分组1 - PepsiCo reported quarterly earnings of $2.12 per share, exceeding the Zacks Consensus Estimate of $2.03 per share, but down from $2.28 per share a year ago, representing an earnings surprise of +4.43% [1] - The company posted revenues of $22.73 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.51% and showing an increase from $22.5 billion year-over-year [2] - Over the last four quarters, PepsiCo has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 11% since the beginning of the year compared to the S&P 500's gain of 6.5% [3] - The current consensus EPS estimate for the coming quarter is $2.35 on revenues of $23.63 billion, and for the current fiscal year, it is $7.87 on revenues of $92.47 billion [7] - The Zacks Industry Rank for Beverages - Soft drinks is currently in the top 33% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] 分组3 - Ahead of the earnings release, the estimate revisions trend for PepsiCo was mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - Another company in the same industry, Vita Coco Company, Inc., is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year change of +15.6% [9]

金十数据7月17日讯，随着市场深入解读今日公布的数据，美国国债收益率出现下跌。初请失业金人数 下降以及零售销售超预期的数据公布后，收益率起初走高——这些数据显示美国经济韧性较强，也支撑 了市场对美联储维持鹰派立场的押注。但潘森宏观分析师Samuel Toms在报告中指出，初请失业金人数 受夏季汽车工厂停产规模小于往常的影响。他预计失业率将呈上升趋势。该机构另一位经济学家Oliver Allen则表示，零售销售增长的"内里"并不那么亮眼，且未来走势存在疲软风险。 市场深入解读数据后情绪转向 美国国债收益率由升转跌 ...

Core Viewpoint - The article discusses the current investment landscape, particularly focusing on the insurance sector's asset allocation strategies and the shift towards equity investments due to the underperformance of the bond market [3][4]. Group 1: Investment Strategies - There is a consensus in the industry that after a downturn in the bond market, investors are looking to equities for returns, although there are concerns about high valuations and the sustainability of upward momentum [3]. - Institutional investors have been net sellers of broad-based ETFs, with over 100 billion sold since mid-April, indicating a cautious approach despite a high risk appetite reflected in the net inflow into industry ETFs [3]. - The insurance sector faces challenges in absolute and relative performance assessments, necessitating a focus on alpha opportunities within the industry [4]. Group 2: Asset Allocation Challenges - Insurance companies are constrained by asset-liability matching requirements, which limits their ability to invest heavily in equities, necessitating a continued allocation to long-duration bonds [4]. - The overall investment process in insurance firms is evolving towards a more team-oriented approach to ensure consistent expectations and performance across different accounts [5][6]. Group 3: Market Dynamics - The insurance sector is experiencing a gradual increase in equity allocation, driven by high costs of liabilities and a mismatch in the speed of asset allocation between fixed income and equities [5]. - The current low interest rate environment has led to a significant increase in insurance premium income, but the sustainability of this growth is questioned due to the potential for asset-liability mismatches [6][9]. Group 4: Research and Analysis - There is a need for cross-research among different asset classes within financial institutions to avoid siloed thinking and enhance overall market understanding [7][8]. - The article emphasizes the importance of understanding the broader market context, particularly the implications of low interest rates on asset valuations and investment strategies [9].

尽管特朗普的关税政策已开始产生影响，但美国消费者似乎仍在积极消费。美国6月份零售销售环比增长0.6%，扭转了此前连续两个月的跌势。这一强 劲反弹超出了大部分经济学家的预期，有望缓解市场对消费者支出紧缩的担忧。 此外，零售报告中唯一涵盖服务业的餐饮和酒吧消费也增长了0.6%。 美国6月零售销售环比 0.6%，预期 0.1%，前值 -0.9%。 美国6月零售销售(除汽车)环比上涨0.5%，预期值0.3%，前值-0.2%。 美国6月零售销售(除汽车与汽油)环比上涨0.6%，预期值0.3%，前值0%。 值得注意的是，直接计入GDP核算的"控制组"零售销售在6月份也环比增长了0.5%，使得该类别的销售额同比增长4.0%，进一步印证了消费支出的韧 性。 此次强劲的零售销售数据，与此前部分"软数据"调查所反映的悲观情绪形成对比。这或许预示着，消费者实际的支出行为比市场普遍感受到的情绪更为 积极和稳健。 美国国债收益率走升，2年期国债收益率日内上行逾3bp，现报3.921%。 17日，美国商务部公布的数据显示： 投资者和经济决策者正密切关注美国消费者支出能否持续，因为消费支出贡献了美国经济约三分之二的动力，而特朗普的关税政策 ...

美国国债收益率回吐早先数据推动的涨幅，10年期国债收益率上涨1.4个基点，至4.469%。 ...

美国公布数据后，欧元区政府债券收益率变化不大，德国10年期国债收益率上涨1个基点，至2.70%。 德国10年国债收益率 ...

英国5年期国债收益率升至6月11日以来新高，报4.099%，日内涨5个基点。 ...

数据公布后，美国国债2/10收益率曲线温和趋平，利差报54.9个基点。 ...

美国6月零售数据公布后，美国国债收益率走升，2年期国债收益率日内上行逾3bp，现报3.934%。现货 黄金短线下挫，日内跌幅达1%，现报3313.02美元/盎司。 ...

招商信用添利债券型证券投资基金 (LOF)2025 年第 2 季度报告 基金管理人：招商基金管理有限公司 基金托管人：中国农业银行股份有限公司 送出日期：2025 年 7 月 18 日 招商信用添利债券型证券投资基金(LOF)2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一 定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细 阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 招商信用添利债券 LOF 场内简称 招商信用添利 LOF 基金主代码 161713 交易代码 16 ...