Core Viewpoint - The article highlights the diversification of currency structures in offshore bond issuance by Chinese enterprises, with a notable increase in non-US dollar bonds such as offshore RMB, Euro, and Hong Kong Dollar bonds. The total issuance in the first half of 2025 reached 399.04 billion USD, marking a 12.74% increase year-on-year, despite significant refinancing pressures in the market [1]. Group 1: Offshore Bond Market Overview - The offshore bond market for Chinese enterprises saw a total of 837 new bonds issued in the first half of 2025, amounting to 3990.44 billion USD, reflecting a 12.74% growth compared to the same period last year [1]. - The market continues to experience a significant net financing gap, indicating ongoing refinancing pressures from existing debt [1]. Group 2: Underwriting Rankings - In the underwriting rankings for offshore bonds, Bank of China led with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and Guotai Junan International with 43.1 billion USD from 155 bonds [3][4]. - The total underwriting amount for the top three institutions reflects the competitive landscape in the offshore bond market [3][4]. Group 3: Project Count Rankings - CITIC Securities topped the project count rankings with 227 bonds underwritten, followed by Haitong International with 180 bonds, and CITIC Jianan with 165 bonds [8][9]. - This indicates a strong performance in terms of the number of projects handled by these institutions in the offshore bond market [8][9]. Group 4: Bank Underwriting Rankings - The bank underwriting rankings show Bank of China at the top with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and CITIC Bank with 35.5 billion USD from 151 bonds [17][18]. - This highlights the dominance of these banks in the offshore bond underwriting space [17][18]. Group 5: Securities Firm Underwriting Rankings - Guotai Junan International led the securities firm rankings with 43.1 billion USD from 155 bonds, followed by CICC with 27.1 billion USD from 127 bonds, and CITIC Lyon with 26.7 billion USD from 170 bonds [20][21]. - This showcases the competitive positioning of securities firms in the offshore bond market [20][21]. Group 6: Specific Bond Type Rankings - For offshore municipal bonds, Guotai Junan International ranked first with 14.9 billion USD from 57 bonds, followed by Dongfang Securities with 9.8 billion USD from 39 bonds, and CITIC Bank with 9.5 billion USD from 55 bonds [30]. - In the offshore financial bond category, Bank of China led with 34.4 billion USD from 62 bonds, followed by HSBC with 20.6 billion USD from 41 bonds [34]. - For green bonds, Bank of China also ranked first with 6.2 billion USD from 17 bonds, closely followed by Industrial and Commercial Bank of China with 6.1 billion USD from 17 bonds [38].

1 、 中央财经委员会召开第六次会议，研究纵深推进全国统一大市场建设、海洋经济高质量发展等问题。 会议强调，要依法依规 治理企业低价无序竞争，规范政府采购和招标投标、招商引资，着力推动内外贸一体化发展，持续开展规范涉企执法专项行动，健 全有利于市场统一的财税体制、统计核算制度和信用体系。要加强顶层设计，加大政策支持力度，鼓励引导社会资本积极参与发展 海洋经济。 2 、 美国参议院表决结果通过"大而美"税收与支出法案，法案将送交众议院。美国总统特朗普表示，有信心税收法案能在众议院 获得通过。 针对特斯拉 CEO 马斯克连发数十条帖文抨击"大而美"法案，特朗普表示，马斯克获得的补贴可能比历史上任何人都 多，如果没有补贴，马斯克"可能早就回南非了"。而当被问及是否会考虑驱逐马斯克时，特朗普回应称"得考虑一下"。 特朗普还 称，马斯克因为失去电动车补贴而感到沮丧，但他可能失去的远不止于此。 1 、 6 月财新中国制造业 PMI 录得 50.4 ，高于 5 月 2.1 个百分点，与 4 月持平，重回临界点以上。 新订单指数反弹至略高于 临界点水平。生产指数亦重回扩张区间，创近七个月来新高。 2 、中国轻工业联合会最新数 ...

