作 者丨王峰 编 辑丨周上祺 少见的高温天气下，高校学生宿舍如何"避暑"话题的热度居高不下。在往常颇为凉爽的东北 地区、北方沿海地区，那些宿舍没装空调的大学生发现今年酷热难眠。据报道，青岛大学7月 7日凌晨发布情况说明称，7月6日浮山校区一物业工作人员在值班室被发现身体情况异常，急 救人员抵达现场确认其已不幸离世。有青岛大学保卫处工作人员对媒体表示，"（准备）安空 调的计划好几年了，现在正在装，已经开始装了，（宿舍）都装。" 很多高校校园历史悠久，但学生宿舍设施条件因此受限，最突出的表现之一就是没有空调。 高校学生宿舍的面积有限，布局集中，通风不好，同时人数较多，所以炎热天气下学生宿舍 的热感可能比家里、办公室更强。随着高校办学条件和人们生活条件的提高，只要努力做到 节约用电、绿色低碳，学生宿舍装空调已不是奢侈行为，而是提高学生校园体验的应有之 义。 宿舍也不仅仅是学生休息的场所，而渐渐成为一个综合性育人平台，特别是书院制在国内高 校中日渐流行，集学习、社交、文化、素质拓展等功能为一体的住宿式书院，一个书院坐拥 一处独立空间，这里既是不同院系学生共同生活的宿舍，同时也有健身房、会议室、演讲 厅，在浸润式环境下 ...

Core Viewpoint - The article discusses the international status of the euro and the potential for the renminbi (RMB) to increase its international role, particularly in light of recent U.S. tariff policies that have altered the dynamics of global financial markets [2][10][21]. Euro's International Role - The euro's international status has remained stable in recent years, with some progress in areas like "reverse Yankee" bonds due to U.S. tariff policies, which have prompted investors to seek alternative currencies [2][7]. - The "International Role Composite Index" introduced in the Lagarde report measures a currency's role in international bonds, cross-border deposits, global foreign exchange reserves, and international settlements [6]. - The euro's share in official foreign exchange reserves has remained around 20% since 2015, while the RMB's share was 2.2% in 2024, down approximately 0.4 percentage points from 2022 [6][17]. Impact of U.S. Policies - U.S. tariff policies have created opportunities for the euro to enhance its international role by breaking the traditional negative correlation between U.S. stocks and bonds, leading investors to diversify into other currencies [10][11]. - The report emphasizes that for the euro to capitalize on these opportunities, Europe must eliminate internal financial market fragmentation and establish a unified capital market [11] . Challenges from Digital Currencies - The rise of cryptocurrencies poses challenges to the international monetary system, with the U.S. actively developing policies around digital assets that could affect global financial stability [13][14]. - The report calls for Europe to accelerate the development of a digital euro and improve cross-border payment systems to strengthen the euro's international position [14]. Geopolitical Influences - Geopolitical factors are increasingly seen as significant in shaping the international monetary system, with a notable rise in gold's share in foreign exchange reserves attributed to concerns over geopolitical risks [16]. - The report indicates that military power is linked to a currency's international status, suggesting that the euro lags behind the dollar partly due to the latter's geopolitical security backing [17][18]. Recommendations for RMB - The article suggests that China should leverage its economic position to enhance the RMB's international role without compromising financial security, focusing on practical measures rather than a formal internationalization roadmap [20][21]. - It emphasizes the importance of maintaining economic growth to bolster the RMB's international status, as perceptions of slowing growth could diminish its appeal [21].

