金十数据6月11日讯，欧盟大使维森廷表示，欧盟已经准备好并愿意再次尝试与澳大利亚达成自由贸易 协议，同时补充说，2023年确定的协议的主要障碍基本上没有改变。维森廷周三在堪培拉发表演讲时表 示，自谈判破裂以来，地缘政治和全球贸易发生了"令人难以置信的"变化，这促使双方"联手捍卫自由 贸易"。在几乎不加掩饰地提到特朗普的政策时，维森廷强调，"关税、经济胁迫和不公平的贸易行为越 来越普遍。"然而，他警告说，虽然有达成协议的愿望，但这并不意味着双方之间没有分歧。"这方面的 内容没有任何改变，"维森廷说。"分歧仍然存在，仍然难以解决和处理。"自2018年6月以来，澳大利亚 和欧盟一直试图达成一项自由贸易协定，但强大的农业游说团体使双方在关键问题上达成妥协并确保最 终协议的努力变得复杂。 欧盟准备第二次尝试与澳大利亚达成贸易协议 ...

Group 1 - The A-share market opened high and rose, with the Guozheng Free Cash Flow Index increasing over 0.6% during the session, led by stocks such as Laofengxiang, Jinhong Group, Shandong Haihua, and Huanxu Electronics [1] - The largest free cash flow ETF (159201) saw active trading, with transaction volume exceeding 100 million yuan, and an average daily transaction of 307 million yuan over the past week, ranking first among comparable funds [1] - Free cash flow (FCF) is defined as the cash remaining after all cash expenditures, including operating costs and capital expenditures, which reflects the true profitability of a company [1] Group 2 - The free cash flow index typically excludes financial and real estate sectors, selecting companies with stable free cash flow and positive enterprise value, adjusting quarterly based on free cash flow weight [1] - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, focusing on listed companies with high and stable free cash flow levels, characterized by high long-term returns and low volatility, suitable for the current phase of high-quality economic growth [1] - The fund's management and custody annual fee rates are among the lowest in the market [1]

Group 1 - The rise of snack stores is a significant consumer trend in China, comparable to the popularity of milk tea shops [1][2] - Snack stores primarily cater to consumers outside of first-tier cities, tapping into a vast market [2][3] - The appeal of snack stores lies in their variety and affordability, allowing consumers to purchase multiple flavors at a low cost [3][5] Group 2 - Snack stores fulfill two consumer desires: the craving for variety and the need for affordable indulgence [5][6] - The low investment and operational requirements make snack stores attractive for franchisees, contributing to their rapid expansion [10][11] - The uniform demand for snacks across different regions facilitates quicker establishment of snack stores compared to restaurants [12][13] Group 3 - Despite their growth, snack stores face challenges, particularly low profit margins, with "Mingming Hen Mang" reporting a gross margin of 7.5% and a net profit margin of 2% [14][15] - The average gross margin for franchisees in the snack industry is around 20%, while the parent company retains a lower margin [16] Group 4 - The entry of new players, such as "Chayan Yuesheng," a well-known milk tea brand, into the snack market indicates the sector's attractiveness [21][22] - Chayan Yuesheng's strategy involves developing its own snack products, differentiating itself from typical snack stores that rely on existing brands [24][26] - The brand's expertise in flavor development from its milk tea business enhances its ability to create appealing snack products [27][28] Group 5 - Chayan Yuesheng's expansion into snacks is a response to local market saturation and aims to attract repeat customers [30][31] - The integration of snack offerings at milk tea locations allows for cross-selling opportunities, enhancing customer experience [34][36] - The ability to sell self-branded snacks through e-commerce platforms broadens market reach beyond local areas [37][38] Group 6 - Chayan Yuesheng's approach of combining high-margin milk tea with low-margin snacks can improve overall profitability [41]

Core Viewpoint - The Regional Comprehensive Economic Partnership (RCEP) is emerging as a new engine for economic growth in the Asia-Pacific region, promoting regional economic integration amid increasing global uncertainties and trade order instabilities [1][2]. Group 1: Economic Growth and Trade Development - RCEP has significantly boosted intra-regional trade, with over 45% of exports and nearly 54% of imports within the region directed towards member markets, marking increases of approximately 9 percentage points and 12.1 percentage points since 2020, respectively [2]. - The GDP of RCEP members has grown at an average annual rate of 3.5% from 2021 to 2023, surpassing global growth by 0.5 percentage points, and is projected to contribute over 32% to global economic growth from 2023 to 2029, amounting to an increase of $10.9 trillion [2]. Group 2: Regional Integration and Supply Chain - The deep integration of supply chains within the RCEP region is crucial for economic stability, with the share of intermediate goods trade rising from 65.0% to 68.3% of total trade from 2021 to 2024 [3]. - RCEP aims to enhance the zero-tariff coverage rate, which is currently around 70% for China-ASEAN trade, compared to 97% under the China-ASEAN Free Trade Area agreement [3]. Group 3: Future Developments and Expansion - The conditions for establishing a high-level free trade area are maturing, with potential breakthroughs in bilateral and multilateral trade agreements, such as the anticipated signing of the upgraded China-ASEAN Free Trade Area 3.0 [4][5]. - RCEP is also considering expansion, with applications from Hong Kong, Sri Lanka, and Chile, which could enhance regional trade and financial development [5][6]. Group 4: China's Role in RCEP - China, as the largest market in the RCEP region, is expected to play a pivotal role in driving the unified market's formation, with significant growth potential in service industries and urbanization [8][9]. - In 2023, China accounted for 20.1% of RCEP's total exports of consumer goods, surpassing the U.S. by 35.6%, highlighting the importance of tariff concessions and market access for RCEP members [9].

