巴克莱表示，是时候为推动科尔百货(KSS.US)、Opendoor Technologies(OPEN.US)等公司股价暴涨的 meme股热潮踩下刹车了。据悉，散户交易者不断涌入这些原本不被看好的股票，推动其股价飙升。数 据显示，自7月以来，柯尔百货已累计上涨逾69%，Opendoor更是累计上涨超440%。 这种狂热让人联想到大流行期间围绕游戏驿站(GME.US)等股票的投机狂潮。然而，这些股票上涨有多 迅猛，回落就可能有多突然。因此，巴克莱股票衍生品策略师Stefano Pascale提出了一种可能的策略： 一种在对冲基金中颇受欢迎的"分散交易"(dispersion trade)。这种策略结合了个股期权和类似标普500指 数这类宽基指数的期权合约。在这种操作中，投资者可以通过期权押注一篮子meme股的波动性将远高 于标普500指数。对于想要更明确押注最泡沫化公司的交易者而言，他们可以购买看跌期权，在这些股 票价格反转时获利。 上周，巴克莱的"股权狂热指标"——通过期权数据量化投资者情绪的工具——跃升至去年12月底以来的 最高水平。Stefano Pascale表示，"很多人可能意识到市场存在泡沫，也知道 ...

以下文章来源于深圳动漫节 ，作者深小漫 深圳动漫节 . 关注深圳动漫节，及时获取深漫相关资讯，抢先知晓最新活动！ 盛夏鹏城，动漫潮涌！一年一度的大型动漫游戏盛会—— 第十四届深圳动漫节 将于 7月25-27日 在 福田会展中心1号馆 盛大开幕，由深圳广播电 影电视集团指导，深圳市设计之都运营发展有限公司主办，深圳动漫节组委会、深圳国家动漫画产业基地承办。 这场属于所有动漫爱好者的年度盛会，将再次以创新与活力点燃深圳的夏日激情。 作为华南地区暑期 最具影响力、人气最旺、最代表性 的动漫文化盛事，深圳动漫节自2009年办展以来，始终致力于打造集展示、交流、体验、 娱乐于一体的综合性平台。2025第十四届深圳动漫节将以更加丰富多元的内容和精彩纷呈的活动，为广大市民、动漫爱好者及行业伙伴呈现一场 高水准、有特色、重互动 的文化盛宴 。 本届亮点抢先看！星光闪耀！ 2025深圳动漫节嘉宾阵容超强！ 本届深漫嘉宾阵容堪称"重磅级"！ 我们荣幸邀请到深受读者喜爱的 现象级作家水千丞 ；动画电影《哪吒》中敖丙的配音演员 瀚墨 ；大热广播剧主角 杜冥鸦&小N ，以及演员 邹 佳佳 ； 知名歌手天草_王晓佳、陈珂；Lolita博 ...

在很多人的想象里，退休意味着老年，意味着功成身退。但在Z世代的词典里，"退休"正在被重新书 写。它不再是终点，而是一种逃离，是一场提前上演的人生脱轨实验。 有人27岁存够15万，在朋友圈宣布"再也不打工"搬去大理卖咖啡、剪辑视频、摆摊卖手作；也有人在凌 晨刷着账单，开始怀疑这是不是一场自我感动式的流浪。那些曾高举"反内卷"大旗的年轻人，如今正低 头重新拾起工牌、投出简历，回到原本想要逃离的职场。 他们曾经想要自由，现在明白了自由的代价；他们以为不工作就是人生的答案，现在开始理解工作也是 一种秩序。他们不是失败者，只是更早尝试了"人生中场"的那部分真相。 他存了15万，有两门技能：剪辑和文案写作。他在小红书上看到无数"提前退休"的帖子，有人在云南开 民宿，有人在东南亚边远程工作边冲浪，还有人靠写作赚稿费、在B站接品牌合作，过得不比打工差。 他想："我为什么不可以？" 这是一些年轻人"提前退休"又"默默归队"的故事。他们在远离中发现现实，在回归中寻找平衡。也许这 不是一场告别，而是一次循环——自由，不是躺平不动，而是拥有走走停停的勇气。 01 兴奋的退场（梦开始的地方） FIRE（Financial Indepe ...

