// 债市综述 // 1. 公开市场操作 央行公告称，7月8日以固定利率、数量招标方式开展了690亿元7天期逆回购操作，操作利率1.40%，投标量690亿元，中标量690亿元。Wind数据显示，当 日1310亿元逆回购到期，据此计算，单日净回笼620亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行公告称，7月8日以固定利率、数量招标方式开展了690亿元7天期逆回购操作，操作利率1.40%，投标量690亿元，中标量690亿元。Wind数据显示，当 日1310亿元逆回购到期，据此计算，单日净回笼620亿元。 （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1.6%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纷纷上行 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*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. 国债期货收盘集体下跌 （*数据来源：Wind-国债期货） 2 . 中共上海市第十二届委员 ...

据央视报道，当地时间7日， 美国总统特朗普发信函给日韩及南非等14国威 胁征税，随后，他又签署行政令，延长"对等关税"暂缓期至8月1日 。 3个月来，美国就加征所谓"对等关税"与多个贸易对象进行谈判，但进度显著 不及美方预期。目前仅与英国、越南达成贸易协议，但协议细节仍待敲定， 与欧盟、日本、韩国、印度等的谈判进展艰难。 // 特朗普公开致信14国威胁征税 // 当地时间7日， 美国总统特朗普宣称，将从8月1日起对来自14个国家的进口产品征收关税： 日本、韩国、哈萨克斯坦、马来西亚、突尼斯：25% 波黑、南非：30% 印度尼西亚：32% 孟加拉国、塞尔维亚：35% 柬埔寨、泰国：36% 特朗普写道："如你所知，如果日本（韩国）或贵国境内的企业决定在美国境 内建造或生产产品，我们将不会征收关税，事实上，我们将尽一切可能快 速、专业、常规地予以批准——换句话说，只需几周时间。" 老挝、缅甸：40% // 特朗普：若提高对美关税，将追加同等幅度 // 特朗普当天在自己创立的"真实社交"网站上发布他写给日本首相石破茂和韩 国总统李在明的信，表示新关税将不包括其他行业关税。在这两封内容几乎 完全相同的信中，特朗普写道： ...

// 债市综述 // 1. 公开市场操作 央行 公告称， 7 月 7 日以固定利率、数量招标方式开展了 1065 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1065 亿元，中标量 1065 亿元。 Wind 数据显示，当日 3315 亿元 逆回购到期 ，据此计算，单日净回笼 2250 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面延续宽松，但隔夜等短期资金利率开始筑底。存款类机构隔夜质押式回购利率微幅上行，目前仍位于 1.31% 位置，七天质押式回购利率则上行超 4 个 bp 至 1.46% 位置。 海外方面，最新美国隔夜融资担保利率为 4.40% 。 （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 1.59% 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 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*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 | | 1Y | | 2Y ЗУ | SY | 7Y | 10Y | 超长债 | | ...

周一，美国股市出现回调，主要股指普遍下跌，反映出投资者对贸易局势再度紧张的担忧情绪升温。 道琼斯工业平均指数跌幅为0.9%；标普500指数下挫0.8%；纳斯达克综合指数则下滑0.9%。在经历了此 前一周的大涨后，这一走势显示出市场对于政策不确定性的敏感反应。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 44406.36 | 20412.52 | 6229.98 | | -422.17 -0.94% -188.58 -0.92% | | -49.37 -0.79% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7431.81 | 22839.00 | 6263.25 | | +43.77 +0.59% -223.50 -0.97% -61.00 -0.96% | | | | 美国国债 [^ | | | | 3个月期 | 10年期 | 2年期 | | 4.338 | 4.377 | 3.890 | | - 0.57bp | - 3.56bp | - 1.04bp | | 美股ETF | | | | SPDR标普500指 ...

Core Viewpoint - The article emphasizes the need for real-time, precise insights in the fast-paced financial market, highlighting the capabilities of Alice Agent as a powerful tool for generating credible and professional analysis reports based on vast data from Wind Financial Terminal [1]. Group 1: Key Innovations of Alice Agent - Data Power: Alice Agent excels in precise querying of Wind's data, ensuring that the underlying data is comprehensible, manipulable, and stable, which enhances the speed and accuracy of analysis [2]. - Collaborative Power: Alice Agent autonomously plans task paths based on assignments, allowing multiple intelligent agents to work in parallel, ensuring that no critical signals are overlooked from data collection to analysis generation [3]. - Credibility Power: Alice Agent relies on first-hand data from Wind, avoiding speculation and ensuring that analysis results are traceable and logically sound, thus standing up to verification [4]. Group 2: Practical Comparison and Functionality - In practical applications, Alice Agent can analyze structural market trends by simply inputting a request for a review and visual analysis report, showcasing its efficiency compared to traditional AI methods [6]. - Utilizing AI for dynamic planning and real-time coding, Alice Agent can automatically retrieve Wind data, validate calculations, create charts, and summarize analyses, resulting in quick production of professional and credible in-depth reports [7]. - Alice Agent is described as an intelligent assistant capable of reading data, performing analyses, and generating reports, significantly speeding up the processes of daily reporting, analysis, and trend tracking [11].

