Core Viewpoint - U.S. Treasury Secretary Becerra indicated that a series of trade agreements will be announced soon, which will involve significant investments in the U.S. and suggest that tariffs are bringing manufacturing back to the country [1] Group 1: Trade Agreements - A range of trade agreements is expected to be announced in the coming days, focusing on substantial investments in the U.S. [1] - The potential return of tariffs to April levels raises concerns about economic growth slowing down [1] Group 2: Tariffs and Manufacturing - Tariffs are seen as a mechanism to encourage the return of manufacturing to the U.S., although they may have counterproductive effects [1] - Analysts express skepticism about the credibility of the "hard deadline" for trade agreements, citing previous empty threats and extended deadlines [1]

将在几天内宣布一系列贸易协议。 许多协议包括对美国的实质性投资。 特朗普曾要求工厂许可在一个月内办结。 美国财长贝森特：关税正在将制造业带回美国。 ...

美国财长贝森特：（就8月1日的关税截止日期）这是一个相当紧迫的截止时点。关税可能产生相反效 应，我们仍可进行谈判。 ...

Core Viewpoint - U.S. Treasury Secretary Janet Yellen stated that tariffs are encouraging the return of manufacturing to the United States [1] Group 1 - Tariffs are seen as a significant factor in reshoring manufacturing jobs back to the U.S. [1] - The policy is aimed at reducing reliance on foreign supply chains and boosting domestic production [1] - The government is focusing on creating a more resilient economy through these measures [1]

通用汽车(GM.N)CFO：预计不会有任何与关税相关的价格上涨。 ...

