财经图解 . 财经大事早知道，关注东方财富股票！ 日前，高层会议提出"依法依规治理企业低价无序竞争，推动落后产能有序退出"，"反内卷"预期强化， 相关概念股近期表现较强。 政策发布后，各行业纷纷响应。头部光伏玻璃企业宣布自7月起集体减产30%，以缓解行业"内卷式"竞 争；中国水泥协会发布《关于进一步推动水泥行业"反内卷""稳增长"高质量发展工作的意见》，明确优 化产业结构；钢铁行业部分钢厂也收到减排限产通知。这些举措迅速传导至市场端，近日国内期货市场 铁矿石、多晶硅、焦煤等品种均有一定的上涨。 以下文章来源于财经图解 ，作者乘桴于海 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 分享、点赞、在看 顺手三连越来越有钱 内卷式恶性竞争是指行业内企业为争夺有限市场份额，通过低价倾销、重复建设等方式过度消耗资源， 导致全行业利润下降、创新停滞的现象。反内卷政策旨在通过规范市场竞争、淘汰落后产能，引导行业 从"量的扩张"转向 "质的提升"。 申万宏源表示，"反内 ...

Core Viewpoint - The article discusses the enduring significance of gold in Chinese culture and investment, highlighting its historical context and current market dynamics, while emphasizing the need for a strategic approach to gold investment in light of recent trends and economic conditions [4][5][6]. Group 1: Historical Context and Cultural Significance - The Lu Gong Postal and Currency Market in Shanghai has been a significant venue for gold trading since 1983, reflecting the deep-rooted cultural connection of Chinese people to gold [4]. - The article references the phenomenon of "Chinese aunties" purchasing 300 tons of gold in a single quarter in 2013, showcasing the strong demand for gold in China [5]. Group 2: Current Investment Trends - There is a notable increase in gold purchases among younger generations, driven by a desire for asset appreciation as traditional investment avenues like real estate face downturns [7]. - The article suggests that gold is increasingly viewed as a viable investment option due to the declining value of other assets, such as diamonds [7]. Group 3: Market Dynamics and Investment Strategies - The concept of "buying gold in chaotic times" is discussed, with three types of chaos identified: inflation, currency devaluation, and economic stagnation [9][10]. - Historical data indicates that merely reacting to geopolitical conflicts by purchasing gold may not yield favorable outcomes, emphasizing the importance of specific conditions for gold investment [11]. - The article warns against the common misconception of gold as a safe asset, highlighting its historical volatility and the challenges in predicting short-term price movements [14]. Group 4: Long-term Outlook and Recommendations - The article posits that the long-term outlook for gold is positive due to ongoing challenges to U.S. credit and the likelihood of increased fiscal deficits [15]. - Recommended investment strategies include purchasing physical gold or gold-themed funds, with a suggested allocation of around 10% of an investment portfolio to gold for risk management [16][17]. - The article advises against high leverage in gold investments and suggests maintaining a comfortable holding range of 5-15% to avoid forced selling during market fluctuations [17].

Core Viewpoint - The solid-state battery industry is accelerating from 0 to 1, with significant market enthusiasm reflected in a cumulative increase of over 30% in the solid-state battery index since April 8, 2023 [1]. Group 1: Industry Developments - Recent announcements indicate that solid-state battery mass production is at a critical point, with multiple companies revealing their production plans [2]. - CATL has stated its commitment to solid-state battery technology, aiming for small-scale production by 2027 [2]. - Guoxuan High-Tech has completed its first solid-state battery pilot line and is conducting road tests [2]. - Yiwei Lithium Energy plans to achieve breakthroughs in solid-state battery production technology by 2026 and aims to launch a high-energy density solid-state battery by 2028 [2]. - SAIC Group intends to release over 10 models globally within three years and aims to implement solid-state batteries in vehicles by 2027 [2]. - Changan Automobile plans to invest in a joint venture for battery production, targeting solid-state battery validation by 2026 and gradual mass production by 2027 [2]. - Xiaomi Automotive has filed a patent related to solid-state battery technology [2]. Group 2: Market Outlook - Dongwu Securities predicts that small-scale applications of solid-state batteries will begin in 2027, with large-scale applications expected post-2030 in sectors like energy storage and robotics [3]. - Guotai Junan Securities highlights the formal initiation of solid-state battery industrialization, with significant progress since 2025 [3]. - The collaboration between automotive manufacturers and battery producers is a notable trend in the solid-state battery development landscape [3]. - Solid-state batteries are recognized for their high energy density and safety, making them suitable for various applications, including automotive and robotics [3].

