公募城投债中，江浙两省加权平均估值收益率均在 2.4%以下；收益率超过 4.5%的城投债出现在贵州地级市及区县级； 其余区域中，广西、云南、甘肃等地的利差也较高。与上周相比，公募城投债收益率多有小幅上行。具体来看，上行 幅度较大的品种的包括 2-3 年四川省级非永续、3-5 年安徽省级非永续、1 年内贵州地级市非永续、1 年内河北省级永 续城投债等。 私募城投债中，上海、浙江、广东、福建等沿海省份的加权平均估值收益率在 2.8%以下；收益率高于 4%的品种出现 在贵州地级市、陕西地级市、云南地级市；其余的黑龙江、青海、甘肃等地的利差也较高。与上周相比，私募城投债 中各品种收益率以上行为主。具体来看，收益率上行幅度较大的有 3-5 年广西地级市非永续、1-2 年陕西区县级非永 续、1-2 年吉林地级市非永续、3-5 年辽宁地级市非永续城投债，分别对应上行 9.9BP、9.7BP、8.0BP 和 7.7BP。 产业债： 民企产业债和地产债估值收益率及利差整体高于其他品种。与上周相比，非金融非地产类产业债收益率多有调整，其 中 1-2 年民企私募非永续品种上行幅度相对更大，平均上行 9.7BP；地产债中，国企私募非 ...

分析师：蔡梦苑 登记编号： S0890521120001 分析师：周佳卉 登记编号： S0890525040001 投资要点 监管和行业动态： 1、6月24日，中国人民银行等六部门联合印发《关于金融支持提振和扩大消 费的指导意见》。其中提到，创新适应家庭财富管理需求的金融产品，规范居民投资理财业 务，提高居民财产性收入。2、银行理财估值整改迎来"年中考"。据上海证券报，当前多家银行 理财公司透露6月底前完成估值整改的半年度计划，实现"时间过半，任务过半"，目前银行理财 公司估值整改主要集中于收盘价估值法。3、6月26日，中国证券投资基金业协会发布的最新一 期公募基金市场数据显示，截至2025年5月底，我国境内公募基金管理机构共164家，管理的公 募基金资产净值合计33.74万亿元，较4月底增长6,255.33亿元。 同业创新动态： 工银理财、中邮理财参与三花智控港股IPO基石投资。6月23日，全球制冷控制 与汽车热管理领域龙头企业三花智控（股票代码：2050.HK）在中国香港交易所成功挂牌上 市。工银理财、中邮理财作为基石投资者分别获配2000万美元投资份额。 收益率表现： 上周（2025/6/23-2025 ...

TOP 级机构（合计管理超千亿）分享投资策略和方向。 变局加速，机遇涌动！走过充满韧性的 2024 ，中国经济正以"新质生产力"为引擎，在 2025 年深化转型。政策红利持续释放，资本市场改革深化，外资加速回流人工智能、高端制造、绿 色能源等新经济赛道，一场以"新质"为核心的估值重构已然展开。 然而，全球棋局波谲云诡：地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠 加 ……如何在百年大变局的深化期，把握未来航向？ 2025 年下半年，机遇与风险并存，投 资者如何优化策略，行稳致远？ 答案，就在深圳！ 2025 年 7 月 4 日 -5 日，格隆汇 2025 中期策略峰会 将再度点亮鹏城！ 我们力邀顶尖思想领袖与实战精英，为您： 深度剖析全球与中国经济核心变局； 前瞻 "新质生产力"驱动的投资主脉络； 拆解复杂环境下的风险与机遇； 共话资本市场改革红利与布局良机； 格隆汇期待您的莅临！ （活动议程均以现场为准，活动解释权归格隆汇所有） 这是一场智慧碰撞的盛宴，一次拨云见日的集结！ 与远见者同行，与担当者共进！ 星火汇聚，终成燎原之势！ 破浪前行，共赴投资沧海！ 7 月 4 日中期策略会仅剩少许名额！ ...

