智通财经APP获悉，亚洲交易大厅再度热闹非凡，该地区逐渐摆脱关税冲击，凭借稳健增长前景吸引着 投资者的目光。股票、货币到信贷市场皆自4月市场动荡低谷迎来强势反弹。摩根士丹利资本国际 (MSCI)亚洲股指已飙升25%，创四年新高;美元走弱则推动亚洲货币指标升至去年10月以来最强水平。 企业纷纷抢抓市场复苏机遇，加速融资。 这与数月前的市场恐慌形成鲜明反转，当时，对全面贸易战的担忧、对失控通胀限制央行政策空间的顾 虑，沉重压制亚洲资产。如今，美元走弱为亚洲多国降息创造空间，而美联储预期中的宽松政策，料将 进一步助力。 "股市从4月低点强劲反弹，投资者意识到，此前对特朗普关税的悲观或许过头了。" 景顺资产管理全球 市场策略师Tomo Kinoshita表示，"特朗普在贸易政策上展现出更多灵活性，这提振了乐观情绪。" 从港股到日本的大规模股票发行热潮已直观体现市场热度。彭博数据显示，截至目前，包括首次公开募 股(IPO)在内，亚洲地区此类融资已超900亿美元，较去年同期增长25% 。 香港主导大型交易的同时，日本资本市场本周也活力满满，IPO规模创3月中旬以来新高。 亚洲债券资本市场也在波动高峰时的交易荒后，强势复苏 ...

Group 1 - The inbound tourism market is experiencing a recovery, with Huazhu Group reporting significant growth in foreign tourist reception [1] - From January to mid-June 2025, Huazhu Group's hotels received over 1.52 million foreign tourists, representing a year-on-year increase of approximately 72% [1]

截至2025年6月20日，中泰资管风险系统对各大资本市场的系统评分情况如下： 沪深300指数的中泰资管风险系统评分为45.39，较上月42.04有所上升，权益评分仍属中等偏低风险区间。 当前市场在政策支持与经济复苏预期的双重作用下，基本面和情绪回暖，但全球不确定性及内部结构分化 仍对整体风险水平形成制约，并带来情绪与预期的折返跑。 沪深300估值较上月有所上升（本月46.58，上月43.53）。虽然估值整体有所回升，行业间估值分化现象依 然延续。目前，28个申万一级行业中钢铁、房地产、商业、国防军工、计算机的行业估值高于历史60%分 位数；农林牧渔、食品饮料、非银金融等行业的估值低于历史10%分位数。市场整体估值的调整，反映了 市场对经济复苏节奏和企业盈利预期的重新评估。 市场预期分数较上月有所下滑（本月48.00，上月55.00）。宏观分析师认为经济仍待政策呵护。消费高速 增长，但持续性需要观察。一些分析师认为美国关税战带来的出口转弱的预期对民间制造业投资的意愿有 较大抑制。月度房地产投资持续下降，商品房销售下滑，也对市场预期带来较大的负面冲击。中美互降关 税的后续政策协同效应仍在评估中。 市场情绪较上月有 ...

韩国总统李在明26日在国会发表施政演说，强调搞活民生和提振经济是当务之急。若当前的低增长状态长期持续，将陷入更难把握机会、竞争和矛盾激化的恶性循环。只要资本市场恢复透明公正运转，就能形成经济复苏、企业发展的良性循环，进而迈入韩国综合股价指数（KOSPI）突破5000点大关的时代。 ...

