Core Viewpoint - The securities industry is expected to experience a recovery in performance and valuation in the second half of 2025, driven by multiple positive factors despite recent market underperformance [2][5]. Group 1: Industry Performance and Outlook - As of June 18, 2025, the A-share securities index has declined by 7.51% since the beginning of the year, but the industry's fundamentals continue to improve, with active trading in the A-share market and ongoing capital market reforms [5]. - Citic Securities projects a 17.3% year-on-year growth in net profit for the securities industry in 2025, with an annualized ROE expected to rise to 6% [6]. - Huatai Securities highlights that the implementation of new policies will foster a market environment conducive to long-term investment, benefiting the growth of securities firms [6]. Group 2: Investment Opportunities - Three investment themes are recommended for the securities sector: firms expected to achieve high growth in mid-2025 with low valuations, leading comprehensive securities firms with balanced business structures, and firms with potential for mergers and acquisitions [3][7]. - Citic Securities suggests focusing on firms that are likely to see significant performance improvements in brokerage and investment trading, as well as those involved in ongoing mergers and acquisitions [8]. Group 3: Industry Transformation - The current securities industry is undergoing significant transformation, with a focus on enhancing trading capabilities, exploring cross-border asset allocation, and increasing investment in client-driven services [9]. - The "Public Fund High-Quality Development Action Plan" is expected to promote high-quality expansion in the industry and favor the differentiated development of fund companies, particularly benefiting leading public securities firms [9].

6月18日，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称 《科创板意见》），提出将设置科创板科创成长层。 同时，围绕增强优质科技型企业的制度包容性适应性，推出试点引入资深专业机构投资者制度；面向优质科技 型企业试点IPO预先审阅机制；扩大第五套标准适用范围；支持在审未盈利科技型企业面向老股东开展增资扩 股等活动；健全支持科创板上市公司发展的制度机制；健全科创板投资和融资相协调的市场功能等6项重磅改 革。 同日，上海证券交易所（以下简称上交所）就同步制订的2项配套业务规则公开征求意见，分别是《科创板上 市公司自律监管指引第5号——科创成长层》《发行上市审核规则适用指引第7号——预先审阅》。除此以外， 上交所还在研究制订修订相关的业务规则，后续将向市场发布。 设置科创板科创成长层 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，目前仍处于未盈利阶段的科技型企 业。前期已上市的存量未盈利企业和新上市的未盈利企业，共同纳入科创成长层。 上交所也强调，科创成长层建设过程中，上交所将牢牢把握科创板"硬科技"定位和科创成长层定位，更好统筹 投融资动态平衡，把好发行上市入 ...

基金市场又迎来重磅新品！ 在6月18日举行的2025陆家嘴论坛上，中国证监会主席吴清表示，今天，证监会将批复全国 首批2只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资产等新型资 产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 中国证监会和交易所官网显示，南方万国数据中心REIT、南方润泽科技REIT日前双双获批。 业内人士表示，首批数据中心公募REITs获批，是在国家大力推进新基建与数字经济发展的背 景下，资本市场服务实体经济的又一创新实践。 首批数据中心REITs获批 此次获批的南方润泽科技REIT以全国领先的综合算力中心领域的科技公司——润泽智算科技 集团旗下国际信息云聚核港（ICFZ）A-18数据中心项目为底层资产，项目位于全国一体化算 力网络京津冀国家枢纽节点的核心地带，是支撑区域数字经济高质量发展的重要基础设施。 业内人士表示，南方润泽科技REIT实现了对存量优质资产的有效盘活，打通了民营科技企业 创新融资渠道，有望进一步助力数字中国建设、培育新质生产力、推动民营经济高质量发 展。 REITs市场迎来新品种，首批2只数据中心REITs正式获批，沪深交易所 ...

