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配置策略越发多元FOF上半年交出亮眼成绩单
■投基论道 配置策略越发多元 FOF上半年交出亮眼成绩单 Choice数据显示,截至6月底,今年以来FOF平均净值上涨3.64%,其中易方达黄金主题LOF以29.39%的 净值涨幅排名首位;汇添富黄金LOF、嘉实黄金LOF、诺安全球黄金FOF净值涨幅均超过20%;中信保 诚商品LOF、渤海汇金优选进取6个月持有混合发起A、工银睿智进取FOF等多只产品的净值涨幅也超过 10%。 回顾上半年表现出色的FOF产品可以发现,大多为黄金主题产品,或者在组合中纳入了黄金相关基金。 以渤海汇金优选进取6个月持有混合发起A为例,截至一季度末,华安黄金易ETF在组合中占比为 8.75%,这一比例相较于去年四季度末的5.68%提升了3.07个百分点。截至7月10日,今年以来华安黄金 易ETF上涨24.77%。 随着FOF显现出明显的赚钱效应,多家基金公司也在相关领域积极布局。Choice数据显示,今年以来合 计发行了31只FOF,发行份额为308.2亿份。与此同时,FOF产品所采用的投资策略也越发多元。以富达 任远稳健三个月持有期混合型FOF为例,该产品引入富达多元资产投资策略,不仅在组合中纳入黄金、 大宗商品等低相关性另类资产 ...
穿越波动 寻找驱动消费行业增长的长期力量
Core Viewpoint - The A-share market is experiencing structural differentiation amid a steady domestic economic recovery and external uncertainties, with a shift from trend speculation to valuation and return matching [2] Group 1: Market Environment - The A-share market is navigating through fluctuations with ongoing internal and external disturbances, including geopolitical tensions and global capital reallocation [2] - The consumer sector is in a complex recovery phase, with some categories showing signs of marginal recovery while others face performance and valuation rebalancing due to reduced policy support [2] Group 2: Investment Strategies - The focus is on "profit-driven, value investment" principles, emphasizing the balance between growth and valuation, as well as risk and drawdown management [2] - Investment strategies will prioritize consumer companies with robust fundamentals, strong cash flow, and sustainable business models, while maintaining flexibility to adapt to potential policy impacts and macroeconomic fluctuations [2] Group 3: Long-term Investment Themes - Emerging consumer categories are expanding, driven by brand power and changes in consumer demographics and channels, with opportunities in beauty, small appliances, personal care, and functional foods [3] - The globalization of domestic brands continues, with Chinese brands leveraging local supply chains and cost advantages to penetrate global markets, particularly in IP, tea, food, and 3C electronics [3] - The revaluation of dividend assets is becoming significant, with high ROE, stable dividends, and strong free cash flow consumer companies attracting more capital, indicating a shift towards return-focused investment [4] Group 4: Future Outlook - Despite cyclical disturbances in the consumer industry in the second half of 2025, structural, differentiated, and long-term opportunities are emerging [4] - The approach will remain research-driven, focusing on industry trends and company fundamentals to select high-quality companies capable of navigating cycles and delivering sustainable long-term returns [4]
6万亿金融债变局
Bei Jing Shang Bao· 2025-07-13 13:48
在存款利率持续走低、居民储蓄意愿下降的背景下,金融机构集体调头,冲向债券市场"抢钱"。这背后恰恰是低利率 时代最核心的金融逻辑变局。当存款吸引力消退,发债成了"性价比"更高的水源。 这6万亿的金融债背后,更是资金流动方向巨变的信号,它意味着金融机构获取资金的模式在变、市场融资的结构在 变。 这些"金融活水"最终将涌向何处?它们撬动的杠杆,最终将为谁创造新的机遇?又托起谁的收益?答案,与你我都息 息相关。 6万亿发行量 主承销商团队带着厚厚的尽职调查清单进驻时,在国有大行金融市场部工作的林哲(化名)办公桌上已经堆起半人高 的资料。 信用评级机构的会议室里,分析师抛出的问题让气氛凝固,"贵行去年同业存单逾期率小幅上升,是否会影响本次债 券的偿付能力?"话音未落,后排的风控专家紧接着追问:"这套流动性储备方案是否经过压力测试?" "拉存款不如发债",这句曾经在银行间的戏言,如今已成现实。 当前,金融系统正经历一场轰轰烈烈的"借钱"大潮,半年增逾6万亿元,创下同期新高。 细观其流向,银行以5.38万亿元的巨量领跑,券商逼近6000亿元,保险机构更是以136.77%的惊人增速实现"逆袭"。 这不是谈判现场,而是金融机构 ...