Group 1: Macroeconomic Insights - June US inflation was lower than expected, indicating "moderate core goods inflation + simultaneous cooling in core services" [2] - The report suggests that tariffs will not have the expected long-term inflationary impact, combined with a weakening job market, leading the Federal Reserve to potentially cut rates in September [2] - Key inflation data for July and August will be critical, especially with signs of potential rebounds in clothing and vehicle prices [2] Group 2: Market Outlook - The upcoming earnings reports for July are expected to exceed consensus estimates, particularly for the S&P 500, despite rising indices [3] - Investor sentiment remains cautious, with a low allocation to equity assets, providing room for further market growth [3] - The most optimistic market pricing for Q3 and Q4 still carries uncertainties [3] Group 3: Risks and Considerations - Risks include unexpected increases in tariff rates, escalation of US-China trade tensions, and worse-than-expected economic fundamentals in the US [4] - Core goods inflation and service price growth could rebound more than anticipated, impacting Federal Reserve decisions [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Consumption, tariffs, and innovation are the key concerns of active equity fund managers in the second - quarter reports. The trend keywords include repair, recovery, and rebound; industry - related keywords are technology, military, and banking; theme keywords are computing power, dividends, and Hong Kong stocks; event - related keywords are exports, uncertainties, and trade [3][9]. - In Q2 2025, the performance of active equity funds declined slightly compared to the previous quarter, with about 70% of them achieving positive returns and a median return of 2.05%. Funds with leading performance in Q2 were heavily invested in industries such as pharmaceutical biology, communication, and electronics [3][14]. - The overall position of active equity funds increased in Q2, with the average stock position rising to 87.33% (+1.10%) and the Hong Kong stock position also significantly increasing (+1.22%). The average Hong Kong stock position of Hong Kong stock funds reached 92.71% (+3.11%) [3][22]. - Active equity funds reduced their holdings in advanced manufacturing and consumption sectors in Q2 and increased their positions in finance, technology, and pharmaceutical sectors. The communication and pharmaceutical biology industries had the most significant increases in the allocation ratio of heavy - holding stocks, while the food and beverage industry had the most significant reduction [3][24]. - The new - issue market of active equity funds showed signs of recovery in Q2. The Dongfanghong Core Value, managed by Zhou Yun, was the largest - scale new - issue active equity fund this quarter, with an issue scale of 1.991 billion yuan and 14,600 accounts. There were 10 new - issue active equity funds with a scale of over 1 billion yuan [3][34]. - Guojin Fund had the best average performance of active equity funds in Q2 2025, with an average return of 6.91%. The Guojin Quantitative Multi - Factor, managed by Ma Fang and Yao Jiahong, performed the best, achieving a return of 13.76% in Q2 [37]. - Pharmaceutical and financial real - estate funds outperformed other sectors in Q2, while new - energy and advanced - manufacturing funds showed relatively weak performance. The small - cap growth style was dominant in Q2, with the median return of small - cap growth products reaching 9.92%, while the mid - cap value style products generally performed poorly, with a median performance of about 0.78% [3] 3. Summary According to the Directory 3.1 Fund Second - Quarter Report Investment Outlook Keywords: Consumption as the Key Focus, High Attention on Tariffs and Innovation - Consumption, tariffs, and innovation are the key concerns of active equity fund managers in the second - quarter reports. The trend keywords include repair, recovery, and rebound; industry - related keywords are technology, military, and banking; theme keywords are computing power, dividends, and Hong Kong stocks; event - related keywords are exports, uncertainties, and trade [9]. - Some fund managers' investment strategies and operation analyses are summarized, including value - oriented strategies, AI and technology - focused strategies, and consumption - and pharmaceutical - oriented strategies [12][13] 3.2 Performance and Scale Dimension: Slight Decline in Q2 Performance, Slight Recovery in the New - Issue Market - The performance of active equity funds in Q2 2025 declined slightly compared to the previous quarter, with about 70% of them achieving positive returns and a median return of 2.05%. Most funds' performance ranged from - 3% to 10%, and 71 funds achieved returns of over 20% [14]. - The top 20 active equity funds in Q2 were mainly invested in industries such as pharmaceutical biology, communication, and electronics. Some products with a high proportion of Hong Kong stock allocations, mostly focusing on the pharmaceutical sector, also performed well [17]. - The overall position of active equity funds increased in Q2, with the average stock position rising to 87.33% (+1.10%) and the Hong Kong stock position also significantly increasing (+1.22%). The average Hong Kong stock position of Hong Kong stock funds reached 92.71% (+3.11%). The allocation ratio of heavy - holding stocks in CSI 300 components decreased, while that in CSI 1000, Hong Kong stocks, and the STAR Market increased [22]. - Active equity funds reduced their holdings in advanced manufacturing and consumption sectors in Q2 and increased their positions in finance, technology, and pharmaceutical sectors. The communication and pharmaceutical biology industries had the most significant increases in the allocation ratio of heavy - holding stocks, while the food and beverage industry had the most significant reduction [24]. - E Fund Blue Chip Select remained the largest - scale active equity fund. Some large - scale products showed performance recovery in Q2, but their shares continued to decline [30]. - In Q2, the estimated net subscription amounts of products such as Huatai - PineBridge Innovative Medicine and Winwin Advanced Manufacturing Smart Selection were the highest, both exceeding 2.8 billion yuan. The Dongfanghong Core Value was the largest - scale new - issue active equity fund this quarter, with an issue scale of 1.991 billion yuan and 14,600 accounts. There were 10 new - issue active equity funds with a scale of over 1 billion yuan [34]. - There was no obvious phenomenon of chasing rising and selling falling in Q2. Although a small number of high - performance products had significant share increases, the correlation between performance and share changes was weak overall [36][37] 3.3 Fund Company Dimension: Guojin Fund Performed Well in Q2 - Guojin Fund had the best average performance of active equity funds in Q2 2025, with an average return of 6.91%. The Guojin Quantitative Multi - Factor, managed by Ma Fang and Yao Jiahong, performed the best, achieving a return of 13.76% in Q2. Other well - performing fund companies included Ruiyuan Fund, Winwin Fund, and Caitong Securities Asset Management [37]. - E Fund remained the company with the largest active equity fund management scale in Q2, with a scale of 220.5 billion yuan, slightly lower than the previous quarter. Other large - scale fund companies included China Europe Fund, Fullgoal Fund, GF Fund, and Huatai - PineBridge Fund [38]. - The top - performing fund companies in Q2 over - allocated industries such as computers and non - bank finance and under - allocated industries such as electronics, food and beverage, and power equipment. Some companies also had obvious over - or under - allocation in certain industries [42]. - Large - scale fund companies generally under - allocated sectors such as electronics and food and beverage and over - allocated sectors such as banks, media, and household appliances [44] 3.4 Investment Strategy Comparison: Small - Cap Growth Style Funds Significantly Outperformed - Pharmaceutical and financial real - estate funds outperformed other sectors in Q2, while new - energy and advanced - manufacturing funds showed relatively weak performance [3]. - The small - cap growth style was dominant in Q2, with the median return of small - cap growth products reaching 9.92%, while the mid - cap value style products generally performed poorly, with a median performance of about 0.78% [3]

