Group 1: Tariff Impact and Market Sentiment - The second round of tariffs is expected to be implemented in July-August, but it is unlikely to reverse the current improvement in market risk appetite[6] - The market perceives the new tariffs as pressure tactics before agreement deadlines, with delayed economic transmission effects[11] - Despite tariff increases, the market remains resilient, driven by micro-level trading and positive earnings guidance from the upcoming earnings season[13] Group 2: Economic Data and Future Outlook - Economic data will be crucial in determining market direction, with a key observation window in Q3 mid to Q4[18] - The economic impact of tariffs may not fully materialize until Q4, with initial effects from the first round of tariffs expected to show in Q3 data[18] - A significant slowdown in economic growth is anticipated due to tariffs, but inflation risks are expected to remain contained[21] Group 3: Market Performance and Indicators - The S&P 500 and Nasdaq indices experienced slight declines of 0.31% and 0.08% respectively during the week of July 5-12, 2025[22] - The NFIB small business optimism index fell from 98.8 to 98.6, indicating concerns over high inventory levels affecting business confidence[27] - The technology sector continues to lead market performance, reflecting a recovery in earnings expectations post-tariff easing[13]

Macro Dynamics - The Chinese Ministry of Commerce expressed strong opposition to Canada's new steel import restrictions, which include additional tariffs on products containing Chinese steel components, stating that such unilateral measures violate WTO rules and disrupt international trade [1][2] - The Chinese government urged Canada to correct its actions and stop the restrictive measures, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] Industry Development - The National Development and Reform Commission (NDRC) emphasized the importance of preventing inefficient and redundant construction in the low-altitude industry, advocating for a healthy and orderly development of the low-altitude economy [3] - The NDRC called for a focus on local conditions to promote new industries and models, while ensuring safety and regulatory compliance in low-altitude operations [3] Economic Data - Guangdong Province reported a GDP of 68,725.40 billion yuan for the first half of the year, with a year-on-year growth of 4.2%. The primary industry grew by 4.2%, the secondary industry by 3.4%, and the tertiary industry by 4.6% [4] - Fixed asset investment in Guangdong decreased by 9.7% year-on-year during the same period [4] Market Performance - On July 18, the A-share market saw all major indices rise, with the Shanghai Composite Index up by 0.5% and the Shenzhen Component Index up by 0.37%. The total trading volume reached approximately 15,710.55 billion yuan [7] - In the Hong Kong market, the Hang Seng Index increased by 1.33%, driven by strong performances in innovative drug concepts and AI application stocks [9] Company News - Yunhai Yao, a catering company, was fined 7,000 Singapore dollars due to a food poisoning incident involving ByteDance employees, and the company has permanently shut down its corporate meal service [10] - Douyin denied plans to launch a food delivery service, stating its focus remains on in-store services [11] - Guo Baichun, chairman of Yaqi International, was detained for alleged embezzlement and abuse of power, but the company confirmed that its operations remain normal and unaffected [12][13] - Tencent's Yuanbao has integrated with QQ Music, allowing users to play music directly through the app [14]

一、董事提前离任的基本情况 东方证券股份有限公司（以下简称"公司"）于近日收到谢维青 先生的辞职报告。因工作调整原因，谢维青先生申请辞去公司非执行 董事和董事会审计委员会委员职务，辞职后不再担任公司及控股子公 司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任 原因 | 是否继续 在上市公 司及其控 股子公司 任职 | 是否存在 未履行完 毕的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | | | 非执行董 事、董事 会审计委 员会委员 | 2025 年 7 月 18 日 | 2027 年 11 月 21 日 | 工作 调整 | 否 | 否 | | 谢维青 | | | | | | | 二、离任对公司的影响 证券代码：600958 证券简称：东方证券 公告编号：2025-036 东方证券股份有限公司 关于公司董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 谢维青先生的离任不会导致公司董事会成员低于法定人数，其辞 职报告自送达公 ...

