Market Pricing Status - The market trading heat has slightly declined, with a decrease in the intensity of capital inflow from Guotai Haitong, and the average daily trading volume of the entire A-share market has decreased from 1.5 trillion to 1.4 trillion yuan [4][7] - The proportion of stocks that increased in value has dropped to 53.34%, and the median weekly return for A-share stocks has decreased to 0.3% [4][9] - The trading concentration has decreased, with only three industries maintaining a turnover rate above the historical 90th percentile, down from seven [4][20] A-share Liquidity Tracking - Foreign capital has turned to inflow, while ETF funds have seen an increase in outflow [21][27] - The net inflow of foreign capital into A-shares was 2.9 million USD as of July 4, with the northbound trading proportion dropping to 10.5% [4][41] - The net buy of financing funds was 189 billion yuan, with the total margin balance rising to 1.9 trillion yuan [4][27] A-share Industry Allocation - There is a significant divergence in funding within the electric power equipment industry, with foreign capital flowing out while financing funds flowed in [4][19] - The top net inflows from financing funds were in electric power equipment (+29.7 billion yuan) and non-ferrous metals (+24.3 billion yuan), while oil and petrochemicals (-3.0 billion yuan) and construction decoration (-0.8 billion yuan) saw net outflows [4][19] - The ETF inflows were concentrated in non-bank financials (+7.7 billion yuan) and electronics (+5.3 billion yuan), while the pharmaceutical and banking sectors saw significant outflows [4][19] Hong Kong and Global Fund Flow - The net inflow of southbound funds has decreased to 169.3 billion yuan, which is at the 95th percentile since 2022 [4][19] - Global foreign capital has returned to the US and Chinese markets, with the US seeing a net inflow of 1.8 billion USD and China 1.04 billion USD [4][19]

从"小非农"就业数据爆冷，到华尔街投行集体调整预期，再到香港保险市场突然火爆，这场牵动全球的"利率地震"似乎离普通人越来越 近。 作为普通投资者，我们该如何理解这场风暴？又该如何守护自己的财富？ 美联储降息从来不是孤立事件。历史经验表明，当美国进入降息周期，全球资本会像潮水般寻找出口。 2024年美联储降息后，黄金价格一度突破3050美元/盎司，港股科技股单日涨幅超3%，甚至东南亚国家的房产也成了资金新宠。背后的 逻辑很简单：利率下降时，资金会流向收益更高的地方。 美债与黄金的"跷跷板" 降息预期下，短期美债收益率可能快速下跌，资金会涌入黄金等避险资产。但若降息触发经济衰退担忧，黄金的避险属性又会进一步凸 显——2025年一季度，黄金ETF的全球资金流入量同比激增40%。 股市的分化游戏 科技股因融资成本降低可能受益，但传统周期股却可能因经济预期转弱而承压。更微妙的是，如果降息是因经济恶化而非政策主动调 整，市场可能先涨后跌。 新兴市场的"双刃剑" 港股、A股等市场可能因美元走弱吸引外资流入，但这也取决于国内政策能否同步宽松。 例如，2024年美联储降息后，A股消费电子板块因外资加仓上涨12%，但同期人民币汇 ...

Core Viewpoint - The approval of Guotai Junan International to provide cryptocurrency and virtual asset trading services has significantly boosted the A-share financial technology sector and market sentiment, leading to a notable increase in the Shanghai Composite Index and trading volume [2][4]. Market Performance - As of June 25, the Shanghai Composite Index rose by 1.04% to close at 3455.97 points, marking a new high for the year, while the ChiNext Index increased by over 3% [2]. - The trading volume in the two markets reached 1.6 trillion yuan [2]. Sector Activity - Active sectors included stablecoins, military industry, AI applications, computing power, solid-state batteries, and autonomous driving, while oil and gas, as well as shipping sectors, faced adjustments due to external factors [3]. Future Market Outlook - Analysts predict a structural market trend with low-level rotation continuing, driven by policy timing and strength [4]. - Multiple brokerages forecast a potential upward trend in the A-share market for the second half of 2025, supported by resilient domestic economic performance and relatively low asset valuations [4][7]. Investment Directions - Brokerages suggest focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and large consumer sectors [5][21]. Dividend Assets - Dividend assets, including financial sectors like insurance and banking, as well as shipping, communication services, and electricity, are seen as attractive due to their low valuations and stable returns [22]. - The current low-interest-rate environment enhances the appeal of dividend assets, aligning well with the demand from long-term funds [22]. Technology Innovation - Key areas of focus include AI computing power, AI applications, and embodied intelligence, with expectations for significant growth in these sectors [23]. - The first phase of AI market activity is centered around infrastructure, while the second phase will focus on application layers, including AI agents and humanoid robots [23]. Large Consumer Sector - The domestic beauty, pet economy, and IP economy are highlighted as promising investment opportunities [25]. - Emerging consumer trends such as domestic beauty brands, pet products, and innovative pharmaceuticals are recommended for investment [25].