由于底层资产以高等级国企债为主，上证AAA科技创新公司债指数表现呈现收益机会相对稳健、较低 波动的特点。据华泰证券数据，截至2025年6月27日，三类科创债指数中，上证AAA科技创新公司债指 数近一年年化涨幅最高，为3.96%，中证AAA科技创新公司债指数、深证AAA科技创新公司债指数分别 为3.94%、3.73%。自2022年6月30日基日以来，上证AAA科技创新公司债指数累计回报率达到14.20%， 在三类科创债指数中最高。此外，三类科创债指数的近60日年化波动率在0.71%-0.83%。 7月7日，鹏华上证AAA科创债ETF（场内简称：科创债ETF鹏华；认购代码：551033；基金代码： 551030）顺利结束募集。此次科创债ETF的推出，是对债券ETF产品线的重要补充，不仅体现了市场对 优质信用债工具的旺盛需求，更彰显了投资者对国家科技创新战略的坚定信心，未来发展前景广阔。 鹏华上证AAA科创债ETF主要跟踪上证AAA科技创新公司债指数，后续产品将在上交所上市交易。据 鹏华固收团队表示，科创债ETF的推出，在整个债券ETF体系中起到了关键的结构性补位作用，不仅填 补了产品维度上的空白，更是投资工具在主 ...

今年前六个月，市场在持续升级的地缘政治担忧和美国政策(既有预期内的举措，也有突如其来的推 文，取决于当天情况)的双重夹击下剧烈震荡。 尼科尔指出，澳元在四月风险资产抛售中充分承压，但目前对美元汇率已形成底部，预计到明年中或温 和升值至70美分。 他分享了未来半年重点关注的指标，并揭示了澳大利亚投资者面临的重大机遇。 尼科尔未来数月将紧盯三大市场风险：1）贸易——关税谈判中贸易紧张再度升级的可能性，尤其从美 欧关系视角观察；2）通胀——随着关税成本在美国传导并可能波及他国，通胀可能再度抬头；3）债券 收益率——财政可持续性担忧可能引发债券收益率飙升 他特别指出全球增长放缓背景下，澳大利亚采矿和制造业首当其冲。"对采矿业更多是价格而非产量冲 击，但更疲软的全球环境和贸易政策不确定性将波及更广泛的制造业。"这种影响将在八月开始的澳大 利亚财报季显现。 "资源类企业盈利预期已遭下调，工业板块展望也因全球环境动荡趋于谨慎。"但尼科尔认为并非全是坏 消息，"我们期待盈利能触底回升，并关注国内政策激发的市场活力。全球局势任何稳定迹象都可能促 使资金从大盘股转向更广泛板块。" 聚焦澳大利亚国内政策，尼科尔认为货币政策宽松节奏 ...

Company Overview - Hubei Zhenhua Chemical Co., Ltd. is currently the largest listed chromium salt company globally, with significant production capacity for Vitamin K3 [2] - The company operates high-tech enterprises with production bases in Huangshi, Hubei, and Tongnan, Chongqing, and owns well-known brands "Minzhong" and "Chugao" [2] - Zhenhua's main products include sodium dichromate, potassium dichromate, chromium trioxide, chromium oxide green, basic chromium sulfate, refined yellow powder, chromium yellow, metallic chromium, ultra-fine aluminum hydroxide, and Vitamin K3 [2] Financial Performance - For the period of January to March 2025, Zhenhua achieved a revenue of 1.0198 billion yuan, representing a year-on-year increase of 7.59% [2] - The net profit attributable to shareholders was 117.4 million yuan, reflecting a year-on-year increase of 37.27% [2] - The net profit after deducting non-recurring items was 114.9 million yuan, showing a year-on-year increase of 29.93% [2] Shareholder Structure - As of March 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 47.57% of the shares [2] - The total number of shareholders is 18,590, with an average of 27,390 circulating shares per person and an average holding amount of 340,700 yuan [2] Convertible Bond Information - Zhenhua's convertible bond experienced a decline of 3.55%, trading at 198.886 yuan per bond, with a transaction volume of 104 million yuan and a conversion premium rate of 8.95% [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 8.2 yuan, with the conversion period starting on January 20, 2025 [1]

