Core Viewpoint - On June 23, the stock ETF market experienced a significant inflow of over 5 billion yuan, with major indices like the CSI A500, CSI 300, and SSE 50 leading the inflow, while popular thematic ETFs such as consumption, coal, semiconductor, military industry, and information technology saw outflows [1][3]. Summary by Category Market Performance - The market showed a rebound with the Shanghai Composite Index leading the gains, particularly in sectors like cross-border payments, port shipping, military information technology, and oil and gas [3]. - The overall net inflow for stock ETFs (including cross-border ETFs) reached 51.8 billion yuan, bringing the total market size to 3.51 trillion yuan [3]. ETF Inflows and Outflows - Broad-based ETFs saw a net inflow of 29.5 billion yuan, while strategy-style ETFs experienced a net outflow of 2.71 billion yuan [3]. - The top five inflow sectors on June 23 included: - CSI A500 Index: net inflow of 20.5 billion yuan - CSI 300 Index: net inflow of 16.0 billion yuan - SSE 50 Index: net inflow of 11.1 billion yuan - Banking sector: net inflow of 5.6 billion yuan - Pharmaceutical sector: net inflow of 5.0 billion yuan [3][4]. Leading Fund Companies - E Fund's ETF had a latest scale of 626.07 billion yuan, increasing by 2.78 billion yuan, with the CSI 300 ETF seeing a net inflow of 340 million yuan and the pharmaceutical ETF 130 million yuan [3]. - Huaxia Fund's ETFs, including the SSE 50 ETF and credit bond ETF, recorded net inflows of 1.047 billion yuan and 661 million yuan, respectively [4]. Top Performing ETFs - The top five ETFs by net inflow on June 23 were: 1. CSI A500 ETF: 1.478 billion yuan 2. CSI 300 ETF: 1.150 billion yuan 3. SSE 50 ETF: 1.047 billion yuan 4. Banking ETF: 411 million yuan 5. Hong Kong Innovative Drug ETF: 385 million yuan [5]. ETFs with Significant Outflows - The ETFs with the highest net outflows included: 1. CSI 1000 ETF: -570 million yuan 2. Sci-Tech 50 ETF: -355 million yuan 3. ChiNext ETF: -275 million yuan [6]. Market Outlook - The market is expected to return to a fundamental-driven trend, influenced by growth expectations and policy dynamics, with a focus on "dividend + technology" strategies [6][7]. - The low interest rate environment and weak economic recovery are seen as favorable for dividend strategies, particularly in the Hong Kong stock market [7].

【导读】单日股票 ETF 资金净流入超 50 亿元 中国基金报记者 曹雯璟 6 月 23 日，三大指数低开高走，数字货币、跨境支付等概念轮番演绎。股票 ETF （含跨境 ETF ）整体资金净流入超 50 亿元，其中，中证 A500 指数、沪深 300 指数、上证 50 指数 等相关宽基 ETF 产品成为 " 吸金 " 主力， 消费、煤炭、半导体、军工、信创等热门主题 ETF 产品资金净流出居前。 单日股票 ETF 资金净流入超 50 亿元 6 月 23 日，市场震荡反弹，沪指领涨，跨境支付、港口航运、军工信息化、油气等板块涨幅 居前。 股票 ETF （含跨境 ETF ）整体资金净流入 51.8 亿元，最新规模达 3.51 万亿元。 从大类型来看，宽基 ETF 净流入居前，达 29.5 亿元；策略风格 ETF 净流出居前，达 2.71 亿元。规模变化方面，宽基 ETF 规模上升 123.88 亿元。 具体到指数和板块维度， 6 月 23 日，流入前 5 板块为中证 A500 指数（净流入 20.5 亿 元）、沪深 300 指数（净流入 16.0 亿元）、上证 50 指数（净流入 11.1 亿元）、银行板 块（净 ...

人民日报海外版记者 徐佩玉 记者从中国人民银行获悉，跨境支付通于6月22日正式上线。在跨境支付通的支持下，内地和香港 居民可随时随地跨境转账，资金实时到账。 跨境支付通，是指将中国内地快速支付系统与其他货币当局的快速支付系统连接，制定配套政策安 排，为中国内地居民与境外居民间提供高效、便捷、安全的跨境支付服务。快速支付系统是为用户快速 支付进行清结算的零售类金融基础设施，与传统支付系统相比，其具有运行时间长以及收款人资金实时 到账的特点。 相比传统跨境汇款，与香港间的跨境支付通有哪些优势？记者了解到，与香港间的跨境支付通有效 缩短了跨境汇款链路，提高了跨境汇款效率，从技术上支持参与机构为用户提供体验更好的跨境汇款服 务。一是支持用户通过参与机构的手机银行、网上银行等渠道，依托手机号码、银行账户等，线上发起 内地与香港间人民币和港币的跨境汇款；二是支持经常项目项下一定金额内的便利化汇款实时到账；三 是相关支付基础设施直接对接，减少中间环节，降低跨境汇款成本。 中国人民银行有关负责人表示，近年来，内地和香港的经贸合作、人员往来更加紧密，内地与香港 金融管理部门顺应趋势，推出了沪港通、债券通、跨境理财通、互换通等金 ...

