Market Performance - The US stock market showed mixed results on July 18, with the Nasdaq rising by 0.05% to reach a new historical high, marking five consecutive weeks of gains [1][4] - The Dow Jones Industrial Average fell by 0.32%, while the S&P 500 saw a slight decrease of 0.01% [4] - The Nasdaq China Golden Dragon Index increased by 0.6%, with an intraday rise exceeding 2% [1][8] Notable Stocks - Popular Chinese concept stocks mostly rose, with significant gains including a 31% increase for Linklogis and over 8% for Hesai Technology [8] - Tesla's stock rose by over 3%, while Nvidia reached a new historical high during the day but closed down by 0.34% [5][6] Commodity Market - International precious metal futures generally rose, with COMEX gold futures up by 0.30% to $3355.5 per ounce, and COMEX silver futures up by 0.32% to $38.425 per ounce [2][13] - The week saw a cumulative decline in gold prices of 0.25% and a 1.36% decline in silver prices [13] Economic Insights - Citic Securities indicated that the US dollar lacks a strong basis for long-term appreciation, with a continuing trend of "de-dollarization" and a rising preference for non-US assets [11] - The outlook for gold prices may follow a "stair-step" upward pattern due to increasing expectations for interest rate cuts and growing uncertainties in the global economic and political landscape [13]

Group 1: Shipping Industry - The shipping industry is expected to see a divergence in freight rates, with crude oil rates softening while refined oil rates are recovering, indicating a potential bottoming out of oil shipping rates during the summer [1] - The current supply-demand dynamics suggest that marginal changes in demand could have a multiplier effect on freight rates, leading to a recommendation for companies like COSCO Shipping Energy and China Merchants Energy [1] - The container shipping sector is facing pressure on profitability due to ongoing tariff policies and a subdued economic outlook in Europe and the US, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][2] Group 2: Aviation Industry - The aviation sector has entered the peak summer travel season, with domestic flight volumes increasing by 3.1% compared to the previous week, and overall flight volumes reaching 112.3% of 2019 levels [2] - The average ticket price for domestic routes has decreased by 6.6% year-on-year, while the passenger load factor has improved by 1.4 percentage points to 84.1% [2] - Investment recommendations include closely tracking ticket price performance during the summer peak and considering opportunities in airlines such as Air China, China Eastern Airlines, and Spring Airlines [2][5] Group 3: Express Delivery Industry - The "anti-involution" policy released on July 1 aims to curb excessive competition in the express delivery sector, which is currently characterized by severe price competition [3] - The introduction of unmanned logistics vehicles is expected to significantly reduce costs for leading companies like SF Express and ZTO Express, with potential cost savings of approximately 2000 yuan per vehicle per month for SF Express [3][4] - Investment recommendations focus on SF Express due to its strong recovery in revenue growth and cost-saving measures, while also monitoring ZTO Express and Yunda Holdings for potential opportunities [3][5][6] Group 4: Overall Investment Recommendations - The report suggests focusing on domestic demand and high-dividend sectors, recommending companies with stable operations and controllable risks, including SF Express, ZTO Express, and China Southern Airlines [5] - The express delivery sector is projected to maintain a growth rate of 21.5% for the year, driven by strong demand from e-commerce platforms [6] - The report emphasizes the importance of monitoring price changes and the stability of franchisees in the express delivery industry to capitalize on the effects of the "anti-involution" policy [6]

