7月21日，A股市场高开高走，三大指数全线上涨，上证指数、创业板指均创今年以来新高。整个A股市 场超4000只股票上涨，逾120只股票涨停。大基建板块爆发"涨停潮"，建筑材料、建筑装饰、钢铁等行 业板块领涨市场，宇树机器人、稀土、特高压等板块也表现活跃。市场成交额为1.73万亿元，较前一个 交易日显著放量。 近期，上证指数连创今年以来收盘新高，A股总市值持续创历史新高，市场吸引力持续提升。资金面 上，7月以来A股市场融资余额累计增加超510亿元。分析人士认为，市场中期走势由基本面决定，但也 不可忽视资金流动的阶段性力量，A股逐步转为增量市场，赚钱效应提升可能与资金流入形成正向循 环。 大基建板块爆发 7月21日，A股市场高开高走，大基建板块爆发，三大指数全线上涨，上证指数盘中一度站上3560点， 创业板指盘中一度逼近2300点，均创今年以来新高。截至收盘，上证指数、深证成指、创业板指、科创 50指数、北证50指数分别上涨0.72%、0.86%、0.87%、0.04%、2.38%；上证指数报收3559.79点，创业 板指报收2296.88点。 ● 本报记者 吴玉华 近期市场持续走强离不开增量资金的持续流入。Wi ...

5月，国有大行和部分股份行再度下调人民币存款挂牌利率，其中活期存款利率下调5个基点，定期存款 利率下调15个至25个基点，中小银行也迅速跟进下调。 尽管6月存款出现活期化趋势，但存款定期化程度仍然较深。以住户存款为例，Wind数据显示，截至上 半年末，住户存款中定期存款占比达73.5%，比5月末有所下降，但较上年末的72.7%仍有小幅提升，表 明银行负债成本仍显刚性。 ● 本报记者 欧阳剑环 彭扬 最新发布的金融数据中，6月企业与居民存款出现活期化的积极变化。与此同时，金融管理部门近期多 次提及"把握好支持实体经济与保持银行体系自身健康性的关系"。业内人士认为，降低负债成本有助于 提高商业银行服务实体经济可持续性，为降低社会综合融资成本创造有利条件。 银行负债成本仍显刚性 数据显示，6月企业与居民存款均加速活期化，但定期化程度仍然较深。 "与往年6月不同的是，6月居民和企业存款在规模上升的同时，增量存款中的活期存款占比分别达 83%、95%，往年同期多在40%至70%区间。上半年新增企业存款中定期存款仅占36%，不过居民新增 存款中的定期占比仍达86%。"华西证券宏观首席分析师肖金川说。 在招联首席研究员董希 ...

Central Huijin's Role in the Market - Central Huijin has played a significant role as a "stabilizer" in the capital market by increasing its holdings in major ETFs, with an estimated increase of over 200 billion yuan in Q2 [1][2][3] - The company has emphasized its commitment to maintaining market stability and will continue to act decisively when necessary [1][3] ETF Holdings and Increases - In Q2, Central Huijin Asset Management increased its holdings in various ETFs, including 84.29 million shares of E Fund CSI 300 ETF and 92.88 million shares of Huaxia CSI 300 ETF, among others [2][3] - The total scale of Central Huijin's holdings in the ten major ETFs rose from over 360 billion yuan at the end of last year to over 580 billion yuan in the first half of this year [3] Market Response and Confidence - Following external disturbances that affected the A-share market, Central Huijin and other state-owned entities announced their intention to increase ETF holdings, which significantly boosted market confidence [3][4] - On April 8, a record net inflow of nearly 100 billion yuan was observed in several ETFs, indicating strong market support [4] Asset Management Adjustments - Central Huijin has shown signs of portfolio adjustments in its asset management plans, with significant holdings in various ETFs [5][6] - The company has been actively managing its investments, including reducing holdings in certain ETFs while increasing others [5][6]

7月21日，公募基金2025年二季报披露完毕。公募基金最新前十大重仓股出炉，分别是腾讯控股、宁德 时代、贵州茅台、美的集团、紫金矿业、小米集团、立讯精密、阿里巴巴、新易盛、中芯国际。 与2025年一季度末相比，小米集团、新易盛新进公募基金前十大重仓股，比亚迪、五粮液则退出前十大 重仓股行列。 ● 本报记者 万宇 张凌之 腾讯控股仍是第一大重仓股 根据天相投顾提供的数据，继今年一季度末取代宁德时代，成为公募基金第一大重仓股后，腾讯控股二 季度末坐稳第一大重仓股宝座。截至二季度末，公募基金持有腾讯控股市值达591.56亿元。公募基金第 二大重仓股是宁德时代，截至二季度末公募基金持有该股市值达520.51亿元。 位列公募基金第三到第十大重仓股的分别是贵州茅台、美的集团、紫金矿业、小米集团、立讯精密、阿 里巴巴、新易盛、中芯国际。截至二季度末，公募基金持有上述个股市值均超160亿元。 从增持情况来看，今年二季度公募基金增持市值最多的是中际旭创和新易盛，分别增持139.72亿元和 128.88亿元。另外，公募基金增持沪电股份的市值超过80亿元；增持信达生物、泡泡玛特、胜宏科技、 三生制药的市值均超过60亿元。 从减持情 ...

