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。 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 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。 长按下方二维码填写问卷 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。 感谢您的参与，祝您健康愉快！ ...

本周，国际金价持续震荡。6月20日，国际金价继续在3400美元/盎司关口下方震荡调整。 毕竟，在不确定的世界里，有些选择需要穿越代际的耐心。而资产配置的法则始终如一：接 受波动才能穿越波动，相信周期方能跨越周期。 不过对于普通投资者，在投资黄金的过程中切记三个不要：不要"梭哈"黄金！小仓位逢低配 置。不要贷款投资黄金！切忌上杠杆。不要跟风投资！看清自己的投资需求更重要。 然而不是每家投行都维持对黄金的稳定乐观判断。 就在前两天，花旗 银行 明确看空金价，称美联储的降息预期将削弱黄金的吸引力，购金需求 下降，金价预计在未来几个季度将跌破3000美元/盎司。且该行还有分析师进一步表示，到 2026年下半年，黄金价格将回落至每盎司约2500至2700美元水平。 另据公开信息，6月13日， 高盛 重申其黄金价格预测，称各国央行结构性的强劲购金行为将 推动金价在2025年底升至3700美元/盎司，并于2026年中期触及4000美元/盎司。 2025年5月31日， 美国银行 发布报告预测国际黄金价格年底将突破4000美元/盎司；而就 在6月13日， 美国银行 还重申了这一目标价。 面对这样的市场波动，投资者难免会产生疑问 ...

Core Viewpoint - The A-share market experienced a collective decline, while the Hong Kong stock market saw an increase, indicating a divergence in market performance driven by various factors including policy expectations and sector performance [1][5]. Group 1: A-share Market Performance - A-shares saw a collective drop with over 3600 stocks declining, while sectors like banking and liquor showed resilience [1][3]. - The latest LPR (Loan Prime Rate) remained unchanged, leading to a cooling of expectations for further policy easing in the short term [7][9]. - Analysts suggest that the A-share market is in a phase of risk release and may continue to experience range-bound fluctuations, recommending a "barbell strategy" for asset allocation [4]. Group 2: Hong Kong Stock Market Dynamics - Southbound capital has net bought nearly 700 billion HKD in Hong Kong stocks this year, accounting for 86% of the total for 2024, with projections suggesting it could exceed 1 trillion HKD for the year [11][13]. - The Hang Seng Index has risen by 17.30% and the Hang Seng Tech Index by 14.88% year-to-date, positioning Hong Kong stocks favorably in the global market [16]. - Citigroup forecasts the Hang Seng Index could reach 25,000 points by the end of the year, with potential growth to 26,000 points in 2026, indicating an upside of over 10% [18]. Group 3: Consumer Sector Analysis - The new consumption sector, represented by Pop Mart, faced a nearly 4% decline due to regulatory risks and market saturation, while traditional consumption, particularly liquor, saw gains driven by policy support and recovery expectations [24][28]. - The liquor sector is viewed as a defensive play with valuations at historical lows, suggesting potential for recovery [29]. - A balanced investment approach is recommended, utilizing a barbell strategy to manage risks and opportunities in both new and traditional consumption sectors [30][32].

Group 1 - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged from the previous month [1] - Following a 10 basis point decrease in May, the stability of the LPR in June aligns with market expectations [1] - The central bank's policy rate cut in May is expected to lead to a more significant reduction in loan rates for businesses and individuals, thereby lowering financing costs for the real economy [1] Group 2 - In May, the weighted average interest rate for newly issued corporate loans (in both domestic and foreign currencies) was approximately 3.2%, down about 50 basis points year-on-year [1] - The weighted average interest rate for newly issued personal housing loans was around 3.1%, which is 55 basis points lower than the same period last year [1] - Experts suggest that while there may still be room for LPR to decrease, market expectations regarding the pace and extent of future rate cuts should be moderated [1] Group 3 - The external environment remains uncertain, and domestic growth stabilization policies should not be relaxed [1] - There is a possibility that the central bank may continue to lower interest rates in the second half of the year, indicating potential further downward movement for the LPR [1]

