7月14日，北京京国创文化科技产业基金签约仪式在京举行。该基金由北京国管与石景山区、首都 文化科技集团、文投控股共同发起设立，是极具市区联动代表性的文化科技产业基金。该基金通过 整合北京国管资本运作能力、石景山区政策引导优势及首文科集团产业生态资源，构建"市区联动 +产融结合"创投新模式，重点聚焦文化科技前沿领域开展投资，助力首都文化与科技产业创新融 合发展。 同时，该基金将精准对接石景山区域产业转型升级需求，推动"科技+文化"项目集群落地，助力石 景山区建设京津冀协同创新桥头堡，实现区域经济能级跃升。基金将紧紧围绕北京市全国文化中心 定位，依托各方优势，以资本赋能填补技术转化、IP商业化等关键节点，推动首文科集团补链强 链，打造"文化、科技和国际传播于一体的产业旗舰"。 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」报名启动：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 来源 ：首文科 对接需求请扫码 未来，基金将进一步探索"耐心资本+政策红利+市场化运营"的北京模式，运用政府引导、撬动社 会资本、市场化运 ...

2025 年 07 月 07 日 7 月指向 AH 红利均衡 团队成员 投资要点： AH 双市轮动策略，构建收益更优的红利+组合。我们在 2/17 发布的《红 利+：AH 双市轮动策略》通过解析 A 股和 H 股红利的驱动因素，提出 AH 红利轮动策略，提高红利组合整体收益。 策 略 研 究 华福证券 策 略 定 期 报 告 7 月 AH 红利轮动指标：50%A 股红利，50%港股红利。美国扰动百 度指标、VIX 月平均值、汇率、A 股季节效应等驱动因子超出阈值。因子 赋权后，AH 红利轮动指标数值为 50，相对中性。24 年至 25 年 6 月，指 标准确度为 73%。 分析师： 周浦寒(S0210524040007) zph30515@hfzq.com.cn 研究助理： 杨逸帆(S0210124110046) yyf30689@hfzq.com.cn 相关报告 1.【华福策略】红利+：AH 双市轮动策略—— 2025.2.17 2.【华福策略】3 月红利或迎窗口期，AH 轮动构 建红利+组合——2025.3.2 3.【华福策略】4 月或指向港股红利——2025.4.3 风险提示 证 券 历史经验不代表未来 ...

Core Viewpoint - The recent performance of dividend-focused assets has been strong, particularly driven by the rise of high-dividend bank stocks, with the dividend low volatility index reaching a new high since its inception [1] Group 1: Performance Metrics - As of July 4, the annualized return of the dividend low volatility index over the past five years is 8.43%, outperforming the dividend low volatility 100 index (6.34%) and the S&P Hong Kong Stock Connect low volatility dividend index (6.14%) [1] - The dividend low volatility ETF (512890) has seen significant net inflows, attracting 699 million yuan over five trading days from June 30 to July 4, making it the only dividend-themed ETF with net inflows exceeding 600 million yuan during this period [1] - The fund size of the dividend low volatility ETF (512890) has reached 19.738 billion yuan, marking a continuous weekly net growth for three weeks since June 16 [1] Group 2: Investment Appeal - The dividend low volatility ETF (512890) has demonstrated strong performance resilience and risk resistance, achieving positive returns every year since its inception, making it attractive for long-term capital allocation in a low-interest-rate environment [2] - The ETF's connection funds have gained popularity among retail investors, with the number of holders exceeding 829,800 as of the end of 2024, making it the only dividend-themed index fund with over 800,000 holders [2] - The Y share class of the ETF has been included in the personal pension investment range and became the first index fund to exceed 100 million yuan in size by March 31, 2025 [2] Group 3: Product Offerings - In addition to the dividend low volatility ETF (512890), the company has developed a range of dividend-themed ETFs, including the first dividend ETF (510880) and the first QDII mode high-dividend ETF (513530), with a total management scale of 41.8 billion yuan for its dividend-themed ETFs as of July 4 [3]

