Key Points - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk warning stocks on the main board from 5% to 10%, aligning it with other stocks on the main board [2][4] - The U.S. is accelerating negotiations with relevant economies, aiming to reach trade agreements before the expiration of the 90-day suspension of "reciprocal tariffs" on July 9 [4] - The People's Bank of China emphasized the need for a moderately loose monetary policy to support technological innovation and boost consumption [4] - The General Administration of Customs announced the conditional resumption of imports of seafood from certain regions in Japan, following monitoring of the Fukushima nuclear wastewater discharge [4] Company News - The China Securities Regulatory Commission has issued a notice of administrative punishment against Nanjing Yuebo Power System Co., Ltd. for suspected information disclosure violations [7] - Mindray Medical's shareholders plan to reduce their holdings by no more than 5 million shares, accounting for 0.41% of the company's total share capital [10] - New Dairy's controlling shareholder intends to reduce their stake by no more than 3% [11] - Mag Valley Technology's shareholder Baolifeng plans to reduce their stake by no more than 3% [12] - Qinhuangdao Port's State-owned Assets Supervision and Administration Commission plans to reduce its stake by no more than 2% [13] - Unisoc Technology repurchased 775,500 shares for 49.6173 million yuan [14] - *ST King Kong's subsidiary signed a significant 399 million yuan contract for computing power sales [15] - Degu Technology intends to acquire control of Haowei Technology, with stock trading suspended from June 30 [16] - Chengdu Xian Dao terminated a major asset restructuring plan to acquire approximately 65% of Nanjing Haina Pharmaceutical Technology Co., Ltd. [17] - Longqi Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [21] Market Insights - Zhongtai Securities maintains a focus on the bond market and dividend assets, while also suggesting that the technology sector, particularly AI-related capital expenditures, is entering a reasonable range for gradual investment [23] - Tianfeng Securities highlights that sectors with solid fundamentals, such as overseas computing power and gaming, may have sustainability, while future trends like solid-state batteries and stablecoins may carry higher risk [24]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1][18] - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in manufacturing [2][19] - The new orders index rose to 50.2%, an increase of 0.4 percentage points, indicating improved market demand [3][19] Group 2: Manufacturing Sub-indices - The raw materials inventory index was 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in raw material inventory levels [3][19] - The employment index decreased to 47.9%, down 0.2 percentage points, reflecting a slight decline in employment sentiment within manufacturing [3][19] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, indicating faster delivery times from suppliers [3][19] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index was 50.5%, up 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6][22] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating accelerated expansion in construction activities [7][23] - The service industry business activity index was 50.1%, a slight decrease of 0.1 percentage points, indicating stability in the service sector [7][23] Group 4: Non-Manufacturing Sub-indices - The new orders index for non-manufacturing was 46.6%, up 0.5 percentage points, indicating a slight recovery in market demand [10][22] - The input prices index was 49.9%, up 1.7 percentage points, indicating stable input prices for non-manufacturing activities [10][22] - The business activity expectation index was 55.6%, down 0.3 percentage points, indicating continued optimism among non-manufacturing enterprises [11][22] Group 5: Comprehensive PMI Overview - The comprehensive PMI output index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities [16][24] - The manufacturing production index and non-manufacturing business activity index were 51.0% and 50.5%, respectively, contributing to the overall expansion [24][18]

