以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 投资理财，有温度，有深度，有态度。 据新华社消息，本项目于 7月1 9 日刚刚正式 开工，总投资达 1.2万亿元， 是 迄今 全球 规划中 最大的水电站项目 。 堪称 "史诗级"的"雅下项目"，究竟哪里不一样？哪些板块可能潜藏着投资机会？又有哪些可能你还没注意到的挑战？ 全球最大水电站！为什么是 "史诗级"项目？ 在了解 "雅下项目"之前，雅鲁藏布江下游的特殊地位不得不提。雅鲁藏布江下游的 U 形大拐弯处， 是地球 鬼斧神工的杰作 ——从 西藏自治区 米林市派 镇到墨脱县的 200 公里河道，水面从 2880 米 突降 至 650 米，形成了 独一无二 的水能富集带。 而雅鲁藏布江主要采取截弯取直、隧洞引水的开发方式，在山体中开凿超 50公里的引水隧洞，将原本蜿蜒的河道 "变直" ，通过 5 级 梯度 电站释放 江 水的 势能。 这种设计让 每级电站都有超过 400 米的落差，单级装机容量 约 1600 万千瓦， 整体 "雅下项目"预计装机规模约 6000-8100万千瓦 ， 年 发电量预计 3 000 亿度， 相当于三峡水库年发电量的3.4倍， ...

7月22日，财富中文网发布了2025年《财富》中国500强排行榜。榜单采用与《财富》世界500强一脉相 承的制榜方法，同时包括了上市和非上市企业。 榜单显示，今年500家上榜的中国公司在2024年的总营业收入达到14.2万亿美元，和上年上榜公司相比 下降约2.7%；净利润达到7564亿美元，较上年增长约7%。按美元计算，2024年中国的GDP总量达到 18.75万亿美元，今年榜单中500家公司的收入总和约为中国当年GDP的四分之三。 国家电网有限公司以5484亿美元的营收位居榜首，中国石油天然气集团和中国石油化工集团分列榜单第 二位和第三位，中国建筑集团位列第四。"四大行"均位列前十，其中，工商银行排名最高，位列第五； 农业银行、建设银行、中国银行分别位列第七至第九。 今年前十位中没有大陆民营企业，京东集团仍是排位最高的大陆民营企业，位列第11位，较去年上升2 位。阿里巴巴集团位列第18位，较去年上升3位；腾讯控股位列第32位，较去年上升6位。《财富》表 示，中国几家互联网代表企业值得关注，它们在竞争格局下仍持续增长。 盈利能力方面，最赚钱的十家上榜公司中，除五家商业银行和中石油外，今年进入利润榜前十位的有四 ...

Core Viewpoint - The A-share market experienced a high point at 3600 but faced a pullback, indicating potential volatility and the need for cautious investment strategies [1][5][17]. Market Performance - The three major A-share indices rose and then fell back, with the Shanghai Composite Index briefly reaching 3613 before closing slightly higher, while over 4000 stocks declined [1][5]. - The total trading volume in the market was 1.86 trillion yuan, with sectors like water and electricity leading the gains, while brokerage, semiconductor, and insurance sectors also performed well [3]. Market Analysis - Analysts suggest that the A-share market continues to follow a structural bull market logic, with short-term support around 3420 points. Key factors to monitor include oil prices, trading volume, and the stability of the RMB exchange rate [4]. - The rapid rise of the Shanghai Composite Index from 3500 to 3613 points in just ten days was attributed to fast sector rotation and profit-taking near key resistance levels [5][8]. Historical Context - Historically, the Shanghai Composite Index has crossed the 3600-point mark multiple times, notably during the bull markets of 2007, 2015, and the structural bull market of 2021 [18][20]. - The 2007 bull market was driven by significant economic growth and reforms, while the 2015 surge was fueled by liquidity and leveraged funds. The 2021 rally was characterized by institutional support and a focus on specific sectors [20][21]. Current Market Dynamics - The current market differs from previous instances of crossing 3600 points due to a shift in leading sectors, with financial stocks taking the lead instead of consumer and healthcare sectors [21]. - The market is supported by favorable policies and improving fundamentals, with signs of economic stabilization following a low point last year [21][22]. Investment Strategy - The current conditions suggest that the A-share market may be in the early stages of a bull market, characterized by friendly policies, ample liquidity, and recovering market sentiment [23]. - Investors are advised to remain rational, avoid chasing highs, and maintain a balanced portfolio between value stocks and growth sectors, while being cautious of emotional trading behaviors [23].