Core Viewpoint - The AI Fund Yin Hua Mixed Reform Dividend Flexible Allocation Mixed Initiation A (005519) reported a profit of 1.5649 million yuan in Q2 2025, with a net value growth rate of 5.01% for the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 32.6497 million yuan [14]. - The fund's unit net value as of July 17 was 1.197 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 6.99%, ranking 582 out of 880 comparable funds [3]. - 6-month net value growth rate: 8.91%, ranking 380 out of 880 comparable funds [3]. - 1-year net value growth rate: 2.26%, ranking 790 out of 880 comparable funds [3]. - 3-year net value growth rate: -26.93%, ranking 726 out of 870 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.5078, ranking 824 out of 874 comparable funds [7]. - The maximum drawdown over the past three years was 38.97%, ranking 360 out of 864 comparable funds [10]. - The highest quarterly maximum drawdown occurred in Q1 2024, at 17.45% [10]. Investment Strategy - The fund adheres to a low-volatility dividend stock selection strategy, which has outperformed its benchmark in the first half of the year [3]. - The average stock position over the past three years was 83.36%, compared to the industry average of 80.33% [13]. - The fund reached its highest stock position of 93.73% at the end of H1 2023, while the lowest was 24.17% at the end of H1 2019 [13]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included major banks and financial institutions such as Industrial and Commercial Bank of China, China Merchants Bank, and Ping An Insurance [17].

Core Viewpoint - The report outlines the verification opinions of Dongfang Securities regarding the listing and circulation of strategic placement restricted shares of Shenzhen Weimais New Energy (Group) Co., Ltd. after its initial public offering on the Sci-Tech Innovation Board. Group 1: Listing and Circulation of Restricted Shares - The restricted shares being listed for circulation are part of the strategic placement from the company's initial public offering, with a total of 1,268,767 shares, accounting for 0.30% of the company's total share capital [2][3]. - The lock-up period for these restricted shares is set for 24 months from the date of the company's public offering, with circulation commencing on July 28, 2025 [2][3]. Group 2: Changes in Share Capital - Since the formation of the restricted shares from the initial public offering, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. Group 3: Commitments and Compliance - The restricted shares are subject to commitments outlined in the company's prospectus, with Shanghai Dongfang Securities Innovation Investment Co., Ltd. committing to a lock-up period of 24 months from the public offering date [2][3]. - The shareholder has adhered to the commitments without any violations, and any share reductions will comply with the relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [3]. Group 4: Verification Opinions - The sponsor, Dongfang Securities, confirms that the shareholder has strictly fulfilled the share lock-up commitments, and the listing and circulation of the restricted shares comply with relevant laws and regulations [4].

Core Viewpoint - In the first half of 2025, a total of 74 companies in the A-share market terminated their IPO applications, indicating a significant trend in the market dynamics and investor sentiment [1]. Group 1: Termination Overview - Among the 74 terminated IPOs, 51 companies withdrew before the review meeting, 18 withdrew after the review, and 5 withdrew after submitting their registration [1]. - The breakdown by market segment shows that the Shanghai Main Board had 14 terminations, the Sci-Tech Innovation Board had 3, the Shenzhen Main Board had 9, the Growth Enterprise Market had 21, and the Beijing Stock Exchange had 27 [1]. Group 2: Specific Company Terminations - Notable companies that terminated their IPO applications include: - Qingdao Haiguan Chemical Co., Ltd. on June 20, 2025, for the Shanghai Main Board [2]. - Beijing Tianxing Medical Co., Ltd. on June 6, 2025, for the Sci-Tech Innovation Board [2]. - Qingdao Qinghe Artificial Turf Co., Ltd. on May 30, 2025, for the Shanghai Main Board [2]. - A total of 4 companies withdrew due to the actions of their sponsoring institutions, including: - Kaiyuan Securities Co., Ltd. and Beijing Tianxing Medical Co., Ltd. [4]. Group 3: Detailed Company List - The article provides a detailed list of companies that terminated their IPO applications, including their names, abbreviations, intended market segments, and termination dates [2][3]. - For example, companies like Jiangsu Yicheng Automotive Parts Co., Ltd. and Shenzhen Haobo Window Control Technology Co., Ltd. also appear in the termination list, indicating a diverse range of industries affected [2][3]. Group 4: Regulatory Context - The terminations are often linked to the actions of the sponsoring institutions, which play a crucial role in the IPO process, as seen in the cases of Beijing Tianxing Medical Co., Ltd. and Ningbo Zhongchun High-Tech Co., Ltd. [7][9]. - The regulatory framework governing these terminations is outlined in the Shanghai Stock Exchange's rules, emphasizing the importance of compliance and due diligence in the IPO process [7][9].

