Market Overview - The A-share market showed mixed performance on July 9, with the Shanghai Composite Index rising by 0.31% to 3508.29 points, returning above the 3500 mark [1] - Multiple indices broke through their consolidation ranges, indicating a short-term strengthening trend [1] - The offshore RMB and USD index showed signs of recovery, suggesting a potential "two steps forward, one step back" market behavior in the short term [1] Sector Performance - The childcare service sector saw significant gains, with Huamei Holdings hitting the daily limit [2] - Human-shaped robot concepts also performed well, with Henggong Precision and Dafeng Industrial both reaching the daily limit [1] - The non-ferrous metal sector experienced widespread increases, with Jinling Mining also hitting the daily limit [1] - Conversely, sectors such as precious metals, insurance, rare earth permanent magnets, and storage chips underperformed [1] Institutional Insights - China Merchants Securities predicts a potential upward breakout in the market, with technology and non-bank sectors likely to outperform [4] - Postal Savings Securities suggests that A-shares will primarily focus on internal fundamentals, with a likely scenario of oscillating to digest gains due to reduced external shocks [5] - Industrial Securities indicates that A-shares have entered a phase of stronger market patterns, with a focus on basic earnings and seasonal strengths in resource sectors like steel and chemicals [6] Childcare Service Sector - The National Development and Reform Commission, along with six other departments, issued guidelines to accelerate the development of a universal childcare service system, supporting the construction of childcare facilities [2]

◎记者 费天元 7月2日，A股市场呈现盘整格局，沪指全天在平盘点位附近窄幅波动。截至收盘，上证指数报3454.79 点，跌0.09%；深证成指报10412.63点，跌0.61%；创业板指报2123.72点，跌1.13%。沪深两市合计成交 13769亿元，较前一日缩量约900亿元。 海洋经济概念掀涨停潮 6月中旬以来，A股新经济题材呈现轮动走强态势，潮玩零售、创新药、AI算力等板块均有所表现。昨 日，在消息面的提振下，海洋经济概念成为盘面最强热点，截至收盘，深水海纳、冰山冷热、獐子岛、 神开股份、开创国际、亚星锚链等十余只相关个股收获涨停。 7月1日，中央财经委员会第六次会议举行，研究纵深推进全国统一大市场建设、海洋经济高质量发展等 问题。会议强调，推进中国式现代化必须推动海洋经济高质量发展，走出一条具有中国特色的向海图强 之路；推动海洋经济高质量发展，要加强顶层设计，加大政策支持力度，鼓励引导社会资本积极参与发 展海洋经济。 华泰证券策略团队表示，6月以来，市场风险偏好修复，成长资产更受资金青睐。反映在盘面上，创业 板指、中证1000等指数表现较优，而前期火热的高股息板块整体表现一般。 华泰证券认为，虽然中长 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近5年来，A股市场经历了多次大幅的波动，包括2022年遭遇海外"黑天鹅"的深度回撤行情， 2023年疫情解封后的回暖行情，以及2024年9月底政策催化下的历史性大涨行情等等。这些波动 对私募基金的业绩产生了重大影响，因此在不同收益区间都能位居前列的私募公司非常稀少。 私募排排网数据显示，截至今年 6月13日，至少有3只产品符合排名规则的私募公司共有111家， 近1年、近3年、近5年平均收益分别为25.86%、33.02%、86.3%。 按私募类型划分，头部私募 在近5年的区间中表现最佳，平均收益为94.89%。小型私募在近1年、近3年的区间中业绩最好， 平均收益分别为29.97%、37.67%。 | 私募类型 | 近1年平 | 近3年平 | 近5年平 | 公司 | 近1、3、5年收 益均位于前50% | 早 | | --- | --- | --- | --- | --- | --- | --- | | | 均收益 | 相收益 | 均收益 | 总数 | 的公司数量 | | | 头部私募 (规模50亿以上) | 21.43% | 27.12% | 9 ...

来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 香港财政司司长：在国际投资者眼中，香港成为稳健和可信赖的资金安全港 中新社香港6月22日电 香港特区政府财政司司长陈茂波22日表示，在全球政经环境不明朗环境中，香港 的自由港地位稳定发展，法治体系完善，在国际投资者眼中成为了稳健和可信赖的资金安全港。 陈茂波在当日发表的网志中称，截至今年4月，香港的银行存款总额超过18万亿港元，较2022年6月底增 加约19%。他说，香港本地生产总值连续9个季度保持增长，突破3万亿港元水平，通胀大致保持平稳。 香港国际金融中心地位得到巩固和提升。股票市场这一年多来重拾上升轨迹，大市交投显著增加，今年 来平均每日成交额增加至超过2400亿港元，IPO集资额亦暂列全球第一。同时，香港作为支持创新科技 筹融资的平台功能正持续加强。 他指出，创科是香港经济发展的另一个重要引擎。香港本地研发总开支在2023年接近330亿港元，同比 增长10%。本地初创企业数量去年底增至约4700家的新高。随着特区政府对创科加大投入、北部都会区 的提速发展、香港与粤港澳大湾区兄弟城市间的深化合作，可以预期，这些数字未来会更加亮眼。 陈茂波强调， ...