Core Insights - The article highlights the significant achievements in China's transportation sector during the "14th Five-Year Plan" period, showcasing improvements in infrastructure, service efficiency, and technological advancements [1][2][3]. Infrastructure Development - By the end of 2024, the railway operating mileage is expected to reach 162,000 kilometers, an increase of approximately 16,000 kilometers from the end of the "13th Five-Year Plan," with high-speed rail accounting for 10,000 kilometers of this increase [2]. - The total length of highways will reach 5.49 million kilometers, an increase of about 290,000 kilometers, including an addition of 30,000 kilometers of expressways [2]. - The number of civil aviation airports has increased to 263, with 22 new airports established [2]. Service Efficiency - On average, 1.8 billion people travel across regions daily, and 1.6 billion tons of goods are transported each day [2]. - Urban rail transit operates approximately 11,000 kilometers, ranking first in the world, while urban public transport has expanded to 1.75 million kilometers, marking increases of 48.5% and 18.3% respectively since the end of the "13th Five-Year Plan" [2]. Technological Advancements - The introduction of advanced technologies includes the CR450 train set, the first domestically produced large cruise ship, and the C919 large passenger aircraft entering regular commercial operation [3]. - Over 4,000 kilometers of highways have undergone intelligent upgrades, and automated terminals are leading globally in construction scale and operational efficiency [3]. Public Transportation - In 2024, the passenger volume for high-speed trains is projected to reach 3.272 billion, accounting for 75.9% of total railway passenger traffic [3]. - Daily, approximately 1 billion people use urban rail for commuting, another billion use buses, and 1 billion utilize taxis and ride-hailing services, reflecting the resilience and capacity of urban transportation [3]. Rural Transportation - By the end of 2024, rural road mileage is expected to reach 4.64 million kilometers, establishing a basic network for rural transportation [4]. Cargo Transportation Growth - By 2024, air cargo and mail transport volume is projected to reach 8.982 million tons, a 32.8% increase compared to 2020 [4]. - The postal industry has seen revenue growth from 1.1 trillion yuan in 2020 to 1.7 trillion yuan in 2024, with an average annual growth rate of 11.3% [5]. - The volume of express deliveries has surged from approximately 83 billion items in 2020 to 175 billion items in 2024, reflecting an annual growth rate of around 20% [5]. Railway Cargo Transport - During the "14th Five-Year Plan," railway cargo transport is expected to exceed 25 billion tons, an increase of 5 billion tons compared to the "13th Five-Year Plan" [6]. - High-speed rail freight services have become routine, enabling rapid delivery of goods such as flowers and fruits across major cities [6].

"目前，无论是企业还是居民融资成本，在去年较快下降的基础上继续明显下行，社会综合融资成本呈 现不断下降趋势。在这种情况下，LPR的降低并非当务之急，必要性不足。"招联首席研究员董希淼 说。 ● 本报记者 彭扬 由于5月以来央行政策利率（公开市场7天期逆回购操作利率）并未调整，本次LPR报价维持不变符合市 场预期。央行在5月加大逆周期调节力度出台实施的一揽子金融支持举措，其传导和成效有待观察。 再度降准降息可期 专家表示，下半年外部环境仍面临很大不确定性，在大力提振内需、更大力度推动房地产市场止跌回稳 过程中，政策利率及LPR还有下行空间。 7月21日，中国人民银行授权全国银行间同业拆借中心公布新一期贷款市场报价利率（LPR），1年期为 3.0%，5年期以上为3.5%，均与上期持平。业内专家表示，本月LPR维持不变符合市场预期。在大力提 振内需等因素下，后续LPR仍有下行空间。 贷款利率处于历史低位 市场普遍认为，由于政策利率保持平稳，本月LPR定价基础未发生改变，LPR保持不变符合市场预期。 "7月两个期限品种的LPR保持不变，主要原因是二季度经济运行稳中偏强，短期内通过引导LPR下行强 化逆周期调节的必要性 ...

● 本报评论员 当前，新技术迭代加速、产业链深度重构、科技型企业需求更加多样。这意味着资本市场要顺应科技创 新规律，着力丰富更具吸引力、竞争力的产品服务。科创板重点服务的战略性新兴产业与新质生产力发 展方向高度契合，改革再出发理应紧扣服务新质生产力发展这一关键，以着力提升制度包容性、适应性 为重点，畅通"科技-产业-资本"良性循环。 发挥科创板"试验田""排头兵"功效，不断提升资本市场对科技创新的包容性、适应性。科创板"1+6"改 革中，"1"是在科创板设置科创成长层，旨在更加精准服务技术有较大突破、商业前景广阔、持续研发 投入大，目前仍处于未盈利阶段的科技型企业。这有利于为增量制度改革提供更可控的"试验空间"，试 点一些更具包容性的政策举措。未来，可加强对新质生产力发展规律的研究，不断优化上市标准和科创 属性评价标准，提供更多标准选择或绿色通道，持续完善更有利于支持全面创新的资本市场制度体系。 发挥科创板"硬科技"成色足优势，持续丰富为科技型企业提供的全生命周期金融服务。着力引导社会资 本"投早、投小、投硬科技"，并通过建立"科创板后备企业库"等方式加强对科创板企业上市前辅导，细 化不同新兴产业上市标准，继 ...

