Group 1 - Over 200 A-shares and Hong Kong stocks have been included in the July "golden stock" list by brokerages, with high attention on stocks like Kaiying Network, Zijin Mining, Huadian Technology, and Muyuan Foods [1][2] - Kaiying Network has been recommended by five brokerages, making it the most favored stock for July, with a stock price reaching 20.31 yuan per share, a new high in over nine years [1][2] - The performance of the June "golden stocks" was strong, with 61.40% of the 272 stocks achieving positive returns, and the median increase being 8.10% [3][4] Group 2 - The Hong Kong Stock Exchange has seen a significant increase of over 44% year-to-date, with its stock price reaching a three-year high [2] - Analysts suggest that the A-share market will maintain a volatile trend in July, with a focus on high-growth sectors and a "barbell" strategy for Hong Kong stocks [1][5] - Key sectors to watch include domestic technology innovation, advanced manufacturing, non-ferrous metals, and financial sectors benefiting from reforms and high dividends [5]

Core Viewpoint - The article emphasizes the importance of a stable and active capital market as a key goal for economic health and wealth management in China, supported by recent policy initiatives and the improvement in the quality of listed companies [1][2]. Group 1: Policy and Market Stability - The central government has prioritized the stability of the capital market as a crucial aspect of financial regulation, with multiple meetings highlighting the need for coordinated policies to promote healthy market development [2]. - A series of targeted policies were introduced in response to external shocks, aiming to consolidate the market's recovery and stability [2]. Group 2: Company Performance and Market Fundamentals - The quality of listed companies is seen as a foundational element for the stability and strength of the capital market, with 2024 projections indicating total revenue of 72 trillion yuan and a net profit of 5.22 trillion yuan for A-share companies [3]. - Nearly 60% of listed companies are expected to report revenue growth, and around 80% are projected to be profitable, indicating a robust support for market recovery [3]. - Key sectors such as artificial intelligence, advanced manufacturing, and biomedicine are experiencing significant profit growth, with net profits in chip design and integrated circuits, consumer electronics, and innovative pharmaceuticals expected to rise by 19%, 13%, and 13% respectively [3]. - Cash dividends from A-share companies have shown consistent growth, with total cash dividends increasing from 2.1 trillion yuan in 2022 to 2.4 trillion yuan in 2024, and the average dividend payout ratio also rising [3]. Group 3: Funding and Investment Trends - Domestic long-term funds are becoming a stabilizing force in the market, with professional investment institutions holding approximately 13 trillion yuan in A-share market value, accounting for over 16% of the total [4]. - The social security fund has significantly increased its market presence, holding nearly 500 billion yuan in A-shares by the end of 2024, contributing to market stability [4]. - Policies have been implemented to encourage long-term funds, such as insurance and pension funds, to enter the market, fostering a long-term investment environment [4]. Group 4: Attractiveness to Foreign Investors - The attractiveness of the Chinese capital market to foreign investors is on the rise, with significant inflows of cross-border capital noted since the fourth quarter of 2024 [5]. - Major foreign investment banks have raised their economic growth forecasts for China, indicating increased confidence in the market [5]. - The development of AI technology ecosystems is emerging as a new investment hotspot, contributing to the revaluation of Chinese tech assets [5]. Group 5: Company Strategy and Services - The company aims to enhance its professional service capabilities across various dimensions, including research, institutional services, wealth management, and investment trading [6][7]. - A comprehensive service system has been established to meet the diverse needs of institutional investors, supporting the growth of long-term funds [6]. - The company is focused on developing stable, low-volatility investment products to cater to the wealth preservation and growth needs of individual investors [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 从基本面来看，刘健认为，上市公司质量的提升为资本市场走稳走强提供坚实基础。上市公司是资本市 场之基，2024年A股上市公司合计实现营业收入72万亿元，近六成上市公司实现营收正增长，合计实现 净利润5.22万亿元，近八成上市公司实现盈利，有力支持资本市场企稳回升。分行业领域看，代表中国 经济新动能的人工智能、先进制造、生物医药等行业盈利快速提升，其中芯片设计和集成电路、消费电 子、创新药2024年分别实现净利润同比增长19%、13%、13%。与此同时，市场现金分红的稳定性、持 续性和可预期性均持续提升，2022年至2024年间，A股上市公司现金分红规模分别为2.1万亿元、2.2万 亿元、2.4万亿元，分红公司的平均股利支付率持续提升，当前沪深300指数成分股年化股息率重新回到 3%以上。另外，2024年有超过2000家上市公司实施了股份回购，累计回购金额超1500亿元。 从资金面来看，境内中长期资金成为市场稳定的 "压舱石"。近十年来，专业投资机构持股市值占比逐 年提升，特别是2022年以来，各类中长期资金持有A股市值和占比进一步上升，对 ...

