具体来看，易方达基金、华夏基金、南方基金、嘉实基金、富国基金、招商基金六家机构旗下科创债 ETF跟踪的是中证AAA科创债指数；广发基金、鹏华基金、博时基金三家机构旗下科创债ETF跟踪的是 上证AAA科创债指数的ETF；景顺长城基金独攻深证AAA科创债指数。其中，中证AAA科创债指数是 一只跨市场债券指数，指数样本选择范围覆盖沪深两市，其余两只是单市场债券指数。 | 序号 | 基金管理人 | 7 基金名称 | | --- | --- | --- | | 1 | 招商基金管理有限公司 | 招商中证AAA科技创新公司债交易型开放式指数证券投资基金 | | 2 | 富国基金管理有限公司 | 富国中证AA科技创新公司债交易型开放式指数证券投资基金 | | 3 | 鹏华基金管理有限公司 | 鹏华上证AAA科技创新公司债交易型开放式指数证券投资基金 | | 4 | 博时其金管理有限公司 | 博时上证AAA科技创新公司债交易型开放式指数证券投资基金 | | 5 | 酱顺长城景等量用有限公司 | 景顺长城深证AA科技创新公司债交易型开放式指数证券投资基金 | | 6 | 嘉实基金管理有限公司 | 嘉实中证AAA科技创新公司债交 ...

Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market shortly after fund establishment [1][2] - The first fundraising scale of the newly established fund "Shenwan Lingshin Industry Selection" was 1.219 billion yuan, making it one of the few active equity products this year to exceed 1 billion yuan in fundraising [2] - The net value of "Shenwan Lingshin Industry Selection A" fluctuated from 0.9802 yuan on June 6 to 0.9885 yuan on June 13, reflecting active market engagement by the fund manager [2] Group 2 - Several funds have announced early closure of fundraising, such as "Zhaoshang Value Select Mixed Fund," which closed fundraising on June 25 instead of the originally planned July 4 [3][4] - The trend of early fundraising closures is becoming more common, with some funds having fundraising periods as short as two days, indicating a strategic move by fund managers to capitalize on current market opportunities [4] - Fund managers are optimistic about the A-share market's upward trend, citing external disturbances easing and a potential rebound in previously affected sectors like technology and overseas industries [5] Group 3 - The long-term outlook for the Chinese economy remains positive, with ongoing industrial development and improvements in corporate performance, particularly in sectors like artificial intelligence, high-end manufacturing, and biomedicine [5][6] - The overall sentiment towards the mid-term market trajectory is optimistic, with signs of recovery in free cash flow among all A-share listed companies [5] - Key areas of focus for investment include stable assets represented by banks, offensive upstream assets like gold and oil, and event-driven assets such as new consumer products [6]