Core Viewpoint - The year 2025 is crucial for the personal pension business to seek long-term development, with initiatives aimed at enhancing public understanding of personal pension systems and encouraging participation among employees of listed companies [1][19]. Group 1: Event Overview - The first event of the "From Planning to Steady Growth" pension education series took place on July 18 in Jiangyin, Jiangsu, featuring a professional team from Fidelity Fund to provide engaging and informative pension investment education [3][4]. - The event aimed to help employees understand policies and calculate their pension needs, emphasizing the importance of early planning for retirement [4][11]. Group 2: Policy and Product Education - Fidelity Fund's team provided a comprehensive overview of the multi-tiered pension security system, addressing the challenges posed by China's aging population [6]. - The latest personal pension policies, including tax benefits and investment options such as savings, financial products, commercial pension insurance, and public funds, were explained in detail [9][11]. Group 3: Engagement and Impact - An interactive quiz segment was included to reinforce pension knowledge, with employees expressing newfound awareness of the benefits and opportunities associated with personal pensions [11][14]. - The event successfully reached a diverse group of employees, enhancing their understanding of pension finance and encouraging proactive retirement planning [14][17]. Group 4: Future Directions - The Jiangyin event is just the beginning of a series of activities aimed at delivering professional pension planning knowledge to more employees across various companies [17]. - The company plans to continue its efforts in pension education, aligning with regulatory bodies to promote high-quality development in the public fund industry and meet diverse investor needs [21].

Core Viewpoint - The article discusses the current bullish sentiment in the A-share market, highlighting the rise of the Shanghai Composite Index and the factors driving this trend, while also noting the underlying risks and market differentiation [1][2]. Group 1: Market Drivers - Continuous policy benefits are being released, including deepening capital market reforms and subsidies for equipment upgrades, which are expected to stabilize low-valued sectors like finance and real estate [3]. - Economic data has exceeded expectations, with Q2 GDP growth at 5.2%, industrial output increasing by 6.8% in June, and new social financing reaching 4.2 trillion yuan, indicating a recovery in corporate profits [4]. - Breakthroughs in the technology sector are prompting asset revaluation, with companies like Nvidia and AMD resuming chip supplies to China, leading to growth in hardware sectors [5]. Group 2: Market Differentiation and Risks - Despite the overall bullish trend, there is significant market differentiation, with sectors like water conservancy and rare earths seeing gains over 20%, while banks and semiconductor stocks lag behind [7]. - Concerns about incremental capital are emerging, as northbound capital saw a net outflow of 28.7 billion yuan in July, with significant sell-offs in growth sectors like electronics and computing [7]. - External risks are also present, with potential tariff increases from the U.S. and EU, which could impact foreign trade [8]. - The domestic real estate market remains weak, with June residential sales down 12.6% year-on-year, which may continue to suppress consumer recovery [9]. - Historical data shows that previous breaches of the 3600-point mark in the Shanghai index were accompanied by valuation bubbles and volume exhaustion, raising concerns about current valuations in some tech sectors [10]. Group 3: Investment Strategies - Investors are advised to balance their portfolios to mitigate risks while seizing opportunities, considering both defensive and growth-oriented strategies [12]. - Defensive strategies include recommending low-volatility dividend funds, such as high-dividend banks and coal and power sectors, to hedge against market fluctuations [13]. - Growth strategies should focus on sectors benefiting from dual policy engines, such as AI infrastructure and high-end manufacturing [14]. - The 3600-point level is viewed as a point for asset rebalancing rather than a terminal point for investment, emphasizing the importance of professional asset management during volatile periods [15].

