Market Outlook and ETF Strategy - Current market expectations are weak, with the Shanghai Composite Index experiencing a narrow fluctuation after a rebound, primarily due to ongoing US-China tensions, escalating geopolitical uncertainties, and a lack of new narratives to catalyze market movements [2] - The strategy suggests a return to a broad technology focus while avoiding sectors with low earnings visibility, especially as companies prepare to disclose mid-year earnings forecasts [2] - The report highlights a historical low win rate for dividend stocks in June, suggesting a potential pullback risk after dividend distributions [2] Industry Trends and ETF Recommendations - Short-term opportunities are expected to revolve around specific segments within the technology growth sector, emphasizing the importance of timing in capitalizing on market rotations [3] - Recommendations include focusing on the AI industry chain, both upstream and downstream, with specific attention to: 1. Upstream AI infrastructure, including high demand for AI computing power and semiconductor sectors, suggesting an increase in allocation to 5G communication and semiconductor ETFs [3] 2. Downstream consumer electronics, where valuations are at historical lows, and the gaming sector is expected to benefit from stable licensing and AI technology integration [3] 3. The defense sector, particularly aerospace, is highlighted due to potential growth opportunities amid geopolitical tensions [3] ETF Strategy Composition - The report lists a selection of ETFs recommended for investment, including: - E Fund CSI Innovation and Entrepreneurship 50 ETF with a scale of 81.5 billion [4] - Harvest CSI Semiconductor Materials and Equipment Theme ETF with a scale of 22.7 billion [4] - Harvest CSI 5G Communication Theme ETF with a scale of 67.4 billion [4] - Other ETFs focusing on AI, consumer electronics, and military sectors are also included in the strategy [4]

·科创板"U"标企业来了！未盈利公司专属"成长层"必看5大要点科创板科创成长层，横空出世。科创成 长层将成为未盈利企业的聚集地——科创板存量、增量未盈利企业，全部转移至科创板创新层。关于科 创成长层，五大要点值得关注。详情>> ·瑞银万亿资管版图迎"掌舵人"！28年老将吴家耀空降亚太区21世纪经济报道记者从瑞银证券处获悉， 瑞银集团(UBS)近日完成关键人事布局——吴家耀将于10月1日正式出任瑞银资产管理亚太区主管，这 一任命被视为瑞银完成收购瑞信后强化亚太战略的重要落子。详情>> ·十五运会规模创纪录，粤港澳办赛"心联通"今年，十五运会和残特奥会将在粤港澳三地举办。6月18 日，十五运会和残特奥会筹备工作进展情况介绍新闻发布会举行。会上介绍，赛事的项目设置将充分发 挥港澳办赛优势，赛事元素将彰显粤港澳大湾区的特色文化，促进三地互联互通。详情>> ·4000亿天量资金看好，"酱油茅"股价意外破发6月19日，"酱油一哥"海天味业（03288.HK）正式登陆港 股。上市首日，海天味业盘初一度上涨近5%，但随后股价回落跌破发行价。截至14时4分，海天味业港 股微涨0.14%，A股则跌3.73%。详情>> BAT和张 ...

Core Viewpoint - Wuhan is accelerating the construction of a technology finance system that aligns with technological innovation, aiming to establish itself as a national technology finance center by 2027 through a comprehensive action plan [1][2]. Group 1: Action Plan Overview - The action plan outlines five major actions: nurturing patient capital, improving technology credit quality, building a multi-level capital market, risk compensation sharing, and optimizing the technology finance ecosystem [2]. - By 2027, Wuhan plans to establish over 50 specialized technology finance institutions and achieve a scale of over 300 billion yuan in equity investment funds and over 500 billion yuan in loans to technology enterprises [2]. Group 2: Government Investment Fund Role - The action plan emphasizes the role of government investment funds in guiding technology finance, with a focus on nurturing patient capital [3][4]. - Wuhan has integrated two government industry funds, which have collectively participated in the establishment of 111 funds and invested over 20.4 billion yuan, attracting over 83.4 billion yuan in social capital [4]. Group 3: Technology Credit Expansion - The action plan aims to enhance the technology credit service system by encouraging banks to establish specialized technology finance institutions and improve credit access for technology enterprises [7][8]. - As of June 11, 2023, Wuhan has issued 36.563 billion yuan in knowledge value credit loans to 4,287 technology enterprises, with plans to further innovate credit products [9]. Group 4: Multi-Level Capital Market Development - Wuhan is committed to developing a multi-level capital market, supporting the listing of technology enterprises through a structured nurturing approach [10][11]. - The city has seen significant progress in nurturing companies for capital market competition, with eight new domestic and foreign listed companies in 2024 [11]. Group 5: Mergers, Acquisitions, and Bond Financing - The action plan supports mergers and acquisitions for technology enterprises, allowing up to 80% loan coverage for controlling acquisitions [12]. - Since the introduction of the bond market "technology board" policy, Wuhan has successfully issued 172 billion yuan in technology innovation bonds, with 12 enterprises participating [13].