本次会议由中国电工技术学会新能源发电设备专业委员会、中国动力工程学会新能源设备专业委员会及 中国电工技术学会储能系统与装备专业委员会联合主办，海南金盘智能科技股份有限公司承办。作为本 土企业，金盘科技凭借主场优势，为会议的顺利开展提供了全方位支持，并展示了其高压直挂储能技术 成果，吸引了行业众多关注目光。 中证报中证网讯（王珞）据金盘科技（688676）官网7月21日消息，近日，"2025年新能源发电与储能前 沿技术研讨会"在海南海口举行。 海南甲子35kV 25MW/50MWh高压直挂储能及100MW农光互补光伏发电项目是金盘科技的代表性项 目，也成为本次会议的焦点。该项目采用高压直挂技术，储能系统无需变压器即可直挂35kV电网，大 幅提升能源转换效率，有效促进海口市电力供需匹配，在电网削峰填谷中发挥关键节点作用。同时，项 目配套的农光互补模式实现了土地资源的高效利用，为清洁能源与农业协同发展开辟了新路径。 金盘科技表示，此次研讨会的圆满举办，不仅为行业提供了技术交流与推广的优质平台，也为金盘科技 的未来发展注入新动力。未来，金盘科技将紧密围绕"双碳"目标，持续推动储能技术的迭代升级，助力 构建绿色、高效、 ...

Core Viewpoint - The article emphasizes the growing importance of multi-asset allocation strategies in the current volatile equity markets and low interest rate environment, highlighting Morgan Asset Management's expertise in this area [1][2]. Group 1: Investment Strategy - Morgan Asset Management (China) is focusing on multi-asset diversified allocation to meet the demand for stable returns from both institutional and individual investors [1][2]. - The firm has developed globally allocable Fund of Funds (FOF) products and promotes scientific asset allocation concepts through regular professional reports [1][2]. - The investment philosophy is shifting from single product purchases to comprehensive asset management solutions, with FOF and advisory services playing a crucial role [2][3]. Group 2: Team Competence - The ability to manage asset portfolios is evaluated through three dimensions: research capability across asset classes, a robust investment framework, and effective risk management [3]. - Morgan Asset Management's investment framework is based on macroeconomic factors, valuation, technical analysis, and fundamentals, ensuring disciplined decision-making [3][4]. - The firm benefits from a global platform that supports investment decisions through comprehensive research and real-time market insights [4][5]. Group 3: Market Insights - The domestic market is gradually moving towards a more mature understanding of asset management, with a growing awareness of the importance of portfolio diversification [2][4]. - Current market conditions indicate that domestic asset valuations have returned to historical averages but remain relatively inexpensive compared to other global assets [8][9]. - The firm anticipates a neutral to slightly positive risk appetite for the domestic market in the second half of the year, supported by recent policy improvements [8][9]. Group 4: Global Perspective - Morgan Asset Management's global research teams maintain consistent judgment logic across major markets and asset classes, enhancing the accuracy of market assessments [6][7]. - The firm has observed that global risk appetite is improving, with expectations of rising inflation in the U.S. and a cautious approach from the Federal Reserve regarding monetary policy [9].

Core Insights - The A-share market exhibited significant structural characteristics in the first half of 2025, with index-enhanced private equity products delivering impressive returns, averaging 17.32% in yield and 14.17% in excess returns [1] - The performance disparity among private equity firms is notable, with larger firms (over 5 billion yuan) showing superior results compared to medium and small firms [1][2] Performance Analysis - Large private equity firms achieved an average yield of 18.30% and an excess return rate of 14.51%, with 99.25% of their products outperforming benchmark indices [1] - Medium-sized private equity firms (20 billion to 50 billion yuan) had an average yield of 17.30% and an excess return rate of 14.37%, with 96.71% of products outperforming [1] - Small private equity firms (under 10 billion yuan) saw a decline in average yield to 16.41% and an excess return rate of 13.75% [1] Market Trends - The small-cap style dominated the market, significantly boosting the performance of related index-enhanced products, with small-cap index products achieving an average yield of 20.84% [2] - The CSI 1000 index-enhanced products led the performance with an average yield of 20.26%, while the CSI 500 index-enhanced products yielded 15.31% [2] - The CSI 300 index-enhanced products lagged with an average yield of 6.31% and an excess return rate of 6.28% [2] Investment Strategy Insights - The market environment, characterized by high trading volumes and increased volatility, has created favorable conditions for index-enhanced strategies [2] - The relaxation of regulations on mergers and acquisitions has boosted market confidence and liquidity, benefiting quantitative strategies [2] - The focus on small-cap stocks is expected to continue, with potential opportunities in undervalued mid and large-cap stocks as the market undergoes rebalancing [2]