晨会纪要（R3） 晨会纪要 2025 年 07 月 31 日 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | | 晨会聚焦 | | | --- | --- | | 一、财信研究观点 | | | 【市场策略】大盘冲高回落，红利方向反弹 | | | 【基金研究】基金数据日跟踪 | | | 【债券研究】债券市场综述 | | | 二、重要财经资讯 | | | 【宏观经济】中共中央政治局召开会议 | | | 【宏观经济】央行公开市场开展 3090 亿元 7 天期逆回购操作 | | | 【财经要闻】国务院新闻办公室举行新闻发布会，介绍育儿补贴制度及 | | | 生育支持措施有关情况 | | | 【财经要闻】国家发改委：在需要长期布局的领域更好发挥基金作为长 | | | 期资本、耐心资本的跨周期和逆周期调节作用 | | | 三、行业及公司动态 | ...

创新探索"公交+医疗"服务模式。5月，无锡在江大附属医院南院区上线全市首个医院版"巴士邻居"，市 民就诊完毕，便可直接走进门诊大楼门前由公交车改造的休憩驿站，通过"无锡云公交"小程序花3元预 约"动态公交"回家。目前，"巴士邻居"订单每天保持在40个左右，"动态公交"日均接送就医市民约50人 次。以"驿站+叫车"组合模式，无锡正打通从"家门"到"院门"公共出行"最后100米"。 本报讯(记者李顺顺)7月10日，全国首条开进医院的智驾公交线在无锡正式上线。作为1.8公里就医专 线，公交微巴43号线(江南大学附院智驾线)精准对接地铁出站口至医院门诊楼，实现市民公共交通出 行"一站就医"。 公交微巴43号搭配了全套硬件智能设备及后台高阶算法，具备L4级驾驶能力的自动驾驶。该线路从地 铁长广溪站出发，途经震泽路、蠡湖大道等，进入江大附属医院内部，全程约5分钟，真正做到一站就 医且无需预约，有需要的市民可在站台直接上车，试运行期间暂不收费。 ...

还有上涨空间吗？ 港股市场在年内表现领先全球后，近几个交易日波动开始加大。其中7月30日，恒生指数收盘下跌1.36%，创出近一个多月来最大单日跌幅。 在波动加大后，港股市场后续还有机会吗？ 年内港股表现领先全球 在2024年触底回升后，2025年以来港股市场再接再厉，总体强劲上行，并领先于全球主要股市。 2025年以来，港股市场恒生指数年内累计上涨超过25%，明显超过同期美、日、欧等主要市场股市表现。数据显示，当地时间年初至7月29日，美股市场道琼斯工业 指数累计上涨4.91%，纳斯达克综合指数累计上涨9.26%，标准普尔500指数累计上涨8.32%。此外，日本股市中，日经225指数2025年以来累计上涨1.91%。 另外，港股市场主要指数年内表现也优于同期A股市场主要指数表现。数据显示，2025年以来，上证指数累计涨幅为7.88%。 不过，在经历连续上涨后，港股市场近几个交易日上行遇阻，波动也明显加大。其中7月30日 ，恒生指数下跌1.36%，创出近一个多月来最大单日跌幅。 几大积极因素推动港股走强 对于推动年内港股市场持续走强，并优于其他主要股市的主要因素，保银投资总裁、首席经济学家张智威在接受证券时报记 ...

Core Viewpoint - The article highlights the achievements and progress made by Liaocheng in implementing the "14th Five-Year Plan," showcasing significant advancements in economic and social development over the past five years [1] Economic and Social Development - Liaocheng has exceeded expectations in nine key indicators, including fixed asset investment growth and the ratio of R&D expenditure to GDP, while 13 other indicators, such as GDP and fiscal revenue growth, have met expectations [1] - The city has adopted a "6293" work approach, leading to groundbreaking progress and transformative changes in building a modern socialist city [1] Industrial Structure Optimization - Since the beginning of the "14th Five-Year Plan," Liaocheng has added 651 high-tech enterprises and 1,092 technology-based SMEs, ranking third in the province for R&D investment for three consecutive years [2] - The city has established 12 high-standard industrial chains and created three national-level industrial clusters, significantly enhancing industrial development capabilities [2] Effective Demand Expansion - Over 3,900 key projects have been implemented, with major infrastructure developments such as the approval of Liaocheng Airport and the opening of the Jizheng High-speed Railway [3] - Continuous investment in transportation infrastructure has exceeded 10 billion annually for four years, stimulating domestic demand through various economic initiatives [3] Reform and Opening Up - Liaocheng has optimized its business environment, with three new companies listed, bringing the total to seven [4] - The city has deepened cooperation with regions like Beijing and made significant strides in logistics efficiency through the establishment of the Luwest International Land Port [4] Green and Low-Carbon Transition - The city has implemented a three-year action plan for green and low-carbon development, successfully creating a national circular economy demonstration city [5] - Renewable energy projects have expanded, with a 30% share of installed capacity from new energy and a significant reduction in energy consumption per unit of GDP [5] Urban-Rural Integration Development - The establishment of new districts and urban renewal projects has improved the city's infrastructure and aesthetics, earning the title of "National Civilized City" [6] - High-standard farmland construction and rural revitalization initiatives have been prioritized, leading to increased agricultural productivity and brand recognition [6] Enhancing Public Welfare - The city has prioritized public welfare, with over 70% of expenditures directed towards social services, including education and healthcare [7] - Significant investments in educational infrastructure and healthcare services have improved access and quality for residents, enhancing overall community well-being [7]

