| 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 44023.29 | 20677.80 | 6243.76 | | -436.36 -0.98% | +37.47 +0.18% | -24.80 -0.40% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7697.24 | 23017.75 | 6273.75 | | +206.98 +2.76% | -17.75 -0.08% | -37.25 -0.59% | | 美国国债 [^ | | | | 3个目期 | 10年期 | 2年期 | | 4.346 | 4.481 | 3.934 | | △ 1.61bp | 4.80bp | - 3.79bp | | 美股ETF | | | | iShares美国国债1 iShares费城交易 VictoryShares国 | | | | 82.375 | 246.26 | 25.23 | | -0.085 -0.10% | +2.43 +1.00% | -0.14 -0.55% | 美股周二涨跌互现，道指大跌近1%，标普50 ...

Core Viewpoint - The Financial Regulatory Bureau has issued the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" to enhance supervision and promote the healthy development of local asset management companies (AMCs) in China, aiming to mitigate regional financial and real economy risks [1][2] Group 1: Regulatory Framework - The new measures define local AMCs as financial organizations engaged in the bulk acquisition and disposal of non-performing assets within China, with a primary goal of risk prevention and resolution [1] - The measures specify the business scope, operational areas, and types of assets that local AMCs can acquire, ensuring they focus on their core responsibilities and effectively serve local needs [1] Group 2: Risk Management - The measures establish concentration risk management requirements, limiting local AMCs' investments in a single client or group to 10% and 15% of their net assets, respectively [2] - Liquidity risk management is also addressed, mandating that local AMCs hold quality liquid assets sufficient to cover net cash outflows for the next 30 days [2] - Regulations on related-party transactions are set, capping the total debt to related parties at 50% of the previous quarter's net assets [2] - External financing is regulated, with a limit on borrowed funds not exceeding three times the net assets of local AMCs to prevent risk spillover [2] Group 3: Supervisory Responsibilities - The measures clarify that provincial financial management institutions are responsible for the supervision and risk management of local AMCs in their regions, while the Financial Regulatory Bureau will enhance information sharing and collaboration with local authorities [2] - The issuance of these measures is seen as a significant step in implementing the spirit of the Central Financial Work Conference, aimed at improving the regulatory framework for local AMCs and enhancing their risk management and compliance levels [2]

Market Overview - The U.S. stock market showed mixed performance with the Dow Jones falling over 200 points, while the Nasdaq reached a new high led by Nvidia [3] - The Consumer Price Index (CPI) for June rose by 0.3% month-over-month, resulting in an annual inflation rate of 2.7%, which aligns with market expectations [3] - Core CPI, excluding food and energy, increased by 0.2% month-over-month and 2.9% year-over-year, also meeting expectations [3] Financial Sector Performance - Wells Fargo reported earnings above expectations but lowered its net interest income guidance, leading to a stock decline of over 4% [4] - JPMorgan Chase's second-quarter performance exceeded expectations due to strong trading and investment banking, yet its stock saw a slight decrease [4] - BlackRock's quarterly revenue fell short of expectations, resulting in a stock drop of over 5% [4] - Citigroup's stock rose approximately 3% as it reported second-quarter results that surpassed expectations [5] - The S&P 500 is projected to see a 4.3% year-over-year profit growth for the second quarter, which would be the lowest growth rate since Q4 2023 if realized [5] Technology Sector Highlights - Technology stocks surged due to Nvidia and AMD's plans to resume partial chip sales to China, following assurances from U.S. officials [7][8] - Nvidia's potential approval for exporting its H20 AI chips could add billions to its revenue, recovering previously lost orders [8] - AMD also received similar assurances and plans to restart shipments of its MI308 chips to China [8] - Chinese stocks saw a significant increase, with the China concept stock index rising about 2%, and notable gains for companies like Kingsoft Cloud and Alibaba [8] Apple and MP Materials Partnership - Apple announced a $500 million agreement with MP Materials to procure rare earth magnets and co-develop a recycling facility in California [11] - This partnership aims to strengthen Apple's supply chain in the U.S. and is expected to create several new manufacturing and R&D jobs [11] - Rare earth magnets are crucial for various technologies, and this collaboration aligns with U.S. efforts to reduce dependence on foreign sources [11]

智通财经7月15日电，贝莱德股票继续下跌，目前跌幅已达6.3%。 ...

