// 债市综述 // 1. 公开市场操作 央行公告称，7月17日以固定利率、数量招标方式开展了4505亿元7天期逆回购操作，操作利率为1.4%，投标量4505亿元，中标量4505亿元。Wind数据显 示，当日900亿元逆回购到期，据此计算，单日净投放3605亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面整体平衡，存款类机构隔夜质押式回购利率小幅下行，目前位于1.46%位置。七天质押式回购利率下行不足1个bp，现位于1.52%位置。 海外方面，最新美国隔夜融资担保利率为4.37%。 （IMM） 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1.62%附近，较上日变化不大。 （*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 涨跌不一 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 6. 国债期货收盘 多数上涨 30年期主力合约跌0.02% 10年期主力合约涨0.02% 5年期主力合约涨0.02% 2年期主力合约涨0.01% （*数据来源：Wind-国债期货） | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城 ...

// 债市综述 // 1. 公开市场操作 央行公告称，7月16日以固定利率、数量招标方式开展了5201亿元逆回购操作，操作利率为1.4%，投标量5201亿元，中标量5201亿元。Wind数据显示，当 日755亿元逆回购到期，据此计算，单日净投放4446亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面重回平衡局面，存款类机构隔夜质押式回购利率下行超6个bp，目前位于1.46%位置。七天质押式回购利率则下行超4个bp，现位于1.52%位置。 海外方面，最新美国隔夜融资担保利率为4.33%。 （IMM） （*数据来源：Wind-利差分析） 6. 国债期货收盘 多数下跌 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.63%附近，较上日变化不大。 （*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 涨跌不一 | （*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 30年期主力合约跌0.05% 10年期主力合约跌0.05% 5年期主力合约跌 ...

Core Viewpoint - The article introduces a free, customized AI Agent service by Wind, aimed at simplifying complex work tasks for users without requiring technical expertise [2][3]. Group 1: Service Overview - Wind offers a one-on-one free customization service for AI Agents, allowing users to submit specific task requirements without needing to write code or understand AI [3][4]. - The service is entirely free for Wind financial terminal users, with no customization fees or limitations on functionality [3][4]. Group 2: Expert Involvement - Wind's product team engages in deep communication with users to ensure the customized Agent effectively meets their business needs and delivers tangible results [4][5]. - The focus is on transforming technical delivery into work delivery, providing users with clear outputs such as data, tables, charts, and analysis reports [5][6]. Group 3: Case Study - A case study highlights a bank investment manager who previously spent half a day compiling industry reports. After customization, the Agent automates data collection and report generation, significantly reducing workload [6][9]. Group 4: User Feedback and Engagement - The service has seen over 31,000 custom Agent runs weekly, with a report view rate of 83% and a user satisfaction rate exceeding 93% [12]. - Users describe the AI Agent as a capable colleague that requires no training, emphasizing its practical utility in completing tasks [12].

// 债市综述 // 1. 公开市场操作 央行公告称，7月15日以固定利率、数量招标方式开展了3425亿元7天期逆回购操作，操作利率为1.4%，投标量3425亿元，中标量3425亿元。Wind数据显 示，当日690亿元逆回购到期及1000亿元MLF到期，据此计算，单日全口径净投放1735亿元。 2. 资金面 全国和主要股份制银行一年期同业存单最新成交在1.62%附近，较上日下行超1个bp。 （*数据来源：Wind-同业存单-发行结果） （*数据来源：Wind-央行动态PBOC） 流动性明显收敛，存款类机构隔夜质押式回购利率上行超10个bp，目前位于1.53%位置。七天质押式回购利率则上行超3个bp，现位于1.56%位置。 海外方面，最新美国隔夜融资担保利率为4.31%。 （IMM） 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 4. 银行间主要利率债收益率 集体下行 | （*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 集体上涨 30年期主力合约涨0.47% 10年 ...

