Group 1 - The market experienced a downward trend from June 16 to June 20, driven by geopolitical tensions affecting short-term risk appetite, leading to increased interest in defensive dividend strategies [1] - During this period, dividend-themed ETFs attracted a total of 1.369 billion yuan, with the Dividend Low Volatility ETF (512890) seeing net inflows for four out of five trading days, accumulating 755 million yuan [1] - The Dividend Low Volatility ETF (512890) reached a record high in fund size, achieving 6.42 million units and 963 million yuan in weekly growth, with a total fund size of 18.423 billion yuan as of June 20 [1] Group 2 - The Dividend Low Volatility ETF (512890) has demonstrated strong market adaptability since its inception, with an annualized return of 13.82% as of June 20, making it increasingly attractive to investors [2] - This ETF tracks an index comprising 50 stocks known for consistent dividends, high dividend yields, and low volatility, providing investors with opportunities in high-dividend, low-valuation assets [2] - The ETF's linked funds have also gained popularity, with 829,800 holders as of the end of 2024, making it one of the few dividend-themed index funds with over 800,000 holders [2] Group 3 - In addition to the Dividend Low Volatility ETF (512890), Huatai-PineBridge has developed a range of five dividend-themed ETFs, including the first dividend ETF (510880) and a QDII mode ETF for Hong Kong stocks (513530) [3] - As of June 20, the total management scale of Huatai-PineBridge's dividend-themed ETFs exceeded 41 billion yuan [3]

近日，国家监管总局人身险司向所有人身险保险公司下发了《关于分红险分红水平监管意见的函》，要求各公司稳健经营，坚持长期主 义，把资产负债管理理念贯穿保险产品和服务全流程全周期。不得偏离账户的资产负债和投资收益实际情况。这里的核心要求有两点：一 是要坚持长期主义，二是要有投资支撑。 国内分红险销售已有20多年历史。从2023年开始，各家保司在官网开始披露红利实现率。 直观来看，红利实现率可以直接反映保户获得红利演示的兑现情况，也有助于提高保险公司信息披露的透明度。在今年寿险行业即将披露红利实现率之 际，"13精"将从红利实现率影响因素、客户收益率、长期分红实力等角度帮您科学理解、准确使用红利实现率指标。 1 "13精"给出了红利实现率的计算公式。需要说明的是，分红险产品的实际收益率指的是保单持有人获取的实际收益，下文称为客户收益率（既有预定利 率，也有浮动的红利）。 红利实现率的影响因素 其中，销售演示利率是保险公司基于销售当时市场环境下的长期投资预期。 当然，演示红利要符合监管规定。监管对于分红险演示红利逐步进行了规范，如2020年6月开始要求演示红利仅包含利差，分配比例统一为70%。2024 年10月开始要求 ...

Group 1: Regulatory Developments - The National Financial Regulatory Administration issued the "Market Risk Management Measures for Commercial Banks," emphasizing the integration of market risk management policies into the overall risk management framework, applicable to domestic and foreign subsidiaries with independent legal status [1] - Commercial banks are required to recognize legal differences and funding flow barriers between subsidiaries and adjust their risk management policies accordingly to avoid underestimating market risks [1] Group 2: Investment Activities - Ping An Life increased its stake in China Merchants Bank's H-shares by 6.2955 million shares on June 17, reaching 15% of the bank's H-share capital, triggering a mandatory disclosure under Hong Kong market rules [1] - This marks the third time within six months that Ping An Life has raised its stake in China Merchants Bank, which is the only bank to have been targeted three times by insurance capital among 13 listed companies since 2025 [1] Group 3: Market Trends - Dividend ETFs have seen significant net inflows this year, with a total increase of 17.868 billion shares and net inflow amounting to 20.22 billion yuan, indicating a strong demand for dividend assets due to their high yield and low volatility characteristics [2] - Several Hong Kong dividend ETFs have performed exceptionally well, with some products showing a net value increase of over 10% [2] Group 4: Insurance Sector Insights - CITIC Securities noted that listed insurance companies have fully implemented new financial instrument standards (IFRS9) and new insurance contract standards (IFRS17), which may increase profit volatility but also smooth profits through investments in dividend stocks [3] - The risk factors associated with dividend stocks are lower compared to growth stocks, which helps mitigate the impact of declining solvency on insurance companies [3] Group 5: Investment Products - Various ETFs are highlighted, including the National Enterprise Win-Win ETF, which tracks the FTSE China National Enterprise Open Win-Win Index, focusing on state-owned enterprises and reflecting high-quality development [4] - The Greater Bay Area ETF tracks the performance of companies in the Guangdong-Hong Kong-Macau Greater Bay Area, emphasizing balanced industry distribution and technological innovation [4] - The Free Cash Flow ETF selects companies with high free cash flow rates, excluding financial and real estate sectors, reflecting strong cash flow generation capabilities [4]

