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].

Core Viewpoint - BUTONG GROUP, a rising brand in the maternal and infant sector, is set to go public in Hong Kong, targeting new middle-class families with high-end baby products [1][2]. Financial Performance - The company reported revenues of RMB 507.2 million, RMB 852.1 million, and RMB 884.3 million for the years 2022, 2023, and the first nine months of 2024, respectively, with net profits of -RMB 21.2 million, RMB 27.2 million, and RMB 46.4 million [4][6]. - The gross profit margin improved from 47.7% in 2022 to 50.2% in 2023, but the pre-tax profit margin remained below 10% in the first three quarters of 2024 [5][6]. Marketing Strategy - The company has high marketing expenses, with sales and distribution costs amounting to RMB 1.89 billion, RMB 2.86 billion, and RMB 2.71 billion for 2022, 2023, and the first nine months of 2024, respectively, representing 37.2%, 33.5%, and 30.6% of total revenue [9][10]. - Over 70% of marketing expenses are allocated to promotional activities, leveraging platforms like Xiaohongshu and Douyin for brand visibility [9][10]. Product Offering - BUTONG GROUP focuses on high-ticket durable consumer goods, with average transaction values exceeding RMB 2,400, and the most expensive baby stroller priced over RMB 13,000 [7][9]. Investment and Valuation - The company has completed three rounds of financing since its establishment in 2019, with a valuation increase from RMB 300 million to RMB 2 billion within nine months [12][14]. - Major investors include Tiantu Investment, which has participated in all funding rounds, and other notable venture capital firms [13][16].

Market Overview - A-shares showed strength with major indices rising, with the ChiNext Index up over 1.2% [1] - The financial sector, particularly brokerage stocks, saw significant gains, while sectors like oil and gas extraction, electricity, and tourism experienced fluctuations [2] Sector Performance - The brokerage sector had a notable rally, with Tianfeng Securities hitting the daily limit, and other firms like Huaxi Securities and Guohai Securities also seeing increases [6][8] - The financial sector was active, with companies like Hongye Futures achieving multiple consecutive gains [8] Hong Kong Market - The Hong Kong market indices rose, with Xiaomi Group, Kuaishou, and SMIC leading the gains [4] - Xiaomi Group's stock price reached a record high, increasing by 8% before stabilizing [12] Xiaomi Automotive - Xiaomi's automotive concept stocks surged, with significant gains in related companies such as Electric Alloy and Mould Technology [12][13] - Xiaomi officially launched its first SUV, the Xiaomi YU7, with strong pre-order numbers, exceeding 200,000 within three minutes of launch [14] Digital Asset Developments - The Hong Kong government announced a policy for digital asset development, indicating future licensing for trading and custody services [10] - Tianfeng International Securities upgraded its license to offer virtual asset trading services, reflecting growing interest in stablecoins and digital assets [10]

Core Viewpoint - Multiple fund companies believe that investment opportunities in the A-share market outweigh risks in the second half of the year, with a focus on structural opportunities, particularly in the technology sector [1][4]. A-share Market Insights - Fund companies are optimistic about the A-share market, expecting a structural opportunity-driven upward trend, supported by valuation recovery and profit growth [4]. - The overall valuation of the A-share market is still at a historically low level, with macroeconomic support from "dual easing" monetary and fiscal policies [4]. - There are concerns about increasing external uncertainties that may negatively impact the A-share market [4]. Technology Sector Focus - The technology sector is highlighted as a key area of interest for fund companies in the second half of the year, with expectations of new investment opportunities emerging [6][7]. - AI-related companies, particularly in computing power and applications, are anticipated to see increased market recognition and potential stock price appreciation [8]. - The year 2025 is projected to be a pivotal year for AI applications in China, with significant market potential in downstream applications compared to upstream infrastructure [8]. Other Investment Opportunities - In addition to the technology sector, fund companies are exploring opportunities in high-dividend blue-chip stocks and deep value equity assets, which are seen as attractive [8]. - The insurance industry may experience positive changes due to a downward trend in the liability side's preset interest rates, potentially leading to a favorable market for insurance stocks [9]. Hong Kong Market Outlook - The Hong Kong market is expected to remain attractive, with continuous improvement in liquidity and a potential rise in the valuation of the Hang Seng Technology Index [2][11]. - The influx of quality A-share companies listing in Hong Kong is enhancing the market's appeal, with expectations of significant upward momentum if catalyzing events occur [11].

