| | | 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]

天相投顾数据显示，二季度末，腾讯控股继续蝉联主动权益基金头号重仓股，宁德时代及贵州茅台继续 位居第二、第三大重仓股。 【导读】基金二季度重仓股出炉，这些个股获集体增持 随着公募基金2025年二季报披露，主动权益基金最新重仓股也随之出炉。 在二季度调仓换股的过程中，表现亮眼的光模块板块、创新药板块以及此前低配的银行板块获得主动权 益基金较多增持。其中，光模块板块中的中际旭创、新易盛，PCB板块中的沪电股份位居主动权益基金 增持榜前三。 值得注意的是，尽管前三大重仓股保持不变，但公募基金抱团趋势有所减弱。前二十大重仓股中，有19 只个股遭到基金减持，仅招商银行获得增持。 腾讯控股蝉联头号重仓股 主动权益基金持股集中度有所下降 今年二季度，A股市场走出"V形"反转行情，季初受特朗普关税政策冲击，沪深两市一度大幅调整， 在"国家队"护盘作用下，市场迅速企稳，热点轮番演绎，季末站稳3400点之上。 在这一过程中，主动权益基金也积极调仓换股，把握结构性行情，刚刚披露的全部公募基金二季报揭开 了主动权益型基金的最新调仓动向。 天相投顾数据显示，今年二季度，纳入统计的5277只积极投资偏股型基金的前三大重仓股保持不变，分 别 ...

公告显示，2025年1月至6月，中国电建新签合同金额总计6866.99亿元，同比增长5.83%。其中，能源电力业务贡献大头，新签合同金额4313.88亿元，同 比增长12.27%。而能源电力业务中，增长最猛的正是风电和水电，两者新签合同额同比增速分别达到68.78%和66.67%，水电业务新签合同绝对值更是突 破千亿元，达到1004.55亿元。 对比来看，传统的火电业务新签合同额同比大幅下滑62%，跌破200亿元；与水电、风电同属清洁能源的太阳能发电，新签合同额也出现了28.55%的下 滑，但绝对值仍在千亿元以上。 | 单位:亿元 币种:人民币 | | --- | | 业务类型 | 新签项目数量(个) | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2939 | 4313.88 | 12.27% | | 水电 | 576 | 1004.55 | 66.67% | | 其中:抽水蓄能 | 292 | 413.81 | 12.14% | | 风电 | 652 | 1429.02 | 68.78% | | 太阳能发电 | 616 | 1137.43 | -2 ...

Core Viewpoint - Huilv Ecological plans to acquire 49% equity of Wuhan Junheng, constituting a significant asset restructuring and related party transaction [2][4] Group 1: Acquisition Details - The transaction involves issuing shares and cash to purchase 49% equity of Wuhan Junheng and raising supporting funds from no more than 35 qualified investors [5] - The major shareholders involved in the transaction include Peng Kaisheng, Xie Jiping, and Chen Zhaohua [5] Group 2: Stock Suspension and Timeline - Huilv Ecological's stock will be suspended from trading starting July 22, 2025, for a period not exceeding 10 trading days [4] - The company is expected to disclose the transaction plan by August 5, 2025, and will resume trading unless the board fails to meet this deadline [4] Group 3: Financial Performance - For the first half of 2025, the company expects a net profit of 36 million to 49 million, representing a year-on-year increase of 177.82% to 278.14% compared to the pre-restructuring period [8] - The net profit growth is attributed to the successful integration of Wuhan Junheng, which has shown strong synergy effects since its acquisition [8] Group 4: Current Shareholding Structure - Before the transaction, Huilv Ecological holds 51% of Wuhan Junheng, with the remaining shares held by other stakeholders including Peng Kaisheng (23%) and Xie Jiping (13.61%) [7]

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 次新主动权益类基金积极建仓 一批自今年2月以来成立的主动权益基金首次披露季报，揭开了在今年上半年市场震荡之下的次新基金建仓情况。 2025年上半年，A股市场持续调整，人工智能、黄金、创新药等板块轮番演绎。与此同时，次新主动权益基金建仓积极。Wind数据显示，可统计的55只 （只统计初始份额）首次披露季报的主动权益基金（包括股票型、混合型）平均股票市值占基金资产净值比例为72.48%，属于中性偏上水平。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、电力设备、汽 车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国能日新、扬杰 ...

（原标题：基金销售"无证上岗"！这家券商被警示） 【导读】未落实人员资质管理要求，中银证券1营业部及2责任人收警示函 中国基金报记者 王建蔷 又有基金销售机构，因从业人员"无证上岗"被罚。 内蒙古证监局最新发布的罚单显示，中银国际证券股份有限公司（以下简称中银证券）一营业部及两位 责任人因基金代销业务"踩红线"，被采取出具警示函的行政监管措施。 今年以来，基金销售监管呈加码趋势。截至目前，已有多地证监局对辖区内存在问题的基金代销机构出 具二十余张罚单，其中，基金销售"无证上岗"是代销机构违规"重灾区"。 中银证券1营业部及2责任人被出具警示函 日前，内蒙古证监局披露三则处罚决定书。 事实上，这并非中银证券首次因人员"无证上岗"被罚。2024年9月，绍兴迪荡湖路营业部同样因基金销 售业务负责人未取得从业资格、兼职合规人员代履职未按规定报告等违规行为被浙江证监局警示。 处罚信息显示，经查，证监局发现中银证券呼和浩特新华东街证券营业部存在未落实人员资质管理要 求，未确保基金销售人员具有基金从业资格等情形。 上述情形违反了相关规定。根据《公开募集证券投资基金销售机构监督管理办法》第五十三条的规定， 内蒙古证监局决定对 ...