今日，A股市场震荡分化，三大指数涨跌不一，从领涨方向看，三大热点今日集中爆发。 盘面上，创新药概念股再度走强，昂利康等涨停。银行股展开反弹，建设银行等再创历史新高。 军工板块中，长城军工再度涨停， 10天8板，打开市场高度。 严峻的国际冲突、热度正高的巴黎航展，以及即将到来的9月大阅兵！ 各种事件似乎都在引导大家将目光锁定到： 军工！ 01 军工迎密集利好！ 另一方面， 当前中国军工板块整体估值约50倍，与海外科技防务巨头相比仍有提升空间 。 我们对军工行情的节奏判断如下： ① 填洼地 ：前期超跌、悲观预期充分体现的领域，如军工电子、军工材料； ② 塑权重 ：沪深30 0和A500等指数中的军工权重股； ③" 双击 "：待到"十四五"末订单和业绩的逐步兑现，以及"十五五"计划的逐步明朗，将带来业绩和估值的"双击"； ④ 行业特殊性溢价 ：并购重组、市值管理预期、地缘政治刺激、新质生产力和新质战斗力等带来的行业溢价。 02 五大主线方向与逻辑 ① 军贸 ：装备谱系完整度、自主率提升，出口数量与价值量增长 。 据报道，2 0 25国际低空经济博览会将于7月2 3日至26日在上海举办。机构指出， 过去军工投资多是短 ...

Group 1 - The stock price of Tianmao Group (000627) has been significantly reduced by a fund company, with a valuation set at 0.27 CNY per share, down from 2.74 CNY per share, representing a decline of over 90% [1] - The fund company, Huatai Fuhua Fund, stated that the adjustment in stock valuation is primarily to protect the interests of fund holders, especially when a listed company faces regulatory penalties or significant changes in its fundamentals [1] - Tianmao Group has been suspended from trading for nearly two months due to its failure to disclose its 2024 annual report by the legal deadline of April 30 [4] Group 2 - If Tianmao Group does not disclose more than half of its board members' guarantees of the accuracy and completeness of the annual report within two months from the date of the delisting risk warning, its stock will be terminated from listing [5] - The company has limited time left to complete and disclose its annual report, with just over two months remaining [5] - The actual controller of Tianmao Group is Liu Yiqian, a well-known art collector and investor, who has a significant background in the A-share market [5]

Group 1 - The core viewpoint of the article highlights the strong performance of actively managed equity funds, particularly those focused on the Beijing Stock Exchange and the pharmaceutical sector, with the top-performing fund achieving a return of 82.45% in the first half of 2025 [1][7]. - The top-performing funds include the CITIC Securities Beijing Stock Exchange Selected Two-Year Open A Fund, which is the only fund to exceed an 80% return, and other notable funds such as Great Wall Pharmaceutical Industry Selected A and Bank of China Hong Kong Stock Connect Pharmaceutical A, both exceeding 70% returns [2][7]. - The overall performance of the A-share and Hong Kong stock markets was positive, with major indices showing gains, particularly the North Exchange 50 Index, which rose by 39.45% [5][6]. Group 2 - Looking ahead to the second half of 2025, several fund companies express optimism about investment opportunities in the A-share market due to historically low valuation levels and supportive fiscal and monetary policies [3][10]. - Fund managers are particularly focused on sectors such as technology, innovative pharmaceuticals, and new consumption, anticipating structural opportunities in these areas [11][12]. - The Hong Kong market is expected to attract more investment due to the internationalization of the RMB and the listing of quality A-shares and overseas Chinese assets, which enhances its appeal [10]. Group 3 - Despite the overall positive outlook, some actively managed equity funds have underperformed, with the Qianhai Kaiyuan Artificial Intelligence A Fund showing a decline of 20.57%, marking it as the worst performer [9]. - Fund managers emphasize the importance of identifying structural opportunities in the market, particularly in sectors like AI, semiconductors, and military industry, as well as in cyclical industries that have seen significant price declines [11][12].

y m 市 市 站 需 有 谨 风 慎 险 官 方 脂 热 线 M www.itf.com.cn 400-8888-598 ITC 国贸期货 世界500强投资企业 国贸期货有限公司 -流的衍生品综合服务商 DAVA - | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | | | 农产品研究中心 | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从化资格号:F3042528 | | | 2025/7/1 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年6月30日 | 日环比 | 周珂比 | | | 2025年6月30日 | OFF HMA | 周环比 | | | SP2601 | 5254 | -0. 79% | -4.02% | | 针叶浆银星 | 5900 | -0. 84% | -2. 48% | | 期货价格 | S ...

