"大而美"法案再度传来重大进展！ 刚刚，有消息传来，特朗普"大而美"法案在美国众议院程序性投票中获通过。众议院的一群共和党反对者转而支持总统唐纳德·特朗普，并同意让他的议程进入众议 院。 据CNN消息，众议院的一群共和党反对者转而支持特朗普，并同意让他的议程进入众议院——在几天前威胁阻止该法案进行最终投票之后，他们改变了主意。 其中包括一些众议院强硬派，他们抱怨该计划将在未来十年增加3.3 万亿美元的赤字，还有一些倾向温和的议员担心医疗补助削减。 众议院扫清了一个关键的程序障碍，并于周四凌晨投票通过了该法案。此前，共和党领导人为扭转反对票并赢得关键反对者的支持，将有关该法案辩论规则的投票 搁置了一段时间。 共和党领导人相信，一旦进入全体投票阶段，他们将获得足够票数，真正通过特朗普的巨额减税和削减开支方案，但这目前尚不确定。预计最终方案将于周四上午 晚些时候辩论后通过，但具体时间仍不确定。 在此之前，有五位共和党人投了反对票，但由于众议院议长迈克·约翰逊投票决定"尽可能长时间地"保持投票开放，共和党领导人努力争取反对者的支持，似乎让共 和党的反对者有了回心转意的动作。 重大进展 据三位知情人士透露，数周以来，特 ...

Key Insights - The report indicates that the A-share market is expected to experience a seasonal rebound in July, driven by policy and performance factors, with a stable upward trend anticipated [3][2][1] - The focus for July is on three main lines: consumption, technology, and dividends, with growth sectors like technology expected to have good development prospects and investment opportunities [3][2][1] - The construction industry is seeing a recovery in activity, with a business activity index of 52.8% in June, indicating expansion, while fixed asset investment growth is slowing [5][6] - Infrastructure investment remains high, with broad infrastructure investment growth at 10.44% year-on-year for the first five months of the year, although narrow infrastructure investment growth is at 5.6% [6][9] - The real estate sector is under pressure, with a 10.7% year-on-year decline in development investment for the first five months, but policy measures are expected to improve market confidence [7][9] - The floating rate bond market is developing, with a current market size of approximately 495.9 billion yuan, accounting for about 0.3% of the total bond market [13][12] - The banking sector is benefiting from a supportive monetary policy environment, with expectations of continued easing and structural policy tools to support key areas like technology and consumption [20][21][23]

从基本面的角度来看，2025年也有望成为国内创新药在财报角度实现盈利拐点的年份，这有望让估值逻 辑获得更强支撑。从现金流的角度来看，管线BD首付款为很多创新药公司提供了更好的现金流。国内 的创新药企逐步验证了其商业模式的可持续性和自我造血的能力，减少对于外部融资的依赖。随着出海 愈加频繁，潜在商业化能力逐步增强，共同驱动了本轮创新药估值的修复。 从今年2月下旬到3月初，随着医保支持创新药高质量发展的若干意见和丙类目录商保落地的政策预期增 强，板块得到修复，后面随着CSCO等重磅学术会议的临床数据催化、部分公司报表端提前扭亏的预期 以及国内药企海外授权在金额和数量上创出新高，持续催化了创新药板块整体的行情，最终迎来爆发。 本轮创新药行情的核心驱动力是什么？我们觉得最重要的因素之一就是对外BD进入爆发期，推动估值 提升和情绪高涨。而且近期BD形式与以往有了比较大的变化。首先BD交易从传统的license out延伸到 了NewCo的模式，最大的特点就是能够实现买卖双方更深度的绑定。其次，国内药企BD交易中的首付 款比例显著提高，金额创出新高。另一方面，从技术层面来看，中国创新药行业的研发实力也有显著提 升，中国原 ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL. | | | | | | 农产品研究中心 | | | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从化资格号:F3042528 | | | 2025/7/3 | | | | | | | | 纸浆价格数据 | | | | | | 2025年7月2日 | | | 日环比 | 同WAN | | | 2025年7月2日 | HMM | 目WN | | SP2601 | | 5284 | 1. 30% | -0. 30% | | 针叶浆银星 | 5900 | 0. 00% | -0. 84% | | 期货价格 | SP2507 | 5048 | 0. 76% | -0. 24% | 现货价 | 针叶浆俄针 | 5120 | 0. 00% | 0. 00% | | SP2509 | | 5072 | 0. 92% | 0. 04% | | 阔叶 ...

Core Viewpoint - The company, He Shi Eye Hospital, is facing significant challenges, including a substantial decline in stock price and ongoing shareholder reduction pressures, amid a competitive landscape in the ophthalmology industry [1][3][7]. Company Summary - He Shi Eye Hospital's major shareholder, Advanced Manufacturing Industry Investment Fund, plans to reduce its holdings by up to 3.1061 million shares, representing 2% of the total share capital, marking the second attempt for a similar reduction [3]. - The company's stock price has dropped over 60% from its historical peak, closing at 21.82 yuan per share as of July 2, 2025 [1][3]. - Since its establishment in 1995, He Shi Eye Hospital has expanded from a small clinic to a group-based ophthalmology service provider, currently operating 127 service institutions as of the end of 2024 [6]. Financial Performance - In 2022, He Shi Eye Hospital reported a revenue of 9.55 billion yuan, a slight decrease of 0.74% year-on-year, with a net profit of 0.33 billion yuan, down 61.55% [7]. - The financial situation worsened in 2024, with revenue declining by 7.56% to 10.96 billion yuan and a net loss of 0.2739 billion yuan, marking a 143.11% year-on-year decline [7][8]. - Compared to competitors like Aier Eye Hospital, which maintained a revenue growth rate of around 20%, He Shi Eye Hospital has experienced negative growth since its IPO [7][9]. Industry Context - The ophthalmology market in China is undergoing significant changes, with the number of private eye hospitals increasing from 890 to 1,609 between 2019 and 2023, reflecting a compound annual growth rate of 15.4% [9]. - He Shi Eye Hospital's main business segments, including cataract, optical, and refractive services, have all faced revenue declines due to increased competition from larger players [9][10]. - The industry is also impacted by policy changes, such as the reform of medical insurance payment methods and centralized procurement of medical supplies, which have reduced procurement costs by 60% but also compressed profit margins [10].