Group 1 - The core viewpoint highlights the domestic focus on "anti-involution" and the international attention on the US "Big and Beautiful" bill, which is expected to improve market expectations and alleviate recession concerns [1][4] - In China, major industries such as photovoltaic glass and cement are implementing production cuts and policy measures to stabilize growth and promote high-quality development [1] - The US "Big and Beautiful" bill is projected to positively impact economic growth in 2026 and 2027, with a deficit rate increase of over 1 percentage point compared to a scenario without the bill [1] Group 2 - The June PMI data indicates an improvement in market demand, with manufacturing PMI at 49.7%, up 0.2 percentage points from May, while the service sector PMI slightly decreased to 50.1% [1] - The construction sector shows significant activity, with the construction PMI rising to 52.8%, reflecting a 1.8 percentage point increase from May [1][2] - Employment data from the US shows a non-farm payroll increase of 147,000 in June, surpassing market expectations, which may reduce the necessity for short-term interest rate cuts by the Federal Reserve [4] Group 3 - The current economic environment presents a favorable outlook for A-shares, with improving supply-demand dynamics, easing US-China tariff issues, and positive market sentiment leading to the Shanghai Composite Index nearing 3500 points [6] - A recommended investment strategy includes a "dividend + technology" approach, focusing on dividend sectors like coal and consumption, alongside technology growth sectors such as semiconductor equipment and innovative pharmaceuticals [7]

金融工程丨深度报告 [Table_Title] 持中守正，应势而动 ——金融工程 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 风格上，在利率低位及流动性充裕的宏观背景下，红利+微盘的杠铃策略有望持续占优。长期来 看，红利和微盘是天然的风格对冲工具，二者的长期战略配置中枢在 7:3 左右，能有效降低回 撤，提高收益。行业上，寻找尚未过热的强趋势赛道，目前可关注的方向有：红利方向的城商 行，医药方向的医药零售、化学制药，消费方向的其他农产品加工、快递、零售-专业市场等。 分析师及联系人 [Table_Author] 覃川桃 邓越 SAC：S0490513030001 SAC：S0490517070010 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 20 [Table_Title 持中守正，应势而动 2] ——金融工程 2025 年度中期投资策略 [Table_Summary2] 宽基横盘降波，主题轮动加速 回顾 2025 年 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index reaching a peak near 3500 before retreating, closing at 3472.32, up 0.32% with a trading volume of 567.24 billion [1] - The Shenzhen Component Index fell by 0.25% to 10508.76, while the ChiNext Index decreased by 0.36% to 2156.23, with respective trading volumes of 861.32 billion and 420.45 billion [1] - Strong performances were noted in sectors such as gaming, financial services, semiconductor equipment, and innovative pharmaceuticals, while sectors like non-ferrous metals, telecommunications, and robotics saw declines [1] Technical Analysis - A clear "breakout-pullback-rally" pattern has emerged, indicating a strong market sentiment despite profit-taking pressures near previous highs [2] - The market's trading focus has shifted upward, supported by various key moving averages and critical levels, suggesting a continuation of the strong high-level consolidation [2] Economic Context - The easing of the US-China tariff dispute and the introduction of "anti-involution" policies signal a potential resolution to the "supply-demand mismatch" clouding the Chinese economy [4] - Recent meetings between US and Chinese officials have led to the resumption of exports of key products to China, indicating a positive shift in trade relations [4] Investment Strategy - A "dividend + growth" strategy is recommended, focusing on dividend-paying sectors and growth-oriented stocks that are expected to benefit from economic recovery and liquidity easing [5] - Investors are encouraged to consider sectors like coal and consumer goods, which are aligned with the dividend strategy, alongside growth sectors such as semiconductor equipment and innovative pharmaceuticals [5] Financial Sector Performance - The financial sector, particularly banks, securities, and insurance, has shown strong performance, with ETFs reflecting significant gains [6][9] - High dividend yields and a rebalancing of public fund allocations are driving interest in bank stocks, which currently have a yield exceeding 5% [6] - The ongoing consolidation in the securities industry, with major mergers and acquisitions, is enhancing market optimism and improving competitive dynamics [8] Gaming Industry Insights - The gaming sector is witnessing a dual development path focusing on "IP + quality," with successful titles boosting market sentiment [10][11] - The frequency of game license approvals has increased, providing a supportive environment for industry growth [11] - The integration of generative AI is expected to lower development costs and enhance profitability, further driving the sector's valuation [12]

Core Viewpoint - The article highlights the performance and features of the China Securities Dividend Quality ETF (159209), which has shown a positive trend in the market, reflecting a growing interest in high-quality dividend stocks [1]. Group 1: ETF Performance - As of July 1, the China Securities Dividend Quality ETF (159209) increased by 0.60%, indicating a strong market performance [1]. - The ETF has experienced net inflows during trading, suggesting investor confidence and interest [1]. Group 2: ETF Characteristics - The ETF tracks the China Securities All Index Dividend Quality Index, which selects 50 companies known for stable dividends, high dividend yields, and consistent profitability [1]. - The ETF employs a "dividend + quality" dual-factor screening mechanism to identify undervalued and high-quality companies, aligning with Warren Buffett's value investment philosophy [1]. Group 3: Fee Structure and Investor Appeal - The fee structure of the ETF is competitive, with a management fee of 0.15% and a custody fee of 0.05%, making it one of the lowest in the market [1]. - The ETF features a unique monthly dividend assessment mechanism that enhances cash flow management for investors, increasing its attractiveness for long-term holding [1]. Group 4: Market Context - In the current market environment, strategies that balance safety margins and profitability are becoming a focal point for investors [1].