M&G表示，预计到2030年，中国资产管理行业的规模将达到40.4万亿美元。此次合作正值中国资产管 理行业的关键时刻，中国监管改革在继续推动创新和更大的开放性。 M&G在亚洲投资市场保持了近二十年的重要地位，服务于包括主权财富基金、养老金基金、保险公 司、私人银行和散户投资者在内的多样化客户基础。 作为其区域增长战略的一部分，M&G旨在强化其在香港的投资组合管理和分销能力，以支持跨境投资 解决方案，并拓宽客户对其全球策略的可及性。 【导读】M&G Investments（M&G）与国泰海通（601211）证券达成合作，聚焦四个领域，瞄准中国市 场未来潜力 近日，英国资管巨头M&G Investments（M&G，英卓投资管理）与国泰海通证券签署战略合作谅解备忘 录，以拓宽中国投资者进入全球市场的渠道。 合作聚焦四个领域 瞄准中国资管市场巨大发展潜力 据披露信息，此次合作聚焦于四个领域：信息共享、资产管理、客户服务和投资市场推广，将M&G的 全球投资专业经验与国泰海通证券的市场经验相结合，为两家公司在快速发展的中国市场提供发展机 会。 M&G认可国泰海通在中国市场的地位 积极探讨更多合作项目 M&G表示，这次合 ...

Core Viewpoint - M&G Investments has partnered with Guotai Junan Securities to enhance access for Chinese investors to global markets, focusing on the significant growth potential of China's asset management industry [1][3]. Group 1: Areas of Focus - The collaboration targets four key areas: information sharing, asset management, client services, and investment market promotion, combining M&G's global investment expertise with Guotai Junan's local market experience [2][3]. - M&G anticipates that by 2030, the scale of China's asset management industry will reach $40.4 trillion, highlighting the strategic timing of this partnership amid ongoing regulatory reforms [3]. Group 2: Strategic Goals - M&G aims to strengthen its investment portfolio management and distribution capabilities in Hong Kong as part of its regional growth strategy, facilitating cross-border investment solutions [3]. - The partnership allows M&G to leverage Guotai Junan's established position in the Chinese market to access a vast investor base, addressing the growing demand for international diversification [5]. Group 3: Future Initiatives - Both companies are currently developing a joint brand fixed-income investment solution focused on the Asian market, set to launch in the coming months [5]. - They are also exploring additional collaborative projects, including QDII-eligible products and investment consulting mechanisms, to maximize their strengths in global investment management and local market knowledge [5][6].

1. 7月15日(周二)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货跌0.15%，标普500指数期货涨0.31%，纳指期货涨 0.52%。 | ■ US 30 | 44,394.00 | 44,599.50 | 44,375.50 | -65.70 | -0.15% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,287.80 | 6,299.70 | 6,259.30 | +19.20 | +0.31% | | ■ US Tech 100 | 22,975.40 | 23,014.60 | 22,821.80 | +119.80 | +0.52% | 2. 截至发稿，德国DAX指数涨0.11%，英国富时100指数涨0.08%，法国CAC40指数涨0.08%，欧洲斯托克50指数涨0.27%。 | 3. 截至发稿，WTI原油跌0.15%，报66.88美元/桶。布伦特原油涨0.06%，报69.25美元/桶。 | | --- | 市场消息 关税"通胀炸弹"倒计时：美国6月CPI或加速上涨，特朗普与美联储博弈加剧。经济学家长期以来一直警告称，关税 ...

