7月9日，沪指下跌0.13%，深成指下跌0.06%，创业板指上涨0.16%，沪深300指数下跌0.18%。可交易A 股中，上涨的有1856只，占比34.33%，下跌的3327只。 资金面上，今日主力资金全天净流出385.36亿元。其中，创业板主力资金净流出130.82亿元；科创板主 力资金净流出30.36亿元；沪深300成份股主力资金净流出76.98亿元。 分行业来看，申万所属的一级行业中，今日上涨的有17个，涨幅居前的行业为传媒、农林牧渔，涨幅为 1.35%、0.65%。跌幅居前的行业为有色金属、基础化工，跌幅为2.26%、0.85%。 行业资金流向方面，今日仅有3个行业主力资金出现净流入，传媒行业上涨1.35%，全天净流入资金 10.55亿元；商贸零售行业上涨0.48%，全天净流入资金8.64亿元；建筑装饰行业上涨0.37%，全天净流 入资金4033.97万元。 主力资金净流出的行业有28个，电子行业主力资金净流出规模居首，今日下跌0.82%，全天净流出资金 77.89亿元，其次是有色金属行业，今日跌幅为2.26%，净流出资金为54.12亿元，净流出资金较多的还 有电力设备、基础化工、非银金融等行业。 今 ...

Core Viewpoint - The "Passionate Zhejiang Summer Happy Consumption" action plan aims to leverage Zhejiang's unique resources to boost consumption in key sectors such as cultural tourism, sports events, night economy, dining services, and agricultural leisure, with a target of over 2000 promotional activities during the summer months of July and August [1] Group 1: Cultural and Tourism Initiatives - Launch of the "Colorful Summer, Fun in Zhejiang" cultural and tourism consumption season, featuring ten themed products and hundreds of family-friendly study travel routes [1] - Implementation of the "Travel with Transportation" initiative, offering various travel experiences including water routes and scenic self-driving tours [1] - Promotion of the "Follow the Movie to Taste Zhejiang" summer consumption season with provincial movie consumption vouchers and discounts for movie ticket holders [1] Group 2: Sports Consumption Upgrades - Hosting major international and domestic sports events such as the 2025 World Volleyball League and the National Athletics Championships, with accompanying "accommodation + cultural tourism" packages [7] - Launch of the "Follow the Events to Explore Zhejiang" initiative to promote sports events in scenic areas and commercial districts [8] - Encouragement of youth sports training and special summer discounts at public sports venues [9] Group 3: Night Economy Development - Initiation of the "Shop in China, Enjoy the Night Life in Zhejiang" consumption season, promoting various night-time activities and creating over 100 unique night markets [11] - Encouragement for cultural, shopping, and entertainment venues to extend their summer operating hours and offer exclusive night-time discounts [12] Group 4: Dining and Retail Enhancements - Launch of initiatives to enhance dining experiences, including smart ordering and online payment systems, and special offers for students and teachers [13] - Promotion of new retail experiences through the establishment of pop-up stores and limited-time product launches in commercial areas [14][15] Group 5: Digital Consumption Activation - Introduction of summer e-commerce vouchers for local products, encouraging major e-commerce platforms to offer discounts and create themed shopping events [19] - Organization of the 2025 provincial live-streaming e-commerce competition to stimulate summer consumption [20] Group 6: Rural Consumption Revitalization - Organization of promotional activities for local specialties and agricultural tourism, aiming to attract over 25 million visitors to rural leisure activities [21] - Exploration of integrated operation models combining events, festivals, and markets to enhance rural experiences [22]

Group 1 - Shenzhen's "old for new" consumption policy has benefited over 11 million people and facilitated the replacement of 78,000 vehicles as of June 30 this year [1] - The "old for new" initiative has generated sales of 36.7 billion yuan in automotive, home appliances, and digital products by mid-June [1] - Various districts in Shenzhen are supporting consumption in sectors like dining, retail, and health through initiatives such as CityGo and electronic consumption vouchers [1] Group 2 - Shenzhen prioritizes boosting consumption and has actively developed "new consumption" with a vibrant market and diverse consumption scenarios [2] - The "2025 Shenzhen New Consumption Season" features over 450 events aimed at unlocking new urban experiences and enhancing consumer engagement [2] - The ongoing "2025 Shenzhen Summer Consumption Season" focuses on integrating AI technology with cultural trends to create immersive shopping experiences [4]