- Model Name: Style Rotation Model; Model Construction Idea: The model is built from basic style factors such as valuation, market capitalization, volatility, and momentum, gradually constructing a style timing and scoring system[1][6] - Model Construction Process: 1. Construct 640 micro features based on 80 underlying micro indicators[1][6] 2. Use common indices as style stock pools instead of absolute proportion division of style factors to construct new style returns as labels[1][6] 3. Use a rolling training random forest model to avoid overfitting risks, select features, and obtain style recommendations[1][6] 4. Construct a style rotation framework from style timing to style scoring and from style scoring to actual investment[1][6] - Model Evaluation: The model effectively avoids overfitting risks and provides a comprehensive framework for style rotation from timing to scoring and actual investment[1][6] Model Backtest Results - Style Rotation Model, Annualized Return: 21.63%, Annualized Volatility: 24.09%, IR: 0.90, Monthly Win Rate: 59.12%, Maximum Drawdown: 28.33%[7][8] - Market Benchmark, Annualized Return: 7.21%, Annualized Volatility: 21.56%, IR: 0.33, Monthly Win Rate: 56.20%, Maximum Drawdown: 43.34%[8] - Excess Return, Annualized Return: 13.35%, Annualized Volatility: 11.43%, IR: 1.17, Monthly Win Rate: 66.42%, Maximum Drawdown: 10.28%[7][8] Monthly Performance - June 2025, Style Rotation Model Return: 1.28%, Excess Return: -2.51%[13] - July 2025, Latest Style Timing Directions: Low Valuation, Small Market Cap, Reversal, Low Volatility[13] - July 2025, Latest Holding Index: CSI Dividend Index[13]

Group 1: Market Performance - The three major U.S. stock indices experienced a strong rebound after hitting a low in April, with the S&P 500 and Nasdaq indices reaching new historical highs [1] - The S&P 500 index saw a market capitalization increase of over $10 trillion in less than three months, marking the shortest record for the index to recover from a drop of more than 15% to a new high [1] - Historical data indicates that July is typically one of the best-performing months for U.S. stocks, prompting investors to closely monitor upcoming key events [1] Group 2: Legislative Developments - The "Big and Beautiful" bill, strongly advocated by Trump, is facing a critical vote in the Senate, with the White House aiming for its signing before July 4 [3] - The bill passed the House with a narrow margin of 215 to 214 votes and is currently under Senate review, where it advanced with a procedural vote of 51 to 49 [3] - The Congressional Budget Office projects that the bill will increase federal debt by $3.3 trillion over the next decade and proposes raising the federal debt ceiling by $5 trillion, a historic increase [3] Group 3: Trade Policy and Market Impact - Trump's announcement to suspend trade negotiations with Canada led to a significant short-term drop in U.S. stocks, highlighting the market's sensitivity to trade negotiation news [4] - The 90-day tariff suspension period is set to expire on July 9, with Trump indicating no intention to extend it [4] - The current market environment is characterized by "extreme policy uncertainty," with potential pressures on the U.S. economy from tariff policies manifesting as price increases, declining corporate profits, or reduced business investment [4]

abc 2025 年 06 月 26 日 Global Research 首次覆盖 三星医疗 寻找价值；首次覆盖，给予买入评级 增长轨迹清晰，但估值处于底部 估值: 首次覆盖，给予买入评级，目标价为30.00元 我们基于SOTP得出12个月目标价为30.00元；其中，电力设备业务基 于11.5x 1年期动态PE估值，医疗服务业务基于18x估值（皆与同业平均水平 相似）。目标价隐含12.4x 2026E PE， 对照2024-27E EPS CAGR为23%。 | 股票 | | | --- | --- | | 中国 | | | 电子元件与设备 | | | 12个月评级 | 买入 | | | 之前 : 没有评级 | | 12个月目标价 | Rmb30.00 | | | 之前 : | | 股价 (2025年6月25日) | Rmb22.15 | | RIC: 601567.SS BBG: 601567 CH | | | 交易数据和主要指标 | | | 52周股价波动范围 | Rmb35.45-21.21 | | 市值 | Rmb31.2b/US$4.35b | | 已发行股本 | 1,409m (ORDA) | | ...