二是区域开放合作的步伐更加坚定。中国—东盟自贸区3.0版谈判全面完成，将于年内签署议定书。东 盟—中国—海合会峰会开创跨区域合作新模式。 三是安全合作更加深入。各方完成"南海行为准则"磋商三读，有效管控分歧，维护了海上总体稳定。中 国同缅甸、老挝、泰国等联手打击网赌电诈跨国犯罪。 王毅谈中国东盟互利合作成果 2025年7月10日，中共中央政治局委员、外交部长王毅在吉隆坡出席中国—东盟外长会时介绍了双方合 作丰硕成果。 一是周边命运共同体纽带更为紧密。习近平主席今年4月成功访问越南、马来西亚、柬埔寨，双边命运 共同体建设提升到更高水平，互利合作朝更高质量方向迈进。 四是人员往来更加便捷。双方连续两年举办100多项人文交流年活动，"澜湄签证""东盟签证"正式落 地，民众如"走亲串门"般常来常往。 王毅表示，中国始终视东盟为周边外交优先方向，视周边为推动构建人类命运共同体的先行区，将继续 坚持睦邻、安邻、富邻、亲诚惠容、命运与共的理念方针，同东盟一道，弘扬和平、合作、开放、包容 的亚洲价值观，建设和平、安宁、繁荣、美丽、友好的共同家园，推动构建更为紧密的中国—东盟命运 共同体，在全球南方卓然壮大的历史大势中加快亚洲 ...

Market Overview - The A-share market has recently reached a critical point, with the Shanghai Composite Index breaking through 3500 points, marking a new high since November 8, 2024, before closing at 3493 points [1] - On the following day, the index rose by 0.53%, closing at 3511.545 points [2] Historical Context - The A-share market has crossed the 3500-point threshold multiple times in the past 15 years, with significant instances in 2007, 2015, 2021, and 2024, each followed by varying market trends [4][5] - The current situation in July 2025 is characterized by a strong market rally, driven by monetary policy stimulus and substantial capital inflows [4] Market Drivers - Unlike previous surges, the current breakthrough is primarily driven by heavyweight stocks, particularly in the financial sector, with major banks reaching historical highs [6] - The banking sector index has shown a remarkable increase of over 60% in 2024, outperforming the Nasdaq's 38% rise during the same period [6] Volume and Support - The trading volume during the recent breakthrough has not reached historical highs, with the market's trading volume at 1.5 trillion yuan, significantly lower than the 3.45 trillion yuan recorded on October 8, 2024 [9] - This indicates a lack of sufficient volume support for the current breakthrough, raising questions about its sustainability [9] Policy and Industry Trends - The recent market movements are supported by positive policy signals, including tax incentives for foreign investors and regulations aimed at guiding funds towards value investments [10] - The technology sector has emerged as a key focus, with government policies encouraging investment in advanced manufacturing and digital economy sectors [11] Market Response to Policies - The market has shown a notable response to "anti-involution" policies, particularly in the photovoltaic industry, which has shifted from price competition to technology competition [12] - This contrasts with the previous market dynamics observed during the October 2024 breakthrough, where macroeconomic policies were the primary focus [12] Institutional Perspectives - Various securities institutions suggest that the market is currently in a bullish cycle, but caution against short-term volatility risks [14] - Analysts emphasize the importance of fundamental improvements for sustained market growth, with a focus on sectors like military, new energy, and AI-related industries [14]

