Core Viewpoint - The article highlights the significant increase in profit forecasts for several companies ahead of the mid-year report season, indicating a potential shift in market focus towards performance metrics [1]. Group 1: Company Performance - Northern Rare Earth is expected to see a year-on-year increase in net profit attributable to shareholders of 19 to 20 times for the first half of the year [1]. - Huayin Power has experienced a stock price surge of 76.72% in July, with an anticipated net profit growth of 36 to 44 times year-on-year for the same period [1]. - Other companies with impressive profit forecasts include Xianda Co., Tianbao Infrastructure, Shen Shen Real Estate A, Hanyu Pharmaceutical, and Muyuan Foods, all projecting year-on-year increases exceeding 1000% [1]. Group 2: Market Trends - As of July 10, 181 companies have disclosed their mid-year profit forecasts, with a notable increase in market attention towards these earnings reports, particularly from late June to early July [1]. - According to a report by Industrial Securities, the correlation between market performance and earnings growth has strengthened during this period, suggesting that investment based on earnings forecasts may become more effective [1].

以下文章来源于财经图解 ，作者乘桴于海 特朗普则指出，加税部分原因是为"纠正（巴西）现政权的严重不公"，尤其是巴西政府对前总统博索纳 罗的"政治迫害"。博索纳罗将于今年晚些时候面临审判，罪名是在2022年大选中以微弱劣势落败后，试 图推翻卢拉政府。 除巴西外，美国对菲律宾、文莱、日本和马来西亚这4国的最新关税相较"对等关税"时也有所增加，但 增量相对较小。对菲律宾的税率较当时增加了3个百分点，对文莱、日本和马来西亚均增加了1个百分 点。 最新关税税率下降的12个国家中，美国对斯里兰卡的税率调降最多，减少了14个百分点至30%；柬埔寨 紧随其后，减少了13个百分点至36%。美国对老挝和缅甸的税率分别减少了8个、4个百分点，但最新税 率依然高达40%，仅次于巴西。 此外，泰国、印度尼西亚、阿尔及利亚、南非和韩国这5国，最新关税税率与对等关税时相比未发生变 化，均在30%上下。 据特朗普的贸易信函，在7月剩下的时间里，如果这些国家不能与美国达成贸易协议，则8月1日为最新 关税的生效期限。值得注意的是，上一轮"对等关税"谈判里，从4月3日到7月9日的这3个月里，美国仅 与英国和越南达成了贸易框架协议。 财经图解 . ...

Core Viewpoint - The A-share banking sector has been experiencing significant growth, with the China Securities Banking Index outperforming both gold and the Nasdaq 100 since the beginning of 2024, indicating its status as a high-yield asset globally [2]. Group 1: Reasons for Banking Sector Growth - The banking sector's rise is attributed to multiple factors, including high dividends, improved return on equity (ROE), and substantial inflows from passive index funds, particularly in the context of the Shanghai and Shenzhen 300 Index [6][10]. - The valuation recovery is a key driver, as the price-to-book (PB) ratio has decreased faster than ROE from 2021 to 2023, suggesting significant room for valuation correction [11]. - The introduction of policies to alleviate real estate financing pressures has reduced systemic risk concerns, thereby improving the asset quality outlook for banks [14]. Group 2: Institutional Investment Trends - By the end of 2024, core institutional investors, including active public funds, passive funds, insurance capital, and northbound funds, held 23.9% of the free-floating market value of bank stocks [18]. - Passive funds and northbound capital have been the primary contributors to the increased holdings in banking stocks, with active funds also showing a trend of rising positions [19]. Group 3: Evolution of Dividend Investment Logic - The past few years have seen a shift in investment logic towards high-dividend assets, which have provided a psychological safety net for investors amid declining interest rates [23]. - The performance of dividend assets has shown resilience, particularly during market downturns, with banking and non-banking sectors demonstrating relative stability [29]. - The relationship between dividend yield and stock price movements is expected to evolve, with a growing emphasis on the sustainability of dividends based on free cash flow rather than solely on historical yields [31][34]. Group 4: Free Cash Flow as a New Investment Strategy - Free cash flow is identified as a critical metric for assessing a company's ability to sustain dividends, with a focus on the stability and growth potential of earnings [35]. - The development of the National Free Cash Flow Index has provided a new tool for investors, emphasizing the importance of free cash flow in selecting high-quality stocks [41]. - Historical performance data indicates that the free cash flow index has outperformed traditional dividend indices, highlighting its effectiveness as an investment strategy [42][47].

