智通财经7月31日电，华泰证券研报表示，北京时间7月31日（周四）凌晨，美联储如期按兵不动，基准 利率维持在4.25%-4.5%，两名联储理事投票反对；决议声明调整偏鸽派，但鲍威尔讲话未能提供9月降 息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业市场较为稳健（solid），但承认存在下行风险。 利率指引方面，鲍威尔未对9月降息给出明确指引，强调降息决策取决于后续数据。往前看，美联储9月 能否降息主要取决于7-8月经济数据。维持美联储仍有可能在9-12月降息两次的判断。但是，如果就业 和通胀数据强于预期，美联储年内降息预期或进一步回撤。近期关注周五（8月1日）将公布的新增非农 就业数据。 华泰证券：美联储9月能否降息主要取决于7-8月经济数据 ...

21世纪经济报道 实习生 张长荣 记者 崔文静 中金公司的中金点睛数字化投研平台、中信证券的AI数字员工、中信建投的"八爪鱼"固收一体化智能平 台、华泰证券的"泰为"大模型平台…… 在7月26日至29日举办的2025世界人工智能大会上，四家头部券商集中展示了其在AI金融应用领域的最 新实践。 这些实践的背后，是中国AI产业的加速突破——今年以来，以DeepSeek为代表的自主大模型实现里程 碑式进展，标志着中国在AI模型层正从"追赶式创新"加快向"引领式创新"转变。 AI浪潮对券商的影响是多维度的。一方面，凭借低成本、高性能、全开源，它深刻重塑着券商行业。 另一方面，AI的发展也在牵引着金融与科技的融合向纵深推进。 随着大模型创新提速、以人形机器人为代表的具身智能持续升温，而这类前沿科技的突破，离不开科技 金融体系的支撑。 AI如何赋能金融行业？金融又如何支持科技创新？此次大会上，上述头部券商给出了亮眼答卷。 智能研报、分身员工成标配 如今，这样的场景已并不鲜见：当用户输入相关领域的关键词后，系统会快速整合行业动态、企业数 据、市场趋势等多维度信息，自动生成一篇包含专业图表、逻辑严谨的数万字深度研报，其分析深 ...

Core Viewpoint - Haitai Securities report indicates that Haida Group's net profit attributable to shareholders for the first half of the year reached 2.64 billion yuan, representing a year-on-year increase of 24.2% [1] - The net profit for Q2 2025 was 1.36 billion yuan, showing a year-on-year growth of 7.3% [1] - The company's performance is within the forecast range for the first half of 2025, which is estimated to be between 2.5 billion to 2.8 billion yuan [1] Group 1 - The main drivers for the high profit growth in the first half of 2025 are the profitability from pig futures hedging and the significant growth in overseas feed business [1] - The recovery in domestic aquatic feed and pig feed businesses is noteworthy [1] - The company is optimistic about the domestic and international resonance growth of its feed main business and has maintained its profit forecast [1] Group 2 - Due to better-than-expected growth in feed sales, the target price has been raised to 66.4 yuan, while maintaining a "buy" rating [1]

华泰证券研报指出，海大集团上半年归母净利润26.4亿元（yoy+24.2%）；其中25Q2归母净利润13.6亿 元（yoy+7.3%）。业绩表现在中报业绩预告范围内（25H1归母净利润25~28亿元）。生猪期货套保的盈 利和海外饲料业务的高增长仍是公司25H1盈利高增的主要驱动，国内水产料和猪料业务的景气修复值 得重视。看好公司饲料主业的国内外共振增长，维持盈利预测；考虑到饲料销量增速好于该行预期，上 调目标价至66.4元，维持"买入"评级。 ...

本文源自：金融界 作者：金股通 截至7月30日午间收盘，主力资金流入前20的股票分别为：英维克（6.92亿元）、中国平安（6.87亿 元）、兆易创新（5.89亿元）、N悍高（3.63亿元）、万华化学（3.13亿元）、农业银行（3.01亿元）、 中文在线（2.90亿元）、居然智家（2.82亿元）、通威股份（2.50亿元）、凯撒旅业（2.40亿元）、北方 华创（2.18亿元）、包钢股份（2.09亿元）、德福科技（1.95亿元）、招商银行（1.93亿元）、光线传媒 （1.90亿元）、平安银行（1.90亿元）、北斗星通（1.88亿元）、华泰证券（1.87亿元）、复星医药 （1.85亿元）、工商银行（1.67亿元）。 ...

