3.7 万亿元企业年金市场，首次公布 " 近三年累计收益率 " ！ 近日，人力资源和社会保障部公布的 2025 年一季度全国企业年金数据显示，截至一季度 末，企业年金积累基金规模为 3.73 万亿元，近三年累计收益率为 7.46% 。 与往年公布的当期或当年 " 加权平均收益率 " 数据不同，今年首次披露 " 近三年累计收益率 " 。 业内人士表示，企业年金等养老金是典型的长期资金，按 " 近三年累计收益率 " 公布业绩， 是顺应养老金长期投资长期考核的趋势，有利于从长周期考察年金的投资绩效，理性看待短 期波动，发挥企业年金 " 长钱长投 " 的投资优势。 首次按 " 近三年累计收益率 " 公布业绩 数据显示，截至一季度末，企业年金基金建立企业数为 16.82 万家，参加职工人数为 3290.81 万人，积累基金规模 3.73 万亿元。 从投资管理情况看，企业年金基金投资资产净值为 3.7 万亿元，建立组合数 5892 个，近三 年累计收益率为 7.46% 。 而此前公布的数据均为当期和当年累计收益。例如， 2024 年前三季度显示，本季度加权平 均收益率为 1.56% ，本年以来加权平均收益率为 3.56% ...

Core Viewpoint - The article discusses the recent surge in popularity of Pop Mart's LABUBU IP, leading to safety concerns and the temporary suspension of its offline sales in South Korea and the UK due to chaotic scenes and potential safety risks [2][5][8]. Group 1: Sales and Market Response - LABUBU has seen explosive demand in South Korea, with long queues and incidents of violence prompting police intervention [2]. - Pop Mart announced the suspension of LABUBU plush toys and keychains in South Korea to prioritize customer safety and improve service quality [2]. - In the UK, similar safety concerns led to the decision to halt LABUBU sales and plans to remove the product from stores by June [5]. Group 2: Auction and Cultural Impact - A unique LABUBU plush sold for 1.08 million yuan at an auction, highlighting its status as a sought-after collectible [5]. - The character LABUBU has become a medium for emotional expression and cultural identity among young consumers, connecting design, manufacturing, social interaction, and content [5]. Group 3: Financial Performance - In 2024, Pop Mart's total revenue is projected to reach 13.038 billion yuan, more than doubling year-on-year, with the "Monsters" series generating 3.04 billion yuan, a 726.6% increase [8]. - The company reported that four major IPs, including LABUBU, achieved over 1 billion yuan in revenue for the first time, indicating strong market performance [8]. Group 4: Future Outlook - Pop Mart expresses confidence in its ability to create successful IPs, celebrating LABUBU's 10th anniversary and MOLLY's upcoming 20th anniversary [9]. - The company anticipates significant growth in Q1 2025, with overall revenue expected to increase by 165%-170% year-on-year [9].

A股系列指数调样，今日生效！ 根据此前消息，6月16日为A股系列指数定期例行调整的生效日。这次调样的指数包括上证50、上证180、上证 380、科创50等沪市指数，深证成指、创业板指、深证100等深市指数以及沪深300、中证500、中证1000、中证 A50、中证A100、中证A500等跨市场指数。 6月16日，上证580指数也将正式发布，今日起实时行情将发布。 6大跨市场指数合计换187只样本 此次调样，沪深300指数更换7只样本，软通动力、中航成飞等调入指数；中证500指数更换50只样本，恒玄科 技、百济神州等调入指数；中证1000指数更换100只样本，万辰集团、思瑞浦等调入指数；中证A50指数更换4 只样本，北方稀土、东鹏饮料等调入指数；中证A100指数更换5只样本，中国重工、沪电股份等调入指数；中 证A500指数更换21只样本，润泽科技、恒玄科技等调入指数。可见，6大跨市场指数合计更换187只样本。 本次样本调整后，主要规模指数样本契合资本市场结构变化和产业转型升级趋势，信息技术、通信服务、工业 等行业样本数量有所上升，对市场代表性进一步增强；中证A系列指数样本行业分布均衡，纳入更多新兴领域 龙头公司 ...

