近日，沪深交易所公布2025年第二季度融资融券标的证券最新调整结果，并于7月14日正式 施行。 融资融券ETF标的扩容至438只。其中，在交易型开放式基金方面，上交所调入1 6 只 ETF的 同时也调出了1 6只 ，深交所新增13只 、 剔除6只。 从最终调整结果来看，基础行情表现较好的 热门方向，如 黄金、创新药、信创、银行，以及 科创板等ETF成为新增主力军， 短期 表现一般的创业板、亚太 市场 ，以及消费、汽车等相 关ETF成为被剔除的主要品种。 ETF融资融券标的扩容至438只 为加强融资融券标的证券管理，沪深交易所根据《上海/深圳证券交易所融资融券交易实施细 则》相关规定及融资融券标的证券定期评估调整机制，于2025年7月11日发布通知，对融资 融券标的证券范围进行了调整，并于7月14日起执行。 其中，融资融券标的股票调整方面，以优先保留现有标的股票为基本原则，对符合规定的股 票，按照加权评价指标从大到小排序选取新增标的股票，调整后的标的股票数量分别为1000 只（上交所）/1200只（深交所）。 【导读】 2025年二季度 ETF融资融券标的扩容 7只，至438只 中国基金报记者 方丽 孙晓辉 融 ...

科创板融资余额较前一交易日增加3456.88万元，融券余额增加838.98万元。288股融资余额环比增加， 116股融券余额环比增加。 科创板融资余额增幅排名 | 代码 | 简称 | 最新融资余额 | 融资余额环比增 | 最新融券余额 | 融券余额环比增 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | | (万元） | 减（%） | (万元） | 减（%） | （%） | | 688221 | 前沿 | 16795.52 | 42.70 | 0.00 | | -5.72 | | | 生物 | | | | | | | 688183 | 生益 | 40575.40 | 40.96 | 448.16 | 1.90 | 2.33 | | | 电子 | | | | | | | 688265 | 南模 生物 | 5939.46 | 28.49 | 0.00 | | 5.31 | | 688486 | 龙迅 股份 | 14614.71 | 24.60 | 0.00 | | 3.45 | | 688658 | 悦康 药业 | 18904.88 | 22.38 ...

Summary of Key Points Core Viewpoint - The financing balance of the ChiNext market has increased, indicating a positive trend in investor sentiment and market activity, with notable growth in specific stocks [1][2]. Financing Balance Overview - The latest financing balance for ChiNext stocks is 368.39 billion yuan, with a week-on-week increase of 0.93 billion yuan, marking a continuous increase for seven consecutive trading days [1]. - The total margin balance for ChiNext stocks reached 369.51 billion yuan, up by 0.95 billion yuan from the previous trading day [1]. Stocks with Significant Financing Balance Growth - A total of 421 stocks experienced an increase in financing balance, with 23 stocks showing growth exceeding 10% [1]. - The stock with the highest increase is Capital Online, with a financing balance of 11.68 million yuan, reflecting a 298.81% increase from the previous day [3]. - Other notable stocks with significant increases include KOTAI Power and Daily Interaction, with increases of 249.12% and 135.86%, respectively [3]. Market Performance of Stocks - Among the stocks with over 10% increase in financing balance, the average price increase on the same day was 2.30%, with 16 stocks rising [1]. - Top performers included Dongtian Micro, Huaxin Environmental Protection, and Degute, with increases of 13.92%, 11.43%, and 10.40%, respectively [1]. Stocks with Decreased Financing Balance - A total of 520 stocks saw a decrease in financing balance, with 13 stocks experiencing declines over 10% [4]. - The stock with the largest decrease is C Tongyu, with a financing balance of 5.997 million yuan, down by 21.28% [4]. - Other significant declines were noted in Yuan Dao Communication and Zhongying Electronics, with decreases of 21.06% and 18.75%, respectively [4]. Capital Flow Analysis - On July 15, 15 stocks with increased financing balance saw net inflows of main funds, with KOTAI Power, Capital Online, and Dongtian Micro leading the inflows of 236 million yuan, 194 million yuan, and 142 million yuan, respectively [2]. - Conversely, 8 stocks experienced net outflows, with Degute, Shuanglin Co., and Changsheng Bearing seeing outflows of 117 million yuan, 95.11 million yuan, and 59.18 million yuan, respectively [2].

