Core Viewpoint - The Chinese food delivery platforms are facing a long-term low-profit era due to excessive subsidies leading to negative effects on the industry, prompting regulatory intervention to ensure sustainable development [1][4]. Group 1: Regulatory Intervention - The State Administration for Market Regulation has urged major platforms like Ele.me, Meituan, and JD to correct aggressive promotional behaviors to protect the interests of consumers, merchants, and delivery personnel [1][2]. - The focus of regulatory discussions has shifted from "healthy growth of platform economy" to "sustainable development of the catering service industry" [1]. Group 2: Negative Effects of Subsidies - Excessive subsidies have weakened foot traffic to offline restaurants, compressed overall industry profits, and particularly burdened small and medium-sized restaurants [3][4]. - Increased orders have led to over-packaging and significant waste, while reinforcing a consumer mindset that equates low prices with value, potentially leading to price wars and deflation in the industry [4]. Group 3: Short-term Market Impact - The regulatory discussions are expected to improve short-term market sentiment, with stocks of Meituan, JD, and Alibaba rising by 3% to 5% in after-hours trading following the news [5]. - Major platforms have invested approximately 20 billion to 30 billion RMB in the food delivery sector, making it unlikely for them to withdraw easily [5][6]. Group 4: Shift in Investment Strategy - Platforms are likely to adopt more ROI-focused strategies, shifting from direct subsidies to more structured promotions like "discount coupons" [5][6]. - The types of subsidized products may expand from beverages to lighter meals and snacks, reducing the impact on the main meal sector [5]. Group 5: Long-term Structural Changes - The industry is expected to see accelerated concentration, with subsidies favoring chain brands that can handle increased order volumes, marginalizing small restaurants [8]. - Consumer price sensitivity is anticipated to rise, leading to increased competition and pressure on average order values and profit margins [9]. - Platforms may accept lower profit margins as a marketing investment to drive user engagement and retention [10]. - Rising fulfillment costs due to heightened consumer expectations for rapid delivery may lead to an over-service scenario in the industry [11]. Group 6: Stock Performance Outlook - Short-term stock performance is expected to favor Meituan, followed by JD, with Alibaba showing less immediate benefit [12]. - In the medium term, Alibaba is viewed as having greater potential due to its diversified business lines and ability to attract investment through narratives like AI [12].

Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for profitable short-term investing, highlighting the use of a specific screening strategy to identify stocks with strong fundamentals and positive price momentum [1][2]. Group 1: Stock Screening Strategy - The "Recent Price Strength" screen is designed to identify stocks with sufficient fundamental strength to maintain their recent uptrend, focusing on those trading in the upper portion of their 52-week high-low range, indicating bullishness [3]. - CyberAgent (CYGIY) is highlighted as a candidate that passed the screening, showing a solid price increase of 40.5% over 12 weeks, reflecting investor confidence in its potential upside [4]. - A recent price increase of 8.1% over the past four weeks further confirms that the upward trend for CYGIY is still intact, with the stock currently trading at 100% of its 52-week high-low range, suggesting a potential breakout [5]. Group 2: Fundamental Strength - CYGIY holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988, indicating the effectiveness of this ranking in identifying profitable stocks [7]. - The Average Broker Recommendation for CYGIY is 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Additional Opportunities - Besides CYGIY, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, suggesting further investment opportunities for trend-focused investors [8]. - The article encourages exploring over 45 Zacks Premium Screens tailored to different investing styles, which can assist in identifying potential winning stock picks [8].

经验丰富的投资者用股指期货编织策略网络。将其与股票组合搭配，形成互补的风险收益结构，在市场 震荡时平滑波动，在趋势来临时放大收益，让投资组合更具韧性。 股指期货像一把打开多元投资空间的钥匙，以指数为锚点，为投资者提供了超越个股的操作维度，让市 场参与不再局限于单一标的，为策略创新注入新的活力。 对探索进阶投资的人，股指期货是很好的认知跳板。它打破了"只能做多"的传统思维，让人理解多空双 向操作的逻辑，在市场下跌时也能找到合理的参与方式，拓宽操作思路。 股指期货让投资学习更具层次感。从基础的合约规则到复杂的跨期套利，从技术面分析到基本面关联， 循序渐进的认知过程，帮助构建更立体的知识体系。 它为市场观察提供独特视角。通过股指期货的持仓变化、基差波动，能感知市场情绪的微妙转变，这种 洞察力比单纯看指数涨跌更深入，让投资决策更精准。 与同好探讨股指期货的策略设计，能激发创新思维。有人擅长利用波动率变化布局，有人专注于期现联 动机会，这些思路碰撞能打破思维定式，让工具运用更灵活。 股指期货的发展见证了市场的成熟。从品种扩容到规则优化，它的演进与市场深度提升同步，激励投资 者跟上创新步伐，在适应中提升对金融工具的驾驭能 ...