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for JD Group with a target price of HKD 156.59, citing sustained high growth in the e-commerce sector supported by national subsidies, despite increased investment in food delivery impacting overall profit levels [1] Financial Projections - The company forecasts revenues for 2025, 2026, and 2027 to be CNY 1,289.1 billion, CNY 1,369.9 billion, and CNY 1,432.3 billion respectively [1] - Adjusted net profit attributable to the parent company is projected to be CNY 23.3 billion, CNY 43.4 billion, and CNY 50.9 billion for the same years [1] Profitability Concerns - Increased investment in food delivery services is expected to drag down overall profit levels, with a potential further decline in profit growth anticipated in the second half of the year as the base for national subsidies levels off [1]

新浪期货 根据交易所数据，截至7月16日收盘主力合约氧化铝2509,涨跌-1.58%,成交量36.25万手，持仓数据显示前20席位呈现净 空，差额头寸为15802手。 氧化铝期货全合约总计成交44.76万手，比上一日减少2.22万手。全合约前20席位多头持仓23.07万手，比上一日增加4321手。全合 约前20席位空头持仓25.83万手，比上一日增加1.48万手。 | | | | | 2025年7月16日氧化铝全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | J | 国泰君安 | 75,955 | 401 | 国泰君安 | 23,069 | -608 | 国泰君安 | 43.994 | 4.741 | | 2 | 中信期货 | 64,673 | 6,507 | 中信期货 | 18,389 | 2,656 | 银河期货 | 21,802 | 1,296 | | 3 | 东 ...

出品 | 妙投APP 作者 | 段明珠 头图 | AI生图 "沪上白富美"汇添富迎来"娘家人"。 14日汇添富宣布更换董事长，老将李文离岗不离家，仍在汇添富但"另有安排"；鲁伟铭接棒，后者同时还是东方证券总裁，而东方证券是汇添富第一大股 东。 其实汇添富领导层交接是业内早有预期的事。 预兆一：不卷。有点讽刺，但在各家公募卷ETF欲生欲死时，汇添富的犹犹豫豫有点与众不同。最明显的是，去年各家抢发A500ETF，汇添富在同一批中也 硬是要落到最后一名。当时就有推测，汇添富可能面临高管变动，所以路线上有些纠结。 预兆二：大股东换帅。2024年11月，东方证券换帅，金文忠到龄退休，55岁龚德雄接任；12月鲁伟铭出任副董事长，同时任命了5位副总裁；大投行、大财 富、大机构体系并线推进的逐步落实。"爸爸"做了新的家庭规划，"孩子们"也理应要配合。 预兆三：预先埋棋。2025年1月，鲁伟铭加入汇添富基金担任党委书记。此刻汇添富管理层会变已基本明晰，外界也有传言，李文卸任后会挂名名誉董事长 的职位（1967年人，未到退休年龄）。 所以，此次汇添富换帅是既定安排，旨在实现平稳的权力交接，而非突发事件。 但高层变动，背后必定有意 ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Alibaba (09988.HK) with a target price of HKD 161.59, highlighting the company's increased investment in instant retail to capture market share in near-field e-commerce, despite anticipated profit pressure in the next two years [1] Group 1: Financial Projections - The company forecasts FY2026-2028 revenues of CNY 1,022.9 billion, CNY 1,098.5 billion, and CNY 1,185.2 billion respectively [1] - Adjusted net profits are projected to be CNY 132.1 billion, CNY 169.7 billion, and CNY 193.7 billion for the same period [1] Group 2: Business Strategy and Market Position - Alibaba is focusing on enhancing its instant retail capabilities to strengthen its position in the e-commerce sector [1] - The company is expected to maintain a robust trend in its core e-commerce business while benefiting from its leading position in the AI-driven cloud market [1]