Core Insights - In the context of structural differentiation in the capital market by 2025, selecting fund companies with both global vision and local insights is crucial for investors to succeed [1] Group 1: Morgan Fund - Morgan Fund, as a core layout of JPMorgan Chase in China, had a management scale of 220 billion yuan in Q1 2025, serving over 70 million clients, and is positioned in the top tier of foreign public funds [3] - The fund's global research network covers 90% of investable markets, combined with a local team of 150 for in-depth research, forming a "top-down + bottom-up" investment framework [3] - Morgan Fund offers a full-cycle product matrix, including equity funds and QDII funds, catering to different risk preferences [4] - The long-term performance of Morgan Fund is notable, with the Morgan Emerging Power Mixed A achieving a 389.73% return over nearly 13 years, ranking in the top 3 of its category [4] - Recommended products include Morgan Technology Frontier Mixed A, focusing on hard tech sectors, with a one-year return of 9.73%, and Morgan Asia Growth Fund (QDII), which invests in high-dividend assets in Asia [5] Group 2: Equity Investment Pioneers - Huaxia Fund, one of the first established fund companies in China, has a leading active equity management capability, with a non-money market fund scale exceeding 1.8 trillion yuan in Q1 2025 [6] - Fortune Fund, one of the "old ten" fund companies, has seen its equity, fixed income, and quantitative products perform well, with 14 equity products ranking in the top 10 of their category over the past year [6] Group 3: Fixed Income and Index Investment - Bosera Fund has a fixed income management scale exceeding 1 trillion yuan, with comprehensive credit bond research and strong liquidity management capabilities in money market and pure bond funds [7] - Southern Fund, with a non-money market fund scale exceeding 1.2 trillion yuan in Q1 2025, excels in index investment and cross-border asset allocation [8] - Recommended product includes Southern Hong Kong Growth Mixed (QDII), focusing on Hong Kong's tech and consumer leaders, with a one-year return exceeding 30% [9] Group 4: Niche Institutions - Harvest Fund, with an active equity fund scale rebounding to 3.34 trillion yuan in Q1 2025, leads in the technology manufacturing sector [10] - ICBC Credit Suisse Fund has an ESG-themed fund scale exceeding 50 billion yuan in Q1 2025, leading in green energy and social responsibility investments [11] Group 5: Investment Strategies and Recommendations - A core + satellite allocation strategy is suggested, using comprehensive management institutions like Morgan Fund as core holdings to capture cross-market opportunities, supplemented by niche products from Huaxia and Fortune to optimize risk-return ratios [12] - The core market drivers for 2025 are expected to be technology growth (e.g., AI, robotics) and high-end manufacturing (e.g., new energy equipment), with a focus on products like Morgan Technology Frontier and Huaxia North Exchange [12] - Risk control strategies include using fixed income products and gold ETFs to hedge market volatility and balance portfolio risks [13] - The capital market in 2025 presents both opportunities and challenges, with Morgan Fund's diverse product matrix providing core allocations for investors to navigate through cycles [15]

Group 1 - The A-share market showed strong performance with major indices rising over 1%, and the Financial Technology ETF (516860) surged over 3%, reflecting positive market sentiment [1] - The Financial Technology ETF has seen a cumulative increase of over 86% in the past year, indicating robust growth in the sector [1] - Key stocks within the ETF, such as Dongxin Peace and Hengyin Technology, reached their daily limit, while others like Wealth Trend and Silver杰 also experienced significant gains [1] Group 2 - The People's Bank of China is set to develop a new financial technology development plan, aiming to enhance the digital transformation of finance through policy documents [1] - The introduction of the stablecoin legislation in Hong Kong signifies a proactive approach towards financial technology innovation in the region [2] - The central bank's eight financial opening measures, including the establishment of a digital RMB international operation center, are expected to foster a favorable environment for financial technology innovation [2] Group 3 - The Financial Technology ETF's constituent stocks are expected to benefit from the growth of cross-border payment services, with Sifang Precision being a key player in this domain [3] - Sifang Precision's blockchain technology enables cross-border payments to be completed in five seconds, showcasing its competitive edge [3] - The ETF covers a wide range of sectors, with 57 constituent stocks focusing on electronic and non-bank financial industries, highlighting the dual nature of "finance + technology" [3] Group 4 - The average R&D investment of the ETF's constituent stocks is projected to exceed 15% in 2024, surpassing the average for the A-share technology sector [3] - The index's PE (TTM) stands at 75 times as of June 2025, placing it in the top 75% historical percentile, indicating a valuation with a safety margin [4]

