四大证券报精华摘要：7月21日

Group 1 - The establishment of China Yajiang Group increases the number of central enterprises to 99 [1] - In the first half of the year, China saw a significant increase in foreign investment, with 30,014 new foreign-invested enterprises established, a year-on-year growth of 11.7% [2] - Over 43.77% of the 1,540 A-share companies that disclosed their semi-annual performance forecasts reported positive expectations [3] Group 2 - The scale of joint venture wealth management companies increased by over 50% in the first half of the year, reaching 188 billion yuan [4] - The issuance of sci-tech bonds exceeded 760 billion yuan since the new policy was implemented, indicating a growing market [5] - The A-share market is expected to continue its upward trend, with the main index potentially reaching new highs [6] Group 3 - Some investors in Hong Kong and U.S. stocks are considering shifting to the Hong Kong Stock Connect due to tax notifications requiring them to pay a 20% tax on overseas investment income [8] - Nearly 100 quantitative strategy funds have reached historical net asset value highs, indicating a resurgence in this investment strategy [9] - Four funds focused on innovative drugs have doubled their net value this year, despite signs of capital outflow in some products [10] Group 4 - Nine provinces in China have reported their GDP data for the first half of the year, with four central provinces outperforming the national average [11] - QDII funds are increasingly allocating assets to Hong Kong stocks, with a focus on the technology sector [12] - Foreign institutions are optimistic about Chinese assets, driven by a resilient economic outlook, with GDP growth of 5.3% in the first half of 2025 [13]