Core Viewpoint - The article discusses the recent trend of fund managers sharing their real-time investment performance on the Tian Tian Fund platform, highlighting both successful and struggling investments among various fund managers [1][4]. Performance Highlights - Several fund managers have reported impressive real-time performance, with some achieving returns as high as 68%. For instance, Jiang Feng from CITIC Prudential Fund has a portfolio with returns of 68.08%, 25.58%, 18.34%, and 2.91% across four funds [5][6]. - Fund manager Ren Jie has a holding return of 61.90% with total assets of 213,600 yuan, while Chen Bo's portfolio shows a return of 10.10% with total assets of 414,700 yuan [3][4]. - Quantitative fund managers Yao Jiahong and Ma Fang have also reported strong returns, with Yao's holdings yielding 29.19% and 30.14%, and Ma's yielding 36.83%, 35.58%, and 23.69% [6]. Market Sentiment and Investor Confidence - The act of fund managers sharing their real-time performance is seen as a way to boost investor confidence, especially in a volatile market where many products are underperforming. This practice is believed to provide psychological reassurance to investors [6].

Core Viewpoint - The article highlights the significant performance growth of China Shipbuilding and China State Shipbuilding Corporation, driven by their focus on core business operations and effective management strategies, amidst a major merger and acquisition process [1][4][5]. Group 1: Performance Forecast - China Shipbuilding expects a net profit attributable to shareholders of 2.8 billion to 3.1 billion yuan for the first half of 2025, representing a year-on-year growth of 98.25% to 119.49% [4]. - China State Shipbuilding anticipates a net profit of 1.5 billion to 1.8 billion yuan for the same period, with a year-on-year increase of 181.73% to 283.08% [4]. Group 2: Reasons for Growth - China Shipbuilding attributes its performance increase to a focus on core responsibilities, ensuring production safety, enhancing production efficiency, and optimizing order structures [4]. - China State Shipbuilding emphasizes its ability to leverage industry trends, improve management practices, and increase the quantity of delivered civil ship products, leading to significant revenue growth [4][5]. Group 3: Merger and Acquisition Impact - The merger between China Shipbuilding and China State Shipbuilding is expected to create a leading entity in the shipbuilding industry, enhancing economic, functional, and strategic value [5]. - The merger has received key approvals, with plans to integrate high-quality assets from China State Shipbuilding, which will strengthen the overall market position and operational capabilities of the combined entity [5].

Core Viewpoint - The article emphasizes the Chinese government's commitment to enhancing pharmaceutical innovation and development, particularly in the areas of innovative drugs and medical devices, to support public health and the construction of a healthy China [1][2]. Group 1: Government Initiatives - Liu Guozhong, a member of the Political Bureau of the CPC Central Committee, highlighted the importance of strengthening collaborative efforts and policy implementation in the pharmaceutical sector to boost innovation and development [2]. - The government aims to enhance the integration of industry, academia, and research institutions to improve the level of pharmaceutical technology innovation and achieve breakthroughs in drug, vaccine, and medical device development [2][4]. - The State Drug Administration (NMPA) is working on optimizing the clinical trial review and approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [3]. Group 2: Regulatory Framework - The NMPA has proposed measures to support high-end medical device innovation, including optimizing special approval procedures and improving classification and naming principles [4]. - The upcoming measures will focus on enhancing the regulatory framework for high-end medical devices, which include medical robots, advanced imaging equipment, and AI medical devices [4][5]. - The government is committed to creating a favorable development environment by strengthening policy guarantees and promoting international cooperation in pharmaceutical technology [2][4]. Group 3: Industry Development - The article notes that China's pharmaceutical innovation has shown positive trends, with significant improvements in research and development capabilities, market competitiveness, and innovation vitality [2]. - The integration of new technologies such as artificial intelligence and big data is expected to accelerate the construction of health databases and improve the efficiency of pharmaceutical research and medical services [2][4]. - The measures introduced by the NMPA are seen as crucial for supporting major innovations in high-end medical devices and meeting the health needs of the population [4][5].

