Core Viewpoint - The new-style tea beverage sector is expected to benefit significantly from the ongoing subsidy war among major food delivery platforms, with companies like Tea Baidao, Gu Ming, and Mi Xue Group showing substantial stock price increases this year [1][2]. Group 1: Market Performance - The Hong Kong stock market saw a collective surge in new-style tea beverage stocks, with Tea Baidao rising by 11% and Gu Ming and Mi Xue Group increasing by approximately 6% [1]. - Year-to-date performance shows Gu Ming up 178%, Mi Xue Group up 168%, and Luckin Coffee up 50% [1]. Group 2: Subsidy War Dynamics - On July 5, Alibaba and Meituan released a large number of high-value takeaway coupons, including offers like "25 off 21" and "16 off 16," with some items available for "zero purchase" [1]. - Following the launch of JD.com's food delivery service, a fierce competition has emerged among Alibaba, Meituan, and JD.com, with a reported total investment of 25 billion yuan in the second quarter [1]. Group 3: Financial Implications - Goldman Sachs predicts that the current food delivery price war will last longer than expected, with Alibaba's food delivery business projected to lose 41 billion yuan over the next 12 months, JD.com 26 billion yuan, and Meituan's EBIT expected to decline by 25 billion yuan [2]. - In the capital market, Meituan's stock has dropped over 21%, JD.com nearly 6%, while Alibaba's stock has risen by 30% due to better-than-expected growth in its e-commerce business [2]. Group 4: Sector Opportunities - The new-style tea beverage sector is identified as a potential winner in the ongoing subsidy competition, benefiting from high consumer frequency and low average spending, especially during the summer sales peak [2]. - The introduction of large subsidy coupons is expected to drive user engagement and increase the popularity of tea beverages on delivery platforms [2].

投资理财，有温度，有深度，有态度。 上半年市场很热闹。AI热潮的袭来和褪去同样迅猛，港股从"坑里"爬出来打了 个翻身仗，主题行情与黄金叙事此起彼伏，过程中还有存款利率走低的焦虑。 2025上半年已收官，市场都有哪些亮点？我们将用5组数字盘点市场，再聊聊 如何把握2025的下半场机会。我们也采访了两位嘉宾——一位是兴证全球基金 基金经理余明强，另一位是兴证全球基金上海分公司杨鑫，他们将分别带来投 研视角的专业分析和来自一线的观察。 42.51% 从引爆国产AI叙事的DeepSeek开始，上半年，AI是一个绕不开的话题。当然，创新药和新消费板块的 势头也不弱。Deepseek指数累计上涨42.51%，创新药指数涨幅21.84% （数据来源：Choice，2025/1/1-2025/6/30） 。这些板块目前的涨幅是否具有支撑？后续又看好哪些机会？ 余明强： AI是一个比较长远的故事。年初国内出现DeepSeek，近期海外开始出现算力、硬件、应用的不断 迭代，我们可以再往后看看国内何时发生新的AI叙事。 我感觉国内和海外在AI方面像是拉力赛，不断的往 前面拉、接，它反映的是未来AI不断向前发展的情况。 这会带动比较 ...

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！ 上周，A股市场反弹，上证指数、深证成指、创业板指分别累计上涨1.40%、1.25%、1.50%。 Choice数据显示，截至7月4日，A股市场融资余额报18400.47亿元，融券余额报128.80亿元，上周融资 余额增加125.87亿元。 上周电力设备行业融资余额增加超26亿元，A股市场融资净买入金额最大的股票 为浦发银行，净卖出金额最大的股票为寒武纪-U。 加仓电力设备行业超26亿元 Choice数据显示，截至7月4日，A股两融余额报18529.27亿元。其中，融资余额报18400.47亿元，上周A 股市场融资余额增加125.87亿元。 具体来看，上周的5个交易日中，6月30日A股融资余额增加106.89亿元，7月1日增加37.53亿元，7月2日 增加10.85亿元，7月3日增加34.01亿元，7月4日减少63.41亿元。 上周行业融资余额变动情况 来源：Choice 加仓浦发银行超9亿元 从个股情况来看，上周融资客对55只股票加仓金额超1亿元，剔除上周上市的新股后， 加仓金额居前的 10只股票分别为浦发 ...