Group 1 - The A-share market showed mixed performance with the national free cash flow index slightly declining by approximately 0.15%, while component stocks experienced varied movements, with Jinjiang Shipping leading gains and Dazhenglin facing losses [1] - The low-fee free cash flow ETF (159201) actively traded in line with the index adjustment, currently holding a scale of 3.698 billion yuan, leading among similar products [1] - CITIC Securities indicated that the previously strong-performing Hong Kong new consumption and innovative pharmaceutical sectors have recently undergone significant adjustments, impacting related A-share sectors, with liquidity and risk appetite in Hong Kong facing ongoing challenges [1] Group 2 - The free cash flow ETF (159201) closely tracks the national free cash flow index and has demonstrated strong long-term performance [1] - The free cash flow stock selection strategy offers substantial allocation value, with a portfolio structure that significantly differs from traditional dividend strategies, showing stronger aggressiveness in value markets, making it an excellent complement to defensive strategies [1]

一、全球科技大浪潮：AI 与区块链"量级双升" AI：2024 年全球人工智能市场规模约 2,792 亿美元，预计 2030 年激增至 1.81 万亿美元，年复合增速 35.9%。 反向收购：存量主板壳公司通过发行新股注入 AI / 区块链资产，满足《上市规则》重大收购条款。 分拆上市：母公司先在A股或美股坐稳现金牛，再把高成长的 AI/链业务打包来港。 SPAC 合并：利用港交所2022 年放开的 SPAC 框架做"先并后转主板"，时间成本≈12–18 个月。 窗口期：恒指回暖、监管沙盒加速、港元流动性充沛，是 2025-2026 年科技资产登陆的"黄金两年"。 区块链：全球区块链技术市场正以 87.7% 的惊人 CAGR 奔跑，2030 年市值有望突破 1.43 万亿美元。 算力红利、数据要素入表、Web3 监管框架逐步清晰，让"算法+共识"成为资本市场下一个冲锋角。 二、香港主板：科技"升温"数据读秒 | 指标 | 最新数据 | 关键含义 | | --- | --- | --- | | 主板上市公司总数 | 2,319 家（截至 2025-06-19） | 规模稳居全球前列 | | 2025 年 1-5 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued multiple administrative penalties targeting insider trading, including a significant fine against Chen Jinquan totaling 3,473.94 million yuan for illegal gains of 578.99 million yuan [1] - A total of 13 floating rate funds have been established, raising over 12.6 billion yuan, with 26 new floating rate funds launched this year [1] - Several dividend ETFs have seen net asset value increases exceeding 10% this year, with a total net inflow of 22.02 billion yuan, indicating strong investor interest in high dividend assets [1] Group 2 - In June, there has been a surge in IPO applications, with 34 companies accepted, accounting for 56% of the total this year, driven by regulatory support for tech innovation [2] - The satellite communication sector is gaining prominence, with expectations of significant changes in network access for remote areas, potentially revolutionizing the industry over the next decade [2] - A new type of perovskite image sensor has been developed, significantly enhancing light utilization efficiency and spatial resolution, marking a notable advancement in sensor technology [3] Group 3 - Intel plans to outsource its marketing operations to Accenture, which may lead to significant layoffs as the company shifts towards automation and AI-driven processes [4] - ST Baili's controlling shareholder has been applied for bankruptcy liquidation due to inability to repay debts, although the company claims its operations will remain unaffected [5] - China Tianrui Cement's controlling shareholder has increased its stake to 59.8% by purchasing 147 million shares, indicating strong confidence in the company's future [6] Group 4 - The resignation of the chairman of Qiming Star has been announced, with a new candidate proposed for the board, pending shareholder approval [7] - Yongqing Environmental Protection received a regulatory letter for failing to complete a planned share buyback, highlighting compliance issues within the company [8] - Xinhau Optoelectronics plans to transfer 100% equity of its wholly-owned subsidiary, which is expected to have a positive impact on the company [9] Group 5 - U.S. stock indices showed mixed results, with the S&P 500 down 0.22% and the Dow Jones up 0.08%, reflecting market volatility amid geopolitical tensions and economic indicators [10][11]

中信证券：中报季的应对思路和准备 二是港股近期偏弱的原因是什么？后续是否还有机会？我们认为港元流动性收紧预期、配股以及减持的增加将 阶段性制约港股贝塔，但经历行业性动量的修正后，阿尔法机会在未来两个月将会更为凸显，尤其是在电车、 创新药和新消费领域。 三是国内价格信号相对偏弱，外资现在对中国资产的态度如何？我们认为今年迄今外资对中国资产最大的态度 变化在于关注度、耐心和长期认可度，但是短期受制于一系列因素，实际的资金流入不明显，趋势性回流需要 继续等待。 四是微盘股的下跌是否会引发系统性波动？我们认为概率很小，有了去年初的经验，不少量化产品已提前做了 风控准备，但在高估值、高拥挤度和弱基本面环境下，中报季还会继续下修估值。 五是中报季潜在的外部风险是什么？我们认为特朗普用"232调查"来替代行政令推动行业性关税落地，以及减 税法案落地后资金阶段性回流美元资产可能会对非美市场造成不利影响。 中信建投：港股调整拖累，A股赛道轮动 前期表现强势的港股新消费和创新药板块，近期出现较明显调整，带动A股相关板块也出现较大波动，目前港 股流动性和风险偏好均受到冲击，可能仍将持续一段时间。内部基本面延续内需偏弱+结构性景气的 ...