Core Insights - Wind continues to provide high-quality online courses globally, with a focus on financial education and insights into market trends [1][9] Course Offerings - Upcoming courses in July 2025 include topics such as U.S. Treasuries' impact on global assets, derivatives strategy customization, and bank wealth management challenges in a low-interest environment [2][4] - The Essential Training Series features sessions on AI-powered financial data analytics and regional economic analyses in multiple languages [4][7] Highlights and Recaps - June highlights recap is mentioned, indicating a summary of previous courses and insights shared [5] Special Topics - Regional economic features are covered, including South Korean capital's motives for A-share inflows, Spain's regional economy, and an analysis of Russia's economic data [4][6]

Wind持续为全球用户提供优质的线上课程，每周定期直播。为了方便您安排学习计划，我们特意汇总了2025年7月即将 开展的线上课程，以及6月份的精彩回放，助您与全球金融精英共同探索无限可能！ 文末扫描专栏二维码， 预约7月课程，畅看精彩内 容！ 7月课程 预 告 Wind新洞察·主题培训 专栏 Wind Alice 智能金融助理 主题：美债如何牵动全球大类资产？让Alice EDB帮你分析！[中文] 时间：7月3日（周四）16:00 主题：Alice Agent如何驱动衍生品策略定制？ [中文] 时间：7月17日（周四）16:00 主题：Alice Agent实战应用 [中文] 时间：7月31日（周四）16:00 理财配置 主题：低利率下的银行理财配置挑战 [中文] 时间：7月10日（周四）16:00 对公获客 主题：企业库 × 五篇大文章：拓客密钥 [中文] 时间：7月24日（周四）16:00 主题：透视数据：解码韩资涌入A股的经济动因 [韩语] 时间：7月9日（周三）15:30 主题：用 Wind 金融终端透视西班牙区域经济全景 [西班牙语] 时间：7月16日（周三）17:00 主题：卢布强势崛起的背后：俄 ...

Wind最新发布2025年上半年"中国上市企业市值500强"榜单，腾讯控股、工商银行、农业银行位列市值榜前三 名。市值超万亿元的企业有14家，较2025年一季度持平，其中农业银行、建设银行、招商银行排名分别提升2 位、3位和3位。 2025年上半年市值500强企业平均市值、中位数市值和最低市值分别为1601亿元、692亿元和355亿元，较2025 年一季度分别增长53亿元、25亿元和3亿元。 2025年上半年共有31家新面孔跻身市值500强，其中，影石创新、中策橡胶为新上市公司，三生制药、常山药 业、生益电子、美图公司、巨人网络等公司市值排名增幅居前。 01 500强上市地分布 从2025年上半年入围市值500强公司上市地来看，上海243家减少9家，深圳150家持平，北京增加1家，香港190 家增加12家，纽约36家增加1家，伦敦增加1家。2025年二季度以来，受金融股大幅上涨，及A股龙头赴港上市 浪潮推动，上海和香港两地总市值增幅居前，其中，上海总市值增长4.59%，香港总市值增长9.67%。 | 上市地 | 入围公司数 (家) | 总市值(亿元) | | --- | --- | --- | | 上海 | ...

一级市场发行统计 根据Wind数据统计，截至2025年上半年，中国内地债券市场总存量达188.11万亿，较年初增加12.12万亿。其中利率债116.59万亿、信 用债50.39万亿和同业存单21.12万亿。 Wind统计各类债券发行数据显示，2025年上半年中国内地债券发行较往年增速趋缓，各类债券发行合计17.4万亿，同比增长6%。利 率债发行达到16.9万亿，同比增长37%，其中国债同比增长35%、地方政府债同比增长57%，政策性金融债同比增长19%。信用债发行 10.4万亿，同比增长6%。同业存单累计发行17.4万亿，同比增长6%。 5月7日，中国人民银行、中国证监会、交易商协会相继发布科技创新债券配套政策，引发市场热议。 Wind 建立了相应债券板块，记 录了银行间、交易所依据新规发行的所有科技创新债券。同时，为反映发行承销情况， Wind 本次推出科技创新债券承销排行榜，用 户可通过"一级市场-债券承销排名（Wind口径）"，筛选"概念板块-科技创新债券"进行同步查阅。 Wind 绿色债券承销排行榜公布以来受到市场广泛关注，为更加深刻反映绿债在细分市场的发行承销情况， Wind 建立了绿色债券 （NA ...

