高盛指出，4月后黄金市场的主导资金已由"投机盘"切换为"长期配置盘"。此前投机多头平仓令金价阶 段性见顶，后续央行持续购金与ETF潜在流入成为核心支撑。同时预测，到2025年底金价将升至3700美 元/盎司，到2026年中期将达到4000美元/盎司。中信期货认为，近期美国零售销售、初请失业金等数据 超预期，美元与美股联袂走强，金价承压震荡。关注8月上半月对贸易的新一轮博弈及下半月全球央行 年会带来的降息预期变化，持续关注下半年影子美联储的交易干扰，黄金长期维持多头趋势。 华安黄金ETF（518880）成立于2013年7月18日，以国内黄金现货价格为业绩比较基准，由基金经理许 之彦管理。短期建议逢回调分批布局——若出现股市急跌或地缘风险缓和等战术低点，可逢低吸纳，单 账户仓位控制在5%–10%。长期看，央行持续购金叠加全球货币宽松周期，黄金配置逻辑强化；建议在 震荡区间内逐步增持，静待降息与政策催化带来的上行空间。具体可通过华安黄金ETF（518880）及其 联接基金（A类000216，C类000217）采取分批布局或定投策略参与投资。 风险提示：基金有风险，投资需谨慎 7月18日，黄金ETF（518880）涨 ...

简评：本次政策为2025年2月《稳外资行动方案》的配套细则，与6月外汇局取消再投资登记、财政部税 收抵免政策形成"外汇便利+财税激励+用地支持"三维体系，旨在激活存量外资利润再投资，形成"以存 量引增量"的循环，为外资深耕中国进一步落实"制度红利"，或有助于稳定外资基本盘，对冲外部不确 定性扰动。 【博时市场点评7月18日】沪深两市上涨，成交再度放量 每日观点 今日沪深三大指数上涨，两市成交放量至1.59万亿。昨夜美国公布数据显示，美国6月零售销售环比增 长0.6%，其中核心零售销售环比增长0.55%，两者均超出市场预期，消费者支出数据在经历连续两个月 下滑后强势回升。同时公布的美国上周初请失业金人数为22.1万人，此数据连续第五周下降，且显著低 于市场预期，反映劳动力市场保持韧性。零售和就业数据的好转缓解了市场对经济放缓的预期，叠加此 前公布的美国6月通胀数据的反弹，经济和通胀数据均支持美联储维持当前利率不变的立场。后续关注 美国7-8月通胀反弹的斜率，以及关税政策变化对于降息预期的影响。 消息面 7月18日，商务部部长王文涛在国新办新闻发布会上回应"'十五五'期间还有哪些消费刺激政策"时表 示，"十五五" ...

Group 1 - The core viewpoint of the news highlights the volatility in the fintech sector, particularly in stablecoins and cross-border payments, with significant declines in several stocks [1][3] - The financial technology ETF (159851) experienced a slight adjustment, with a near 1% drop in price, but saw substantial net subscriptions of 350 million shares, indicating strong investor interest [1][3] - Recent reports suggest that the technology innovation theme remains a growth focus, with an emphasis on fintech, particularly in the context of stablecoins and RWA (Real World Assets) [3] Group 2 - The stablecoin industry is expanding due to the legalization in Hong Kong, benefiting RWA issuers, consulting/technical service providers, and cross-border payment companies [3] - The financial technology ETF (159851) has a significant scale of over 7 billion yuan and an average daily trading volume exceeding 550 million yuan over the past six months, showcasing its liquidity advantage [3] - The market is increasingly focused on the Q2 performance of listed companies, particularly in the internet finance sector, which is expected to release performance potential in a bullish market [3]