Group 1: Report Investment Rating - There is no information about the report's industry investment rating in the given content. Group 2: Core View - The fundamentals of Shanghai copper may be in a situation of a slight decline in supply and demand. The option market sentiment is bullish with a slightly rising implied volatility. Technically, the 60 - minute MACD shows that the double - line is below the 0 - axis and the red bar is expanding. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2]. Group 3: Content Summary by Directory 1. Futures Market - The closing price of the main futures contract of Shanghai copper is 78,570 yuan/ton, up 20 yuan; LME 3 - month copper is 9,698 dollars/ton, down 5 dollars. The spread between the main contract and the next - month contract is 180 yuan/ton, down 30 yuan. The main contract position of Shanghai copper is 184,424 hands, down 7,819 hands. The net position of the top 20 futures holders of Shanghai copper is - 10,546 hands, up 6,664 hands. LME copper inventory is 107,325 tons, down 7,150 tons; the inventory of cathode copper in the Shanghai Futures Exchange is 101,943 tons, down 5,461 tons; the LME copper cancelled warrants are 54,600 tons, down 1,725 tons; the warehouse receipts of cathode copper in the Shanghai Futures Exchange are 54,541 tons, down 2,856 tons [2]. 2. Spot Market - The SMM 1 copper spot price is 78,715 yuan/ton, up 70 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 78,745 yuan/ton, up 80 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 62 dollars/ton, unchanged; the average premium of Yangshan copper is 40 dollars/ton, unchanged. The basis of the CU main contract is 145 yuan/ton, up 50 yuan; the LME copper premium (0 - 3) is 95.59 dollars/ton, up 22.18 dollars. The import volume of copper ore and concentrates is 292.44 million tons, up 53.13 million tons; the rough smelting fee (TC) of domestic copper smelters is - 44.75 dollars/kiloton, down 1.46 dollars [2]. 3. Upstream Situation - The price of copper concentrate in Jiangxi is 69,020 yuan/metal ton, up 50 yuan; the price of copper concentrate in Yunnan is 69,720 yuan/metal ton, up 50 yuan. The processing fee of blister copper in the south is 800 yuan/ton, unchanged; the processing fee of blister copper in the north is 750 yuan/ton, unchanged. The output of refined copper is 125.40 million tons, up 0.60 million tons; the import volume of unwrought copper and copper products is 427,000 tons, down 13,000 tons [2]. 4. Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 55,190 yuan/ton, down 300 yuan; the price of 2 copper (94 - 96%) in Shanghai is 67,050 yuan/ton, down 250 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper is 570 yuan/ton, unchanged [2]. 5. Downstream and Application - The output of copper products is 208.10 million tons, down 4.42 million tons. The cumulative value of grid infrastructure investment is 1,408.16 billion yuan, up 451.95 billion yuan. The cumulative value of real estate development investment is 36,234 billion yuan, up 8,504.43 billion yuan. The monthly output of integrated circuits is 4,240,000 million pieces, up 73,000 million pieces [2]. 6. Option Situation - The 20 - day historical volatility of Shanghai copper is 8.42%, down 0.16%; the 40 - day historical volatility of Shanghai copper is 9.75%, down 0.35%. The implied volatility of the current - month at - the - money IV is 12.12%, up 0.0033%; the call - put ratio of at - the - money options is 1.07, down 0.0017 [2]. 7. Industry News - In May, the added value of large - scale industrial enterprises nationwide increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4%. In the first 5 months, the national fixed - asset investment increased by 3.7% year - on - year. The new development momentum of high - end manufacturing and digital economy continued to grow. From January to May, the national real estate development investment was 36,234 billion yuan, a year - on - year decrease of 10.7%. In May, the housing prices in all tiers of cities decreased month - on - month. In June, the manufacturing activity in New York State contracted more than expected [2].

武汉市政府日前发布《武汉市加快人形机器人产业发展行动方案（2025—2027年）》（下称《方 案》）、《武汉市加快人形机器人产业发展的若干政策措施》，明确产业发展"路线图"，加快打造全国 人形机器人专用传感示范地、场景应用优选地、智能制造集聚地。 同时实施部组件筑基行动，武汉对整机和零部件企业实行双边奖补：整机企业采购非关联企业部组件产 品的，整机、部组件企业，每年分别可获最高补贴500万元。推行"揭榜挂帅"制，整机企业发布需求， 部组件企业揭榜攻关成功的，可获最高补贴100万元。 人形机器人集成人工智能、高端制造、新材料等先进技术，是"具身智能"的高阶形态，也是各地布局未 来产业的新赛道。2月5日，10款人形机器人亮相湖北"新春第一会"后，湖北在武汉东湖高新（600133） 区建设人形机器人创新中心。该中心联合丁汉、陈学东、刘胜3大院士团队、高校和企业共建产业联 盟，推动技术从实验室到产线的"最后一公里"贯通，已有31个关键零部件实现85%的本地配套率。 武汉市还将运用资本市场助力人形机器人产业快速发展。武汉市金融委透露，武汉市将引导设立10亿元 的人形机器人产业投资基金，参与设立100亿元的湖北省人形机器 ...

