7月10日，A股继续放量上攻，成交金额再度逼近1.50万亿元。同日，股票ETF成交金额合计741亿元； 基于上市产品数量（980只）计算，则平均每只ETF成交金额7557万元，市场气氛活跃。 但是，站在基金管理人的层面看，其股票ETF是否有足够的流动性，则在某种程度上可以反映出其在产 品布局、投研以及风控上的实力。 以交银施罗德来说，《财中社》发现，该公司旗下仅有两只股票ETF，除了深价值ETF，另一只是180 治理ETF（510010）。 但是，《财中社》同时注意到，仍有不少产品成交寡淡，甚至成交金额不足1万元，比如交银施罗德旗 下深价值ETF（159913）。 通过Wind资讯ETF行情界面截屏（见下图）可以看到，7月10日，深价值ETF总共只成交4笔，其中上午 1笔，下午3笔，当日成交金额仅8949元。 | | 2.189 +0.015 +0.69% | | | | | | | | | | 深价值ETF 买 159913 买 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SZSE ...

美联储穆萨莱姆：支付准备金利息使美联储能够在需要时注入流动性，而不会牺牲利率控制。 ...

美联储穆萨莱姆：不支付准备金利息将需要更积极的公开市场操作来控制流动性。 ...

美联储穆萨莱姆：如今的银行体系流动性强，资本充足。 ...

Group 1: Real Estate Market Overview - The macro policies have collaboratively stimulated the market demand potential, leading to improved market liquidity in Beijing's real estate sector [1] - The office market has seen notable leasing activity from technology companies, particularly in the Zhongguancun area, contributing to a decrease in vacancy rates [2] - The overall rental performance in the commercial real estate market faces significant challenges, with effective rents in the second quarter declining by 1.9% quarter-on-quarter and 4.4% year-on-year [1] Group 2: Retail and Commercial Real Estate - Approximately 360,000 square meters of new retail supply entered the market in the second quarter, accounting for 60% of the annual total [1] - Key projects such as the Zhonghai Dajixiang and the two JD Mall projects achieved high occupancy rates, indicating a positive trend in specific segments of the retail market [1] - The core market's premium projects are optimizing tenant structures to enhance competitiveness, while suburban market differentiation is expected to intensify [1] Group 3: Hotel Market Insights - No new high-end hotel openings occurred in the first half of 2025, but three new hotels are expected to open in the second half, adding a total of 667 rooms to the market [2] - The anticipated openings include the Crowne Plaza in Tongzhou and the Four Points by Sheraton in Sanlitun, which will significantly enrich the high-end hotel market landscape [2] - The overall market supply is projected to gradually increase over the next three years, indicating a positive development trend [2] Group 4: Office Market Dynamics - The overall vacancy rate for Grade A office buildings decreased by 0.4 percentage points to 12.0% in the second quarter, driven by significant leasing transactions in the Zhongguancun and Lize areas [2] - The rental forecast for 2025 indicates a continued decline of 14.8%, with lower rental rates expected to attract tenants seeking better-quality office spaces [2] - Increased competition among landlords to attract relocating tenants is anticipated, with more flexible lease terms becoming common [2]

21世纪经济报道记者易妍君广州报道 7月9日晚，红塔证券公布了2025年半年度业绩预告，为首家预披露上半年经营数据的上市券商。 红塔证券预计，2025年上半年，公司实现归属于母公司所有者的净利润为6.51亿元到6.96亿元，同比增 长45%到55%。 7月10日，红塔证券大涨6.33%，Wind券商指数上涨了1.21%。 事实上，6月以来，券商板块的活跃度明显提升。在业内人士看来，政策利好、市场活跃度提升、流动 性宽松等因素共同助推了券商板块上涨。3500点之上，券商板块估值有望回归。 上半年业绩预增 步入上市公司半年报披露期，红塔证券率先释放业绩向好的信号。 据红塔证券最新预计，其2025年半年度实现归属于母公司所有者的净利润为6.51亿元到6.96亿元，与上 年同期相比将增加2.02亿元到2.47亿元，同比增长45%到55%。 相应的，红塔证券的经营业绩大幅好转。2023年度，红塔证券的归母净利润较2022年大增710.57%； 2024年度，该券商规模净利润较2023年增长了144.66%。 从整个行业看，上市券商2025年上半年的经营业绩或将保持增长势头。 红塔证券预计2025年半年度实现归属于母公司 ...