油气和炼化及贸易板块 2024 和 2025Q1 综 述：油气板块仍将保持较高景气度，炼化 及贸易板块业绩承压期待改善 2025 年 6 月 19 日 看好/维持 石油石化 行业报告 分析师 莫文娟 电话：010-66555574 邮箱：mowj@dxzq.net.cn 执业证书编号：S1480524070001 投资摘要： 2024 年海外通胀有所减缓，国内经济有所修复，从而间接支撑大宗商品需求。2024 年以来，美国 CPI 同 比上涨幅度逐步下降，截至年底低于 3%。2025 年第一季度美国通胀压力继续减缓，始终维持在 3%以下， 2024 年国内制造业 PMI 为 49.78，2025 年 1 月至 4 月，国内制造业 PMI 分别为 49.1，50.2，50.5，49.0， 围绕荣枯线 50 上下波动，有助于缓解估值压力并稳定市场预期，从而间接支撑大宗商品（如原油）需求。 2024 年油价宽幅震荡，同比下降；2025 年一季度，Brent 现货均价环比上涨。2024 年 1-12 月，Brent 原油现货均价整体价格在 69.19-91.17 美元/桶宽幅震荡，全年来看油价中枢小幅下跌，月度均价为 ...

（原标题：事上练：解码《长安的荔枝》中李善德的心性成长密码） 王阳明曾言："人须在事上磨，方立得住。"这句话犹如一把精准的手术刀，剖开了人类成长的本质。最 近热播的《长安的荔枝》中，小吏李善德的职场蜕变历程，恰似一面镜子，清晰映照出"事上练"这一古 老智慧在现代心理学视角下的深刻内涵。他从一个唯唯诺诺的职场边缘人，成长为敢于直面权贵、坚守 良知的勇者，这一路的心性淬炼，为我们提供了极具价值的心理成长样本。 在这个阶段，李善德的心性从"孤军奋战"的封闭状态，走向了"借势成事"的开放格局。他学会了与他人 协作，利用团队的力量达成目标，这不仅是能力的提升，更是心智的成熟。 一、初入事局：恐惧与逃避的心理牢笼 当李善德被突然赋予"荔枝使"这一几乎不可能完成的任务时，他的第一反应是强烈的逃避与抗拒。这个 半生谨小慎微、恪守本分的小吏，面对超出自身掌控范围的困境，瞬间陷入了恐慌和逃避心态。从心理 学角度来看，这种心态源于人类自我保护的本能。当个体感知到威胁时，潜意识会启动防御机制，通过 推卸责任来缓解心理压力。在马伯庸的原著中，李善德想和离避债、装病推脱，这些行为本质上都是在 试图摆脱困境带来的巨大心理负荷。 然而，好友 ...

Core Viewpoint - The public fund industry in China faces the persistent issue of "funds making money while investors do not," which hinders healthy development. To address this, the China Securities Regulatory Commission initiated a fee rate reform in July 2023, leading to the launch of innovative floating management fee models for fund products, marking a significant step towards high-quality development in the public fund sector [1]. Group 1: Fund Manager Profile - Yuan Hang, the proposed fund manager for Penghua Win-Win Future Mixed Fund, is recognized for his long-term investment success, having outperformed the market eight times over the past ten years [1]. - Yuan Hang has 15 years of experience in the securities industry and nearly 10 years in fund management, showcasing a long-term investment style that focuses on capturing medium to long-term development trends for better investor returns [2]. Group 2: Performance Metrics - Since Yuan Hang took over the Penghua Advanced Manufacturing Fund on November 4, 2014, it has achieved positive historical excess returns relative to the CSI 300 Index in 8 out of 10 years from 2015 to 2024, with a net value growth rate exceeding 200% and an annualized net value growth rate of nearly 11% as of June 17, 2025 [2]. - The Penghua Strategy Preferred Fund, managed by Yuan Hang since August 13, 2015, has realized a net value growth rate of 101.97%, while the CSI 300 Index recorded a return of -0.39% during the same period [2]. Group 3: Investment Style - Yuan Hang's investment style is characterized by balanced value growth, focusing on long-term holdings of quality assets, low turnover rates, and an emphasis on safety margins and shareholder returns [3]. - The portfolio of Penghua Advanced Manufacturing Fund shows a significant concentration in sectors such as consumer goods, finance, and manufacturing, with an increasing concentration of top holdings from approximately 47% in Q1 2018 to 79% in Q1 2025 [3]. Group 4: Future Outlook - Looking ahead, Yuan Hang believes there is still upward potential in the market, with opportunities outweighing risks, and he maintains a positive outlook for the stock market in 2025-2026 [4]. - The new Penghua Win-Win Future Mixed Fund will adopt a performance benchmark comprising 70% CSI 300 Index, 10% Hang Seng Index, and 20% Zhongzheng Comprehensive Bond Index, with Yuan Hang committed to continuing his investment philosophy and methods while sharing risks and benefits with investors [4].