Core Viewpoint - China's economic development faces unprecedented opportunities and challenges amid significant global changes, necessitating a shift towards a new development pattern that emphasizes domestic circulation and technological innovation [2] Group 1: Economic Context - The global political and economic landscape is undergoing deep adjustments, with rising trade protectionism and geopolitical conflicts impacting economic globalization [2] - Domestic economic growth is transitioning, requiring the cultivation of new growth drivers as traditional ones weaken [2] Group 2: Financing Mechanisms - Equity financing has historically supported technological innovation but has limitations, such as high entry barriers for early-stage companies and potential dilution of control for existing shareholders [2] - The bond market is emerging as a new engine for supporting technological innovation, offering large-scale, low-cost funding without altering equity structures [3] Group 3: Policy Development - The exploration of innovation bonds (科创债) began in 2015, evolving from pilot programs to regular issuance, with significant policy support from various regulatory bodies [4] - Key milestones include the introduction of dual innovation bonds in 2017 and the transition to regular issuance of innovation bonds in 2022 [4][5] Group 4: Market Growth - As of July 3, 2025, the cumulative issuance of innovation bonds exceeded 3.2 trillion yuan, with a stock size of approximately 2.3 trillion yuan, indicating their importance in capital markets [7] - The issuance pace accelerated significantly in 2025, with a record monthly issuance of 348.3 billion yuan in May [7] Group 5: Technological Advancements - The Shanghai Stock Exchange's electronic issuance system has improved the efficiency of bond issuance, reducing approval times to within three working days and decreasing preparation times for information disclosure by 60% [8] - The introduction of mixed innovation bonds aims to cater to different risk preferences among investors, enhancing the financing tools available for innovation enterprises [5] Group 6: ETF Development - The first batch of innovation bond ETFs was approved in a short timeframe, with significant participation from leading fund management companies, indicating strong market interest [9][10] - Despite the large cumulative scale of innovation bonds, trading activity remains low, suggesting potential for improved liquidity and pricing efficiency [9]

Core Viewpoint - The announcement details the planned share reduction by the controlling shareholder and actual controller of Yirui Biological, which is not expected to significantly impact the company's governance structure or control [1][2]. Group 1: Share Reduction Plan - Yirui (Hainan) Venture Capital Co., Ltd., the controlling shareholder, plans to reduce its holdings by up to 3,531,208 shares, representing 0.88% of the total share capital [1]. - The actual controller, Zhu Hai, intends to reduce his holdings by up to 7,521,390 shares, accounting for 1.87% of the total share capital [1]. - The total planned reduction by both parties does not exceed 3% of the company's total share capital, with specific limits on the number of shares that can be sold within a 90-day period [1]. Group 2: Company Background and Financials - Yirui Biological was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on February 9, 2021, with an initial issuance of 40.86 million shares at a price of 5.31 yuan per share, raising a total of 217 million yuan [2]. - The company has raised a total of 545 million yuan from two fundraising events, with the first round netting 175 million yuan after expenses [3][4]. - The net profit attributable to shareholders for the years 2021, 2022, 2023, and 2024 were 236.51 million yuan, 82.97 million yuan, -184.91 million yuan, and 17.12 million yuan, respectively [4][5]. Group 3: Financial Performance - In 2024, the company's operating revenue is projected to be 224.25 million yuan, a decrease of 11.75% from 2023 [5]. - The net profit attributable to shareholders is expected to increase by 109.26% in 2024, reaching 17.12 million yuan, compared to a loss of 184.91 million yuan in 2023 [5]. - The cash flow from operating activities showed a significant improvement, with a net cash flow of 34.26 million yuan in 2024, compared to a negative cash flow of -37.25 million yuan in 2023, marking a 191.97% increase [5].

距离6月18日陆家嘴论坛不到一个月，证监会主席吴清彼时提出的"加快推出科创债ETF"，已应声落地。 首批10只科创债ETF于7月2日获批，并火速进入发行期。这也是今年信用债ETF第二波创新产品。 10只科创债ETF分别跟踪3类标的指数。其中，鹏华等3家公司的科创债ETF，跟踪上证AAA科创债指数。另有6家跟踪中证AAA科创债指数，1家跟踪深证 AAA科创债指数。 科创债ETF，作为创新产品，恰好撬动了科技时代的"支点"。一方面，国家战略支持科技创新型企业，大力推进债券市场的"科技板"，这是政策层面自上 而下的推动力量。另一方面，低利率大环境下，投资者希望找到收益率更高的债券类产品，对中高等级信用债有配置需求。 科创债市场本身，从2016年的试点，到2022年的扩容，再到今年的"5月新政"，已然是万亿规模市场。无论体量，交易活跃程度来看，酝酿ETF的"土 壤"已经成熟。 力度空前，科创债"5月新政" 科创债兴起，一方面受到政策的大力助推，另一方面，亦是时代变迁的缩影。 早些年，地产债、城投债是债券市场最热门的信用债品种。随着经济转型，科技相关行业崛起，如今科创债发行规模大幅跃升，或许将接过接力棒，成为 信用债最 ...

