证券时报·数据宝统计，今日有10个行业主力资金净流入，21个行业主力资金净流出。资金净流入金额 最大的行业为国防军工，涨跌幅4.35%，整体换手率4.70%，成交量较前一个交易日变动13.64%，主力 资金净流量33.15亿元；今日资金净流出最大的行业为非银金融，涨跌幅-0.77%，整体换手率1.69%，成 交量较前一个交易日变动-35.15%，主力资金净流量-25.80亿元。（数据宝） 今日各行业主力资金流向一览 | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 国防军 | 50.78 | 13.64 | 4.70 | 4.35 | 33.15 | | 工 | | | | | | | 传媒 | 46.05 | 20.53 | 3.15 | 2.82 | 14.41 | | 商贸零 售 | 27.82 | -10.79 | 2.30 | 1.23 | 9.37 | | 汽车 | 55.73 | -0.31 | ...

Core Viewpoint - The Hong Kong Monetary Authority reported a 2.5% increase in total deposits of recognized institutions in May 2025, reflecting corporate fund flows [1] Group 1: Deposit Trends - Total deposits and Hong Kong dollar deposits increased by 6.7% and 7.9% respectively from the beginning of the year to the end of May [1] - Hong Kong's Renminbi deposits fell by 5.4% in May, totaling 975.6 billion Renminbi, primarily due to corporate fund flows [1] - Cross-border trade settlement in Renminbi amounted to 1,123.6 billion Renminbi in May, down from 1,362.1 billion Renminbi in April [1] Group 2: Money Supply - The Hong Kong dollar money supply M2 and M3 both rose by 3.2% in May, with year-on-year increases of 9.5% [1] - Seasonally adjusted Hong Kong dollar money supply M1 increased by 12.3% in May, with a year-on-year rise of 18.5%, partly reflecting investment-related activities [1] - Total money supply M2 and M3 both increased by 2.5% in May, with year-on-year increases of 10.7% for both M2 and M3 [1]

Group 1 - The article discusses the performance and outlook of the investment banking sector, highlighting key trends and challenges faced by companies in this industry [2][3] - It emphasizes the impact of recent economic conditions on deal-making activities, with a noted decline in mergers and acquisitions [2] - The report indicates a shift in investor sentiment, with a growing preference for more stable and less risky investment opportunities [3] Group 2 - The article provides data on the financial performance of major investment banks, noting a year-over-year decrease in revenue by approximately 15% [2] - It mentions specific challenges such as regulatory pressures and increased competition from fintech companies, which are reshaping the landscape of investment banking [3] - The outlook for the sector suggests a potential recovery in the latter half of the year, contingent on macroeconomic stability and market confidence [2][3]

Group 1 - The core point of the article indicates that the main funds in the Shanghai and Shenzhen stock markets experienced a net outflow of 1.858 billion yuan, accounting for 0.12% [1] - Large single orders saw a net outflow of 4.934 billion yuan, representing 0.33% [1] - Small single orders recorded a net inflow of 6.610 billion yuan, which is 0.44% [1]

【导读】上周五股票 ETF 市场资金净流出 70 亿元 中国基金报记者 张燕北 股票 ETF资金 净流出 70 亿元 Wind 数据显示，截至 6 月 27 日，全市场 1128 只股票 ETF 总规模达 3.58 万亿元。当日 股票 ETF 市场总份额减少 34.36 亿份，按照成交均价测算，当日净流出资金约 70.14 亿 元。 细分品类中，宽基 ETF 净流出金额居前，达 67.32 亿元。 指数方面，据华夏基金统计，跟 踪 沪深 300 指数的 ETF 单日净流出资金额居前，达 37.23 亿元。 业内人士认为，外部风险缓和叠加稳增长政策持续发力，上周市场迎来反弹行情，主要宽基 指数集体收涨，沪指突破 3400 点，周中站上 3462 点的年内新高。股票 ETF 资金流向于周 中发生变化，从连续净申购转为净赎回，部分短期资金选择获利了结、兑现前期收益。 富国基金认为，短期看，在内外部不确定性扰动下，市场或维持震荡整理格局，后续重点关 注本月重要 会议的政策验证，以及财报季的企业盈利验证。中长期看，在全球资金再平衡， 叠加中国产业转型 " 突围 " 、工程师红利加速释放的背景下，中国资产重估趋势不改。 ...

Group 1 - The contrast between the stability of the Eurozone and the uncertainty of the US economy is leading to a significant shift in capital flows, with investors increasingly viewing Europe as a more reliable option for hydrogen investments [1][2] - European stock funds attracted over $100 billion in inflows in the first half of 2025, a threefold increase compared to the same period last year, while US funds experienced a net outflow of nearly $87 billion, more than doubling year-on-year [1] - Foreign direct investment in Germany reached €46 billion in the first four months of 2025, doubling year-on-year and marking the highest level since 2022, with a rare phenomenon of German companies withdrawing investments from the US [1] Group 2 - Siemens CFO noted a significant increase in investor interest in the European market during recent roadshows, correlating with an 84% rise in the company's stock price this year [2] - The strategic shift of construction giant Hochtief, with its North American subsidiary Amrize performing poorly on its debut, contrasts with the 15% rise in the parent company's stock focused on Europe, Latin America, and North Africa [2] - The uncertainty caused by the Trump administration's trade policies is eroding investor confidence in the US capital markets, while the European Central Bank president sees positive signals from the capital flows into Europe [2]