近期证券板块迎来明显回暖态势。一二级市场同步升温为券商业绩提供强劲支撑。市场交投活跃度显著提升，股权融资规模大幅增长。券商板块有望实现业 绩与估值的双重提升。 二级市场交投热度持续攀升 股权融资市场呈现强劲复苏势头。今年上半年A股股权融资规模达7610.29亿元，同比增长超过400%。IPO项目数量为51个，较去年同期增加7个。首发募资 374亿元，同比增长15%。二季度募资达209亿元，IPO回暖趋势明显。 再融资市场表现更为突出。上半年共有76家上市公司实施定增，定增募资额约为6959.19亿元。这一数字为去年同期的7倍以上。港股市场同样活跃，5月份 港股IPO募资额超560亿港元，创近3年单月最高纪录。 债券融资业务也贡献重要增量。股权承销行业集中度进一步提升，前十券商占比突破九成。头部券商格局保持稳定且业绩实现高增长。债券承销市场集中度 持续攀升，头部券商凭借稳健增速巩固主导地位。国际业务成为券商新的增长点，头部券商围绕境内企业出海融资、跨境并购等业务积极布局海外市场。 来源：金融界 两融业务同样表现亮眼。截至7月1日，市场两融余额为18545.63亿元。相比去年同期的14811.09亿元增长约25% ...

截至2025年7月3日 13:31，中证央企创新驱动指数(000861)下跌0.13%。成分股方面涨跌互现，深南电路 (002916)领涨7.32%，光迅科技(002281)上涨2.21%，中国卫星(600118)上涨1.97%；中国海防(600764)领 跌6.09%，振华重工(600320)下跌2.69%，昊华科技(600378)下跌2.67%。央企创新驱动ETF(515900)下跌 0.14%，最新报价1.46元。拉长时间看，截至2025年7月2日，央企创新驱动ETF近1周累计上涨0.83%， 涨幅排名可比基金1/4。 流动性方面，央企创新驱动ETF盘中换手0.31%，成交1040.13万元。拉长时间看，截至7月2日，央企创 新驱动ETF近1年日均成交2831.57万元，居可比基金第一。 规模方面，央企创新驱动ETF最新规模达33.57亿元，创近1月新高，位居可比基金1/4。 截至7月2日，央企创新驱动ETF近2年净值上涨5.46%。从收益能力看，截至2025年7月2日，央企创新驱 动ETF自成立以来，最高单月回报为15.05%，最长连涨月数为5个月，最长连涨涨幅为24.91%，涨跌月 数比为37/31 ...

文 | 银行螺丝钉 （转载请注明出处） 最近市场涨涨跌跌，进入7月份，按照惯例，也更新下，2025年7月初的螺丝钉股市牛熊信号板。 这个信号板有定量和定性两部分。 长图片后面，有详细的牛熊信号板相关数据意义的介绍。 2012.12 2000 2012.1.6 2025.7.2 巴菲特指标 100% 80% 74.02% s 50% 2022.1.4 2025.7.2 注：80%以下通常代表偏低，市场比较便宜；80%-100%代表正常水平，100%以上代 表偏高，市场比较贵了。 市净率百分位 一 大盘价值 一 大盘成长 100% 60.50% 50% 47.36% 0% 2015.7 2020.1 2018.1 2022.1 2025.7.2 小盘价值 一 小盘成长 100% 64.66% 50% ¡28.38% 0% 2015.7 2018.1 2020.1 2025.7.2 市净率百分位：指当前的市净率数据,处于它历史数据里百分之多少的位置。通常 所处的历史位置越低，估值越便宜。例如百分位为0，表示创下了历史新低。 股债性价比 近5年百分位: 8.13% 一 股债性价比 一 中证全指 近10年百分位: 4. ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends [1] - It highlights the combination of fundamental and technical analysis to uncover high-growth investment opportunities [1] - The focus is on macroeconomic trends, corporate earnings, and financial statement analysis to provide actionable investment ideas [1] Group 1 - The analyst has over 20 years of experience in the field, with a strong background in model validation and regulatory finance [1] - The approach taken by the analyst and their partner is data-driven, blending rigorous risk management with a long-term perspective on value creation [1] - The article aims to deliver high-quality insights that help investors outperform the market [1]

CANADA - 2025/04/06: In this photo illustration, the UnitedHealth Group logo is seen displayed on a ... More smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images UnitedHealth’s stock (NYSE:UNH) has undergone a noticeable decline, decreasing from a peak of around $600 in April to about $275 in May, and then making a slight recovery to $325. This drop followed the company’s announcement of disappointing Q1 results, the later ...