布雷顿森林体系解体后，美元的储备货币系统由美元和美债共同构建。美元 执行交易媒介功能，美债执行价值储藏功能。随着美国赤字失控，后者已经 失去原有职能，被黄金取代。美债与黄金、美股等各类资产的估值脱钩。 这意味着，定价层面：1）美债将从溢价资产变为折价资产。美债过往收益 率长期低于合理估值（预期通胀＋预期经济增速）；未来，合理估值或将是 收益率的下限。2）黄金和美债总市值的走势长期一致，但前者长期低于后 者。未来，随着美债被黄金替代，黄金总市值应超越美债总市值。3）股债 风险溢价不再对股票估值有约束力。 目标价：我们认为 20Y 美债收益率的底线将是 4.35%，2025 年目标收益率 4.9%-5.2%，建议规避。同期，黄金目标价为 3500 美元/盎司；若黄金市值 追平美债，黄金价格将达到 4400 美元/盎司，建议持有。 美股长牛由货币驱动，逻辑不易打破... 证券研究报告 | 2025年07月01日 美股 2025 年中期策略 弱于大市 货币视角下的美元资产展望 美债失去价值储藏功能，黄金将取而代之 美股的长牛是货币现象：1）从资金流看，美国的长期经常账户逆差必然需 要资本账户顺差实现闭环，因此美股总是 ...

证券时报·数据宝统计，今日有10个行业主力资金净流入，21个行业主力资金净流出。资金净流入金额 最大的行业为国防军工，涨跌幅4.35%，整体换手率4.70%，成交量较前一个交易日变动13.64%，主力 资金净流量33.15亿元；今日资金净流出最大的行业为非银金融，涨跌幅-0.77%，整体换手率1.69%，成 交量较前一个交易日变动-35.15%，主力资金净流量-25.80亿元。（数据宝） 今日各行业主力资金流向一览 | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 国防军 | 50.78 | 13.64 | 4.70 | 4.35 | 33.15 | | 工 | | | | | | | 传媒 | 46.05 | 20.53 | 3.15 | 2.82 | 14.41 | | 商贸零 售 | 27.82 | -10.79 | 2.30 | 1.23 | 9.37 | | 汽车 | 55.73 | -0.31 | ...

Market Overview - The A-share market continues to rebound with increased trading volume, and the Shanghai Composite Index reached a new high for the year at 3455.97, up by 1.04% [1][3] - The Shenzhen Component Index rose by 1.72% to 10393.72, while the ChiNext Index increased by 3.11% to 2128.39, indicating strong market performance across various indices [1][3] Sector Performance - The top-performing sectors include Non-bank Financials (up 4.46%), Defense and Military (up 3.36%), and Computers (up 2.99%) [2] - Conversely, the worst-performing sectors were Coal (down 1.00%), Oil and Petrochemicals (down 0.57%), and Transportation (down 0.21%) [2] Concept Index Performance - Leading concept indices included Internet Insurance (up 4.17%), Futures Concept (up 4.12%), and Domestic Aircraft Carriers (up 3.92%) [2] - The lagging concept indices were Combustible Ice (down 1.25%), Glyphosate (down 0.78%), and Russia-Ukraine Conflict Concept (down 0.69%) [2] Future Outlook - The market is expected to maintain its upward trend, supported by strong performance in the financial sector and a favorable macroeconomic environment [4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan from the previous trading day, indicating heightened investor activity [4] - Analysts suggest focusing on sectors such as finance, machinery, consumer goods, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [4]

Economic Overview - Hubei province's economy shows a stable and improving trend in the first five months of the year, with industrial production growing steadily, fixed asset investment expanding, and a vibrant consumer market [1][2] - The province's GDP growth is supported by high-quality development outcomes [1] Industrial Growth - The industrial added value above designated size in Hubei increased by 8.1% year-on-year, surpassing the national average by 1.8 percentage points [2] - High-tech manufacturing leads the growth with an added value increase of 17.4%, contributing 31.3% to the overall industrial growth [2] - Specific sectors such as computer, communication, and other electronic equipment manufacturing grew by 17.7%, while electrical machinery and equipment manufacturing rose by 20.0% [2] Investment Trends - Fixed asset investment in Hubei grew by 6.2% year-on-year, exceeding the national growth rate by 2.5 percentage points [2] - Manufacturing investment surged by 12.6%, while infrastructure investment increased by 2.2% [3] - Private investment grew by 6.9%, and when excluding real estate development, it increased by 11.3% [3] Consumer Market Dynamics - The total retail sales of consumer goods reached 10,798.75 billion yuan, with a year-on-year growth of 7.7%, outpacing the national average by 2.7 percentage points [4] - The "trade-in" policy has stimulated consumption, with retail sales of household appliances and audio-visual equipment rising by 32.8% and furniture by 37.5% [4] - Online retail sales grew by 26.8%, indicating a robust shift towards e-commerce [4] Foreign Trade Performance - Hubei's total import and export value reached 328.74 billion yuan, a year-on-year increase of 26.9%, significantly higher than the national average of 24.4% [4] - Exports amounted to 238.37 billion yuan, growing by 36.3%, while imports increased by 7.4% to 90.37 billion yuan [4] Fiscal and Financial Stability - Local general public budget revenue for the first five months was 189.31 billion yuan, reflecting a year-on-year growth of 7.0% [5] - Financial institutions in Hubei reported a total deposit balance of 9,883.30 billion yuan, a growth of 9.9% compared to the beginning of the year [5]

