首批26只新型浮动费率基金陆续面市，过半产品已发布成立公告。据悉，信达澳亚基金将于7月1日公开 发行旗下新型浮动费率基金——信澳优势行业混合，该基金拟任基金经理为"科技成长派"吴清宇。 作为公募基金深化改革的重大举措，新型浮动费率基金承载了重塑行业生态的期望。在中国证监会于 2025年5月7日出台《推动公募基金高质量发展行动方案》的大背景下，目前公募行业发展正从"规模导 向"向"投资者利益优先"深刻转型，相关产品费率改革亦迈入深水区。首批新型浮动费率基金于5月23日 获批，随即快速进入发行期。相关产品旨在通过管理费与业绩深度绑定，与投资者共建利益共同体，促 进达成行业健康发展与投资者利益协调一致的"共荣生态"，为行业高质量发展注入新动能。 明确指向"投资者利益优先" 新型浮动费率基金与投资者收益深度捆绑 回溯过往，我国公募基金管理费收取以固定费率模式为主，即管理人按基金资产净值的一定比例收取管 理费。2023年7月，证监会发布实施《公募基金行业费率改革工作方案》，20只浮动费率产品随即在当 年相继问世，主要包括规模挂钩型、持有期挂钩型、业绩挂钩型三大模式。 5月23日获批的新一批全新模式浮动费率产品在费率机制 ...

Group 1 - The current U.S. stock market presents more investment opportunities compared to long-term U.S. Treasury bonds, according to BlackRock's Chief Investment Officer Rick Rieder [1] - Rieder emphasizes that short-term bonds are more attractive from a yield perspective, while long-term bonds are increasingly correlated with stock market volatility, losing their risk-hedging capability [1] - The expected return on equities, particularly growth stocks, is appealing, with a net asset return rate of 19%, suggesting significant potential growth over two years compared to long-term bonds yielding less than 5% [1] Group 2 - Rieder anticipates that long-term bonds will eventually become attractive as inflation and interest rates decline, but currently, the market trend favors short-term bonds due to concerns over the expanding U.S. federal deficit [2] - The expectation of a steeper yield curve indicates that long-term bonds are expected to underperform compared to short-term bonds, a trend that has gained popularity this year [2]

Market Overview - The A-share market ended the first half of the year positively, with the Shanghai Composite Index rising by 0.59% to close at 3444.43 points, and the Shenzhen Component Index increasing by 0.83% [1] - Overall, the market exhibited a trend of oscillating upward, with major indices showing slight gains [1] - The Shanghai Composite Index rose by 2.76% in the first half, while the Shenzhen Component Index increased by 0.48%, the ChiNext Index by 0.53%, and the STAR 50 Index by 1.46%. The North Star 50 Index stood out with a significant increase of 39.45% [1] Sector Performance - In the first half, 26 out of 31 Shenwan first-level industries saw an increase, with the top five sectors being Beauty Care (24.5%), Nonferrous Metals (23.1%), National Defense and Military Industry (20%), Media (19.1%), and Machinery Equipment (17.8%) [1] - The market displayed a "dividend + small-cap growth" style, with banks and gold stocks leading the gains, while technology growth sectors such as AI, semiconductors, solid-state batteries, and innovative drugs showed strong rotation [1] Individual Stock Performance - Over 3800 stocks rose in the first half, accounting for approximately 70% of the total, with 626 stocks increasing by over 50% and 175 stocks rising by more than 100% [1] - The top five individual stocks in terms of growth were Xingtum Measurement and Control, Guangxin Technology, United Chemical, Tiangong Co., and Shutaishen, all of which saw increases exceeding four times their initial values [2] Future Outlook - Analysts expect the market to continue the small-cap style led by private equity funds in the short term, with a potential shift towards large-cap growth style as external liquidity improves and economic fundamentals recover, possibly around the fourth quarter [2] - Key areas for accelerated growth include AI hardware and applications, humanoid robots, solid-state batteries, domestic semiconductor innovation, controllable nuclear fusion, military trade overseas, and new consumption [2]