Fixed Income - Credit spreads are expected to have further compression potential, with most industries showing a slight decrease in credit spreads except for the AA agricultural sector which saw a minor increase of 3 basis points [2][6][8] - The yield on 3-5 year perpetual bonds may gradually approach the interest rates of major banks' 3-5 year fixed deposits, indicating that credit spreads may still have room for compression [2][8] Transportation - The State Post Bureau opposes "involution" competition in the express delivery industry, which may lead to high-quality development opportunities [10][11] - Major express companies like Zhongtong, Yuantong, Yunda, and Shentong have seen a decline in single ticket revenue year-on-year, with decreases of -7.8%, -6.4%, -10.1%, and -6.2% respectively in Q1 2025 [11] Media - The upcoming mid-year report disclosures may present trading opportunities, with high-frequency data expected to maintain an upward trend if no turning points are observed [28] - The gaming sector is highlighted, with major titles from companies like Tencent and Giant Network performing well in the market, indicating potential for value reassessment [30][34] North Exchange - The cultural and IP economy is thriving, with the market size of the national trend economy reaching 2.05 trillion yuan in 2023 and expected to exceed 3 trillion yuan by 2028 [23][24] - The Chinese trend toy market is projected to achieve a compound annual growth rate of 35.11% from 2020 to 2024, surpassing the global average [24] Pharmaceutical - The pharmaceutical index rose by 1.82%, with innovative drug companies showing strong performance, indicating a positive outlook for the sector [6][19] - Business development (BD) transactions are expected to become a regular source of income and profit for traditional pharmaceutical companies, enhancing their international revenue share [19] Overall Market Data - The Shanghai Composite Index closed at 3,519.65, reflecting a year-to-date increase of 7.88% [3] - The North Exchange consumption service sector saw a median stock price change of +1.29%, with 25 companies experiencing increases [25]

当地时间7月10日，美股三大指数均小幅收涨。 纳斯达克指数、标普500指数创历史新高。 （图片来源：东方财富APP，统计截至2025/7/10，不作投资推荐） 美国大型科技股涨跌不一。截至收盘，万得美国科技七巨头指数涨0.42%。成分股中，特斯 拉涨超4.7%，股价升至300美元上方。 消息面上，特斯拉CEO埃隆·马斯克当地时间周四在社交平台透露，xAI的聊天机器人"Grok 4"将最晚于下周登陆特斯拉汽车。此外，马斯克当地时间周三透露，公司自动驾驶出租车服 务有望在"一两个月内"扩展至旧金山湾区，具体时间需视监管审批进度而定。 | 六米 | 成分 资讯 | 相关基金 | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 ◆ | | | 特斯拉(TESLA) | 309.870 | 4.73% | 13.99 | | TSLA.O | | | | | 英伟达(NVIDIA) NVDA.O | 164.100 | 0.75% | 1.22 | | 苹果(APPLE) AAPL.O | 212.410 | 0.60% | 1.27 | | 谷歌(ALPHABET)· | 17 ...

Market Overview - The Hang Seng Index closed at 24,028, up 0.57% for the day and 19.78% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.83% to 8,668, with a year-to-date increase of 18.91%[3] - The Hang Seng Tech Index fell 0.29% to 5,217, with a year-to-date increase of 16.75%[3] Capital Flows - Southbound capital recorded a net inflow of HKD 2.902 billion[9] Sector Performance - Major tech stocks generally declined, with Xiaomi, Meituan, Tencent, JD.com, and Baidu all falling, while Alibaba saw a slight increase[9] - Real estate stocks performed strongly, with China Oceanwide Holdings surging over 27% and Longfor Group rising nearly 21% due to debt restructuring progress[9] - Financial stocks also rose, with Zhengzhou Bank and Sunshine Insurance both increasing over 6%[9] U.S. Market Performance - The Dow Jones Industrial Average rose 0.43% to 44,651, while the S&P 500 increased by 0.27% to 6,280, both breaking previous highs[9] - The Nasdaq Composite gained 0.09% to 20,631, marking two consecutive days of record highs[9] Cryptocurrency Trends - Bitcoin surpassed USD 117,000, setting a new record, with cryptocurrency-related stocks also performing well[9] Japanese Market Insights - The Nikkei 225 index fell 0.4% to 39,821, ending a two-day rally due to concerns over U.S.-Japan tariff negotiations and upcoming elections[13] - The 20-year Japanese government bond auction saw lower demand, indicating market concerns over rising debt levels[13]

