Group 1 - The U.S. President Trump announced tariffs on imports from 14 countries, with rates ranging from 25% to 40% depending on the country, effective from August 1 [2] - The tariffs include 25% on Japan and South Korea, 30% on Bosnia and South Africa, and up to 40% on Laos and Myanmar [2] - Trump warned of reciprocal tariffs if Japan and South Korea respond with their own increases [2] Group 2 - China's National Development and Reform Commission allocated an additional 10 billion yuan for employment support projects, aiming to create jobs for 310,000 individuals [3] - The investment will fund 1,975 projects, with 45.9% of the budget allocated for labor remuneration [3] Group 3 - The State Council's Food Safety Committee proposed a reward mechanism to encourage food industry employees to report safety risks, aiming for implementation by the end of 2026 [4] - The mechanism will initially target key sectors and larger businesses before expanding to other food production and import/export entities [4] Group 4 - The Ministry of Ecology and Environment emphasized the need for high standards in marine ecological protection and comprehensive governance of key sea areas [7] - The ministry aims to enhance the efficiency of environmental resource allocation and strengthen carbon market construction [7] Group 5 - China's Ministry of Industry and Information Technology announced the formal release of the international standard for autonomous vehicle testing, ISO 34505:2025, which fills a gap in testing scenario generation [8] - The standard was developed with collaboration from Chinese and German experts and aims to establish evaluation methods for autonomous driving systems [8] Group 6 - The average price of pork in China's wholesale markets increased by 0.4% compared to the previous week, with the current price at 20.66 yuan per kilogram [11] - The overall agricultural product wholesale price index rose by 0.34 points, indicating a general increase in food prices [11] Group 7 - China's foreign exchange reserves reached $33,174 billion at the end of June, marking a $32.2 billion increase from May, representing a 0.98% rise [12] - The gold reserves also increased, reaching 7.39 million ounces, continuing an eight-month growth trend [12] Group 8 - The Shanghai government introduced measures to promote the high-quality development of the software and information services industry, including a pilot policy for foreign-funded game companies [14] - This initiative is expected to enhance the growth potential for foreign enterprises in the gaming sector [14] Group 9 - Chery Automobile established a domestic business division, which includes four sub-divisions, but clarified that this restructuring does not involve changes in brand positioning [25] - The adjustment aims to focus on strategic alignment and resource integration [25] Group 10 - The new quantitative trading regulations, effective from July 7, focus on enhancing supervision of high-frequency trading and outline specific management requirements [27] - The regulations aim to address abnormal trading behaviors and improve market stability [27]

Group 1: Securities Asset Management Business - Nine securities firms have asset management business scales exceeding 100 billion, with CITIC Securities leading at 343.24 billion [1][2] - The total number of securities asset management products reached 22,482, with a total scale of 5.93 trillion, accounting for 9.23% of the overall asset management market [1][2] - FOF products show significant return differentiation, with strategic allocation products performing exceptionally well, indicating market preference for specific strategies [2] Group 2: Bond ETFs - The first batch of 10 sci-tech bond ETFs sold out on the first day, each with a fundraising cap of 3 billion, indicating strong market demand [3] - The total scale of bond ETFs reached 389.94 billion before the launch of the new products, with expectations to surpass 400 billion following the successful fundraising [3] - The success of these bond ETFs may enhance brand influence for related companies and attract more investors to the bond ETF sector [3] Group 3: Private Securities Products - The number of newly registered private securities products doubled compared to the previous month, with a total of 1,100 products registered in June, marking a significant increase [5] - In the first half of the year, the number of new private securities investment funds reached 5,461, a year-on-year increase of 53.61% [5] - The increase in private product registrations reflects a growing expectation for capital market recovery and a shift in funds towards private sectors [5][6] Group 4: Talent Movement in Asset Management - Sun Jianbo, a former champion fund manager, joined Wanlian Asset Management as Vice General Manager, indicating a significant talent movement in the asset management industry [4] - Wanlian Asset Management aims to expand its capital and pursue public fund licenses, reflecting a strategic focus on growth in asset management [4] - The influx of experienced professionals into the asset management sector may enhance competition and resource allocation within the industry [4]

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/07/08 隔夜夜盘市场走势 1. 国际油价强势上扬，美油主力合约收涨 1.37%，报 67.92 美元/桶；布伦特原 油主力合约涨 1.84%，报 69.56 美元/桶。俄罗斯 6 月原油产量仍低于 OPEC+目 标，叠加投机者 NYMEX 原油净多头头寸创三周新高，推动油价逆势走高。高盛 维持对布伦特原油 2025 年第四季度 59 美元/桶的价格预测。 2. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货涨 0.10%报 3346.40 美元/盎 司，COMEX 白银期货跌 0.39%报 36.94 美元/盎司。美联储研究报告警示经济前 景风险，可能采取更宽松货币政策。特朗普减税政策加剧经济不确定性，支撑 贵金属价格。 3. 伦敦基本金属收盘全线下跌，LME 期锌跌 1.51%报 2683.00 美元/吨，LME 期 锡跌 1.31%报 33260.00 美元/吨，LME 期铜跌 0.82%报 9784.00 美元/吨。市场对 有色金属板块关注度提升，受新能源材料 ...