Group 1 - The ETF market showed mixed performance with the Hong Kong Stock Connect innovative drug ETF (520880) leading the gains at 6.00% [2] - The Hong Kong medical ETF (159366) increased by 3.85%, while the Hang Seng Medical ETF (159557) rose by 3.01% [2] - The Hong Kong automotive ETFs experienced declines, with the leading drop at 2.76% for the Hong Kong automotive ETF (520600) [2]

产业投资价值是衡量企业在产业链生态中的协同能力、技术潜力与长期发展 前景等方面的综合价值，是产业投资人评估和决策的核心依据。产业投资不 仅评估企业当下的盈利能力，更强调企业技术积累、创新能力，关注企业在 产业链中的功能性角色和系统性价值，具有明显的战略导向和长期性特征 随着我国数字经济快速发展和新一轮科技革命的纵深推进，传统的产业关系 正在被深刻重塑。在新发展环境下，上市公司的产业价值，不再仅仅取决于 其是否身处风口产业，而是更多地取决于其能否主动识别并重新定义自身的 产业角色与战略定位 上市公司尤其是传统产业上市公司，要主动把握产业格局深度演变带来的四 大机遇，打破固有路径依赖，重构企业新的核心竞争力：一是紧抓数字经济 机遇，在新型产业结构中提升产业投资价值；二是把握新需求特征，在新型 供需关系中提升产业投资价值；三是发挥网络枢纽优势，在流量价值转化中 提升产业投资价值；四是把握产业时代特征，在传统产业与新兴产业轮动中 提升产业投资价值 金 融投资价值、产业投资价值及多元社会投资价值共同构筑了上市公司综合价值 内涵。对于其中希望获得产业资本青睐的上市公司而言，产业投资价值是最核心、最 应关注的价值维度。 长 ...

Group 1 - Huakang Clean (301235.SZ) released its semi-annual report for 2025 on July 30, 2025, with 10 institutional investors holding a total of 19.8267 million shares, accounting for 18.78% of the total share capital [1] - The top ten institutional investors include Sunshine Life Insurance Co., Ltd. - Dividend Insurance Product, Wuhan Kanghui Investment Management Center (Limited Partnership), and several others, with their combined holding ratio increasing by 0.56 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Nuon An Multi-Strategy Mixed A, increased its holdings by 0.20%, while two new public funds were disclosed, including Anxin Medical Health Stock A and China Merchants CSI 1000 Index Enhanced A [2] - In the insurance capital sector, Sunshine Life Insurance Co., Ltd. - Dividend Insurance Product reduced its holdings by 1.0% compared to the previous quarter [2] - Three new foreign institutional investors were disclosed, including BARCLAYS BANK PLC, J.P. Morgan Securities PLC - proprietary funds, and Goldman Sachs LLC [2]

对于提振消费，香港科技大学教授、经济学家金刻羽建议，一是提高劳动收入份额，比如与生产率挂钩 的工资；二是将财政支持从企业转向家庭；三是投资于能创造中产阶层就业岗位的服务业，如医疗、教 育、物流等；四是改革税收和转移支付制度，以利于工薪家庭；五是加强社会保障托底。此外，金刻羽 还建议，可以考虑将消费和工资增速纳入地方政府考核体系，这是扭转"重生产、轻生活""重投资、轻 消费"发展惯性的关键制度创新。（智通财经） ...

Group 1 - The establishment of China Chang'an Automobile Group focuses on the automotive industry, aiming to develop intelligent automotive robots and embodied intelligence, with 117 subsidiaries including 5 listed companies [1] - Mergers and acquisitions (M&A) have become a significant method for both state-owned and private enterprises to optimize resource allocation, with notable examples including China Shipbuilding's merger with China Shipbuilding Industry Corporation and Guotai Junan's merger with Haitong Securities [1] - The Chinese economy is transitioning from scale-driven growth to innovation-driven high-quality development, prompting enterprises to adopt M&A strategies to optimize resource allocation and accelerate industrial transformation [1] Group 2 - In the first half of 2025, the Chinese M&A market completed 1,397 transactions, a year-on-year increase of 10.09%, with disclosed transaction amounts totaling $88.87 billion, up 31.07% [2] - M&A activities are primarily focused on integrating upstream and downstream industries, enhancing business collaboration, particularly in sectors like electronic information, healthcare, finance, and manufacturing [2] - Examples of successful M&A include Haiguang Information's merger with Zhongke Shuguang, achieving full-chain integration in high-end computing and storage, and Jiaozuo Wanfang's acquisition of Cayman Aluminum to form a complete aluminum material industry chain [2] Group 3 - Some traditional enterprises are pursuing cross-border M&A to achieve industrial transformation, especially in sectors lacking high-tech capabilities [3] - Local state-owned enterprises are becoming key players in the M&A market, with 13 transactions involving private or individual enterprises transitioning to state-owned transactions in the first half of 2025 [3] - Local governments are now significant forces in promoting industrial transformation, enabling deep resource integration and the creation of regional industrial clusters or industry leaders [3] Group 4 - M&A is viewed as an effective means to alleviate overcapacity, enhance industrial efficiency, and achieve economies of scale, promoting market competition and resource allocation efficiency [4] - Recent policies from the China Securities Regulatory Commission aim to facilitate M&A activities, with local governments also announcing supportive measures, enhancing the role of the capital market in M&A [4] - The focus on M&A is expected to improve the value of listed companies, drive industrial upgrades, and support the development of new productive forces [4]

美股盘初，主要行业ETF涨跌不一，半导体ETF涨1.5%，科技行业ETF涨1.1%，医疗业ETF跌1.5%。 （文章来源：华尔街见闻） ...