Choice统计数据显示，截至6月27日，以基金成立日为口径，6月新成立的基金总数为137只，合计发行 份额为1123.01亿份，无论从数量还是发行份额看，相比5月的96只、657.59亿份均有大幅提升，并创出 今年以来新基金发行单月数量规模的新高。 其中虽有51.06%的占比为债券型基金，但也为A股市场带 来了超过500亿元"活水" 。此外，从待发行的新基金来看，48只基金中有超过七成为权益新品，其中被 动指数型产品占多数。 本月新发基金中最引人注目的无疑是首批新模式浮动管理费基金。6月26日，鹏华共赢未来混合和万家 新机遇同享混合两只新基金发布合同生效公告。至此，首批26只新模式浮动管理费基金中已有19只成 立。据记者了解，其他几只产品预计于6月底或将全部结束募集。 公告显示，鹏华共赢未来混合募集期内合计认购金额为6.92亿元，有效认购户数为5616户；万家新机遇 同享混合募集期内合计认购金额为4.74亿元，有效认购户数为4715户。再加上之前成立的产品，截至6 月26日，已成立的首批新模式浮动管理费基金合计募集金额为近190亿元，合计有效认购总户数超过21 万户。 此外，成立较早的几只产品已经开始建仓， ...

Core Viewpoint - The market outlook for A-shares remains positive, supported by global interest rate cuts and increased domestic capital inflow, leading to a gradual rise in the index center [1][2] Group 1: Market Performance - The CSI 500 Quality Growth Index rose by 0.59% as of June 30, 2025, with notable performances from stocks such as Kaiying Network (up 10%), Jingwang Electronics (up 7.86%), and Shenzhou Taiyue (up 6.76%) [1] - The CSI 500 Quality Growth ETF increased by 0.51%, with the latest price at 0.98 yuan [1] Group 2: Investment Strategy - Huaxi Securities suggests that the A-share market will continue to stabilize and improve, driven by the reopening of global interest rate cuts and a recovery in investor risk appetite [1] - Zheshang Securities indicates that mid-cap growth stocks are currently favored, with upcoming trading opportunities expected in July, although uncertainties may increase [1] - Recommended investment strategy includes focusing on banks as a stable investment, while being optimistic about TMT (Technology, Media, and Telecommunications) sectors [1] Group 3: Index Valuation - The CSI 500 Quality Growth Index is currently at a historical low valuation, with a price-to-book (PB) ratio of 1.84, which is lower than 91.96% of the time over the past three years, indicating strong valuation appeal [2] - The index is characterized by a small and mid-cap value growth style, with a better profitability and lower valuation compared to the broader CSI 500 index [2] Group 4: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index account for 23.79% of the index, with notable companies including Chifeng Gold, Ninebot, and Shenghong Technology [2][4]

Group 1 - The core viewpoint of the articles indicates that the A500 index and its ETF are experiencing positive momentum, with notable increases in specific constituent stocks [1][2] - The A500 ETF fund has shown active trading, with a turnover rate of 13.7% and a transaction volume of 22.13 billion yuan, indicating a vibrant market [1] - The A500 index is designed to reflect the performance of the 500 largest and most liquid stocks across various industries, with the top ten stocks accounting for 21.21% of the index [2][4] Group 2 - The macroeconomic fundamentals have not fundamentally changed compared to late 2024 and early 2025, suggesting a potential shift from small-cap to large-cap value stocks as market conditions evolve [2] - Future investment strategies may focus on growth sectors that benefit from policy support, particularly in technology and healthcare, such as AI, robotics, and innovative pharmaceuticals [2] - The top ten weighted stocks in the A500 index include major companies like Kweichow Moutai, CATL, and Ping An, with varying performance metrics [4]