Core Viewpoint - The article emphasizes the increasing uncertainty in the global economic environment, particularly due to fluctuating U.S. trade policies, which negatively impact GDP growth forecasts for major economies in 2025 [1][3]. Group 1: Current Market Environment - Uncertainty is a critical factor in global economic development and outlook, largely stemming from unpredictable economic policies of major countries [3]. - The International Monetary Fund (IMF) has revised down GDP growth forecasts for the U.S., Europe, and emerging markets for 2025 following trade tensions [1]. Group 2: Investment Strategy in Uncertain Times - Investors should focus on high-quality companies that can thrive in a high-interest-rate environment, as not all companies will flourish under increased financing costs [5]. - High-quality companies typically exhibit characteristics such as long-term management vision, strong adaptability, and valuations based on free cash flow [6]. - Active fund managers may have a greater willingness and ability to analyze these companies compared to passive managers, who often rely on market indices for portfolio construction [6]. Group 3: Importance of Long-Term Investment - Investment should be viewed as sharing in the growth of the economy and companies, rather than merely reacting to market fluctuations [6][7]. - The article stresses that market prices will eventually reflect the intrinsic value of companies over time, reinforcing the idea that short-term market movements should not dictate investment decisions [7]. Group 4: Multi-Asset Allocation - Diversification is essential for risk management, as it helps mitigate the impact of market uncertainties [8][9]. - The concept of correlation is crucial in constructing a diversified portfolio, as combining assets with low correlation can reduce overall investment risk [9][10]. - Regular rebalancing and careful consideration of asset correlations are necessary to maintain an effective multi-asset allocation strategy [10]. Group 5: Maintaining Confidence Amid Uncertainty - Investors should acknowledge and confront their fears regarding uncertainty, as this is a normal psychological response [11]. - Long-term commitment to investment, rather than attempting to time the market, is more likely to yield success [11][13]. - Historical data shows that markets tend to recover from uncertainties, reinforcing the importance of maintaining investment discipline and a diversified portfolio [13][14].

Core Viewpoint - The A-share banking sector has shown strong performance recently, with all 42 listed bank stocks rising since the beginning of the year, and 20 of them reaching historical highs [1] Group 1: Market Performance - In the past two and a half years, 11 bank stocks have doubled in value [1] - Analysts attribute the strong performance to factors such as stable operations in the banking industry, high dividend yield, and increased allocation of long-term funds like insurance capital [1] Group 2: Future Outlook - According to Xiangcai Securities, the banking sector is expected to continue its upward trend into the first half of 2025, driven by market preferences and improved fundamentals [1] - China Galaxy Securities indicates that the monetary policy is likely to remain moderately loose, with potential for further rate cuts, supporting net interest margins [1] - The accumulation of positive factors in the banking sector's fundamentals suggests a potential turning point in performance, with increased allocation from public funds expected to benefit major stocks [1]

上周，A股 迎来7月开门红， 三大股指震荡收涨，沪指盘中续创今年以来新高 。 展望后市，业内机构认为，市场有望呈现震荡向上的行情特征，指数型机会或尚需观望，结构性机会仍 值得把握。此外，上市公司中报季即将来临，围绕基本面挖掘投资机会受到各方重视。 在具体配置层面，机构认为，有色金属、AI硬件、创新药、游戏和军工的轮动或是中报季的主旋律。 此外，政策提振下的大消费板块、并购重组主题机会也值得重视。 影响后市投资事件 沪深北交易所程序化交易管理实施细则7月7日起施行 7月7日起，沪深北交易所《程序化交易管理实施细则》正式施行。在高频交易管理方面，《实施细则》 明确高频交易标准，即单账户每秒申报、撤单笔数合计最高达到300笔以上或者单账户全日申报、撤单 笔数合计最高达到20000笔以上。同时，《实施细则》对高频交易作出差异化监管安排，包括额外报告 要求、从严管理异常交易行为、实行差异化收费标准等。 机构后市投资观点 中信证券：中报季维持三个配置思路 中报季维持三个配置思路，一是具备超强产业趋势特征的行业，关注AI和创新药；二是业绩和估值匹 配驱动的行业，关注通信和电子中的北美算力链、有色金属和游戏；三是带有一定主题 ...

Group 1 - The core viewpoint of the article emphasizes the positive outlook for the Chinese stock market in the second half of the year, driven by fundamental improvements and sector-specific opportunities [2][3]. - A-shares and H-shares are expected to maintain a high-level fluctuation pattern, with potential upward space if valuations remain reasonable and earnings expectations improve [3]. - The technology sector, particularly those involved in AI and 5G, is anticipated to yield excess returns due to strong demand and innovation [3]. Group 2 - The Chinese yuan is projected to experience moderate appreciation and two-way fluctuations, supported by a stable domestic economy and potential interest rate cuts by the Federal Reserve [4]. - The current account surplus is expected to maintain a moderate level, providing a solid foundation for yuan stability [4]. Group 3 - Macroeconomic policies are expected to remain accommodative, with fiscal policies focusing on growth support and structural optimization [6]. - Monetary policy is likely to maintain a moderately loose stance, with potential for interest rate cuts and reserve requirement ratio reductions [7][8]. Group 4 - The "Big and Beautiful" Act in the U.S. may raise concerns about fiscal sustainability and could lead to increased market volatility, despite short-term economic growth benefits [10]. - The Federal Reserve's focus may shift from inflation control to growth preservation, with potential interest rate cuts anticipated in the latter half of the year [11]. Group 5 - A declining U.S. dollar index may alleviate global debt burdens and shift capital flows towards non-dollar assets, increasing demand for currencies like the euro and yuan [14]. - Global asset allocation strategies are recommended to diversify into non-U.S. equities and emerging market bonds, with a focus on gold and alternative investments [15]. Group 6 - Emerging markets that maintain policy clarity and growth stability are expected to benefit structurally from global capital reallocation [16].