Core Viewpoint - The electronic industry has become a focal point for broker research, with significant interest from institutions in sectors such as domestic storage, PCB, and semiconductors [3][10]. Group 1: Broker Research and Market Performance - As of June 15, 2023, 330 listed companies have received broker research, with the electronic industry being the most favored, accounting for 50 companies [1][5]. - Over half of the electronic companies that received broker research have seen their stock prices rise since June, with Shengyi Electronics leading with a nearly 48% increase [2][8]. Group 2: Key Companies and Their Developments - Hongjing Optoelectronics has been the most researched electronic company, receiving 21 broker inquiries, focusing on its collaboration with Yingstone Innovation and future product plans in smart automotive and home sectors [6]. - Yangjie Technology has received 13 broker inquiries, with institutions interested in its gross margin trends and downstream application developments, expecting stable growth due to favorable economic conditions and new policies [7]. Group 3: Investment Opportunities - Institutions are particularly optimistic about investment opportunities in domestic storage, PCB, and semiconductor sectors [3][10]. - The transition to DDR5 products is expected to create structural growth opportunities for domestic storage manufacturers, while the PCB sector is anticipated to maintain high revenue levels [11]. - The global semiconductor sales are projected to grow by 11.2% year-on-year by 2025, driven by AI and other technological advancements [11].

影响后市投资事件 证监会加强期货市场程序化交易全过程监管 地缘政治冲突升级带动市场风险偏好有所下降。截至周五收盘，上证指数、深证成指上周双双收跌，创 业板指周涨幅收窄。在业内机构看来，短期事件引发的下跌或为投资者提供布局机会，情绪修复后，内 因仍是决定市场走势的主要因素， 后续看好泛科技方向机会。 具体板块配置上，AI推理算力及应用、TMT、军工、创新药等细分品种被看好。除A股资产外， 港股 长期投资价值显著，或成为投资者获取超额收益的重要来源之一。 证监会6月13日消息，为落实《期货和衍生品法》《关于加强监管防范风险促进期货市场高质量发展的 意见》要求，加强期货市场程序化交易监管，维护期货交易秩序和市场公平，证监会制定了《期货市场 程序化交易管理规定（试行）》，自2025年10月9日起实施。后续，证监会将指导期货交易所和期货业 协会制定出台相关业务细则，做好管理规定落地相关工作。 5月金融总量合理增长 有力支持实体经济 中国人民银行6月13日发布数据显示，5月金融数据与实体经济运行情况合理匹配，5月社会融资规模、 M2和人民币贷款增速均明显高于名义GDP增速。业内专家表示，总体来看，金融总量继续合理增长， ...

Core Viewpoint - In May, China's economy demonstrated resilience and stability, with positive growth in industrial production, service sectors, and fixed asset investments, supported by proactive macro policies [1][6]. Industrial Production - In May, the industrial added value for large-scale enterprises increased by 5.8% year-on-year and 0.61% month-on-month [2]. - From January to May, the industrial added value grew by 6.3% year-on-year [2]. - The manufacturing purchasing managers' index was at 49.5, up by 0.5 percentage points from the previous month, indicating a slight improvement in manufacturing activity [2]. Service Sector - The service production index rose by 6.2% year-on-year in May, accelerating by 0.2 percentage points compared to the previous month [3]. - From January to May, the service production index increased by 5.9% year-on-year [3]. - The business activity index for the service sector was at 50.2, indicating stable growth, while the business activity expectation index was at 56.5, suggesting positive future expectations [3]. Consumer Market - The total retail sales of consumer goods reached 41,326 billion yuan in May, growing by 6.4% year-on-year, with a month-on-month increase of 0.93% [4]. - The "old-for-new" consumption policy significantly boosted sales in various categories, with home appliances and communication equipment seeing growth rates of 53.0% and 33.0%, respectively [4]. - Online retail sales amounted to 60,402 billion yuan, with a year-on-year growth of 8.5%, accounting for 24.5% of total retail sales [4]. Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year increase of 3.7% [5]. - Infrastructure investment grew by 5.6%, while manufacturing investment saw a robust increase of 8.5% [5]. - High-tech industries, such as information services and aerospace manufacturing, experienced significant investment growth rates of 41.4% and 24.2%, respectively [5]. Overall Economic Outlook - The combination of policy effects has led to a stable economic environment, showcasing China's economic resilience and vitality [6]. - However, challenges remain, including external uncertainties and the need to strengthen domestic demand [6].