Group 1 - Daya Capital recently conducted research on WanFeng AoWei, a global leader in lightweight magnesium alloy deep processing [1] - WanFeng AoWei has a competitive advantage due to the cost-effectiveness of magnesium alloy components, which are used in various automotive parts, targeting domestic new energy manufacturers [1] - The company employs price-linked settlement and hedging tools to optimize procurement and inventory management, thereby reducing costs [1] - WanFeng Diamond Aircraft ranks among the top three global general aircraft manufacturers, contributing to the development of the domestic low-altitude economy [1] - The company is developing fixed-wing pure electric and hybrid aircraft, advancing commercialization in the eVTOL sector, and integrating resources from Volocopter to build urban air traffic systems [1] Group 2 - Daya Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team has over 20 years of experience in global financial markets, with nearly 50 professionals from diverse academic backgrounds [2] - Daya Capital has received over 30 industry awards, including four Golden Bull Awards, and has achieved an asset management scale exceeding 100 billion within its first three years [2] - The company focuses on quantitative investment technology and innovation in product and business models, advocating for scientific investment practices [2] - Daya Capital is committed to maintaining a sustainable financial ecosystem and has established the "Daya New Life Children's Fund" to explore sustainable public welfare models [2]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 智信融科简介 智信融科 成立于2013年，两位核心创始人均曾在 全球知名的对冲基金公司WorldQuant就职。公司以策略研究为核心竞争力，同时依托于整 套自研的非常高效投研和交易系统，积累了丰富多元的策略储备。 智信融科的量化CTA策略在弱势行情（2022~2023年 ） 仍能取得较好的收益水平，在相对强势年份 （ 2024~2025年 ） 则显示出较强的爆发 力，并且在过去5个自然年度显示出了较强的回撤控制能力。（ 点击查看智信融科量化CTA策略介绍路演 ） 私募排排网数据显示，截至2025年5月底，管理规模在0-5亿的私募中， 智信融科武征鹏管理的"智信融科多策略八号A类份额"近1年收益高达 ***%，位居量化CTA十强榜第1。（ 点此查看收益详情 ） （点此查看 智信融科旗下产品收益、核心团队及最新路演 ） 47.5% 武征鹏 47.5% 陶之杂 邓静晶 5% 5% 邓静晶 陶之杰 47.5% 数据来源:协会公示信息 发展历程 2013年 · 公司注册 2016年 登记备案 · F 2021年 启动资管业务,以CTA策略起 十六 2023 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 现货黄金V形反转，盘中一度跌超1%后回升，尾盘价格持平。油价先跌后涨，美油较日低一度上涨4.2%。 亚洲时段，股债商齐跌，创业板跌超1%，电力股逆势爆发，恒科指翻红涨0.25%，茶饮股大涨，商品、国债普跌。 纽约Talk第二季上新 | 33年交易老将，华尔街前线洞察 了解详情>> 要闻 市场概述 特朗普最新关税计划引发美股和美债抛售，标普、纳指跌近1%。 特斯拉因为马斯克搞新党一度大跌超8%。CoreWeave跌超3%，Core Scientific跌超17%，CoreWeave将以全股票交易方式收购Core Scientific。中概股指数收涨 约0.6%，跑赢美股大盘。 10年期美债收益率上行近7个基点。美元收涨0.6%，反弹至两周高点。新兴市场货币创4月份以来最大跌幅。 中国央行6月增持7万盎司黄金，连续8个月增持，速度有所恢复。 特朗普征税函第一波：日韩等14国25%到40%不等、8月1日生效，欧盟或接近协议。 特斯拉一度重挫7.6%，销量连续下滑之际，马斯克"美国党"再涉政治漩涡。马斯克：贝森特是索罗斯的傀儡，他甚至不会数学。 ...