Core Viewpoint - The recent issuance of new QDII quotas by the State Administration of Foreign Exchange has alleviated the previous restrictions on QDII funds, leading to a relaxation of purchase limits and a decrease in premiums for certain ETFs [1][3][4]. Group 1: QDII Fund Developments - Multiple QDII funds have announced the relaxation of purchase limits, with significant adjustments made by E Fund and Hua Bao, allowing for higher daily purchase limits [3][4]. - As of June 30, the total QDII investment quota in China reached 170.87 billion USD, with 191 institutions approved for quotas [3][5]. - Despite the recent quota relief, over 70% of QDII funds remain under purchase restrictions, indicating ongoing demand-supply imbalances in the market [5]. Group 2: Market Performance and Outlook - Hong Kong stocks have significantly outperformed U.S. stocks this year, with estimates of southbound capital inflows potentially exceeding 100 billion HKD for the year [6][7]. - The valuation of Hong Kong stocks remains below historical averages, making them an attractive investment option compared to global markets [7]. - The performance of QDII funds focused on Hong Kong has been strong, with many innovative pharmaceutical-themed products seeing gains over 50%, while U.S. stock-themed funds have lagged behind [7]. Group 3: U.S. Market Insights - The future performance of U.S. stocks hinges on the ability of the U.S. economy to maintain a "soft landing," with potential risks of recession impacting market expectations [8]. - The Federal Reserve's potential interest rate cuts are being closely monitored, with a 69.7% probability of a 25 basis point cut by September [8]. - The ongoing growth in the artificial intelligence sector is expected to be a key driver for U.S. stock performance, particularly for technology companies [8].

Group 1 - The core viewpoint of the article highlights the increasing interest of European institutional investors in diversifying their portfolios by considering investments in China, with specific mention of a German pension fund's recent investment delegation to a Hong Kong asset management firm [1][3][6] - The article notes that the German pension fund KZVK has entrusted $50 million to Fuqua Asset Management (Hong Kong) for investments in Chinese stocks, indicating a significant move towards Chinese market exposure [1][3] - It is mentioned that while there has been a general slowdown in new investment mandates from overseas institutional investors, there are signs of upcoming tenders from institutions in the UK, Spain, and Italy for investment in China [3][4] Group 2 - Wellington Management, a major US asset management firm, suggests that despite a decline in US stock dominance, there is a compelling case for investors to reconsider their exposure to Chinese equities, citing a 53% decrease in global investors' allocation to Chinese stocks since 2020 [6][7] - The firm outlines several reasons for this potential investment, including attractive market valuations, improving fundamentals, and a more resilient economic model in China [6][7] - Additional factors include signs of stabilization in the real estate market, increased fiscal support from local governments, and a strategic shift towards diversifying trade partnerships beyond the US, particularly with Europe [7]

Core Viewpoint - China's foreign exchange reserves reached $3.3174 trillion by the end of June 2025, marking a $32.2 billion increase from the end of May, with a growth rate of 0.98% [1][3]. Group 1: Foreign Exchange Reserves - As of June 2025, China's foreign exchange reserves have remained above $3.2 trillion for 19 consecutive months, and have exceeded $3.3 trillion since September 2024 [1][3]. - The increase in reserves in June was influenced by macroeconomic policies and growth prospects of major economies, leading to a decline in the US dollar index and an overall rise in global financial asset prices [2][3]. - The US dollar index fell by 2.5% in June, reaching a three-year low, while non-US currencies appreciated against the dollar, contributing to the increase in foreign exchange reserves [3]. Group 2: Gold Reserves - By the end of June 2025, China's official gold reserves stood at 7.39 million ounces, an increase of 70,000 ounces from the previous month, with the central bank having increased its gold holdings for eight consecutive months [2][5]. - The ongoing global economic slowdown and geopolitical instability are driving central banks to continue accumulating gold, which is viewed as a hedge against inflation and a means of diversifying reserves [5]. - A recent survey indicated that over 90% of central banks expect to continue increasing their gold reserves in the next 12 months, with nearly 43% planning to add to their gold holdings [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！ 虚拟资产交易，又有持牌机构准备入场。 7月7日，国金证券在投资者互动平台确认，其全资子公司国金证券（香港）有限公司正在积 极筹备申请香港虚拟资产相关交易牌照。为推进具体申请事宜，该子公司已与国际及香港地 区具备丰富经验的机构展开多轮接触。国金证券（香港）有限公司持有香港证监会颁发的业 务牌照包括：第1号：证券交易；第2号：期货合约交易；第4号：就证券提供意见；第6号： 就机构融资提供意见；第9号：提供资产管理。 工银亚洲研究报告显示，随着应用场景的不断拓展，稳定币正从加密世界的"幕后英雄"走向 现实经济的"前台"，其作为一种新型金融基础设施，提升传统金融体系运营效率和推动新型 金融业态探索的价值正得到更多关切。 来源：中国基金报 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示未来表现，不构成 ↓ 点击"阅读原文" 国金证券表示，公司将持续加大对境外业务的积极拓展，通过发挥香港子公司拥有第1、第 2、 ...