Group 1 - The China Securities Regulatory Commission (CSRC) announced the establishment of a new "Growth Layer" for the Sci-Tech Innovation Board on June 18 [1] - The Shanghai Stock Exchange has initiated market interface adjustments related to the Growth Layer reform, including updates to the special identifier "U" [1] - Companies listed in the Growth Layer will have their stock names appended with "U" (Unprofitable) as a special identifier [1]

6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》(以下简称 《科创板意见》)，以设置科创成长层为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽 子更具包容性、适应性的制度改革。 上交所同步新制定2项配套业务规则并向市场公开征求意见。此外，上交所还在研究制定修订相关的业 务规则，后续将向市场发布。 当前，各方对资本市场支持服务科技创新寄予更高期待，科技型企业对资本市场也提出了更加多样化的 需求。中国证监会新闻发言人表示，《科创板意见》在抓好"科创板八条"落地实施基础上研究制定，进 一步深化科创板改革，持续提升科创板服务科技创新发展质效。 为何要在科创板内再设置科创成长层呢？中国证监会新闻发言人回应称，一是有利于进一步彰显资本市 场支持科技创新的政策导向，稳定市场预期；二是有利于为增量制度改革提供更可控的"试验空间"，可 以试点一些更具包容性的政策举措；三是有利于对未盈利科技型企业集中管理，便于投资者更好识别风 险，更好保护投资者合法权益。 "更加注重企业科技创新能力，允许符合科创板定位、尚未盈利或存在累计未弥补亏损的企业在科创板 上市"，是设立科创板并试点注册制的标志性 ...

Core Viewpoint - The establishment of the Sci-Tech Innovation Growth Layer aims to enhance the inclusiveness and adaptability of the system for unprofitable technology companies, facilitating their access to the Sci-Tech Innovation Board [1][2][3] Group 1: Policy Changes - The China Securities Regulatory Commission (CSRC) has issued guidelines to create a Sci-Tech Innovation Growth Layer, specifically targeting unprofitable technology companies with significant technological breakthroughs and commercial potential [1][2] - The new guidelines will allow all unprofitable technology companies to be included in the growth layer, thereby optimizing the multi-tiered market structure and preventing quality companies from leaving due to profit thresholds [1][2][7] - The reform includes six additional measures to enhance the system's inclusiveness, such as introducing professional institutional investors and expanding the application scope of the fifth listing standard [7][8] Group 2: Market Impact - It is estimated that 32 existing companies will be included in the Sci-Tech Innovation Growth Layer, which has already supported 54 unprofitable companies in various emerging industries [2][9] - The growth layer is expected to help companies broaden their financing channels and alleviate cash flow pressures through methods like equity issuance and debt-to-equity swaps [8][9] - The establishment of the growth layer is anticipated to invigorate the primary market, particularly benefiting entrepreneurial and internally incubated technology companies [9] Group 3: Investor Considerations - Investors will face higher requirements for risk identification and tolerance when participating in the growth layer, with specific risk disclosure obligations for unprofitable companies [4][5] - Individual investors must meet existing suitability requirements and sign a specialized risk disclosure agreement when investing in newly registered unprofitable technology companies [5][6] - Enhanced information disclosure and risk warning measures will be implemented for companies in the growth layer, including special identifiers for their stock [5][6] Group 4: Future Outlook - The growth layer is seen as a testing ground for more inclusive policies that could eventually be applied to other market segments, promoting overall market adaptability [8] - The layer is designed to support unprofitable companies through their high-risk R&D phases, allowing them to transition to profitability and potentially move to the main board once they meet the necessary criteria [8][9] - The reform is expected to stimulate investor interest in hard technology sectors, with the potential for new investment products and tools to emerge [8][9]

【环球网财经综合报道】6月18日，随着中国证监会印发《关于在科创板设置科创成长层增强制度包容性适应性的意见》，上海证券交 易所迅速响应，同步制订的两项配套业务规则——《科创板上市公司自律监管指引第5号——科创成长层》及《发行上市审核规则适用 指引第7号——预先审阅》公开征求意见，是为技术突破性强、商业前景广阔但暂未盈利的科技型企业提供更精准的制度支持。 《科创板上市公司自律监管指引第5号——科创成长层》拟从三方面建立配套机制：一是明确实施标准及程序，规定纳入和调出标准， 并就调出标准进行"新老划断"；二是强化风险揭示，科创成长层公司股票简称后增加标识"U"，投资者投资新注册企业需签署专项风险 揭示书；三是提升信息披露质量，要求相关公司在定期报告和临时报告中披露未盈利情况及相关风险，并压实中介机构持续督导责任。 新制订的《发行上市审核规则适用指引第7号——预先审阅》为那些因过早披露业务技术信息、上市计划可能对其生产经营造成重大不 利影响的发行人提供了缓冲机制。发行人可申请预先审阅，上交所将参照正式审核程序把关，但此程序非必经环节，也不构成对发行条 件的预先确认。 值得关注的是，上交所还在研究制订关于"资深专业机 ...