Group 1 - The core viewpoint of the news is that small-cap stocks are experiencing strong performance in 2023, driven by improved market sentiment and supportive government policies for specialized and innovative enterprises [1] - The China Securities 2000 Enhanced ETF (159552) has seen a significant increase in net inflows, with a year-to-date growth of 746.75% in scale and a cumulative increase of 30.70% since the beginning of the year [1][2] - Analysts attribute the strong performance of small-cap stocks to two main factors: improved market conditions post "924 market" and government support for specialized and innovative companies, which enhances the growth potential of small-cap stocks [1] Group 2 - The China Securities 2000 Enhanced ETF tracks the performance of small-cap stocks in the A-share market, aiming to achieve excess alpha while maintaining a high utilization of funds compared to traditional index-enhanced funds [2] - The ETF has shown a net inflow of 4,304 million CNY over the last 5 days, with a net inflow rate of 47.10%, indicating strong investor interest [3] - The ETF's trading efficiency is highlighted by lower transaction costs in the secondary market compared to traditional index-enhanced funds, making it an effective investment tool for investors [2]

截至本招股说明书签署日，黄启君直接持有公司33.33%的股份；通过长通投资、长盈投资、长富投资和长颐投资间接持有公司1.89%的股份，合计持有公司 35.22%股份。黄启君是长通投资、长盈投资和长富投资唯一执行事务合伙人，通过长通投资、长盈投资和长富投资控制公司12.69%的股份。因此，黄启君 合计控制公司46.02%的股份，为公司控股股东。 本次IPO，长鹰硬科拟募集资金3.59亿元，将用于年产1800吨高端硬质合金制品项目、研发中心建设项目。 招股书显示，长鹰硬科是一家专业从事硬质合金产品研发、生产及销售的高新技术企业。根据中国钨业协会的统计数据，2022年至2024年，公司硬质合金产 量的行业排名均位居国内第5名。近年来，公司被工业和信息化部认定为国家级"专精特新'小巨人'"。 业绩方面，2022年至2024年，长鹰硬科营业收入分别为8.22亿元、8.81亿元、9.72亿元，净利润分别为8405.18万元、7418.04万元、6359.72万元，毛利率分别 为22.96%、22.07%、19.55%。 | 项目 | 2024年12月31日 | 20 | | --- | --- | --- | | | / ...

Industry Insights - Jiangsu's power grid reached a historical peak load of 152 million kilowatts for the third time this year, with 93 new energy storage stations contributing a maximum discharge power of 7.14 million kilowatts during peak hours, marking the largest centralized utilization of new energy storage in China [1] - The global new ship orders have decreased by 54% year-on-year, with the Clarkson newbuilding price index down by 1% [4] - As of June 2025, China's foreign exchange reserves increased by $32.2 billion to $3317.4 billion, reflecting a 0.98% rise, while gold reserves rose by 70,000 ounces, marking the eighth consecutive month of increase [5] - The bond ETF market has seen significant growth, with the latest issuance of 10 technology innovation bond ETFs raising approximately $30 billion in a single day, pushing the total bond ETF market size to over $400 billion [5] Company Developments - Tongxingbao is developing a series of products under the "Su Super" IP, including merchandise related to the Jiangsu provincial football league, with production expected to launch in July [6] - Beijing Pop Mart Culture and Creative Co., Ltd. has applied for the "Lafufu" trademark as a defensive measure against copyright infringement related to its "Labubu" product line [6]

Market Overview - On July 3, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively. The total trading volume in the Shanghai and Shenzhen markets was approximately 14,285.58 billion yuan, an increase of about 1,188.01 billion yuan compared to the previous trading day [1] - Hong Kong stocks also declined, with the Hang Seng Index down by 0.12% to 23,887.83 points, and a total trading volume of 1,937.9 billion HKD. The Hang Seng Tech Index, however, rose by 0.25% [1] - U.S. stock markets experienced a collective decline, with the Dow Jones down by 0.94% to 44,406.36 points, the S&P 500 down by 0.79% to 6,229.98 points, and the Nasdaq Composite down by 0.92% to 20,412.52 points [1] New Stock Listings - Yitang Co., Ltd. is set to list on the Sci-Tech Innovation Board on July 8, 2025, with an issue price of 8.45 yuan per share and a price-to-earnings ratio of 51.55 times. The company specializes in the research, production, and sales of wafer processing equipment required for integrated circuit manufacturing, providing solutions for global chip manufacturers [3] Important News - The Shenzhen Stock Exchange announced the upcoming release of the Shenzhen Specialized and New Index and the ChiNext Specialized and New Index on July 21, 2025. These indices will be weighted by free float market capitalization and will undergo periodic adjustments every June and December [4] - Changxin Storage, a domestic DRAM memory chip manufacturer, has initiated its listing guidance with China International Capital Corporation and CITIC Securities as advisory institutions. The company was established in 2016 and focuses on the research, design, production, and sales of DRAM products [5] - The Hong Kong Stock Exchange reported that the monthly trading volume of the Swap Connect reached 3,800 billion yuan in May 2025, a 660% increase from the initial month. The number of offshore investors participating has also grown from 22 to over 80 by the first quarter of 2025 [5]