Group 1 - The "National Network Identity Authentication Public Service Management Measures" will be implemented from July 15, allowing individuals with valid legal identification to voluntarily apply for a network number and network certificate [1] - The "Labor Ability Appraisal Management Measures" will take effect on July 1, standardizing the labor ability appraisal for injured workers and those with disabilities, emphasizing convenience and reducing unnecessary documentation [3] - The "Individual Business Registration Management Regulations" will be effective from July 15, enabling individual businesses to transition to enterprises while retaining key information, thus facilitating the transformation and reducing costs [5] Group 2 - The "Tax Payment Credit Management Measures" will be implemented on July 1, incorporating social security fees and non-tax revenue into credit evaluations, optimizing the evaluation indicators and standards for credit restoration [7] - The mandatory national standard "Hygienic Requirements for Disposable Sanitary Products" will be effective from July 1, specifying health risk levels and adjusting various safety requirements for different disposable sanitary products [9] - From July 1, the service fee for querying corporate credit reports will be reduced from 20 yuan to 9 yuan, and for personal credit reports from 2 yuan to 1 yuan [11] Group 3 - The China-Azerbaijan visa exemption agreement will come into effect on July 16, allowing holders of valid ordinary passports to stay for up to 30 days per visit without a visa [13] - The Beijing local standard "Tent Camping Site Facilities and Service Specifications" will be officially implemented on July 1, outlining requirements for camping areas [15] - Starting July 1, the unemployment insurance payment standards in Shanghai will be adjusted, increasing the payment for the first 12 months to 2305 yuan per month [17] Group 4 - Xiamen, Fujian, will adjust the housing provident fund contribution base and monthly limits, with the upper limit for the contribution base set at 32,346 yuan and the lower limit at 2,265 yuan, effective from July 1, 2025 [18]

Macro Economy - The State Council meeting discussed the implementation of the national science and technology conference spirit to accelerate the construction of a technology powerhouse [2] - The People's Bank of China emphasized the need for large banks to support the real economy and maintain financial market stability through structural monetary policy tools [3] - From January to May, state-owned enterprises reported a 0.1% year-on-year decline in total operating revenue and a 2.8% decline in total profit [5] Global Market - The S&P 500 and Nasdaq indices reached all-time highs, with the S&P 500 closing at 6173.07 points, up 0.52% [6][7] - The Dow Jones Industrial Average rose by 432.43 points, marking a 1.0% increase [7] Financial Capital - The Shanghai and Shenzhen Stock Exchanges proposed to adjust the price fluctuation limit for risk-warning stocks on the main board from 5% to 10% [11] - The China Securities Regulatory Commission is intensifying accountability for financial fraud, including holding accomplices responsible [13] - The ChiNext board has officially adopted a third set of standards to support the listing of quality innovative companies that are not yet profitable [14] Industry News - The Chinese National Medical Products Administration approved the launch of the domestically developed GLP-1 weight loss drug, Masitide, for long-term weight control in adults [15] - Xiaomi announced that its new car model, YU7, achieved over 240,000 orders within 18 hours of its launch [20]

Core Viewpoint - Investing in health is essential for a prosperous future, emphasizing the importance of regular exercise, healthy eating, and annual health check-ups [1] Group 1: Health Investment - Engaging in a preferred sport three times a week and reducing processed food intake while increasing water consumption is recommended [1] - Annual health check-ups are crucial for early detection and adjustment of minor health issues [1] Group 2: Financial Management - Enhancing primary income through hard work and developing a habit of mandatory savings is advised [2] - A portion of income should be saved first, followed by learning basic financial management skills [2] Group 3: Continuous Learning - Investing in oneself by learning 1-2 new skills annually is highlighted as a highly beneficial investment [3] - This approach opens up more opportunities and reduces work-related stress, allowing for passive income growth [3] Group 4: Execution Strategies - Starting small and maintaining consistency is key; for instance, beginning with one workout per week or saving 5% of salary [5] - Finding enjoyment in activities, such as preferred sports or interesting skills, makes the process more engaging [5] Group 5: Regular Review - Monthly reviews of savings goals, exercise consistency, and family interactions are recommended [6] - Adjustments should be made if goals are not met, and small rewards should be given for progress [6] - Balancing effort with relaxation and enjoyment of life is essential for overall well-being [6] Group 6: Long-term Perspective - Achieving a fulfilling life at 35 is the result of daily mindful management, and taking action sooner leads to greater ease in life [7]

