➢ 中央六招擴消費金融谷內需 寬創業擔保 設5000億養老再貸款； 國家商務部：各地要認真落實汽車以舊換新政策 推進高階智駕車商 業化應用； 內地6月共批准158款國產及進口遊戲 騰訊及網易在列； 每日港股評析 港股早晨快訊 2025 年 6 月 25 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指受制 24,700 點：中美在 5 月中旬於瑞士日內瓦經貿會談後發布聯合 聲明，雙方降低加徵關稅，互相保留加徵 10%關稅，美國對中國進口貨 品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%， 為期 90 日。中美 6 月倫敦談判達框架協議，後續關注 90 日對等關稅寬 限期過後能否取得長期協議。以伊停火，惟其後雙方是否遵循協議，仍有 待觀察。中美貿談續缺乏進展，內地現階段加推經濟刺激方案的意願不大， 企業盈利改善有限，北水於高位流入速度放緩。恒指阻力料見於 24,700 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 宏觀焦點 鮑威爾不排除7月減息； 歐盟準備採取更多關稅反制措施以對美施壓； 企業消息 ➢ 旺旺(0151)全年多賺8.6% 減派息至 ...

金融科技ETF华夏（516100）被动跟踪中证金融科技主题指数，涵盖软件开发、互联网金融及数字 货币产业链，兼具金融属性与科技创新能力，指数重仓股，同花顺、东方财富、润和软件、恒生电子 等，稳定币含量达20.66%，含量全市场ETF第一，场外联接基金023884/023885。 券商ETF基金（515010）跟踪中证全指证券公司指数，高效配置券商板块，直接受益行情回暖。数 据显示，券商ETF基金（515010）当前管理费托管费合计费率0.2%，为当前场内费率档次最低投资标 的，如看好券商板块，或可借此布局。 每日经济新闻 6月25日，稳定币概念探底回升，早盘一度跌超2%，盘中直线拉升，截至11：25，稳定币含量全市 场最高的金融科技ETF华夏（516100）4.15%，居全市场涨幅前列，持仓股集体上涨，京北方10CM涨 停，指南针涨超17%，财富趋势、新国都、兆日科技、拉卡拉等股纷纷走强，近3个交易日累计涨超 12%，券商ETF基金（515010）涨2.63%，近3个交易日累计涨6.44%。 近日，在上海举办的陆家嘴论坛上，人民银行行长潘功胜首次公开提及稳定币，他表示区块链和分 布式账本等新兴技术推动央行数字 ...

Group 1 - The financial sector is experiencing a strong performance, with significant gains in fintech stocks and a notable increase in trading volumes for financial technology ETFs [1][2] - Major fintech stocks such as Jinbeifang and Zhaori Technology have seen substantial price increases, with some stocks hitting the daily limit up [1] - The approval of Guotai Junan International's license upgrade by the Hong Kong Securities and Futures Commission allows for direct trading of cryptocurrencies and stablecoins, enhancing the fintech landscape [1] Group 2 - The central bank is set to develop a new financial technology development plan, aiming to promote digital transformation in finance through policy documents [2] - The recent legislative changes in Hong Kong and the central bank's financial opening measures are creating a favorable policy environment for fintech innovation [2] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokerages and financial IT services showing strong growth potential [2][3] Group 3 - The fintech ETF (159851) and its associated funds are recommended for investment, covering a wide range of themes including internet brokerages and AI applications [3] - As of June 18, the fintech ETF has a scale exceeding 4.8 billion, with an average daily trading volume of over 500 million in the past six months, highlighting its liquidity advantages [3]

Group 1 - The big data industry continues to show activity, with companies like Aofei Data and Kehua Data rising over 5% [1] - The big data industry ETF (516700) is actively trading, with a morning increase of 1.02%, aiming for a third consecutive day of gains [1] - The People's Bank of China plans to develop a new stage financial technology development plan to enhance financial digitalization and intelligence [3] Group 2 - CITIC Construction Investment Securities notes that the domestic third-party payment industry is experiencing a continuous improvement in industry prosperity due to supply-side clearing and demand-side warming [4] - The payment sector is expected to see new growth points from service expansion and infrastructure development, particularly in cross-border payment systems [4] - The "golden triangle" of the Xinchuang industry is being built through policy support, AI empowerment, and the urgent need for domestic alternatives [4] Group 3 - The big data industry ETF (516700) tracks the CSI Big Data Industry Index, focusing on sectors like data centers and cloud computing [6] - Investors interested in technology self-reliance should pay attention to three catalysts: high-level calls for technology leadership, the activation of digital productivity, and the acceleration of the Xinchuang 2.0 wave [7] - The Xinchuang ETF (562030) covers core segments of the Xinchuang industry chain, including hardware, software, and information security, and is characterized by high growth and elasticity [7]

一、行情 同日央行表示，将研究制定新阶段金融科技发展规划，出台深化运用金融科技推动金融数字化智能化转型的政策文件。 3）6月18日，中央金融委员会发布了《关于支持加快建设上海国际金融中心的意见》，紧随其后，国家金融监督管理总局会同上海市政府印发了《上海国际 金融中心建设行动方案》。《意见》明确提出在未来5至10年内上海国际金融中心将全面提升能级。 三、机构解读 1）从大国战略角度看新一轮金融科技创新机遇。中国香港稳定币法案落地，一方面代表着区块链、加密货币等前沿金融科技发展进入加速落地阶段，另一 方面也侧面反映我国中国香港地区对于金融科技创新发展的积极态度。 6月25日早盘，金融板块连续第二天走强。国盛金控、湘财股份、弘业期货、天利科技（20CM）集体二连板，新力金融、汇金股份（20CM）、天晟新材 （20CM）、爱建集团、建元信托纷纷涨停，兆日科技、海联金汇、恒银科技、大智慧、指南针、同花顺等集体走强。 二、事件：稳定币持续催化+金融领域政策不断 1）6月24日，国泰海通集团下属公司国泰君安国际控股有限公司正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及在提供 虚拟资产交易服务的基 ...

