Economic Outlook - The market anticipates that tariffs will lead to economic growth slowdown and rising inflation in the coming months, but significant opportunities for long or short positions in overall duration have not been identified yet [1] - Federal Reserve Chairman Powell advocates for patience regarding interest rates, suggesting that the Fed may prioritize employment goals and consider rate cuts later in the year as inflation is expected to decline [1] - Global central banks are adopting different policies in response to regional dynamics, leading to a general divergence between the economy and the markets [1] Government Bonds - In the Eurozone, the market expects the European Central Bank to further cut rates after a 175 basis point reduction, with long-term yields facing upward risks due to signs of demand recovery and low inflation expectations [3] - Japan is experiencing inflation pressure, with nominal GDP growth exceeding 5% year-on-year, but concerns over tariffs may hinder GDP growth and market confidence [3] - Investment opportunities may arise in UK government bonds as fears of fiscal irresponsibility lead to increased term premiums, despite signs of a weakening job market [3] Equities - The company maintains a moderate overweight in global equities, expecting positive earnings growth across major regions, although valuation remains a concern due to low risk premiums indicating market over-optimism [5] - Japanese equities are favored over U.S. equities due to valuation differences and ongoing corporate governance reforms, although potential policy headwinds may limit further overweighting [5] - U.S. equities are underweighted due to high valuations and market over-reliance on a few large companies for performance, with expectations for broad earnings growth being delayed [5][6] Credit Markets - Credit spreads have tightened back to historical lows after an initial widening, with a moderate overweight in credit spreads deemed acceptable in a non-recession scenario [8] - U.S. high-yield bonds have a total return of 6%-7%, attracting investors seeking arbitrage opportunities, supported by improved credit quality and low default rates [8] Commodities - The company holds a neutral view on commodities, with gold benefiting from structural factors and geopolitical concerns, although a cautious approach to new positions is advised [10] - Oil allocation has been slightly reduced due to expectations of oversupply by year-end, presenting a potential shorting opportunity, with risks associated with significant negative spreads [10]

天赐良基日报第690期 一、今日基金新闻速览 1、年内新发基金规模连破纪录 7月17日，大成洞察优势混合成立，发行规模达到24.6亿元，创下年内主动权益类基金首发规模新高。而就在此前一天（7月16日），华商致远回报混合才以 20.82亿元首发规模刷新纪录。年内主动权益类基金的发行总规模同比增长28.01%。 2、4只科创债ETF规模超百亿元 首批科创债ETF上市首日强势"吸金"。按照7月17日基金净值计算，科创债ETF华夏最新规模已突破百亿元大关，约为142亿元，粗略估算该ETF单日规模增 幅超378%。此外，科创债ETF鹏华最新规模也突破109亿元。与此同时，深交所上市的4只科创债ETF中，也诞生了2只百亿元级ETF。 3、今年以来已有50只主动权益类基金清算 根据Wind数据统计，年内已有50只主动权益类基金清算，其中不乏发起式基金。截至7月16日，7月份共有6只主动权益基金进入清算程序。 | 代码 | 名称 | 相关链接 | 最新价 | 涨跌额 | 涨跌幅4 | | --- | --- | --- | --- | --- | --- | | 159743 | 湖北ETF = | 估值图 基金吧 档案 | ...

据北京日报，《华尔街日报》报道知情人士透露，若中国航运公司中远集团未能参与香港长江和记集团 出售巴拿马港口的交易，北京将阻止这项涉及超过40座港口的出售方案。中方对此有何评论？"我不掌 握你说的情况。关于 长和出售海外港口，中国国家市场监督管理总局将依法保护市场公平竞争，维护 社会公共利益。" 林剑表示。林剑强调，中方一贯坚决反对利用经济胁迫、霸道霸凌侵犯他国正当权益 的行为。 ...

@ JIN10.COM 金十数据 | 一个交易工具 金十图示：2025年07月18日（周五）全球股市指数-欧洲市场（盘初） 西班牙 IBEX35 14020.93 +17.93 意大利富时 +0.13% MIB指数 | 40269 +140.30 +0.35% ...

Core Viewpoint - The A-share market experienced fluctuations with the Shanghai Composite Index reaching a new closing high for the year, while the ChiNext Index hit a new high before retreating [1][2] Market Performance - The total trading volume of the Shanghai and Shenzhen stock markets was 1.57 trillion yuan, an increase of 31.7 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index rose by 0.5%, the Shenzhen Component Index increased by 0.37%, and the ChiNext Index gained 0.34% by the end of the trading session [2] Sector Performance - Strong performance was noted in the rare earth permanent magnet sector, with Huahong Technology hitting the daily limit [1] - Lithium mining stocks remained active, with Shengxin Lithium Energy also reaching the daily limit [1] - The photolithography machine concept stocks showed late trading activity, with Haili Co., Ltd. hitting the daily limit [1] - On the downside, CPO concept stocks experienced a pullback, with Yuanjie Technology dropping over 5% [1] - The sectors with the highest gains included rare earth permanent magnets, lithium mining, non-ferrous metals, and coal, while gaming, photovoltaics, CPO, and consumer electronics sectors saw the largest declines [1]