申万宏源研报指出，中资券商涉足虚拟资产交易，有助于拓展国际业务版图，开辟新的业绩增长点，看 好券商板块未来的成长性。继国泰君安国际成为首家可提供全方位虚拟资产相关交易服务的中资券商， 其服务范围延伸至提供虚拟资产交易服务以及在交易过程中提供意见等，市场期待后续拥有香港1号牌 照的中资券商能够通过升级牌照，进一步拓展跨境业务范围。 国金证券认为，券商板块上半年业绩同比改善趋势明确，高盈利与低估值的显著错配，凸显出该板块的 配置性价比。建议投资者关注主动基金超低配的权重券商以及估值显著低于平均水平的头部优质券商。 同时，券商并购预期增强，可关注券商并购潜在标的机会。 【环球网财经综合报道】6月30日消息，多家机构发布最新研报，对券商板块未来发展表达了积极看 法，认为中资券商涉足虚拟资产交易、业绩改善以及政策利好等因素，将共同推动券商板块成长。 兴业证券通过长周期复盘发现，券商股的股价走势取决于市场周期和监管周期。当前阶段，市场风险偏 好明显抬升，具有强贝塔属性的券商板块将迎来景气度上行。在监管政策方面，目前更多聚焦于推动行 业的头部效应。在短期难以看到创新业务推动行业ROE系统性提升的背景下，市场交易的主线将聚焦 ...

证券研究报告：国防军工|点评报告 发布时间：2025-06-30 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1585.26 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 1-5 月硝化棉出口同比翻倍，6 月价格有望继续上 涨 事件 2025 年 1-5 月，我国硝化棉出口金额为 3.27 亿元，同比增长 99%；平均单价为 3.37 万/吨，同比增长 37%。 行业相对指数表现（相对值） -9% -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 6 月第 3 周：美国 ...

长江商报消息 ●长江商报记者 沈右荣 美的集团、格力电器、TCL家电等家电巨头的供应商要来A股市场了。 6月27日，北交所今年第12次审议会议召开，奥美森智能装备股份有限公司（以下简称"奥美森"）成功过会。 同时，上市委也提出了审议意见，再次问询奥美森在不存在资金缺口的情况下，使用3000万元募资补充流动资金 的审慎、合理性。长江商报记者注意到，这是监管部门第三次问询。在IPO前，奥美森派发了6300万元现金红 利。 尽管奥美森过会了，但仍有不少问题需要重视。监管多次提及奥美森的成长性问题。过去四年，公司前五大客户 不稳定，归母净利润止步不前。 此外，存货居高且周转率偏低、产能利用率不饱和仍然扩产、实控人家族持股比例高内控存漏洞等，都对奥美森 形成挑战。 值得一提的是，2024年，广东证监局现场检查时曾发现奥美森存在三大问题，包括内审制度、内部信息管理制度 等缺失。 前五大客户不稳成长性遭拷问 企业成长性，是监管及市场关注的焦点。奥美森的成长性多次被问询。 创业板IPO折戟，奥美森转战北交所。2024年6月，公司北交所上市申请获受理，并进行了预披露。 冲击创业板，奥美森完成了首轮问询函回复；冲击北交所，奥美森 ...

Core Insights - The investment philosophy emphasizes the importance of aligning with significant economic and social trends to identify investment opportunities [1][2][4] - A systematic approach to investment is highlighted, focusing on growth value and the different stages of industry cycles [2][3][4] Investment Philosophy - Investment opportunities are recognized based on distinct era backgrounds, with historical trends such as industrialization, mobile internet, supply-side reforms, consumption upgrades, and the recent AI wave being pivotal [2][7] - The investment framework includes a combination of top-down and bottom-up analysis, focusing on macro trends and specific industry dynamics [3][4] Industry Cycle Insights - The industry cycle is categorized into three stages: breakthrough (0 to 1), growth (1 to 10), and maturity (10 to N), with different investment focuses for each stage [3][4] - Emphasis is placed on understanding the potential for technological breakthroughs in the early stage and tracking fundamental performance in the growth stage [3] Risk Management - The importance of maintaining a solid investment foundation and adhering to a value bottom line is stressed, with safety margins being crucial for portfolio construction [4][5] - The investment discipline of "following the big trend and countering the small trend" is advocated, focusing on strategic timing in market movements [5] Market Outlook - The emergence of new floating-rate funds is seen as a call for professionalism in asset management, aligning the interests of managers and investors [6] - Positive changes in the market, such as policy support and technological innovation, are expected to create a favorable environment for capital markets [6][7] Future Investment Directions - The ongoing economic transformation is anticipated to reveal more long-term investment opportunities, particularly in AI and its applications, new consumption trends, innovative pharmaceuticals, and military-industrial sectors [7]