[7月13日]美股指数估值数据(A股港股还能继续上涨吗;全球指数星级更新)
银行螺丝钉· 2025-07-13 13:45
螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 每周日会在公众号、以及「 今天几星 」小程序,每周定期更新。 海外市场指数数量很多,后面大家 有希望增加的品种 ,可以反馈给螺丝钉。 目前螺丝钉后台系统,已经覆盖海外主流的几百只指数品种。 文 | 银行螺丝钉 (转载请注明出处) 有朋友问螺丝钉,能不能针对 全球股票指数、美债指数等 , 做个估值表。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 可以先从指数估值的角度,了解海外市场不同品种的估值情况。 1. 本周全球股票市场略微下跌。 全球股票指数,微跌0.42%。 全球股票指数星级,也回到了3.1星上下。 全球大多数股票市场下跌。 人民币类资产本周比较坚挺。 A股中证全指本周上涨1.54%, 港股恒生指数本周上涨0.93%。 涨幅均排在全球前列。 2. 从去年9月份,美联储首次降息以来。 全球股票指数上涨约17%。 同期人民币资产上涨更多。A股上涨超35%,港股恒生指数上涨42%。 一方面因为美元利率下降,对资产估值提升有利。 像上一轮A股港股的牛市,也就是2019-2021年牛市,也是发生在美元利率大幅下降 ...
A股分析师前瞻:指数行情的持续性与中报预增方向
Xuan Gu Bao· 2025-07-13 13:28
【本文来自持牌证券机构,不代表平台观点,请独立判断和决策】 本周各家券商策略关注的焦点在于指数行情的持续性与中报业绩预增方向。 华西策略李立峰团队称,本轮"623"启动的行情与去年"924"行情不同的是,当前A股市场估值已从底部区域回到历史中位数上 方,全A平均股价与3月份高点接近,因此指数进一步冲高还需成交量的配合,短期市场或存在盘整需求;与"924"行情的相同点 在于,政策层对支持资本市场的决心与力度没有改变,"平准基金"等中长期资金入市的推动下,即使行情"回踩",其幅度或也有 限,A股在"稳中有涨"中结构性机会颇多。 信达策略樊继拓团队则认为,后续行情有较大的概率发展为类似2014年下半年的全面牛市。其观点如下: 对比各类利率,能够看到,当下的10年期国债利率只有2014年的一半左右,而且过去2年下降的速度幅度也不弱于 2014年。资产荒的环境下,已经对市场产生影响的是保险资金,后续随时可能会加强的是居民资金。 更多券商策略观点如下: | | | 一周策略前瞻 | | | --- | --- | --- | --- | | 结论 券商/分析师 | | 逻辑 | 关注板块 | | | | 本轮"623"启 ...
传媒互联网产业行业研究:资产交易平台依然是确定的方向
SINOLINK SECURITIES· 2025-07-13 12:18
Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as new consumption and innovative pharmaceuticals [3][10]. Core Insights - The asset trading platform remains a clear direction for investment, with a focus on the expansion of various asset transactions and liquidity [3][10]. - The report highlights the positive trend in virtual assets, including stablecoins, with traditional financial institutions increasingly entering this space [3][10]. - Recent upgrades in subsidies for e-commerce and food delivery platforms are expected to benefit sectors like coffee and tea drinks, as well as advertising channels [3][10]. Industry Situation Tracking 1. Education - The Chinese education index increased by 2.47% from July 7 to July 11, outperforming major indices [11][20]. - Notable stock performances include New High Education Group rising by 24.18% and Fenbi increasing by 13.44% [11][20]. 2. Luxury Goods - The luxury goods sector faced slight pressure due to macroeconomic impacts, with notable stock movements including Samsonite up by 3.76% and Prada down by 0.99% [22][24]. 3. Coffee and Tea Drinks - The coffee sector remains highly prosperous, with significant benefits from platform subsidies, while tea drinks also see substantial gains [26][27]. - Luckin Coffee opened 373 new stores, with a focus on both first and second-tier markets [32]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index saw a slight increase of 0.18%, with stocks like Beike and Dingdong rising by 6.34% and 3.85% respectively [31][36]. - The competition in the e-commerce sector remains fierce, with significant subsidy initiatives impacting profitability [31][38]. 5. Streaming Platforms - The Hang Seng Media Index rose by 2.2%, with stocks like NetEase Cloud Music and iQIYI showing positive performance [37][42]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $374.04 billion, with Bitcoin and Ethereum prices increasing by 8.8% and 17.9% respectively [41][43]. - The report emphasizes the ongoing development of regulatory frameworks for virtual assets in both the US and Hong Kong [48].