Core Viewpoint - The A-share market has shown signs of recovery with a three-day rise in the Shanghai Composite Index, leading to a structural "market" in public fund issuance since June [1] Fund Issuance Overview - The total scale of newly issued funds since June has exceeded 90 billion yuan, with bond funds accounting for a significant portion of this growth [2][3] - Mixed FOF funds have emerged as the "fund-raising king" with a single fund raising 6.573 billion yuan, while bond funds dominate in terms of quantity [2][3] Fund Types and Performance - As of June 24, 22 newly issued bond funds raised 43.285 billion yuan, making up 47.63% of the total issuance, with an average size of 1.968 billion yuan per fund [3] - Notable bond funds include two policy financial bond index funds that raised 6 billion yuan each, indicating strong demand for high-quality pure bond products [3] - Mixed funds raised 21.571 billion yuan, accounting for 23.74% of the total, marking the highest proportion since January 2023, reflecting institutional enthusiasm for equity market positioning [3] FOF and Passive Index Funds - Eight FOF funds were issued, raising 9.111 billion yuan, with an average size of 1.139 billion yuan, indicating increased investor recognition of asset allocation products [4] - Passive index products have seen a decline in issuance, with many tracking major indices and lacking differentiation, leading to lower fundraising amounts [4] New Fund Innovations - The issuance of new floating-rate funds has gained momentum, with 13 out of 26 approved funds raising over 12.6 billion yuan, marking a significant development in fund fee reform [5] - Innovative funds such as the first central enterprise commercial real estate REIT raised 500 million yuan and ended fundraising early, showcasing market interest in quality asset securitization products [5] Market Trends and Future Outlook - The market continues to exhibit a "strong bond, weak equity" trend, driven by decreased investor risk appetite and a shift towards low-volatility bond products [6] - As market conditions improve, the issuance of equity funds is expected to gradually recover, while bond funds will remain crucial in asset allocation [7]

Core Viewpoint - Honor has officially initiated its A-share IPO journey, marking a significant step for the company in the capital market [1][2]. Group 1: Company Overview - Honor was established on April 1, 2020, with a registered capital of 32.239 billion yuan, and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [1]. - The controlling shareholder, Shenzhen Zhixin New Information Technology Co., Ltd., holds 49.55% of the company's shares [1]. Group 2: IPO Progress - The IPO guidance work will be conducted in three phases, starting from June 2025 and continuing until March 2026 [2]. - Honor announced its intention to enter the capital market through an IPO at the end of 2023, which has since attracted significant market attention [2]. - In 2024, Honor secured financing from various new shareholders, including major telecom operators and investment funds, resulting in over 20 shareholders [2]. Group 3: Corporate Changes - Following the completion of its restructuring on December 28, 2024, Honor changed its name from "Honor Terminal Co., Ltd." to "Honor Terminal Co., Ltd." and is set to commence the IPO process [2]. - The company experienced a series of executive changes prior to the IPO, including the resignation of CEO Zhao Ming due to health reasons [2]. Group 4: Leadership and Product Development - Li Jian, a former executive from Huawei, has taken over as CEO of Honor, emphasizing the importance of AI in the company's future direction [3]. - Honor is set to launch its new flagship foldable smartphone, the Honor Magic V5, on July 2, which is expected to be the lightest foldable flagship globally and will feature advanced AI technology [3].

Core Viewpoint - The launch of Xiaomi YU7 marks a significant entry into the high-performance SUV market, with competitive pricing and advanced features aimed at challenging established players like Tesla's Model Y [1][4][9]. Pricing and Sales - The starting price for Xiaomi YU7 is set at 253,500 RMB, which is 10,000 RMB lower than Tesla Model Y's starting price [1][7]. - Initial demand is strong, with over 200,000 pre-orders within 3 minutes and 289,000 within 1 hour of the announcement [2]. Performance and Specifications - Xiaomi YU7 boasts a maximum power of 690 PS, with a 0-100 km/h acceleration time of 3.23 seconds, and a top speed of 253 km/h [5]. - The vehicle features an 800V silicon carbide high-voltage platform, allowing for rapid charging from 10% to 80% in as little as 12 minutes [6]. - Advanced driving assistance systems are standard across all models, enhancing comfort and driving efficiency [6]. Design and Features - The design of Xiaomi YU7 follows the family aesthetic of Xiaomi vehicles, with a length of nearly 5 meters and a width of nearly 2 meters [6]. - Interior features include a panoramic display with three MiniLED screens and Nappa leather seats with zero-gravity massage capabilities [6]. Market Competition - The SUV segment is identified as a critical battleground in the automotive industry, with Xiaomi YU7 expected to significantly impact the market share of competitors like Tesla Model Y and NIO EC6 [4][9]. - Analysts predict that monthly sales for Xiaomi YU7 could exceed 30,000 units, further intensifying competition in the market [9]. Rental Market Dynamics - The rental prices for Xiaomi YU7 are currently higher than typical models, with short-term rentals exceeding 1,000 RMB per day [12]. - As more vehicles enter the market, rental prices are expected to normalize, potentially dropping to around 1,000 RMB per day [13].