Core Viewpoint - The article emphasizes the importance of dividend strategies in investment, highlighting their ability to provide stable returns through dual sources of income: dividend income and capital appreciation [2][11][48]. Group 1: Nature of Dividend Funds - Dividend funds are fundamentally equity assets, not fixed-income products, despite their high dividend yields [5][11]. - Investors often misinterpret dividend funds as low-risk investments, overlooking their inherent market volatility [8][9]. - The resilience of dividend funds is demonstrated by their performance during market downturns, where they have shown a tendency to recover faster than broader indices [13][14]. Group 2: Understanding Dividend Distribution - Dividend distribution is not a zero-sum game; it reflects a company's financial health and commitment to shareholder returns [18][20]. - Companies that consistently pay dividends are typically in a mature phase with stable cash flows, indicating strong operational performance [19][21]. - The reinvestment of dividends can lead to significant compounding effects over time, enhancing overall returns [21][22]. Group 3: Types of Dividend Indices - There are three main types of dividend indices: traditional dividend strategies focusing on high dividend yields, enhanced dividend strategies incorporating additional factors, and Hong Kong stock dividend strategies benefiting from unique market conditions [30][34][36]. - Enhanced dividend strategies have shown higher excess returns compared to pure high-dividend strategies, albeit with increased volatility [36]. - The concentration of dividend indices in the banking sector necessitates careful consideration for investors concerned about potential market fluctuations [36]. Group 4: Dynamic Nature of Dividend Strategies - Dividend indices are dynamically updated, ensuring that they maintain a relatively high dividend yield by replacing underperforming stocks with new candidates [40][41]. - The relationship between stock price and dividend yield is complex, with market dynamics influencing both [42][43]. - The article concludes that understanding the nuances of dividend strategies can help investors make informed decisions and achieve stable cash flows over the long term [48].

Core Viewpoint - The year 2025 is crucial for the personal pension business to seek long-term development, with initiatives aimed at enhancing public understanding of personal pension systems and encouraging participation among employees of listed companies [1][19]. Group 1: Event Overview - The first event of the "From Planning to Steady Growth" pension education series took place on July 18 in Jiangyin, Jiangsu, featuring a professional team from Fidelity Fund to provide engaging and informative pension investment education [3][4]. - The event aimed to help employees understand policies and calculate their pension needs, emphasizing the importance of early planning for retirement [4][11]. Group 2: Policy and Product Education - Fidelity Fund's team provided insights into the multi-tiered pension security system, addressing the challenges posed by China's aging population and demonstrating the importance of early pension planning through simulations using the "Fidelity Pension Calculator" [6][9]. - The latest personal pension policy was explained, highlighting the tax benefits associated with personal pension accounts and detailing various investment options such as savings, financial products, commercial pension insurance, and public funds [9][11]. Group 3: Engagement and Impact - An interactive quiz segment was included to reinforce pension knowledge, with employees expressing newfound awareness of the significance of personal pensions and the available tax incentives [11][14]. - The event successfully reached a diverse group of employees, enhancing their understanding of pension finance and promoting a scientific approach to retirement planning [14][21]. Group 4: Future Initiatives - The Jiangyin event marks the beginning of a series of educational activities aimed at delivering professional pension planning knowledge to more employees across various companies [17][21]. - The company plans to continue responding to regulatory calls and exploring diverse pension service paths to meet investors' needs while enhancing the quality of pension education [20][21].

今年以来，港股强势反攻，公募基金南下抢筹的趋势越来越明显。 Choice数据显示，沪港深基金对港股医疗保健板块的配置权重从一季度末的0.54%提升到0.88%，对港股金融板 块的配置权重从0.5%提升到0.67%。其中，石药集团是基金在二季度加仓股数最多的港股，全市场有101只基 金均进行了增持，其中包含梁福睿的长城医药精选、张金涛的嘉实港股优势、万建军的华安研究智选等多只知 名基金经理管理的产品。 三生制药、中国生物制药、信达生物、科伦博泰生物等港股创新药也获得了基金大力增持。比如，葛兰管理的 中欧医疗创新加仓了三生制药，郑澄然管理的广发成长新动能加仓了中国生物制药，谢治宇管理的兴全合宜加 仓了信达生物。值得一提的是，截至二季度末，内地公募基金对三生制药、信达生物、科伦博泰生物三只个股 的持股占流通股比已经超过10%。 最新披露的公募基金2025年二季报显示，全市场有近1800只基金在二季度提高了港股仓位，部分基金的增持幅 度超过50个百分点，以创新药为代表的高成长方向，和以银行股为代表的高股息方向，成为基金加仓港股的两 大"心头好"。 近1800只基金提高港股仓位 从基金二季报来看，可投资港股的港股通基金 ...