Core Viewpoint - The article discusses the recent decline in U.S. stock markets, influenced by geopolitical tensions in the Middle East and significant capital outflows from U.S. equity funds, while highlighting the strong performance of Oracle amid a broader market downturn [6][9][14]. Market Performance - On June 13, major U.S. stock indices closed lower, with the Dow Jones Industrial Average down 769.83 points (1.79%) to 42197.79, the S&P 500 down 68.29 points (1.13%) to 5976.97, and the Nasdaq down 255.65 points (1.3%) to 19406.83 [1]. - For the week, the Dow fell 1.32%, the Nasdaq 0.63%, and the S&P 500 0.39% [1]. Sector Performance - Most large tech stocks declined, with Apple and Meta down over 1%, while Tesla rose nearly 2%. Chip stocks also fell, with Intel and ASML down over 3% [2]. - Energy stocks saw significant gains, with Houston Energy up nearly 120% and U.S. Energy up over 55% [2]. Geopolitical Impact - The escalation of tensions in the Middle East, particularly Israel's airstrikes on Iran, has raised concerns about broader market disruptions [7]. - Investors are closely monitoring the situation, as the market's future direction will largely depend on responses from Iran, the U.S., and other involved parties [8]. Capital Flows - Recent data from Bank of America indicates that U.S. stock fund redemptions reached approximately $9.8 billion, the highest in 11 weeks, while European funds experienced a net outflow of $600 million for the first time in nine weeks [9]. - The article notes that a healthy market requires broad participation across sectors for sustainable growth [9]. Inflation and Federal Reserve Policy - Recent inflation data showed a 2.4% year-over-year increase in May, below expectations, leading to increased bets on potential interest rate cuts by the Federal Reserve [12]. - Former Treasury Secretary Janet Yellen expressed concerns that tariffs could push inflation above 3%, impacting household incomes [13]. Oracle's Performance - Despite the overall market decline, Oracle's stock surged nearly 8% on June 13 and has risen nearly 24% for the week, marking its best weekly performance since the 2001 dot-com bubble [14][16]. - Oracle's strong earnings report and optimistic outlook for cloud computing drove investor interest, with projected revenues exceeding $67 billion for the upcoming fiscal year [16]. - The company is experiencing high demand for AI computing services from major clients, including Meta and OpenAI, and is significantly increasing its capital expenditures to expand its cloud infrastructure [17].

Core Insights - The article emphasizes the importance of managing income effectively by saving a portion immediately, ideally 10%-20%, before allocating the rest for expenses [2] - It advocates for meticulous tracking of daily expenditures to understand spending habits and avoid overspending [3] - The article suggests identifying non-essential expenses to reduce spending in the following month [5] - It highlights the necessity of investing savings rather than letting them sit in low-interest bank accounts, stressing that risk and return are proportional [5] - The article promotes a dual approach of cost-cutting (saving money) and income generation (earning more through investments) [9] - It warns against debt traps and get-rich-quick schemes, recommending insurance as a safety net [10] - The article concludes that wealth accumulation is a long-term process requiring patience and consistent application of the outlined principles [11]

以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 文章转载自公众号"财经图解"，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 6月12日，恒生AH股溢价指数盘中跌破127点，最低下探至126.91点，创下近五年新低，年内累计跌幅 已达10.45%。 分享、点赞、在看 顺手三连越来越有钱 AH股溢价指数反映的是在中国内地和中国香港两地同时上市公司的股票价格差异。溢价指数下跌，显 示H股相较于A股折价有所收窄，背后的直接原因在于其间H股表现好于A股。 据东方财富Choice数据，恒生AH溢价指数的155只成分股中，H股今年跑赢A股的数量为144只，占比高 达93%。其中，荣昌生物超额最多，公司H股今年暴涨300%，但A股涨幅只有135%，H股超额达165个 百分点，公司的AH溢价也从年初的136%收窄至当前的35%。 分析人士认为，随着A股估值优势的重新出现，市场参与者正密切关注这一估值差距是否会如历史模式 一样触发新一轮的修复行情，抑或是反映出内地与香港市场基本面分化的长期趋势。 仅供 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the pop culture toy industry in China, particularly the success of Pop Mart, which has seen significant stock price increases and market capitalization growth [1][2]. - As of June 12, 2023, Pop Mart's stock in Hong Kong reached a historical high, with a year-to-date increase of 200.58%, resulting in a market value of approximately 358.3 billion HKD (around 32.78 billion CNY) [1]. - The article notes that the overall value of China's trendy toy industry reached approximately 60 billion CNY in 2023, with projections suggesting it could grow to 110.1 billion CNY by 2026, reflecting an annual growth rate exceeding 20% [2]. Group 2 - The article discusses the changing consumer habits in China, particularly among younger demographics, which are driving the growth of new consumption brands like Pop Mart, Mixue Ice Cream, and Bawang Tea [2]. - Despite the overall consumer sector's underperformance, the new consumption field is thriving, indicating potential investment opportunities, although there are concerns about possible valuation bubbles in this sector [2]. - China has surpassed Germany to become the fourth-largest IP retail market globally in 2023, with retail sales close to 100 billion CNY, suggesting significant room for growth in per capita IP consumption compared to other leading markets [2].