Summary of Key Points Core Viewpoint - As of July 15, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 5.907 billion yuan, showing a decrease of 4.8957 million yuan from the previous trading day [1]. Financing and Margin Data - The margin balance was 5.906 billion yuan, down by 4.8844 million yuan, while the securities lending balance was 76.82 thousand yuan, down by 1.13 thousand yuan [1]. - The stocks with the highest margin balances included Jinbo Biological, Airong Software, and Better Ray, with balances of 358 million yuan, 173 million yuan, and 150 million yuan respectively [1]. - The average margin balance as a percentage of market capitalization for these stocks was 1.15%, with the highest ratios seen in Shengye Electric, Tiangang Co., and Weimao Electronics at 5.62%, 5.59%, and 3.35% respectively [1]. Net Buying and Selling Trends - On July 15, 135 stocks had net margin purchases, with 43 stocks exceeding one million yuan in net buying [2]. - The top net buying stock was Dingzhi Technology, with a net purchase of 5.7338 million yuan, followed by Wanyuantong and Wuxin Tunnel Equipment with net purchases of 5.5752 million yuan and 5.0978 million yuan respectively [2]. - The stocks with the highest net selling included Keli Co., Development Technology, and Shuguang Digital Creation, with net selling amounts of 7.6503 million yuan, 5.4806 million yuan, and 4.7196 million yuan respectively [2]. Industry Performance - The industries with the most stocks exceeding one million yuan in net purchases were machinery equipment, electric power equipment, and computers, with 10, 8, and 5 stocks respectively [2]. - The average decline for stocks with net purchases over one million yuan was 1.05%, while the top gainers included Xin'an Clean, Guangmai Technology, and Sanyou Technology, which rose by 6.40%, 5.30%, and 4.99% respectively [2]. Trading Activity - The weighted average turnover rate for stocks with net purchases over one million yuan was 6.17%, with the highest turnover rates seen in Guoyuan Technology, Kerun Zhikong, and Xin'an Clean at 19.89%, 18.88%, and 15.42% respectively [2]. - The average turnover rate for BSE stocks on that day was 4.50% [2].

需求边际好转，居民与企业部门信贷均多增 6月末，金融机构人民币贷款余额同比增长7.1%，与上月持平。6月单月，金融机构新增人民币贷款2.24 万亿元，同比多增1100亿元，预计主要受益于降息落地一定程度改善实体部门融资意愿，实体经济信贷 需求边际略有修复。居民部门贷款增加5976亿元，同比多增267亿元;其中，短期贷款增加2621亿元，同 比多增150亿元，预计以旧换新政策叠加当月"618"活动促进居民短期消费需求边际回暖;中长期贷款增 加3353亿元，同比多增151亿元，或受6月楼市整体企稳延续、按揭早偿率平稳下降的影响。新增企业部 门贷款1.77万亿元，同比多增1400亿元;其中，短期贷款增加1.16万亿元，同比多增4900亿元，中长期贷 款新增1.01万亿元，同比多增400亿元，考虑到央行表示还原债务置换贷款后，可比口径下贷款同比增 速提高，该行认为企业中长贷实际增长好于读数。票据融资减少4109亿元，同比多减3716亿元。 M1、M2显著回升，资金活化程度提高 智通财经APP获悉，中国银河证券发布研报称，6月新增社融4.2万亿元，同比多增9008亿元；低基数效 应延续，M1、M2增速均回升，资金活化程 ...