美东时间 6 月 18 日周三，美国三大股指涨跌不一，美联储维持利率不变。投资者担忧美国 可能更直接军事介入以色列与伊朗的交火。伊朗最高领袖表示，美国军事干预将招致无法挽 回的后果。 稳定币第一股 Circle 涨近 34% ，创 6 月 5 日美国 IPO 以来最大单日涨幅。 WTI 收于每桶 75 美元上方，创下 1 月以来的最高收盘价。 美联储维持利率不变 截至收盘，道指跌 0.1% ，报 42171.66 点；标普 500 指数跌 0.03% ，报 5980.87 点； 纳指涨 0.13% ，报 19546.27 点。 （图片来源：东方财富APP，统计截至2025/6/18，不作投资推荐） 美联储公布 6 月利率决议，将基准利率维持在 4.25% ～ 4.50% 不变，连续第四次会议按兵 不动，符合市场预期。 美联储表示，前景的不确定性已减弱，但仍然处于较高水平。美联储将 2025 年 GDP 预估 下调至 1.4% ，将通胀预期上调至 3% 。 根据美联储的点阵图预测， 2025 年预计实施两次降息，共 50 个基点 ，这与三月份的预期 相符。然而， 2026 年降息幅度将仅为 25 个基点，之前预 ...

亚太市场，剧烈波动！ 6月19日早间，日本股市开盘后直线跳水，日经225指数盘中一度跌近1%；韩国股市也大幅波动，一度从上涨 0.8%跳水至下跌0.6%。另外，中国香港股市19日早盘也低开。其中，香港恒生指数开盘跌0.38%，恒生科技指 数跌0.52%。 隔夜，美联储将联邦基金利率目标区间维持在4.25%至4.50%之间不变。美联储主席鲍威尔警告称，美国政府 的关税政策可能会加剧美国通胀水平，给美国经济带来压力。当天尾盘，美股三大指数出现跳水行情。 今日（6月19日），美股三大股指期货继续下跌，截至券商中国记者发稿，道指期货跌0.32%，纳指期货跌 0.47%，标普500指数期货跌0.38%。 此前，美国针对日本汽车行业征收25%的进口关税，这对日本制造业造成了沉重打击。因为日本作为出口导向 型国家，汽车出口在其经济增长中占据重要地位。去年，日本向美国出口了价值21万亿日元的商品，其中汽车 约占总额的28%。 关税谈判没有进展 日本、韩国股市下跌 6月19日，日本股市低开低走，日经225指数盘中一度跌近400点，最大跌幅接近1%。 （图片来源：东方财富APP，统计截至2025/6/19，不作投资推荐） 韩国股 ...

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 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。 只要完成问卷填写， 就可获得 随机微信红包 ！ （通过 数字验证和学历验证并完成问卷，弹 出二维码后领取即可） 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 感谢您的参与，祝您健康愉快！ ...

Group 1 - The number of college graduates in China surpassed 10 million for the first time in 2022, reaching 10.76 million, and is expected to continue increasing, with the 2025 cohort projected to reach 12.22 million, an increase of 430,000 year-on-year [1] Group 2 - The average salary for urban non-private sector employees in 2024 is projected to be 124,110 yuan annually, or 10,343 yuan monthly, while for private sector employees, the average salary is 69,476 yuan annually, or 5,623 yuan monthly [2] - The nominal year-on-year growth rate for average salaries in urban non-private units is 2.8%, while for private units, it is 1.7%, both lower than recent growth levels [2] - In the non-private sector, the highest average salary in 2024 is in the information technology industry at 239,000 yuan per year, followed by the financial industry at 201,900 yuan per year, and the scientific and technical services industry at 175,400 yuan per year [2] - In the private sector, the financial industry has the highest average salary at 135,300 yuan per year, followed by the information technology industry at 123,200 yuan per year; both are the only two sectors with an average monthly salary exceeding 10,000 yuan last year [2]