Group 1: Power Generation Performance - In Q2 2025, the company achieved a power generation of 11.615 billion kWh, a year-on-year increase of 0.67% [1] - For the first half of 2025, the total power generation was 24.573 billion kWh, a year-on-year decrease of 3.66% [1] - The total on-grid electricity for the first half of 2025 was 22.837 billion kWh, a year-on-year decrease of 3.52% [1] Group 2: Market Conditions and Strategy - The coal market in the first half of 2025 was characterized by a balanced supply and demand, leading to a downward trend in prices [2] - The company adopted a strategy focused on market orientation and efficiency, enhancing thermal power marketing and optimizing fuel procurement management [1] - The company is also diversifying financing to optimize debt structure and reduce funding costs [1] Group 3: Coal Supply and Price Forecast - The main sources of coal procurement are local areas in Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - It is anticipated that coal prices will continue to decline in the second half of 2025 due to the ongoing release of domestic thermal coal production capacity [2] Group 4: Project Development and Expansion - Ongoing projects include the 2×66 MW expansion at Xibaipo Power Plant and the 2×35 MW project at Renqiu Thermal Power Plant, both expected to be operational by 2026 [2] - The company is also increasing investment in offshore wind projects, including the 250 MW Tangshan Jiantou Xiangyun Island project [2] Group 5: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits starting from 2024 [2]

但由于年龄原因，储昭武于今年6月20日卸任城建发展党委书记职务，6月末又卸任公司董事长。 7月17日，北京城建投资发展股份有限公司（以下简称"城建发展"）发布公告称，公司于前一日召开董 事会，选举齐占峰为公司第九届董事会董事长。 齐占峰今年55岁，毕业于中国矿业大学，曾任北京市首都公路发展集团有限公司总会计师，2023年加入 北京城建集团有限责任公司（以下简称"北京城建集团"），现任北京城建集团党委常委、总会计师。 约一个月前，城建发展完成了党委书记的更换。出自北京城建集团体系、担任城建发展总经理的邹哲， 成为城建发展党委书记。 至此，城建发展正式完成一把手的变更，并形成"邹哲+齐占峰"的管理层组合。 北京城建集团是北京市建筑业的龙头企业。城建发展是北京城建集团旗下的房地产上市公司，承担着为 母公司贡献现金流的重任。 前些年，城建发展业绩表现稳定，归母净利润保持着每年十几亿元的规模。但受楼市调整等因素影响， 公司归母净利润在2021年降至6.4亿元，近乎腰斩。2022年出现首次亏损，亏损额9.26亿元。 在2023年短暂地扭亏为盈后，去年城建发展再度出现亏损，亏损额度为9.51亿元。 东吴证券指出，去年城建发 ...

大有能源证券部人士接受《中国经营报》记者采访时表示，主营商品煤炭价格持续走低是业绩亏损加大 的主因。公告显示，今年上半年，商品煤平均售价同比下降约29%，导致煤炭销售收入同比减少约7.46 亿元，进而造成当期利润同比增亏。 7月14日晚间，大有能源（600403.SH）发布2025年半年度业绩预告。公告显示，预计上半年归属于上 市公司股东的净利润亏损8.2亿元，而上年同期亏损4.9亿元，亏损幅度进一步扩大。 卓创资讯动力煤分析师赵丽向记者分析指出，"供强需弱"矛盾突出是导致煤价下行的核心因素，当前煤 价已跌至近五年低点。她表示，2025年上半年国内动力煤市场整体持续下挫。以山东地区Q5000大卡动 力煤到厂价格为例，截至6月27日收盘价格报535—560元/吨，较2024年年底累计下跌162.5元/吨，降幅 达22.89%；上半年均价约619.35元/吨，较2024年同期下跌184.37元/吨，降幅为22.94%。 煤价下跌导致大有能源业绩承压。2025年上半年，大有能源的商品煤产量为521.04万吨，同比增长 10.17%；商品煤销量为508.05万吨，同比增长9.66%。虽然产销量均实现增长，但无法抵消煤 ...

2025年7月15日，中国人民银行行长潘功胜会见了来访的美国银行国际总裁、美林国际首席执行官伯纳 德.门萨。双方就全球经济金融形势、中国宏观经济政策和金融市场发展等议题进行了交流。(中国人民 银行) ...

金十数据7月18日讯，《学习时报》2025年07月18日刊登商务部部长王文涛署名文章《投资中国就是投 资未来》，文章称，今年政府工作报告对积极稳外贸稳外资、大力鼓励外商投资作出部署。我们要加大 引资稳资力度，多措并举推动吸引外资"回稳提质"。扩大外资开放领域。落实制造业领域外资准入限制 措施"清零"要求，持续清理负面清单之外的限制性措施，确保开放举措落地实施。在负面清单以外的领 域，严格按照内外资一致的原则对外资准入实施管理。着力破解市场准入中"大门开、小门不开"的具体 问题，让外资企业在已开放领域"既准入又准营"。稳步推进服务业开放，扩大电信、医疗、教育等领域 开放试点，推动互联网、文化等领域有序开放。及时总结评估试点经验，形成可复制推广的开放路径和 实践案例，适时扩大试点范围。有序扩大资本市场对外开放，更大力度吸引外资参与创业投资，提高外 资在华开展股权投资、风险投资便利性，引导外国投资者对上市公司有序规范实施战略投资，吸引更多 优质外资长期投资我国资本市场。 （商务部） 相关链接 王文涛《学习时报》刊文：稳步推进服务业开放 有序扩大资本市场对外开放 ...