为促进长期投资、价值投资、理性投资，诚邀您参加由中证金融研究院和西南财经大学中国 家庭金融调查与研究中心联合开展的 "投资者行为与储蓄投资转化研究" 问卷调查。本问卷为 匿名填报，填写约需 10分钟。我们承诺，问卷数据仅用于科学研究及政策优化，不会泄露您 的个人信息。 填完问卷您将获得一份您个人投资行为的简要测评，作为您观察自身投资习惯 的参考。 根据问卷填写质量，会得到金额不等的微信红包，弹出二维码后领取即可。 长按下方二维码填写问卷 戳阅读原文，立即填写问卷！ 分享、点赞、在看 顺手三连越来越有钱 长按下方二维码或点击底部阅读原文即可填写问卷。 感谢您的参与，祝您健康愉快！ 免责声明 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现，不构成投资建议。转引的相关 ...

Core Viewpoint - The A-share market has shown significant growth since the rally began on September 24 of last year, with a total market capitalization increase of over 25 trillion yuan, driven primarily by the banking, electronics, and non-bank financial sectors [2]. Group 1: Market Capitalization - As of June 26, the total market capitalization of A-shares reached 105.1 trillion yuan, marking the second consecutive day above the 105 trillion yuan threshold [1]. - On June 25, the A-share market capitalization hit a historical record of 105.47 trillion yuan [1]. Group 2: Sector Performance - The banking sector has seen a cumulative increase of over 40% since the rally began, adding 4.51 trillion yuan to its market capitalization, which now stands at 15.87 trillion yuan [2]. - The electronics sector has experienced a cumulative increase of over 50%, with a market capitalization increase of 3.18 trillion yuan, bringing its total to 9 trillion yuan [2]. - The non-bank financial sector has risen by 38.36%, contributing approximately 1.91 trillion yuan to its market capitalization, which is now 7.54 trillion yuan [2]. Group 3: Notable Companies - Within the banking sector, the Industrial and Commercial Bank of China (ICBC) has seen the largest market capitalization increase, exceeding 710 billion yuan [2]. - In the electronics sector, Semiconductor Manufacturing International Corporation (SMIC) has the highest market capitalization increase, surpassing 350 billion yuan [2]. - For the non-bank financial sector, Ping An Insurance has recorded the most significant market capitalization increase, exceeding 245 billion yuan [2].

Core Viewpoint - LABUBU represents a new consumer trend that combines aesthetic value with accessibility, allowing art to become consumable for the masses [4][10]. Group 1: LABUBU's Popularity - LABUBU's sales exceeded expectations, achieving 20-30 billion in revenue last year, with higher market expectations for this year [5][6]. - The product's appeal has expanded from a target demographic of young women in China to a global audience, including Southeast Asia and Europe, driven by emotional needs and cultural connections [6][10]. Group 2: Design Trends - The "ugly-cute" design style of LABUBU reflects a shift in consumer aesthetics, paralleling trends in content consumption and emotional resonance [8][9]. - The evolution of the toy industry shows a cycle of changing aesthetic preferences, with LABUBU's style resonating with current emotional trends [9][10]. Group 3: IP Development - LABUBU's success challenges the notion that IP must have a backstory, emphasizing the importance of continuous investment and strong visual identity [10][11]. - The rise of "no-story" IPs reflects changing consumer behavior, where quick, impactful designs can create strong emotional connections [12][21]. Group 4: Market Dynamics - Recent price declines in LABUBU products indicate a market adjustment, with a need to balance core user loyalty and the influence of resellers [13][14]. - The consumer base is segmented into core users, resellers, and casual buyers, with a focus on maintaining a healthy balance to sustain brand value [14][15]. Group 5: Market Potential - The ceiling for LABUBU's market potential is difficult to determine, but the number of units sold and the expansion into plush toys indicate significant growth opportunities [15][16]. - The introduction of plush products has broadened usage scenarios, enhancing market reach and consumer engagement [16][17]. Group 6: Future Development - LABUBU is exploring various avenues for growth, including theme parks and multimedia content, to deepen emotional connections with consumers [18][19]. - The evolution of IP development suggests a shift towards monetizing visual identity before expanding into narrative content [19][20]. Group 7: Cultural Export - The potential for Chinese cultural products to gain traction overseas is promising, with LABUBU exemplifying this trend [20][21]. - The focus should be on integrating culture with product design to create compelling offerings that resonate globally [21][22]. Group 8: New Consumption Trends - The concept of "new consumption" encompasses high-growth sectors, emphasizing the importance of unique product offerings and emotional value [23][24]. - Companies like LABUBU demonstrate the need for focused product strategies in a saturated market to achieve differentiation [24][25]. Group 9: Investment Insights - Investing in the consumer sector requires a deep understanding of personal preferences and market dynamics, emphasizing the importance of independent judgment [26][27]. - Successful investment in consumer products hinges on recognizing emerging trends and maintaining a connection with the target audience [28][29].