万联证券表示，整体看，预计2025年上半年A股上市公司业绩表现整体向好，高景气行业集中度较高， 上游资源品、AI及非银金融板块业绩增长幅度较大。建议关注：（1）AI产业中半导体、元件、游戏、 消费电子等细分领域业绩呈现回暖迹象，行业景气度维持高位，把握预喜方向兑现的配置机会。（2） 中报业绩披露期市场重点或聚焦基本面定价，可关注业绩兑现和中长期盈利预期提升的大盘蓝筹。 光大证券指出，A股成交量近期连续放大，说明场外观望资金持续进场，指数连创新高，赚钱效应之下 有望进一步吸引资金进场，良性循环之下，接下来指数有望延续震荡向上的态势。 A500ETF基金（512050）跟踪中证A500指数，该指数采取行业均衡配置与龙头优选双策略，中证全部 35个细分行业全覆盖，融合价值与成长属性，相比沪深300，超配AI产业链、医药生物、电力设备新能 源等新质生产力行业，具备天然的哑铃投资属性。该ETF配备了2只场外联接基金（A类：022430；C 类：022431）。 消息面上，据中证报，近期多家上市公司在发布半年报的同时，披露中期利润分配预案公告。据不完全 统计，截至7月22日，A股市场已有329家上市公司发布了筹划2025 ...

（原标题：和讯投顾李瑛：整体市场有量有价，是健康的） 7月22日，和讯投顾李瑛表示，今天整个指数创下新的阶段性高点，逼近3600点，在5连阳大涨的情况下，还是得提醒大家关注风险与机会。 现在大家看到的是上证指数的K线日线图，图中这条黄色线，是以去年10月8日985行情那天的收盘价3489为基准，当天市场放出3.2万亿的巨量。 目前，在指数5连阳的情况下，3489这个位置刚出现一个小底分型回踩，整体指数下方成交量逐步放量上涨，今天再创新高，离3600点以及去年的 高点3674只有一步之遥。整体市场有量有价，我认为是健康的。 不过，我们要弄清楚本轮上涨中的一些关键情况。本轮指数虽未创前期高点，但有两个重要板块创了新高。第一个是银行板块，今天中午跟大家 提到过，在指数未超过去年10月8日3674高点时，银行板块已创新高。今天中午我提醒过，银行板块日线出现下阴线，在指数5连阳的这5天里，银 行板块有4天在调整。目前日线出现下阴线，若切换到15分钟线，虽未出现标准或有力度的底分型等形态，但鉴于银行板块位置较高，我们还是要 谨慎观望，不要轻易进行腾挪操作。另外，给大家一组数据，昨天21号，主力资金流出106.59亿，其中 ...

Core Insights - The gaming industry is experiencing increasing concentration, with top companies dominating the most lucrative segments, attracting most user engagement with evergreen products [1] - Many companies are exploring opportunities on the Steam platform, particularly focusing on buyout games due to their stable return expectations and lower risk of loss compared to more competitive segments [2][3] Group 1: Changes in Steam's Bestsellers - The recommendation algorithm for Steam's new product festival has changed, allowing for targeted recommendations, which has led to the emergence of several retro-style small-scale hit products [5] - Domestic major companies' investments in overseas studios are starting to show results, with these studios releasing products that incorporate popular gameplay trends [6] - There is a noticeable trend of fewer original IPs among this year's bestsellers, with many being sequels to classic series or remakes, developed by teams experienced in specific gameplay styles [7] Group 2: Performance of Small-Scale Games - In the first half of 2025, 40% of the top 30 selling games on Steam were independent or AA games, indicating a decline in the dominance of traditional AAA companies [9] - Successful small-scale hit products often focus on single classic gameplay mechanics, relying on low-cost control, shareable design, and deep optimization of the experience [12] - Notable small-scale hits include "Heroes of Hammerwatch II," "The Headliners," and "Age of Darkness: Final Stand," showcasing simple yet engaging gameplay [14][15][16] Group 3: Trends in Medium and Large Games - Approximately 70% of successful medium to large games in the first half of 2025 are sequels or remakes of classic IPs, while only about 10% are new IPs created through innovative gameplay [21] - Domestic companies are increasingly focusing on buyout games, which provide stable returns and allow for the testing of new gameplay ideas [23][24] - Major companies like Tencent and NetEase are investing in promising single-player game teams to mitigate risks while developing new IPs [25] Group 4: Upcoming Trends and Predictions - The second half of 2025 is expected to see a continuation of the trend towards classic IP sequels, with players showing a strong interest in nostalgic gameplay experiences [37] - Anticipated titles include new entries in established franchises and remakes, which are likely to perform well in the market [39][40] - The market is looking for products that not only leverage established IPs but also meet modern player demands for engaging and shareable gameplay experiences [42]

