Core Viewpoint - The stock of Everbright Jiabao Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 9 to July 11, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1][4][6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of CNY 1,817,734,805.35, a decrease of 58.59% compared to the previous year. The net profit attributable to shareholders was -CNY 1,394,338,884.70, and the net profit after deducting non-recurring gains and losses was -CNY 1,511,103,796.23 [2][6]. - In the first quarter of 2025, the company achieved a revenue of CNY 310,713,649.40, down 9.05% year-on-year, with a net profit of -CNY 118,220,254.22 and a net profit after deducting non-recurring gains and losses of -CNY 124,695,272.81 [2][6]. Shareholder Actions - The company disclosed a share reduction plan by its major shareholders, Shanghai Jiading Jianye Investment Development Co., Ltd. and its concerted party, Shanghai Jiading Technology Investment (Group) Co., Ltd., intending to reduce their holdings by up to 14,996,854 shares, not exceeding 1% of the total share capital, within three months after the announcement [3][6]. Market Position - As of July 11, 2025, the company's price-to-book ratio was 1.62, which is higher than the industry average of 0.82 for the "K70 Real Estate" sector [2][5][6]. Operational Status - The company confirmed that its production and operational order remains normal, with no significant changes in the internal and external operating environment [4][5].

杨受成和旗下艺人容祖儿、谢霆锋。 根据财报，英皇国际全年总收入为13.76亿港元，同比增长41.5%，主要由于物业发展销售收入大幅增加352.2%至6.41亿港元。 近日，英皇国际公布全年度业绩，披露截至2025年3月底，该集团亏损达48.4亿港元，且合共166亿港元的银行借贷已逾期。英皇国际为香港商业大亨杨受成 掌舵的集团公司，谢霆锋、容祖儿、李克勤、古巨基、Twins等均为杨受成旗下艺人。 | 財務概要 | | | | --- | --- | --- | | | 截至3月31日止年度 | | | | 2025年 | 2024年 | | 持續經營業務 | 千港元 | 千港元 | | | | (經重列) | | 總收入 | 1,375,878 | 972.553 | | 物業發展 | 641,186 | 141.773 | | 物業投資 | 734,692 | 830,780 | | 投資物業公允價值(虧損) | (1,540,936) | (1,298,022) | | 息税折舊及攤銷前利潤1 | 454,372 | 558,515 | | 本公司擁有人應佔(虧損) | (2,320,872) | (2,0 ...

（一）国内要闻 【财政部部长蓝佛安出席2025年金砖国家财长和央行行长会议】2025年金砖国家财长和央行行长会议7月5日在巴西里约热内卢举行，财政部部长 蓝佛安出席会议并发言。蓝佛安表示，中方愿同各方共同深化金砖财金合作，积极推进可持续发展进程，为实现更加"强劲、绿色、健康"的全球 发展提供助力。中方愿同各方一道支持金砖国家新开发银行运营发展，开启新开行高质量发展的第二个"金色十年"，助力全球南方国家走好现代 化道路。另据消息，金砖国家新开发银行宣布，批准哥伦比亚和乌兹别克斯坦成为该银行正式成员。 一、债市要闻 【内容摘要】7月4日，资金面充盈宽松，主要回购利率继续下行；银行间主要利率债走势有所分化，中短端延续下行，长端小幅上行；转债市场 跟随权益市场有所分化，转债个券多数下跌；主要欧洲经济体10年期国债收益率走势分化。 【新版人民币跨境支付系统业务规则公开征求意见】7月4日，央行发布关于《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见的通 知。《业务规则》明确规定了CIPS参与者的账户管理、注资、资金结算等详细流程。随着CIPS功能和服务的持续优化，有必要调整《业务规 则》相关内容，仅对参与者业务行 ...

