Group 1 - The pharmaceutical sector is rapidly gaining popularity, with a peak in the reporting of themed funds. Approximately 30 pharmaceutical-themed funds were reported in the second quarter, which is roughly equivalent to the total number of such funds established in 2024. Some industry insiders believe that while the current valuations in the pharmaceutical industry are not low, they have not yet entered a bubble phase. From a capital allocation perspective, as the industry's fundamentals improve, actively managed equity funds are expected to return to standard allocations in the pharmaceutical sector [1][3]. - Equity funds are accelerating their positions in the market. Since June, 47 new equity funds have been established, with several funds that have been active for less than half a month already entering the position-building phase. Industry experts suggest that strong policy support is driving the gradual recovery of market valuations, creating abundant structural investment opportunities in the A-share market, prompting fund managers to seize the opportunity to accelerate their positions [1][3]. - The Loan Prime Rate (LPR) remained unchanged in June. The People's Bank of China announced that the one-year LPR is 3.0% and the five-year LPR is 3.5%, both unchanged from the previous month. Industry insiders believe that the stability of the LPR this month aligns with market expectations after a 10 basis point decrease in both tenors in May [1][3]. Group 2 - The Financial Regulatory Bureau has standardized the dividend insurance market, prohibiting arbitrary increases in dividend levels for competitive purposes. The new regulations require that the necessity, reasonableness, and sustainability of dividend levels be thoroughly justified, aiming to curb "involution-style" competition in the industry, prevent interest margin losses, and promote the long-term stable development of dividend insurance business [2]. Group 3 - Australian funds are reducing their holdings in U.S. Treasury bonds due to concerns over policy risks associated with Donald Trump's administration. Some of Australia's largest investors, managing assets equivalent to $30 billion, have shifted towards reducing their exposure to U.S. sovereign debt, reflecting a cautious stance amid potential policy changes [4].

特朗普写道： "如果他把利率降到应有的水平——1%至2%，这个'笨蛋'每年能为美国节省多 达1万亿美元。" 他还说，目前美国"几乎没有通胀"，经济表现良好。特朗普称，若鲍威尔确实担心 通胀或其他风险，应该"现在降息"，若未来情况变化，再行加息。 此外，特朗普还暗示可能重新考虑是否解除鲍威尔职务一事。特朗普说， "也许，只是也许，我得改 变主意不解雇他了？但不管怎样，他的任期很快就要结束了" 。 今年以来，特朗普多次公开呼吁美联储降息，甚至威胁鲍威尔"越早走人越好"。然而面对总统 的压力，美联储依旧保持着自身的定力，在是否降息的问题上，特朗普与鲍威尔之间的博弈也 进入白热化。 // 特朗普再次呼吁美联储降息 // 央视新闻报道，当地时间6月20日，美国总统特朗普再次呼吁美联储主席鲍威尔降息。特朗普表示，也 许得改变主意，不解雇鲍威尔。 特朗普在社交平台上再次将鲍威尔称作"太迟先生"，并严厉抨击其对通胀成本的抱怨源于"拜登政府造 成的经济问题"。他表示，鲍威尔应通过降息来为美国做出"最大、最好的贡献"。 特朗普今年以来多次批评鲍威尔并威胁解除他的美联储主席职务。美联储6月18日结束议息会议，维持 当前政策利率不变 ...

Core Viewpoint - The article emphasizes the rapid development and potential of optical chips as a solution to the limitations of traditional electronic chips, particularly in the context of increasing AI computing demands and the need for efficient data transmission [4][5][6]. Group 1: Optical Chip Introduction - Optical chips are gaining traction due to their high-speed and low-power characteristics, which are essential for enhancing computing capabilities and data transmission efficiency in the AI era [4]. - The global AI server market is projected to grow from $12.2 billion in 2020 to $125.1 billion by 2024, indicating a nearly tenfold increase over five years [5]. Group 2: Market Dynamics and Investment Trends - Major tech companies like Microsoft and Amazon are significantly increasing their capital expenditures for AI-related projects, with Microsoft planning to invest $80 billion in AI chip procurement and data center expansion [6]. - The shift in computing power is structural, moving from training to inference, with companies like Broadcom and Marvell reporting substantial increases in semiconductor revenue from inference applications [7]. Group 3: Challenges and Advantages of Optical Computing - Traditional electronic chips face challenges such as signal delay and energy consumption, which hinder performance as they approach physical limits [7][8]. - Optical computing offers significant advantages, including ultra-low energy consumption (as low as 10^-18 joules per bit) and reduced latency, making it a promising solution for overcoming computing bottlenecks [8]. Group 4: Current State and Future of Optical Chips - The optical chip industry is in its early stages, focusing on technology development and performance optimization, with expectations for small-scale production to begin soon [10][11]. - The global optical chip market is expected to exceed $30 billion by 2027, with a compound annual growth rate of around 25% from 2022 to 2027 [17]. Group 5: Domestic Developments in Optical Chips - The domestic optical chip market is characterized by leading enterprises, emerging startups, and accelerated domestic substitution, with major players like Intel, IBM, and NVIDIA holding a significant share of patents [15]. - Recent breakthroughs in optical chip technology in China, such as the successful production of 6-inch thin-film lithium niobate optical chips, indicate a shift from "technology following" to "industry leading" [19]. Group 6: Policy and Ecosystem Support - The Chinese government is actively supporting the development of the integrated circuit industry, including optical chips, through various policies and funding initiatives [20]. - The establishment of a collaborative ecosystem around optical chips is gradually taking shape, enhancing the synergy between design, manufacturing, and application [20]. Group 7: Investment Activity in Optical Chips - The optical chip sector has seen increased investment activity, with major tech companies and venture capital firms actively investing in startups to enhance their technological capabilities [22]. - Significant funding events have occurred in 2025, indicating a long-term commitment from capital markets to the optical chip industry [23].