Group 1 - The report indicates that the external uncertainty from tariffs is expected to gradually spread, with the U.S. "reciprocal tariffs" 90-day deadline approaching, suggesting that most economies may struggle to resolve tariff issues within this timeframe [4][13][15] - The domestic policy is anticipated to remain proactive yet restrained, with the need to maintain sufficient policy space to address potential extreme risk scenarios while avoiding excessive short-term stimulus that could disrupt long-term goals [30][32][38] Group 2 - The report highlights that the improvement in domestic demand is a key driver for economic and corporate profit recovery, with expectations that consumer confidence will continue to rise due to the rebound in residents' income and wealth effects [77][78][83] - The real estate sector is showing signs of gradual recovery, with new home sales and land transaction data improving, indicating a potential positive impact on the overall economy [83][88][91] Group 3 - The report emphasizes that the capital market's liquidity remains high, with a significant number of stocks experiencing substantial gains, which has fostered a strong investment sentiment among individual investors [116][122][134] - The importance of the equity market is underscored by ongoing policy support aimed at enhancing residents' property income and maintaining market stability [136]

债券研究 证 券 研 究 报 告 【债券周报】 财政扰动或集中在后半月 ——7 月流动性月报 综合资金缺口看，刚性因素中，7 月一般存款小月，释放的准备金规模或在 1388 亿元附近，货币发行或小幅消耗流动性 705 亿元左右，非金融机构存款小幅补 充 215 亿元；工具到期方面，1.2 万亿的买断式逆回购到期，与 6 月规模接近， 其中 3M 到期 7000 亿元，6M 到期 5000 亿元，MLF 到期量在 3000 亿元，规 模较上月小幅抬升，若资金压力增大，或依旧是延续超额续作的思路。财政因 素中，税期大月以及政府债券发行规模不小，政府存款对于流动性的冻结或在 9000 亿元附近，高于去年水平。合计 7 月流动性缺口在 2.4 万亿附近，整体资 金缺口压力或处于季节性偏大水平。 7 月初资金小幅宽松后向上收敛，存单定价下行受阻，后续扰动逐渐放大，资 金宽松空间或有限。7 月初资金扰动边际减小，DR007 或向 1.4%附近修复； DR001 基本在 OMO 利率偏下，大行融出修复至季节性高位；不过，在央行对 于"防止资金空转"以及"长端收益率走势"依然有关注度的情况下，预计资 金价格大幅宽松的空间或也 ...

流动性日报 | 2025-07-10 市场流动性概况 2025-07-09，股指板块成交4185.74亿元，较上一交易日变动-20.99%；持仓金额10216.22亿元，较上一交易日变动 -5.75%；成交持仓比为40.83%。 国债板块成交2942.82亿元，较上一交易日变动-9.73%；持仓金额9139.52亿元，较上一交易日变动-0.23%；成交持 仓比为32.18%。 基本金属板块成交4948.73亿元，较上一交易日变动+18.22%；持仓金额4974.11亿元，较上一交易日变动-1.89%； 成交持仓比为117.72%。 能源化工板块成交4363.44亿元，较上一交易日变动+0.30%；持仓金额4356.10亿元，较上一交易日变动+0.12%；成 交持仓比为79.88%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 农产品板块成交2556.96亿元，较上一交易日变动-8.48%；持仓金额5701.05亿元，较上一交易日变动+0.37%；成交 持仓比为40.11%。 黑色建材板块成交1950.96亿元，较上一交易日变动+28.46%；持仓金额3654.80亿元，较上一交易日 ...

离岸人民币同业一年拆息续创新低，香港金管局日间回购协议流动性被用逾七成 金十数据7月10日讯，离岸人民币香港银行同业拆息周四显示：主要期限利率多数下跌；其中一年期 HIBOR小跌至1.85091%，续创纪录新低。另外香港金管局(HKMA)200亿元人民币的日间回购协议流动 性已被调用逾七成。隔夜HIBOR回落3个基点至1.49212%；一周期的HIBOR小跌至1.58152%，触及6月 19日以来低位；两周期HIBOR跌至1.62333%，创近一周新低。点击链接查看历史数据>> 相关链接 美元/离岸人民币 ...