今日，现金流ETF（159399）官宣第4次分红，本次分红比例为0.20%，权益登记日为6月13日，现 金红利发放日为6月18日。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由 现金流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 业绩表现上来看，富时现金流指数的长期业绩突出，以全收益指数（含分红收益）计算，基日 （2013/12/31）以来，富时现金流指数年化收益率超18%，累计涨幅达568.15%，显著高于沪深300的 114.88%的和中证红利的285.62%，连续 9 年跑赢中证红利指数。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：根据本次收益分配方案，现金流ETF分红基准日为202 ...

Group 1 - The three major stock indices opened higher, with the Shanghai Composite Index rising by 0.02%, the Shenzhen Component Index by 0.14%, and the ChiNext Index by 0.34% [1] - The National Index of Free Cash Flow saw an intraday increase of over 0.3%, with leading stocks such as Lao Feng Xiang, Jin Hong Group, City Media, and Huayu Automotive driving the gains [1] - The low-fee Free Cash Flow ETF (159201) experienced a net inflow of over 230 million yuan in the last 10 trading days, indicating a significant low-position layout characteristic [1] Group 2 - According to China Merchants Securities, as the economy stabilizes, leading listed companies are experiencing stable operations, with net cash flow beginning to grow steadily and capital expenditures declining, leading to a continuous rise in free cash flow yield [1] - The A-share weighted index is expected to undergo a revaluation in the next two years, as the concentration of small-cap factor trading has reached its limit, and new quantitative regulations are about to be implemented [1] - The Free Cash Flow ETF (159201) closely tracks the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability, making it suitable for long-term investment [1] Group 3 - The fund management fee for the Free Cash Flow ETF is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]

Core Viewpoint - The central theme of the articles is the increasing popularity of dividend assets in the current low-interest-rate environment, driven by the recent monetary policy adjustments and regulatory changes that enhance cash dividend practices among listed companies [2][3][12]. Group 1: Market Conditions and Trends - In May 2025, the central bank unexpectedly implemented a "double reduction" policy, lowering the reserve requirement ratio by 0.5 percentage points and the policy interest rate by 0.1 percentage points, releasing over one trillion yuan in liquidity [2]. - The ten-year government bond yield fell to a historical low of 1.64%, contributing to a capital market "asset shortage" [2]. - The dividend yield of the S&P China A-share Large Cap Dividend Low Volatility 50 Index surpassed 6%, nearing a ten-year high, making dividend ETFs attractive to institutional and individual investors [2][3]. Group 2: Performance of Dividend Assets - As of June 9, 2025, the net asset value of the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF (code: 515450) exceeded 9.2 billion yuan, representing a growth of over 300% compared to the same period in 2024 [2]. - The S&P China A-share Large Cap Dividend Low Volatility 50 Index had a dividend yield of 5.47% as of June 9, 2025, with a risk premium of 3.82% over the ten-year government bond yield [5]. - The index demonstrated strong performance from 2021 to 2024, with annual returns consistently outperforming the CSI 300 Index by over 10 percentage points [8]. Group 3: Investment Tools and Strategies - The Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF aims to minimize tracking deviation and error while focusing on high-dividend, low-volatility large-cap stocks [4]. - The introduction of the Free Cash Flow Index addresses the limitations of dividend-focused indices by considering both dividends and share buybacks as measures of shareholder returns [9]. - The Free Cash Flow Index has shown a cumulative increase of 595.68% since its inception on December 31, 2013, with an annualized return of 19.06% as of June 9, 2025 [9]. Group 4: Fund Management and Future Outlook - The Southern Fund's passive index funds are managed with precision, achieving an industry-leading tracking error of only 0.38% in 2024 [11]. - The recent approval of the Southern Free Cash Flow ETF (code: 159232) on April 23, 2025, reflects growing interest in cash flow-based investment strategies [10]. - The combination of the Dividend Low Volatility ETF and the Cash Flow ETF is positioned as a strategic choice for investors navigating through economic cycles, serving as a "safe haven" in volatile markets [12].