1、据国家有关部门消息， 消费品以旧换新加力扩围政策没有变化， 补贴资金使用进度符合预期， 后续还将有1380亿元中央资金在三、四季度分批 有序下达。 2、 中国人民银行与香港金管局启动跨境支付通，将于6月22日上线运行。 支持用户通过参与机构的手机银行、网上银行等渠道，线上发起内地与香港间 人民币和港币的跨境汇款；支持经常项目项下一定金额内的便利化汇款实时到账。 1、外交部发言人宣布， 应国务院总理李强邀请，新加坡总理黄循财将于6月22日至26日对中国进行正式访问。 访问期间，习近平主席将会见黄循 财总理，李强总理、赵乐际委员长将分别同他举行会谈会见。 2、 6月LPR报价出炉，1年期品种报3.0%，5年期以上品种报3.5%，均与上期持平。 中信证券指出，5月LPR报价跟随逆回购利率下调基点后，政策进入 成效观察期，而截至目前6月逆回购利率并未调降， 本次报价不变符合预期。 3、财政部公布数据显示， 今年前五个月，全国一般公共预算支出达112953亿元，同比增长4.2%。 全国一般公共预算收入96623亿元，同比下降0.3%，降 幅略有收窄。 4、 商务部部长王文涛与欧盟贸易和经济安全委员谢夫乔维奇举行会谈 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 导读：6月17日，格瑞农生物完成数千万Pre-A+轮融资，作为国内噬菌体技术商业化的领军企业， 减抗替抗大背景下格瑞农生物持续聚焦 动保、植保等领域的抗生素替代需求。6月6日，海正药业发布公告称控股子公司海正动保联合其他10家单位共同研制的非罗考昔咀获农业 农村部二类新兽药注册证书，该产品适用于缓解犬骨关节炎及术后疼痛。伴随着近年来宠物文化的盛行，保障宠物生命健康安全的宠物药 已经成为了兽药的重要代表领域，近年来成为兽药领域的又一增长极。 生物兽药领域近年来消息不断，减抗替抗叠加宠物医疗助力赛道热 度持续上升。 01 减抗替抗 兽药行业的发展对于我国养殖业具有重要意义，兽药是保障动物健康和疫病防控的关键工具，能够有效降低畜禽的发病率和死亡率，提高养殖效益，稳定 肉类、蛋类等畜产品供应。随着养殖业规模化、集约化程度提升，兽药行业的发展有助于满足规模化养殖场对高效、安全、绿色兽药的需求，推动养殖业 的现代转型。 在过去，兽药行业高度依赖抗生素，主要用于预防和治疗动物疾病以及促进生长，但这种模式导致了 ...

海外方面，最新美国隔夜融资担保利率为 4.31% 。 // 债市综述 // 1. 公开市场操作 央行公告称， 6 月 19 日以固定利率、数量招标方式开展了 2035 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2035 亿元，中标量 2035 亿元。 Wind 数据显示，当日 1193 亿元逆回购到期，据此计算，单日净投放 842 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面略显敛意，央行公开市场转为净投放驰援，存款类机构隔夜质押式回购利率微幅上行，目前仍位于 1.37% 附近，七天质押式回购利率则上行近 2 个 bp 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日略有下行。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.16% ...

