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 ...

2025年上半年即将收官。展望下半年市场，基金经理对整体投资机会有何预期？哪些领域更值得布局？ 影响股市行情的核心因素有哪些？ 中国基金报采访了七位绩优公募基金经理，分别为招商基金投资管理一部总监李崟，兴业基金权益投资 部总经理邹慧，永赢基金权益研究部总经理、永赢惠添益基金经理王乾，诺安基金研究部总经理邓心 怡，长城基金国际业务部副总经理、长城港股通价值精选基金经理曲少杰，平安医药精选股票基金经理 周思聪和信澳领先增长基金经理齐兴方。 整体看，他们对后市较为乐观，认为A股市场整体估值水平仍处在历史偏低位置，货币政策和财政政策 处于"双宽松"阶段，为A股市场向好提供重要支撑；预计下半年市场有望震荡向上，看好大健康、新消 费、科技创新等领域。 中国资产仍具备较强吸引力 【导读】绩优基金经理展望下半年：市场有望震荡向上，掘金大健康、新消费、科技创新 中国基金报：对2025年下半年的A股市场怎么看？市场拐点有望在何时出现？ 中国基金报记者方丽曹雯璟张燕北陆慧婧 李崟：目前市场的估值水平仍处在历史偏低位置，同时宏观处于货币政策与财政政策"双宽松"阶段，为 A股市场向好提供重要支撑。 曲少杰：下半年科技板块的日历效应或更 ...

中国基金报记者 曹雯璟 【导读】 部分次新基金快速建仓，搭上市场"快车"业绩亮眼 今年以来，不少次新权益基金逆势布局，把握住市场反弹机会，取得亮眼业绩，成立以来单 位净值涨幅超20%。 多位业内人士表示，下半年主要布局AI、高端制造、周期成长、红利资产等方向。 部分次新基金快速建仓 收获颇丰 4月以来，A股市场走出一波震荡反弹行情。Wind数据显示，4月8日至6月19日，上证指数上 涨8.5%，创业板指涨幅超11%。港股市场表现更为突出，同期恒生指数累计上涨超18%，恒 生科技指数涨超16%。 汇丰晋信基金股票研究总监、基金经理闵良超表示，在政策支持下，中国经济基本面积极修 复；一系列不确定性风险，如关税争端等逐渐落地和被市场消化。长期来看，A股市场估值仍 处于历史相对低位，在全球主要市场中属于相对的估值洼地，具备较高的投资价值。 闵良超相对看好三类机遇：一是纠偏。高风险溢价的持续时间会比较长，供给受约束的顺周 期行业有望迎来盈利和估值的修复。二是破局。今年中游环节的供需格局逐渐改善，相关企 业盈利有望迎来量价齐升。三是重构。增速换挡之后，高分红、高回购公司估值体系有望迎 来重构，进而被更充分地定价。 市场反 ...

策略报告 | 投资策略 A 股策略周思考 证券研究报告 以稳应变，防守反击 市场思考：近期宏观及高频数据表现如何？ 经济基本面高频指标跟踪：一财高频经济活动指数 5 月探底回升后 6 月转 入震荡，指数始终维持在"1"以上，EPMI 超季节性走弱，6 月 EPMI 明显 低于 2020 年-2024 年同期水平。地产方面，2024 年末翘尾行情过后，近期 楼市成交偏平淡。汽车方面，受益于"两新"政策，汽车市场稳步回暖，汽 车轮胎开工表现强于季节性。生产方面，螺纹钢库存延续去化路径，其余中 游高频指标多数平稳回升，唐山高炉开工率 5 月升至近年高点，涤纶长丝开 工率、PTA 开工率表现强于季节性。贸易方面，集运指数（欧线）期货 5/19 回升至 2000 点，随后围绕 2000 点震荡，其标的现货指数 SCFIS 欧洲 航线 6 月起反弹回升，SCFI 综合指数 5 月快速走高、6 月震荡上行。 国内：5 月 3 大经济数据表现分化，财政收支小幅回落 1）5 月 3 大经济数据表现分化，其中工业、社消高于万得预期，投资回落 且低于预期，工业增加值同比 5.8%，预期 5.66%，前值 6.1%，社消同比 6.4 ...

Core Viewpoints - The automotive sector remains optimistic, focusing on three main lines: dividends, intelligentization, and robotics [5][11] - The market's performance in the automotive sector has been generally average, with various sub-sectors experiencing different levels of decline, while the bus segment performed relatively well [5][11] Weekly Review Summary - In the second week of June, the compulsory insurance for vehicles reached 451,000 units, with a week-on-week increase of 27% and a month-on-month increase of 18.2% [9][45] - The performance of sub-sectors ranked as follows: SW commercial passenger vehicles (+4.3%), SW passenger vehicles (-2.1%), SW automobiles (-2.6%), SW auto parts (-2.6%), SW commercial cargo vehicles (-3.0%), and SW motorcycles and others (-4.2%) [9][11] Industry Core Changes - New models such as the Ideal i6, Equation Leopard Titanium 7, and Lynk & Co 10 EMP (Z10 plug-in hybrid version) have been registered with the Ministry of Industry and Information Technology [4][10] - Top Group has postponed the production of interior functional components and thermal management projects in Ningbo, reallocating some funds to a project in Thailand [4][10] - Feilong Co. has received small orders for high-power electronic water pumps for data centers from a well-known Taiwanese provider [4][10] Current Configuration of the Automotive Sector - Emphasis on technological innovation as essential for healthy development in the automotive sector, with a focus on three main lines for 2025: AI robotics, AI intelligentization, and dividends & good patterns [6][11] - Recommended stocks for the dividend & good pattern line include Yutong Bus, China National Heavy Duty Truck, and several auto parts manufacturers [6][11] - For the AI intelligentization line, preferred stocks include Xpeng Motors, Li Auto, and BYD, with a focus on specific auto parts companies [6][11] Market Performance and Trends - The automotive sector's performance in A-shares ranked 23rd this week, while in Hong Kong, it ranked 16th [14][15] - The overall decline in the automotive sector is noted, with SW commercial passenger vehicles showing the best performance among sub-sectors [16][28] Sales and Forecasts - The total weekly insurance data for passenger vehicles reached 451,000 units, with new energy vehicles accounting for 249,000 units, reflecting a penetration rate of 55.2% [45] - Forecasts for 2025 suggest a retail sales expectation of 23.69 million units, with a year-on-year growth of 4.1% [46][47] - The heavy truck segment is expected to see an increase in sales, with predictions of 700,000 units for domestic sales in 2025, representing a year-on-year growth of 16.3% [50][51] Robotics Sector Insights - The robotics sector is anticipated to experience significant growth, with a focus on humanoid robots and related components [59] - Key companies in the robotics sector include Top Group and Junsheng Electronics, with ongoing developments in humanoid robot production [59][60]