Group 1: Drug Procurement and Regulations - The National Healthcare Security Administration has initiated the 11th batch of national drug centralized procurement, with 55 varieties included in the reporting range [1] - The procurement rules emphasize principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and avoiding internal competition" [1] - Only mature "old drugs" that have been on the market for years and have expired patent protection will be included, while innovative drugs will not be part of this procurement [1] Group 2: Company Announcements and Developments - Xinhua Pharmaceutical's subsidiary received a Class III medical device registration certificate for a sterile saline solution for contact lens care [3] - Sanyou Medical announced that its spinal internal fixation connector system, JAZZSystem, received approval for market launch [4] - China National Pharmaceutical Group fully acquired Lixin Pharmaceutical for a consideration of up to $950.92 million [10] Group 3: Financial Performance - Baicheng Pharmaceutical expects a net profit of 0 to 6 million yuan for the first half of 2025, a decline of 95.53% to 100% year-on-year [6] - Kanglong Chemical anticipates a net profit of 67.92 million to 71.26 million yuan for the first half of 2025, a decrease of 36% to 39% year-on-year, despite a growth in core business [7] Group 4: Clinical Trials and Research - AstraZeneca's Baxdrostat achieved significant results in a Phase III clinical trial for patients with uncontrolled or resistant hypertension [13] - Hengrui Medicine reported positive results from a Phase III clinical trial of its GLP-1/GIP dual receptor agonist, HRS9531, showing a maximum weight reduction of 19.2% [14]

Group 1: Real Estate Market Trends - In June, the decline in commodity housing prices in 70 cities continued to narrow year-on-year, with first-tier cities seeing a 0.3% month-on-month decrease in new commodity housing prices, while second and third-tier cities experienced declines of 0.2% and 0.3% respectively [1] - The total real estate development investment in the first half of the year reached 46,658 billion yuan, a year-on-year decrease of 11.2%, while the sales area of new commodity housing was 45,851 million square meters, down 3.5% year-on-year [1] Group 2: Land Transactions - Hangzhou successfully sold two plots of land for a total of nearly 3 billion yuan, with the first plot acquired by Binjiang Group for 1.837 billion yuan and the second plot by Greentown for 1.15 billion yuan [2] - The active land market in Hangzhou may attract more real estate companies to focus on quality plots, potentially altering the competitive landscape of the industry [2] Group 3: Financing Activities - Yuexiu Property's subsidiary secured a financing agreement for 1.45 billion HKD, which will help optimize its capital structure and support future project development [3] - Gindalbie Property announced a financing of 575 million yuan, which will alleviate liquidity pressure and enhance project funding security [4] Group 4: Tax Evasion Cases - Two real estate companies were found to have maliciously evaded tax payments, with total tax liabilities exceeding 100 million yuan, leading to significant reputational damage and potential operational difficulties [5][6] - The scrutiny of financial compliance in the real estate sector may intensify, highlighting the advantages of compliant companies and potentially accelerating industry consolidation [6]

中经记者 慈玉鹏 北京报道 企业贷款利率继续降低。 近日，中国人民银行副行长邹澜在国务院新闻办公室（以下简称"国新办"）举行新闻发布会上表示，社 会综合融资成本低位下行，1—6月，新发放企业贷款加权平均利率大约为3.3%。 《中国经营报》记者采访了解到，今年企业贷款利率持续下降，部分地区银行白名单企业贷款信用贷款 利率低至3%以下，抵押贷利率一度低至约2%。未来，企业贷款利率或仍将保持稳中有降的趋势。 社会综合融资成本下降 7月14日下午，国新办就2025年上半年货币信贷政策执行及金融统计数据情况举行新闻发布会。 今年以来，外部环境更趋复杂严峻，全球增长动力减弱，贸易保护主义抬头，按照中央经济工作会议精 神和《政府工作报告》部署，要实施好适度宽松的货币政策。 邹澜表示，央行在5月份出台实施了一揽子金融支持举措，综合运用多种货币政策工具，保持流动性充 裕，促进货币信贷合理增长，健全市场化的利率调控框架，强化利率政策执行和监督，推动社会综合融 资成本下降，更好发挥货币政策工具总量和结构双重功能，引导信贷结构进一步优化加强货币政策与其 他宏观政策的相互配合，形成合力，为推动经济回升向好，持续营造适宜的环境。 邹澜表 ...