Core Viewpoint - The majority of AI writing tools in the market address a pseudo-demand, as the real issues faced by users are not about the inability to write, but rather the speed, effort, and professionalism of the writing process [1]. Group 1: New Features of Alice Writer - Alice Writer has rethought the logic of AI writing by introducing three new features aimed at enhancing efficiency, customization, and alignment with the needs of finance professionals [2]. - The tool allows for customized thought generation based on outlines, breaking down complex information into three professional writing perspectives: technology, market, and policy [3]. Group 2: Case Demonstrations - An example provided is the analysis of "CATL technology route," showcasing how Alice Writer can generate tailored writing ideas [4]. - The tool offers features such as one-click optimization of written content, transforming drafts into professional-grade reports, and automatically generating charts from natural language inputs [5][9]. Group 3: User Experience and Efficiency - Users can upload reports or content generated by Alice, and with a single click, the tool optimizes language and fixes logical issues, enhancing the overall quality of the writing [9]. - The process of creating charts and formatting reports is simplified, allowing users to generate visual data representations with ease, akin to using a voice assistant [10][11]. Group 4: Market Positioning - Alice Writer positions itself as a powerful financial writing tool that understands the specific needs of finance professionals, emphasizing that the effectiveness of tools can significantly impact cognitive differences in a landscape where in-depth reports determine influence [11]. - The tool boasts capabilities such as generating 10,000 words in 5 minutes and offering numerous templates for financial reports, catering to various business needs [12].

3、 6月19日上午， 伊朗对以色列发动新一轮导弹袭击。 据以色列媒体称，导弹击中了南部城市贝尔谢巴的索罗卡医院和中部特拉维夫的霍隆和拉马特甘 地区。 但伊朗外交部长阿拉格齐否认蓄意袭击医院， 呼吁以方重视撤离警告。阿拉格齐称，周四早间， 伊朗武装部队精准摧毁了以色列的一处军事指 挥、控制与情报中心，以及另一处重要目标。爆炸的冲击波波及了附近的索罗卡医院， 导致该院一小部分区域出现轻微损伤。他强调，这家医院当时"基 本已经完成撤离"，且主要用于治疗参与加沙军事行动的以色列士兵，而以色列摧毁或损坏了加沙94%的医院。 4、外交部发言人郭嘉昆表示， 截至目前，已有1600余名中国公民从伊朗安全撤离，数百名中国公民从以色列撤离。 外交部及有关使领馆将继续全力以赴 协助中国公民安全转移撤离。 1、国务院副总理何立峰出席第六届跨国公司领导人青岛峰会开幕式并致辞。 何立峰指出，中国是跨国公司理想、安全、有为的投资目的地。 中国 将坚定不移推进高水平对外开放，打造国际一流营商环境，坚定维护多边贸易体制。 2、 中国驻美国大使谢锋指出，当前中美关系正处在关键节点， 合作共赢还是两败俱伤，是摆在我们面前两条截然不同的航道。 中 ...

2025Wind星选理财师年度评选赛程已过半，来自各大财富管理机构的数万名精英选手持续发力， 在虚拟盘投资、AI星工坊、资产配置规划及星投顾等多项赛事任务中展开激烈角逐。 群星竞逐，谁主沉浮？截至6月15日，两大赛道虚拟盘综合能力TOP50阶段性排名正式出炉！选手 们在收益率、波动率、最大回撤等维度的较量中，展现出卓越的攻守平衡能力。 同步发布的还有4月&5月月度活跃之星榜单，表彰在赛事活跃表现突出的闪耀新星。 01 星选战报 | 风云更替 群雄逐鹿 02 深度透视 | 持仓密档 策略精析 开赛以来买入最多 | 排名 | 基金简称 | 童我代码 | 近1月收益率 | | --- | --- | --- | --- | | 1 | 华夏黄金ETF联接C | 008702 | 3.42% | | 2 | 华夏软件龙头A | 020593 | -0.45% | | 3 | 诺安先进制造A | 001528 | -1.40% | | র্ব | 华夏全球科技先锋A人民币 | 005698 | 6.49% | | 5 | 易方达沪深300ETF联接A | 110020 | -0.40% | | e | 华夏黄金ETF联 ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 18 日开展 1563 亿元 7 天期逆回购操作，操作利率 1.40% 。 Wind 数据显示，当日 1640 亿元逆回购到期，据此计算，单日净回笼 77 亿 元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期影响接近尾声，资金面平稳，存款类机构隔夜质押式回购利率微幅下行，目前位于 1.37% 附近，七天质押式回购利率则小幅上行。 海外方面，最新美国隔夜融资担保利率为 4.32% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.09% 10 年期主力合约跌 0.01% 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日变化不大。 5 年期主力合约跌 0.01% 2 年期主力合约涨 0.01% （*数 ...