1、 《求是》杂志发表习近平总书记重要文章《坚定不移推进高水平对外开放》。 文章指出，要不断扩大高水平对外开放。过去中国经济发展是在开放条 件下取得的，未来中国经济实现高质量发展也必须在更加开放条件下进行。要以国内大循环吸引全球资源要素，增强国内国际两个市场两种资源联动效 应。 2、 我国经济半年度 " 成绩单 " 公布，上半年 GDP 为 66.05 万亿元，同比增长 5.3% 。分季度看，一季度 GDP 同比增长 5.4% ，二季度增长 5.2% 。 上 半年固定资产投资增长 2.8% ，其中房地产开发投资下降 11.2% 。 6 月份，规模以上工业增加值同比增长 6.8% ，社会消费品零售总额增长 4.8% 。国家统 计局副局长盛来运指出，中国的政策 " 工具箱 " 丰富，也在加强政策储备，会根据市场变化适时推出。 3 、 英伟达确认，将恢复 H20 芯片在中国的销售，并宣布推出面向中国市场的全新且完全兼容的 GPU 。 英伟达创始人兼 CEO 黄仁勋表示，美国政府已 向英伟达保证将授予许可证，并且英伟达希望尽快启动交付。黄仁勋还宣布将推出专为计算机图形、数字孪生和人工智能设计的新显卡 RTX Pro ...

| 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 44023.29 | 20677.80 | 6243.76 | | -436.36 -0.98% | +37.47 +0.18% | -24.80 -0.40% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7697.24 | 23017.75 | 6273.75 | | +206.98 +2.76% | -17.75 -0.08% | -37.25 -0.59% | | 美国国债 [^ | | | | 3个目期 | 10年期 | 2年期 | | 4.346 | 4.481 | 3.934 | | △ 1.61bp | 4.80bp | - 3.79bp | | 美股ETF | | | | iShares美国国债1 iShares费城交易 VictoryShares国 | | | | 82.375 | 246.26 | 25.23 | | -0.085 -0.10% | +2.43 +1.00% | -0.14 -0.55% | 美股周二涨跌互现，道指大跌近1%，标普50 ...

Alice Chat，不是"回答问题工具ˮ，⽽是⼀位支持全流程战略思考、24小时待命、知识无限、速度 逆天的AI顾问。 智能识别你的研究意图 拆解构建完整分析框架 自动匹配Wind等权威数据源 生成图文并茂、数据翔实的研究报告 "尽调清单翻到手指冒火星，咨询报价单像块烫手山芋，数据东拼西凑信息还有断层，凌晨三点还在核验收尾..." 这不是某家公司的特例，而是投研 / 战略 / 咨询人的日常：从选题调研到交稿，开不完的会，熬不完的夜。 而现在 Alice Chat深度研究 ， 只需一句话就能完成一份"麦肯锡级"的专业报 告。 不用东拼西凑，不用四处求 人，更不用"靠感觉"做决策。 节省百万预算的AI顾问，来了 以"稳定币"为例！打开 AliceChat对话框，输入议题， 激活深度研究模式 。 不到5分钟，报告自动生成！她会： 研究成果决定战略⾼度 ⼯具决定成果边界 在它背后，是万得20余年积累的⾦融数据库，是Alice架构⽀撑的千亿级⼤模型智能。 她帮你搞定90%的 "找、搜、拼" ，你只需要聚焦在10%的思考和决策上！ ⽆论你是⾦融⾼管、企业战略负责⼈，还是投研分析师，就算你是个"门外汉"，当你 面对一个陌生 ...

Group 1: Monetary Policy and Market Operations - The central bank conducted a reverse repurchase operation of 226.2 billion yuan with a fixed rate of 1.40% on July 14, resulting in a net injection of 119.7 billion yuan for the day after accounting for maturing reverse repos [1] - To maintain liquidity in the banking system, the central bank plans to conduct a 1.4 trillion yuan reverse repurchase operation on July 15 [13] - The interbank overnight pledged repo rate has risen over 8 basis points to 1.42%, while the seven-day pledged repo rate has increased over 6 basis points to 1.53% [3] Group 2: Financing and Economic Indicators - In the first half of the year, China's social financing increased by 22.83 trillion yuan, up 4.74 trillion yuan year-on-year, with RMB loans rising by 12.92 trillion yuan [13] - The total value of China's goods trade in the first half of the year was 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports growing by 7.2% [13] - The bond market issued various bonds totaling 44.3 trillion yuan in the first half of the year, a 16% increase year-on-year, supporting fiscal policy and corporate financing [14] Group 3: Interest Rates and Bond Market - The yield on major interbank rates has mostly increased, indicating a tightening of liquidity conditions [8] - The latest one-year interbank certificates of deposit are trading around 1.64%, up 1 basis point from the previous day [6] - The central bank's actions and market conditions have led to a collective decline in government bond futures, with the 10-year contract down 0.08% [12]