从券商承销角度来看，国泰海通以1233.77亿元的总承销金额位居榜首，承销数量16起；中信证券以 1178.08亿元的总承销金额排名第二，承销数量28起；中信建投以1103.59亿元的承销金额位居第三，承 销数量为17起。 股权融资市场概览 2025年上半年，A股股权融资市场呈现显著的结构性增长；其中，IPO市场保持稳健态势，增 发市场在特殊政策的强力驱动下实现超常规扩张。据Wind数据统计，2025年上半年，中国内 地股票市场通过IPO、增发和可转债等方式，共完成全口径募资事件132起，较去年同期增加 19起，合计募集资金攀升至7098.54亿元，同比增幅高达520.69%。 从融资方式来看，IPO项目数量总计48起，同比增加5起，融资规模380.02亿元，同比增长 25.53%；定增项目数量总计64起，同比增加6起，融资规模合计6415.77亿元，较去年同期 增长801.31%。针对定增项目，相关融资规模异常增长的核心动因是财政部主导的特别国债 资本补充计划——四大国有银行通过定向增发向募集5200亿元以补充核心一级资本，相关项 目总计占增发市场总规模的81.05%，直线推高2025年上半年度A股市场的整 ...

1、国家统计局公布， 6月份，我国制造业、非制造业和综合PMI分别为49.7%、50.5%和50.7%，比上月上升0.2、0.2和0.3个百分点，三大指数均有所回 升。 装备制造业、高技术制造业和消费品行业PMI均连续两个月位于扩张区间。 2、财政部、国家税务总局、商务部发布公告，明确在2025年1月1日至2028年12月31日期间，境外投资者以中国境内居民企业分配的利润用于境内直接投 资， 若符合条件可按照投资额的10%抵免当年的应纳税额。 3、 深交所发布创业板"轻资产、高研发投入"认定标准，符合相关标准的上市公司不再受募集资金30%补流比例限制 ，有效提升相关公司融资灵活性，支 持企业加大研发投入。经初步测算，符合标准的上市公司共计200余家，主要集中在信息技术、生物医药等战略性新兴产业。 4、上半年，A股在外部市场波动的风云中稳健前行，展现强大韧性。 上证指数年内上涨2.8%，深证成指、创业板指两大指数年内涨幅均在0.5%左右水 平，北证50指数更为优异，年内大涨超39%。 上半年，港股市场表现更为亮眼，恒生指数年内涨幅达20%。在全球主要股指中，恒生指数涨幅仅次于韩 国综合指数、德国DAX指数，位居 ...

2025年二季度，市场流动性充裕，呈现股债双牛格局。在此期间，权益市场韧性增强，投资 者的风险偏好继续提升，万得偏股混合型基金指数上涨3.06%。伴随着国家出台多项政策引 导中长期资金入市，该指数近一年已累计上涨了17.86%。 国内科技基金及QDII偏股型基金的表现尤为亮眼，上榜产品三年期收益率均超过了50%；此 外，ETF正在成为资产配置的首选工具，大量ETF产品频繁登榜各主题业绩榜单，凸显投资价 值。万得短期纯债型基金指数和万得中长期纯债型基金指数分别上涨0.64%和0.95%，再创 新高。 基金业绩篇 1.1 基金分类榜单 普通股票型基金 | | 普通股票型基金近三年业绩榜 | | TOP 20 | | --- | --- | --- | --- | | 排名 | 基金名称 | 三年收益 最大回撤 基金经理 | | | 1 | 金鹰科技创新A | 75.05% -38.68% 陈颖 | | | 2 | 嘉实互融精选A | 64.08% -38.79% 郝淼 | | | 3 | 景顺长城沪港深 | 57.71% -14.73% 张仲维 | | | | 精选A | | | | 4 | 创金合信文娱媒 | ...