Core Viewpoint - The article highlights the significance of the China-Thailand Fruit Week in Beijing, showcasing the collaboration between Thai durians and Guangdong lychees, which serves as a platform for Guangdong lychees to penetrate the Southeast Asian market and accelerate their internationalization journey [1][10]. Group 1: Event Overview - The China-Thailand Fruit Week was held in Beijing, featuring prominent fruits from both countries, particularly Thai durians and Guangdong lychees, aimed at enhancing agricultural exchanges [1]. - The event's location in Beijing is strategic, targeting high-end consumer markets and providing a window for Guangdong lychees to access the Beijing-Tianjin-Hebei region and international procurement needs [3]. Group 2: Market Dynamics - Guangdong lychees have gained popularity among northern consumers due to their quality, with sales progress reaching 85% in major production areas like Maoming, and prices for certain varieties like Guiwei lychee increasing by nearly 2 yuan [3][4]. - The marketing team for Guangdong lychees conducted research in Beijing's Xinfadi wholesale market, identifying key trends in pricing, circulation efficiency, and consumer feedback, which informed their market strategy [4]. Group 3: International Expansion - Guangdong lychees are actively expanding their international presence, with 11 tons of "Feizixiao" lychees successfully exported to Thailand, utilizing a multi-channel distribution system that includes supermarkets, wholesale markets, and e-commerce platforms [7]. - In 2023, Guangdong's lychee exports reached 12,800 tons, accounting for nearly 50% of the national total, with a growing number of countries and regions importing these fruits [7][8]. Group 4: Strategic Collaboration - The article emphasizes the potential for collaboration between Thai durians and Guangdong lychees, suggesting that their complementary characteristics can enhance consumer experiences and create opportunities for joint marketing efforts [10]. - Guangdong's lychee industry is leveraging RCEP policy benefits and deepening supply chain integration with Thailand, aiming to enhance brand value and market share in Southeast Asia [10][11].

证 券 研 究 报 告 金融工程周报 首批10只科创债ETF上报， 推荐关注半导体ETF 2025年06月22日 n 分析师：吕思江 n 联系人：刘新源 n SAC编号：S1050522030001 n SAC编号：S1050123100011 n 联系人：武文静 n SAC编号：S1050123070007 市场观点和ETF交易机会 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 p 【国内市场跟踪】本周市场成交1.22万亿，中东冲突升级叠加陆家嘴金融会议无超预期政策下，市场情绪 回落，小微盘展开调整，中证2000及北证50跌幅靠前，小盘交投热度降温，拥挤度下行至正常区间。前 期主线消费及医药跌幅较大，港股创新药本周大跌-8.55%，风格再度回归以银行为核心的红利板块。北京 印发《关于促进北京市游戏电竞行业高质量发展的支持办法（暂行）》，压缩审核周期，加强对出版国产 试点网络游戏的申报辅导，游戏、影视等AI应用端较超预期，tmt接棒表现较好。场内基金本周首批10只 科创债ETF上报。震荡区间下行空间有限，相对看好红利、科创AI、消费。 p 【港股市场】港股情绪面和资金面未出现太大扰动，但市 ...

文 | 银行螺丝钉 （转载请注明出处） 有朋友问螺丝钉，能不能针对 全球股票指数、美债指数等 ， 做个估值表。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 可以先从指数估值的角度，了解海外市场不同品种的估值情况。 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 海外市场指数数量很多，后面大家 有希望增加的品种 ，可以反馈给螺丝钉。 目前螺丝钉后台系统，已经覆盖海外主流的几百只指数品种。 1. 本周全球股票市场整体下跌。 全球股票市场指数，回到了3.3星。 全球市场出现一些波动，主要是因为地区冲突。 不过这种主要是短期里对投资者情绪产生影响，对上市公司经营影响不大。 毕竟很多公司主营业务在内地。 这种波动修复起来速度也快。 2. 有朋友问，A股港股红利表现好。 美股作为红利类指数发源地，美股红利指数表现如何呢？ 美股红利跟A股港股红利分类类似。 也是有基础红利、红利低波动、红利质量等几种红利类品种。 另外美股还有一些内地暂时还没有的红利类策略。 例如： ·红利贵族指数（考虑连续25年以上分红增长的 ...