AI基金农银红利甄选混合A（021455）披露2025年二季报，第二季度基金利润49.06万元，加权平均基金份额本期利润0.0372元。报告期内，基金净值增长率 为4.79%，截至二季度末，基金规模为891.24万元。 该基金属于偏股混合型基金，长期投资于周期股票。截至7月17日，单位净值为1.102元。基金经理是姚晨飞，目前管理3只基金。其中，截至7月17日，农银 睿选混合近一年复权单位净值增长率最高，达13.22%；农银策略收益混合最低，为1.31%。 基金管理人在二季报中表示，投资上，目前看好的方向有：火电、水电、高速公路等防御属性红利资产；旅游旺季，酒店、景区等可代表消费方向配置；农 化资产，如复合肥、磷肥、钾肥等；军工板块，军演和海外地缘有催化；5、相机抉择，关税谈判顺利则投向出口链，国家如出经济刺激政策则投向内需板 块。 截至7月17日，农银红利甄选混合A近三个月复权单位净值增长率为8.14%，位于同类可比基金43/82；近半年复权单位净值增长率为9.61%，位于同类可比基 金32/82。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增 ...

连续调整多日的食品饮料板块近期逐步企稳，今日早盘逆势走强，燕京啤酒涨超6%，金种子酒、珠江 啤酒涨超4%。受盘面影响，食品饮料ETF天弘（159736）早盘一度涨超1%。 值得注意的是，近期食品饮料板块持续调整，中证食品饮料指数近一个月累计下跌超5%，近三个月累 计下跌超9%，在各大板块中跌幅居前。成分股中，贵州茅台更是从5月份高点1645元一度跌至1401.18 元，期间累计跌幅约15%。 消息面上，白酒板块处于承压阶段，飞天茅台价格持续走低，月初散瓶飞天平台报价跌破2000元。但在 券商看来，白酒商品属性正在加速重塑，能够提前适应快消品运作逻辑的企业竞争优势会愈发凸显。 有机构人士指出，目前食品饮料目前各细分板块基本面触底，乳制品、啤酒、饮料、门店类型企业有企 稳信号，Q1业绩分别在利润、销量等方面超预期；休闲食品板块具有开店和大单品逻辑的公司业绩表 现超预期；白酒板块仍然处于库存去化阶段，预计25H2有边际改善的可能。食品饮料作为内需板块， 受关税影响小，市场关注度显著提升带来资金面改善，有望拔升估值。若后期茅台散装报价企稳，白酒 行业基本面有望触底，带动食品饮料板块反弹。 场外投资者可以持续关注天弘中 ...

Group 1 - The market experienced a rapid decline in the afternoon, with the ChiNext Index leading the drop, and the total trading volume in Shanghai and Shenzhen reaching 1.42 trillion, an increase of 129 billion compared to the previous trading day [1] - Sectors such as port shipping, beauty care, innovative drugs, and rare earth permanent magnets saw significant gains, while sectors like Huawei Ascend, military industry, semiconductors, and software development faced declines [1] - As of the market close, the Shanghai Composite Index fell by 0.44%, the Shenzhen Component Index dropped by 0.86%, and the ChiNext Index decreased by 1.17% [1] Group 2 - Huatai Securities' 2025 mid-term outlook emphasizes the importance of the AI technology revolution, military industry, and self-sufficiency amid global order restructuring and changing asset pricing dynamics [2] - The report highlights the need for flexibility in asset operations, suggesting to leverage high odds and low correlation strategies to navigate the uncertain environment [2] - It also notes that the weakening trend of the US dollar may favor non-US assets, with European assets showing higher success rates and emerging markets like Hong Kong offering better odds [2] Group 3 - CICC indicates that the tungsten market is entering a bull market phase, driven by tightening supply and demand dynamics, along with overseas premium pricing for tungsten products [3] - The long-term outlook predicts that the tungsten supply-demand gap will expand from 18,300 tons in January 2024 to 19,100 tons by 2028, with the supply-demand gap as a percentage of original tungsten demand projected to be negative over the years [3] Group 4 - Huaxi Securities suggests adopting a rotation strategy to capitalize on the technology sector's rebound, driven by improved expectations regarding US-China trade relations [4] - The report warns of ongoing uncertainties in international cues, indicating the need for preparedness against market fluctuations and avoiding excessive trading in a single direction [4] - It emphasizes that if the technology sector faces significant corrections, it may present better opportunities for recovery, particularly for the Sci-Tech 50 index [4]

近期，受美国关税政策影响，全球金融市场出现动荡。面对市场波动，多家明星私募发布最新观点，继续看好中国股市。 百亿私募进化论资产创始人王一平今日更是在社交平台发文称，自己已经加到满仓。 重点关注内需板块 星石投资副总经理方磊表示，面对全球不确定性增加，资金出现恐慌性情绪，这种情绪带动的市场表现或已超过关税政策的实际影响。对于中 国市场而言，目前恐慌情绪快速释放，A股市场对现有关税政策的反应基本已经到位，估值快速压缩，后续快速下跌风险有所收敛。经历过快 速调整，部分宽基指数已经回到2024年9月末水平，股市估值也已经处于合理偏低水平。向后看，虽然全球基本面风险增加，但国内逆周期政 策已有储备，国内经济的内生稳定性已经回升，横向比较下中国仍有政策优势，后续对于投资更重要的逻辑在于 "以内为主"，结构上更关注内 需板块超跌带来的机会。 方磊称，随着各类政策进一步加码，政策对经济将发挥较为明显的托底作用，虽然外需敞口较大的行业可能有较大的阶段性压力，但政策对内 需领域的拉动会更为确定，预计今年内需将是我国经济的主要拉动力。并且，消费等内需板块估值被压缩至更低水平，结合政策驱动逐渐增强 来看，更应关注内需板块超跌带来的机 ...

Investment Rating - The transportation industry is rated as "positive" [4] Core Viewpoints - The U.S. tariff policy aims to attract manufacturing back to the U.S., with significant tariffs imposed on various countries, including a 34% tariff on China [2] - The imposition of high tariffs is expected to increase trade costs globally, impacting both exporters and U.S. consumers, potentially leading to higher inflation in the U.S. [2] - The actual execution of the tariff policy remains uncertain and will depend on future negotiations between the U.S. and other countries [2] Summary by Sections Tariff Impact - The tariffs will directly affect container shipping and air freight, particularly on the Far East-North America route, leading to increased trade costs and reduced cargo volumes [3] - The cancellation of tax exemptions for small packages will have a short-term negative impact on air freight, as businesses may need to shift to more expensive shipping methods [3] Recommendations - The report suggests focusing on domestic demand sectors such as highways and railways, which are expected to benefit from increased internal consumption [8] - Companies that have established a presence in emerging markets like Southeast Asia are likely to see increased opportunities as they adapt to the changing trade landscape [8] Industry Data - The transportation industry comprises 126 companies, with a total market value of 32,036.5 billion and a circulating market value of 28,190.56 billion [5] - The average price-to-earnings ratio for the industry is 15.99 [5]