Group 1 - The central bank reported that the total social financing increased by 22.83 trillion yuan in the first half of the year, which is 4.74 trillion yuan more than the same period last year, with RMB loans increasing by 12.92 trillion yuan [2] - The M2 balance grew by 8.3% year-on-year by the end of June, indicating a stable monetary environment [2] - The General Administration of Customs reported that China's total goods trade import and export value reached 21.79 trillion yuan in the first half of the year, a historical high, with exports growing by 7.2% and imports by 2.3% [2] Group 2 - The Central Committee emphasized the need to strictly punish financial crimes such as market manipulation and insider trading, and to improve rules for handling disputes in emerging financial fields [3] - The State Council announced a routine inspection of 16 provinces and municipalities, indicating ongoing regulatory oversight [4] - The Ministry of Commerce expressed hope for stable and sustainable development of China-US trade relations [4] Group 3 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.27% to 3519.65 points, while the Shenzhen Component Index fell by 0.11% [6] - Hong Kong's Hang Seng Index closed up 0.26%, with significant inflows from southbound funds [7] - A-share companies are expected to report strong earnings, with some companies projecting over 3000% year-on-year profit increases [8] Group 4 - The coal industry is urged to recognize the severe imbalance in supply and demand and to adhere to long-term contracts for electricity coal [10] - The number of newly registered electric vehicles reached 5.622 million in the first half of the year, a 27.86% increase year-on-year [10] - The rapid growth of foreign-controlled wealth management companies indicates a significant shift in the financial landscape [10] Group 5 - The approval of a virtual asset trading license for a Chinese bank in Hong Kong marks a significant development in the financial sector [12] - The U.S. regulatory bodies provided guidance on how banks can offer cryptocurrency custody services, reflecting the growing importance of digital assets [12] - The market is reacting to potential new sanctions against Russia, which is affecting oil prices [19]

Core Viewpoint - The Wind2025 Family Office High-Quality Development Forum focused on "AI-driven family wealth management and investment advisory services," aiming to explore new opportunities and challenges in the era of AI for family offices and investment advisory services [1]. Group 1: Forum Overview - The forum was held in Guangzhou, attended by over 200 guests, including top professionals from securities firms, fund companies, insurance asset management, and family office leaders [1]. - The event featured six keynote speeches and two in-depth roundtable discussions, receiving high praise from attendees [1]. Group 2: Keynote Insights - The Director of the Guangzhou Local Financial Management Bureau highlighted Guangzhou's robust economic vitality and rich financial ecosystem, positioning it as a leading city in financial value-added services [3][4]. - The President of Wind Fund presented a solution for family office wealth management empowered by AI, addressing challenges such as complex asset allocation and the ambiguous role of buy-side advisors [6]. - The Chief Asset Research Officer from GF Securities discussed the current global economic landscape, suggesting a "global barbell strategy" for family offices to balance stable assets and high-yield, high-volatility investments [8]. Group 3: Investment Strategies - The Director from GF Fund emphasized a probability-based approach to investment, proposing a "star + satellite" account configuration strategy to achieve long-term stable growth [10]. - The Chairman of Century Insurance Asset Management stressed the importance of family values in wealth management, advocating for mindfulness in investment decisions [12]. - The General Manager of China Europe Wealth highlighted the need for integrated solutions to meet the diverse and personalized demands of high-net-worth clients [14]. Group 4: Roundtable Discussions - The first roundtable featured discussions on investment trends and asset allocation strategies among industry experts, focusing on the evolving needs of family offices [18]. - The second roundtable addressed comprehensive management and global allocation practices, with insights from various leaders in the family office sector [20]. Group 5: Conclusion and Future Outlook - The forum concluded with the unveiling of the "Wind Family Office Think Tank," aimed at providing comprehensive support for wealth management and inheritance planning [21]. - Wind aims to leverage data-driven investment research and AI to offer a one-stop intelligent solution for family and enterprise wealth management, exploring new paths for high-quality industry development [21].