Core Viewpoint - The company held its 33rd meeting of the third board of directors on July 15, 2025, where several key resolutions were passed, including the recommendation of two new directors and the application for debt financing tools [1][3][20]. Group 1: Board Resolutions - The board approved the recommendation of Mr. Song Rong and Mr. Xue Zhiwang as directors, pending approval at the upcoming shareholders' meeting [1][3]. - The board also approved the application for the registration and issuance of debt financing tools, which will be submitted for shareholder approval [3][20]. - The board resolved to amend the company's articles of association to comply with the new Company Law, including changes in governance structure [7][16]. Group 2: Shareholder Meeting - A second extraordinary general meeting of shareholders is scheduled for July 31, 2025, to discuss the resolutions passed by the board [31][35]. - The meeting will allow for both on-site and online voting, with specific timeframes for participation [35][36]. - The agenda includes the election of directors and the approval of the amended articles of association, which requires a special resolution [34][37]. Group 3: Director Profiles - Mr. Song Rong, born in 1972, holds a master's degree from the University of Washington and has extensive experience in various leadership roles within the company [13]. - Mr. Xue Zhiwang, born in 1979, also holds a master's degree and has served in multiple capacities within the company and its affiliates [14]. Group 4: Debt Financing Tools - The company plans to apply for the registration of non-financial enterprise debt financing tools, with no set registration limit at this stage [21]. - The funds raised will be used for acquiring road-related assets, supplementing working capital, and repaying interest-bearing debts [23]. - The issuance will be subject to market conditions and will be executed in a manner that optimizes financing efficiency [25][27].

Summary of Key Points Core Viewpoint - The company, Beijing Dongliyuan Technology Co., Ltd., plans to secure a directed financing of up to 80 million RMB, with a term not exceeding 36 months, by providing a real estate mortgage as collateral to Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. [1][5] Group 1: Guarantee Overview - The company intends to obtain directed financing not exceeding 80 million RMB for business development needs, with a maximum term of 36 months [1][5] - The financing will be guaranteed by Beijing Zhongguancun Technology Financing Guarantee Co., Ltd., which will also receive a real estate mortgage as collateral [1][5] - The real estate used for collateral is located at 8-1 to 5, Xinghuo Road, Fengtai District, Beijing [1][5] Group 2: Internal Decision-Making Process - The asset mortgage related to the directed financing was approved in the 47th meeting of the 8th Board of Directors held on July 14, 2025 [2] - The company has previously approved a comprehensive credit and guarantee limit of up to 400 million RMB for itself and its subsidiaries [3] - The current guarantee is within the authorized limit from the annual general meeting and does not require further shareholder approval [3] Group 3: Details of the Guarantee Agreement - The company will sign a "Maximum Commission Guarantee Contract" and a "Collateral (Real Estate Mortgage) Contract" with Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. [5][7] - The guarantee is deemed necessary for the company's business development and will not adversely affect its daily operations or shareholder interests [5] Group 4: Financial Health of the Guarantor - Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. has total assets of 116.70 billion RMB and total liabilities of 47.73 billion RMB as of the first quarter of 2025 [4] - The company is not listed as a dishonest executor and has a good credit status [4] Group 5: Cumulative External Guarantee - As of the announcement date, the total external guarantee amount by the company and its subsidiaries is 33.23% and 42.10% of the latest audited net assets, respectively [7]