Core Viewpoint - The A-share market experienced a collective rise, driven by significant positive signals from the central bank and the China Securities Regulatory Commission (CSRC) during the Lujiazui Forum, with the electronic components and consumer electronics sectors leading the gains [1][2][5]. Group 1: Market Performance - The three major A-share indices closed higher, with a total trading volume of 1.19 trillion yuan, particularly in technology sectors such as electronic components, consumer electronics, and semiconductors [4][5]. - The CSRC announced reforms for the Sci-Tech Innovation Board (STAR Market), which may position the technology sector as a main focus for future market movements [2][6]. Group 2: Policy Announcements - The central bank introduced eight major financial opening measures, including the establishment of a digital RMB international operation center, which is expected to positively impact related sectors [6][9]. - The CSRC's reforms include the reintroduction of the fifth set of standards for unprofitable companies on the STAR Market, expanding the scope to include artificial intelligence, commercial aerospace, and low-altitude economy sectors [7][10]. Group 3: Sector Benefits - The reforms are expected to directly benefit sectors such as semiconductor design, manufacturing, AI chip companies, and data centers [8][10]. - The financial opening measures are anticipated to enhance financing convenience for new energy and environmental technology enterprises [10][11]. Group 4: Future Outlook - Historical data suggests that significant reform signals during the forum can lead to several months of structural market trends, with a focus on technology stocks [14][26]. - Analysts remain optimistic about the A-share market, indicating that the upward trend is likely to continue, supported by improving market sentiment and liquidity [16][26]. Group 5: Institutional Trends - There has been a notable shift in institutional investment towards emerging industries, with the electronic sector's institutional allocation increasing from 1.44% in 2014 to 7.62% in 2024, marking a significant rise [28][30]. - The technology sector is currently viewed as being in a high cost-performance range, with various indicators suggesting favorable conditions for investment [31][33].

Core Viewpoint - The article emphasizes the investment value of broad-based index funds and ETFs, particularly in the context of the A-share market's recent fluctuations and the importance of long-term holding strategies [2][3][15]. Group 1: Market Volatility - Market volatility presents opportunities for rational investors to buy low and sell high, as assets may be undervalued during market downturns and overvalued during peaks [5][6]. - Investors can benefit from market fluctuations through two strategies: buying during undervaluation and holding long-term, or using a systematic investment approach to average costs [7][8]. Group 2: Economic Growth and Index Composition - Broad-based indices, such as the CSI A500, represent a basket of high-quality companies that are leaders in their respective industries, benefiting from ongoing economic growth [10][11]. - The self-updating mechanism of indices ensures that underperforming companies are replaced by emerging quality firms, allowing the index to remain relevant and aligned with economic growth [11]. Group 3: Dividend and Compounding Effects - Core broad-based indices typically include companies with stable earnings and cash flows that regularly distribute dividends, providing investors with indirect income [13]. - The reinvestment of dividends can significantly enhance overall returns through the power of compounding, creating a "snowball" effect over the long term [13]. Group 4: Long-term Investment Viability - Despite short-term volatility, the long-term upward trend of equity markets in a growing economy suggests that investing in broad-based index funds can be profitable [15]. - The article references Warren Buffett's perspective on the effectiveness of low-cost index funds as a preferred investment strategy for both individual and institutional investors [15].

Group 1 - The core viewpoint of the article is that the mid-term investment outlook for Chinese private enterprises is improving, with the "Top Ten Chinese Private Enterprises" identified by Goldman Sachs, which includes Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta Sports [1][2] - Goldman Sachs emphasizes that the current leading enterprises can consolidate their dominant position in the stock market, similar to the "Big Seven" in the US stock market, indicating a significant year for asset value reassessment in China [1][2] - The reassessment of asset values is expected to accelerate the elimination of outdated capacities and guide capital towards high-value-added sectors, effectively promoting industrial upgrades and economic structure optimization, particularly in strategic emerging industries like technology, new energy, and high-end manufacturing [1] Group 2 - The article mentions that the recent transparency in China's antitrust and merger frameworks has alleviated regulatory pressures on private enterprises, facilitating organic growth and mergers for these companies [2] - Compared to the "Top Ten Chinese Technology Enterprises" proposed by Wisdom Tree, Goldman Sachs' list includes Midea, Hengrui Medicine, Ctrip, and Anta Sports, while excluding JD.com, Baidu, Geely, and SMIC [2] - The report highlights that the "Big Seven" in the US stock market increased their market value by over $12 trillion in the past five years, generating an average price return of over 365% for shareholders during that period [2]