2025年8月4日，非货币类ETF合计成交3222.28亿元，其中有63只ETF成交额破10亿元。 截至今日收盘，短融ETF、信用债ETF基金、科创债ETF南方成交额居市场前列，分别达250.44亿、164.02亿、119.60亿。行业主题类ETF共计2只，分别是香 港证券ETF、港股创新药ETF。 截至今日收盘，0-4地债ETF、5年地方债ETF、国债ETF换手率居市场前列，分别达180.59%、127.52%、124.64%。行业主题类ETF共计3只，分别是恒生创 新药ETF、港股医疗ETF、港股创新药ETF基金。 信用债ETF基金(511200.SH)最新份额规模达2.04亿。该产品紧密跟踪沪做市公司债指数，上证基准做市债券指数系列从上海证券交易所上市的债券中，分别 选取符合上交所基准做市品种规则的债券作为指数样本，以反映上海证券交易所流动性较好债券的整体表现。 该ETF全天成交额较前一交易日增长165.75%，明显放量。该ETF当日换手率较前交易日增长165.24%。该ETF今日持平，近5日和近20日分别上涨0.22%、下 跌0.28%。 值得注意的是，信用债ETF基金、科创债ETF易方达、科创债ET ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2] Core Views - The company is expected to achieve revenue of no less than RMB 448 million in the first half of 2025, representing a year-on-year growth of no less than 25%. The total revenue, including the income from the entrusted management of maternity centers, is projected to be no less than RMB 520 million, reflecting a growth of no less than 35% compared to the same period in 2024. The company anticipates a net profit of no less than RMB 320 million, a significant turnaround from a net loss of RMB 480 million in 2024 [5][6] Company Overview - The company was established in 2017, starting with the first maternity center in Hangzhou, and has positioned itself in the postpartum care market with a high-end focus. It employs a "high-end hotel + professional care" light asset model, collaborating with top hotels to lease space, thus avoiding heavy capital investments typical of traditional standalone models [6][7] - The company has expanded its brand portfolio and global strategy since 2018, creating a pyramid matrix with flagship brand "Saint Bella" targeting ultra-high-net-worth individuals, "Little Bella" aimed at young middle-class consumers, and "Aiyu" focusing on psychological healing needs. It has also acquired the brand "Guanghetang" to enter the functional food sector for women and launched the family care brand "Yujia" to extend services from maternity centers to postpartum recovery and early childhood care, forming a "pregnancy-birth-raising" closed loop [6][7] Financial Performance - From 2022 to 2024, the company's revenue is expected to grow from RMB 472 million to RMB 799 million, with a compound annual growth rate (CAGR) of 30.1%. The core driver of this growth is the maternity center business, which accounts for 85% of total revenue. The adjusted net profit is projected to turn from a loss in 2022 to a profit in 2023 and 2024, with adjusted net profits of RMB 21 million and RMB 42 million respectively [6][9] - The company is expected to achieve revenue of RMB 1.076 billion, RMB 1.403 billion, and RMB 1.777 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 34.73%, 30.42%, and 26.65%. The forecasted net profit attributable to the parent company for the same years is RMB 315 million, RMB 406 million, and RMB 478 million, reflecting significant growth [9][11]

2025年8月1日，军工ETF（512660.SH）收跌1.60%，成交9.21亿元。获融券卖出430.37万元，融券偿还 21.65万元，融券净卖出408.72万元，居全市场第一。 ...

单品种看，上周五资金主要流入的商品期货（主连合约）品种有焦煤、铜、黄金、不锈钢和豆油，分别流入15.07 亿元、3.43 亿 元、2.11 亿元、1.50 亿元和1.37 亿元；主要流出的品种有多晶硅、白银、原油、螺纹钢和纯碱，分别流出3.22 亿元、2.17 亿 元、1.63 亿元、1.63 亿元和1.46 亿元。从主力合约看，黑色和有色金属板块呈流入状态，农产品、化工和金融板块呈流出状 态。 整体看，上周五商品期货（主连合约）资金呈微幅流入状态，黑色和有色金属板块流入较多，重点关注流入较多的焦煤、铜、 黄金和不锈钢，同时关注逆势流出的多晶硅、白银和螺纹钢。农产品和化工板块流出较多，重点关注流出较多的纯碱、PTA和 棉花，同时关注逆势流入的豆油、红枣和纸浆。金融板块重点关注30年期国债期货和沪深300股指期货。（徽商期货 方正） 图为金融期货主连合约资金流向（亿元） 图为商品期货主连合约资金流向（亿元） 图为商品期货资金流入前十名（亿元） 图为商品期货资金流出前十名（亿元） 图为板块资金流入额（亿元） ...