要闻提示 NEWS REMIND 1.阿里走向大消费平台！饿了么飞猪加入中国电商事业群 2.字节Seed大语言模型负责人被开除，牵涉未申报关系，年薪千万+数亿期权或打水漂 3.今年最大机器人单笔融资刷新！具身智能"银河通用"新一轮11亿融资来了 4.突发！ 中国长安汽车集团已更名为辰致汽车，新央企要来了 5. 雷军：小米YU7将于6月26日发布，没有计划造油车 6.哈啰Robotaxi业务完成超30亿元融资，引入蚂蚁集团、宁德时代战略投资 7.特斯拉Robotaxi在美国发布，焕新Model Y已实现无人驾驶 8.美国半导体制造商Wolfspeed将申请破产重组，65亿美元债务削减70% 今日头条 HEADLINE NEWS 阿里走向大消费平台！饿了么飞猪加入中国电商事业群 饿了么、飞猪会师淘天，阿里走向大消费平台。6月23日，据报道，阿里巴巴集团CEO吴泳铭发布全员邮 件，宣布即日起，饿了么、飞猪合并入阿里中国电商事业群。范禹继续担任饿了么董事长兼CEO，向蒋凡 汇报。南天继续担任飞猪CEO，向蒋凡汇报。饿了么飞猪继续保持公司化管理模式，业务决策执行上与中 国电商事业群集中目标、统一作战。 "这是我们从电商 ...

Group 1 - The launch of the world's first space computing constellation marks the arrival of the "space computing era," with satellite applications transitioning from science fiction to reality, particularly in Fujian Province [1] - Over 100 units from the satellite data collection, processing, and application industry chain joined the Fujian Satellite Application Industry Alliance during the Fujian Satellite Application Industry Ecological Conference [1] - The establishment of the Digital Fujian Expert Committee's Satellite Application Expert Group aims to provide strategic consulting and technical support for industry development [1] Group 2 - The large number of satellites enables global coverage, high-frequency revisit, and rapid response, creating unprecedented opportunities for various industries [2] - Fujian is advancing the innovative application of aerospace technology in fields such as marine monitoring, emergency management, ecological governance, and smart cities, forming a "satellite+" integrated application ecosystem [2] - The Fujian Provincial Satellite Application Industry Development Three-Year Action Plan (2024-2026) aims to create satellite constellations and launch a satellite data development service platform [2] Group 3 - Fujian's satellite application industry has established a development framework characterized by policies, technology, capital, and ecosystem collaboration [3] - The collaboration involves data management agencies, university laboratories, financial institutions, and numerous enterprises to form a closed-loop ecosystem of data circulation, technological innovation, scene application, and supporting services [3]

Core Insights - BlackSky Technology's stock is experiencing significant gains, with a 15.3% increase noted in recent trading sessions, driven by positive developments in its satellite initiatives and geopolitical dynamics [1][2][3] Company Developments - The company announced a major initiative to expand its satellite network with the introduction of Aros satellites, which will utilize multispectral, large-area collection technologies and are expected to launch in 2027 [2] - The new satellite project is aimed at enhancing country-scale digital mapping and navigation guidance capabilities, indicating a strategic focus on next-generation defense technologies [2][3] Geopolitical Context - Recent military actions, including U.S. bombings of Iranian nuclear facilities and Iran's missile strikes on U.S. bases in Iraq and Qatar, have created a favorable environment for BlackSky, as the company may secure expanded contracts with the U.S. Department of Defense [3][4] - The measured nature of Iran's retaliation is interpreted as a potential de-escalation of tensions, which could contribute to geopolitical stability and a strong demand outlook for BlackSky's technology [4][5]

1.唯品会：副总裁冯佳路正在配合公安机关调查，对贪腐行为零容忍 据第一财经6月22日消息，有消息称，唯品会营销副总裁冯佳路因内部反腐被抓。唯品会对记者回应，唯品 会对贪腐行为零容忍，副总裁Tony（冯佳路）因涉嫌个人经济问题正在配合公安机关调查，公司业务运营 一切正常。 2.吉林省：加快培育冰雪装备器材产业，力争2030年产值超50亿元 为加快培育吉林省冰雪装备器材产业，吉林省发展改革委、吉林省工业和信息化厅等部门联合出台《吉林 省培育冰雪装备器材产业实施方案》，加快培育吉林省冰雪装备器材产业，支持骨干企业品牌建设，培育2 —3个国内知名品牌，建设冰雪装备产业园，实施精准招商，力争到2030年，冰雪装备器材产业产值超过50 亿元。 3.特朗普称彻底摧毁伊朗关键铀浓缩设施 据CCTV国际时讯，当地时间6月21日，美国总统特朗普就袭击伊朗核设施发表全国讲话，称彻底摧毁伊朗 关键铀浓缩设施。 4.卫星通信站上移动通信主舞台 据中国证券报，在刚刚落幕的2025上海世界移动通信大会（MWC上海）上，卫星通信技术正成为展示和讨 论的焦点。多位行业人士认为，卫星通信技术正在进入移动通信的主舞台，重塑偏远地区的网络接入方 式 ...