Table_First|Table_Summary 固收定期研究 2025 年 7 月 6 日 【华福固收】7 月信用债投资策略思考 ➢ 7月信用债投资策略思考 展望后市，考虑到抢出口放缓及前期已透支需求，出口可能阶段性走弱，后续关税谈判 存在不确定性，而国内各类对冲政策效果有待观察，央行可能通过重启国债买卖实现流 动性投放，因此我们判断7月甚至三季度机构风险偏好降低，债市整体基调仍是震荡偏 多。但从稍长时间看，国内"内卷式"竞争问题受到中央及多个行业协会关注、欧洲财 政扩张提振经济预期，叠加债市2024年的趋势型下行已透支了后市的行情，因此后续债 市下行空间可能有限。 ➢ 风险提示：行业面临政策不及预期风险、基本面下行风险、信用风险蔓延。 团队成员 分析师: 徐亮 执业证书编号： S0210524040003 邮箱：xl30484@hfzq.com.cn Table_First|Table_Contacter 分 析 师 : 梁克淳 梁克淳 执业证书编号： S0210524060002 邮箱：lkc30514@hfzq.com.cn 在上述判断的基础上，信用债价值凸显，且随着信用债ETF增长与"存款搬家"行 ...

近年来，中国居民储蓄意愿显著增强。 央行数据显示，今年1至7月新增住户存款高达11.09万亿元，叠加去年年末120万亿元的住户存款余额，截至7月末， 全国住户存款余额已突破131.09万亿元。考虑到中国约有14.12亿人口，这意味着人均存款达到惊人的9.28万元。 然而，这巨额的储蓄背后，隐藏着中国家庭 财富分配的巨大不平衡。 超过50万元存款的家庭，在中国仅占0.37%，约518万人。这意味着一大部分中国家庭的存款远低于这一水平。这一现象的背后，并非简单的储蓄意愿不 足，而是多种因素共同作用的结果。 首先，高额房产贷款是压垮众多家庭存款的主要因素。过去十年，中国居民负债率持续攀升，房价居高不下催生了庞大的房贷市场。接近39万亿元的居民房 贷规模，以及超过4亿人参与房贷偿还的现实，意味着大量家庭的月收入被房贷吞噬，难以积累可观的储蓄。每月还款压力巨大，仅能维持基本生活，更遑 论攒下超过50万元的存款。 最后，年轻一代的消费理念和负债模式，也深刻影响着他们的储蓄能力。 消费升级和便捷的信贷服务，导致了"负债消费"现象的普遍存在。 数据显示，近 90%的90后背负债务，人均负债高达12.7万元。 对于这部分年轻人 ...

Group 1 - The report indicates that the US stock market has rebounded significantly due to signs of easing in the US-China trade war, with the S&P 500 rising approximately 5% year-to-date and the Nasdaq 100 increasing nearly 7% [12][13] - Despite the rebound, the report highlights that the small-cap Russell 2000 index remains down about 1%, indicating a divergence in market performance [12] - The report notes that the global stock indices, excluding the US, have outperformed the US market, with the world index rising 17% year-to-date, driven by a weaker dollar and capital outflows due to de-dollarization [12][13] Group 2 - The report discusses the ongoing US-China trade negotiations, which have shown signs of temporary easing, but structural differences remain significant, leading to uncertainty in future negotiations [13] - It highlights that the US economy experienced a contraction in the first quarter of 2025, with GDP growth at -0.5%, primarily due to a surge in imports and a slowdown in consumer spending [17][18] - The report emphasizes that retail sales data for May fell short of expectations, with a 0.9% month-over-month decline, indicating a cautious consumer sentiment [22][23] Group 3 - The report outlines that the US job market is showing mixed signals, with job vacancies at 7.769 million but a decline in private sector job creation, reflecting a cautious outlook among employers [32][37] - It notes that the US housing market is under pressure, with new home sales dropping significantly, attributed to high prices and mortgage rates, leading to weakened demand [48][49] - The report also mentions that inflationary pressures are emerging, with core consumer price index data indicating a potential rise in inflation, which could complicate monetary policy decisions [58][59] Group 4 - The report suggests that global capital is shifting away from US dollar assets towards non-dollar markets, benefiting Hong Kong stocks and indicating a trend of de-dollarization [79][84] - It highlights that European and Japanese economies are showing signs of recovery, with improving macroeconomic indicators and investor sentiment, although uncertainties remain due to US trade policies [89][90] - The report recommends investors to consider increasing allocations to Hong Kong, European, and Japanese markets, as valuations are relatively lower compared to the US market [90]