| 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | 7 | 非银金融 | -27.16 | -4.79 | | 2 | 电子 | -25.07 | -1.40 | | 3 | 证券 | -22.07 | -5.73 | | ব | 基础化工 | -11.02 | -1.77 | | 5 | 矢药 | -8.22 | -1.12 | 星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 成飞集成 | 6.76 | 29.92 | | 2 | 东信和平 | 5.34 | 19.52 | | 3 | 融发核电 | 5.20 | 17.62 | | ব | 晨曦航空 | 5.01 | 34.69 | | 5 | 翠微股份 | 4.42 | 24.94 | | 6 | 中兵红箭 | 4.35 | 15.92 | | 1 | 寒武纪-U | 4.00 | 10.63 | | ...

理性投资，风险自担 股指月报：美国关税豁免将到期，关注特朗普极限施压风险 正信期货股指期货周报 202507 研究员：蒲祖林 投资咨询证号：Z0017203 Email：puzl@zxqh.net 核心观点 宏观：中美第二次会谈成果不显著，美国再次发起家电关税政策和芯片关键设备限制，美国对各国90天豁免期即将结 束，未来两周关税对市场的冲击仍有卷土重来的风险，参考2018年的路径，需谨防特朗普再次极限施压的压力。国内 经济各领域步入季节性回升转折窗口，关注6-7月底政治局会议释放的潜在宏观利多。 中观：地产销售低位季节性回升，旺季总体不旺，服务业结构分化且高位小幅降温，5月实体经济中生产和投资退坡， 消费在财政补贴提振下扛起大旗，制造业抢出口逻辑仍在反复延续，国内供需矛盾边际降温，物价有望震荡回升，关注 下半年财政是否进一步发力托底经济重心。 资金：国内流动性总体宽松，海外流动性在美联储偏鸽指引和经济数据下滑背景下趋于宽松，金融条件显著改善，叠加 美元指数有望超跌反弹，国内股市将获得增量资金，被动ETF和两融资金流入，IPO等股权融资和解禁压力维持。 估值：各指数短期反弹后估值仍位于历史中性偏高水平，国内外股 ...

Core Viewpoint - The article highlights a significant increase in net inflows into Hong Kong stocks, indicating strong investor interest and potential growth in the market [1] Group 1: Market Trends - During the week of June 23-27, there was a net inflow of 26 billion RMB into Hong Kong stocks, with an average daily inflow of 5.2 billion RMB, up from 3 billion RMB the previous week [1] - Year-to-date, the cumulative net inflow has reached 679.4 billion RMB, nearing the total expected for the entire year of 744 billion RMB [1] - The Hang Seng Technology Index saw a slight increase at the market open, with popular ETF stocks like AVIC and SMIC rising over 4% [1] Group 2: Monetary Policy and Economic Outlook - The People's Bank of China held a monetary policy committee meeting, emphasizing the need for a moderately accommodative monetary policy and support for technological innovation and consumption [1] - China Galaxy predicts that Hong Kong stocks may experience a volatile upward trend in the second half of 2025, despite challenges such as insufficient effective demand and low inflation [1] - Dongfang Securities suggests that the current market presents a good opportunity for increased investment, anticipating that the market will soon recognize the lower probability and intensity of short-term risk events [1] Group 3: Investment Opportunities - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks accounting for 69.78% of the index [1] - The top ten stocks include major companies like Xiaomi, Tencent, Alibaba, and BYD, indicating a strong focus on technology and innovation [1] - Investors can access the Hong Kong Stock Connect Technology ETF through various channels, facilitating investment in quality technology assets [1]

Group 1 - A total of 170 ETF funds experienced net buying, while 34 funds saw net selling of securities [1] - The amount of net buying exceeded 5 million yuan for 29 ETFs, with significant inflows into Bank ETF (512800.SH) and Nasdaq Technology ETF (159509.SZ) [1][3] - The top five ETFs by net buying amount included Bank ETF (22.51 million yuan), Nasdaq Technology ETF (1.20 million yuan), and Low Volatility Dividend ETF (5.52 million yuan) [3] Group 2 - Three ETFs had net selling amounts exceeding 5 million yuan, including CSI 500 ETF (510500.SH) and Securities ETF (159841.SZ) [1][5] - The top three ETFs by net selling amount were CSI 500 ETF (19.02 million yuan), Securities ETF (7.22 million yuan), and Convertible Bond ETF (7.14 million yuan) [5] - Recent trends showed 73 ETFs with continuous net buying, led by Medical Innovation ETF and Pharmaceutical ETF [1][6] Group 3 - Over the past five days, 65 ETFs had net buying exceeding 5 million yuan, with Bank ETF leading at 34 million yuan [6][8] - The top five ETFs by net buying over the last five days included Bank ETF, Hong Kong Securities ETF, and Nasdaq Technology ETF [6][8] - Conversely, four ETFs had net selling exceeding 5 million yuan, with CSI A500 ETF leading at 51.73 million yuan [8][10]