Core Viewpoint - The fund "Fuan Da Advanced Manufacturing Mixed Initiation Fund" is at risk of termination due to its net asset value falling below 200 million yuan by June 28, 2025, leading to the suspension of subscription and investment activities to mitigate potential impacts on investors [1][3]. Fund Performance and Status - The fund was established on June 28, 2022, during a peak interest in advanced manufacturing sectors like new energy and semiconductors, but has since experienced a decline in scale and performance [3][7]. - As of March 31, 2025, the fund's net asset value was only 80 million yuan, with a net asset change rate of 2.14% [5]. - The fund has consistently shown a downward trend in net asset value since its inception, with significant declines noted in various reporting periods [5][6]. Regulatory and Market Context - The fund's potential termination reflects a broader issue with initiation funds, where poor performance and shrinking scale ultimately harm retail investors more than fund companies [7][12]. - The 200 million yuan liquidation threshold is seen as a reasonable regulatory measure to ensure operational efficiency and fairness to remaining investors, although it poses challenges for those who may be forced to redeem at unfavorable times [11][12].

Group 1 - China is not only the "world's factory" but is gradually becoming the "global innovation center," making it essential for multinational companies to establish and expand their businesses in China [1][2] - The World Economic Forum's Summer Davos Forum emphasizes the importance of open and equal dialogue among political, business, and academic leaders to promote understanding and cooperation in an uncertain world [1] - Multinational companies can continue to trust China for three main reasons: its large consumer market, extensive industrial chain, and high production efficiency [1] Group 2 - China is a key player in the global supply chain, providing strong production support through numerous factories, while also enhancing regional supply chain stability and resilience [1][2] - The future of foreign investment in China is expected to focus on advanced manufacturing, artificial intelligence, biopharmaceuticals, precision medicine, and clean energy, leveraging China's technological innovation and consumption upgrades [2] - China is positioned as a frontier of global innovation, with expectations to continue exporting innovative technologies, products, and business models to drive global economic growth [2]

Group 1: Core Perspectives - The role of exchanges is evolving from merely facilitating capital flow to becoming "innovation ecosystem builders" [1][2] - The global capital market is entering a new era where trust, resilience, and inclusivity are becoming core elements of exchange development [2] - Cross-border cooperation is essential for integrating global capital supply and industrial demand, particularly in capital-intensive sectors like semiconductors and renewable energy [4][6] Group 2: Technological Integration - The Singapore Exchange (SGX) is integrating AI tools into regulatory monitoring and analysis systems to enhance market anomaly detection and forecasting accuracy [2] - Cloud computing solutions are being deployed to expand infrastructure and support the development of next-generation trading and clearing systems [2] Group 3: Cross-Border Collaboration - The collaboration between SGX and Chinese exchanges, such as the ETF mutual access project, exemplifies successful cross-border capital cooperation [4] - This partnership allows global investors to access China's innovative industries while enabling Chinese capital to participate in global emerging sectors [4][5] Group 4: Market Dynamics - SGX's market is characterized by a significant proportion of listed companies from outside Singapore, with nearly half from Greater China, establishing a solid foundation for deeper cooperation [6] - The exchange aims to develop more ETF mutual access products and collaborate on indices to provide diverse investment options for international investors [7] Group 5: Future Outlook - The deep cooperation between exchanges is strategically valuable for building a more comprehensive ecosystem that facilitates the free flow of cross-border capital [8] - Strengthening partnerships with international markets like Singapore is crucial for China to overcome technological and capital bottlenecks and participate in global financial governance [8]

3条深市指数此次调样合计更换31只样本。其中，深证成指样本股调整20只样本，创业板指调整8只，深 证100指数调整3只。据悉，深证成指本次调样后制造业样本公司权重占73%；创业板指中，战略性新兴 产业权重占92%；深证100指数战略性新兴产业权重占比提升至76%，先进制造、数字经济、绿色低碳 三大重点领域权重占73%。 此次样本调整后，主要规模指数样本契合资本市场结构变化和产业转型升级趋势，信息技术、通信服 务、工业等行业样本数量有所上升，对市场代表性进一步增强；中证A系列指数样本行业分布均衡，纳 入更多新兴领域龙头公司，对细分行业覆盖度进一步提升。 4条沪市指数合计更换61只样本。其中，上证50指数更换4只样本，上证180指数更换18只样本，上证380 指数更换38只样本，科创50指数更换1只样本。 调样后，沪市指数样本质量进一步提升，将更好地发挥市场表征、投资引领的作用。比如，上证50指 数、上证180指数2024年营收增速分别提升0.6个百分点、0.2个百分点，归母净利润增速分别提升1.4个 百分点、0.1个百分点。同时，信息技术等"新经济"行业权重有所提升，体现沪市上市公司结构转型升 级不断加速的趋势 ...