每日港股評析 港股早晨快訊 2025 年 7 月 22 日星期二 2012-01- 17 中港股市短期展望 恒指挑戰 25,000 點：由於美國 5 月中旬押後對等關稅 90 天，內地上半 年經濟較預期中平穩，現階段加推經濟刺激方案的意願不大，企業盈利改 善有限。不過，港股大市成交仍然活躍，風險偏好尚算積極，資金於不同 板塊輪動。港股目前靜候催化劑，如潛在中美峰會，或內地政策驚喜，推 動進一步上試 25,000 點關口。 短期看好板塊 企業消息 ➢ 京東(9618)據報40億港元收購香港佳寶超市； 優必選(9880)折讓9.1%配股籌24.7億； 市場回顧 今日市場焦點 ➢ ASMPT(0522)業績； 宏觀焦點 王寧料泡泡瑪特(9992)今年海外銷售或超過國內； 金斯瑞生物科技(1548)：預計上半年除税前利潤同比顯著增加； 美圖公司(1357)料中期經調整淨利潤按年升65%至72%； 外圍市況展望 美國聯儲局6月一如預期維持息口不變，會後議息聲明指出美國經濟前 景面臨的不確定性已經減弱、但仍偏高。當局上調2025年至2027年核心 PCE預測，主席鮑威爾表示，加徵關稅對通脹的影響可能會更加頑固， 開始看到 ...

报道称，这已经触及欧盟的承受底线，此前一直主张协商的德国立场也转向鹰派。欧盟将于本周开启内 部会谈，商议对美国开启"报复性关税"。 欧盟被触及底线，将商议对美国开启"报复性关税" 当地时间7月20日，《华尔街日报》援引美国官员的话称，特朗普将要求欧盟作出进一步让步以达成协 议，或对大多数欧洲商品征收大于或等于15%的基线关税。 最新转变 所谓基线关税，是指在特定贸易安排（如自由贸易协定、区域贸易协定等）中作为起始点或参照点的关 税水平。 基线关税的消息无疑将进一步刺激到欧盟。此前，欧盟与美国谈判的目标是争取多数商品维持10%的关 税率，这对大多数欧盟国家来说已是艰难让步。 长期以来，法国等欧盟国家一直敦促欧盟对美国采取更强硬的立场，而德国则鼓励欧盟寻求与特朗普达 成协议。而最新事态甚至促使德国转变立场，一位了解情况的官员透露，这一转变"促使柏林打开了报 复之门"。 德国是欧洲最大的经济体和最大的出口国。德国方面表示，将启用带有法律性质的反胁迫工具——反胁 迫文书（ACI）对抗贸易战，该文书赋予欧盟官员对美国科技公司征收新关税、限制美国在欧洲投资、 限制美国公司竞标公共合同等权力。德国此前从未启用过该工具。 欧 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The structural market in index futures continues and supports the market [1] - On July 21, all the current - month contracts of the four major index futures rose. IF increased by 0.68%, IH by 0.25%, IC by 0.99%, and IM by 0.89% [1] - On this trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF decreased by 24,940 lots, IH by 19,875 lots, IC by 9,461 lots, and IM by 1,381 lots [2] - In terms of positions, the total positions of IF decreased by 2,025 lots, IH by 634 lots, while IC increased by 5,196 lots and IM by 15,851 lots [2] 3. Summary by Related Catalogs 3.1期指期现数据跟踪 - **Index Futures Data**: Presented the closing prices, price changes, basis, trading volumes (in billions), trading volumes, and position changes of various index futures contracts such as IF, IH, IC, and IM on July 21, 2025 [1] - **Trading Volume and Position Changes**: The total trading volume of the four major index futures decreased, and the position changes of different index futures varied [2] - **20 - Member Position Changes**: Showed the long - and short - position changes of the top 20 members in different index futures contracts [5] - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [5] 3.2重要驱动 - **LPR Quote**: The LPR quote in July remained stable. The 1 - year LPR was reported at 3%, and the 5 - year - plus variety was reported at 3.5% [6] - **Sino - US Leaders' Meeting**: The Ministry of Foreign Affairs stated that there was no information available regarding the possible meeting between Chinese and US leaders in the next few months [6] - **US - EU Trade Tension**: The US Secretary of Commerce set August 1 as the "hard" deadline. If the EU fails to reach a new trade agreement by then, it will face at least a 30% tariff, and the EU is preparing a full - scale counterattack [6] - **Stock Market Performance**: The broader market opened higher and continued the upward trend in a volatile manner. The Shanghai Composite Index reached a new high for the year, and the ChiNext Index followed the upward trend in the afternoon. A - share trading volume increased to 1.73 trillion yuan [6][7]