请阅读正文后的声明 报告类型 股指日评 日期 2025 年 6 月 24 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 6 月 24 日，万得全 A 放量上涨，开盘后一路震荡上行，超 8 成个股飘红，指 数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 0.29%、0.41%、 0.51%、1.31%，中小盘股表现更优。指数期货表现强于现货，IF、IH、IC、IM 主 力合约分别收涨 0.68%、0.74%、0.70%、1.01%（按前一交易日收盘价为基准计算）。 | 表1:股指期货、现货行情数据 ...

Group 1: Oil Market Insights - Goldman Sachs indicates that if Iran disrupts the Strait of Hormuz, Brent crude oil prices could spike to $110 per barrel, with a potential increase to $90 per barrel if Iranian oil supply decreases by 1.75 million barrels per day [1] - The report from Mitsubishi UFJ highlights that the Philippine peso, South Korean won, and Thai baht are more susceptible to rising oil prices, with a $10 per barrel increase potentially reducing Asia's current account positions by 0.2% to 0.9% of GDP [3] - Panmure Liberum warns that if the Strait of Hormuz is closed, stock markets could face a decline of 10% to 20%, with significant inflationary impacts similar to those seen in 2022 [4] Group 2: Currency and Economic Outlook - HSBC analysts express concerns over the uncertainty of U.S. policies, suggesting that the dollar may face further depreciation, with the euro expected to rise to 1.20 against the dollar by Q4 [2] - The report from Saxo Bank notes that countries heavily reliant on oil imports, such as India and Thailand, will face multiple challenges including rising energy costs and currency depreciation [2] Group 3: Investment Trends - Bank of America reports a growing interest in Japanese stocks as investors seek diversification due to high valuations in U.S. equities, despite ongoing trade uncertainties between the U.S. and Japan [2] - Citic Securities highlights the transformation of traditional cross-border payment systems, suggesting potential growth for participating banks amid a reshaping of the payment landscape [5]

昨日A股 6月23日，市场全天震荡反弹，沪指领涨。截至收盘，沪指涨0.65%，深成指涨0.43%，创业板指涨 0.39%。沪深两市全天成交额1.12万亿，较上个交易日放量549亿。 盘面上，市场热点快速轮动，个股涨多跌少，全市场超4400只个股上涨。从板块来看，稳定币概念股再 度大涨，优博讯等涨停。港口航运股维持强势，宁波海运等涨停。固态电池概念股震荡走高，金龙羽等 涨停。板块方面，跨境支付、港口航运、军事工业信息化、油气等板块涨幅居前，白酒等少数板块下 跌。 | 名称 | 最新点位 | 、 涨跌幅 | | --- | --- | --- | | 上证指数 | 3381.58 | +21.68(0.65%) | | 深证指数 | 10048.39 | +43.36(0.43%) | | 创业板指 | 2017.63 | +7.74(0.39%) | | | 日期:6月23日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指6月23日上涨。截至当天收盘，道琼斯工业平均指数比前一交易日上涨374.96点，收 于42581.78点，涨幅为0.89%；标准普尔500种股票指数上涨57.33点，收于6025.17点 ...

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index closing at 3381.58, up by 0.65% [2] - The Shenzhen Component Index and the ChiNext Index also experienced gains of 0.43% and 0.39% respectively, while the North Star 50 Index rose by 1.54% [2][7] - The overall market sentiment was characterized by a rebound, particularly in the coal and port shipping sectors [9][10] Valuation Metrics - As of the latest data, the price-to-earnings (PE) ratio for the Shanghai Composite Index is 12.11, while the price-to-book (PB) ratio stands at 1.25 [3] - The ChiNext Index has a significantly higher PE ratio of 26.44 and a PB ratio of 3.69, indicating a premium valuation compared to the broader market [3][8] - The overall market valuation metrics suggest a mixed sentiment, with some sectors appearing overvalued while others remain attractive [8] Company Dynamics - Baiotai (688177.SH) has signed a licensing and commercialization agreement with SteinCares for its BAT2406 injection in Brazil and Latin America, with a total transaction value of up to $10 million [30] - Warner Pharmaceutical (688799.SH) received approval for its raw material drug listing application, indicating positive developments in its product pipeline [32] Industry Trends - The electric power industry reported a significant increase in installed capacity, with solar power capacity growing by 56.9% year-on-year [29] - The humanoid robot industry is gaining traction, highlighted by the first professional exhibition in Hangzhou, showcasing advancements and trends in robotics [26] - Tesla has initiated paid trial operations for its autonomous taxi service in Texas, marking a significant step in the development of autonomous driving technology [24]