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Core Viewpoint - The futures market indicates a 75% probability of a 25 basis point rate cut by the Federal Reserve in September, up from 45% before the employment report [3]. Group 1: Economic Indicators - A rate cut is expected to lead to a depreciation of the US dollar, enhancing global economic stimulus expectations and improving oil demand forecasts, which may drive prices up [4]. Group 2: Inventory Data - Seasonal inventory data shows significant deviations compared to the same period last year, with notable increases in certain commodities: - Urea inventory is up 341.46% [9] - Manganese silicon inventory is up 57.69% [9] - Peanut inventory is up 121.91% [9] - Oil factory inventory is up 101.32% [10] - Gold inventory is up 118.66% [11] - Soda ash inventory is up 67.08% [12] - Lead social inventory is up 142.36% [13] - Silver inventory is up 62.31% [13] - Conversely, some inventories are reported to be low: - 20 rubber inventory is down 71.91% [14] - Oil factory soybean meal inventory is down 55.29% [15] - Aluminum exchange inventory is down 57.15% [15].

薛鹤翔、柴玉荣（薛鹤翔系申银万国期货研究所所长、中国首席经济学家论坛成员） + 摘要 Ø 今年由于受到特朗普贸易关税的影响，集运欧线运价整体呈现出"中枢下移但波动放大"的显著特征，虽然运价水平较2024年回 落，但其季节性波动规律依然较为清晰。当前，集运欧线现货运价再一次来到了旺转淡的拐点。通常情况下集运欧线运价都会呈 现较为明显的季节性特征，本质上源于国际海运贸易需求的阶段性波动和我国的出口节奏。 Ø 从五年走势中可以提炼出两个重要规律：一是外部冲击会显著改变淡季的深度和节奏，如2021年港口拥堵缓冲了跌势；二是旺 季高度与淡季跌幅存在正相关性，即旺季冲高越剧烈，淡季回调往往越深（2021年除外），这对预判淡季行情具有参考价值。此 外，船公司的运力调控策略也在不断进化，通过空班和航速调整来平滑运价波动。回到当下，7月上旬以来集运欧线运价逐渐趋 于平顶，马士基在第32周开启降价，至鹿特丹大柜报价2900美元，环比第31周下降100美元，第33周继续调降大柜运价100美元， 部分船司已开始跟降，运价基本确认进入淡季。此轮欧线旺季见顶于8月上旬，以马士基为计算基准的话，对应大柜在3000美元 左右。参考前文往年欧 ...

本文源自：金融界AI电报 金涌投资(01328.HK)发布公告，于2025年8月1日，公司全资附属公司Redwood通过于联交所进行市场上 交易以代价总额约230.9万港元(不包括交易成本)进一步收购31.5万股圣贝拉(02508.HK)股份，即约每股 圣贝拉股份7.3286港元。 ...

Group 1 - The company, Kingyung Investment (01328), announced the acquisition of 315,000 shares of Saint Bella (02508) at a total cost of approximately HKD 2.309 million, excluding transaction costs, at a price of HKD 7.3286 per share [1] - Between July 28, 2025, and August 1, 2025, Redwood, a wholly-owned subsidiary of the company, purchased a total of 1.83 million shares of Saint Bella for approximately HKD 13.823 million, at an average price of HKD 7.5536 per share [1] - Following these acquisitions, the group holds a total of 1.83 million shares of Saint Bella, representing about 0.29% of the total issued shares of Saint Bella as of the announcement date [1] Group 2 - The group primarily engages in providing investment management services and strategic direct investment [1] - The company maintains a positive outlook on Saint Bella's financial performance and future prospects, viewing it as a leading postpartum care and recovery group in China that also offers home care services and products catering to women's needs [1] - The investment in Saint Bella aligns with the group's investment criteria and serves the overall interests of the company and its shareholders [1]

Group 1 - The core announcement indicates that King Yong Investment (01328) plans to further acquire shares of Saint Bella (02508) through its wholly-owned subsidiary Redwood, with a total cost of approximately HKD 2.309 million, excluding transaction costs, for 315,000 shares at an average price of HKD 7.3286 per share [1] - Between July 28, 2025, and August 1, 2025, Redwood will acquire a total of 1.83 million shares of Saint Bella for approximately HKD 13.823 million, at an average price of HKD 7.5536 per share [1] - After these acquisitions, the group will hold a total of 1.83 million shares of Saint Bella, representing about 0.29% of the total issued shares of Saint Bella as of the announcement date [1] Group 2 - The group primarily engages in providing investment management services and strategic direct investment [1] - The group maintains a positive outlook on the financial performance and future prospects of Saint Bella, which is recognized as a leading postpartum care and recovery group in China, also offering home care services and food products catering to women's needs [1] - The investment in Saint Bella aligns with the group's investment criteria and serves the overall interests of the company and its shareholders [1]