Group 1 - The pharmaceutical sector experienced a sudden surge on July 18, with the drug ETF (562050) quickly turning positive, indicating strong buying interest [1] - The drug ETF (562050) is the first ETF in China tracking the CSI Pharmaceutical Index, focusing on innovative drugs and traditional Chinese medicine, while excluding medical and CXO sectors [1] - As of the report, the component stocks of the drug ETF showed mixed performance, with Borui Pharmaceutical soaring by 17% to reach a historical high, while Sanofi and other companies faced declines [1] Group 2 - According to Dongwu Securities, Borui Pharmaceutical's dual-target GLP-1/GIP receptor agonist BGM0504 has had its IND application accepted [2] - The 11th batch of national drug centralized procurement has been initiated, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [4] - Goldman Sachs noted that the overall market capitalization of Chinese biotech companies is only 14%-15% of their U.S. counterparts, despite contributing nearly 33% to global innovation, indicating a "value gap" for leading Chinese pharmaceutical companies [4] Group 3 - The drug ETF (562050) offers a comprehensive investment tool covering "chemical drugs, biological drugs, and traditional Chinese medicine," providing high growth driven by innovative drugs while mitigating index volatility through traditional medicine [4] - For those interested in medical devices and CXO, the largest medical ETF in A-shares (512170) is recommended, focusing on "medical devices and medical services" with a high correlation to AI healthcare [4]

在资管新规和净值化转型下，低风险资产愈发受关注，兼具稳健与灵活的固收+产品热度持续上升。在 此背景下，银华基金"固收+"序列再出精品——银华钰丰债券（A类：024089，C类：024090）将于7月 23日起发行，力争为投资者提供一份平衡收益与风险的全新选择。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 进入低利率时代，"固收+"凭借固收打底、权益增益的配置模式，为投资者提供兼顾稳健与弹性的解决 方案。历史数据显示，在市场上涨年份如2019年和2020年，万得混合债券型二级指数分别上涨 10.16%、9.12%，明显跑赢万得纯债型基金总指数（4.16%、2.75%）；而在权益市场调整时，如2024 年，该指数仍实现4.90%的正收益，回撤相对可控，体现出"进可攻、退可守"的特征。（数据来源： Wind，2019.1.1-2024.12.31，指数过往表现不代表基金未来收益。万得混合债券型二级指数代码为 885007.WI，万得纯债型基金总指数代码为885080.WI，万得偏股混合型基金指数代码为885001.WI） 展望后市，股债市场或均有配置机会。股市有望在情绪回暖中延续修复行情，债市则受益于 ...

Group 1 - The "anti-involution" policy direction has become clear, focusing on boosting consumption and optimizing policies related to the consumption of goods [1] - The recent State Council meeting emphasized the need to regulate irrational competition in the new energy vehicle industry and to promote high-quality development [1] - The "anti-involution" theme has shown strong performance in sectors such as photovoltaic, steel, building materials, and coal since July [1] Group 2 - The Central Economic Work Conference highlighted the importance of preventing "involution-style" competition and ensuring the exit of inefficient production capacity [2] - The current macroeconomic conditions differ from last year, leading to a more pronounced "anti-involution" effect this year [3] - The supply-demand mismatch in upstream resource products has led to price declines, prompting manufacturers to engage in price competition [3][4] Group 3 - The current price levels of products like rebar and coking coal have stabilized, indicating a better alignment with supply-demand conditions compared to last year [4] - The focus of the current policies is on supply-side control rather than demand stimulation, which may lead to structural market movements [4] - Investors are advised to pay attention to ETFs that benefit directly from capacity reduction, such as steel and coal ETFs [4][5]

Group 1 - The food and beverage sector is performing well, with leading liquor stocks showing significant gains, such as Luzhou Laojiao rising over 3% and Yanghe Co. increasing over 2% [1] - The Food ETF (515710) reached a maximum intraday price increase of 1.16%, closing up 0.83% [1][3] - A report from Brand Finance revealed that six Chinese liquor brands made it to the top ten of the world's most valuable liquor brands, with Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu ranking among the top four [1] Group 2 - The current valuation of the food and beverage sector is favorable, with the food ETF's price-to-earnings ratio at 20.01, which is at a low point compared to the past decade [3] - The food and beverage sector is expected to see improved demand as national economic stimulus policies take effect, leading to a potential recovery in the sector's overall performance [4] - By 2025, revenue growth for food and beverage listed companies is anticipated to remain in single digits, slightly above the industry average, with a friendly cost environment supporting profit margins [4][5] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry theme index, with approximately 60% of its holdings in high-end and mid-range liquor stocks [5] - The top ten weighted stocks in the ETF include leading brands such as Moutai, Wuliangye, Luzhou Laojiao, and Yili [5]