1. 越南1-5月外资流入达89亿美元，同比增长7.9%。 2. 日本内阁官房长官林芳正：日本尚未收到美国关于贸易谈判中提出最佳报价的信函。 金十数据整理：每日全球外汇市场要闻速递（6月4日） 美元： 非美主要货币： 7. 英国央行-①行长贝利：利率走向仍然偏向下行。逐步且审慎仍将是制定利率的指导原则。②委员曼 恩：在利率方面采取更大胆的举措比长期按兵不动要好。③副行长布里登：即使没有关税冲击，五月份 也有理由降息。 其他： 3. 泰国联合企业集团预计2025年泰国GDP增长率为1.5%至2.0%（此前预期为2.0%至2.2%）。 1. 美国4月空缺职位意外大增，支持美联储就业市场状况良好的说法。 2. 美国4月工厂订单月率录得-3.7%，为2024年1月以来最大降幅。 3. 美联储博斯蒂克：仍然认为今年可能会有一次降息。 4. 美联储洛根：应专注于实现2%的通胀目标，而不是试图弥补过去的通胀不足。 5. 马斯克：巨大的过度支出将使美国成为债务奴隶！ 1. 中国央行今日开展2149亿元7天逆回购操作，操作利率为1.40%，与此前持平。 2. 澳大利亚一季度经济不及市场预期，强化澳洲联储加速降息的预期。 3. ...

据越南通讯社：1月至5月越南外资流入达89亿美元，同比增长7.9%。 ...

Core Insights - Record foreign investment in Japanese assets occurred in April, with overseas investors purchasing a historic amount of Japanese stocks and long-term bonds [1] Group 1: Investment Trends - In April, overseas investors bought Japanese stocks and long-term bonds worth 8.21 trillion yen (approximately 56.6 billion USD) [1] - This figure represents the largest monthly net inflow of foreign funds into Japan's financial market since the Japanese Ministry of Finance began collecting related data in 1996 [1]

每经记者 王海慜 每经编辑 赵云 5月6日，A股市场放量上涨迎来"开门红"，延续了4月以来的修复走势。 虽然上证指数离补上缺口还有一步之遥，但不少个股已实现"反包"。据Choice数据统计，截至5月6日收盘，在全市场5400多只股票中， 有超2200只已完全收复4月7日的跌幅。 展望后市，部分券商仍然坚定看多。今年"五一"期间，港币兑美元升值至强方兑换保证水平，为2020年10月以来的首次。有券商认为， 这提示外资有再度流入中国资产的迹象。 近四成A股已收复"失地" 4月7日以来，在中央汇金及时出手等利好加持下，A股市场已走出持续近一个月的探底回升行情。 随着今日（5月6日）市场放量上涨，上证指数收于3316.11点，离补上4月7日跳空"缺口"（即达到4月3日低点的3319.61点）仅剩3个多 点，约0.1%。若要超过4月3日收盘时的3342.01点，则还需上涨不到1%。 从市场风格来看，近一个月成长主题更为强势。据Choice数据统计，截至今日收盘，在沪深市场20多个核心指数中，完全收复4月7日失 地的指数分别为科创100、科创50和中证2000指数。 更有甚者——今年来持续强势的北证50指数，不仅早在4月 ...

日本超长期债券上个月吸引了创纪录的外资流入。 ...

先给昨天的热点做个更新，油罐车煤粮油混运一事继续发酵，目前已经引起中央政府的重视，现在百度热搜第一就是国务院要求彻查食用油运输 乱象，意味着这件事已经捅破天，接下来必须得给出一个官方说法，也就是调查报告，不再会不了了之。 事发之后多家粮油相关的上市公司回应，每一家都把自己撇的干净，都说自己的运输渠道管控严格，不会出现新闻报道里的情况。 本来，没有证据，它们就算胡说八道我们也没法反驳，但这一次有人较真了。我在b站看了一个叫做《高见》的节目，里面的up主非常细心，虽然 新京报的视频里给两辆涉事车辆车牌号打了码，但百密一疏，油罐车过收费站的时候，显示牌没有打码，上面能看到车牌号。 有了车牌号，就可以联网查询该辆油罐车最近半年的行车轨迹，然后就查到它为多个客户运送过粮油。 武汉市东湖区 益海嘉里（武汉）粮油工业 湖南省临湘市 东祥油脂化工 驻马店遂平县 河南正康粮油 廊坊文安县 四青畜牧养殖 邢台御宠 宠物食品 汉中勉县 新力油脂 咸阳咸兴路 金龙鱼 山西晋龙养殖股份有限公司饲料公司 陕西中衡农资科技有限公司 陕西西瑞集团粮油食品仓储物流加工基地 很多人一眼就会注意到咸阳咸兴路的金龙鱼工厂，其实最上面的益海嘉里粮油工 ...