2025 年 6 月 17 日 股指期货将偏强震荡 黄金、白银、螺纹钢、铁矿石、玻 璃、纯碱甲醇期货将偏弱震荡 原油期货将偏弱宽幅震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3890 和 3905 点，支撑位 3850 和 3840 点；IH2506 阻力位 2689 和 2699 点，支撑位 2664 和 2653 点；IC2506 阻力位 5801 和 5817 点，支撑位 5729 和 5700 点；IM2506 阻力位 616 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The easing of geopolitical risks in the Middle East has boosted global market risk appetite, leading to a technical rebound in major stock indices. However, domestic funds remain cautious, and the trading volume in the two markets is stable. It is expected that the large-cap stock index will continue to fluctuate and repair with low volume in the short term, and the structural opportunities may be concentrated in the main lines of policy-driven and valuation recovery [1][3]. 3. Summary by Directory Market Analysis - **Domestic Economy**: In May, the added value of large-scale industrial enterprises increased by 5.8% year-on-year, and the total retail sales of consumer goods increased by 6.4%. From January to May, the national fixed-asset investment increased by 3.7% year-on-year. The added value of high-tech manufacturing and digital product manufacturing increased by 8.6% and 9.1% respectively in May. The sales area and sales volume of newly built commercial housing decreased by 2.9% and 3.8% respectively from January to May, the decline in new construction continued to narrow at a low level, the decline in investment slightly expanded, and the inventory of commercial housing has decreased for three consecutive months [1]. - **Overseas Situation**: Iran has expressed its willingness to restart negotiations on the premise that the United States does not participate in the Israeli attack, and hopes to limit the attacks to a limited scope [1]. - **Stock Market Performance**: A-share three major indices fluctuated upward, with the Shanghai Composite Index rising 0.35% to close at 3388.73 points and the ChiNext Index rising 0.26%. The sector indices rose more and fell less, with the media, communication, computer, and real estate industries leading the gains, and the agriculture, forestry, animal husbandry, fishery, beauty care, and non-ferrous metal industries leading the losses. The trading volume of the two markets in Shanghai and Shenzhen was 1.2 trillion yuan. The three major US stock indices closed up across the board, with the Nasdaq rising 1.52% to 19701.21 points [1]. Futures Market - **Basis**: This Friday, the current-month contracts were delivered, and the basis of IF, IH, and IC rebounded. - **Trading Volume and Open Interest**: The trading volume of IF increased, and the open interest of all stock index futures decreased [2]. Strategy - Driven by the positive signal of the easing of geopolitical risks in the Middle East, the risk appetite of the global market has been repaired, and the main stock indices have shown a technical rebound. The domestic capital market remains cautious, and the trading volume in the two markets is stable. It is expected that the large-cap stock index will continue to fluctuate and repair with low volume in the short term, and the structural opportunities may be concentrated in the main lines of policy-driven and valuation recovery [3]. Chart Summary - **Macroeconomic Charts**: Include the relationship between the US dollar index and A-share trends, the relationship between US Treasury yields and A-share trends, the relationship between the RMB exchange rate and A-share trends, and the relationship between US Treasury yields and A-share style trends [5][6]. - **Spot Market Tracking Charts**: Show the daily performance of major domestic stock indices, the trading volume of the two markets in Shanghai and Shenzhen, and the margin trading balance [12]. - **Stock Index Futures Tracking Charts**: Present the trading volume and open interest of stock index futures, the basis of stock index futures, and the inter - period spreads of stock index futures [15][35][40].

