截至6月25日，首批26只新型浮动费率基金中已有15只成立，募集总规模逾150亿元，合计有效认购总户数 超18万户。随着浮动费率基金募集资金加入，主动权益基金发行的单只规模较此前有所回升，今年以来成 立规模在10亿元以上的主动权益基金已有10只。 "主动权益基金发行情况，与市场环境和投资者预期变化有密切关系。一是从浮动费率基金募集情况来看，管 理费与投资业绩挂钩这种方式，初步获得了市场认可。二是头部公募具备较好的渠道资源优势，加上个别基金 由知名基金经理挂帅，依然能获得不少资金认购。"华南一家中型公募品牌人士对券商中国记者称。 公募分析人士对券商中国记者分析称，主动权益基金发行情况，与市场环境和投资者预期变化有密切关系。从 浮动费率基金募集情况来看，管理费与投资业绩挂钩这种方式，初步获得了市场认可。此外，头部公募具备较 好的渠道资源优势，加上个别基金由知名基金经理挂帅，依然能获得不少资金认购。随着A股资金趋暖和流动 性改善，各类资产出现重估。A股"科技叙事"逻辑有望伴随着技术突破和商业化落地得到进一步强化，未来一 段时间AI领域或仍为核心方向。 5只浮动费率基金募集超10亿元 6月25日南方基金公告显示，南方 ...

Core Viewpoint - Advanced packaging demand is just beginning, and the company will continue to invest heavily in this area, particularly in Southeast Asia, while strengthening production lines for automotive and robotics testing [1][2] Group 1: Company Strategy - The company plans to increase investments in advanced packaging and testing capabilities, with panel-level packaging set to begin small-scale production by the end of the year [2] - The CEO emphasized that the company will not hold back on investments, particularly in advanced packaging, until at least 2026 [1] Group 2: Market Outlook - The global semiconductor market is expected to reach $1 trillion in the next decade, driven primarily by AI as a key innovation force [1] - The company anticipates a 10% year-over-year increase in advanced packaging revenue this year, reflecting strong demand in the AI hardware sector [1] Group 3: Industry Trends - TSMC's CoPoS advanced packaging technology is seen as an upgrade to CoWoS, with the potential for outsourcing production to packaging partners as demand increases [2] - The company views the diversification strategies of offshore clients as both a challenge and an opportunity for the Taiwanese semiconductor industry [2]

Core Insights - The report by Ernst & Young highlights the performance and future outlook of listed construction companies in China, indicating a mixed performance in 2024 with a slight increase in international contracting revenue but a decline in overall domestic revenue and profits [2][3]. Group 1: Financial Performance - In 2024, the total revenue of 34 listed construction companies reached RMB 865.98 billion, a decrease of 5.39% compared to 2023, while net profit totaled RMB 20.99 billion, down 15.31% [3]. - The average net profit margin for these companies was 2.42%, showing a slight decline from previous years [3]. - The total assets of these companies amounted to RMB 16.21 trillion, reflecting a year-on-year growth of 10.07%, although the total asset turnover rate fell to 0.56, indicating reduced operational efficiency [3]. Group 2: Contracting and Market Trends - The new contract value for 30 listed companies was RMB 1.84 trillion, a slight decline of 3.44% year-on-year, with only the water conservancy and hydropower sector showing growth at 10.43% [4]. - The average price-to-earnings ratio for the 34 listed construction companies increased to 10.55 from 8.95 in 2023, indicating a more optimistic market outlook for certain sectors like housing and specialized engineering [4]. Group 3: Policy and Strategic Outlook - The report notes that various government policies aimed at stabilizing the real estate market and promoting green energy transition are expected to support the industry's future growth [3]. - Companies are encouraged to adopt innovative technologies such as AI, big data, and BIM to enhance project quality and operational efficiency, which could lead to significant benefits in the upcoming "14th Five-Year Plan" period [5]. Group 4: Taxation and Compliance Issues - The overall tax burden for the 34 listed companies increased by 0.11 percentage points, with total tax payments amounting to RMB 262.19 billion, a decrease of 1.88% year-on-year [4]. - Companies face challenges related to tax compliance both domestically and internationally, including issues with VAT obligations and high tax costs due to inadequate planning [5].