每日港股評析 港股早晨快訊 2025 年 7 月 23 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指上望 26,000 點：由於美國 5 月中旬押後對等關稅 90 天，內地上半 年經濟較預期中平穩，現階段加推經濟刺激方案的意願不大，企業盈利改 善有限。不過，港股大市成交活躍，風險偏好尚算積極，資金於不同板塊 輪動。中美將啟動新一輪貿易談判，同時美國與更多國家達成協議，關稅 戰局勢緩和，恒指料上望 26,000 點關口。 TCL電子(1070)料中期經調整淨利潤按年最多增65%； 短期看好板塊 今日市場焦點 ➢ 美國 6 月成屋銷售； 宏觀焦點 ➢ 瑞典證實 將主辦新一輪中美貿易談判； 特朗普:或於未來一段時間訪華； 特朗普：與日本達成貿易協議、關稅率降至15%； 中國外匯局：上半年外資淨增持A股和基金101億美元 料未來續穩 定增長； 企業消息 ➢ 周大福(1929)首財季零售值按年跌1.9%； ASMPT(0522)中期少賺32% 息0.26元； 敏實集團(0425)與億航訂協議 研發及開展低空飛行器相關業務； 藥明合聯(2268)發盈喜 預期中期淨利潤增長逾50%； 外圍市況展望 美 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic commodity market experienced a rare daily limit surge on Tuesday, with the main contracts of six varieties, including glass, soda ash, coking coal, coke, industrial silicon, and polysilicon, closing at the daily limit. The core driving force for this rally is the continuous release of the "anti-involution" policy signal by the state, combined with the coal mine production inspection notice circulated on the same day, which triggered expectations of supply tightening [2][46]. - The international precious metal futures generally closed higher, while international oil prices slightly declined. London's base metals mostly rose, and international agricultural product futures showed mixed performance [3][4][5]. - In the financial market, A-shares continued to rise, and the Hong Kong stock market also showed an upward trend. The science and technology innovation board celebrated its 6th anniversary, and Central Huijin increased its holdings of ETFs on a large scale in the second quarter [30]. - Overseas, there are various events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel, and corporate financial reports [10][11][43]. Summaries by Relevant Catalogs Overnight Night Market Trends - Domestic commodity market: Six varieties' main contracts closed at the daily limit, and the black series continued to rise at night, with coking coal up 11% and coke up 5.29% [2]. - International precious metal futures: COMEX gold futures rose 1.10% to $3444.00 per ounce, and COMEX silver futures rose 0.83% to $39.66 per ounce [3]. - International oil prices: WTI crude oil main contract fell 0.76% to $65.45 per barrel, and Brent crude oil main contract fell 0.66% to $68.75 per barrel [4]. - London base metals: Most rose, with LME zinc up 0.53%, LME copper up 0.39%, LME tin up 0.32%, and LME aluminum up 0.21% [4]. - International agricultural product futures: Mixed performance, with US soybeans down 0.17%, US corn down 1.18%, US soybean oil down 0.59%, US soybean meal up 1.13%, and US wheat up 1.34% [5]. Important Information Macroeconomic Information - The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high-quality development of rural highways [8]. - As of the end of the second quarter of 2025, the balance of RMB loans of financial institutions was 268.56 trillion yuan, a year-on-year increase of 7.1%. The balance of RMB real estate loans was 53.33 trillion yuan, a year-on-year increase of 0.4% [8]. - The current market has no obvious unilateral expectation of RMB appreciation or depreciation, and market transactions are rational and orderly [9]. - There are various international events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel [10][11][12]. Energy and Chemical Futures - The next round of China-US talks may discuss China's purchase of Russian and Iranian oil [15]. - As of the week of July 21, the social inventory of domestic asphalt increased by 0.3%, and the factory inventory decreased by 2.6% [15]. Metal Futures - The Ministry of Industry and Information Technology will support the stable operation and high-quality development of the non-ferrous metal industry [17][18]. - China's alumina exports in June 2025 decreased by 17.71% month-on-month but increased by 8.95% year-on-year [18]. - In May 2025, the global refined copper market had a surplus of 97,000 tons, and from January to May, the surplus was 272,000 tons [18]. Black Series Futures - Some steel mills plan to raise the price of wet-quenched coke by 50 yuan/ton and dry-quenched coke by 55 yuan/ton on July 23 [20]. - The inventory of imported iron ore in 47 ports in China increased by 722,500 tons compared with last Monday [20]. Agricultural Product Futures - Russia reduced its wheat production and export volume forecasts for 2025 [22]. - Malaysia's palm oil exports in June 2025 remained high, but the inventory reached an 18-month high [23]. - It is expected that the new cotton yield per mu in 2025 will be 158.7 kg, a year-on-year increase of 2.5% [23]. - Various other agricultural product data, including soybean, pig, and sugar production and trade information [25][26][28]. Financial Market Finance - A-shares continued to rise, with the Shanghai Composite Index rising 0.62% to 3581.86 points, and the market turnover expanding to 1.93 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 0.54% to 25,130.03 points, and the southbound capital had a net inflow of HK$2.717 billion [30]. - The science and technology innovation board celebrated its 6th anniversary, with 589 companies listed, raising a total of 925.7 billion yuan in IPOs and 186.7 billion yuan in refinancing [30]. - Central Huijin increased its holdings of ETFs by over 200 billion yuan in the second quarter [32]. - Overseas institutions mainly surveyed companies in the electronics, machinery, pharmaceutical, and non-ferrous metal industries in July [32]. - Zhongyou Insurance triggered a mandatory tender offer by buying 726,000 shares of Green Power Environmental Protection H shares [32]. - The Shanghai Stock Exchange took regulatory measures against abnormal trading behavior in *ST Yazhen [32]. - The Shanghai Stock Exchange and China Securities Index Company will launch the Shanghai Science and Technology Innovation Private Enterprise Index and the Shanghai Science and Technology Innovation Private Enterprise Strategy Index on July 23 [33]. - SenseTime plans to enter the field of embodied intelligence [33]. Industry - The National Data Administration has guided the construction of data annotation bases in 7 cities and plans to layout data industry agglomeration areas in the second half of the year [34]. - 127 domestic games and 7 imported games obtained game licenses in July [36]. - The game "Late Ming: Feather of the Abyss" topped the Steam bestseller list [36]. - The news of "Beijing banning fuel vehicles from ride-hailing platforms" was false [36]. - China's shipbuilding industry maintained its global leading position in the first half of the year [36]. - Telecommunication business revenue in the first half of the year was 905.5 billion yuan, a year-on-year increase of 1% [37]. Overseas - Trump called for the Federal Reserve to cut interest rates and said that Fed Chairman Powell would leave office soon [38]. - US Treasury Secretary Yellen said that tariff revenue was "huge" and supported Powell to complete his term [38]. - Various international events, including trade negotiations, policy statements, and corporate financial reports [38][40][43]. International Stock Markets - US stocks closed mixed, with the Dow Jones rising 0.4%, the S&P 500 rising 0.06%, and the Nasdaq falling 0.39% [43]. - European stocks closed mixed, with the German DAX falling 1.09%, the French CAC40 falling 0.69%, and the UK FTSE 100 rising 0.12% [43]. - Coca-Cola's second-quarter adjusted revenue and earnings per share were better than expected [43]. - General Motors' second-quarter revenue and net profit declined [44]. - Lockheed Martin's second-quarter net sales and operating profit were lower than expected, and it lowered its full-year earnings per share forecast [45]. Commodities - Similar to the overnight night market trends, the domestic commodity market had a daily limit surge, and international precious metal, oil, and base metal futures showed different performances [2][3][4][46]. - Russia maintained its forecast for grain production and export volume [48]. Bonds - The domestic bond market was weak, with treasury bond futures closing down [49]. - As of the end of June, overseas institutions held 4.23 trillion yuan of interbank market bonds, accounting for about 2.5% of the total [50]. - The Asian Infrastructure Investment Bank successfully issued a 20 billion yuan panda bond [50]. - Japanese government bond yields attracted record foreign capital inflows [52]. - US bond yields declined across the board [52]. Foreign Exchange - The RMB appreciated by 1.9% against the US dollar in the first half of the year, and the market had no obvious unilateral expectation [53]. - The onshore RMB against the US dollar rose 12 points, and the offshore RMB rose 5 points [54][55]. - The US dollar index fell 0.49%, and most non-US currencies rose [54]. Upcoming Events - There are various events scheduled for July 23, including central bank operations, press conferences, and industry exhibitions [56].