Group 1 - Financial technology sector continues to strengthen, with New Guodu surging over 12% and other stocks like Zhao Ri Technology and Zhinancun also seeing significant gains [1] - The Financial Technology ETF (159851) rose by 1.61%, achieving a trading volume exceeding 400 million yuan [1] - The People's Bank of China is set to develop a new phase of financial technology development planning, aiming to enhance the digital transformation of finance [1] Group 2 - From a strategic perspective, financial technology is entering a new round of innovation opportunities, supported by favorable policies such as the recent legislation in Hong Kong and financial opening measures announced by the central bank [3] - The "1+6" policy is seen as a strong initiative for capital markets to better serve technological innovation and new productivity development, with a focus on retail brokers and financial technology targets [3] - The financial technology sector is expected to benefit from improved liquidity and active market trading, with internet brokers and financial IT firms poised for growth [3]

Domestic News - The central bank will research and formulate a new stage financial technology development plan, and issue policy documents to deepen the application of financial technology to promote the digital and intelligent transformation of finance [3]. International News - Trump believes both Israel and Iran have violated the ceasefire agreement but stated that there will be no consequences for these violations. He also expressed that he does not wish for a regime change in Iran [4]. - Oil price increases since Israel's attack on Iran on June 13 have been completely erased [4]. - U.S. media reported that preliminary intelligence assessments indicate that strikes against Iran did not destroy nuclear facilities, which the White House denied [4]. - After a conversation between U.S. and Israeli leaders, Israel has halted further military strikes against Iran [4]. - The Iranian president stated that Iran is prepared to engage in dialogue at the negotiation table [4]. - Federal Reserve Chair Powell indicated that current policies are in a favorable position, suggesting a wait-and-see approach before considering interest rate adjustments. Most officials believe a rate cut later this year is appropriate [4]. - Bostic stated there is currently no need for a rate cut, expecting a 25 basis point cut later this year [4]. - Harker mentioned there is no urgent reason to cut rates, and monetary policy may remain unchanged for a considerable time [4]. - Kashkari noted that the Federal Reserve is in a wait-and-see mode due to tariff uncertainties [4]. - Williams indicated that tariffs and uncertainties will lead to slower economic growth and rising inflation this year [4]. - Collins emphasized that a moderately restrictive monetary policy stance is necessary [4]. - Bullard stated that monetary policy is in a favorable position, and the Federal Reserve will observe how the economic situation develops [4].

投资策略 策略日报（2025.06.24）：突破 策 略 研 究 太 平 2025 年 06 月 24 日 相关研究报告 洋 证 券 股 份 有 限 公 司 证 券 动>>--2025-06-23 跌>>--2025-06-20 << 策 略 日 报 （ 2025.06.19 ） 调 整>>--2025-06-19 期：金融、周期领涨>>--2025-06-16 期：资金转流出>>--2025-06-16 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 E-MAIL：xuzm@tpyzq.com 分析师登记编号：S1190525050001 大类资产跟踪 <<策略日报（2025.06.23）反者道之 <<策略日报（2025.06.20）缩量下 债券市场：利率债低开低走，股债跷跷板效应明显。今日上证指数 放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支撑债市， 但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡运行。后 续展望：股市大盘突破，债市预计高位震荡。 研 究 报 告 <<估值与盈利周观察——6 月第 2 <<流动性与仓位周观察——6 月第 ...

Group 1 - The core focus of the market is on direction rather than the index level, emphasizing that even if the index rises, the wrong direction can lead to losses [1][5] - The market is currently experiencing a strong upward trend, with the Shanghai Composite Index closing above 3400 points, but it is expected to face resistance and may continue to oscillate within a range [1][2] - The strongest sectors today include battery technology, particularly solid-state and lithium batteries, which are showing signs of a breakout [2][3] Group 2 - Digital currency is gaining traction due to supportive policies, with the People's Bank of China indicating plans to develop a new stage for financial technology, positively impacting sectors like brokerage and fintech [3][4] - The market is advised to focus on strong themes and sectors, with an emphasis on observing the performance of new and old hot sectors to gauge market momentum [4][5] - The financial sector, particularly securities and internet finance, is highlighted as having significant potential, but it is suggested to wait for confirmation of strength before making investment decisions [5]

新华财经北京6月24日电 人民银行24日开展4065亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1973亿元逆回购到 期，公开市场实现净投放2092亿元。同日，人民银行将以固定数量、利率招标、多重价位中标方式开展3000亿元MLF操作，期限为1年 期。 上海银行间同业拆放利率（Shibor）14天品种继续下行，7天品种涨幅明显。具体来看，隔夜Shibor上涨0.30BP，报1.3700%；7天Shibor 上涨13.20BP，报1.6290%；14天Shibor下跌1.60BP，报1.6970%。 上海银行间同业拆放利率（6月24日） 银行间质押式回购市场方面，7D品种量价齐升，R007和R014出现倒挂。具体看，DR001、R001加权平均利率分别上行0.0BP、下行 0.1BP，报1.3708%、1.438%，成交额分别减少2182亿元、5242亿元；DR007、R007加权平均利率分别上行16.1BP、25.9BP，报 1.6684%、1.8221%，成交额分别增加1247亿元、8772亿元；DR014、R014加权平均利率分别上行0.6BP、1.2BP，报1.713%、1.7671 ...