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 ...

【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 ...

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].

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].

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 ...

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].

进一步拉长周期考核，显然能够让险资这样的长期资本真正成为更耐心的资本。 随着考核周期的再次拉长，近35万亿元保险资金迎来了更贴合其"长钱"属性的考核指挥棒。在这一政策 导向下，险资投资又将走向哪里？ "进一步拉长周期考核，显然能够让我们这样的长期资本真正成为更耐心的资本，这种耐心也表现在能 够更为坚定和持久地贯彻我们的中长期投资战略战术。"一名保险资管负责人对第一财经表示。 业内人士分析称，拉长考核周期无疑有助于险资长钱长投，进一步增加权益投资的配置。而在新会计准 则的施行叠加低利率环境下的"资产荒"背景，险资在权益投资方面预计将提升FVOCI策略（即将更多权 益资产分入"以公允价值计量且变动计入其他综合收益"类资产中），银行股等高股息红利板块是实践这 一策略的重要载体。此外，长周期考核也将强化险资对科技、先进制造等新兴产业的配置能力。 FVOCI策略将提升 7月11日，财政部发布的《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的 通知》（下称《通知》），将国有商业保险公司净资产收益率（ROE）和资本保值增值率的考核进一步 拉长至"当年度指标+三年周期指标+五年周期指标"，这较两年前净资 ...

华夏能源网获悉，6月25日，晶科科技(SH:601778)宣布，拟将下属4家工商业分布式光伏电站项目公司名下的光伏电站设备全部 销售给中建投租赁，并同步将上述项目公司的持股平台横峰晶格的100%股权转让给天津金建。本次交易对价合计2.87亿元，涉 及光伏电站并网装机容量合计约76.55MW。 文 | 华夏能源网 曾经被视为"现金奶牛"的光伏电站资产，如今正被大举抛售。 这是诸多电站资产出售中的最新一例。近两年来，尤其是今年"136号文"出台宣布新能源上网电价全面市场化后，光伏电站资产 流转在明显加快。 华夏能源网不完全统计，2024年以来有10余家光伏上市公司出售光伏电站，总规模约36GW；同时，以往作为电站主要收购方的 央企也在大举出让新能源电站，在2024年1月至2025年4月转让的百余宗新能源电站资产中，国资央企占比超过70%。 曾经光伏电站资产是想买都买不到的香饽饽，如今却被大量抛售，这背后是光伏电站资产的价值重估。"有卖就有买"，那么， 又是谁在做勇敢的接盘侠？ 从"现金奶牛"到"烫手山芋" 过去，光伏电站资产一直深受民营投资商和能源央企青睐。在电价补贴政策下，光伏电站坐享0.3元/度以上的上网电价 ...

可转债允许投资者在市场表现不佳时享受固定利息收益，而在市场回暖时则能通过转股分享企业成长的 红利。因此，可转债发行提速，无疑为投资者提供了更多资产配置选择，有助于构建更加均衡的投资组 合，有效分散风险。 7月以来，可转债已经发行3只，从6月11日到7月11日的一个月时间里，可转债发行9只，而2025年前5个 月则发行了13只可转债。数据显示，近期可转债的发行有提速的迹象，这对于给投资者提供安全稳健的 投资渠道，给上市公司提供更多融资渠道很有好处，也是资本市场健康发展所必需。 可转债作为一种兼具债券安全性和股票增值潜力的投资品种，优势在于为投资者构建了一个风险可控、 收益可期的投资渠道。在当前全球经济波动加剧、金融市场不确定性增多的背景下，投资者对于资产安 全性的关注度日益提升。可转债以其进可攻、退可守的特性，恰好满足了市场对于稳健投资的需求。 从更宏观的层面看，可转债发行的提速，是资本市场深化改革、完善多层次市场体系的重要体现。近年 来，我国资本市场不断推进制度创新，旨在构建一个更加开放、透明、有活力的市场环境。可转债市场 的快速发展，正是这一改革进程中的亮点之一。它不仅丰富了资本市场的产品种类，提升了市场的 ...

Core Insights - The report suggests that the market performance has decoupled from earnings since September last year, resembling the period from 2013 to 2015. In the early stages of PPI decline, negative impacts on earnings dominated, but as PPI remained negative for a sufficient duration, policy and liquidity factors improved, leading to a decoupling of market performance from earnings [2][10][11] - The current macro-level asset shortage may exceed that of 2014. If the bull market is driven by liquidity and policy rather than earnings, the logic of asset scarcity becomes more significant. The current 10-year government bond yield is about half of that in 2014, and the rate of decline over the past two years is comparable to that of 2014 [3][20][22] - Insurance funds have already impacted the market, and there is potential for increased inflow from household funds. Since the pandemic in 2020, household deposits have risen rapidly, but their inflow into the stock market has been limited due to the lack of a stable profit-making effect. With the market transitioning from bearish to bullish since September last year, conditions for accelerated household fund inflow are gradually being met [22][24] Market Changes - The report indicates that the A-share market has seen significant increases in major indices, with the ChiNext 50 rising by 2.65% and the ChiNext Index by 2.36%. In contrast, sectors like coal and banking have experienced declines [38][42] - Global stock markets have shown mixed performance, with indices such as Germany's DAX and France's CAC40 performing well, while indices in Brazil and Mexico have declined [39] - The report notes a net inflow of 241.19 billion yuan from southbound funds (Hong Kong Stock Connect) this week, indicating strong market interest [40][48]