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]

联合电话会议：如何看待大金融板块走势的分化？ 20260629 摘要 银行板块作为核心红利资产，2022 年至 2024 年已形成强共识，受长 线资金青睐，呈现向上趋势，而央行货币政策调整预期及季末调仓需求 导致近期银行股小幅回调。 中长期来看，银行板块因其股息率相对优势（国有大行加权平均股息率 4.07%）和业绩分红确定性，对配置资金（尤其是险资）具有吸引力， 负债成本下降也为银行股上涨打开空间。 银行业绩稳定性源于丰厚的资产基础和较小的业绩波动，2024 年上市 银行整体利润增速为 2.35%，预计 2025 年保持稳定增长，自营债券浮 盈、投资收益和拨备是主要支撑因素。 边际变化显示息差降幅有望收窄，利好银行业绩增速。2025 年一季度 净息差环比下降 9 个 BP，优于 2024 年一季度下降 13 个 BP，受益于 存款利率下调等政策。 资金流向显示，2025 年以来南向资金持续增配港股银行股，公募基金 对内地市场金融板块配置比例提升至 3.75%，银行板块低配比例接近 11 个百分点，未来仍有增配空间。 Q&A 今年以来大金融板块内部走势分化的现象是什么原因导致的？ 今年以来，大金融板块内部走势分 ...

Core Viewpoint - Galaxy Microelectronics (688689) is set to pay the third-year interest on its convertible bonds, with a coupon rate of 1.20%, starting from July 4, 2025, reflecting the company's ongoing financial commitments and performance [6]. Group 1: Trading Information - As of June 27, 2025, Galaxy Microelectronics closed at 22.78 yuan, up 2.11%, with a turnover rate of 1.56% and a trading volume of 20,100 shares, amounting to a transaction value of 45.69 million yuan [1]. - On the same day, the fund flow for Galaxy Microelectronics showed a net inflow of 3.33 million yuan from main funds, accounting for 7.28% of the total transaction value, while retail investors experienced a net outflow of 2.04 million yuan, representing 4.46% of the total [2][5]. Group 2: Company Announcements - The company will begin paying interest on its "Yinwei Convertible Bonds" on July 4, 2025, with the interest period covering from July 4, 2024, to July 3, 2025, at a rate of 1.20% [6]. - The bondholders' registration date is set for July 3, 2025, and the interest payment will be executed on July 4, 2025 [6]. - The total amount raised from the convertible bond issuance is 500 million yuan, with a maturity of six years and an increasing coupon rate, starting from 0.40% in the first year to 3.00% in the sixth year [6]. - For the fiscal year 2024, the company reported a revenue of approximately 909 million yuan, reflecting a year-on-year growth of 30.75%, and a net profit of approximately 71.87 million yuan, up 12.21% year-on-year [6].

Group 1 - Global stock funds experienced a net outflow of $20.87 billion, marking the largest single-week withdrawal since March 19 [1] - U.S. stock funds saw a net outflow of $20.48 billion, the highest in three months [1] - European funds also faced a net outflow of $2.61 billion, while Asian funds attracted approximately $0.857 billion, marking the first inflow in three weeks [1] Group 2 - Global industry funds had a net outflow of approximately $2.56 billion, ending a four-week buying streak [1] - The technology sector experienced a net withdrawal of $2.67 billion, the largest single-week outflow since March 12 [1] - In contrast, the industrial sector saw a net inflow of $1 billion, continuing its inflow for the 11th consecutive week [1] Group 3 - Bond fund demand fell to the lowest level in nine weeks, with a net inflow of $4.69 billion [1] - High-yield bond funds attracted $4.45 billion, the highest weekly inflow since October 2024 [1] Group 4 - Global money market funds experienced a net outflow of $10.62 billion for the third consecutive week [2] - Gold and precious metals funds attracted a net inflow of $1.67 billion for the fifth consecutive week [3] - Energy sector funds also saw a net inflow of $0.375 billion [3] Group 5 - Emerging market bond funds had a net inflow of $2.67 billion for the ninth consecutive week, while emerging market stock funds experienced a net outflow of $1.11 billion [3]

| 日期 | 深沪两市 | 创业板 | 科创板 | 沪深300 | | --- | --- | --- | --- | --- | | 一周合计 | -184.04 | -143.33 | -35.00 | 34.52 | | 6月27日 | -194.12 | -88.19 | -13.62 | -52.64 | | 6月26日 | -310.12 | -128.02 | -18.20 | -56.17 | | 6月25日 | 71.38 | 42.66 | -3.23 | 82.73 | | 6月24日 | 172.11 | 28.64 | 5.13 | 58.20 | | 6月23日 | 76.70 | 1.58 | -5.06 | 2.39 | 行业来看，申万所属的一级行业中，本周上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅为 7.70%、6.90%。跌幅居前的行业为石油石化、食品饮料、交通运输，跌幅为2.07%、0.88%、0.24%。 行业资金流向方面，本周有9个行业主力资金净流入，非银金融行业主力资金净流入规模居首，该行业 本周上涨6.66%，合计净流入资金110.45亿元，其次是计算 ...

沪指6月27日下跌0.70%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为有色金属、通信， 涨幅分别为2.17%、1.79%。纺织服饰行业位居今日涨幅榜第三。跌幅居前的行业为银行、公用事业， 跌幅分别为2.95%、1.01%。 资金面上看，两市主力资金全天净流出194.12亿元，今日有8个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.79%，全天净流入资金25.79亿元，其次是电子行业，日涨幅为 0.92%，净流入资金为24.35亿元。 | | | 纺织服饰行业今日上涨1.23%，全天主力资金净流入1.95亿元，该行业所属的个股共105只，今日上涨的 有84只，涨停的有6只；下跌的有17只。以资金流向数据进行统计，该行业资金净流入的个股有45只， 其中，净流入资金超3000万元的有5只，净流入资金居首的是际华集团，今日净流入资金2.88亿元，紧 随其后的是飞亚达、金一文化，净流入资金分别为1.65亿元、1.01亿元。纺织服饰行业资金净流出个股 中，资金净流出超千万元的有11只，净流出资金居前的有万里马、棒杰股份、南山智尚，净流出资金分 别为2.42亿元、3500.01万元、2 ...