图 一周摘要 图 市场概况： 上周（6月16日至6月20日）A股市场出现回调，主要源于PMI、工业增长、社融等宏观表现 略不及预期，投资者对经济复苏节奏产生担忧，风险偏好降低。蓝筹股相对抗跌，上证 50 仅微跌 0.10%，而中证 500、中证 1000 及万得微盘指数相对跌幅则明显更大，科创 50 下跌 1.55%，或因部分 科技企业盈利兑现难度大，成长风格整体受挫。中证红利虽有红利支撑，但仍微幅下挫0.42%，显示市 场避险情绪全面升温。 行业板块： 上周Wind一级平均跌幅1.24%。板块方面，仅10%板块获得正收益，银行、通信、电子相对 表现良好，分别上涨2.63%、1.58%、0.95%，而医药生物、纺织服饰、美容护理则明显走弱，分别下跌 4.35%、5.12%、5.86%。 单位：% 基金发行： 上周合计发行46只，其中股票型基金发行20只，混合型基金发行14只，债券型基金发行9 只，QDII型基金发行1只，FOF型基金发行2只，总发行份额459.23亿份。 基金表现 ：上周万得全基指数下跌 0.70% 。其中，万得普通股票型基金指数下跌 1.54% ，万得偏股混 合型基金指数下跌 1.65% ， ...

// 市场要闻 // 1、5月规模以上工业企业利润增速公布 周五（6月27日），国家统计局公布5月规模以上工业企业利润增速。上月公布的数据显示，1-4月份，规模以上工业企业利润增长1.4%， 较1—3月份加快0.6个百分点，延续恢复向好态势。 2、逾9600亿元逆回购到期 Wind数据显示，本周央行公开市场将有9603亿元逆回购到期，其中本周一至本周五分别到期2420亿元、1973亿元、1563亿元、2035亿 元、1612亿元。此外，本周一还将有1000亿元国库现金定存到期。 3、美国通胀数据出炉 周五（6月27日），美国公布5月PCE物价指数。经济学家预计美国5月PCE物价指数同比增2.3%，较上月的2.1%提升0.2个百分点；核心 PCE物价指数同比增2.6%，较上月加速0.1个百分点，显示通胀温和升温。分析指出，按环比预期值看，近三个月将是五年以来涨幅最温 和的三个月。 4、鲍威尔半年度货币政策证词 周二（6月24日），美联储主席鲍威尔将在众议院发表半年度货币政策证词。届时，鲍威尔或将阐述美联储对当前经济形势的评估，包括 就业、通胀等关键领域。除了密切关注有关利率或通胀的线索，交易员还将高度警惕政策独 ...

1、 国务院副总理丁薛祥出席第二十八届圣彼得堡国际经济论坛全会 ，并发表题为"弘扬全人类 共同价值 推动多极化世界发展"的致辞。丁薛祥表示，尽管外部冲击影响加大，中国经济依然呈现向 好态势，向世界展现了强劲活力和韧性。中国将加紧实施更加积极有为的宏观政策，着力稳就业、稳企 业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。无论外部环境如何变 化，中国对外开放的大门只会越开越大。诚挚欢迎各国企业到中国投资兴业，积极参与中国式现代化进 程、分享中国发展机遇。 1、 国务院副总理丁薛祥在圣彼得堡会见俄罗斯总统普京 。丁薛祥表示，当前国际局势深刻演 变，中俄两国应以坚定的全面战略协作，捍卫国际道义，支持以世贸组织为核心的多边贸易体制，携手 维护产供链稳定，深化上海合作组织、金砖国家等多边合作，为推进平等有序的世界多极化和普惠包容 的经济全球化作出新的更大贡献。 2、香港特区行政长官李家超表示，香港国安法公布实施5年后的今天， 香港排名全球最自由经济体 榜首 ，国际金融中心地位稳占世界第三，世界竞争力排名重返世界前三。 3、住户"存款定期化"加强的趋势，不仅体现在今年以来逐月上升的定期存款余额上， ...

Core Insights - The article highlights a significant increase in financing events and amounts in the primary market, indicating a growing interest from investors in various sectors [4][11]. Financing Overview - As of June 20, 2025, there were 118 financing events this week, an increase of 31 from the previous week, with a total financing amount of approximately 5.627 billion yuan, up by 2.959 billion yuan [4]. - Among these events, 23 had financing amounts of 100 million yuan or more, an increase of 10 from last week [4]. - There were 35 public exit cases this week, an increase of 9 from the previous week [4]. Financing Amount Distribution - A total of 69 financing events disclosed amounts this week, with the distribution as follows: - 4 events under 5 million yuan - 35 events between 5 million and 10 million yuan - 6 events between 10 million and 50 million yuan - 15 events between 50 million and 100 million yuan - 2 events between 100 million and 500 million yuan - 2 events between 500 million and 1 billion yuan - 1 event over 1 billion yuan [5]. Notable Investment Events - **New Energy Vehicles**: Kavin Automotive raised 1.209 billion yuan through a capital increase agreement, focusing on low-carbon and zero-carbon industrial ecosystems [7]. - **Quadruped Robots**: Yushu Technology completed nearly 700 million yuan in Series C financing, led by major investors including Tencent and Alibaba [7]. - **Display Panels**: Shenzhen Xinshi Technology secured approximately 600 million yuan in Pre-A round financing, focusing on silicon-based OLED micro-display technology [8]. - **Logistics**: Zhejiang China Light Textile City Group announced a 500 million yuan capital increase from ICBC Financial Asset Investment [8]. Industry Distribution - The financing events spanned 14 industries, with the top five being: - Equipment Manufacturing: 24 events - Electronics: 23 events - Healthcare: 19 events - Information Technology: 18 events - Consumer Goods and Services: 8 events - These five industries accounted for 77.97% of all financing events [11][12]. Regional Distribution - The top five regions for financing events were Guangdong, Jiangsu, Beijing, Shanghai, and Zhejiang, totaling 84 events, which is 71.19% of all events [16]. Financing Rounds - Angel and A rounds were the most active, totaling 78 events, with early-stage financing (A round and earlier) accounting for 67.80% of the total [20]. Exit Situation - There were 35 public exit cases this week, with the electronics sector leading in exit cases, followed by materials and energy-saving industries [27][29].

