | --- | | 雅江水电站 8.87% | 水利水电建设 5.81% | 光模块(CPO) 5.35% | 水泥制造 5.13% | | | 光芯片 | | 西藏振兴 | | 挖掘机 3.70% | 3.69% | 西部大基建 3.48% | 3.46% | | 光通信 2.93% | 培育钻石 2.78% | K-12教育 -1.03% | 级地产商 -1.09% | | WEB3.0 -1.11% | PEEK材料 -1.19% | 金特估 -1.22% | 保険 -1.23% | | 南京市国资 -1.25% | 稀土 -1.48% | 央企银行 -1.57% | 银行 -1.89% | 港股市场早间冲高，盘中小幅跳水。截至发稿，港股三大指数集体飘绿。 【导读】雅江水电站概念股持续活跃，上纬新材10连板再创新纪录 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 7月22日，A股三大指数开盘涨跌不一，上午走势分化。截至发稿，上证指数仍然飘绿，深证成指、创业板指飘红。 盘面上，上午市场热点仍聚焦在雅江水电站、 ...

【导读】弄潮科创引领未来——科创板开市六周年锻造高质量发展新引擎 中国基金报记者赵新亮 中微公司的纳米刻蚀机在晶圆上划过纳米级的电路，君实生物的PD-1抗体正在癌症患者血管中游走 ——这些跨越时空的场景，被科创板编织进同一张创新网络。 六年来，从首批25家企业到如今589家企业星群闪耀，这片改革"试验田"以每小时诞生2.5项专利的速 度，在半导体、生物医药、量子计算的"无人区"插上中国旗帜。 科创板的六年，是中国资本市场深化改革、精准滴灌"硬科技"的生动实践，更折射出中国经济向创新要 动能、向质量要效益的坚定转型。 破冰：锚定"硬科技"，制度包容铺就上市通途 科创板，自诞生起就肩负着破解"卡脖子"难题、畅通"科技－产业－资本"良性循环的时代使命，坚 守"硬科技"定位，科创板以多元包容的制度设计，为不同发展阶段、不同治理结构的科创企业打开了通 往资本市场的希望之门。 "无盈利"也能上市？54家上市时未盈利企业在此找到了答案。 其中，22家企业已成功扭亏为盈，摘掉了特殊标识"U"。生物医药企业泽璟制药便是典型，上市时尚未 盈利，依托核心产品多纳非尼等原研药打开市场，2024年营收突破25亿元，实现了从"研发投入 ...

Group 1 - The core viewpoint of the article highlights the significant achievements of the Sci-Tech Innovation Board (STAR Market) in its six years, emphasizing its role as a "reform testbed" that has fostered the integration of technology and capital in China [1][3][21] - The STAR Market has nurtured nearly 600 innovative companies across key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence, marking a historical transition of China's industrial chain from "catching up" to "leading" [3][11][21] - Over 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind, showcasing the board's impact on fostering "hard technology" industries [6][21] Group 2 - The STAR Market has become a crucial platform for capital market reforms, with a focus on "hard technology," and has seen a significant increase in the number of institutional investors participating [21][27] - The introduction of various ETFs related to the STAR Market has provided investors with diversified investment tools, enhancing market liquidity and activity [6][8][21] - The STAR Market's reforms, including the registration system and the establishment of a growth tier, have improved the accessibility of capital for innovative companies, particularly in high-tech sectors [18][21][25] Group 3 - The article notes that the STAR Market has successfully transformed from a "testbed" for innovation to a "main battlefield" for China's technological self-reliance, with a focus on nurturing world-class tech companies [16][31] - The board's policies have led to a significant increase in R&D investment across the market, with a notable rise in the number of companies achieving breakthroughs in critical technologies [13][18][27] - Looking ahead, the STAR Market is expected to continue its role in supporting the development of high-quality tech enterprises and enhancing the synergy between technology, industry, and finance [19][31][34]

（原标题：1.25万亿份，净申购！） 【导读】今年二季度基金整体净申购1.25万亿份，货基和债基为主力军 中国基金报记者 张燕北 公募二季报披露完毕，基金申赎情况新鲜出炉。 根据天相投顾数据，截至今年6月底，基金总份额突破30万亿份，当季整体净申购1.25万亿份，净申购比例为4.31%。从净申购量来看，货币基金 与债券基金构成了净申购的绝对主力。 尽管权益基金整体呈现净赎回，部分绩优主动权益产品依然受到资金追捧。有14只基金（含积极投资股票型、混合型，各份额分开计，下同）二 季度期间获得超10亿份净申购，超50只基金获得5亿份以上的净申购。 二季度期间，FOF净赎回55.31亿份，净赎回比例为3.55%，赎回比例仅次于积极投资股票型基金。 业内表示，这样的申赎情况与各类资产及相关基金市场表现密切相关。二季度各类资产表现分化，A股、港股、债券、黄金等均有绝对回报，但 细分资产内部差异较大。港股涨幅收敛，A股部分行业和风格有持续性，债市4月趋势上行后震荡，黄金维持上行。各类型基金表现也分化，因此 投资者基于对不同资产收益前景的判断，做出了差异化的申赎选择。 部分固收+产品 数据显示，截至2025年二季度末，各类型 ...

Group 1 - The A-share market has seen a strong performance, with the Shanghai Composite Index reaching a new high for the year, driven by significant gains in infrastructure and construction-related sectors [1][2] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of 1.2 trillion yuan, is expected to boost GDP growth in Tibet and increase demand for construction materials [3] - The central government's urban work conference is anticipated to accelerate policies related to urban renewal and infrastructure upgrades, further stimulating demand for construction materials [3] Group 2 - Analysts predict that the equity asset base may rise due to the combination of large-scale infrastructure investments and anti-involution policies, potentially leading to a shift from deflationary expectations to a mild inflation environment [4] - The upcoming Politburo meeting is seen as a critical point for observing policy direction, which could significantly impact market sentiment and capital flow [4] - The construction and building materials sectors are expected to benefit from policy support and improved fundamentals, with a focus on sectors related to anti-involution and stable real estate [6] Group 3 - There is a consensus on the potential of sectors driven by strong industrial trends, such as AI and innovative pharmaceuticals, while defensive dividend sectors like banking may face valuation pressures [7] - The market is advised to focus on three main strategies: industries with strong industrial trends, sectors driven by performance and valuation alignment, and themes related to anti-involution and new energy [7]