Group 1 - The core viewpoint of the news highlights a strong performance in the securities sector, with the CSI All Share Securities Company Index rising by 1.34% as of July 10, 2025, and specific stocks like China Merchants Securities and Hongta Securities seeing significant gains of 10.03% and 6.09% respectively [3] - The ETF fund tracking the securities index also showed positive movement, increasing by 1.38% to a latest price of 1.32 yuan, with a cumulative rise of 1.40% over the past week [3] - Dongguan Securities noted that July is a critical period for tariff negotiations and economic observations, suggesting that the external environment affecting A-shares is becoming less disruptive, which may sustain positive market sentiment [3] Group 2 - The top ten weighted stocks in the CSI All Share Securities Company Index as of June 30, 2025, include Dongfang Wealth, CITIC Securities, and Guotai Junan, collectively accounting for 60.45% of the index [3] - The management fee rate for the ETF fund is set at 0.15%, with a custody fee of 0.05%, positioning it as one of the lowest fee options in the sector [4] - The performance of individual stocks within the ETF shows varying increases, with CITIC Securities rising by 1.73% and Dongfang Wealth by 1.31%, reflecting a generally positive trend among major players [6]

证券研究报告 2025 年 7 月 9 日 星期三 【A 股市场大势研判】 大盘震荡走高，沪指逼近 3500 点 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3497.48 | 0.70% | 24.35 | | | 深证成指 | 10588.39 | 1.47% | 152.89 | | | 沪深 300 | 3998.45 | 0.84% | 33.28 | | | 创业板 | 2181.08 | 2.39% | 50.89 | | | 科创 50 | 991.95 | 1.40% | 13.66 | | | 北证 50 | 1420.99 | 1.36% | 19.07 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 通信 | 2.89% | 公用事业 ...

日本6月经济观察家前景指数 45.9，预期 45.3，前值 44.8。 ...

日本6月经济观察家现况指数 45，预期45，前值44.4。 ...

宏观研究 证 券 研 究 报 告 【每周经济观察】第 25 期 四问专项债清欠 一、此前政策如何部署？ 2024 年清欠已有进展，去年 10 月财政部在发布会上提及"2024 年以来…财政 部已经安排了1.2万亿元债务限额支持地方化解存量隐性债务和消化政府拖欠 企业账款"。从实际效果看，云南昭通市、陕西咸阳市已实现拖欠款清零。 2025 年政策明确使用新增专项债清欠，今年政府工作报告中提及"拟安排地 方政府专项债券 4.4 万亿元…重点用于投资建设、土地收储和收购存量商品 房、消化地方政府拖欠企业账款等…" 二、近期有何进展？ 随着财政部下达各地的全年债务限额，近期多地发布预算调整报告，部分省份 披露了用于清欠的专项债额度，包括：1）云南省，与预算调整前相比，新增 356 亿专项债额度用于清欠、调增用于补充政府性基金财力的额度（主要是化 债）169 亿元；调减用于项目建设的额度 270 亿元（占全年新增专项债的比重 降至 24%）。2）湖南省，第二批债务中明确用于清欠的专项债资金为 200 亿 元，占全年专项债限额约 14%。3）广西省，"今年新增债务限额共 495 亿元， 部分用于'清欠'"。 三、全年体量 ...

日本5月经济观察家前景指数 44.8，前值42.7。 ...

日本5月经济观察家现况指数 44.4，预期43.8，前值42.6。 ...

日本4月经济观察家前景指数 42.7，预期 44.6，前值 45.2。 ...

日本4月经济观察家现况指数42.6，预期44.7，前值45.1。 ...