Core Insights - The total scale of public funds in China reached 33.74 trillion yuan by the end of May 2025, marking a historical high and an increase of 625.33 billion yuan from April, with a month-on-month growth rate of 1.87% [1][2] Fund Categories Summary Stock Funds - The scale of stock funds in May was 4.58 trillion yuan, with a slight increase of 34.31 million yuan from April, reflecting a growth rate of 0.07%. However, the number of shares decreased by 46.23 billion to 3.46 trillion, indicating net outflows [1][2][3] Mixed Funds - Mixed funds saw a decrease in scale to 3.57 trillion yuan, down 134.43 million yuan from April, representing a decline of 0.38%. The number of shares also fell by 26.48 billion to 3.03 trillion, reaching a historical low [1][2][3] Bond Funds - Bond funds increased in scale to 6.78 trillion yuan, with a month-on-month increase of 221.88 billion yuan, reflecting a growth rate of 3.38%. The number of shares grew by 159.49 billion to 5.79 trillion [1][2][3] Money Market Funds - Money market funds reached a scale of 14.40 trillion yuan, increasing by 407.13 billion yuan from April, with a growth rate of 2.91%. The number of shares rose by 407.94 billion to 14.40 trillion, marking a significant milestone [1][2][3] QDII Funds - The scale of cross-border funds (QDII) reached 654.28 billion yuan, with an increase of 10.25 billion yuan from April, reflecting a growth rate of 1.59%. However, the number of shares decreased by 16.62 billion to 569.33 billion, although the scale achieved a historical high [1][2][3] Market Trends - In May, the A-share market exhibited a "high rebound and volatile repair" trend, with the Shanghai Composite Index rising by 2.09% and the CSI 300 increasing by 1.85%, which supported the net value growth of stock funds [2][3] - Small-cap stocks outperformed large-cap stocks, while technology stocks experienced a pullback, leading to a shift of funds from overvalued sectors to defensive assets [3] - The People's Bank of China implemented reserve requirement ratio cuts and interest rate reductions, which boosted bond prices and net value growth [3] - The issuance of technology innovation bonds was encouraged, with credit bond ETF scales surpassing 300 billion yuan, attracting significant fund inflows [3] - The demand for money market funds surged due to a combination of deposit migration and risk aversion, as bank deposit rates declined significantly [3] - The performance of Hong Kong and US stocks was strong in May, with the Hang Seng Technology Index rising by 1.15% and the S&P 500 recovering from trade friction impacts, attracting investments in overseas equity assets [4] - The growth of public fund scales in May was primarily driven by money market funds (contributing 65.1%) and bond funds (contributing 35.5%), reflecting investor preference for low-risk, high-liquidity assets during a declining interest rate cycle [4]

投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2025 年 6 月 27 日 国债期货 专业研究·创造价值 流动性边际宽松，国债期货小幅反弹 核心观点 今日国债期货均震荡小幅反弹。近期央行在公开市场净投放流动性， 市场流动性边际宽松。回顾方面，5 月信贷、通胀数据表现偏弱，政策托底 需要偏宽松的货币环境，未来政策面降息预期升温，国债期货的中长期向上 逻辑较为牢靠。不过后续政策仍需等待 7 月重磅会议在政策面的指引，短期 内驱动动能预计有限。总的来说，短期内国债期货震荡整理为主。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 专业研究·创造价值 1 / 4 请务必阅 ...

策略报告 | 投资策略 银行大规模定增 证券研究报告 微观流动性跟踪(2025.6.9-2025.6.22) 投资要点：六月伊以冲突逐步缓和，美联储已有两位官员表示可能尽快降息，同时中美贸易依然 处于谈判阶段，外围风险暂缓。从资金面来看，偏股型公募基金新发份额较上期回暖，存量股票 型 ETF 净赎回额收窄，南向资金持续净流入，表明投资者信心增加，风险偏好提升，但当前依然 处于攻坚阶段，同时近期多家商业银行大规模定增也带动融资规模显著提升。后续一方面需关注 中美谈判是否持续有新进展，另一方面关注国内下个月的中央政治局会议对当前局势的最新研判。 ⚫ 微观流动性整体：偏股公募新发份额回暖，南向资金持续净流入。 本期资金供给合计 292 亿元，资金需求 4513 亿元，整体对于市场净流出 4221 亿元。1）偏股 型公募新发份额回暖；2）南向资金持续净流入；3）融资规模显著提升主因多家商业银行增发。 ⚫ 股权融资：融资规模显著提升。 以发行日统计，本期股权融资规模 4,307.79 亿元，上期 IPO+再融资整体募资规模达 52.59 亿 元，本期较上期整体募资规模大幅上升，主因本期中国银行、交通银行、邮储银行均有大 ...