Core Viewpoint - The Chinese innovative drug industry is poised for a comprehensive explosion, transitioning from a phase of "0 to 1" breakthroughs to a period of significant growth driven by policy support, technological advancements, and international expansion opportunities [2][3][19]. Market Trends - Since the end of September 2024, the innovative drug index has reversed a four-year downward trend, achieving a maximum increase of 53% [1][6]. - However, there was a notable decline of 130 points, or 8.2%, over five trading days from June 13 to June 19, 2024 [1]. Industry Dynamics - The innovative drug sector in China is experiencing a surge in clinical trials, particularly in ADCs and dual/multi-antibodies, with Chinese companies now accounting for over 50% of global R&D projects [6][12]. - The proportion of molecules introduced by global pharmaceutical companies from Chinese innovative drug firms has increased from 0% in 2019 to 31% in 2024 [6][12]. Financial Outlook - Major biotech companies in A-shares and H-shares are expected to achieve overall profitability by 2026, with significant revenue growth anticipated [3][18]. - The revenue growth rate for the innovative drug industry is projected to exceed 30% from 2025 to 2026, with a continuous reduction in net profit losses [18]. Future Opportunities - The Chinese innovative drug market is expected to grow from $132.5 billion in 2019 to $159.2 billion in 2024, with projections to surpass $300 billion by 2030 [10]. - AI in drug development is anticipated to shorten development cycles and reduce costs, providing a significant opportunity for emerging biotech firms [13]. Competitive Landscape - The potential for "10x stocks" in the innovative drug sector remains high, with significant business development transactions expected to increase [20]. - Companies like Baiyi Tianheng and Sanofi have set records for collaboration agreements, indicating a robust pipeline of innovative products [20]. Strategic Insights - The past decade has seen a shift from imitation to innovation in China's pharmaceutical industry, driven by supportive policies and increased R&D capabilities [7][8]. - Future growth will likely hinge on the ability to innovate at the source and address unmet medical needs, with a focus on developing blockbuster drugs [16].

Core Viewpoint - The significant price drop of Labubu collectibles is primarily attributed to a large-scale restock by Pop Mart, leading to a drastic decline in secondary market prices and impacting the company's stock performance [2][4][7]. Group 1: Price Decline and Market Impact - Labubu 3.0 box set prices fell by 45%, while the hidden variant "Ben Wo" saw a price drop of over 38% due to Pop Mart's extensive restocking efforts [2]. - The average transaction price for the "Qian Fang Gao Neng" series Labubu pendant plummeted nearly 48%, from 2279.7 yuan to 1181.3 yuan [4]. - The price range for regular Labubu items has decreased to between 208 yuan and 385 yuan, with hidden variants dropping from 4699 yuan to 2048 yuan within a week [4]. Group 2: Pop Mart's Restocking Strategy - Pop Mart initiated a three-day restock starting June 18, with multiple notifications of product availability across various platforms, although many consumers faced difficulties accessing the purchase interface [2][3]. - An internal source indicated that the company is optimizing the sales process to enhance consumer experience and mitigate the impact of scalpers [3]. Group 3: Stock Performance - Following the news of price drops and restocking, Pop Mart's stock fell over 5% on June 19, with a cumulative decline of over 12% from its peak on June 12 [7]. - Despite a strong performance earlier in the year, with stock prices increasing from around 85 yuan to a peak of 283.4 yuan, the current valuation raises concerns about potential corrections [7]. Group 4: Background on Labubu - Labubu is a character from Pop Mart's exclusive IP "THE MONSTERS," designed by Hong Kong designer Long Jia Sheng, and has gained significant popularity since its global release in April [5]. - The character's unique design combines cute and rebellious elements, contributing to its appeal and subsequent market frenzy [5]. Group 5: Legal Issues and Market Regulation - Recent customs inspections revealed a batch of 20,240 infringing Labubu toys, leading to their seizure, indicating ongoing challenges in protecting intellectual property rights [7].

6月20至22日，华为开发者大会（HDC 2025）将在广东省东莞市举行。 2019年推出鸿蒙操作系统，2021年发布盘古大模型……作为华为最重要的年度活动之一，华为开发者大 会每年都有里程碑产品发布。 今年，华为同样会发布鸿蒙操作系统、盘古大模型的重磅更新，在AI与具身智能领域也将有重磅技术 和产品发布。 鸿蒙、盘古大模型将"上新" 6月20日下午，华为常务董事、终端BG董事长余承东将以"共建共享鸿蒙新世界"为题发表演讲。业界预 期，余承东将重磅发布鸿蒙操作系统的最新版本鸿蒙6。 2024年，华为在开发者大会上推出了从内核到应用全栈自研的操作系统HarmonyOS NEXT（也称"鸿蒙 5"），推动鸿蒙正式走向原生鸿蒙。鸿蒙6是原生鸿蒙的第二个版本，该版本会有哪些新功能，在安全 性、流畅性、跨端体验方面会有哪些显著提升，鸿蒙在应用发展、生态建设又取得了怎样的进展，华为 将在大会上揭晓答案。 华为同样会带来盘古大模型的重磅更新。6月20日下午，华为常务董事、华为云CEO张平安将发表主题 演讲。业界预期，他将在会上分享盘古大模型的重磅升级及其在自动驾驶、工业设计、具身智能等行业 的创新应用和落地实践。 根据会议 ...