Core Viewpoint - The article discusses the current state and future plans of China's social insurance system, particularly focusing on pension funds and employment statistics, highlighting the growth in pension fund investments and the stability of the employment market [3][5][7]. Group 1: Pension Fund Operations - As of June 30, the scale of pension fund investment operations reached 2.55 trillion yuan, an increase of 150 billion yuan from the previous quarter [3]. - The Ministry of Human Resources and Social Security plans to continue expanding the entrusted investment scale of basic pension insurance funds and enhance regulatory measures [3][2]. - The total income of the three social insurance funds (pension, unemployment, and work injury) in the first half of the year was 4.53 trillion yuan, with total expenditures of 3.89 trillion yuan, resulting in a cumulative balance of 9.83 trillion yuan by the end of June [3]. Group 2: Employment Statistics - In the first half of the year, 6.95 million new urban jobs were created, achieving 58% of the annual target [5]. - The urban survey unemployment rate in June was 5.0%, unchanged from the same period last year [5]. - The Ministry of Human Resources and Social Security has implemented various training programs to address skill shortages in sectors such as digital talent and elderly care [5]. Group 3: Investment Trends - Basic pension insurance funds have increasingly appeared in the top ten shareholders of several A-share listed companies, indicating a growing interest in equity investments [7]. - Notably, the pension fund has increased its holdings in companies like Silver Wheel Holdings, which has shown significant growth in revenue and profit over the years [8]. - Silver Wheel Holdings has a compound annual growth rate of 17% in revenue and 20% in net profit since its listing in 2007, with recent expansions into digital energy thermal management [8].

Core Viewpoint - The article highlights the significant investment and strategic importance of controlled nuclear fusion technology in China's energy landscape, emphasizing the establishment of the China Fusion Energy Company and the involvement of major state-owned enterprises in funding this initiative [2][4][5]. Investment and Company Formation - On July 22, 2023, the China Fusion Energy Company was officially established, with major stakeholders including China National Nuclear Corporation and China Nuclear Power announcing a joint investment of approximately 11.49 billion yuan [2][3]. - China Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in the fusion company, which is currently a wholly-owned subsidiary of the China National Nuclear Corporation [2][3]. Financial Overview - As of December 31, 2024, the total assets of the fusion company are reported at approximately 611.56 million yuan, with owner equity at about 611.03 million yuan. The company has not generated any revenue and reported a net loss of approximately 202.60 million yuan for the same period [3]. - For the first half of 2025, the company is projected to have total assets of around 5.37 billion yuan, with a net loss of approximately 4.33 million yuan [3]. Strategic Importance - The investment in the fusion company aligns with China's national energy strategy and aims to solidify the position of state-owned enterprises in the nuclear fusion industry, which is seen as crucial for energy security and environmental protection [4][5]. - The controlled nuclear fusion technology is regarded as a key solution to global energy challenges and is positioned as a competitive frontier in international technology [5]. Market Trends and Future Outlook - The global investment in the fusion sector is expected to accelerate, with significant funding from both China and the United States, indicating a growing interest in fusion research and development [6]. - The article notes that the nuclear power sector in China is set for expansion, with projections indicating that installed nuclear capacity could reach 110 million kW by 2030 and 150 million kW by 2035 [8]. Uranium Market Dynamics - The article discusses the increasing demand for uranium, with projections indicating a compound annual growth rate of over 4% from 2024 to 2040, driven by the global nuclear power revival [9]. - The supply of uranium is expected to tighten due to high resource concentration and declining exploration investments, which may lead to sustained high prices in the long term [9].