上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 7 月11日早盘，A股三大指数集体高开。截至发稿，沪指涨0.76%，深成指涨0.54%，创业 板指涨0.72%。 板块上来看，大金融板块震荡拉升，券商、保险、银行等板块走强，创新药板块再度活跃； 而教育、零售、能源设备等板块震荡走低。 港股方面，三大指数均涨超1%，蔚来、阿里巴巴、阿里健康等涨幅居前。 | 整体市场 它 | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 24404.33 | 8799.11 | 5302.50 | | +375.96 +1.56% | +130.85 +1.51% | +85.90 +1.65% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 24419 | 3645.09 | 13922.77 | | +396 +1.65% | +56.48 +1.57% | +196.71 +1.43% | 此外，国盛金控发布的2025年半年度业绩预告显示，预计上半年归属于上市公司股东的净利 润为1.5亿元至2.2亿元，同比增长 ...

当地时间7月10日，美股三大指数均小幅收涨。 纳斯达克指数、标普500指数创历史新高。 （图片来源：东方财富APP，统计截至2025/7/10，不作投资推荐） 美国大型科技股涨跌不一。截至收盘，万得美国科技七巨头指数涨0.42%。成分股中，特斯 拉涨超4.7%，股价升至300美元上方。 消息面上，特斯拉CEO埃隆·马斯克当地时间周四在社交平台透露，xAI的聊天机器人"Grok 4"将最晚于下周登陆特斯拉汽车。此外，马斯克当地时间周三透露，公司自动驾驶出租车服 务有望在"一两个月内"扩展至旧金山湾区，具体时间需视监管审批进度而定。 | 六米 | 成分 资讯 | 相关基金 | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 ◆ | | | 特斯拉(TESLA) | 309.870 | 4.73% | 13.99 | | TSLA.O | | | | | 英伟达(NVIDIA) NVDA.O | 164.100 | 0.75% | 1.22 | | 苹果(APPLE) AAPL.O | 212.410 | 0.60% | 1.27 | | 谷歌(ALPHABET)· | 17 ...

据央视新闻消息，当地时间7月10日，美国总统特朗普宣布，将自8月1日起，对自加拿大进口的商品 征收35%关税。 加元应声下跌。美元/加元一度上涨0.6%，至1.3731；美元兑G10货币悉数上涨，美元即期指数上涨 0.2%。澳元/美元下跌0.4%至0.6561。新西兰元/美元下跌0.4%至0.6014。 美股股指期货扩大跌幅，其中标普500指数期货跌0.5%，纳指期货下跌0.6%。 此前，特朗普表示美国将自2025年8月1日起对所有巴西产品征收50%的关税。巴西副总统兼发展、工 业、贸易和服务部长热拉尔多·阿尔克明当天表示，特朗普宣布对巴西商品征收新关税是不公平的。他回 应道, "我看不出有任何理由要对巴西提高关税。巴西不是美国的问题，这一点需要强调。美国确实有贸易 逆差，但对巴西是顺差。在美国对我们出口的产品中，十中有八都是零关税的，不需要缴税。"他进一步 表示，这项针对巴西的措施是不公平的，也会对美国自身经济造成损害，因为在贸易领域是存在一体化 的。 免责声明 文章封面图来源于AI，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 ...

Core Viewpoint - There is a significant trend of foreign capital inflow into Chinese companies, as evidenced by multiple global emerging market funds increasing their positions in Chinese stocks, particularly in the pharmaceutical sector [1][3]. Fund Activity - Invesco Developing Markets Fund increased its holdings in Hengrui Medicine by 100%, with a total market value of HKD 1.86 million after the increase [3]. - JPM China A-Share Opportunities Fund raised its stake in Hengrui Medicine by 18.49% [6]. - Allianz China A Shares Fund also increased its position in Hengrui Medicine by 8.47% [8]. Market Insights - The fund manager of Invesco, Justin Leverenz, expressed optimism about the Chinese pharmaceutical industry, noting that China has transitioned from a follower to a leader in drug development over the past five years [4]. - The Chinese biotechnology sector is still in its early stages, with significant potential for growth as companies have yet to fully engage in value-creating activities such as late-stage global clinical development and commercialization [4]. Performance Metrics - As of the end of May, the Invesco fund had a total size of approximately USD 14.1 billion (CNY 1012.41 billion) [3]. - The Allianz fund had a total size of USD 2.3 billion [8]. - The JPM fund had a total size of USD 2.8 billion [7]. Foreign Investment Sentiment - Temasek, Singapore's state investment firm, reported a net asset value of USD 340 billion, reflecting an 11.6% year-on-year growth, and continues to view China positively for long-term prospects [13].