Group 1: Trade Negotiations - The EU is attempting to reach a trade agreement with the US similar to the UK-US agreement, aiming to resolve some tariff disputes before the July 9 deadline to avoid immediate retaliatory tariffs against the US [1][3] - The US has increased tariffs on EU steel and aluminum products from 25% to 50%, with President Trump threatening to raise "reciprocal tariffs" to 50% if no agreement is reached [3][5] - EU internal divisions are weakening its negotiating position, with some countries like France advocating for retaliation while others, including Italy and Hungary, prefer continued negotiations [5][6] Group 2: Economic Impact - The UN warns that global foreign direct investment (FDI) is at risk of declining for the third consecutive year due to tariff uncertainties and geopolitical tensions, projecting an 11% drop in 2024 [9] - The UN Secretary-General highlighted that rising trade barriers and geopolitical divisions could worsen the already challenging economic outlook, with tariffs increasing uncertainty for investors [9][10] - A recent Business Roundtable report indicated a 15-point drop in the CEO Economic Outlook Index, attributed to unpredictable trade policies and widespread uncertainty [10]

Core Viewpoint - The micro-cap stock index has recently reached a new high, but has shown significant pullback after a two-day market adjustment, indicating increased volatility in the market [1]. Group 1: Market Dynamics - Several public funds believe that the rapid recovery of micro-cap stocks over the past two months is driven by multiple factors, with liquidity being a primary driver [2][4]. - The micro-cap stock index has shown strong performance, with the CSI 2000 and Guozheng 2000 indices rising by 16.11% and 13.27% respectively since April 8, significantly outperforming larger indices [4]. - The central bank's emphasis on maintaining a moderately loose monetary policy suggests that liquidity support for micro-cap stocks may continue, enhancing their market elasticity [4]. Group 2: Fund Performance and Limitations - Despite some public funds achieving good performance with micro-cap stocks, the limited capacity for these stocks to absorb large amounts of capital has led to restrictions on fund subscriptions [6][8]. - As of the first quarter of 2025, public funds held approximately 4.55 billion yuan in micro-cap stocks, representing only 0.08% of their total market value, indicating low holding concentration [7]. Group 3: Diverging Opinions on Future Trends - There are differing opinions among institutions regarding the future of micro-cap stocks, with some reports indicating that the factors supporting their collective rise are beginning to show signs of strain [3][9]. - Concerns have been raised about the potential for a "snowball" effect if the current trend of collective investment in micro-cap stocks exceeds their capacity, which could lead to significant market fluctuations [10]. Group 4: Optimistic Perspectives - Some analysts remain optimistic, suggesting that micro-cap stocks are primarily driven by liquidity rather than fundamental factors, and that they may continue to outperform in the absence of a clear market trend [11].

Core Viewpoint - The article emphasizes the increasing interest of international investors in RMB assets amid global capital market volatility and the need for portfolio rebalancing [1][2]. Group 1: Global Capital Market Dynamics - The global capital market has experienced significant volatility this year, particularly affecting the status of USD assets as a "safe haven" [1]. - International investors are actively seeking to rebalance their investment portfolios in response to these market changes [1]. Group 2: China's Economic Potential - Several foreign financial institutions highlighted the unique advantages of Chinese assets in global fund diversification during the 2025 Lujiazui Forum [1]. - Howard Marks noted that despite global market fluctuations, China's economy exhibits structural advantages, summarized as "1234" characteristics [3][4]. - The "1" represents a single goal of transitioning to high-quality growth, which requires two transformations: green and digital [3]. - The "3" refers to the coordinated efforts of monetary policy, fiscal policy, and structural reform policy to guide the economy [4]. - The "4" highlights four fundamental advantages of China: a highly educated workforce, a large middle-class market, excellent infrastructure, and a comprehensive supply chain [4]. Group 3: Financial Market Internationalization - Howard Marks proposed two key suggestions for enhancing the internationalization of China's financial market: deepening the opening of investment asset categories to foreign investors and optimizing the foreign product access mechanism [6][7]. - Gokul Laroia emphasized the importance of collaboration between Shanghai and Hong Kong to attract significant capital flows, noting that even a small outflow from the US could represent a substantial amount [4][5]. - David Perez de Albeniz mentioned that 70% of the 1,500 fund companies they collaborate with are interested in the Chinese market, indicating a strong demand for investment opportunities in China [4]. Group 4: Recommendations for Attracting Foreign Investment - High Laroia highlighted the necessity of creating a conducive environment for RMB internationalization, suggesting that both Shanghai and Hong Kong play crucial roles in this process [7]. - The establishment of a globally adaptable credit rating system and a liquid secondary market are essential for attracting patient capital and facilitating foreign investment in China [7].