流动性日报 | 2025-06-27 市场流动性概况 2025-06-26，股指板块成交4550.19亿元，较上一交易日变动-26.80%；持仓金额10135.30亿元，较上一交易日变动 -4.83%；成交持仓比为44.51%。 国债板块成交2499.35亿元，较上一交易日变动-30.48%；持仓金额8863.54亿元，较上一交易日变动-0.05%；成交持 仓比为28.93%。 基本金属板块成交2959.58亿元，较上一交易日变动+30.63%；持仓金额3963.72亿元，较上一交易日变动+1.46%； 成交持仓比为119.65%。 贵金属板块成交3209.22亿元，较上一交易日变动-20.27%；持仓金额4362.72亿元，较上一交易日变动+0.27%；成 交持仓比为79.15%。 能源化工板块成交5462.92亿元，较上一交易日变动+4.83%；持仓金额3913.21亿元，较上一交易日变动+0.13%；成 交持仓比为97.88%。 农产品板块成交3397.47亿元，较上一交易日变动+12.62%；持仓金额5595.45亿元，较上一交易日变动+0.13%；成 交持仓比为60.37%。 黑色建材板块成交185 ...

Core Viewpoint - 康特隆科技预计在截至2025年3月31日的报告年度将录得综合净亏损介乎1150万美元至1300万美元，较2023年12月31日的净亏损970万美元增加约18%至33.3% [2] Financial Performance - 预计净亏损的主要原因包括经济及商业环境波动导致的非流动资产预期信用损失增加、无形资产摊销及应收账款净减值损失准备 [2] - 报告期涵盖十五个月，而截至2023年12月31日的报告期仅涵盖十二个月，这一变化也对财务结果产生影响 [2] Cash Flow Impact - 董事会强调，净减值准备属于非现金性质，对公司的现金流量没有重大影响 [3] - 公司仍在完成本报告年度的年度业绩，实际年度业绩可能与公告所披露的内容存在差异 [3]

离岸人民币同业拆息利率全线上涨 HKMA日间回购协议流动性被用逾八成 金十数据6月27日讯，衡量离岸人民币流动性的关键指标--离岸人民币香港银行同业拆息周五显示：主 要期限利率全线上行；其中隔夜Hibor涨18个基点至2.02212%，创5月30日以来新高。另外香港金管局 (HKMA)200亿元人民币的日间回购协议流动性已被调用逾八成。一周期Hibor涨18个基点至2.06061%， 触及4月7日以来高位；两周期Hibor升15个基点至2.02848%，至4月9日以来高点；一年期Hibor升9个基 点至2.07515%，创4月25日以来新高。点击链接查看历史数据>> 相关链接 美元/离岸人民币 ...

Core Viewpoint - The company has completed the fundraising project for the "Data Security Protection and Traceability Analysis Platform R&D and Industrialization Project" and will permanently supplement its working capital with the remaining funds raised [1][4]. Fundraising Overview - The company raised a total of RMB 135,284,774.32 by issuing 4,289,308 shares at a price of RMB 31.54 per share, with a net amount of RMB 129,503,538.20 after deducting issuance costs of RMB 5,781,236.12 [1][2]. - The funds were received on September 28, 2022, and verified by Daixin Accounting Firm [2]. Project Details - The total planned investment for the project was RMB 12,950.35 million, and the actual investment amounted to RMB 13,380.40 million, resulting in a surplus of RMB 7.58 million [3][4]. Fund Management - The company has established a fundraising management system to ensure the effective use and management of the raised funds, in compliance with relevant regulations [2]. Project Completion - The project has met its predetermined operational conditions and has been approved for completion by the board of directors [4][5]. Surplus Fund Utilization - The surplus funds of RMB 7.58 million will be used to permanently supplement the company's working capital for daily operations [4][5]. Impact of Project Completion - The completion of the project will not adversely affect the company's normal operations or harm the interests of shareholders [4][5]. Approval Process - The board of directors approved the project completion and the use of surplus funds, in accordance with the regulations that allow for such actions without requiring additional approvals when the surplus is below RMB 10 million [5].