金融研究 2025年6月26日 星期四 金融期货早班车 招商期货有限公司 资金面：公开市场操作方面，央行货币投放 3,653 亿元，货币回笼 1,563 亿元，净投放 2,090 亿元。 交易策略：现券近期维持供强需弱的特征，但后市供强需弱的格局有望改变：一是 6 月政府债到期 规模有所增加，政府债净供给节奏或趋平缓；二是 7 月保险长端负债成本有调低的可能；三是国内 市场风险偏好回归防御风格，债市配置需求或会提升。期货端，长端多头力量较强，或押注未来政策 利率进一步下行。建议短多长空，短线 T、TL 逢低买入，中长线 T、TL 逢高套保。 风险提示：货币政策宽松超预期，经济复苏不及预期。 敬请阅读末页的重要说明 市场表现：6 月 25 日，A 股四大股指全线上行，其中上证指数上涨 1.04%，报收 3455.97 点；深成 指上涨 1.72%，报收 10393.72 点；创业板指上涨 3.11%，报收 2128.39 点；科创 50 指数上涨 1.73%， 报收 995.61 点。市场成交 16,395 亿元，较前日增加 1,914 亿元。行业板块方面，非银金融(+4.46%)， 国防军工(+3.36%)， ...

金十数据6月26日讯，韩国总统李在明26日在国会发表施政演说，呼吁国会及时处理补充预算案。李在 明在讲话中强调搞活民生和提振经济是当务之急。他表示，若当前的低增长状态长期持续，将陷入更难 把握机会、竞争和矛盾激化的恶性循环。李在明强调，要实现资本市场正常化运转。只要资本市场恢复 透明公正运转，就能形成经济复苏、企业发展的良性循环，进而迈入韩国综合股价指数（KOSPI）突破 5000点大关的时代。 （韩联社） 韩总统：要实现资本市场正常化运转 迈入KOSPI突破5000点大关的时代 ...

Core Viewpoint - The gaming industry in Macau has shown strong performance in Q3, with five out of six companies exceeding market expectations, leading to significant outperformance against the Hang Seng Index [1] Group 1: Company Performance - Five out of six Macau gaming companies reported Q3 results that exceeded market expectations, with the exception of Wynn Macau due to underperformance in new projects [1] - Sands China, Galaxy Entertainment, and MGM China have shown an average stock price increase of 5.9% since October, outperforming the Hang Seng Index by 10.8 percentage points [1] - The Parisian achieved an EBITDA margin of 28% within just 18 days of opening, highlighting Sands' strong competitive position and operational excellence in the mass market [1] Group 2: Industry Growth and Trends - The gaming industry's revenue is expected to continue moderate growth into next year, supported by new projects and a low base effect [1] - Visitor data remains stable, with a slight year-on-year increase of 0.5% in September, indicating an improvement in visitor structure [1] - The contribution of new projects to overall revenue is significant; without these, market growth would be considerably lower [1] Group 3: Policy Risks - Ongoing policy risks remain a long-term concern for the sector, as evidenced by the investigation of Australian Crown Casino employees in mainland China, which led to a 3% average drop in stock prices [1] - The tightening of policies towards the gaming industry since 2013 continues to create a cautious environment for business expansion in mainland China [1] - The depreciation pressure on the Renminbi may lead to stricter capital outflow controls, particularly affecting high-end mass and VIP gaming segments [1] Group 4: Investment Recommendations - The company maintains a cautiously optimistic outlook for the overall sector in the next three months, recommending focus on Sands China, Galaxy Entertainment, and MGM China for their strong operational capabilities and growth potential [2] - Sands China is highlighted for its strong dividend yield and potential for high growth next year [2] - Galaxy Entertainment is noted for its operational strength and potential for maintaining performance with new project expansions [2] - MGM China is expected to significantly enhance its performance following the opening of new projects in Q2 next year [2]