Core Insights - The report by Ernst & Young highlights a decline in revenue and net profit for listed construction companies in China for the year 2024, with total revenue of approximately 8.66 trillion yuan, a decrease of 5.39% compared to 2023, and a net profit of 209.98 billion yuan, down 15.31% from the previous year [1][2] Group 1: Financial Performance - The total revenue of 34 listed construction companies for 2024 is approximately 8.66 trillion yuan, reflecting a decline of 5.39% from 2023 [1] - The net profit for these companies is 209.98 billion yuan, which represents a decrease of 15.31% compared to 2023 [1] - The average net profit margin for the companies is 2.42%, showing a slight decline from 2023 and 2022 [1] Group 2: Asset and Taxation Overview - As of the end of 2024, the total assets of the 34 listed construction companies amount to approximately 16.21 trillion yuan, marking a year-on-year growth of 10.07% [1] - The total asset turnover rate for 2024 is 0.56, indicating a decrease from 2023, suggesting a decline in overall operational efficiency [1] - The total tax amount for the 34 companies is 262.19 billion yuan, which is a decrease of 1.88% year-on-year, while the overall tax burden rate increased by 0.11 percentage points [1] Group 3: Future Outlook - The report indicates that various government policies aimed at stabilizing the real estate market, such as optimizing purchase restrictions and providing housing subsidies, will support the construction industry [2] - The introduction of policies related to the "14th Five-Year Plan" for modern energy systems and renewable energy development is expected to provide strong momentum for the construction sector [2] - The report emphasizes the importance of integrating innovative technologies like AI, big data, BIM, robotics, and IoT for construction companies to enhance project quality, management efficiency, safety, and environmental sustainability [2]

格隆汇新股 江苏无锡机器人公司冲刺IPO！哈工大90后校友创办，小米参投 原创 阅读全文 ...

Market Performance - The Shanghai Composite Index closed at 3455.97 points, up 1.03%, with a trading volume of approximately 620.2 billion [2] - The Shenzhen Component Index closed at 10393.72 points, up 1.72%, with a trading volume of approximately 982.6 billion [2] - The ChiNext Index closed at 2128.39 points, up 3.11%, with a trading volume of approximately 518.4 billion [2] - The STAR Market Index closed at 1217.09 points, up 1.58%, with a trading volume of approximately 119.7 billion [2] - The North Securities 50 Index closed at 1437.63 points, up 1.38%, with a trading volume of approximately 37 billion [2] Sector Performance - The military trade concept and diversified financial sectors led the gains, with significant increases in sectors such as securities, software services, digital currency, cross-border payments, military information technology, aviation, MCU chips, AI, shipping, and mixed reality [1] - Conversely, sectors such as oil and gas extraction, port shipping, and lithium mining experienced notable declines [1] Investment Insights - The market's activity has increased following the Shanghai Composite Index surpassing 3400 points, with rapid sector rotation observed [2] - Long-term trends suggest that under policy stimulus, the A-share market is expected to align with economic growth, indicating potential upward turning points [2] - Recommended investment areas include high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, and robotics [2] Industry Developments - The military industry is experiencing a robust order backlog, with companies accelerating production and delivery, indicating sustained high demand in the second half of the year [2] - The military sector is preparing for the "14th Five-Year Plan" completion and the upcoming "15th Five-Year Plan," which is expected to usher in a new development phase for the industry [2] Technology Sector Updates - The DDR4 memory market has seen a price increase of 9%-37% month-on-month in May, with a further increase of 17%-37% in June [3] - Major storage manufacturers are expected to see revenue growth in the second quarter, with a potential profitability turning point for storage module manufacturers [3] - The approval of a license upgrade for Guotai Junan International allows it to provide comprehensive virtual asset trading services, making it the first Chinese broker in Hong Kong to offer such services [3]

3. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 1.66%报 3338.5 美元/盎司， COMEX 白银期货跌 0.88%报 35.87 美元/盎司。美联储主席鲍威尔表示没有降息 紧迫性，降低市场宽松预期，可能对黄金等避险资产构成压力。 4. 伦敦基本金属多数下跌，LME 期铝跌 0.79%报 2568.00 美元/吨，LME 期锡跌 0.71%报 32460.00 美元/吨，LME 期镍涨 0.68%报 14905.00 美元/吨。全球经济 增速放缓担忧持续影响市场，中国需求复苏力度成为关注焦点，铝库存攀升反 映终端消费疲软。 投资有风险，入市需谨慎。 地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/06/25 隔夜夜盘市场走势 1. 国内商品期货夜盘普跌，能源品领跌。原油跌 9.27%，燃油跌 6.05%，低硫 燃料油跌 3.50%，LPG 下跌 3.59%；贵金属方面，沪金跌 1.25%，沪银跌 1.06%。 宝城期货指出，由于伊朗和以色列达成暂时停火协议，中东地缘风险降温，能 化商品溢价出现回吐。 2. ...

与此同时，宽基ETF再迎新品，上证380ETF及其联接基金、上证580ETF及其联接基金集中上报，这标 志着上证旗舰宽基指数体系投资工具进一步丰富，将为中长期资金入市提供便利渠道。 资金涌入权益类ETF 在近日震荡行情中，大量资金涌入权益类ETF。6月15日以来，权益类ETF净申购额合计超过270亿元。 在业内人士看来，上证380ETF及其联接基金、上证580ETF及其联接基金的上报，将助力投资者布局沪 市中盘及小盘成长型企业，分享不同市值板块的发展红利。同时，将为中长期资金入市提供更丰富的渠 道。 据Choice测算，6月15日以来，截至6月23日，权益类ETF净申购额合计达到270亿元。其中，投向A股的 ETF净申购额超过180亿元。 具体来看，多只宽基ETF吸引资金涌入。其中，华泰柏瑞沪深300ETF净申购额为17.7亿元，华夏科创 50ETF净申购额为16.64亿元，华泰柏瑞中证A500ETF净申购额为15.56亿元。此外，华夏上证50ETF、 南方中证500ETF净申购额均超过10亿元。 多只行业主题ETF也强势吸金。华宝券商ETF净申购额为10.3亿元，华宝银行ETF净申购额为9.98亿元。 华泰 ...

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Group 1 - The brokerage sector experienced a significant rally, with Guosheng Financial (002670) hitting the daily limit up and KGI International in Hong Kong surging over 80% [1][9] - The three major indices opened mixed, with the Shanghai Composite Index down 0.04%, Shenzhen Component up 0.22%, and ChiNext up 0.44%. By the time of reporting, the Shanghai index turned positive, and ChiNext's gains expanded to over 1% [1] - The Hong Kong Hang Seng Index opened up 0.62%, and the Hang Seng Tech Index rose by 0.9%. By the time of reporting, the Hang Seng Index's gains increased to 0.9%, and the Hang Seng Tech Index rose over 1.2% [3][4] Group 2 - The securities sector saw initial gains, with Xiangcai Securities (600095) rising over 7%, and other firms like Xinda Securities (601059) and Bank of China Securities (601696) also following suit [5] - The People's Bank of China and six other departments issued guidelines to support consumption, emphasizing the need for a coordinated capital market to promote long-term funds entering the market [7] Group 3 - KGI International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly on its platform [10] - The autonomous driving sector was active, with companies like Ruima Precision (002976) and Yong'an Xing (603776) hitting the daily limit up, driven by recent developments in L4 autonomous driving technology [11]