近期 上海重阳投资管理股份有限公司（简称"重阳投资"或"本公司"）发现有不法分子假冒 重阳投资及重阳投资创始人裘国根、法定代表人王庆、总裁汤进喜、合伙人舒泰峰等员 工的名义，通过手机应用程序（APP）、网站、微信、钉钉、企微等各种平台及方式开 展非法荐股、非法集资等非法活动，骗取投资者资金或者信息。 为提醒广大投资者保护合法权益，维护公司声誉，重阳投资郑重声明及提示如下： 一、重阳投资全称为 "上海重阳投资管理股份有限公司" ，为中国证券投资基金业协会登记的 私募证券投资基金管理人（登记编码：P1000265），重阳投资和重阳投资基金从业人员的公示 信息均可以通过中国证券投资基金业协会官方网站 （https://www.amac.org.cn/） 进行查询。请 广大投资者注意甄别行为主体。 二、重阳投资一贯严格遵守法律法规、自律规则的各项规定向合格投资者非公开募集资金，仅 开展私募证券投资基金管理业务和私募资管产品投资顾问业务。重阳投资及重阳投资创始人裘 国根、法定代表人王庆、总裁汤进喜、合伙人舒泰峰等全体员工从未开展或授意任何个人或机 构以任何形式从事任何种类的非法荐股、非法集资等非法活动。 重阳投资及全体 ...

Group 1 - The article discusses the implications of the ongoing tariff war initiated by Trump, highlighting its unexpected developments and the volatility in capital markets, particularly in A-shares and Hong Kong stocks [1][4][5] - It notes that while some sectors like technology and innovative pharmaceuticals are thriving, traditional economic sectors remain sluggish [1][4] - The article emphasizes the uncertainty surrounding the future of the tariff war and its impact on various assets such as US stocks, bonds, the dollar, gold, and Bitcoin [1][4] Group 2 - The article outlines the favorable and unfavorable factors affecting Trump's tariff policies, including political support and judicial constraints [4][5][6] - It mentions that the US stock market has shown resilience, with many companies reporting strong earnings despite macroeconomic uncertainties [6][7] - The discussion includes the potential for a basic tariff structure that may evolve into a more normalized state, reflecting the inherent complexities of trade negotiations [8][6] Group 3 - The article analyzes the recent "three kills" scenario in the US market, where the stock market, bond market, and dollar faced declines due to the tariff war [11][12] - It highlights the structural issues within the US economy, including rising debt levels and the challenges of maintaining dollar credibility amidst fiscal policies [11][12][13] - The article argues that while the US faces significant debt challenges, it is not necessarily worse off than other major economies, and the concept of "de-dollarization" is difficult to achieve [13][14] Group 4 - The article discusses the impact of the tariff war on the Chinese capital market, noting that the direct exposure of Chinese companies to the US market has decreased significantly [23][22] - It highlights the resilience of the Chinese economy and capital markets, suggesting that the current market dynamics are less affected by the tariff war compared to previous years [23][22] - The article emphasizes the ongoing structural changes within the Chinese economy, particularly the shift towards innovation and technology sectors [26][27] Group 5 - The article describes the current state of the Chinese stock market as a mix of high-performing sectors and struggling traditional industries, referred to as "half sea water, half fire" [26][27] - It points out that the real estate market's adjustment has been a significant factor affecting the overall economy, but there are signs of recovery and new growth opportunities in innovative sectors [27][28] - The article concludes that the market's future performance will depend on the balance between traditional and innovative sectors, with a focus on value and growth strategies [34][35]

Core Viewpoint - The People's Bank of China (PBOC) has announced a 1 trillion yuan buyout reverse repurchase operation to maintain liquidity, indicating a clear intention to release short-term liquidity in response to market conditions [1][2]. Group 1: PBOC's Actions and Market Impact - On June 6, the PBOC will conduct a buyout reverse repurchase operation of 1 trillion yuan with a three-month term, marking the first time the central bank has announced such an operation at the beginning of the month [1]. - The announcement aims to enhance market communication and stabilize market expectations, with the bank's willingness to release liquidity increasing as speculative demand in the bond market declines [1][2]. - The 10-year and 30-year government bond futures trading volume has significantly decreased, reflecting a reduced willingness to speculate on long-term interest rates [1]. Group 2: Liquidity Pressure and Seasonal Factors - June faces significant liquidity pressure due to the maturity of 1.2 trillion yuan in reverse repos and 200 billion yuan in Medium-term Lending Facility (MLF), along with 4.2 trillion yuan in interbank certificates maturing, which is a historical monthly high [2]. - The second quarter is traditionally a peak season for credit issuance, and the government is expected to accelerate the use of funds for debt replacement, further exacerbating liquidity fluctuations [2]. - The PBOC's actions are expected to provide a stabilizing effect on the funding environment, as indicated by the decline in the 7-day repo rate to around 1.5%, closer to the current policy rate of 1.4% [2]. Group 3: Market Expectations and Future Outlook - The PBOC's proactive approach in announcing reverse repurchase operations enhances the transparency of monetary policy and is likely to support stock market valuations [2]. - The continuous upgrade in the PBOC's expectation management is expected to foster a more favorable risk appetite in the capital markets [2].