近日，《广州市提振消费专项行动实施方案（征求意见稿）》（以下简称"征求意见稿"）公开征求意 见。 征求意见稿提出，有序减少消费限制。 优化房地产政策，全面取消限购、限售、限价，降低贷款首 付比例和利率。 更好满足住房消费需求。扎实推进城中村及老旧小区改造，2025年计划推进新开工 老旧小区改造超150个，更新住宅老旧电梯超9000台，完成城中村改造固定资产投资1000亿元。推 进利用专项借款购买存量商品房作为安置房。持续优化住房公积金使用政策，支持缴存人在提取住房 公积金支付购房首付款的同时申请住房公积金个人住房贷款，进一步优化租房提取政策措施。 征求意见稿要求，大力发展体育消费。全力抓好十五运会和残特奥会广州赛区筹办工作，高水平办好 世界田联接力赛、广州马拉松赛等重大赛事。开展体育嘉年华、体育消费季、全民健身活动等体育促 消费活动，推动体育比赛进景区、进街区、进商圈。支持花都融创等冰雪场馆提质升级，加快推进香 港马会从化马场建设和运营，推动冰雪运动和赛马运动消费发展。 征求意见稿称，创新发展银发经济。积极推动实施居家适老化改造"焕新"活动，推广便捷可及的居家 社区养老服务，激发养老服务消费。大力开展"银龄行 ...

Core Viewpoint - The implementation of the "Market Supervision Complaint and Reporting Quick Processing Norm" aims to enhance the efficiency and satisfaction of public complaints handling in Zibo [2][4]. Group 1: Background and Rationale - The local market supervision offices handle over 75% of the city's complaint and reporting tasks, with a significant increase in complaints from 27,000 in February 2022 to 36,000 in 2023, and an expected 35,000 in 2024 [4]. - Previous handling of complaints lacked uniformity and speed, leading to public dissatisfaction and potential for repeated complaints or "citizen suing the government" scenarios [4]. - There is a public expectation for faster and better service from market supervision departments, prompting the need for a more structured approach [5]. Group 2: New Standards and Procedures - The new standards emphasize three key principles: quick response to complaints, standardized procedures for handling complaints, and clear feedback on the results [7][8]. - The processing timeline is based on the "2135" mechanism, which includes 2 hours for assignment, 1 day for response, 3 days for feedback, and 5 days for resolution, with an aim to further accelerate and standardize these processes [5]. Group 3: Implementation Strategies - Comprehensive training for all market supervision personnel is planned to ensure understanding of core requirements such as "immediate response to complaints," "timely resolution," and "closed-loop management" [10]. - The standards will be tailored to different local contexts, encouraging districts to refine them for better applicability [11]. - Innovation is encouraged, such as using AI for quick task assignment and "Internet+" solutions to streamline the complaint process [11].

此外，本届上交会还设置技术交易服务和技术交易促进活动2个功能区域，总展出面积为3.5万平方米， 汇聚了来自全球近20个国家和地区及国内近20个省区市的创新成果。英国格拉斯哥市担任境外主宾城， 深圳市担任境内主宾城。展会期间将举办1场开幕式、3场主题日活动和近60场配套活动。 自2013年首次举办以来，上交会在推动技术进口来源多元化、支持成熟的产业化技术出口、拓展国际技 术合作网络等方面发挥了重要作用。数据显示，上交会累计吸引来自30多个国家和地区超9500家企业参 展，近两届意向成交项目数均超500项。 上海市商务委主任朱民表示，本届上交会技术特色更突出，将展示一批长三角共性技术研发和关键领域 核心技术突破的成果。粤港澳大湾区将展示交互型机器人、基因检测设备等领域的创新成果。首次设立 的智能海洋工程与装备展区，彰显上海优势产业特色与领先性。本届上交会首次设立消费与商业科技展 区。另外，展会还将推出一批生产性互联网服务平台、绿色航贸数链等领域工作成果。 据统计，本届上交会共有高新技术企业、专精特新企业、瞪羚企业180家。朱民表示，战略性新兴产业 方面，本届上交会将全面展示"AI+"跨行业解决方案，如人工智能多模 ...