Group 1 - The non-ferrous metal sector is leading the market, with the non-ferrous metal ETF (159876) reaching a new high of 1.244 yuan, up 1.65% [1][3] - Lithium and rare earth stocks are experiencing significant gains, with companies like Shengxin Lithium Energy and Northern Rare Earth hitting the daily limit, and others like Shenghe Resources and China Rare Earth seeing increases of over 5% and 4% respectively [1][3] - Over 10 billion yuan of main funds have flowed into the non-ferrous metal sector, with Northern Rare Earth attracting 34.41 billion yuan, making it the top stock in terms of capital inflow [3] Group 2 - The suspension of lithium resource mining by a subsidiary of Cangge Mining due to regulatory violations is interpreted as a signal of tightening supply in the lithium market [3][4] - As of July 16, 22 out of 27 companies in the non-ferrous metal ETF have forecasted profits for the first half of 2025, with 10 companies expecting a doubling of net profits [4][5] - Northern Rare Earth is projected to see a staggering increase in net profit of 1882%-2014% year-on-year for the first half of 2025, leading the sector [4][5] Group 3 - Analysts believe that the tightening of lithium mining regulations may lead to a supply contraction in the Qinghai region, combined with a rebound in lithium carbonate futures prices and technological breakthroughs, boosting market sentiment [4][6] - The non-ferrous metal sector is seen as being in the early to mid-stage of a new cycle, driven by improved fundamentals, macro policy benefits, and emerging demand from sectors like new energy vehicles and military applications [4][6] - Investment opportunities are anticipated in gold, copper, and rare earths, with expectations for gold prices to rise due to weakening dollar credit and increased expectations of U.S. interest rate cuts [6][8] Group 4 - The non-ferrous metal ETF (159876) and its associated funds provide a diversified investment approach, with significant weightings in copper (26.1%), gold (16.3%), aluminum (15.8%), rare earths (8.5%), and lithium (7.7%) [8] - The current valuation of the non-ferrous metal index is at a historically low level, suggesting a high cost-performance ratio for investors [6][8]

数据来源：WInd 基金 7月18日，截止午间收盘，红利低波ETF（512890）上涨0.50% ，报1.214元，半日成交额2.45亿元，换 手率1.12%。资金面：红利低波ETF（512890）已连续5个交易日获资金净流入16.93亿元，连续10个交 易日资金累计净流入21.47亿元。规模端：截止7月17日，红利低波ETF（512890）最新规模为218.72亿 元。 | | 1.214 +0.006 +0.50% | | | 红利低波ETF ① | | ਕੋ | | --- | --- | --- | --- | --- | --- | --- | | | | | | 512890 | | | | SSE CNY 11:30:12 交易中 | | | | | | 通融/■+ | | 净值走势 | | 华泰柏瑞红利低波动ETF | 六年 | 8.01% 120日 | | 11.68% | | 载化 | -2.69% 委员 | -11534 | 5日 | -0.41% 250日 | | 15.40% | | 酒 | 1.218 | 32993 | 20日 | 2.71% 52周高 | | 1.24 | | ...

Group 1 - The first dividend low-volatility ETF (512890) in the market has seen significant trading activity, with daily transaction volumes exceeding 700 million yuan, accumulating a total of 1.171 billion yuan from July 15 to July 17 [1] - The fund's scale has reached a historical high of 21.872 billion yuan as of July 17, following a continuous increase over 13 trading days [1] - Insurance capital has conducted over 9,800 investigations into A-share listed companies this year, focusing on high-dividend sectors such as banking and electricity, indicating a strong interest in long-term equity investments [1] Group 2 - The dividend low-volatility ETF (512890) has achieved positive returns every year since its inception, making it one of the few ETFs in the A-share market with such a track record [2] - As of June 30, the fund's linked funds have a total of 829,800 holders, making it the only dividend-themed index fund with over 800,000 holders in the same period [2] - The fund has consistently distributed dividends for 22 consecutive months, highlighting its attractiveness to investors [2] Group 3 - The management company, Huatai-PB Fund, has over 18 years of experience in managing dividend index investments and has developed a range of dividend-themed ETFs [3] - As of July 17, the total management scale of Huatai-PB's dividend-themed ETFs has reached 43.13 billion yuan [3]