Group 1 - A new floating rate fund, the交银施罗德瑞安混合, is being launched with a proprietary investment of 20 million yuan by交银施罗德, reflecting confidence in the long-term stability of China's capital markets [1] - Since the launch of the first batch of floating rate products on May 27, multiple public funds have announced self-purchases, with total subscriptions exceeding 100 million yuan as of June 9 [1] Group 2 - 15 fund companies have terminated their sales cooperation with民商基金销售公司 as of June 9, with 中欧基金 and 华泰保兴基金 being among the latest to announce this decision [2][3] - Additionally, 上银基金 has also announced the termination of its sales cooperation with海银基金销售有限公司 [4] Group 3 - As of June 9, the total scale of ETFs has reached 4.16 trillion yuan, with an increase of nearly 440 billion yuan this year, and the number of shares has risen to 2.74 trillion [5] - 14 ETFs have seen an increase in scale of over 10 billion yuan this year, with the highest individual increase exceeding 30 billion yuan [5] Group 4 - 26 new free cash flow strategy funds have been established this year, raising a total of 15.143 billion yuan, with several funds exceeding 1 billion yuan in issuance [6] - New products in this category are actively being reported, indicating ongoing interest and expansion in the free cash flow strategy fund segment [6] Group 5 - The 北证50成份指数 has shown strong performance, with all 20 available北交所主题基金 achieving positive returns this year, the highest increase being 72.29% [7][8] - Several北证50成份指数基金 have implemented purchase limits to protect the interests of fund holders [7] Group 6 - 兴证全球基金's manager, 陈聪, emphasizes four key investment directions: internet leading companies, innovative pharmaceuticals, new consumer trends, and technology hardware, particularly in the context of AI applications [9] - The innovative pharmaceutical sector is expected to continue its momentum into the second half of the year, with A-shares showing potential in niche markets like pet products and beauty [9] Group 7 - On June 10, the market experienced a decline, with the Shanghai Composite Index falling by 0.44% and the Shenzhen Component Index by 0.86% [10] - The trading volume reached 1.42 trillion yuan, indicating increased market activity compared to the previous trading day [10]

证券研究报告·行业深度报告·环保 环保行业深度报告 ◼ 投资建议：固废板块具备持续提分红潜力，供热&IDC 等提质增效促 ROE 和估值双升。1）现金流：资本开支下降自由现金流增厚，叠加居 民付费理顺商业模式，年报大幅提分红！ 24 年报分红提升兑现： 【绿 色动力】每股派息+100%，分红比例提至 71%；【瀚蓝环境】每股派息 +67%；【军信股份】派息总额+37%，分红比例提至 95%；【永兴股份】 【中科环保】【光大环境】【海螺创业】等积极提分红。2）提质增效：以 供热、IDC 为代表的 B 端拓展持续推进，对标海外市场化估值&ROE 存 翻倍以上空间。 ◼ 风险提示：新建项目收益率下降；国补退坡/到期风险；应收账款风险 2025 年 06 月 10 日 垃圾焚烧板块的提分红逻辑验证：从自由现 金流增厚看资产质量的改善 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 报告创新点——为什么我们要从现金流角度分析垃圾焚烧资产？资产 质量的改善，既体现在表观上自由现金流的增加，也会更进一步地体现 在 ROE 的提升。从企业绝对估值角度来看，现金流是资产定价的核心 环节，现金 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 今年不一样了， 榴莲爱好者终于等来了榴莲自由。 文 ｜ 林木 编辑 ｜ 吴跃 来源｜ 财经天下WEEKLY（ID：cjtxweekly） 封面来源 ｜ 视觉中国 作为水果界的"爱马仕"，榴莲以售价贵著称，往往买一个几百元就没了。因此，很多人虽然爱吃榴莲，但由于价格贵只能偶尔吃一次。今年不一样了，榴 莲爱好者终于等来了榴莲自由。进入6月，全国各地的榴莲售价均在下跌，有的直接腰斩，一斤20多元的售价让人忍不住下单。 榴莲价格跳水 今年夏天，有着水果界"爱马仕"之称的榴莲，价格腰斩了，让一众消费者感叹："这下子可以实现榴莲自由了。" 95后白领林檬是榴莲的忠实消费者，她喜欢榴莲细腻绵密的口感，尤其当开到干包"盲盒"时，外脆内糯，像在吃冰淇淋。往年由于价格贵，她只能偶尔吃 一次榴莲，没想到今年夏天才开始，榴莲几乎是一天一个价，并且一天比一天便宜，她的榴莲自由猝不及防地来了。 "不管是线上，还是线下，隔几天去看，榴莲价格又便宜了不少，我忍不住下了一单又一单。 ...