2. 中国人民银行7月7日披露数据显示，中国6月末黄金储备报7390万盎司，环比增加7万 盎司，这是中国人民银行连续第8个月增持黄金。 3. 7月7日，深圳市防范和打击非法金融活动专责小组办公室（"专责小组"）就稳定币涉 及的相关风险发出风险提示。 宏观消息 今日导读 1. 7月7日，上交所与中证指数公司共同宣布，将于7月21日正式发布上证科创板专精特 新指数、上证专精特新指数、中证专精特新100指数。同日，深交所和全资子公司深证信 息宣布，将于7月21日发布深证专精特新指数、创业板专精特新指数。 1、 国家发展改革委办公厅等四部门发布关于促进大功率充电设施科学规划建设的通知，其中提出，结 合当地经济发展水平、新能源汽车推广力度和电力资源分布，以即充即走场景为重点，因地制宜、适度 超前、科学合理做好大功率充电设施发展布局。省级牵头负责充电设施发展的部门要会同其他相关部门 在充电网络规划中合理确定大功率充电设施发展目标和建设任务，根据需要适时制定大功率充电设施专 项规划，联合交通运输主管部门等优先明确高速公路服务区场景下的建设计划，率先对重大节假日期间 利用率超过40%的充电设施实施大功率改造。规划编制要遵循市 ...

重要消息 央行连续8个月增持黄金 A股将发布专精特新系列指数 国家发展改革委办公厅等四部门发布《关于促进大功率充电设施科学规划建设的通知》 特朗普签署行政命令，将"对等关税"暂缓期延长至8月1日 特朗普发信函给日韩及南非等14国威胁征税，最高税率40% 重要的消息有哪些 1．外交部发言人毛宁主持7月7日例行记者会。会上有外媒记者提问称：金砖国家峰会将于当天闭幕，此 前美国总统特朗普批评金砖国家推行"反美政策"，并威胁对其成员国加征10%的新关税，请问中方对此有 何评论？毛宁对此表示，金砖机制是新兴市场和发展中国家合作的重要平台，倡导开放包容、合作共赢， 不搞阵营对抗，不针对任何国家。关于加征关税，中方已经多次阐明了立场，贸易战、关税战没有赢家， 保护主义没有出路。 2．国家发展改革委办公厅等四部门发布《关于促进大功率充电设施科学规划建设的通知》，其中提出， 结合当地经济发展水平、新能源汽车推广力度和电力资源分布，以即充即走场景为重点，因地制宜、适度 超前、科学合理做好大功率充电设施发展布局。到2027年底，力争全国范围内大功率充电设施超过10万 台，服务品质和技术应用实现迭代升级。 3．中国6月末外汇储备3. ...