Group 1 - The core viewpoint of the news is the implementation of new regulations for quantitative trading by the three major exchanges in China, marking a new phase of strict regulation for algorithmic trading [1][2] - The new rules aim to enhance the supervision of algorithmic trading, promote its standardized development, and maintain market order and fairness [1] - Algorithmic trading, while providing liquidity to the market, poses risks such as technical, informational, and speed advantages for high-frequency traders over retail investors, leading to increased market volatility [1] Group 2 - The implementation details specify four types of abnormal trading behaviors, including abnormal instantaneous reporting rates, frequent instantaneous cancellations, frequent price manipulation, and large transactions within a short time frame [1] - The regulations focus on high-frequency trading, defining it based on specific thresholds for order submissions and cancellations, with differentiated management requirements for high-frequency trading investors [2] - Investors engaging in algorithmic trading are prohibited from affecting the security of the trading system or normal trading order, and from using algorithmic trading for insider trading or other illegal activities [2]

Core Viewpoint - The European Central Bank (ECB) Governing Council member and Bank of France Governor, Villeroy, stated that quantitative easing (QE) is the best unconventional policy tool when interest rates are at zero [1] Group 1: Quantitative Easing - Villeroy emphasized that despite criticisms of QE for causing asset bubbles, increasing inequality, and leading to losses for some Eurozone central banks, its effectiveness surpasses that of negative interest rates [1] - He highlighted that the ECB's recent strategic review supports the continued use of QE as a primary monetary policy tool [1] Group 2: Other Policy Tools - Long-term refinancing operations (LTRO) and the Transmission Protection Instrument (TPI) should primarily be used to ensure effective transmission of monetary policy to the economies of the 20 Eurozone countries [1]

Group 1 - The core viewpoint is that the sales of private securities investment products are gradually increasing due to the continuous decline in financial product yields and a recovery in the capital market [1] Group 2 - In the first half of the year, a total of 5,461 new private securities investment products were registered, representing a year-on-year increase of 53.61% and a month-on-month increase of 100.48% [2] - In June alone, 1,100 private securities investment fund products were registered, marking a monthly increase of 26.44% and the second-highest monthly figure of the year [2] - Stock strategies remain the dominant force in private fund registrations, with 3,458 new stock strategy private products accounting for 63.32% of the total [2] - Quantitative stock strategies are particularly popular, with 1,715 registered products, making up 70.06% of the quantitative strategy private products [2] Group 3 - The decline in deposit rates, with one-year fixed deposit rates falling below 1%, has contributed to the growth in private product issuance as they offer relatively higher returns [3] - The top three performing strategies in the first half of the year were the Tangpu 1000 Index Enhanced Private Index (+15.87%), Tangpu Subjective Growth Private Index (+12.80%), and Tangpu 500 Index Enhanced Private Index (+10.66%) [3] - Among the 33 private institutions with at least 20 registered products, 27 are quantitative private institutions, with 18 being large-scale institutions managing over 10 billion [3] - As of June, 2,010 private products reached historical net asset value highs, representing approximately 45.68% of those with nearly one year of performance data [3] Group 4 - Private institutions are generally optimistic about the second half of the year, focusing on sectors such as technology, consumption, innovative pharmaceuticals, and dividend assets [4] - The liquidity environment is expected to remain relatively loose, reducing the probability of systemic risks [4] - A total of 751 private securities managers participated in A-share listed company research, covering 387 stocks across 28 industries, with a total of 1,769 research instances [4] - The strategy for future market positioning includes a focus on high-quality companies that are undervalued, particularly in the internet, electronics, and automotive sectors [4]

Group 1 - The core viewpoint of the news is the implementation of the "Procedural Trading Management Implementation Rules," which aims to balance market efficiency and fairness while guiding algorithmic trading back to its fundamental roles of liquidity service and price discovery [1][2] - The new rules are a response to the increasing use of algorithmic trading and the need for regulatory measures to ensure market fairness, particularly concerning high-frequency trading [1][2] - The "New National Nine Articles" emphasizes the need for regulatory standards for algorithmic trading, and the newly implemented rules provide detailed regulations on abnormal trading monitoring and differentiated supervision of high-frequency trading [1][2] Group 2 - The criteria for identifying high-frequency trading are set at a maximum of 300 orders or cancellations per second per account, or a total of 20,000 orders or cancellations per day per account [2] - The rules specify four types of abnormal trading behaviors, including rapid order submission, frequent cancellations, and large transactions within a short time frame [2] - Market participants, including brokers and quantitative private equity firms, have generally complied with the new regulations, enhancing their risk control systems and trading platforms [2][3] Group 3 - The implementation of the rules marks a new phase of refined and institutionalized regulation for algorithmic trading in China, providing clear compliance guidelines for market participants [3] - The establishment of unified regulatory standards is expected to invigorate the stable operation of the A-share market and accelerate the elimination of non-compliant practices [3] - High-quality institutions with professional research capabilities and robust risk control systems are anticipated to emerge as key players in maintaining market stability [3] Group 4 - The future direction of the quantitative private equity industry will focus on not only excess returns but also customer service capabilities, product innovation, and post-fee return levels [4] - The industry is expected to exhibit four characteristics: intensified competition leading to strengthened core advantages, stable growth in scale, diversified sources of income, and a greater emphasis on risk control in strategy development [4] - In light of the strict regulation on high-frequency trading, institutions are likely to shift their strategy development focus towards medium and low-frequency trading [4]