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]

新华财经北京6月23日电四大证券报内容精华摘要如下： 中国证券报 2025年以来，北交所上市公司披露数十份购买资产相关公告，其中不乏股权收购案例，青矩技术、易实 精密、铁大科技等多家北交所公司开展现金收购，以拓展业务领域。 此前，北交所对《北京证券交易所上市公司重大资产重组审核规则》和《北京证券交易所上市公司重大 资产重组业务指引》进行了修订，丰富了创新型中小企业并购重组工具储备。北交所方面表示，将继续 深入贯彻落实新"国九条"和"并购六条"的政策精神和具体要求，持续优化市场机制，激发市场活力，积 极服务创新型中小企业充分利用并购重组工具提升发展质量和投资价值。 ·卫星通信站上移动通信主舞台 在刚刚落幕的2025上海世界移动通信大会（MWC上海）上，卫星通信技术正成为展示和讨论的焦点。 多位行业人士认为，卫星通信技术正在进入移动通信的主舞台，重塑偏远地区的网络接入方式，为全球 尚未接入互联网的人口带来网络连接，开启数字经济的全新篇章。卫星产业则有望在未来10年引领整个 通信行业发生革命性的改变。 上海证券报 ·证券公司分类评价新规重塑行业定位突出净资产收益率指标震慑重大违法违规行为 在业内人士看来，调整后的评 ...

在刚刚落幕的2025上海世界移动通信大会（MWC上海）上，卫星通信技术正成为展示和讨论的焦点。 多位行业人士认为，卫星通信技术正在进入移动通信的主舞台，重塑偏远地区的网络接入方式，为全球 尚未接入互联网的人口带来网络连接，开启数字经济的全新篇章。卫星产业则有望在未来10年引领整个 通信行业发生革命性的改变。 面向全球广阔市场和需求，我国卫星通信技术和解决方案提供商正加速出海。今年5月，中国电信旗下 卫星公司与老挝通信有限公司ETL签署天通卫星落地老挝合作协议，天通手机直连卫星业务正式落地老 挝。这是天通卫星首次走出国门，也是我国自主卫星通信技术首次海外规模化商用。 工业和信息化部国际经济技术合作中心副主任朱刚表示，我国卫星产业正处于机遇与挑战并存的关键时 期，"我国卫星产业在产业结构、竞争环境、技术研发、商业模式以及生态建设等方面仍存在较大的发 展空间。推进卫星产业高质量发展，需要政府部门、企业、智库机构、行业协会、高等院校等多方智慧 和努力。" ● 本报记者 杨洁 新方案新成果涌现 在MWC上海展会上，企业纷纷展示创新成果和方案，通信技术逐渐打破传统边界，网络连接"上天""入 海"无处不在。 吉利旗下商业航 ...

来源：新华社 将全面实现国产化！从中星9C卫星看我国广播电视专用卫星发展 6月20日晚间，我国在西昌卫星发射中心使用长征三号乙运载火箭，成功将中星9C卫星 发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。中星9C卫星定点并进行在轨 测试后将交付中国航天科技集团有限公司所属中国卫通运营管理， 我国在轨广电专用传输 卫星和直播卫星将全面实现国产化。 "无论是在高原的牧区帐篷，还是在海上渔船的驾驶舱，一套卫星天线，就能让许多家 庭跨越时空共享信息。"中国卫通专家说，这背后是我国自主可控的广播电视卫星通信网络 在默默支撑。 中国卫通专家介绍，1984年，东方红二号试验通信卫星成功发射定点，这是我国首颗地 球静止轨道广播通信卫星，成功进行了广播电视节目和通信传输试验。 2017年开始，中国卫通全面启动了基于东方红四号增强型平台的第二代广电传输和直播 卫星升级替代工程：2021年，中星9B卫星成功发射，接替了中星9A卫星；2022年，中星6D 卫星成功发射，接替了中星6A卫星；2023年，中星6E卫星成功发射，接替了引进的中星6B 卫星。本次发射的中星9C卫星将全面接替引进的中星9号卫星。 从自力更生探索试验、实用 ...