Market Performance - US stock market closed higher with the Dow Jones up over 400 points, marking a four-day winning streak for the Nasdaq, while the S&P 500 and Nasdaq approached historical highs [1][2] - As of the close, the Dow rose 0.94% to 43,386.84 points, the S&P 500 increased by 0.8% to 6,141.02 points, and the Nasdaq gained 0.97% to 20,167.91 points, with both the S&P 500 and Nasdaq reaching their second-highest closing levels in history [3] Economic Outlook - UBS warned that the current short squeeze in the US stock market may be nearing its end, with their tracked short squeeze index recently surging by 43%, while indicators of actual risk appetite have been weakening [3] - Historical data suggests that similar intensity short squeezes typically result in average declines of 11% for the S&P 500 and 13% for the Nasdaq within three months following the peak [3] - JPMorgan analysts indicated that US tariff policies could hinder global economic growth and reignite inflation in the US, estimating a 40% probability of a recession in the second half of the year [3] Federal Reserve Insights - Federal Reserve officials expressed that the labor market remains stable and close to full employment, with a need for more data to assess the impact of tariffs on inflation [5][6] - Fed officials indicated that while inflation data is encouraging, the potential for rate cuts later in the year is being considered, with some suggesting that July may be too early for a rate cut [5][6] Technology Sector - Major tech stocks mostly rose, with Facebook and Amazon up over 2%, while Google and Microsoft increased by over 1%. Nvidia rose by 0.46%, whereas Apple and Tesla saw slight declines [7][8] - Barclays research highlighted that the deployment of Robotaxis could pose a significant threat to traditional ride-hailing services by 2027, although current vehicle supply constraints limit rapid expansion [8] - Google DeepMind launched the AI model AlphaGenome, which focuses on predicting how genetic variations in human DNA affect gene regulation mechanisms, capable of analyzing up to one million DNA base pairs [9]

Core Viewpoint - The Nasdaq and S&P 500 indices are approaching historical highs, despite recent economic indicators showing significant declines in various metrics [2][4]. Group 1: Market Performance - On June 27, the Nasdaq index rose by 0.97%, the Dow Jones by 0.94%, and the S&P 500 by 0.8%, with both the Nasdaq and S&P 500 reaching their second-highest closing levels in history [4]. - Major tech stocks saw widespread gains, with Netflix and Meta up by 2.46%, Amazon by 2.42%, and Microsoft, Google, and Intel all rising over 1%. However, Apple and Tesla experienced declines [5]. - Nvidia's stock increased by 0.46%, reaching a new historical high, driven by rapid growth in its cloud computing services, with UBS analysts projecting annual revenue could exceed $10 billion [5]. Group 2: Economic Indicators - The U.S. Commerce Department reported a 0.5% contraction in real GDP for Q1, reversing a 2.4% growth in Q4 2024, marking the first economic shrinkage in three years [9]. - Consumer spending growth in Q1 was only 0.5%, significantly lower than the 1.2% initial estimate and the 4% growth in Q4 2024, representing the slowest growth rate in over four years [9]. - Federal government spending decreased at an annualized rate of 4.6%, the largest decline since 2022 [9]. Group 3: Employment and Inflation - As of June 14, the number of Americans filing for unemployment benefits rose to 1.974 million, exceeding market expectations and reaching the highest level since November 2021, indicating pressure on the job market due to tariff impacts [10]. - Federal Reserve officials expressed caution regarding interest rate cuts, emphasizing the need for more data to assess the inflationary impact of tariffs and the overall economic outlook [7].