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and wisdom, highlighting its role in enhancing understanding and decision-making in various contexts, including business and personal life [2][3][7]. Group 1: Book Recommendation - The featured book is "Game Theory: Strategy Interaction, Information, and Incentives," which aims to provide a comprehensive understanding of game theory through accessible language and relatable examples [10][12]. - The book is structured into four parts: synchronous one-shot games, repeated games, sequential games, and games with incomplete information, allowing readers to progressively grasp the concepts [25][28]. Group 2: Game Theory Insights - Game theory is described as a study of decision-making in interactive situations, applicable to various real-life scenarios, from international relations to everyday interactions [13][14]. - The article presents three illustrative cases that demonstrate game theory principles, such as the importance of trust and cooperation in repeated interactions, the necessity of monitoring in collaborative efforts, and strategic decision-making in competitive environments [15][18][21]. Group 3: Author Background - The author, Xia Dawei, is a professor and doctoral supervisor with extensive experience in teaching game theory in various executive education programs, contributing to the accessibility of complex concepts [29][30].

Core Viewpoint - The article discusses the high levels of government debt in developed countries compared to emerging economies, suggesting that economic advancement may lead to increased debt burdens, potentially leading to a decline in national stability over time [1]. Group 1: Government Debt Levels - Developed countries like Japan and the US have government debt ratios exceeding 250% and 125% respectively, while emerging economies, such as ASEAN countries, maintain an average debt ratio around 30-40%, well below the 60% international safety threshold [1]. - The International Monetary Fund predicts that global public debt to GDP ratio will reach 95.1% and may rise to 99.6% by 2030 [12][14]. Group 2: Causes of Debt Growth - The rapid increase in government debt is attributed to various factors, including government objectives, responsibilities, and creditworthiness. For instance, Japan's debt has surged due to efforts to combat deflation following the 1990s real estate bubble burst [15]. - The US government debt ratio increased significantly during the 2008 financial crisis and again during the COVID-19 pandemic, reflecting the need for fiscal stimulus amid economic downturns [18][20]. Group 3: Global Debt Comparisons - As of Q3 2024, the average macro leverage ratio for developing countries is 217%, while for developed countries it is 255% [12]. - The global debt, including government, household, and corporate liabilities, is projected to increase by $7.2 trillion, reaching $318.4 trillion [12]. Group 4: Economic Implications of Aging Populations - The article highlights that global aging populations are leading to increased fiscal pressures, as higher dependency ratios necessitate greater government spending on healthcare and pensions [10][44]. - Countries are facing a dual challenge of rising debt levels and aging populations, which could lead to economic stagnation similar to the "diseases of aging" seen in individuals [44]. Group 5: Historical Context and Future Outlook - The historical context of debt accumulation post-World War II shows that many nations initially had low debt levels, which have escalated due to various crises [12][44]. - The article suggests that the current global economic structure is facing challenges that may lead to prolonged periods of low growth and high debt, akin to the aging process in individuals [44].

本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投资者 教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博）和内部研究成果，相关信息 被认为是可靠的，但重阳投资不对其完整性或准确性作出任何明示或默示的陈述或保证。相关信息仅供参 考，不构成广告、销售要约，或交易任何证券、基金或投资产品的建议。本材料中引用的任何实体、品 牌、商品等仅作为研究分析对象使用，不代表重阳投资的实际操作。因基金产品投资限制、投资组合调整 和交易成本等多种因素，重阳投资的实际操作有可能与本材料中得出的结论不同。 本材料并不考虑任何阅读者的特定投资需求、投资目标或风险承受能力。阅读者在投资之前，应当仔细阅 读产品法律文件和风险揭示书，充分认识产品的风险收益特征和产品特性，并充分考虑自身的风险承受能 力，理性判断并谨慎做出投资决策。 本材料版权属于重阳投资，未经重阳投资授权，任何机构和个人不得以任何形式转发、转载、翻版、复 制、刊登、发表、修改、仿制或引用本材料内容。 如您对重阳产品感兴趣，欢迎 扫码 咨询。 公众号改变了推送规则， 我们的文章可能会迷失在茫茫的信息流中， 你的一个 分享 ...

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and wisdom, highlighting the belief that knowledge acquisition is essential for intellectual development [2][3]. Summary by Sections Reading and Interaction - The company encourages readers to continue the practice of reading, offering book reviews, lists, and excerpts in each issue [4][6]. - Each issue will feature a discussion topic, inviting readers to engage through comments [5]. Featured Book - The selected book for this issue is "The Absurdity and Wisdom of Taxes: Historical Tax Stories," which aims to present tax history in an engaging manner [9][18]. - The authors, Michael Keen and Joel Slemrod, are noted economists who explore various tax policies and their implications throughout history [20][23]. Themes and Structure of the Book - The book discusses the common principles of taxation, such as measurability, fairness, efficiency, and the challenges faced in real-world applications [18]. - It is organized thematically rather than chronologically, covering various historical anecdotes related to taxation across different eras and regions [16][17]. Insights from Historical Taxation - The authors argue that historical tax stories can provide valuable insights into contemporary tax debates and principles [12][15]. - The book aims to illustrate that the challenges faced by past governments in taxation are still relevant today, emphasizing the creativity involved in tax policy design and evasion [14][15]. Target Audience - The book is designed to be accessible to both professional and non-professional readers, aiming to make the topic of taxation engaging and informative [19].