Market Performance - In the first half of 2025, the A-share market showed a rising trend with major indices increasing, particularly the North Securities 50 Index which rose by 39.45% [1][3] - The China Securities 1000 and Wind All A indices also saw increases of over 5%, with respective gains of 6.69% and 5.83% [3] Industry Performance - Among 35 industries classified by Wind, 23 recorded gains in the first half of 2025, with the non-ferrous metals sector leading at a rise of 17.93% [5] - Other notable sectors included enterprise services, household products, and banking, which increased by 16.85%, 16.59%, and 15.75% respectively [5][6] - The coal industry performed the worst, declining by 10.02%, while real estate and retail sectors fell by 6.52% and 4.60% respectively [6] Style Index Performance - The small-cap growth style index was the strongest performer, with a cumulative increase of 4.53%, while large-cap value and small-cap value indices rose by 3.39% and 0.07% respectively [8] - Mid-cap value, mid-cap growth, and large-cap growth indices experienced declines of 1.73%, 2.01%, and 3.18% [8] Hot Concept Performance - In the first half of 2025, concepts such as digital currency, artificial intelligence, and robotics showed strong performance, with the stablecoin index rising by 76.69% and the digital currency index increasing by 48.86% [10] - Other notable increases included Deepseek and optical chip indices, which rose by 42.51% and 29.52% respectively [10] Number of Listed Companies - As of the end of the first half of 2025, there were 5,420 listed companies in the A-share market, an increase of 37 from the end of 2024 [14] - The Shanghai main board had the highest number of listed companies at 1,696, accounting for 31.29% of the total [16] Total Market Capitalization - The total market capitalization of the A-share market reached 100.02 trillion yuan by the end of the first half of 2025, reflecting a 6.5% increase from the end of 2024 [18] - The Shanghai main board accounted for 55.71% of the total market capitalization, while the Shenzhen main board represented 21.97% [20] Trading Volume - In the second quarter of 2025, the total trading volume of the A-share market was 75.7 trillion yuan, a quarter-on-quarter decline of 12.9% but a year-on-year increase of 54.5% [21] Margin Trading Dynamics - By the end of the first half of 2025, the margin trading balance in the A-share market was 18,394 billion yuan, down 4.3% from the end of the first quarter but up 24.2% year-on-year [25] Top Gainers and Losers - In the first half of 2025, United Chemical led the A-share gainers with a cumulative increase of 438%, followed by Shutaikang at 403% and Jiuling Technology at 305% [28] - On the downside, China Ruilin saw a decline of 47%, with Haiyang Technology and Tianmao Group falling by 44% and 41% respectively [28] Market Capitalization Leaders - As of the end of the first half of 2025, Industrial and Commercial Bank of China topped the A-share market capitalization list with a total market value of 25,387 billion yuan [31] - Agricultural Bank of China followed with a market value of 20,341 billion yuan, while several other companies including China Mobile and BYD also exceeded a market value of 10,000 billion yuan [31] Financing and Shareholding Changes - In the first half of 2025, BYD saw significant leverage funding with a net buy of 4.934 billion yuan, leading the financing net buy list [35] - Conversely, Zijin Mining faced a net sell of approximately 19 million yuan in margin trading, the highest among its peers [37] - Major shareholders increased their holdings in BYD by 2.935 billion yuan, while Dongpeng Beverage experienced a reduction of 1.921 billion yuan in shareholder holdings [40][42] IPO Activity - In the first half of 2025, the A-share market saw 48 IPOs, an increase of 11.6% year-on-year, with 21 IPOs in the second quarter alone, marking a 75% increase [55] - The total fundraising from IPOs in the first half of 2025 reached 38 billion yuan, up 25.5% year-on-year [57] - The leading sectors for IPOs included electrical equipment, hardware, and automotive parts, each contributing 8 companies [60]