银行股近期集体创出新高，工商银行等个股在年线"两连阳"之后，今年上半年又悄然上涨了10%以上。尽 管市场情绪悲观，但在过去两年半的时间里，部分银行股已悄然走出了翻倍的行情。 闪电劈下来之前得在场 2001年至2005年是A股一轮大幅回撤行情，上证指数从2001年6月的最高2245点跌至2005年6月的998点，但优 质个股实际上早已经筑底。在指数走势惨烈的4年里，皖通高速、招商港口、上海机场、片仔癀等个股均走出 了翻倍的行情。 在此期间，这些优质个股并不是不会下跌，有时甚至会剧烈下跌，但投资者只要能够顶住市场压力，坚持住则 一定能取得超额收益。 皖通高速在这4年熊市中的整体涨幅为223%，但其间曾四次月度跌幅超过7%。就在上证指数跌破千点之际， 皖通高速2005年5月的跌幅达到了12.4%，市场极度悲观，此后该股在底部盘整了近一年，并在2007年的牛市 中大涨超过60%。 招商银行在这大市惨淡的4年时间中上涨了40%，其间出现10次以上月度跌幅超过5%的走势。就在上证指数跌 破千点关口之际，招商银行2005年5月的月度跌幅为8.6%。然而，市场给了有定力的投资者丰厚的回报，2006 年招商银行大涨180%，2 ...

Core Viewpoint - The article discusses the performance of A-shares and Hong Kong stocks in the first half of the year, highlighting the emergence of numerous "bull stocks" and the strong performance of funds focused on specific sectors, particularly in innovative pharmaceuticals and new consumption [1]. Group 1: Market Performance - As of June 30, 2023, 136 A-share companies saw their stock prices increase by over 100%, with notable stocks in the Hong Kong market, such as Old Puhuang and Rongchang Biopharmaceutical, experiencing gains close to 200% [1]. - The average return of actively managed equity funds was 7.32%, with a median return of 5.33%, outperforming the three major A-share indices [1]. Group 2: Fund Holdings - The top-performing fund, Huatai PineBridge Hong Kong Advantage Selected Mixed Fund, has significant holdings in Rongchang Biopharmaceutical and other leading Hong Kong pharmaceutical stocks [3]. - As of the first quarter of 2025, 57 fund companies held a total of 6,874,750 shares of Pop Mart, with a 31-fund increase in heavy holdings compared to the previous quarter [3]. - Public funds collectively held 550,150 shares of Old Puhuang, valued at 3.657 billion yuan, with significant contributions from the Guangfa Growth Leading Fund [3]. Group 3: Investment Strategies - Accurate assessment of fundamentals is crucial for identifying potential bull stocks, especially in the innovative pharmaceutical sector, where companies may not show immediate profits during their capability-building phase [4]. - The focus for the second half of the year will be on sectors like AI and innovative pharmaceuticals, with expectations for significant opportunities in AI hardware and software due to technological advancements [4]. Group 4: Industry Outlook - The innovative pharmaceutical sector is experiencing a dual-driven market of valuation recovery and fundamental improvement, with the A-share Shenwan Biomedicine Index's dynamic P/E ratio at a low point historically [5]. - The Chinese innovative pharmaceutical industry is entering a results realization phase, with some companies showing strong potential compared to global peers, warranting close monitoring of their R&D progress and overseas licensing dynamics [5].

Core Viewpoint - The latest insights from prominent private equity firms indicate a generally optimistic outlook for the stock market in the second half of 2025, driven by increased risk appetite and a significant rise in private fund management scale, which has surpassed 20 trillion yuan [2][6]. Group 1: Market Sentiment and Trends - The market has shifted from a risk-averse mindset to one focused on opportunities, with A-share daily trading volume averaging over 1.3 trillion yuan in the first half of the year, significantly higher than previous periods [3]. - The overall economic environment remains challenging, but there are structural growth opportunities in sectors such as new consumption, innovative pharmaceuticals, and technology, particularly in AI and semiconductor industries [3][5]. - The resilience of the Chinese capital market is highlighted by its performance amid external pressures, with both A-shares and Hong Kong stocks showing strength [4]. Group 2: Private Fund Management Growth - The private fund management scale has seen continuous growth, with over 19,832 active private fund managers managing more than 20.27 trillion yuan as of May 2025 [6]. - The distribution of private funds includes over 8.3 million private securities investment funds with a scale of 5.54 trillion yuan, and more than 30,000 private equity funds totaling 10.98 trillion yuan [6]. Group 3: Investment Opportunities - Investment firms are focusing on sectors with high growth potential, including technology and high-end manufacturing, which are expected to benefit from new technological breakthroughs [3][5]. - There is a notable emphasis on identifying resilient companies that can withstand market shocks, particularly in industries with strong competitive advantages [5].