2025年下半年，中国经济面临通缩压力，这将引发四类主要商品的降价潮，为消费者带来实惠。让我们深入探讨这波降价潮背后的原因和影响。 一、猪肉价格持续走低：亲民价时代的来临 今年猪肉价格一路下探，已从最高峰的30多元/斤跌至16-17元/斤，并预计仍有下调空间。这主要源于两个因素：首先，养猪行业竞争激烈，供过于求的市场 现状导致价格下跌。其次，现代人越来越注重健康饮食，猪肉的高脂肪含量使其在肉类消费市场中逐渐被鸡肉、牛肉、鱼肉等替代，进一步压低了猪肉价 格。这对于普通民众而言无疑是好消息，降低了生活成本支出。 五、通缩背景下的消费市场：机遇与挑战并存 2025年中国经济进入通缩周期，居民消费价格指数（CPI）同比下降0.1%。居民收入下降、消费需求萎缩是导致通缩的主要原因。人们对未来收入增长预期 谨慎，消费意愿低迷，进一步加剧了市场低迷。 然而，这波通缩也为消费者带来了机遇：房价、汽车、家电、猪肉等商品价格下降，提高了居民的购买 力，改善了生活品质。但同时，我们也需要关注通缩对经济长期发展的影响，寻找平衡点以促进可持续的经济增长。 " 三、汽车市场价格战白热化：新能源冲击与市场竞争加剧 2025年，汽车市场陷入 ...

国宝人寿9.09%股权遭拍卖易主 金十数据7月1日讯，国宝人寿发布公告称，浙江恒嘉控股有限公司通过参与公开拍卖竞拍的方式，以起 拍价2.17亿元竞得重庆金阳房地产开发有限公司所持国宝人寿1.8亿股股份，占公司总股份的9.09%。国 宝人寿表示，上述变更股东事项待监管部门批准后生效。 ...

[Table_ReportDate] 2025 年 06 月 30 日 [Table_ReportName] 证券研究报告 —策略深度报告 分析师：杨欣（分析师） 联系方式：0871-63577941 邮箱地址：yangxin@hongtastock.com 资格证书：S1200522090001 [重点是企业盈利 Table_Title] ：6 月经济综述 报告摘要 [Table_Summary] 经济数据表现与企业利润现状：尽管全球贸易摩擦成本上升，但 5 月中国经济数据展现出较强韧性，社会零售总额同比增长 6.3%，工业 增加值同比增速 5.8%，二季度 GDP 增速有望维持在 5.2%左右，全年 完成 5%的增长目标难度不大。然而，1-5 月工业企业利润同比-1.1%， 较上月下滑 2.5 个百分点，从基本面量的企稳转化为企业利润回升面临 多重挑战。 企业利润下滑的原因分析：企业利润走弱的关键原因在于价格低 迷，1-5 月 PPI 累计同比-2.6%，5 月单月同比-3.3%，导致工业企业利 润率同比下跌 4.24%。供给端方面，过去几年制造业投资持续高于固定 资产投资整体，带来的产能扩张多与高技术部 ...

Group 1 - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on providing a high-end platform for Chinese companies to address challenges in international expansion and explore collaborative transformation paths in the context of global supply chain restructuring [1] Group 2 - The Asian Infrastructure Investment Bank (AIIB) established its first overseas office in Abu Dhabi, driven by the need for international travel during the pandemic and the UAE's strategic location for accessing key markets in Africa, the Middle East, Central Asia, and South Asia [3] - The Middle East, particularly the Gulf region, is actively promoting economic diversification, moving away from oil dependency towards sectors like tourism and investment, exemplified by Dubai's iconic projects [3] - Abu Dhabi is replicating Dubai's success through projects like cultural and entertainment islands, with significant impacts on local real estate, as seen when Disney's announcement led to a doubling of property prices [3] - Countries like Saudi Arabia and the UAE are focusing on renewable energy, high technology, AI, data infrastructure, and logistics, presenting investment opportunities for companies [3]