Group 1 - The article discusses the threat from US President Trump to impose a 10% new tariff on BRICS countries, emphasizing that trade wars have no winners and advocating for open cooperation [2] - Trump has issued tariff threats to 14 countries, with varying rates from 25% to 40%, effective from August 1 [2] - China's gold reserves increased to 73.9 million ounces by the end of June, marking the eighth consecutive month of accumulation [2] Group 2 - Changxin Storage, a major memory chip manufacturer, has initiated its listing guidance with China International Capital Corporation and CITIC Securities as advisors [3] - The largest shareholder of Changxin Technology holds 21.67% of the shares, with other significant investors including major tech companies like Xiaomi and Alibaba [3] Group 3 - President Xi Jinping visited Yangquan Valve Co., focusing on industrial transformation and high-quality development in Shanxi [4] - The National People's Congress has begun inspections of the Circular Economy Promotion Law across several provinces [4] - Nine departments released a plan to enhance the home service industry, proposing 14 specific tasks to support rural revitalization [4] Group 4 - A-shares showed mixed results with the Shanghai Composite Index slightly up by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively [5] - The Hong Kong Hang Seng Index decreased by 0.12%, with significant net buying from southbound funds amounting to HKD 12.067 billion [5] Group 5 - The Shanghai Stock Exchange and China Securities Index Company announced the launch of specialized indices on July 21, focusing on innovative and specialized companies [6] - New quantitative trading regulations are being implemented, impacting high-frequency trading strategies [6] - Public funds are experiencing a significant shift in portfolio adjustments, with a notable increase in demand for rebalancing [6] Group 6 - Jiangsu Runyang Co. has disclosed its IPO timeline, committing to complete its A-share listing by the end of 2028 [7] - Lens Technology has set its Hong Kong IPO price at HKD 18.18 per share, aiming to raise HKD 4.8 billion [7] Group 7 - Industrial Fulian expects a 36.84%-39.12% increase in net profit for the first half of the year [9] - Lier Chemical anticipates a 185%-196% growth in net profit for the same period [9] - Blue Sky Technology's H-share issuance price is set at HKD 18.18, with listing expected on July 9 [9] Group 8 - The National Development and Reform Commission has set a target for over 100,000 high-power charging facilities by the end of 2027 [10] - A new mandatory national standard for passenger car braking systems will take effect on January 1, 2026 [10] - The first batch of 10 Sci-Tech bond ETFs successfully raised close to or exceeded the 3 billion yuan fundraising cap [10] Group 9 - The Shanghai International Shipping Research Center reported a rise in China's shipping prosperity index to 120.81 points in Q2, indicating improved market conditions [11] - China's textile industry saw a 3.4% increase in industrial output value from January to May, despite a 1.7% decline in revenue [11] - Coal production reached a historical high of 1.99 billion tons in the first five months of the year, with a 7.9% decrease in imports [11] Group 10 - The article highlights the rise in illegal financial activities related to stablecoins, urging the public to remain vigilant [12] - Hong Kong's stablecoin regulations will take effect in August, with a limited number of licenses expected to be issued [12] - A summit on the integration of real-world assets and digital assets is scheduled for July 13 [12] Group 11 - Alibaba's open-source AI model WebSailor has achieved top performance in a challenging evaluation set [13] - Taobao and Ele.me reported a significant increase in daily orders, surpassing 80 million [13] - Chery Automobile has established a new domestic business division to enhance its brand presence [13] Group 12 - The article notes that US Treasury yields have risen collectively, influenced by Trump's trade policies [18] - The issuance of long-term special government bonds is planned, with significant amounts allocated for various maturities [18] - The article also mentions the fluctuations in Japanese government bond yields amid concerns over potential fiscal spending [19] Group 13 - International oil prices have risen, with US crude oil contracts increasing by 1.37% to $67.92 per barrel [20] - Gold futures saw a slight increase, while silver futures experienced a decline [21] - Basic metals on the London Metal Exchange closed lower, reflecting shifting market preferences [21] Group 14 - The onshore RMB closed at 7.1747 against the USD, with a slight depreciation noted [22] - The US dollar index rose by 0.58%, with most non-USD currencies declining [22]

