Core Viewpoint - The recent decline in bank stocks, which had previously seen significant gains, signals a potential style shift in the market, moving away from high-dividend, low-volatility assets towards sectors with greater elasticity [1][5][19]. Market Overview - As of the market close, the Shanghai Composite Index fell by 0.7%, influenced by a drop in heavyweight stocks, while the Shenzhen Component and ChiNext Index saw slight increases. A total of 3,379 stocks rose, with over 60% of stocks experiencing gains, and trading volume reached 1.58 trillion yuan, a slight decrease of 47.5 billion yuan from the previous day [2][3]. Sector Performance - High-dividend sectors such as banking, utilities, and telecommunications experienced notable declines, while growth-oriented sectors like metals, military, semiconductors, and biotechnology showed strong upward momentum. The metals sector led the gains with an increase of over 2% [4][6]. Style Shift - The market is undergoing a style shift, moving from risk-averse, high-dividend assets to sectors with greater growth potential. This shift is partly due to the substantial gains accumulated in bank stocks, which have seen significant price increases since early 2023 [5][19]. Institutional Behavior - The recent collective drop in bank stocks is attributed to large institutional investors reallocating their portfolios, as evidenced by significant net outflows from bank stocks into broader market indices [17][18]. This behavior suggests that institutions are taking profits from bank stocks to invest in other sectors [19]. Economic Context - The decline in bank stocks coincides with a broader market recovery, as concerns over external market conditions, particularly regarding energy prices and geopolitical tensions, have eased. The recent ceasefire between Iran and Israel has contributed to a decrease in oil prices by approximately 12% [8][9]. Future Outlook - Despite the recent downturn, the long-term outlook for bank stocks remains positive due to their stable earnings and attractive dividend yields, especially in a low-interest-rate environment. The potential for increased dividend payouts further enhances their appeal to institutional investors [21][23][25]. Investment Strategy - Investors are advised to monitor for suitable entry points into bank stocks, as the current price adjustments may present opportunities for better value in the long run [26].

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Core Viewpoint - The current market situation is not a repeat of the 9/24 rally, but the bull market is still ongoing and even improving [2][3]. Market Conditions - The market has experienced significant growth, with the Shanghai Composite Index surpassing 3,400 points and trading volume exceeding 1.5 trillion [3]. - The previous market conditions before 9/24 were characterized by low trading volumes and a declining index, which created a scenario for a strong rebound [3]. Positive Factors - **Fundamentals**: The domestic macroeconomic environment is showing signs of recovery after several years of adjustment, with major international banks like Morgan Stanley and Deutsche Bank becoming more optimistic about China's economic growth [4]. - **Liquidity**: The expectation of a shift to a rate-cutting cycle in the U.S. is anticipated to positively impact global capital markets, enhancing risk appetite [5]. - **Industry Trends**: Opportunities arising from trade tensions, such as advancements in self-sufficiency in semiconductors and new energy sectors, are expected to drive growth despite broader market fluctuations [6]. Investment Strategy - Investors should focus on selecting the right sectors to capitalize on ongoing market trends rather than relying on rapid market gains [6].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 水贝黄金市场的天，变了。 作为国内黄金市场风向标，深圳水贝黄金市场被买金人推崇备至。但现在，水贝厂商都转行改做铂金了。 今年以来， 在黄金仍在高位震荡，不少人游移不定之时，有一些投资者已经悄悄盯上了另一种贵金属 —— 铂 金。 从年初至今，铂金的累计涨幅已接近 40% ，高于黄金的 30% 左右的年内涨幅。 放眼国内， 仅 6 月上金所铂金 9995 价格就上涨了近 30% ，涨势何其凶猛！ 01 一线市场对于趋势的洞察，往往比很多投资者都更为敏锐 —— 在金价飞涨之下成为不少人的买金圣地的深圳水贝市场，早已悄悄转向。 不少档口缩小了黄金销售铺位，用更大的面积销售铂金，有的档口甚至直接撤掉了黄金销售摊位，专门销售铂 金。 5 月开始，部分水贝黄金厂商已经开始转型做铂金，想在金价高企之时立场避险。 而更敏锐的卖家，早在 4 月初就已经把做黄金首饰的展厅中的黄金库存换成了铂金。 因为彼时，一公斤黄金价格已达 80 多万元，价格较高，销量却走低。一公斤铂金却仅 20 多万元，铺货压力 小，且铂金价格相对较为稳定，风险相对低。铂金首饰的销 ...

Core Viewpoint - The article emphasizes the acceleration of change and emerging opportunities in the Chinese economy, driven by "new quality productivity" as a key engine for transformation in 2025, amidst a complex global landscape [1]. Group 1: Economic Outlook - The Chinese economy is expected to deepen its transformation in 2025, with ongoing policy benefits and capital market reforms [1]. - There is a notable influx of foreign capital into new economic sectors such as artificial intelligence, high-end manufacturing, and green energy [1]. Group 2: Event Overview - The "2025 Mid-term Strategy Summit" will take place in Shenzhen on July 4-5, 2025, featuring top thought leaders and practitioners to analyze core changes in the global and Chinese economy [1][2]. - The summit aims to discuss investment strategies and opportunities in the context of the evolving capital market [2]. Group 3: Key Speakers and Topics - Notable speakers include Dr. Kai-Fu Lee, who will discuss the outlook for the Chinese capital market in the second half of 2025 [4]. - Other speakers include Chen Hao, who will address global investment strategies, and Dan Bin, who will focus on ESG investment and new quality productivity [4][5]. Group 4: Company Presentations - The event will feature presentations from numerous outstanding listed companies, providing a platform for direct communication between companies and investors [8]. - A detailed schedule of company roadshows is provided, showcasing various sectors and investment opportunities [10][11]. Group 5: Investor Insights - A full-day Global Institutional Investor Forum will be held on July 5, inviting institutional leaders to share investment strategies and insights for the second half of 2025 [12]. - The forum aims to provide a comprehensive understanding of diverse investment styles and new thinking in the investment landscape [12].

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2025 年的全球经济画卷，在后疫情时代的持续演进、地缘政治的波谲云诡以及各国政策的相 机抉择中，展现出前所未有的复杂性与高度不确定性。 国际货币基金组织在其最新的《世界经济展望》中明确指出，全球经济增长路径呈现显著的 "分化与不确定"。增长放缓的阴影、通胀反复的幽灵、市场剧烈的分化，正成为每一位投资者 必须直面的挑战。 如何在迷雾中辨明方向，这已成为时代赋予我们的共同考题。 在此关键时刻，前瞻性的洞察与专业的策略指导显得尤为珍贵。 7 月 5 日，【全球机构投资者思享会】将在深圳隆重举行。 本次思享会我们很荣幸的邀请到 了日斗投资、深圳榕树投资、久兴投资、华安合鑫、福建滚雪球投资、深圳森瑞投资、上海旭 诺资产、广州泽元以及华泰柏瑞、鹏华基金在内的国内 8 家顶尖私募机构与 2 家头部公募基 金。 他们将深度剖析 2025年下半年的投资逻辑与行业机遇，从全球宏观经济的细微脉动，到中国 经济的深层结构；从市场趋势的精准预测，到细分赛道的价值挖掘；从大类资产的战略配置， 到风险管理的精妙艺术，为您提供穿透迷雾的智慧之光，共同探寻在不确定性中那一抹宝贵的 确定性。 与顶尖机构同行，在变化的浪潮中锚定不变的价值内核。 ...

ETF进化论 刚刚，突然暴涨！原因找到了！ 原创 阅读全文 ...