甘肃省级农商行筹建迎来重大进展！ 4月中旬，《甘肃信合》杂志电子版期刊披露的甘肃农信2024年工作报告（摘要）透露，"历时4年多的改革方 案即将获批""2025年是省农信联社化险改革落地启动之年"。 日前，甘肃金昌农商行、甘肃永昌农商行同时在金昌日报发布公告称，将于8月20日分别召开临时股东大会， 内容均为"审议组建甘肃农村商业银行有关事项"。 在此之前，甘肃省曾在2023年政府工作报告提出"组建甘肃农商联合银行"。不过据券商中国记者今年初报道， 甘肃已切换改革路线，将推进筹建统一法人模式的"甘肃农商银行"。 筹建迎来重大进展 官网介绍，目前甘肃农信共有37家农商行、5家农合行、41家县级联社，营业机构覆盖了全省1229个乡镇、 86%的行政村和90%的农牧民。 但受地方经济基础薄弱、产业结构调整等因素影响，甘肃省内农信机构资产质量参差不齐、历史包袱相对沉 重。2019年至2021年，甘肃银行业金融机构不良贷款率连续三年高于6%。 2021年、2022年，甘肃先后发行126亿元、300亿元支持中小银行发展专项债券，用于补充辖内58家农合机构及 甘肃省联社资本。 在2023年省政府工作报告中，甘肃首次提出，在2 ...

在公募基金行业，主流赛道向来是兵家必争之地，科技、大消费、医药等热门领域吸引了众多基金经理目光， 沉淀了大量资金。然而，一些基金凭借小众策略另辟蹊径，不追风口、不扎堆，总能在市场忽略的角落挖掘出 超额收益，成功破圈逆袭。 随着投资者认知提升，一些小众策略基金逐渐得到市场认可，近期规模一路攀升，不过也有部分基金因策略容 量限制而"长不大"。 小众策略破圈逆袭 一些小众策略基金凭绩优破圈。 今年以来，权益市场回暖，权益基金业绩大幅回升。科技、医药等一些主流热门行业获得基金经理大幅加仓， 并获得市场积极反馈，基金业绩也一路飙升。 与此同时，一些小众策略基金因为过去数年业绩积累，也逐渐获得投资者认可，成功破圈逆袭。 这些小众策略基金通过参与定增、量化选股、微盘选股、跟踪Smart Beta指数等策略，在市场忽略的角落挖掘 出超额收益，为投资者提供良好持有体验。 Wind数据显示，截至最新，仅有10余只权益基金连续5年保持正收益，其中不乏一些小众策略基金，如华夏新 锦绣、金元顺安元启、国金量化多策略、华泰柏瑞红利低波ETF等基金均实现了至少5年的连续正收益。 张城源管理的华夏新锦绣基金自2019年以来，每年均实现了正收 ...

Group 1 - Ant Group has issued a statement denying any plans to collaborate with the People's Bank of China and China Rare Earth Group to create a stablecoin, urging the public to be cautious of misleading information [1] - JD.com has also released a statement refuting false claims regarding its stablecoin products and partnerships, warning users to be vigilant against investment scams [3] - JD.com highlighted its advantages in cross-border payments, including faster transaction speeds, lower costs, and uninterrupted service, while reiterating that its stablecoin has not been officially launched and any related information is fraudulent [5]

Core Viewpoint - The article highlights the significant rise of Chinese innovative drugs in the market, exemplified by the explosive debut of Zhonghui Biopharma-B, which saw a surge of nearly 160% on its first trading day, reflecting a broader trend of growth in the innovative drug sector in China [1][2][6]. Group 1: Zhonghui Biopharma-B Performance - Zhonghui Biopharma-B's stock price increased by 169.7% on its debut, closing with a nearly 160% gain [1][2]. - The company set a lower limit price of HKD 12.9 per share, raising a net amount of HKD 383 million [6]. - The public offering was oversubscribed by 4006.64 times, freezing HKD 210 billion in capital, making it the most oversubscribed biotech stock in Hong Kong this year [6]. Group 2: Growth of Innovative Drugs in China - The share of China's innovative drug BD (business development) transactions in the global market has increased from 10.8% in 2015 to an estimated 52.5% as of August 8, 2023 [9]. - The market size of innovative drugs in China reached CNY 679 billion in 2022, with projections to exceed CNY 1 trillion by 2026 and reach CNY 1.12 trillion by 2027 [9]. - The proportion of innovative drugs in the Chinese pharmaceutical market was 41% in 2022, expected to rise to 50% by 2026 and 51% by 2027 [9]. Group 3: Policy Support for Innovation - The National Healthcare Security Administration (NHSA) has held five meetings focused on supporting innovative drugs and medical devices, emphasizing a complete chain from research and development to payment [10]. - The NHSA's stance is to support genuine innovation while rejecting pseudo-innovation, which is expected to accelerate the global presence of Chinese innovative drugs and benefit patients [10].