日 经 Gaming 是 2025 年 7 月 创 刊的" 以商 业视 点 出 发 的游 戏 媒体"。 日 经 BP 利用在 经营 、技 术 、消 费 、 营销 各 领 域培养的采 访 力、信息 发 布力，从商 业 的角度 出 发 ， 发 布游 戏 及其周 边产业 的最新 动 向、商 业 模式。 游 戏 ， 电竞 企 业 自不必 说 ， 也将采 访 跟踪将 这 些 业务 融入 其他 产业 的最新 动 向、商 务 模 式、技 术 。 以下文章来源于日经Gaming ，作者日经Gaming 日经Gaming . 日经 Gaming 是日经 BP 旗下专业游戏媒体。以商务视点出发，经营、消费、营销为切口，传递游戏及 关联领域的最新动向。 编者荐语： 阅读更多内容请点击下方" 阅读原文 " 日经Gaming是2025年7月创刊的"以商业视点出发的游戏媒体"。日经BP利用在经营、技术、消费、营销 各领域培养的采访力、信息发布力，从商业的角度出发，发布游戏及其周边产业的最新动向、商业模 式。 （本文由FT中文网提供） ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 1% 7% 13% 18% 24% 30% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,581.86 | 0.62 | | 深证成指 | | 11,099.83 | 0.84 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,118.96 | 0.82 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,915.63 | 1.10 | | 中证 | 500 | 6,213.41 | 0.85 | | 中证 | 1000 | ...