300950!宣布重大资产重组,周一复牌!
证券时报· 2025-07-13 12:13
Core Viewpoint - The company, Degute, is planning to acquire 100% of Haowei Cloud Computing Technology Co., Ltd. through a combination of issuing shares and cash payment, which is expected to constitute a significant asset restructuring [1][4]. Group 1: Transaction Details - The acquisition will involve 14 counterparties, including Nanjing Xiruan Enterprise Management Partnership and ZTE Corporation, among others [2]. - The company plans to raise matching funds from no more than 35 qualified specific investors, with the total number of shares issued not exceeding 30% of the company's total share capital post-transaction [4]. - The share issuance price is set at 14.35 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [4]. Group 2: Company Background - Degute is a high-tech energy-saving and environmental protection equipment manufacturer, providing solutions in clean combustion and heat energy saving across various sectors including chemicals, energy, metallurgy, and waste treatment [5]. - Haowei Technology is an international software and IT service provider, focusing on digital and intelligent solutions for telecom operators, cloud infrastructure service providers, and government enterprises, with significant overseas business advantages [5]. Group 3: Strategic Implications - The acquisition is expected to diversify Degute's business from energy-saving equipment manufacturing to include telecom software development, cloud and AI software services, and industry digital solutions, thereby creating a second growth curve for the company [5][6]. - The transaction is anticipated to enhance the company's risk resistance and profitability, aligning with the interests of the company and all shareholders [6].
事关稳定币,多地紧急提示!
证券时报· 2025-07-13 12:13
近段时间以来,数字货币领域里以"稳定币"为代表的相关概念热度一度飙升,引发市场持续聚焦。 日前,包括北京、深圳、苏州、重庆、宁夏等在内的多地机构接连发布风险提示,严肃指出这一新兴概念正被 不法分子当作"障眼法",肆意用于非法集资、诈骗等违法犯罪活动,危害不容小觑。 深圳:增强理性投资意识 进入7月份,最早的一份关于警惕稳定币所涉相关风险的提示出自深圳。 7月7日,深圳市委金融办官网显示,深圳市防范和打击非法金融活动专责小组办公室("专责小组")就稳定币 涉及的相关风险发出风险提示。 据专责小组监测发现,一些不法机构以"金融创新""数字资产"等为噱头,利用社会公众对稳定币等了解不足的 特点,通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金,诱导社会公众参与交易炒作,扰乱经 济金融秩序,滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪活动,严重危害社会公众财产安全。 深圳市防范和打击非法金融活动专责小组办公室提示:此类不法机构未经国家金融管理部门依法许可或者违反 国家金融管理规定,不具有公开吸收公众存款的资质。 该类机构利用稳定币等新概念进行炒作,编造所谓的"虚拟货币""虚拟资产""数字资产"等投资项 ...
A股又一重大资产重组!
券商中国· 2025-07-13 11:59
Core Viewpoint - Fuda Alloy (福达合金) is planning a significant asset restructuring by acquiring at least 51% of Zhejiang Guangda Electronic Technology Co., Ltd. (光达电子), which will become a subsidiary post-transaction [3][5]. Group 1: Acquisition Details - The acquisition is currently in the planning stage, with a cash purchase intended for Guangda Electronic, which specializes in electronic paste products for solar energy and electronic components [3][4]. - Guangda Electronic has developed key materials for photovoltaic silver paste, including silver powder, glass powder, and organic carriers, establishing itself as a rare domestic manufacturer with a complete self-research and production capability [4][5]. - The transaction is classified as a major asset restructuring under the relevant regulations, with a detailed plan expected to be disclosed within six months [3][5]. Group 2: Strategic Implications - The acquisition will allow Fuda Alloy to diversify its product offerings by adding conductive silver paste to its existing electrical contact materials business, enhancing its competitiveness in the market [5]. - The collaboration is expected to leverage synergies in silver powder preparation and cost reduction, creating new profit growth points and improving overall profitability and operational sustainability [5]. - The actual control of Guangda Electronic remains with Wang Zhongnan, the son of Fuda Alloy's actual controller Wang Dawu, indicating that the transaction is an affiliated transaction without a change in control [4][5].