Core Viewpoint - The successful combat performance of the J-10CE fighter jet has significantly boosted confidence in China's military equipment capabilities, leading to a notable increase in stock prices of related companies and the defense industry index [1][2]. Group 1: Fighter Jet Development History - The evolution of fighter jets can be categorized into five generations, with each generation marked by advancements in aerodynamics, propulsion, and technology [2][4]. - The first generation emerged during World War II, focusing on speed and the introduction of jet engines [2]. - The second generation, developed in the 1950s, emphasized high altitude and speed, incorporating radar and air-to-air missiles [2]. - The third generation, from the 1960s, featured enhanced maneuverability and advanced radar systems, leading to the development of various sub-variants [2]. - The fourth generation, starting in the late 1970s, prioritized high maneuverability and the use of electronic technology, with many countries' air forces still relying on these models [4]. - The fifth generation represents the most advanced fighter jets currently in service, characterized by comprehensive stealth capabilities [4][5]. - The sixth generation is still in conceptual or testing phases, with countries like China, the U.S., and Russia actively developing new models [5]. Group 2: China's Military Aviation Development - China's military aviation history began with the flight of "Fengru No. 1" in 1909, evolving from repair to manufacturing and eventually to independent design and military trade [6][7]. - The period from 1951 to 1960 marked the transition from repair to manufacturing, with significant milestones such as the successful production of the J-5 fighter jet [7][8]. - From 1960 to 1978, China advanced to independent design, exemplified by the successful development of the J-6 fighter jet [9][10]. - The years 1978 to 2012 saw China shift from primarily domestic use to expanding into military trade markets, highlighted by the development of the J-10 series [11][12]. - Since 2012, China has established itself as a significant player in the global military aviation market, with the J-20 and J-35 being notable fifth-generation fighters [12][13]. Group 3: Market Potential and Future Outlook - The global military trade market is projected to grow, with aircraft representing the largest segment, accounting for 46.4% of total military trade orders from 2015 to 2024 [14]. - China's share in the military trade market is currently 5.5%, with significant potential for growth, especially following the successful performance of the J-10CE [14]. - The military trade market's expansion is influenced by various factors, including geopolitical considerations and payment capabilities, indicating a complex landscape for future growth [14][16].

Q： 请问重阳投资， 如何看待今年以来港股IPO爆发 ？ A： 今年以来，港股IPO规模明显上升。根据Wind统计，截止5月28日，港股已有27家企业成 功上市，首次招股募资总额已超770亿港元，接近去年全年。现象级IPO频发，蜜雪集团上市融 资认购金额达1.77万亿港元，宁德时代赴港上市成功融资超350亿港元成为全球范围内仅次于 沙特阿美的第二大IPO。目前港股仍有157家公司等待上市，募资超50亿港币的待上市项目有 18家。根据德勤的预测，年内港股IPO募资规模有望冲击1500亿港元，重返全球前三。 受益于IPO环境改善，港股正经历优质资产供给的结构性升级。 以蜜雪集团为代表的全球消费 企业，以宁德时代为代表的中国核心制造企业，以及以恒瑞医药为代表的中国优质创新药企等 纷纷赴港上市。这些优质核心资产港股IPO基石投资者认购比例高，上市后股价平均涨幅优 秀，带动港股优质资产占比进一步提升，行业结构的优化有望进一步吸引中长期资金对港股的 配置。港股当前兼具估值安全边际、产业升级动能与流动性支撑，中长期配置价值凸显，我们 坚定看好港股的中长期表现。 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限 ...

【编者按】 为积极落实证监会 " 全国防范非法证券期货基金宣传月 " 相关工作要求， 中国证券投 资基金业协会与中国证券报联合制作发布短视频宣传私募基金管理人登记和私募基金备案信息 公示页面、从业人员资格注册信息公示页面和私募基金信息披露备份系统，引导投资者学习查 询机构、人员资质和信息披露的渠道，提示投资者强化风险防范意识和自我保护能力。 免责声明 本文仅为投资者教育之目的而发布，不构成任何投资建议。投资者据此操作，风险自担。 中国证券投资 基金业协会力求本文所涉信息准确可靠，但并不对其准确性、完整性和及时性做出任何保证，对因使用 本文信息引发的损失不承担责任。 ▲ 向上滑动阅览【 免责声明】 本材料文字及图片版权归原创方或原作者所有，上海重阳投资管理股份有限公司（简称"重阳投资"）转载 文章已获原创方或原作者授权。 本材料内容仅代表原创方或原作者的分析、推测与判断，登载于此仅出于传递信息和投资者教育之目的， 并不意味着重阳投资赞同其观点或证实其描述，也不代表重阳投资与原创方或原作者有任何代理或合作关 系。对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性，重阳投资不作任何明确或隐含 的声明或保证 ...