热浪、干旱、暴雨、洪灾肆虐北半球，正值冬季的南半球却遭遇世纪严寒，极端天气已成为地球一种新的常态。联合国秘书长古特雷斯明确警告："气 候行动不再是选择题，而是生存题。"当人类文明走到"气候悬崖"边缘时，国际社会如何应对显得尤为重要。然而，在这场全球气候行动中，特朗普政府为 何"倒行逆施"？ 0:00 / 3:21 当地时间7月16日，特朗普宣布，联邦政府将不再为加州高铁项目提供任何资金支持，并称其是"灾难性、严重超支的'通往虚无的高铁'"。 而事实上，作为美国规划的首条高铁，加州高铁一直被视为美国最具雄心的绿色交通工程，建成后将助力加州摆脱以汽车和短途航空为主的碳密集型出 行模式，每年减少约150万吨二氧化碳排放。 特朗普的这套逻辑很简单，那就是看不到气候变化就等于没有气候变化。 2025年7月，美国全球变化研究计划网站被关闭，关于全球变暖如何影响美国的信息也随之消失。 宾夕法尼亚大学地球与环境科学系教授 迈克尔·曼：你再也无法在网上访问它们了。本届政府的态度似乎是，如果我们假装气候变化不存在、如果我们 停止观测气候变化、如果我们阻止科学家讨论和发表相关成果，气候变化就会凭空消失。这是一种极其讽刺且危险的对待 ...

（原标题：大爆发！突破1.5万亿） 债券指数基金发展迅速，截至今年二季度末规模已突破1.5万亿元。其中，在首批科创债ETF的助推 下，债券ETF最新规模突破5000亿元重要关口。 目前，富国、博时、南方、广发、海富通等基金公司旗下债券指数产品规模已超千亿元，易方达基金旗 下相关产品规模距离千亿元大关也仅一步之遥。 对于债券后市，基金经理普遍谨慎乐观。中期来看，在基本面、政策面和资金面共同作用下，债券市场 整体仍将震荡偏强。 债券指数基金规模突破1.5万亿元 债券ETF最新突破5000亿元关口 债券指数基金规模突破1.5万亿元大关！ 据Wind统计，截至7月21日，332只已披露二季报的债券指数基金（涵盖债券ETF、普通债券指数基金、 债券指数增强基金），二季度末合计净值规模达1.52万亿元。 从增长情况来看，该类基金二季度规模较上季度增加2920亿元，环比增幅接近24%；与去年二季度末 9022.28亿元的总规模相比，同比增幅接近七成。 从细分类型看，债券ETF是债券指数基金二季度规模增长的主力军。截至二季度末，债券ETF总规模为 3843.77亿元，较一季度末增加1662.47亿元，在债券指数基金规模整体增 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials industry [4] Core Insights - The commencement of the Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate substantial construction and material orders [1][2] - The project is estimated to have a capacity of 60 million kW, with an average construction cost of 20,344 yuan/kW for hydropower projects in 2023 [1][2] - The project is anticipated to have a construction period of 15-20 years, leading to an annual investment of 60-80 billion yuan [2] - The project will significantly boost infrastructure investment growth in China, with a 4.6% year-on-year increase in infrastructure investment in the first half of 2025 [3] Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project is located in Linzhi City, Tibet, and involves the construction of five tiered power stations to enhance power generation efficiency [1] - The total investment is about six times that of the Three Gorges Project, which had a total investment of 207.2 billion yuan [2] Investment Structure - The investment structure for hydropower projects includes approximately 32%-45% for permanent construction, 18%-25% for electromechanical equipment, and 10%-35% for other costs [2] Market Impact - The project is part of China's "14th Five-Year Plan" and is expected to effectively stimulate infrastructure investment growth [3] - Recommended companies to watch include China Power Construction, China Energy Engineering, and several others involved in construction and materials [3]

证券代码：002666 证券简称：德联集团 公告编号：2025-026 广东德联集团股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广东德联集团股份有限公司（以下简称"公司"）第六届监事会第九次会议 于 2025 年 7 月 18 日上午 09：00 在公司五楼会议室以现场方式召开，本次会议 通知及相关资料已于 2025 年 7 月 15 日以专人送达至全体监事。本次监事会应出 席监事 3 名，实际出席会议监事 3 名。会议由监事会主席孟晨鹦主持。 本次会议的通知、召集、召开和表决程序符合《公司法》和《公司章程》的 规定。 经与会监事充分讨论和审议，表决通过如下议案： 一、审议《关于 <公司 ensp="ensp" 年度员工持股计划="年度员工持股计划" 草案="草案"> 及其摘要 的议案》； 经审核，监事会认为： 简称"《指导意见》"）等有关法律、法规及规范性文件规定的禁止实施员工持 股计划的情形。 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关 法律、法规和规范性文件以及《公司章程》的规定，不存在损害公司利益及全体 ...