证券研究报告｜基金配置周报 2025 年 06 月 30 日 抗战胜利 80 周年纪念活动将举行，军工板块或可布局 【20250623-20250629】 | ◼ | 市场回顾：上周权益市场主要指数集体反弹，北证 50 涨幅最 | | | --- | --- | --- | | | 大，上涨 6.84%；债券市场长短端利率走势不一，一年期国债 | 大同证券研究中心 | | | 下行 1BP，期限利差进一步走阔，长短端 AAA 信用利差均有所 | 分析师：杨素婷 | | | 走阔；基金市场中偏股基金指数和二级债基指数均周度收涨， | 执业证书编号： | | | 中长期纯债周度收跌，短期纯债基金指数周度飘红；申万 31 个 | S0770524020002 | | | 行业涨多跌少，TMT 板块集体反弹。 | 邮箱：yangst@dtsbc.com.cn | | ◼ | 权益类产品配置策略： | | | ➢ | 事件驱动策略：（1）抗战胜利 80 周年纪念活动将在 9 月 3 | | | | | 地址：山西太原长治路 111 号山 | | | 日举行，可关注：华安制造先锋 A(006154)、博时军工主题 | 西 ...

过去一周，国内主要市场指数中，上证 50、沪深 300、中证 500 和中证 1000 均上涨，跌幅分别为 1.27%、1.95%、3.98% 和 4.62%。 回顾过去一周，5 月工业企业利润累计同比报-1.1%，较上月数值略显回落。数据的回落部分原因或由于前期关税冲击 影响的滞后显现，但往后看，中美关税协商正在稳步推进，若后续有初步协议达成，企业利润增速有望边际修复。而 市场方面，由于多方利好共振，市场在科技和综合金融板块的带动下稳步上涨。海外方面，伊朗和以色列宣布达成停 火协议，中东局势超市场预期缓和。前期受到中东局势影响拉升的原油价格也开始回落，这使得市场资金对于美国通 胀预期的担忧也有所回落，带动下半年美联储降息预期的回升，使得海外流动性回暖。地缘风险以及全球流动性的改 善，推动市场资金风险偏好明显回升。在这样的宏观背景下，有事件舆情刺激催化的板块，都能有所表现：在国泰君 安国际获批提供稳定币等虚拟资产交易服务的消息刺激下非银金融板块上涨；在 9 月 3 日抗战胜利纪念阅兵的预期催 化下军工板块行情也有所演绎；AI 板块也在美股纳斯达克指数新高的带动下表现良好。 不过我们也需要看到目前市场良好表现主 ...

板块方面证券板块继续调整，明天有可能还会延续调整的格局，这个板块之前就一直跟大家去讲没有持 续性，可惜很多人没有听，现在大概率又被套在了高位，炒股真的是不能够头脑发热。那么军工今天走 强，周末出了消息，这个板块我觉得要重视，特别是老股民，一定要把这个观念给调整过来，现在的军 工跟之前是完全不一样的，那么我们现在军工行业一不留神已经成了世界第一了，以后会有越来越多的 国家来买我们的军工产品，那么它现在是一个成长板块，而且才刚刚开始，以后这个板块有可能会跟一 年前的银行一样，会涨到大家无法想象，所以说大家还是要重视一下这个板块。 我们做一下复盘以及明天的推演。和讯投顾邓攀表示，在周五缩量之后，今天市场继续缩量了582亿， 军工今天受消息的刺激走强，它的逻辑发生了变化，开始走出了成长性，就盘面来说还是在走轮动，而 且市场的活跃度相较于前几天来说的话是有所降低的。那么短线其实上短线今天有两个5板标的，我们 观察一下明天谁会接近600，最近的监管比较放松，超预期的是可以继续去做的。 那么CPU和PCB这两个板块，下午有资金做一个获利了结，筹码出现了松动，那么这两个板块我觉得应 该是边打边撤，不要去想着赚最后一个铜板，比 ...

