金十数据7月10日讯，最新公布的美联储6月会议纪要显示，在考虑货币政策前景时，与会者普遍认为， 由于经济增长和劳动力市场仍然稳健，而当前的货币政策或有适度的限制性，委员会完全有能力等待通 胀和经济活动前景更加明朗。一些与会者指出，如果数据的发展符合他们的预期，他们将愿意在下次会 议上考虑下调政策利率的目标区间。一些与会者认为最可能的适当货币政策路径是今年不下调联邦基金 利率的目标区间，并指出最近的通胀数据继续超过委员会 2% 的目标。几位与会者评论说，联邦基金利 率的当前目标区间可能不会远高于其中性水平。 美联储会议纪要：一些与会者愿意在下次会议上考虑降息 ...

Core Viewpoint - The Federal Reserve's meeting minutes reveal a division among officials into three main camps regarding interest rate policy, indicating a complex outlook for future monetary policy decisions [1] Group 1: Interest Rate Camps - Officials are divided into three primary factions: one advocating for rate cuts later in the year but excluding July, another favoring a hold on rates throughout the year, and a third group pushing for immediate action in the next meeting [1] - The mainstream faction supports a rate cut later in the year, while only a minority of participants, including Fed governors Waller and Bowman, support immediate action [1] Group 2: Economic Outlook - Several participants indicated that the current target range for the federal funds rate may not be significantly above neutral levels, suggesting limited room for further cuts unless there is a substantial economic slowdown [1] - The minutes imply that even if rate cuts are resumed, the subsequent reduction potential will be quite constrained [1]

美联储会议记录显示，部分与会决策者表示，当前联邦基金利率可能并非远高于中性 利率。 ...

美联储会议纪要：几位与会者表示，目前的联邦基金利率可能不会远高于中性利率。 ...

Core Viewpoint - The Federal Reserve's meeting minutes indicate that a majority of participants believe it is appropriate to consider lowering the federal funds rate this year under suitable conditions [1] Group 1 - A significant number of Federal Reserve officials are open to the idea of rate cuts, reflecting a shift in monetary policy stance [1] - The discussion around potential rate cuts suggests a response to economic conditions that may warrant a more accommodative monetary policy [1] - The minutes highlight the Fed's ongoing assessment of economic indicators and their impact on future rate decisions [1]

Core Viewpoint - The Federal Reserve's meeting minutes indicate that all participants agree it is appropriate to maintain the federal funds rate within the current target range [1] Summary by Relevant Categories - **Monetary Policy** - All attendees of the meeting believe that keeping the federal funds rate steady is suitable [1]

Core Viewpoint - Chongqing Rural Commercial Bank has received approval from the China Securities Regulatory Commission for its securities investment fund custody qualification, marking it as the first financial institution to obtain this qualification in 2023 and the 37th commercial bank overall [1][2]. Group 1: Fund Custodian Expansion - The bank will strictly adhere to regulations and the approval document to conduct securities investment fund custody business, ensuring the integrity and independence of fund assets while protecting the legal rights of fund shareholders [3]. - As of May, there are 68 financial institutions listed as securities investment fund custodians, with commercial banks accounting for over 52% of this group [3]. - Among the qualified commercial banks, state-owned banks and national joint-stock banks dominate, with only a few rural commercial banks like Guangzhou Rural Commercial Bank and Shanghai Rural Commercial Bank having custody qualifications [3]. Group 2: Positive Impacts on Banking Operations - Obtaining the fund custody license can expand the bank's intermediary business income, enhancing revenue diversification and risk resilience through fees from custody and account services [4]. - The custody qualification can improve customer loyalty and comprehensive financial service capabilities, allowing the bank to serve various asset management institutions and connect with high-net-worth and institutional clients [4]. - The custody business can lead to increased fund settlement and retention, optimizing the bank's asset-liability structure and enhancing overall profitability [4]. Group 3: Quality Enhancement in Business Development - Commercial banks must enhance their operational quality in fund custody, addressing issues such as compliance and internal controls, as evidenced by recent regulatory warnings against certain banks [5]. - There is a need for banks to invest in IT systems to support custody operations, including valuation and clearing systems, to ensure compliance and operational stability [5]. - Banks should focus on professional talent development, IT infrastructure improvement, risk management, and building cooperative relationships with fund companies to enhance the quality of custody services [6].

公开资料显示，诺辉健康自去年3月份停牌以来，出现了被调出港股通标的证券名单、2024年财务报告 迟迟未能披露等情况，公募基金管理人也多次下调对其的估值，从停牌前的14.14港元/股一路下调至目 前估值价格。 举例来说，7月9日，财通基金发布公告称，自2025年7月8日起，对旗下投资组合所持有的停牌股票仕佳 光子采用"指数收益法"进行估值。待该股票复牌且其交易体现活跃市场交易特征，并经与基金托管人协 商后，基金管理人将恢复采用当日收盘价格进行估值。 前海开源基金首席经济学家、基金经理杨德龙在接受《证券日报》记者采访时表示："由于股票价格和 真实价值之间存在较大差异，公募基金管理人需要对股票进行估值调整，以更准确地反映基金净值。" "公募基金管理人对持仓股票进行估值调整，核心是为了确保基金净值的公允性和准确性以及保障投资 者公平。"晨星(中国)基金研究中心高级分析师李一鸣表示，当股票因停牌、重大事件导致二级市场价 格无法真实反映其内在价值时，若继续按市价估值可能误导投资者。例如，若股票突发重大利空后停 牌，停牌前的市价已不能代表其复牌后的合理价格，公募基金管理人需通过估值调整修正。此外，基金 净值是投资者申购、赎 ...

Core Viewpoint - The Bank of England warns of a potential forced selling wave in the UK bond market due to high leverage among hedge funds, highlighting the fragility of the market environment and the possible negative implications for Chancellor Rachel Reeves [1] Group 1: Market Dynamics - Hedge funds are increasingly influential in the UK bond market, with their rapid exit potentially leading to a repeat of the extreme sell-off seen during former Prime Minister Liz Truss's brief tenure [1] - Hedge funds have borrowed a record £77 billion (approximately $105 billion) through UK bond repurchase agreements, adding leverage to relative value strategies, including so-called basis trading [1]

在港股和北交所等行情带动下，截至7月9日，年内主动权益基金大幅跑赢了被动指数基金。 其中，业绩最好的主动权益基金，年内收益率接近100%，与收益率最高的指数基金拉开了近34个百分点。无 论是单只产品业绩排名还是整体平均业绩对比，主动权益基金均呈现出了优于被动指数基金的投资优势。 基金 业 人士对券商中国记者分析称，这是基于医药等行情启动之下基金经理在选股上发挥出了主观能动性。 但这并不意味着被动指数基金没有投资优势。下半年的市场机会也并不局限于创新药，科技、红利、新消费等 领域都具备投资机会。 主动权益基金霸榜 根据Wind数据统计，截至7月9日，全市场权益型基金今年以来业绩排名前十（以初始基金为统计对象）的， 均为主动权益产品，以港股、医药、北交所这三类主题产品为主。 其中，汇添富香港优势精选A以98.16%的业绩排名第一。紧跟其后的是长城医药产业精选A(81.45%)、中信建 投北交所精选两年定开A（80.95%）、中银港股通医药A（77.14%）、永赢医药创新智选A（76.76%）。 排名第六到第十的，有重仓港股的广发成长领航一年持有A（76.37%），以及重仓医药 股 的华安医药生物A （75.44% ...