Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Group 1 - The Shanghai Composite Index is at 3463.25 points, above the annual line, with a change of 0.06% [1] - A total trading volume of A-shares today is 6235.95 billion yuan [1] - 20 A-shares have broken through the annual line, with notable stocks including Aima Technology, *ST Sunshine, and Qingdao Port, showing divergence rates of 1.97%, 0.84%, and 0.65% respectively [1] Group 2 - The stocks with the highest divergence rates from the annual line include: - Aima Technology (603529) with a price increase of 3.31% and a divergence rate of 1.97% [1] - *ST Sunshine (000608) with a price increase of 1.03% and a divergence rate of 0.84% [1] - Qingdao Port (601298) with a price increase of 0.80% and a divergence rate of 0.65% [1] - Other stocks that have just crossed the annual line include: - Jinghu High-speed Railway (601816) with a price increase of 0.35% and a divergence rate of 0.01% [2] - Tiankang Biological (002100) with a price increase of 0.32% and a divergence rate of 0.10% [2]

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

+0.05(+0.91%) +0.10(+1.18%) +0.05(+1.20%) 保险 中国太保 中国平安 中国人保 01 3851.91亿市值 3598.97亿市值 10143.10亿市值 5.37亿成交额 19.62亿成交额 6.12亿成交额 55.70 8.71 37.41 -0.10(-0.27%) +0.22(+0.40%) 0.00(0.00%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17650.84亿市值 2127.86亿市值 4604.75亿市值 27.94亿成交额 9.82亿成交额 14.49亿成交额 174.42 118.63 1405.10 -0.27(-0.23%) -4.42(-0.31%) -1.97(-1.12%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2369.53亿市值 3172.72亿市值 2355.31亿市值 11.51亿成交额 59.25亿成交额 26.84亿成交额 443.30 136.50 563.00 +1.09(+0.25%) -38.50(-6.40%) -4.79(-3.39%) 汽车整车 铁路公路 长城汽车 比亚迪 京沪高铁 2803.44 ...

2025 年利率债市场预计窄幅震荡，央行收紧政策可能性低，收益空间 有限，整体持中性观点，不看空但向上空间亦受限。 信用债市场方面，信用利差预计进一步压缩，机构或寻求信用下沉以获 取更高收益。理财规模增长和存款利率下调将推动理财规模显著增长， 利好中低评级信用债。 保险次级债市场规模相对较小，但较高利差提供投资机会。未来投资者 结构可能偏向市场化机构，增加交易量和市场认可度。风险评估应侧重 国有大型保险公司，关注寿险公司的利差损风险。 保险次级债期限结构以 5+N 为主，需关注中小型保险公司资本补充债 的不赎回风险。建议关注收益率在 2.5%以上的长久期保险刺激债，如 华泰人寿和阳光人寿的相关产品。 城投点心债提供高收益且无汇率风险，境外城投点心债收益可达 5- 6%，远高于境内。建议有 QD 额度的投资者通过香港购买，以获取更高 性价比。 摘要 债市周周谈：哪些保险次级债值得关注？20260629 Q&A 当前债市的货币政策委员会例会有哪些最新信息？对债市的影响如何？ 最新的货币政策委员会例会未提供太多增量信息，核心是删除了择机降准降息 的表述。短期内央行进一步宽松的可能性不大，但也不太可能收紧，除非 10 ...

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...