Group 1 - The basic pension for retirees will be increased by 2% starting from January 1, 2025, considering factors such as price changes and wage growth [2] - The Ministry of Commerce has initiated a special action to combat the smuggling and export of strategic minerals, including antimony and gallium, to prevent illegal outflows [5] - The Ministry of Finance has issued a notice regarding government procurement measures for medical devices imported from the EU, excluding EU companies from projects over 45 million RMB [6] Group 2 - In the first half of 2025, China achieved significant breakthroughs in mineral exploration, discovering 38 new mineral sites, with continued growth in non-oil and gas mineral exploration investment [8] - The automotive industry in China saw production and sales exceed 15 million units for the first time in the first half of 2025, with new energy vehicles accounting for 44.3% of total new car sales [10] - The Beijing government is supporting the expansion of trading product types in securities markets and encouraging companies to increase dividend rates [11] Group 3 - The Shanghai Disney Resort has halted offline sales of certain products due to excessive markups by resellers, indicating a move to regulate the market [22] - TikTok has denied reports of developing a separate application for U.S. users, emphasizing that the claims are inaccurate [23] - Institutional investors sold 19 stocks while buying into Jingao Technology with a net purchase of 132.39 million RMB on July 10 [25][26]

Economic Indicators - San Francisco Fed President Daly considers implementing interest rate cuts in the fall, believing there will be two rate cuts this year [2] - The U.S. Commerce Secretary will visit Japan next week, indicating ongoing trade discussions [2] - The U.S. Treasury announced that government procurement projects for medical devices over 45 million RMB should exclude EU companies [2] Market Performance - The U.S. stock market saw slight gains, with the Dow Jones up 0.43%, Nasdaq up 0.09%, and S&P 500 up 0.27%, with both Nasdaq and S&P 500 reaching historical highs [3] - In the Hong Kong market, the Hang Seng Index rose 0.57%, while the Hang Seng Tech Index fell 0.29% [4] - A-shares showed mixed results, with the Shanghai Composite Index up 0.48% and the Shenzhen Component up 0.47% [4] Commodity Prices - WTI crude oil fell 2.1% to $65.78 per barrel, while Brent crude oil dropped 1.90% to $68.15 per barrel [7] - Spot gold rose 0.32% to $3324.43 per ounce, and spot silver increased by 1.7% to $36.98 per ounce [7] Cryptocurrency Developments - Bitcoin surpassed $117,000, marking a daily increase of over 4%, while Ethereum rose over 8%, crossing the $3,000 mark for the first time since early February [5]

金十数据7月11日讯，美股周四收盘，道指初步收涨0.4%、纳指涨0.09%，标普500指数涨0.27%，后两 者盘中均创出历史新高。特斯拉(TSLA.O)涨4.7%，英伟达(NVDA.O)涨近1%，收盘市值达4万亿美元。 纳斯达克中国金龙指数收涨0.9%，中通快递(ZTO.N)涨9%。 美股收盘：三大股指小幅收涨 特斯拉涨近5% ...

智通财经7月10日电，中通快递美股涨超9%。国家邮政局党组召开会议强调，完善邮政快递领域市场制 度规则，旗帜鲜明反对"内卷式"竞争。 ...

Market Overview - A-shares rose again on July 10, with the Shanghai Composite Index surpassing 3500 points, reaching a new high for the year, closing up 0.48% at 3509.68 points [1] - The Shenzhen Component Index and the ChiNext Index also saw gains, with the former up 0.47% and the latter up 0.22% [1] - Over 2900 stocks in the market were in the green, with significant contributions from the financial and real estate sectors [1] Financial Sector Performance - The brokerage sector showed strong performance, with Zhongyin Securities hitting the daily limit, and other firms like Hongta Securities and Northeast Securities also seeing gains [3][4] - Major banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, reached new highs, with the banking sector overall showing robust growth [6][7] Real Estate Sector Activity - The real estate sector experienced a significant rise, with companies like Debi Group and Tiefa Service seeing gains of over 10% [7][8] - The Ministry of Housing and Urban-Rural Development emphasized the importance of stabilizing the real estate market and implementing effective policies to promote healthy development [7][9] Organic Silicon Sector Growth - The organic silicon sector surged, with companies like Silica Treasure Technology and Hongbo New Materials hitting their daily limits [10][11] - Recent price increases in silicon wafers, with rises between 8% and 11.7%, are expected to improve the performance of silicon wafer manufacturers [10][12] Investment Opportunities - The expansion of the "Southbound Bond Connect" to include more domestic investors is anticipated to enhance investment flexibility and yield for non-bank financial institutions [5][6] - The focus on high-quality residential development is expected to create opportunities in the housing market, aligning with government policies aimed at stabilizing the market [9]