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-06-17 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250531 | 2025/05 | 制造业 PMI | % | 49.50 | 49.00 | 49.50 | | 20250531 | 2025/05 | 非制造业 PMI:商务活 动 | % | 50.30 | 50.40 | 51.10 | | 20250613 | 2025/05 | 社会融资规模增量:当 月值 | 亿元 | | 22871.00 11591.00 | 20623.00 | | 20250613 | 2025/05 | M0(流通中的现金):同 | % | 12.10 | 12.00 | 11.70 | | | | 比 | | | | | | 202506 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In May, China's economic data showed positive trends, with the added - value of industrial enterprises above designated size increasing by 5.8% year - on - year, and retail sales of consumer goods growing by 6.4%. High - end manufacturing and digital economy continued to expand, with the added - value of high - tech manufacturing and digital product manufacturing increasing by 8.6% and 9.1% respectively [2]. - In May, housing prices in all tiers of cities in China declined month - on - month, but the year - on - year decline continued to narrow. Newly - built commercial housing sales area and sales volume decreased by 2.9% and 3.8% respectively from January to May [2]. - Iran may engage in dialogue with the US and Israel and may discuss a proposal to withdraw from the Treaty on the Non - Proliferation of Nuclear Weapons [2]. - OPEC maintained its global crude oil demand growth forecast for 2025 at 1.3 million barrels per day and for 2026 at 1.28 million barrels per day. In May, OPEC +'s average daily crude oil production was 41.23 million barrels, an increase of 180,000 barrels from April [3]. - The price of the main lithium carbonate futures contract 2507 fell below 60,000 yuan per ton, leading to a slowdown in new lithium production capacity and some companies terminating projects. Lithium enterprises are now focusing on overseas expansion [3]. 3. Summary by Related Catalogs Hot News - Economic data: In May, the added - value of industrial enterprises above designated size increased by 5.8% year - on - year, retail sales of consumer goods increased by 6.4%, and the fixed - asset investment from January to May increased by 3.7% year - on - year. High - tech manufacturing and digital product manufacturing showed strong growth [2]. - Housing prices: In May, housing prices in all tiers of cities declined month - on - month, with new home prices in first - and second - tier cities down 0.2% and first - tier city second - hand home prices down 0.7%. The year - on - year decline continued to narrow. From January to May, newly - built commercial housing sales area and sales volume decreased by 2.9% and 3.8% respectively [2]. - International news: Iran may engage in dialogue with the US and Israel and may discuss a proposal to withdraw from the Treaty on the Non - Proliferation of Nuclear Weapons [2]. - Crude oil: OPEC maintained its global crude oil demand growth forecast for 2025 at 1.3 million barrels per day and for 2026 at 1.28 million barrels per day. In May, OPEC +'s average daily crude oil production was 41.23 million barrels, an increase of 180,000 barrels from April [3]. - Lithium market: The price of the main lithium carbonate futures contract 2507 fell below 60,000 yuan per ton, leading to a slowdown in new lithium production capacity and some companies terminating projects. Lithium enterprises are now focusing on overseas expansion [3]. Key Concerns - Key commodities to focus on are urea, asphalt, soybean oil, hot - rolled coils, and Shanghai copper [4]. Night - session Performance No specific performance data is clearly described other than the range of possible changes in the provided charts. Sector Performance - Different commodity sectors had different performances, with precious metals having a 30.87% increase, non - metallic building materials 2.50%, and so on [7]. Performance of Major Asset Classes - Different asset classes had different daily, monthly, and annual returns. For example, the Shanghai Composite Index had a daily increase of 0.35%, a monthly increase of 1.23%, and an annual increase of 1.10% [8][9].

Economic Performance - In May, the national economy showed strong resilience and vitality, with industrial added value increasing by 5.8% year-on-year and retail sales of consumer goods rising by 6.4% [1] - The consumer price index decreased by 0.1% year-on-year, indicating stable demand and supply [1] Industrial Growth - The equipment manufacturing sector saw a significant increase, with added value growing by 9% and contributing 54.3% to industrial production [1] - High-tech manufacturing added value rose by 8.6%, and digital product manufacturing increased by 9.1%, both outpacing overall industrial growth [2] New Energy and Technology - Production of new energy vehicles and solar cells surged by 31.7% and 27.8% respectively, highlighting the rapid growth in these sectors [2] - The production of industrial robots increased by 32% from January to May, and the added value of smart vehicle equipment manufacturing grew by 26.8% [2] Trade Performance - In May, the total value of goods imports and exports increased by 2.7% year-on-year, with exports rising by 6.3% [2] - Despite challenges in the global economy, trade with ASEAN and countries involved in the Belt and Road Initiative continued to grow, showcasing the diversification of China's trade [2] Economic Outlook - The overall economic growth trend remains stable, with no changes in innovation-driven development, green transformation, high-level opening up, and continuous improvement in people's livelihoods [3] - The economy's strong foundation and resilience provide confidence in overcoming various risks and challenges [3]

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" [1] Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 failing, leading to a 35.71% failure rate [1] - The performance of new stocks on their debut is characterized by four main features [3] Group 2: Characteristics of Successful IPOs - **Feature One: Popular Industries and Leading Companies** The IPOs in Hong Kong this year are driven by "technology + consumption," with significant participation from emerging consumption sectors and advanced technology fields. Notable companies include Ying'en Biotech, which saw a 116.70% increase, and Mixue Group, with a rise of 43.21% [3][4] - **Feature Two: A-Share Companies Listing in Hong Kong** A-share companies have played a significant role in the current IPO wave, with notable fundraising amounts. For instance, Ningde Times raised 41 billion HKD [4] - **Feature Three: Quality of Cornerstone Investors** The cornerstone investor system in Hong Kong is crucial, as these investors are typically large and reputable, providing a "backing" for the new stocks. The presence of high-profile cornerstone investors significantly influences the performance of new listings [5] - **Feature Four: High Subscription Multiples** The IPOs often see extremely high subscription multiples, indicating strong market interest. For example, Mixue Group's subscription exceeded 1.83 trillion HKD, with a subscription multiple over 5000 times [6]