东及董事、监事、高级管理人员减持股份》等有关法律法规、规 范性文件和公司章程的规定。 证券代码：601816 证券简称：京沪高铁 公告编号：2025-030 京沪高速铁路股份有限公司 关于持股 5%以上股东权益变动实施完成 的提示性公告 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。 重要内容提示： ?本次权益变动的实施符合《上市公司股东减持 股份管理暂 《上海证券交易所上市公司自律监管指引第 15 号——股 行办法》 三、持股合并计算承诺 本次交易系京沪计划各受益人通过大宗交易直接持有公司股 份，股份过出方和过入方承诺本次交易执行完成后，对本交易涉 及的持股数量进行合并计算，共同遵守《上市公司股东减持股份 ?本次权益变动事项已按照相关规定进行了预先披露，本次 权益变动的实施情况与此前已披露的权益变动计划一致，不存在 违规的情况。 ?本次权益变动不会导致公司控制权发生变更，亦不会对公 司经营产生不利影响。 近日，京沪高速铁路股份有限公司（以下简称公司）收到股 东平安资管－建设银行－京沪高铁股权投资计划（以下简称京沪 计划）受 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-030 京沪高速铁路股份有限公司 关于持股 5%以上股东权益变动实施完成 的提示性公告 本次权益变动不会导致公司控制权发生变更，亦不会对公 司经营产生不利影响。 近日，京沪高速铁路股份有限公司（以下简称公司）收到股 1 东平安资管－建设银行－京沪高铁股权投资计划（以下简称京沪 计划）受托人平安资产管理有限责任公司（以下简称平安资管） 的通知，京沪计划的受益人已于 2025 年 6 月 16 日通过权益变动 的方式将其在京沪计划间接持有的京沪高铁公司股份转为直接持 有。具体情况如下。 一、本次权益变动的基本情况 为维护受益人利益，平安资管作为京沪计划受托人，拟以大 宗交易方式将平安人寿、太保人寿通过京沪计划间接持有的公司 股份分别交易至平安人寿、太保人寿的证券账户中，即由平安人 寿、太保人寿直接持有公司股份。公司已于 2024 年 8 月 3 日就上 述事项发布《公司关于持股 5%以上股东权益变动的提示性公告》 （公告编号 2024-026）。 截至 2025 年 6 月 16 日，上述权益变动已实施完毕。本次交 易的股份过出方、过入方之间的股份变 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with the banking and insurance sectors continuing to rise in the afternoon, while the consumer electronics sector experienced divergent trends [1][7]. Banking and Insurance Sector - Major banks and insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 376.78 billion, 340.36 billion, and 996.83 billion respectively, with trading volumes of 7.95 million, 46.06 million, and 6.95 million [3]. - The insurance sector saw positive changes with Ping An Insurance increasing by 1.54 (+2.89%) and China Life Insurance by 0.14 (+1.67%) [3]. Consumer Electronics Sector - The consumer electronics sector displayed mixed results, with companies like Industrial Fulian and Luxshare Precision reporting market capitalizations of 408.89 billion and 240.74 billion respectively, and trading volumes of 39.50 million and 10.37 million [4]. - Industrial Fulian's stock decreased by 0.22 (-1.06%), while Luxshare Precision increased by 0.18 (+0.35%) [4]. Alcohol Industry - The alcohol sector, represented by Kweichow Moutai and Wuliangye, showed strong market capitalizations of 1,794.68 billion and 223.79 billion respectively, with trading volumes of 49.91 million and 21.95 million [3]. - Kweichow Moutai's stock increased by 2.66 (+0.19%), while Wuliangye rose by 6.84 (+3.87%) [3]. Semiconductor Sector - The semiconductor industry, including companies like North Huachuang and Cambrian, reported market capitalizations of 227.97 billion and 310.30 billion respectively, with trading volumes of 14.35 million and 21.38 million [3]. - North Huachuang's stock increased by 3.21 (+0.76%), while Cambrian's stock decreased by 8.11 (-1.39%) [3]. Automotive Sector - The automotive sector, featuring Great Wall Motors and BYD, had market capitalizations of 179.31 billion and 1,869.56 billion respectively, with trading volumes of 25.08 million and 3.83 million [3]. - Great Wall Motors' stock decreased by 0.25 (-0.07%), while BYD's stock decreased by 0.16 (-0.76%) [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, reported market capitalizations of 1,676.47 billion and 1,095.42 billion respectively, with trading volumes of 12.62 million and 8.75 million [3]. - China Petroleum's stock increased by 0.21 (+1.30%), while China Shenhua's stock decreased by 1.84 (-0.76%) [3].

Group 1: Market Overview - The FTSE China A50 Index components showed a rebound in banking, insurance, and liquor sectors, while the power sector continued to adjust [1][4][5] - Major insurance companies like China Pacific Insurance, China Life Insurance, and Ping An Insurance reported market capitalizations of 378.55 billion, 342.10 billion, and 994.83 billion respectively, with trading volumes of 4.88 million, 24.23 million, and 3.99 million [4] - The liquor industry, led by Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, had market capitalizations of 1807.87 billion, 225.39 billion, and 463.74 billion respectively, with trading volumes of 27.96 million, 15.85 million, and 20.97 million [4] Group 2: Sector Performance - The semiconductor sector, including companies like Northern Huachuang and Cambrian, had market capitalizations of 226.75 billion and 240.86 billion respectively, with trading volumes of 7.87 million and 14.31 million [4] - In the automotive sector, Great Wall Motors and BYD reported market capitalizations of 281.32 billion and 1874.12 billion respectively, with trading volumes of 13.90 million and 1.60 million [4] - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 746.53 billion and 329.67 billion respectively, with trading volumes of 9.73 million and 16.36 million [5] Group 3: Notable Companies - China Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 193.12 billion and 1095.10 billion respectively, with trading volumes of 4.57 million and 18.81 million [4] - In the food and beverage sector, companies like Citic Securities and Haitai Flavor reported market capitalizations of 385.04 billion and 325.62 billion respectively, with trading volumes of 5.48 million and 3.31 million [5] - The electronics sector, including companies like Industrial Fulian and Luxshare Precision, had market capitalizations of 342.13 billion and 409.89 billion respectively, with trading volumes of 5.39 million and 23.98 million [5]