当公募新手成为各大公募的业绩旗帜，这使得"以新换老"的基金用人策略，在新经济、新消费等主题基金 中频频出现。 券商中国记者注意到，随着新经济、新科技、新消费赛道在经济转型与资本市场行情中愈加凸显，年轻公募选 手对新经济、新事物的理解与捕捉能力，已在行情中凸显得淋漓尽致，而偏好传统赛道与低估值策略的公募老 将却面临较大的适应性，有年轻的基金经理十大重仓股全部指向巨大亏损的创新药后，业绩碾压重仓股重视盈 利的前辈，甚至出现同一公募旗下两只医药基金，新老选手业绩相差40个百分点的情况。 在此背景下，有公募创始人、总经理主动放弃基金经理身份，并将基金产品让贤给年轻人，也有公募大佬只保 留传统赛道基金，将新赛道基金的管理权交给年轻人，也有从业超20年的公募元老通过增聘年轻人的策略，来 改变此前单一的白酒股持仓，以增强对化妆品、电动车等新经济的捕捉能力。 基金用人策略换新 深圳一家大型公募日前发布公告，该基金公司副总经理、明星基金经理将不再管理公司旗下的人工智能主题基 金产品，接任者是一位年轻的基金经理。 值得一提的是，上述公募副总经理的投资偏好为大盘蓝筹的核心价 值股，持仓股票的赛道属性亦偏向低估值传统行业，而这与人工 ...

Group 1 - The core event "Unicorn Day" organized by Hong Kong University of Science and Technology (HKUST) showcased over 100 innovative startups, focusing on solutions for brain degeneration, glaucoma prevention, and luxury goods authentication through AI applications [1] - The event aims to align with Hong Kong's goal of becoming an international innovation and technology hub, facilitating collaboration between startups and potential investors [1][2] - HKUST has established an innovation fund and is committed to fostering a vibrant innovation ecosystem in Hong Kong, emphasizing the importance of local universities in this development [1] Group 2 - A wearable device developed by HKUST for glaucoma prevention utilizes a heat pad and pressure adjustment system to relieve eye pressure, along with a mobile app that provides a glaucoma risk report in one minute [2] - The "Smart Chip and System Research Center," established in 2020, is the first multinational alliance in Asia focused on AI chip design, showcasing three latest research outcomes at the event [2] - HKUST has founded over 1,800 startups, including 10 unicorn companies, highlighting its role as a leading research university dedicated to innovation and impactful knowledge transfer [2]

中金公司发布大类资产2025下半年展望称，建议资产配置增加韧性，稳中求进，增配黄金、高股息、中 债等安全资产；等待时机增配代表新科技浪潮的成长风格股票。 ...

编者按： 本期"寻访金长江之十年十人"，券商中国记者对复胜资产董事长陆航进行了专访。外形阳光的陆航，在资管行 业里摸爬滚打已近20年。从业早期他曾在国元证券担任金融地产分析师，2009年加入海富通基金后，从中小盘 分析师一路成长为基金经理，管理过QFII、社保和年金。2015年底，陆航"奔私"创立复胜资产，亲身经历、见 证了公司和行业的十年发展。 陆航专注成长股投资，长期投资业绩优异。他善于发掘机会，过往投资中抓住过不少大牛股，这点令人印象深 刻。业绩驱动是陆航的核心理念，他强调实事求是的投研态度，对成长股的业绩增长要求非常苛刻。谈到当前 的中国股市，陆航认为市场在分化中蕴藏着许多投资良机，而新科技和新消费，是他今年最为看好的领域。 精彩观点： 锻炼身体也是一种复利投资，肌肉就是一种财富。 公司未来三年预期收入复合增速能否达到20%，可以作为区分成长股和价值股的核心。 抓主线这件事挺重要，可以算是一种模糊的正确。 尊重事实、实事求是说起来容易，做起来特别难。 大部分人喜欢做预判，花费更多时间去追逐偶然性、在0到1的过程，而我们通常只聚焦1到10的事。 全新的投资时代已经来临，总结下来就是新消费和新科技，但投资 ...

市民政局介绍，6月11日至13日，2025上海老博会将拉开帷幕，一站式助你买到实惠好 用的适老产品，体验最新最全的养老产品和服务！有机会带着爸妈去逛逛吧~今年展会 都有哪些亮点？快看剧透↓ 今年上海老博会整体规模及内容策划再次创新升级。截至目前，共有来自中国、奥地利、荷 兰、德国、丹麦等16个国家和地区的海内外养老品牌共同参与，参展企业近500家，展览面积 达5万平方米，展会规模达历史峰值。 国际展团、养老新科技众星云集 本届老博会聚焦银发经济新趋势，在行业大牌、跨界品牌、国际参与度、养老新科技，及银发消费 品类多元化等方面表现亮眼，行业引领性持续凸显。 经典与跨界大牌交相和鸣，日澳国际展团重装亮相 上海老博会作为全国银发产业发展水平的风向标，今年，行业经典领军品牌参与度持续加码，展会 国际化方面，不少国家参与热情高涨。据统计，日本参展品牌数量超过60家，在所有海外参展国家 中位列榜首。本届展会也是上海老博会举办以来澳大利亚品牌参展规模最大的一年。 养老与高新技术灵感碰撞，银发科技发展前景广阔 展会现场，越来越丰富的养老新科技展品昭示着我国银发行业从"老有所养"向"老有智享"的跨越式 发展。 智能无人驾驶轮椅 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and further projected to decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, enhancing operational efficiency and reducing costs [7][15] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66% by 2025, reinforcing its control and commitment to the renewable energy market [12][23] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its parent group and additional government subsidies, which have improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][5] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][7] - A significant project in collaboration with Ulanqab City aims to integrate green energy and data computing, with a total investment of approximately CNY 21 billion [5][7] 4. Financial Performance and Forecast - The company has shown a robust growth trajectory, with projected revenues of CNY 58.84 billion in 2025, and net profits expected to reach CNY 1.38 billion, reflecting a year-on-year growth rate of 155% [7][27] - The company’s net profit margin has improved significantly, with a forecasted net profit of CNY 3.47 billion by 2027, indicating strong operational efficiency [7][32]