摘要 1、今天，A股三大指数再迎上涨，创业板指涨超1%，军工板块领涨。 2、 A股上半年收官，有色金属板块涨近20%。 招商策略：A股进入牛市II阶段。 3、 中报披露期即将到来，哪些板块机会更大？如何做好资产配置？ 真话白话说财经，理财不说违心话 --这是第1376 篇白话财经- - 今天，A股三大指数再度上涨，给上半年画上了一个圆满的句号。 （图片来源：东方财富APP，统计截至2025/6/30，不作投资推荐） 两市成交额1.49万亿元，盘面上，航天航空、医疗、光伏板块领涨，券商板块出现回调。 分析人士指出， 沪指突破年内新高后，短期仍或有一定的上行空间， 中报业绩带来的结构性机会是近期市场的主旋律。 A股半年收官，有色金属板块领涨 今天，A股继续上涨，军工板块领涨。 光大证券认为， 本轮市场反弹主要源于多重利好共振。 一是中东地缘局势缓和，全球金融市场避险情绪迅速降温，促使资金从黄金、债券等避险资产回流股市。 二是美联储降息预期发酵，美元走弱，美债收益率下行，全球风险资产偏好普遍回升。 三是近期以稳定币、军工等为代表的新热点反复活跃，有效支撑了市场热度。 在上半年最后时刻，A股也是突破了年内新高，沪指累 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【红利+中小盘哑铃配置思路在期权策略上的实现路径受关注】报告先对半年来期权市场流动性、波动 率及各类策略环境做了简单梳理。今年市场流动性略低于去年全年均值，较一季度成交金额也小幅下 滑，品种间"挤压效应"明显。各品种波动率下方仍有空间，预计会重现去年三季度的磨底状态。 25年 下半年策略配置上，哑铃配置仍是主旋律，偏向防御的红利资产适合作底仓，同时配置小微盘。报告还 讨论了期权侧哑铃配置方案的实现路径。 实现路径一为红利ETF的备兑模拟，作为红利资产底仓。通 过模拟持有红利ETF期权备兑策略，对红利ETF现券基于组合Delta值高抛低吸。自2020年以来，该复制 方式带来年化2.27%的超额收益，同时降低回撤约5%和波动约4%。 实现路径二是中证1000股指期权多 头替代策略。在期货深贴水环境下，市场对冲力量或部分转移至期权市场，期权侧易出现认沽价格相对 更高、认购价格相对更低、合成期货多头也对应贴水的状态。期权侧多头替代策略有卖出认沽、买入认 购、合成多头、合成类多头。 不择时情况下，期权侧多头替代策略较难贡献超期货多头策略的超额收 益。单腿卖出次 ...

中欧可转债基金经理李波表示，受益于市场整体的贝塔行情，今年以来可转债基金表现亮 眼。从市场驱动逻辑来看，今年股市风格对可转债较为有利，叠加纯债资产收益率走低，使 原来投资"固收+"策略的资金加速向可转债市场迁移。 【导读】 可转债基金业绩亮眼！平均净值增长率为5.6% 中国基金报记者 李树超 受益于股市回暖、结构性行情突出，可转债基金表现不俗，年内平均净值增长率达5.6%，最 高业绩增长超11%。 多位绩优可转债基金经理表示，下半年将继续关注股市结构性变化，围绕科技、红利、周期 类品种等灵活开展可转债投资。 平均净值增长率为5.6% 股市回暖，可转债基金表现抢眼。Wind数据显示，截至6月27日，全市场62只（只统计主代 码）可转债基金今年以来平均净值增长率为5.6%，明显优于去年3.36%的业绩水平。 其中，中欧可转债、华宝可转债、博时转债增强今年以来净值增长率均超过11%，宝盈融源 可转债、东方可转债等多只产品收益率超10%，斩获不错的投资回报。 高晖表示，当前，在中美贸易战趋缓、全球流动性有望再度放松、宏观经济触底的大背景 下，建议保持对转债市场的参与度，以"科技+红利+内需"的思路进行哑铃型配置。 具 ...