Group 1 - The core viewpoint of the article highlights that Macau's gaming revenue (GGR) for September 2017 reached 21.36 billion MOP, representing a 16.1% year-on-year increase, surpassing market expectations of 15% [1] - The strong performance in September is attributed to the VIP segment, as high-end clients prefer to visit during off-peak seasons, contributing to the growth of both VIP and high-end mass gaming [1][12] - The upcoming "Golden Week" holiday is expected to further boost October's GGR, with hotel bookings indicating strong demand, particularly for 3 to 5-star hotels [3] Group 2 - The article discusses several short-term catalysts for GGR growth, including the Christmas, New Year, and Spring Festival holidays, as well as the anticipated opening of the Hong Kong-Zhuhai-Macao Bridge by the end of the year [4] - The article emphasizes that despite high base effects, the Macau gaming sector is expected to continue its recovery, driven by VIP gaming and the opening of new facilities [4] - The performance of major gaming companies such as Melco International Development and Melco Resorts & Entertainment is highlighted, with both companies reporting significant revenue growth in Q2 2017 [5][6] Group 3 - Sands China reported a slight miss in Q2 earnings, with net revenue of $1.79 billion, but showed strong growth in mass market gaming, indicating a successful transition towards non-gaming revenue streams [9][10] - MGM China experienced a decline in revenue but is expected to benefit from new projects, with a target price increase reflecting potential future growth [11][12] - Galaxy Entertainment's Q2 revenue met expectations, with a strong performance in both VIP and mass market segments, leading to an upward revision of its target price [13][14] Group 4 - Wynn Macau reported strong revenue growth, particularly in VIP gaming, but faced challenges with its new property, Wynn Palace, which underperformed due to external construction impacts [15][16] - SJM Holdings showed a mixed performance, with revenue growth in VIP gaming but overall underperformance compared to market expectations, leading to a cautious outlook [17][18] - The article concludes with a neutral outlook on the gaming sector, emphasizing the competitive landscape and the need for companies to adapt to changing market dynamics [19]

Group 1: Iron Ore Market Overview - Recent spot transactions for iron ore have been weak, with the basis continuing to narrow, and the overall market maintaining a fluctuating pattern [1] - The overall supply of iron ore is gradually recovering, with significant support from new production capacity projects coming online [3] Group 2: Global Manufacturing and Economic Indicators - Global manufacturing is showing weak recovery, with JPMorgan's global manufacturing PMI at 49.6%, down 0.2 percentage points month-on-month, remaining in contraction territory for the second consecutive month [2] - China's official manufacturing PMI increased by 0.5 percentage points to 49.5%, indicating a weak recovery [2] Group 3: Steel Production and Market Dynamics - Steel mills are actively squeezing coking coal profits, leading to a fourth round of price reductions for coking coal, which has improved the profitability of steel mills [4] - The operating rate of 247 steel mills has increased by 0.41 percentage points to 83.82%, with daily molten iron production at 2.4218 million tons, showing resilience despite the seasonal downturn [4] Group 4: Port Inventory Trends - Iron ore port inventory has been decreasing, with a total drop of 389,800 tons to 138.9416 million tons as of June 20, while steel mills' imported ore inventory increased by 1.3756 million tons to 89.3624 million tons [5] - The supply-demand balance for iron ore is expected to weaken in July, with port inventories likely to accumulate slightly, potentially reaching 150 million tons in the second half of the year [5]

轻薄是vivo X Fold5的核心竞争力之一：在重量上，该手机仅重217克，是全球最轻的大折叠手机；在厚度上，该手机折叠状态的厚度为9.2mm，展开态厚度为 4.3mm，拥有了媲美直板旗舰手机的手感。 在折叠屏领域，vivo等品牌正携供应链企业完成一场市场和技术的"双向突围"。 6月25日，vivo发布了新一代旗舰折叠机vivo X Fold5，创下了全球最轻折叠手机的新纪录，同时也成为折叠机中唯一实现"三防"（防水、防尘、防冻）的产品，在 续航、影像、通信能力上都有较大提升，并在系统及功能应用层面进一步提升了安卓手机和苹果之间的生态连接。 vivo X Fold5实现多项能力跃升的背后，是手机厂商与供应链企业携手创新，从技术攻坚走向生态重构，突破了层层壁垒，既为消费电子板块释放出了"创新红 利"，也为折叠屏手机加速供应链国产化按下了"加速键"。 vivo"多维突破"激活产业链市场空间 此前艾瑞咨询发布的报告显示，机身厚沉是折叠屏市场主要用户痛点，"轻薄握感"成为折叠屏手机现有用户购机关注最大因素。Counterpoint认为，轻薄不仅是影 响用户购机的关键因素，也是折叠屏核心科技力的主要体现。 从技术上看 ...