跨境支付通的参与机构有哪些？ 近年来，内地和香港的经贸合作、人员往来更加紧密，内地与香港金融管理部门顺应内地和香港加快融合发展的趋势，推出了 沪港通、债券通、跨境理财通、互换通等金融合作举措。在此基础上，跨境支付通6月22日正式上线，为内地与香港居民和机构 提供高效、便捷、安全的跨境支付服务。什么是跨境支付通？优势在哪里？汇款上限是多少？一起来看本期快问快答↓ Q 什么是跨境支付通？ A: 跨境支付通是指通过内地网上支付跨行清算系统与香港快速支付系统"转数快"连接，在遵从两地相关法律法规的前提下，为 两地居民提供实时跨境支付服务。 Q A: 首批参与跨境支付通的内地机构包括工行、农行、中行、建行、交行、招行；香港机构包括中银香港、东亚银行、建银亚 洲、恒生银行、汇丰银行、工银亚洲，后续将逐步扩大参与范围。 Q 相比传统跨境汇款，与香港间的跨境支付通有哪些优势？ A: 与传统跨境汇款相比，与香港间的跨境支付通有效缩短了跨境汇款链路，提高了跨境汇款效率，从技术上支持参与机构为用 户提供体验更好的跨境汇款服务。 ①支持用户通过参与机构的手机银行、网上银行等渠道，依托手机号码、银行账户等，线上发起内地与香港间人民币和 ...

Market Overview - On June 23, A-shares opened lower but closed higher, with the Shanghai Composite Index rising by 0.65% to 3381.58 points, the Shenzhen Component Index up 0.43% to 10048.39 points, and the ChiNext Index increasing by 0.39% to 2017.63 points. The total market turnover reached 1.1469 trillion yuan, an increase of 55.2 billion yuan from the previous trading day, with over 4400 stocks rising [2]. Cross-Border Payment and Digital Currency - The digital currency and cross-border payment sectors saw significant gains, with stocks like UboXin and Jida Zhengyuan hitting their daily limit. The launch of the Cross-Border Payment platform on June 22 marked a milestone in the connectivity between mainland China and Hong Kong, allowing real-time cross-border remittances in RMB and HKD [3]. - According to Open Source Securities, the global cross-border payment market is expected to grow steadily, with transaction volumes projected to reach 194.6 trillion USD in 2024 and potentially grow at a CAGR of 6.4% to 320 trillion USD by 2032 [3]. Oil and Gas Sector - The oil and gas sector experienced strong performance due to geopolitical tensions, particularly regarding the potential closure of the Strait of Hormuz, a critical oil shipping route. Stocks like Shandong Molong and Ningbo Shipping saw significant gains [5]. - WTI crude oil prices jumped over 5% to above 78 USD per barrel, driven by concerns over Iranian oil supply disruptions and low overseas oil inventories [5]. A-share Market Resilience - Despite recent geopolitical tensions, most brokerages believe the impact on A-shares is limited, with expectations of a market rebound following short-term corrections. The core issues affecting the market are seen as domestic rather than external [6]. - Galaxy Securities suggests that investors should manage their positions cautiously and focus on sectors with potential performance improvements based on historical data [6].

随着中国香港《稳定币条例》以及美国《GENIUS法案》推进等多项利好政策刺激，稳定币相关概念热度持续飙升。6月23日，万得稳定币概念指数报收 1728.62点，大涨8.4%。同日，海联金汇、四方精创涨停，还有多只概念股也收涨。其中，四方精创的年内涨幅已逼近200%。上述背景下，多家券商也密集 发布研报分析稳定币，仅5月中旬至今，已有百余篇研报聚焦稳定币的风险和投资机遇。有观点指出，在币值稳定的前提下，稳定币依托区块链有望使跨境 支付更快速、更廉价、更便捷。但也有业内人士提醒，需要注意可能存在的技术迭代不及预期、经济下行超预期、行业竞争加剧等风险。 同时，国盛证券研报《全球稳定币竞争加速》也提醒道，需要注意技术迭代不及预期、经济下行超预期、行业竞争加剧三方面风险。若技术迭代不及预期， 则对产业链相关公司造成一定不利影响。若宏观经济景气度下行，固定资产投资额放缓，影响企业再投资意愿，从而影响消费者消费意愿和产业链生产意 愿，对整个行业将会造成不利影响。若相关企业加快技术迭代和应用布局，整体行业竞争程度加剧，将会对目前行业内企业的增长产生威胁。 此外，华西证券研究所所长助理、计算机行业首席分析师刘泽晶则提到，对全球 ...