证券研究报告 | 金融工程报告 2025 年 06 月 29 日 当下价值/成长的赔率和胜率几何？ ——风格轮动策略周报 20250627 在《如何从赔率和胜率看成长/价值轮动》报告中，我们创新性地提出了基于 赔率和胜率的投资期望结合方式，为应对价值成长风格切换问题提供了定量模 型解决方案。后续，我们将持续在样本外进行跟踪并做定期汇报。 上周全市场成长风格组合收益 5.49%，而全市场价值风格组合收益为 3.33%。 1、赔率 在前述报告中，我们已经进行了验证，即市场风格相应的相对估值水平 是其预期赔率的关键影响因素，并且两者应该呈现出负相关。由于存在上述 线性关系，我们根据最新的估值差分位数，可推得当下成长风格的赔率估计 为 1.10，价值风格的赔率估计为 1.09。 2、胜率 在七个胜率指标中，当前有 5 个指向成长，2 个指向价值。根据映射方 案，当下成长风格的胜率为 68.88%，价值风格的胜率为 31.12%。 3、最新推荐风格：成长 根据公式，投资期望=胜率*赔率-（1-胜率）。我们计算得最新的成长风格 投资期望为 0.44，价值风格的投资期望为-0.35，因此最新一期的风格轮动模 型推荐为成长风 ...

Core Viewpoint - The article emphasizes the challenges faced by new lawyers in practical legal work and the lack of guidance in traditional training, leading to the creation of a comprehensive training course titled "Lawyer Assistant Entry Training" to address these gaps [2][4]. Group 1: Training Course Overview - The course is designed to provide essential practical skills and knowledge for new lawyers, covering various aspects of legal practice [5][6]. - It includes 10 courses totaling 17 hours, focusing on tools, research, and core skills such as contract drafting and due diligence [6]. - Participants will receive a legal toolkit containing templates and examples to aid their practice [6]. Group 2: Course Content Breakdown - The first section covers self-growth and management for young lawyers, discussing the reasons for choosing a legal career and the qualities of an excellent lawyer [10]. - The second section focuses on business etiquette, including appearance and social behavior in professional settings [12]. - The third section introduces commonly used legal tools and software, emphasizing the importance of technology in legal practice [14][15]. Group 3: Practical Skills Development - The course includes training on legal research and document writing, highlighting the basic requirements for legal documents and the process of drafting [18][21]. - It also covers contract drafting and review techniques, detailing the preparatory work and specific operations involved [24]. - A section on due diligence provides insights into the core concerns, processes, and methods necessary for effective legal investigations [28]. Group 4: Specialized Legal Knowledge - The course addresses civil and commercial litigation documents, focusing on key points for various legal documents and courtroom preparation [29]. - It includes a module on the growth path for construction lawyers, emphasizing knowledge accumulation and learning methods [30][31]. - Finally, it discusses the qualities and methods to become an excellent securities legal assistant, providing practical tips for success in this niche [33].

证券研究报告·行业跟踪周报·金融产品 金融产品跟踪周报 权益 ETF 系列：震荡上行，注意投资节奏 2025 年 06 月 29 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ A 股市场行情展望：（2025.6.30-2025.7.04） ◼ 基金配置建议： 风险提示：1）模型基于历史数据测算，未来存在失效风险；2）宏观经济 不及预期；3）发生重大预期外的宏观事件。 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 非银金融 沪深300 相关研究 《保险行业 5 月月报：寿险保费增速 持续向好，财险业务表现稳健》 2025-06-28 《国君香港获批加密货币交易资格， 头部券商引领变革，非银金融生态重 构》 2025-06-25 东吴证券研究所 1 / 22 ...