Group 1 - The Shanghai Stock Exchange announced the listing of Huatai Securities Co., Ltd.'s 2025 short-term corporate bonds (fifth phase) for professional investors on July 30 [1][2] - The bonds will be listed on the Shanghai Stock Exchange starting from July 31, 2025, under the name "25 Huatai S5" and the code "243436" [2] - The trading methods for these bonds include matched transactions, click transactions, inquiry transactions, competitive bidding transactions, and negotiated transactions [2] Group 2 - According to China Clearing rules, these bonds can participate in pledged repurchase transactions [2]

Core Insights - The 2025 WAIC conference in Shanghai marks a significant milestone for the Robotaxi industry, transitioning from "demonstration" to "commercialization" [1] Policy Developments - On July 26, Shanghai released the "Shanghai High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan," which outlines the mass production timeline and scaling goals for L4 autonomous driving [1] - By 2025, the entire Pudong area will be opened up, providing a globally leading complex application scenario for large cities [1] Commercialization Efforts - Shanghai has issued its first "demonstration operation" license, allowing for commercial trial operations, which will accelerate the establishment of a commercial closed loop for L4 companies [1] Investment Opportunities - There is a recommendation to focus on core technology solution providers, scene application integrators, and high-growth hardware suppliers [1]

华西证券（002926）宏观固收团队相关研报披露的第三方债基申赎数据验证了这位基金经理的说法，7 月21日以来，公募债基净申购指数持续为负，24日已扩张至-29.2，显示公募债基遭遇去年"9·24"行情之 后的最大单日赎回。华泰证券固收研报显示，7月22日-7月24日基金已连续3个交易日净卖出债券，累计 净卖出规模超1200亿元。 从微观层面看，7月以来，债券基金因出现大额赎回并调整基金份额净值精度的公告相比之前大幅增 加。据不完全统计，7月以来因发生大额赎回而发布份额净值精度调整公告的基金多达42只。仅7月21日 以来，遭遇大额赎回的基金就有15只。而6月，仅有22只基金因发生大额赎回而发布份额净值精度调整 公告。 债券基金经理王飞（化名）又一次踏入机构客户的大门——这已是近10天内，他第3次拜访机构，只为 恳请客户暂缓或分批赎回自己管理的债券基金。 故事的背后是债券基金又一次出现"赎回风暴"。7月24日债市大幅回调引发连锁反应，公募债基创去 年"9·24"行情后最大单日赎回规模纪录，基金连续3个交易日累计净卖出债券超1200亿元。7月以来，更 有40余只债基因大额赎回而被迫调整基金份额净值精度。 股债"跷 ...

Core Viewpoint - Huatai Securities published a research report indicating that Laopu Gold has released a positive profit forecast, expecting revenue of approximately 12 billion to 12.5 billion yuan in the first half of 2025, representing a year-on-year increase of about 241% to 255% [1] Group 1: Financial Performance - Laopu Gold's net profit is projected to be around 2.23 billion to 2.28 billion yuan, with a year-on-year growth of approximately 279% to 288% [1] - The strong growth in the first half of the year is primarily attributed to contributions from both online and offline existing stores [1] Group 2: Expansion and Growth Drivers - New large stores, including those at Shanghai Hongqiao Henglong and Singapore's first store, as well as Shanghai IFC, opened in May and June, are expected to significantly contribute to incremental performance in the second half of the year [1] - The company maintains a competitive advantage and high growth momentum, leading to a sustained "buy" rating with a target price of 1,200 HKD, corresponding to a price-to-earnings ratio of 38.5 times for 2025 [1]

Group 1: Investment Trends in Chinese Assets - Since July, five large overseas Chinese stock ETFs have attracted over $2.753 billion in investments, indicating a growing interest from foreign capital [1] - As of July 25, 2025, the cumulative trading volume of Korean retail investors in Chinese stocks (including A-shares and Hong Kong stocks) reached $5.764 billion, making China the second-largest overseas investment destination for Korean investors [2] Group 2: Performance of Chinese Stock ETFs - The MSCI China ETF-iShares saw its assets grow to $7.187 billion, a 12.38% increase from the end of June [1] - The China Overseas Internet ETF-KraneShares increased its assets by 20% to $7.648 billion [1] - The Direxion 3x Long FTSE China ETF's assets rose by 14.13% to $1.253 billion [1] - The Deutsche Bank-Jaishin CSI 300 A-share ETF's assets grew by 10.54% to $2.108 billion [1] - The iShares China Large-Cap ETF's assets increased by 5.32% to $6.53 billion [1] Group 3: Positive Outlook on Chinese Assets - Goldman Sachs expressed optimism about the value re-evaluation of Chinese assets, citing robust GDP growth and a recovering Hong Kong IPO market as key factors [3] - The MSCI China Index and the CSI 300 Index reached near four-year highs, indicating a potential 11% upside in the next 12 months according to Goldman Sachs [3] - Allianz's research department noted that the current valuation of Chinese stocks shows significant discount compared to historical averages, suggesting substantial room for value re-evaluation [4]