Group 1: Trade and Tariffs - The U.S. President Trump signed an executive order extending the "reciprocal tariffs" delay until August 1, 2025, after initially announcing high tariffs on certain trade partners [2] - Trump announced a 25% tariff on all products imported from Japan and South Korea starting August 1, 2025, stating that this rate is still below what is needed to eliminate the trade deficit with these countries [2] - The U.S. is in discussions regarding the acquisition of TikTok's U.S. operations, with Trump indicating that a deal is "basically reached" but may still require approval from China [2][3] Group 2: Central Bank and Gold Reserves - The People's Bank of China increased its gold reserves to 7.39 million ounces (approximately 2298.55 tons) as of the end of June, marking the eighth consecutive month of increases [4] - A survey by the World Gold Council indicated that 95% of central banks expect to continue increasing their gold reserves in the next 12 months, the highest percentage since the survey began in 2019 [4] Group 3: Pension Fund Investments - A German pension fund, KZVK, has entrusted its investment in China to Franklin Templeton's Hong Kong subsidiary, with an initial investment of $50 million [7] - The investment will cover Chinese stocks, including those listed in Hong Kong, mainland China, and U.S.-listed Chinese companies [7] Group 4: Financial Market Trends - A price war in business loans is emerging among banks, with many lowering interest rates below 3%, while smaller banks struggle to keep up [8] - Insurance companies have made 20 equity stakes in listed companies this year, matching the total for the previous year, driven by a low-interest environment and policy guidance [11] Group 5: Charging Infrastructure - The National Development and Reform Commission announced plans to enhance the layout of high-power charging infrastructure, aiming for over 100,000 high-power charging stations by the end of 2027 [9][10] Group 6: Semiconductor Industry - Changxin Technology, a leading Chinese memory chip manufacturer, has accepted guidance for its IPO, with the first major shareholder holding 21.67% of the company [13][14] Group 7: Stock Market Performance - A-shares showed mixed performance on July 7, with the Shanghai Composite Index closing at 3473.13 points, a slight increase of 0.02% [17] - The Hong Kong stock market experienced a rebound, with the Hang Seng Technology Index rising by 0.25% [17] Group 8: Corporate Earnings - Industrial Fulian expects a net profit increase of approximately 50% for the second quarter [20] - Several companies, including RISC-V and Li Er Chemical, project significant year-on-year profit increases, with some expecting up to 460.7% growth [21]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 专项债发行进度近 50% ——政府债周报（7/6） 报告要点 [Table_Summary] 6 月 30 日-7 月 6 日地方债共发行 721.39 亿元。其中新增债 574.32 亿元（新增一般债 66.00 亿元，新增专项债 508.22 亿元），再融资债 147.07 亿元（再融资一般债 146.37 亿元，再融 资专项债 0.7 亿元）。 截至 7 月 6 日，今年地方债共计发行 55077.46 亿元，其中新增债 26155.54 亿元（新增一般债 4520.17 亿元，新增专项债 21635.37 亿元），再融资债 28921.92 亿元（再融资一般债 7419.17 亿元，再融资专项债 21502.75 亿元）。 分析师及联系人 [Table_Author] SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 赵增辉 赖逸儒 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 专项债发行进度 ...

1 、 美国总统特朗普威胁对金砖国家加征 10% 新关税。 外交部对此回应称，金砖机制是新兴市场和发展中国家合作的重要平台，倡导 开放包容、合作共赢，不搞阵营对抗，不针对任何国家。关于加征关税，中方已经多次阐明了立场，贸易战、关税战没有赢家，保护主 义没有出路。 2 、 美国总统特朗普接连在社媒上公布其对多个国家发出的关税信函，截至目前，其已对 14 个国家发出最新的关税税率威胁。 其中日 本、韩国、哈萨克斯坦、马来西亚和突尼斯面临 25% 的关税税率；南非、波斯尼亚税率为 30% ；印尼税率为 32% ；孟加拉国和塞尔 维亚 税率 为 35% ；泰国和柬埔寨税率为 36% ；老挝和缅甸税率为 40% 。上述关税将于 8 月 1 日生效。此前，美国白宫表示， 特朗 普将签署行政令，把关税谈判截止日期推迟至 8 月 1 日。 3 、 央行数据显示，截至 6 月末，我国黄金储备规模 7390 万盎司，较 5 月末增加 7 万盎司，为连续第 8 个月增持黄金。 国家外汇局 披露，截至 6 月末，我国外汇储备规模为 33174 亿美元，较 5 月末上升 322 亿美元，已连续 19 个月稳定在 3.2 万亿美元以上。 ...

证券之星消息，根据天眼查APP数据显示纽威数控（688697）新获得一项实用新型专利授权，专利名 为"一种刹车锁紧机构"，专利申请号为CN202421842341.9，授权日为2025年7月8日。 专利摘要：本实用新型提供一种刹车锁紧机构，包括缸体、活塞、定子固定盘以及刹车片，活塞活动设 置在所述缸体内，所述活塞与所述缸体之间设有弹性件；定子固定盘与所述缸体连接，所述定子固定盘 上设有抵接部以及油路，所述油路出口与所述活塞之间设有油腔；刹车片与芯轴连接，所述刹车片设于 所述活塞与所述抵接部之间；所述活塞具有刹车状态和解锁状态；在刹车状态，所述活塞受所述弹性件 弹性力驱动向所述抵接部方向运动直至与所述抵接部夹紧所述刹车片；在解锁状态，所述油路进油推动 活塞克服所述弹性力松开所述刹车片。弹性件为碟簧，用碟簧反应快、输出力高等优点有效减少五轴摇 篮转台在断电、急停情况下的偏摆角度，降低了锁紧机构的综合成本。 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 今年以来纽威数控新获得专利授权35个，较去年同期增加了105 ...