Group 1 - The A-share market saw a collective rise in the three major indices, with the aerospace and military sector experiencing a rebound, as evidenced by the aerospace ETF (159227) narrowing its decline to 0.73% with a trading volume of 89.9 million yuan, ranking first among similar products [1] - The aerospace ETF has recorded a net inflow of funds for 10 consecutive days, totaling 243 million yuan, with a latest scale of 499 million yuan, maintaining its position as the largest ETF in its category [1] - The Shenzhou 19 crew recently held a press conference, sharing their experiences from 183 days in space, during which they conducted 88 experimental projects across various fields, showcasing China's achievements in manned spaceflight and the collaborative development of the aerospace industry [1] Group 2 - The aerospace ETF (159227) closely tracks the Guozheng Aerospace Index, focusing on core military aerospace sectors, with a high concentration in the military industry, where the Shenwan first-level military industry accounts for 98.2% [2] - The ETF's component stocks have a significant weight in aerospace equipment, accounting for 66.5%, surpassing other military and defense indices [2] - According to Dongfang Securities, the military sector has stabilized after a downturn, with emerging positive changes and a highlighted investment value, as the "14th Five-Year Plan" approaches its conclusion, indicating a potential recovery in military trade as a second growth driver [2]

截至2025年7月10日午间收盘，中证稀有金属主题指数(930632)强势上涨1.89%，成分股北方稀土 (600111)涨停 ，中科磁业(301141)上涨7.01%，宁波韵升(600366)上涨6.93%，中国稀土(000831)，金力永 磁(300748)等个股跟涨。稀有金属ETF(159608)半日收涨1.92%，盘中一度涨超2%。 西部证券研报指出，受美国关税政策影响，稀土作为中国重要反制资源，稀土战略地位显著，稀土价格 整体走势偏强，北方稀土业绩有望受益。广发证券认为，在关税政策不确定性背景下，中国稀土开采指 标有望加强管理，稀土永磁的战略价值仍将持续发酵。 流动性方面，稀有金属ETF换手5.22%，半日成交1081.69万元。拉长时间看，截至7月9日，稀有金属 ETF近1周日均成交1506.47万元。 稀有金属ETF(159608)，紧密跟踪中证稀有金属主题指数，中证稀有金属主题指数选取不超过50家业务 涉及稀有金属采矿、冶炼和加工的上市公司证券作为指数样本，以反映稀有金属主题上市公司证券的整 体表现。场外联接(A：019874；C：019875)，一键布局稀有金属产业链。 数据显示，截至202 ...

Core Insights - The article highlights the strong market performance and brand potential of the AITO brand, which is a collaboration between Seres (601127) and Huawei, showcasing a new path for brand value development in the era of new energy vehicles [1][3]. Brand Confidence Index - AITO ranked first in the "Development Confidence Index" in the 2025 semi-annual research, receiving an "Ultra Strong Confidence" rating for the second consecutive time since the second half of 2024 [3]. - The brand has delivered over 700,000 vehicles in 40 months, reflecting high consumer confidence in its future development [3]. Brand Awareness - AITO's brand awareness remains stable at 90%-95%, comparable to traditional luxury brands like BMW, Benz, and Audi [6]. - The brand's "Preference Index" stands at 41, ranking fifth and surpassing traditional luxury brands, indicating a consensus on its new luxury positioning of "traditional luxury + technological luxury" [6]. Brand Tier Index - AITO's brand tier index has risen from "mid-high-end" to "high-end" since the first half of 2023, aligning it with traditional luxury brands [7]. - The launch of the AITO M9 SUV, priced in the 500,000 range, has significantly contributed to this brand tier elevation, with over 200,000 units delivered [7]. Smart Luxury Redefined - AITO defines luxury through its "software-defined vehicle" approach, emphasizing smart technology and user experience [9]. - The brand achieved a Net Promoter Score (NPS) of 82.0 in the second half of 2024, ranking first among 67 mainstream new energy brands, and maintained a score of 74.8 in the first half of 2025, ranking second [9]. Overall Brand Growth - AITO's core indicators have shown consistent growth, reflecting systematic brand building and the rapid growth of the new energy sector [12]. - The brand is expected to consolidate its advantages and move deeper into the luxury brand segment based on its positive development trajectory and market reputation [12].