摘要 1、今天，A股三大指数再迎上涨，创业板指涨超1%，军工板块领涨。 2、 A股上半年收官，有色金属板块涨近20%。 招商策略：A股进入牛市II阶段。 3、 中报披露期即将到来，哪些板块机会更大？如何做好资产配置？ 真话白话说财经，理财不说违心话 --这是第1376 篇白话财经- - 今天，A股三大指数再度上涨，给上半年画上了一个圆满的句号。 （图片来源：东方财富APP，统计截至2025/6/30，不作投资推荐） 两市成交额1.49万亿元，盘面上，航天航空、医疗、光伏板块领涨，券商板块出现回调。 分析人士指出， 沪指突破年内新高后，短期仍或有一定的上行空间， 中报业绩带来的结构性机会是近期市场的主旋律。 A股半年收官，有色金属板块领涨 今天，A股继续上涨，军工板块领涨。 光大证券认为， 本轮市场反弹主要源于多重利好共振。 一是中东地缘局势缓和，全球金融市场避险情绪迅速降温，促使资金从黄金、债券等避险资产回流股市。 二是美联储降息预期发酵，美元走弱，美债收益率下行，全球风险资产偏好普遍回升。 三是近期以稳定币、军工等为代表的新热点反复活跃，有效支撑了市场热度。 在上半年最后时刻，A股也是突破了年内新高，沪指累 ...

发布时间：2025-06-30 大盘指数 7000 8000 9000 10000 11000 12000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《震荡仍是主旋律，等待内部政策窗口 期》 - 2025.06.16 策略观点 以静待时 ⚫ 投资要点 A 股自去年 9.24 行情开启之后，一大特征是散户情绪对市场一 度有着主导作用，这一点在散户情绪指数和万得全 A 在 9.24 至今年 4 月初的强耦合关系中得以体现。但在进入 5 月之后，散户情绪持续 走低，万得全 A 指数震荡攀升，二者已经不再紧密趋同。如果将 6.24 看作是 9.24 的重复，那么首先要回答的问题就是散户情绪能否再次 走向亢奋？ 自 2022 年以来 A 股散户情绪亢奋均需要重大的政策或产业事件 作为刺激，从未像 2020-2021 年间那样出现过指数上涨和散户情绪亢 ...

Group 1 - The "2025 Kangaroo Mom Youth Beautiful Campus Public Welfare Tour" focuses on the collaborative development of aesthetic education, moral education, and physical education for youth [1][5] - The event in Xi'an featured Olympic champion Yang Xiuli sharing her experiences and the philosophy of resilience through sports, emphasizing the importance of learning from failures [2][3] - The initiative aims to integrate sports spirit, moral education, and aesthetic pursuits into the daily lives of children, fostering a supportive environment for their growth [8][9] Group 2 - The event included practical skincare education for adolescents, addressing common skin issues during puberty, and promoting scientific skincare practices [6][10] - Local enterprises contributed to the event by donating sports equipment and skincare gift boxes, highlighting community involvement in youth development [9][11] - The Kangaroo Mom Group's commitment to public welfare aligns with national educational goals, aiming to support youth in their growth journey [13]

Market Overview - On June 30, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1] - The STAR Market Composite Index led the gains with an increase of 1.70% [2] - Over 4,000 stocks in the market experienced an increase [1] Hong Kong Market - On the same day, major indices in the Hong Kong stock market collectively declined, with the Hang Seng Technology Index down by 0.72% [4] - The Hang Seng Index fell by 0.87% [5] Sector Performance - The defense and military sector saw the highest gains, with an increase of 4.35%, followed by media at 2.82% and telecommunications at 1.90% [7] - In contrast, non-bank financials decreased by 0.77%, banks by 0.34%, and transportation by 0.09% [7] Industry Highlights Solid-State Battery Technology - A pilot project for all-solid-state battery electric bicycles was launched in Beijing, marking a significant step towards the commercialization of solid-state battery products [8] - Century Securities reported that the solid-state battery industry is progressing towards commercialization, with a recent announcement from a U.S. company indicating a 25-fold increase in heat treatment speed, leading to a 76.67% increase in stock prices over two days [8] Defense and Military Sector - There has been a significant inflow of capital into the defense and military sector, with the Defense ETF rising by 4.88% [9] - Northeast Securities highlighted the long-term growth certainty of the defense and military sector, noting that the industry is expected to recover as demand increases and structural capacity improves [9]