Summary of Key Points Core Viewpoint The article provides an overview of the financing events in the primary market, highlighting trends in investment amounts, industry focus, and regional distribution, while also noting significant financing cases and active investment institutions. Financing Overview - As of June 13, 2025, there were 87 financing events reported this week, an increase of 4 from the previous week, with a total financing amount of approximately 2.668 billion RMB, a decrease of 2.896 billion RMB from last week [4]. - Among these events, 13 had financing amounts of 100 million RMB or more, a decrease of 3 from the previous week [4]. - There were 26 public exit cases this week, an increase of 7 from last week [4]. Financing Amount Distribution - This week, 49 financing events disclosed their amounts, with a distribution similar to last week. Events under 5 million RMB remained at 3, while those between 5 million and 10 million RMB totaled 17, a decrease of 4 [5]. - Notably, there were no financing events in the range of 500 million to 1 billion RMB or above [5]. Notable Investment Events 1. **Digital Media**: Bora New Media completed a strategic financing of 300 million RMB to expand its business in short video content production and e-commerce live streaming [7]. 2. **Cardiac Electrophysiology**: Jianhu Medical raised 150 million RMB, with a post-investment valuation of 500 million RMB, to promote innovative cardiac intervention imaging platform products [7]. 3. **Autonomous Driving**: Zhuoyu Technology secured several hundred million RMB in financing, with potential interest from major automotive manufacturers [8]. 4. **Communication Chips**: Zhilian Technology completed a multi-hundred million RMB D+ round financing to accelerate the development of satellite and cellular communication chips [8]. Industry Distribution - The financing events this week spanned 14 industries, with the top five being Information Technology, Equipment Manufacturing, Electronics, Materials, and Healthcare, accounting for 71.26% of total events [12]. - In terms of financing amounts, Information Technology led with 19 events, followed by Equipment Manufacturing with 14 events [12]. Regional Distribution - The top five regions for financing events were Jiangsu, Guangdong, Beijing, Zhejiang, and Shanghai, accounting for 72.41% of total events [16]. - In terms of financing amounts, Beijing, Jiangsu, Zhejiang, Chongqing, and Guangdong led, comprising 75.11% of the total financing [16]. Financing Round Distribution - Angel and A rounds were the most active, totaling 55 events, while strategic financing ranked third with 15 events [22]. - Strategic financing accounted for 41.83% of the total financing amount this week [22]. Active Investment Institutions - A total of 77 investment institutions participated this week, with Xiaomi Technology being the most active, making 3 investments [25][27]. - Xiaomi has been focusing on advanced manufacturing and has made nearly 10 investments in this sector this year [27]. Exit Situation - There were 26 public exit cases this week, with 16 being equity transfers, 3 mergers, and 6 IPOs, indicating a diverse exit landscape [28][31].

Core Viewpoint - The Ministry of Industry and Information Technology has released the "Opinions on the Innovative Development of Manufacturing Measurement," aiming for significant advancements in manufacturing measurement by 2027, including breakthroughs in over 100 key calibration technologies [1][2]. Group 1: Development Goals - By 2027, the goals include achieving breakthroughs in over 100 key calibration technologies, revising over 300 industry calibration standards, and developing over 100 sets of measuring instruments and standard substances [2][3]. - By 2030, the focus will shift to enhancing the comprehensive strength of measurement in important fields, supporting high-quality development in manufacturing [2][3]. Group 2: Key Tasks - The "Opinions" outlines 14 key tasks across three areas, including enhancing effective supply in manufacturing measurement, deepening application empowerment, and promoting innovation upgrades [3][4]. - Key tasks include breaking through common measurement technologies, accelerating the development of high-end measuring instruments, and improving the measurement technical specification system [3][4]. Group 3: Challenges and Solutions - Current challenges in manufacturing measurement include insufficient effective supply, single measurement service models, and a lack of high-level measurement institutions [3][4]. - Proposed solutions involve innovating measurement service models, strengthening measurement verification services, and establishing advanced measurement service systems [3][4]. Group 4: Resource Collaboration - The establishment of a collaborative platform for measurement innovation is crucial to address the fragmentation of resources and enhance the synergy between research institutions, third-party testing agencies, and enterprise needs [5]. - This platform aims to activate the entire measurement innovation chain, accelerating technology diffusion and cost reduction [5]. Group 5: Long-term Vision - The "Opinions" align with the "Measurement Development Plan (2021-2035)," which envisions significant improvements in national measurement technology and the establishment of a modern advanced measurement system by 2035 [5].

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