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].

Group 1 - The Chinese government will allocate an additional 138 billion yuan in central funds for the consumption upgrade policy in the third and fourth quarters [2] - The People's Bank of China and the Hong Kong Monetary Authority have launched a cross-border payment system to facilitate RMB and HKD remittances between the mainland and Hong Kong [2] - In the first five months of this year, China's actual use of foreign capital decreased by 13.2% year-on-year, with significant growth in e-commerce services, aerospace manufacturing, and chemical pharmaceuticals [3][4] Group 2 - The National Development and Reform Commission has introduced over 3,200 projects to attract private capital, focusing on key areas such as energy and new infrastructure, with total investments exceeding 3 trillion yuan [4] - The June LPR (Loan Prime Rate) remained unchanged at 3.0% for the one-year term and 3.5% for the five-year term, aligning with market expectations [3] - The Ministry of Finance reported that national public budget expenditure reached 1.12953 trillion yuan in the first five months, a year-on-year increase of 4.2% [3] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.07% at 3,359.9 points, while the Hong Kong Hang Seng Index rose 1.26% [5][28] - The China Securities Regulatory Commission (CSRC) has seen a significant increase in the number of qualified foreign institutional investors, rising from 558 at the end of 2020 to 894 currently, a growth of over 60% [5] - The CSRC issued 11 administrative penalty decisions related to insider trading, with a total penalty amount of approximately 60 million yuan [6] Group 4 - The Central Internet Information Office reported that over 3,500 AI products were disposed of in the first phase of a special action to rectify the misuse of AI technology [9] - The National Medical Products Administration approved measures to optimize the lifecycle supervision of high-end medical devices to promote innovation in the healthcare sector [9] - The China Light Industry Federation stated that the association is unaware of any meetings regarding "production limits to maintain prices" in the photovoltaic industry [11]

Group 1: Open Market Operations - The central bank announced a 203.5 billion yuan 7-day reverse repurchase operation on June 19, with a fixed interest rate of 1.40%, and the full bid amount was accepted [1] - On the same day, 119.3 billion yuan of reverse repos matured, resulting in a net injection of 84.2 billion yuan [1] Group 2: Funding Conditions - The funding environment appears slightly tighter, with the central bank shifting to net injections; the overnight pledged repo rate has slightly increased to around 1.37%, while the 7-day pledged repo rate rose by nearly 2 basis points [3] - The latest overnight financing guarantee rate in the U.S. is reported at 4.31% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, showing a slight decrease from the previous day [7] Group 4: Bond Market - The closing prices for government bond futures showed a 0.16% increase for the 30-year main contract, while the 10-year main contract remained unchanged; the 5-year and 2-year main contracts saw slight declines of 0.02% and 0.01%, respectively [11] Group 5: Bond Issuance - Poly Development has received approval to register a 5 billion yuan short-term financing bond [16] - Guotai Junan has been granted approval to issue 15 billion yuan in corporate bonds for technological innovation [16] - Lanzhou Bank has been approved to issue up to 5 billion yuan in perpetual capital bonds [16] - The Export-Import Bank of China issued 10 billion yuan in bonds to support Shanghai's foreign trade and development [16]

Core Viewpoint - The article discusses the significant transformation in the veterinary medicine industry in China, driven by the reduction and replacement of antibiotics in animal husbandry, alongside the rising demand for pet healthcare products, highlighting investment opportunities in the biological veterinary drug sector [3][4][5]. Group 1: Antibiotic Reduction and Replacement - The veterinary medicine industry is crucial for ensuring animal health and disease prevention, which in turn stabilizes the supply of meat and eggs [4]. - Historically, the industry relied heavily on antibiotics, leading to increased antibiotic resistance and environmental contamination [4][5]. - Since 2020, China has implemented strict regulations to phase out growth-promoting antibiotics, promoting the development of alternative products [5][6]. Group 2: Current Status of Biological Veterinary Drugs - Biological veterinary drugs, including vaccines and microbial preparations, are becoming essential for sustainable animal husbandry and food safety [6][7]. - Vaccines are the most significant category within biological veterinary drugs, preventing infectious diseases and reducing the need for antibiotics [6][7]. - The development of innovative veterinary drugs in China has lagged behind due to market preferences for cheaper, traditional solutions [8][9]. Group 3: Investment Dynamics - The rise of pet culture has led to increased investment in the veterinary drug sector, particularly in pet healthcare products [9][12]. - The Chinese pet medical market is projected to reach 94 billion yuan by 2024, indicating a growing focus on pet pharmaceuticals [9]. - Recent financing activities in the biological veterinary drug sector have primarily occurred in early to mid-stage investments, with significant interest in pet vaccines and alternative antibiotic products [12][13].