Core Viewpoint - High dividend stocks continue to perform strongly, with a focus on "high dividend + low valuation" large-cap blue-chip stocks in the value ETF (510030), which saw a price increase of 1.45% as of the report time [1]. Group 1: Market Performance - The value ETF (510030) opened with fluctuations and rose by 1.45%, with a trading price of 1.119 as of 13:11 [2]. - The 180 Value Index has outperformed major A-share indices, with a year-to-date increase of 7.44%, compared to the Shanghai Composite Index's 4.22% and the CSI 300 Index's 1.44% [3][4]. Group 2: Stock Performance - Key stocks in the banking and non-banking financial sectors showed significant gains, with Minsheng Bank soaring over 7%, and China National Offshore Oil Corporation and Industrial and Commercial Bank of China both rising over 3% [1]. - Other notable stocks included China Ping An, China Merchants Bank, and Huaxia Bank, each increasing by over 2% [1]. Group 3: Investment Insights - The current valuation of the 180 Value Index is at a price-to-book ratio of 0.85, indicating a favorable long-term investment opportunity [4]. - Analysts suggest that in the current uncertain global environment, investors may prefer dividend assets due to their stable cash flow and high dividend yields, which are expected to attract more capital in the medium to long term [4][5].

Core Viewpoint - The Hong Kong stock market showed slight declines, but biotechnology stocks performed strongly, with the Hong Kong Stock Connect Technology ETF (513860) gaining over 28% year-to-date [1] Group 1: Market Performance - As of 13:06, the Hong Kong Stock Connect Technology ETF (513860) rose by 0.10%, with notable individual stock performances including Sunny Optical Technology up over 6%, BYD Electronics up over 5%, and Lion Group Holding up over 4% [1] - The Hong Kong Stock Connect Technology ETF (513860) has seen a net inflow of 270 million yuan over the last five trading days, with a total net inflow of 545 million yuan over the past three months and 686 million yuan year-to-date [1] Group 2: Share Buybacks - On July 9, 37 Hong Kong-listed companies, including Tencent Holdings, conducted share buybacks totaling 49.01 million shares and 1.129 billion HKD [1] - Tencent Holdings repurchased shares worth 500 million HKD on the same day, bringing its total buyback amount for the year to 39.543 billion HKD [1] - WuXi Biologics also repurchased shares worth 298 million HKD, with a year-to-date total of 1.708 billion HKD [1] Group 3: Market Outlook - China Galaxy Securities noted that global macro risks are rising, impacting market risk appetite, but the absolute valuation of Hong Kong stocks remains relatively low, indicating medium to long-term investment value [1] - Guoyuan Hong Kong expects potential policy measures to support Hong Kong stock valuations in the second half of the year amid weakening economic momentum due to tariff impacts [1] Group 4: ETF Composition - The Hong Kong Stock Connect Technology ETF (513860) closely tracks the CSI Hong Kong Stock Connect Technology RMB Index, with the top ten weighted stocks as of July 9, 2025, including Xiaomi Group-W, Tencent Holdings, BYD Company, Alibaba-W, Meituan-W, SMIC, Kuaishou-W, Li Auto-W, Innovent Biologics, and Xpeng Motors-W, collectively accounting for 68.47% of the index [1]

Group 1 - The banking sector continues to show strength, with major banks like Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and others reaching historical highs on July 10 [1] - The Bank AH Preferred ETF (517900) has seen a net inflow of 610 million yuan since the beginning of the year, with a share increase of 474%, leading among bank ETFs [3] - The total dividend payout for the 2024 fiscal year from major banks is expected to exceed 620 billion yuan, with significant contributions from the four major banks [4][5] Group 2 - Southbound funds have been actively purchasing bank stocks, with a net buy of 9.256 billion HKD on July 9, indicating strong demand [7][8] - The net buying amounts from southbound funds over the past month, three months, and year are 26.3 billion yuan, 75.5 billion yuan, and 211.5 billion yuan respectively, leading among all sectors [9] - Analysts suggest that the current banking stock market reflects a trend of value reassessment, with expectations of stable fundamentals supporting continued institutional investment [9] Group 3 - The Bank AH Index, which includes both A-shares and H-shares, has shown a cumulative increase of 101.8% since its inception, outperforming other indices [11][13] - The H-shares of 14 banks have higher dividend yields compared to their A-share counterparts, indicating a "higher yield, lower valuation" phenomenon [10][11] - The banking sector is characterized by a "weak cycle" in both fundamentals and investment, with stable dividend yields providing attractive investment opportunities [4][6]