8月10日晚间， 胖东来创始人于东来在社交平台发文，回应" 招聘刑释人员"。说明中称，此次招聘"刑 释人员"，是基于人性的善良和美好，希望各个群体的人们都能够得到社会的尊重和关爱。能让每个人有 尊严的生活。 说明称，希望刑释人员群体自身要能够正确阳光乐观地面对，因为已经得到过惩罚，要坚定的放下过往、 总结教训，未来踏踏实实的做好自己。 前述说明倡导社会对刑释人员不歧视、不戴有色眼镜，让他们能够被社会善良宽容的接纳，拥有平等的尊 严、人格和追求生命幸福的机会及权利。 对,因为已经得到过惩罚,要坚定的放下过往、总结教训, 未来踏踏实实的做好自己,把曾经走过的弯路当成生命中的 经历乃至宝贵的教育财富,像一个经历过风雨的传道者一样, 分享给更多的人少走弯路,这也是伟大的价值!同时更应该 能够勇敢坦荡、有尊严的、真诚、善良、健康美好的生活! 通过自身的改变和努力,成为创造和享受美好生活的主人! 坚定向善,坚定理解和包容一切不理解自己的过往的人,毕 竟自己曾经伤害过他人,所以不应因此而痛苦的纠结,影响 自己正常的状态!坚定地学习和拥有专业的创造美好生活的 能力,坚定地按照自己喜欢的健康快乐的生活方式生活!这 是对自己生命 ...

量化与主观百亿私募的"分化"仍在继续。 私募排排网最新数据显示，截至2025年7月底，百亿私募总数维持90家不变。其中，量化机构净增2家至44家， 创历史新高，而主观私募则净减2家至39家。 值得注意的是，随着量化私募的超额业绩持续亮眼，资金正在加速流向量化阵营，百亿私募的版图也在悄然重 塑。 此外，百亿私募也交出了一份亮眼的成绩单。截至2025年7月底，纳入统计的55家百亿私募平均收益达 16.60%，量化私募再度跑赢主观机构，不仅实现"全员盈利"，且32家量化私募收益超10%。 百亿量化军团再扩容 百亿私募不仅是规模标杆，更是行业的风向标。 私募排排网数据显示，截至2025年7月底，百亿私募总数为90家，环比持平。但从结构来看，量化与主观策略 呈现明显分化：量化百亿私募增加至44家，占比达49%，净增2家；主观百亿私募降至39家，占比缩至43%， 净减少2家。 具体来看，较6月底，7月有3家私募退出百亿阵营，均为主观私募；3家私募新晋百亿，分别是久期投资、千衍 私募、上海波克私募，除久期投资为主观私募外，其余2家皆为量化私募，核心策略分别为债券策略、股票策 略、多资产策略。 其中，上海波克私募相当"年轻" ...

一则停产消息彻底引爆。 8月11日，期货市场开盘，碳酸锂期货所有合约全线涨停。A股、港股锂矿股集体爆发，天齐锂业、江特电机、盛新锂能等多股涨停，赣锋锂业H股一度暴涨超 20%。消息面上，宁德时代8月11日在互动平台表示，公司在宜春项目采矿许可证8月9日到期后已暂停了开采作业。 有分析人士指出，此次停产对碳酸锂的供需平衡利好较大。在三季度碳酸锂供需紧平衡的背景下，此次停产或造成单月数千吨的供应缺口。供给扰动叠加传统补库 季节来临，锂价短期反弹空间较大，碳酸锂涨价有望带动锂电产业链整体价格与盈利的修复。 8月11日，商品期货开盘，碳酸锂期货所有合约全线涨停。其中主力合约开盘直接涨停，涨幅为8%，报81000元/吨。 A股开盘后，锂矿股集体大涨，截至午间收盘，天齐锂业、江特电机、盛新锂能涨停，中矿资源、赣锋锂业、永杉锂业大涨超9%，融捷股份、盐湖股份、雅化集 团、西藏矿业、天华新能等个股跟涨。港股锂业股亦全线大涨，赣锋锂业一度暴涨超20%，天齐锂业一度大涨超18%。 另外，周一早盘澳洲锂矿股也大幅走强，其中Liontown资源有限公司股价一度暴涨超22%，Pilbara矿业有限公司大涨超17%，Mineral资源有 ...

美国大动作 美东时间8月10日，据美国国防部官网，美国国防部战略资本办公室宣布发放首笔直接贷款，用于加强美国工业基础并保护关键矿产供应链。作为国防部与 美国稀土矿所有者和运营商MP Materials于2025年7月达成的更广泛协议的一部分，美国国防部战略资本办公室提供了1.5亿美元（约合人民币11亿元）贷 款。 | | | 事关稀土，美国紧急出手。 美东时间8月10日，美国国防部宣布，向稀土矿所有人MP Materials提供1.5亿美元贷款，用于为MP Materials 位于加州芒廷帕斯的现有加工厂提升重稀土 分离能力。受此影响，MP Materials股价在夜盘交易中直线拉升，一度涨超3%。 MP Materials拥有美国唯一一座正在运营的稀土矿，据其最新披露的财报，今年第二季度，MP Materials的 镨钕 氧化物产量激增近120%，达到创纪录的 597吨，预计第三季度产量将环比增长10%至20%。在一系列利好政策的刺激下，其股价持续飙涨，年内累计涨幅已超过367%。 国防部负责研究与工程的副部长埃米尔·迈克尔表示："通过这笔贷款，我们正在采取果断行动，恢复国内关键矿产供应链，重振我们的工业基 ...

Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 112 billion yuan at an interest rate of 1.40%, maintaining the previous rate, while net liquidity was withdrawn by 432.8 billion yuan due to the maturity of 544.8 billion yuan in reverse repos [1][3]. Summary by Relevant Sections - **Operation Details** - The operation involved a total bid amount of 112 billion yuan, with the same amount being awarded [3]. - The interest rate for the 7-day reverse repurchase operation remained unchanged at 1.40% [1][3]. - **Liquidity Impact** - A total of 544.8 billion yuan in 7-day reverse repos matured today, leading to a net withdrawal of 432.8 billion yuan from the market [1].