道指、纳指均跌近1% 中概股逆势上涨 当地时间周一，美股全线下跌，道指跌0.94%报44406.36点，标普500指数跌0.79%报6229.98点，纳指跌 0.92%报20412.52点。 （图片来源：东方财富APP，统计截至2025/7/7，不作投资推荐） 盘面上，大型科技股多数下跌。个股方面，特斯拉跌超6%，苹果跌逾1%，谷歌跌超1%，英伟达跌 0.69%，微软跌0.22%，Meta跌0.09%，亚马逊涨0.03%。 当地时间7月7日，美股三大指数全线下跌。截至收盘，道指、纳指均跌近1%。 消息面上，美国关税政策发生新变化主导了市场情绪。据新华社报道，美国总统特朗普7日表示， 将从 8月1日起分别对来自日本、韩国等14个国家的进口产品征收25%至40%不等的关税 。此外， 白宫新闻 发言人卡罗琳·莱维特7日下午在记者会上说， 特朗普计划签署行政令，延长"对等关税"90天暂缓期，将 实施时间从7月9日推迟到8月1日 。 此外，马斯克宣布成立"美国党"引发市场担忧。特斯拉跌6.79%，公司总市值损失超680亿美元。 银行股、能源股全线走低，芯片股普遍下跌，费城半导体指数跌1.88%。其中，ARM跌超5%，迈 ...

Core Viewpoint - The article discusses President Trump's pressure on the Federal Reserve to lower interest rates, aiming to align monetary policy with his fiscal priorities, which could lead to inflation and economic stagnation in the long run [2][4]. Group 1: Trump's Objectives - Trump's push for lower interest rates is intended to facilitate financing for the recently passed tax cuts, breaking the traditional link between budget deficits and interest rates [4][5]. - The article warns that this "fiscal dominance" approach is historically associated with economic crises in emerging markets, potentially leading to a dangerous combination of inflation and stagnation [4][5]. Group 2: Economic Indicators and Market Reactions - Despite a projected budget deficit increase to $3 trillion over the next decade, the yield on the 10-year U.S. Treasury bond has decreased from 4.55% in May to 4.35% recently, indicating market expectations of future rate cuts [6]. - Treasury Secretary Mnuchin emphasized that the government will act according to Trump's wishes regarding the Federal Reserve's leadership and criticized current Fed Chair Powell for not lowering rates promptly [8]. Group 3: Federal Reserve's Position - The Federal Reserve has maintained its interest rate policy, with the target range set at 4.25% to 4.5%, while the two-year Treasury yield has fallen to around 3.88%, suggesting a disconnect in market signals [8]. - The upcoming Federal Reserve meeting on July 10 is anticipated to provide insights into their monetary policy stance, especially in light of strong employment data [9].

摘要 3、 "反内卷"行情持续，周期板块逆势上涨，从历史行情看未来主线，如何做好资产配置？ 真话白话说财经，理财不说违心话 --这是第1381 篇白话财经- - 今天，A股三大指数震荡分化，沪指收红，创业板指跌超1%。不过个股涨多跌少，有超3200只个股上涨。 (图片来源：东方财富APP，统计截至2025/7/7，不作投资推荐） 两市成交额出现缩量，为1.21万亿元，盘面上，电力、地产、传媒等板块逆势上涨，创新药、贵金属等板块跌幅居前。 1、今天，A股三大指数出现震荡，沪指收红，创业板指跌超1%，个股涨多跌少，发生了什么？ 2、 强化高频交易监管，三大交易所新规正式实施，影响几何？A股冲击3500点能否成功？ 7月7日起，沪深北三大交易所《程序化交易管理实施细则》正式开始实施，将加强程序化交易监测监控，强化高频交易监管。 短期来看， 新规限制高频交易，使得 中小盘股活跃度下降，间接影响创业板流动性。 但长期来看，前海开源基金首席经家杨德龙表示，新规的发布有利于减少程序化交易对市场波动的影响、提振投资者信心，推动资本市场长期健康发 展。 2、板块分化，电力受利好政策上涨，科技承压。 今天，创新药 、消费电子等科 ...