Core Points - The company plans to use part of its idle raised funds to temporarily supplement working capital, with an amount not exceeding 12 million RMB and a duration of no more than 12 months from the board's approval date [1][4]. Summary of Fundraising Situation - The company was approved to issue up to 45.38 million new shares, with an actual issuance of 41,046,070 shares at a price of 12.52 RMB per share, raising a total of approximately 513.90 million RMB, netting about 502.38 million RMB after deducting issuance costs [1][2]. - As of June 16, 2025, the actual amount used for fundraising projects was approximately 496.14 million RMB, leaving a remaining amount of approximately 26.41 million RMB [2]. Summary of Fundraising Investment Projects - The company has several projects with varying levels of investment and usage, including: - National Class I anti-cancer drug project with a committed investment of 156.10 million RMB, with 34.94 million RMB used [2]. - Raw material drug project with a committed investment of 46 million RMB, fully utilized [2]. - Automation warehouse project with a committed investment of 36.80 million RMB, with 8.12 million RMB used [2]. - The total amount for temporary working capital supplementation is set at 12 million RMB [3][4]. Approval Process for Fund Usage - The board and supervisory committee approved the plan to use idle funds on June 25, 2025, ensuring compliance with relevant regulations and that it would not affect the normal progress of fundraising investment projects [4][5]. - The supervisory committee and the sponsor institution both expressed support for the plan, confirming it aligns with regulatory requirements and does not harm shareholder interests [5].

2025. 6 深圳私享会 洪总发言： 谈到下半年的看法，今年上半年我经历了一个非常有意思的年份。如果大家 有跟踪我的报告，会发现在去年年底以及今年 2 月份和 3 月份的时候，我们都给 各位发出了非常明显的预警。整个全球市场，不仅仅是美国市场，包括我们中国 的 A 股市场和港股市场，都经历了非常严重的非理性下跌。 所以如果你现在看看，上证指数现在大概在 3400 点左右，没有到 3400 点， 恒生指数大概在 24000 点左右。但是如果我手上有仓位，要经历这么一波下跌， 尤其是在四月份的时候，当我向投资人汇报投资业绩的时候，数据会非常难看。 往往在历史性暴跌的时候，是最容易发生赎回的时候。投资人在这种关键时刻是 最没有耐心继续持有的时候。往往是在历史性低点的时候，赎回的压力会导致整 个投资组合的进一步暴跌。就像你的投资组合，即便你觉得以后还是会涨回来， 但是到了月底，面对投资人时已经是"全军覆没"了，因为很多投资人已经把仓位 赎回了。 而且赎回的时候往往是先从表现最好的持仓开始。所以等赎回完了之后，你 手里可能优质仓位没有了，最好的仓位全部被卖掉，因为只有表现好的资产才会 在最危机的时候有流动性。所以我们 ...

Group 1 - Beijing is focusing on the medical sector's needs by developing a second negative list for medical devices, following the first list that included five fields [1] - The city has established a comprehensive reform system for cross-border data flow, aiming to upgrade from the initial version to a more efficient and secure model [1][2] - The second negative list will include five sectors: medical devices, intelligent connected vehicles, trade logistics, banking, and public funds, expanding the coverage of the policy [2] Group 2 - A pilot program for the negative list will be implemented on a case-by-case basis for medical enterprises, with several companies already expressing interest in participation [3] - The focus will be on enhancing data flow for research collaboration, drug development, and multi-center consultations, encouraging partnerships between local hospitals and multinational pharmaceutical companies [3]