以下文章来源于富国基金 ，作者填志愿 富国基金 . 因此，最近各个社交平台都上演着"志愿填报血泪史"，小编看到不少家长和考生线上发帖，有纠 结"专业如何选"、"热门专业是哪些"，也有焦虑"冲一冲会不会滑档"、"985有点坑的专业VS双非王 牌专业如何选"……刷着这些充满困惑的讨论，小编深有感触：无论是选学校选专业，还是选基金， 一定程度上可以说都是对未来的投资，细细品味，其实这志愿填报和买基金的弯弯绕绕颇有异曲同 工之处~ ★ 第一波 ★ 难选程度——眼花缭乱？ 高考选择院校、专业之难，就如同选基一样，通过下面这组数据可见数量之繁多。 志愿填报： 根据教育部2025年最新发布的普通高等学校本科专业目录，共包含93个专业类，845种专业， 其中今年新设了29种新专业，分别涉及区域国别学、碳中和科学与工程、海洋科学与技术、 航空运动、智能分子工程、人工智能教育等方向。同时，截至2024年6月20日，全国高等学校 共计3117所，其中普通高等学校2868所。可见院校林立，选择维度之复杂。 选基： 截至2025年6月25日，数据显示，共有12869只公募基金（仅含主代码），其中非货12499 只，基金经理共有4043 ...

Core Viewpoint - The A-share market is experiencing a divergence, with the Shanghai Composite Index declining while the ChiNext Index is rising, influenced by sector performances such as metals and semiconductors, while banking and insurance sectors are underperforming [1][2][4][8]. Market Performance - A-share market shows significant divergence today, with over 3,300 stocks rising despite the Shanghai Composite Index's decline [2][4]. - The total trading volume in the two markets reached 1.54 trillion [4]. Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk-warning stocks (ST stocks) from 5% to 10%, aligning them with other mainboard stocks [5][6]. - This change is expected to enhance market liquidity and facilitate risk mitigation for related companies [6]. Sector Analysis - The banking and insurance sectors' pullback has negatively impacted the Shanghai Composite Index's performance [8]. - Despite today's adjustment, the banking sector has increased by 16.9% this year, leading among major industries [10]. - The China Securities Banking Index's price-to-book ratio (PB) is at 0.73, indicating a valuation advantage [13]. Policy and Economic Outlook - Analysts suggest that the easing tensions in the Middle East have reduced short-term market risk aversion, predicting a steady upward trend in the market [7]. - Upcoming significant events in July, including the political bureau meeting and mid-year earnings reports, are expected to influence market sentiment and performance [20][22]. Historical Patterns - Historical data indicates that July often sees a rebound following a weak May and June, aligning with the "Five Poor, Six Absolute, Seven Rebound" adage [22]. - The central political bureau meeting in July is anticipated to provide new policy signals that could positively impact market sentiment [22]. Sector Opportunities - Historically, sectors such as non-ferrous metals, steel, and basic chemicals tend to perform well in July [25]. - The report suggests a focus on technology, resources, and high-end manufacturing sectors for potential growth [26].