Core Viewpoint - The banking sector is experiencing significant growth, with substantial increases in stock prices and strong inflows of capital, making it a key area for investment opportunities [1][2][3]. Group 1: Stock Performance - Bank stocks have shown remarkable performance, with a year-to-date increase of 18.38%, leading all 31 sectors in the Shenwan classification [2]. - Major banks such as Minsheng Bank, China Merchants Bank, and Industrial and Commercial Bank of China have seen stock price increases of around 2% to 5% recently [1]. Group 2: Capital Inflows - Insurance funds are increasingly favoring high-dividend assets, with bank stocks offering an average dividend yield of 3.86%, making them attractive for insurance capital allocation [3]. - The Stock Connect program has seen significant inflows, with net purchases of bank stocks amounting to 186 billion yuan in the second quarter, reflecting a growing interest from institutional investors [4]. Group 3: Passive Investment Trends - The passive investment trend is gaining momentum, with net inflows into the CSI 300 index-related funds reaching 549.6 billion yuan, of which the banking sector accounts for 15.7% [7]. - The scale of passive funds has surpassed that of active funds, indicating a sustained influx of capital into high-weighted sectors like banking [7]. Group 4: Fund Allocation and Valuation - Public funds currently have a low allocation to the banking sector, with a heavy position of only 2.33%, indicating potential for significant capital inflows as this allocation improves [8]. - The banking sector is showing a comparative advantage over other investment vehicles, with characteristics such as low volatility, low valuation, and stable dividends enhancing its attractiveness [8]. Group 5: ETF Performance - The Bank AH Preferred ETF (517900) has seen a year-to-date increase of 26%, with its fund size increasing nearly sevenfold, indicating strong investor interest [8][11]. - The ETF employs an AH rotation strategy, effectively capturing undervalued bank stocks across markets, with a cumulative return of 102.11% since its inception [11].

Core Viewpoint - The extreme summer heat in China has led to a significant increase in electricity demand, benefiting thermal power companies with potential profit growth due to lower coal prices and rising electricity prices [1] Group 1: Electricity Demand and Supply - Experts predict a 5% increase in annual electricity consumption due to high temperatures [1] - The highest national electricity load reached 1.465 billion kilowatts on July 4, setting a new historical record [1] - Many provincial power grids have repeatedly hit new highs in load, indicating a surge in electricity demand [1] Group 2: Thermal Power Companies - The thermal power sector has seen a cumulative increase of over 20% in the last three months, with companies like Huayin Power experiencing varying degrees of stock price increases [1] - Sufficient coal inventory at power plants, with approximately 210 million tons available for about 35 days, supports stable coal prices [1] - Companies such as Guangdong Electric Power are expected to see performance improvements due to rising electricity prices during peak summer demand [1] Group 3: Coal Prices and Inventory - The average price of Q5000 thermal coal in Shandong decreased by 22.94% compared to the same period in 2024 [1] - Key monitored coal mines had a coal inventory of 35.96 million tons as of June 16, showing a 0.5% increase from the end of May [1] - The stable coal prices are anticipated to provide profit margins for thermal power companies as summer demand peaks [1] Group 4: Future Outlook - The power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand conflicts [1] - Baoneng New Energy, a significant power generation company in Guangdong, is effectively controlling costs through quality improvement and cost management [1] - The company's ongoing second-phase expansion project is expected to enhance its market position [1]