作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 金价一路飙升，金店叫苦不迭。在此背景下，老铺黄金却一路飙涨。 自从去年 6月上市以来，老铺黄金的股价走势已经接近疯狂。 4月初，老铺黄金股价一度上涨至881港元，成为港股股价一哥，对比40.50港元的发售价，不到一年内上涨了20 倍。 然而近一个月，随着金价转跌，老铺黄金的股价也开始持续回落，近日更是加速下跌。 更引入注意的是，面临金价开始回调和股价一年上涨十几倍的高位状态下，距离原始股解禁还剩一个月的老铺黄金 竟然在选择在近期进行配股操作，进一步引发投资者担忧。 这个 1年不到就20倍的超级神话，是要走向剧终了吗？ 01 近日，老铺黄金发布公告，以每股 630港元配售431万股，较前一日折价8%，融资约27亿港元，而这一数额已经 是不到一年前IPO融资数额的三倍。 就在不到一个月后的 6月28日，据报道，老铺黄金将迎来上市后最大规模限售股解禁，12名股东合计持有的 14264.25万股股份将解禁，占总股本高达86.44%。 如此巨大比例的解禁，理论上对股价的冲击将是巨大的。 到那时，已经通过提前入场账面浮盈十几倍的早期投资者和机 ...

ETF进化论 又创新高！600亿神秘资金入市了？ 原创 阅读全文 ...

格隆汇新股 江苏扬州冲出一家IPO，为小米汽车、蔚来供应商 原创 阅读全文 ...

农大70后校友在北京朝阳区创出一家IPO，现金不足800万，联通参投 原创 阅读全文 格隆汇新股 ...

Core Viewpoint - The article emphasizes a positive outlook on the market due to substantial progress in the China-U.S. trade talks, which is expected to enhance market sentiment and favor technology growth sectors [1][3]. Summary by Sections Trade Talks and Market Impact - The joint statement from the China-U.S. Geneva trade talks exceeded market expectations, with both sides agreeing to suspend 24% of tariffs for 90 days while retaining a 10% tariff, reducing the overall tariff level from 34% prior to April 7 [1]. - Non-tariff countermeasures will also be suspended or canceled, indicating a potential recovery in export chains and technology growth sectors such as robotics and AI [1][3]. Investment Recommendations - The article highlights a consistent recommendation for technology growth opportunities, particularly in sectors like robotics, AI, and various export chains, including Tesla-related stocks and light industry exports [3]. - Specific stocks have shown significant gains, with two stocks hitting the daily limit up and an average increase of over 5% among the recommended stocks [3]. Historical Performance - The article provides a record of stock recommendations made since April 6, showcasing substantial gains across various sectors, with some stocks achieving maximum increases of over 70% [6]. - The average simulated gain from the recommended stocks stands at 16.82%, indicating a successful track record in identifying profitable investment opportunities [6]. Future Market Opportunities - The article poses questions regarding the sustainability of military industry trends, new funding directions in robotics and AI, and the potential for financial technology and financial openness [7]. - It suggests that if technology growth sentiment returns, certain themes and niche sectors may exhibit greater elasticity and sustainability [7].

Core Viewpoint - The insurance sector, particularly China Ping An, has shown strong performance in both A-shares and H-shares, recovering losses from early April due to favorable market conditions and policy support [1][2][4][7][8]. Group 1: Market Performance - China Ping An's A-shares rose by 1.64% and H-shares surged by 3.87% [2]. - The overall market has rebounded from the downturn triggered by tariff announcements on April 7, with significant policy interventions aiding recovery [7]. - Recent news regarding adjustments in US-China tariffs has further stimulated market momentum [8]. Group 2: Liability Side Analysis - Ping An's liability side reforms are enhancing the quality and efficiency of its core insurance businesses, particularly in life and property insurance [11]. - The agent channel has seen a new business value growth of 11.5% year-on-year, with per capita new business value increasing by 14.0% [12]. - The bancassurance collaboration has opened new growth avenues, with new business value from this channel soaring by 170.8% year-on-year [13]. - In Q1 2025, new business value for life and health insurance reached 12.891 billion yuan, a 34.9% increase year-on-year [13]. Group 3: Asset Side Analysis - The current policy environment is favorable for investment returns, with a recent 0.5% reserve requirement cut releasing 1 trillion yuan into the market [16]. - Ping An's investment strategy, characterized by a balanced portfolio and a focus on high-dividend assets, is expected to yield stable cash flows [16][17]. - The company is also diversifying into technology sectors like semiconductors and AI, aligning with policy directions and capturing growth opportunities [17][18]. Group 4: Short-term Catalysts - The acceleration of policy implementation is providing strong momentum for market growth, positively impacting the insurance sector's asset side [21][22]. - Ping An's high dividend yield of 4.6% for A-shares and 5.5% for H-shares makes it attractive in a low-interest-rate environment [23]. - Despite being a major player in the index, Ping An's public fund holding is only 0.2%, indicating potential for significant capital inflow as market conditions improve [24][26]. Group 5: Long-term Value Proposition - Ping An's comprehensive financial ecosystem and digital transformation are creating a resilient business model that can withstand economic cycles [27]. - The company's focus on technology and healthcare ecosystems is expected to enhance operational efficiency and open new growth avenues [27]. - The valuation recovery of Ping An is anticipated to be driven by long-term capital seeking certainty in an uncertain environment, highlighting its role as a key player in the new economic cycle [27].