Core Insights - Wind continues to provide high-quality online courses globally, with a focus on financial education and insights into global asset management [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 era [2][4] - The Essential Training Series features sessions on AI-powered financial data analytics and regional economic analyses in multiple languages [4][7] Highlights from June - The June highlights recap emphasizes the importance of the Alice Intelligent Financial Assistant in enhancing financial data processing and risk assessment for enterprises [5][6] Registration and Participation - Interested participants are encouraged to scan the QR code to register for courses and access live broadcasts and replays [9][10]

Group 1: Market Operations - The central bank conducted a reverse repurchase operation of 34 billion yuan for 7 days at a fixed rate of 1.40%, with a total bid amount of 34 billion yuan and a net withdrawal of 491.9 billion yuan on that day [2][4]. Group 2: Funding Conditions - The funding environment remains ample and loose, with the overnight pledged repo rate slightly declining to 1.31% and the 7-day pledged repo rate decreasing by over 4 basis points to 1.42% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit is around 1.61%, showing little change from the previous day [8]. Group 4: Bond Market Trends - The yields on major interbank bonds mostly decreased, with the 30-year main contract rising by 0.11%, the 10-year contract by 0.03%, and the 5-year contract by 0.02% [11][12]. Group 5: Corporate Bond Issuance - Alibaba plans to issue approximately 12 billion Hong Kong dollars in exchangeable bonds for cloud computing and international e-commerce investments [17]. - Guizhou successfully issued its first technology innovation corporate bond [17]. - Sunac China intends to issue 754 million new shares to repay 5.6 billion yuan of domestic bonds [17]. - Fitch Ratings indicates that more city investment enterprises holding existing residential properties will benefit from the expanded use of special bonds [17].

3 、 财政部发布通知，决定 7 月 6 日起，在政府采购活动中对部分自欧盟进口的医疗器械采取相关措施：采购人采购预算金额 4500 万元人民币以上的医疗器械时，确需采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业）参与； 对于参与 的非欧盟企业，其提供的自欧盟进口的医疗器械占比不得超过项目合同总金额的 50% ；上述措施不适用于仅自欧盟进口的医疗器械能 够满足采购需求的采购项目。随后，商务部新闻发言人在答记者问时表示，中方措施只针对自欧盟进口医疗器械产品，在华欧资企业生 产产品不受影响。 4 、 美国财长贝森特称，贸易谈判的最后阶段出现僵局，未来 72 小时在贸易谈判方面将会非常繁忙 ；未来几天可能会有几项重大公 告； 100 个较小的国家将获得固定的关税税率，许多国家甚至从未联系过"我们"；贸易谈判的重点是占美国贸易赤字 95% 的 18 个国 家； 8 月 1 日的最后期限已在致各国的信函中说明； 若 8 月 1 日前未能达成协议，关税将恢复至 4 月水平 。另外，当被问及若是美 联储主席是否会降息时，贝森特表示这应由美联储决定。 1 、财政部部长蓝佛安出席 2025 年金砖国家财 ...

Core Viewpoints - The current market is likely in the first phase of a "anti-involution" trend, driven by policy catalysts and expectations for improvement in supply and demand [3][7]. Focus Review - The Central Financial Committee emphasizes the need to regulate low-price disorderly competition among enterprises, aiming to enhance product quality and facilitate the orderly exit of outdated capacity. This is expected to positively impact industries with severe low-price competition, such as the real estate and new energy sectors [3]. - The photovoltaic industry, characterized by severe overcapacity and widespread losses, is likely to be among the first to undergo supply-side reforms [3]. Equity Market - Market conditions are favorable for upward movement due to ample liquidity, with a focus on sectors with strong fundamentals such as overseas computing power and solid-state batteries [5]. - Structural market trends are expected to continue, with a focus on growth attributes and themes like new technology and innovative pharmaceuticals [6]. - The "anti-involution" trend is driving strength in cyclical sectors, with steel and building materials leading the market rebound [15]. Industry Research - The military industry is projected to maintain high prosperity due to geopolitical conflicts and policy support, with a recommendation for a dual strategy of active and passive investment [12]. - The Hong Kong stock market shows significant long-term allocation value, particularly in technology and consumer sectors, supported by low valuations and improving earnings [13]. - The cyclical sectors are benefiting from the "anti-involution" theme, with strong performance in steel and construction materials [15]. Macro and Fixed Income - The funding environment is expected to remain stable and slightly loose, with reduced upward pressure on funding rates despite central bank warnings against fund transfer risks [21]. - A focus on a "monetary-credit" framework is suggested for understanding macro market trends, with an emphasis on a barbell strategy of dividends and technology in the A-share market [22]. Asset Allocation - Growth-style assets are highlighted as the main allocation direction, with structural opportunities in technology, new consumption, and high-dividend sectors [25][26].