Group 1 - The funding environment turned loose after the quarter-end, with overnight and 7-day funding rates dropping to 1.3% and 1.4% respectively, indicating potential for further decline in short-term rates [1] - The manufacturing and non-manufacturing PMI for June showed a rebound, suggesting a stable economic foundation, while long-term rates may continue to fluctuate [1][10] - The bond market experienced a mixed performance, with the 10-year government bond yield showing slight fluctuations throughout the week, ultimately down by 0.5 basis points [2][5] Group 2 - A total of 47 bonds were issued last week, amounting to 513.2 billion yuan, with government bonds accounting for 28 billion yuan [6] - The upcoming week is expected to see the issuance of 51 bonds totaling 268.79 billion yuan, with no government bonds planned for issuance [6] - The U.S. Treasury yields rose overall, with the 10-year yield increasing by 7 basis points to 4.35%, reflecting a shift in market expectations [7] Group 3 - The bond market is currently in a favorable window for long positions, but the potential for profit is limited, suggesting a focus on yield spread trading [13] - The current market dynamics indicate a shift, with increased activity in long-duration bonds reflecting strong investor sentiment [14] - The central bank's supportive stance on liquidity and the continued decline in money market rates are seen as key certainties for the market [14]

Group 1: Company Bond ETF Performance - Company Bond ETF (511030) increased by 0.04%, marking a four-day consecutive rise, with the latest price at 106.27 yuan [1] - The trading volume for Company Bond ETF was 442.18 million yuan, with a turnover rate of 0.02% [1] - The latest scale of Company Bond ETF reached 21.892 billion yuan, a record high since its inception [1] - Over the past three days, Company Bond ETF experienced continuous net inflows, with a maximum single-day net inflow of 28.6503 million yuan, totaling 43.5165 million yuan, averaging 14.5055 million yuan daily [1] Group 2: National Bond ETF Performance - National Bond ETF (511020) rose by 0.05%, achieving a five-day consecutive increase, with the latest price at 117.77 yuan [4] - The net value of National Bond ETF has increased by 20.72% over the past five years [4] - The latest scale of National Bond ETF reached 1.498 billion yuan, a three-month high [4] - The fund inflow and outflow for National Bond ETF were balanced, with a total of 31.7321 million yuan in net inflows over the last five trading days [4] Group 3: National Development Bond ETF Performance - National Development Bond ETF (159651) showed mixed performance with the latest price at 106.29 yuan, and a 1.92% increase over the past year [4] - The trading volume for National Development Bond ETF was 73.34 million yuan, with a turnover rate of 0.08% [4] - The average daily trading volume over the past week was 6.41 billion yuan [4] Group 4: Market Insights and Outlook - The fixed income team noted that interest rates remained stable, with strong performance in credit bonds driven by the recovery of wealth management scale post-quarter-end [4] - The downward trend in funding rates is beneficial for narrowing interest spreads, while market policy expectations for the third quarter are relatively weak with fewer disturbances [4] - The outlook for the bond market remains optimistic, with a need to support the bank's liability side in a rate-cutting environment [4] - National bond futures are technically positioned for a potential upward breakout [4] Group 5: Upcoming Market Developments - A new issuance of Sci-Tech Innovation Bond ETF is expected to provide additional incremental funds to the market [5] - The credit bond market is anticipated to perform well due to ample liquidity, although caution is advised regarding the liquidity of longer-duration bonds [5] - The three main members of the bond ETF family include Company Bond ETF, National Development Bond ETF, and National Bond ETF, covering various durations to assist investors in navigating the bond market cycle [5]