突发大跌！特朗普：将立即降低30%至80% 原创 阅读全文 ETF进化论 ...

Core Viewpoint - The article discusses the significant rise in international gold prices and its impact on domestic gold stocks, particularly focusing on Zijin Mining's performance amidst the gold price surge and its broader business operations in copper and other metals [1][20]. Group 1: Gold Price Surge and Market Reaction - International gold prices have surged over 25% this year, peaking at over $3500 per ounce on April 22, before experiencing a slight pullback [1]. - The rise in gold prices has led to a rally in domestic gold stocks, with notable performances from companies like Chifeng Jilong Gold, which saw its stock price double this year [1]. - Despite the overall market enthusiasm, Zijin Mining's stock has only increased by 16.7% year-to-date, underperforming compared to other gold stocks [1][3]. Group 2: Zijin Mining's Business Overview - Zijin Mining is a global mining giant with a diverse portfolio, including copper, gold, zinc, and lithium carbonate, with copper production exceeding 1 million tons last year, ranking fourth globally [3][4]. - The company has a significant gold production output of 72.9 tons, accounting for 25% of China's total gold production, and holds substantial gold reserves [3][4]. - Zijin Mining's copper and gold businesses have shown a trend of increasing production and revenue, with a compound annual growth rate of 15.4% and 49% in revenue and net profit from 2020 to 2024, respectively [7][9]. Group 3: Cost and Profitability Analysis - The production cost for gold bars in Q1 2025 was approximately 1300 USD per ounce, which is below the global average mining cost [5]. - Although Zijin Mining's overall mining costs have increased, the company maintains competitive extraction costs compared to industry peers [6][9]. - The company's profitability has improved, with gross and net profit margins rising significantly since 2020, although it still lags behind gold-focused companies like Chifeng Jilong Gold [9]. Group 4: Future Growth Prospects - Zijin Mining has outlined growth plans, expecting copper and gold production to increase by 7.5% and 16.4% respectively in 2025, with long-term targets set for 2028 [10]. - The article suggests that both copper and gold prices have potential for long-term growth, which supports Zijin Mining's continued performance [22]. - The company is heavily invested by both domestic and foreign institutions, indicating strong market confidence in its future performance [23]. Group 5: Market Influences and Price Outlook - The article notes that short-term fluctuations in Zijin Mining's stock price are closely tied to gold price movements, which may experience volatility due to various economic factors [24]. - Factors such as U.S. tax policy and trade negotiations could impact gold prices, suggesting that a clearer upward trend may emerge after these uncertainties are resolved [24].

ETF进化论 机构疯狂出逃！散户抱团逼空？ 原创 阅读全文 ...

Group 1 - The escalation and subsequent ceasefire of the India-Pakistan conflict has led to fluctuating interest in military stocks, with significant discussions around the impact on the defense sector [1] - The Chinese military equipment, represented by the J-10C, has gained positive publicity from the conflict, which may benefit China's military trade [1] - The "14th Five-Year Plan" is anticipated to provide further opportunities for the military industry amidst the current geopolitical tensions [1] Group 2 - Ongoing negotiations in Switzerland between the U.S. and China have lasted around 8 hours, with both sides expressing a desire for constructive dialogue and potential progress [2] - Trump's comments on the negotiations suggest a positive outlook, but the actual outcomes remain to be confirmed [2] - The length of the discussions indicates a willingness to engage, which may lead to better-than-expected results for the market [2] Group 3 - The robotics sector is experiencing increased activity, with events and discussions focused on the commercialization of intelligent robots [4] - Developments in satellite internet and low-altitude economy are noteworthy, particularly regarding potential collaborations between China and Brazil [4] - Market direction for the upcoming week will depend on feedback from ongoing negotiations and may influence technology and growth sectors [4]