导读：6月底我在公众号专门推荐了升级版的《证券分析》，得到了许多朋友的反馈。许多人都 说，这本书有100多万字，不知道从而下手。甚至我发现，许多人买过《证券分析》，但从来没 有认认真真读过。 那么，《证券分析》到底要不要读呢？我当时也把这个问题，抛给了国联安基金的杨岳斌老师。 杨岳斌的回答是，这本书巴菲特都看了四遍，如果我们的投资能力不如巴菲特，是不是应该看的 次数比他更多？ 如果说价值投资领域，有一本圣经的话，那毫无疑问就是《证券分析》。这本书是价值投资的"旧 约"，里面阐述了大量价值投资的"真理"和"公理"。市场上其实也有许多关于价值投资的书，但我 们到底应该去学真理，还是研究一些似是而非的结论（比如说怎么研究K线）？答案，是很显而 易见的。 按姓名首字母排序 上下滑动阅读更多内 容 安 昀 | 鲍无可 | 包承超 | 包斅文 | 贲兴振 | 薄官辉 毕天宇 | 曹 晋 | 曹 霞 | 曹文俊 | 常亚桥 | 常 蓁 常 远 | 崔建波 | 陈璇淼 | 陈一峰 | 陈 栋 | 陈 平 为了更好帮助大家降低《证券分析》的阅读难度，这一次我做了一个很特别的播客： 和"大力如 山"的主理人王大力，国联安基金的杨 ...

Core Viewpoint - The A-share market is experiencing a structural bull market, with significant gains in infrastructure and cement sectors, driven by favorable policies and large-scale investments [6][7][8]. Group 1: Market Performance - A-share indices collectively rose, with the Shanghai Composite and ChiNext Index reaching new highs for the year, and over 4,000 stocks increased in value [1][3]. - The total trading volume in the two markets reached 1.7 trillion yuan, with infrastructure and cement sectors leading the gains [5]. Group 2: Institutional Investment - The "national team" increased its holdings by over 200 billion yuan in the second quarter, focusing on various ETFs, which helped stabilize the market [2][13]. - Central Huijin Asset Management significantly purchased multiple ETFs, including the CSI 300 ETF and the SSE 50 ETF, with total purchases estimated at 210 billion yuan [14]. Group 3: Sector Highlights - The launch of the Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has led to a surge in related stocks [8][9]. - Analysts predict that the ongoing construction of the Yarlung Zangbo River project will benefit suppliers of hydropower equipment and core components for power grid projects [10]. Group 4: Fund Manager Strategies - Star fund manager Zhang Kun adjusted his portfolio in the second quarter, reducing holdings in Tencent and increasing positions in liquor stocks, indicating a shift towards valuation recovery [15][17]. - Overall, active management funds increased their positions, particularly in telecommunications, banking, and defense sectors, while reducing exposure to food and beverage, automotive, and power equipment sectors [18].

以下文章来源于养基司令 ，作者养基司令 养基司令 . 「轻」财经资讯，「重」选基技巧，坚持用数据说话！ 不得不说，今年六月下旬以来， A 股走势相当稳健，上证指数连续突破两道整数关！ Choice 统计显示， 6 月 23 日 -7 月 18 日区间， 31 个申万一级行业全部录得正收益，这 意味着只要坚定持有，无论哪个行业板块都赚到了钱！ 当然，赚多赚少还是有区别的， TMT 行业中的通信、计算机涨幅领先，成长板块中的国防军 工、生物医药表现也不俗，高股息行业中的钢铁一马当先。 从主流指数区间表现看，科创 50 略微落后于上证指数，但是科创综指明显更强。同样情况还 反映在市值因子上，中证 2000 涨幅明显领先于沪深 300 。不过，创业板指却明显领先于创 业板综。种种迹象表明，结构牛行情中很可能跑不赢市场。 如果说"跑不赢"，只是内心酸溜溜的表现，那么"完全踏空"就是心中万马奔腾的真实写照！ 司令最近就收到留言，问： 本轮行情踏空了，现在入手会不会追高，该怎么办？ 感觉这个问题，不是两三句话能够说清楚，而且碰到这种情况的人可能还不少。于是就想 着，索性写一篇来展开讲讲！ 看到市场持续走高，既怕追高又怕踏空 ...