Core Insights - BlackRock, the world's largest asset management company, attracted $46 billion in net inflows to its investment funds in Q2, reaching a record asset management scale of $12.5 trillion [1] - The adjusted earnings per share for Q2 increased by 16% year-over-year to $12.05, surpassing analysts' expectations of $10.87, with revenue growing by 13% to $5.4 billion [1] - Total net inflows for the company amounted to $68 billion, with $22 billion flowing into cash management and money market funds, and $14 billion into digital asset ETFs [1] Group 1 - CEO Larry Fink noted that expanding client relationships and diversified organic fee growth resonated well [2] - The announcement of new tariffs by President Trump led to significant market volatility, comparable to the financial crisis of 2008 and the pandemic in 2020, but investor anxiety eased later [2] - Long-term net inflows from retail clients were only $2 billion, the lowest since Q4 2023 [2] Group 2 - BlackRock received $9.8 billion in alternative investment inflows, continuing its expansion into the private equity market [5] - The company completed a $12 billion acquisition of HPS Investment Partners, marking its third significant acquisition in 18 months, bringing in $165 billion in client assets [5] - BlackRock also acquired GIP and Preqin, exceeding fundraising targets for GIP's flagship fund with $25.2 billion raised [6] Group 3 - The company aims to raise an additional $400 billion in private equity assets by 2030, managing over $600 billion in alternative investment assets [6]

Group 1 - The confidence in the "American exceptionalism" narrative is declining, with institutional investors showing the lowest bullish sentiment towards the dollar and US stocks since 2005 [1][5] - Over $100 billion has flowed into European equity funds in the first half of 2025, doubling from the previous year, while outflows from the US have exceeded $87 billion [1][2] - The US economy is slowing down, and the policy environment has shifted from "market-friendly" to "market-damaging," impacting investor sentiment [1][5] Group 2 - The S&P 500 index's earnings growth is expected to slow to 5.8% in Q2, down from 13.7% in Q1 [2] - The Chinese stock market shows potential, with the Shanghai Composite Index up 2.8% and the Hang Seng Index up 20% in the first half of the year [2][8] - The emergence of DeepSeek signifies a shift in the AI investment landscape, indicating that the dominance of the "Big Seven" US tech companies is being challenged [2][6] Group 3 - China has over 4,500 AI companies, covering a complete chain from basic computing power to industry applications, with significant penetration in various sectors [3][10] - The gap in foundational technology between China and the US is narrowing, although the US maintains a more closed and costly ecosystem [3][11] - The Chinese market is expected to benefit from a new round of fiscal and monetary policy easing, with a focus on domestic demand-driven sectors [8][9] Group 4 - The Chinese technology sector is seen as undervalued compared to its US counterparts, particularly in AI applications and downstream software development [7][8] - The integration of AI technology with manufacturing capabilities is crucial for future advancements, with a focus on robotics and intelligent vehicles [7][10] - China's strong performance in STEM education and research output positions it favorably in the global AI landscape [10][11]

Group 1 - The core viewpoint is that U.S. tariffs may increase market and securities return dispersion, creating more opportunities for alpha generation. The company will maintain risk exposure and heavily invest in U.S. stocks [1] - The U.S. stock market experienced a slight decline after the extension of the tariff suspension, while European markets rose by 1%. The yield on the U.S. 10-year Treasury bond saw a slight increase [1][9] - There are early signs of tariff impacts on certain components of the U.S. Consumer Price Index, with expectations of further price increases as inventories deplete [1] Group 2 - The extension of the tariff suspension until August supports the argument that unchanged economic laws will prevent tariffs from rising to previous levels [2] - Uncertainty about who will bear the cost of tariffs—businesses, consumers, or exporters—will exacerbate the already high return dispersion [2] - Investors are advised to be cautious of unexpected static factor exposures and adopt proactive strategies to capture additional alpha [2] Group 3 - One way to achieve alpha is through conscious macro risk management and reducing the drag from static factor exposures, requiring an assessment of the current macro environment [6] - The current economic landscape still supports the performance of U.S. assets over others, despite recent market volatility not reflecting in corporate earnings stability [6] Group 4 - Another method for capturing alpha involves avoiding macro factor risks and instead taking on specific security risks, particularly in sectors benefiting from artificial intelligence [7] - The "Magnificent Seven" tech companies are expected to see a 14.8% growth in Q2, while other S&P 500 companies are projected to grow only 1.9% [7] Group 5 - The ongoing changes in the global economy due to significant forces necessitate rapid adjustments in investment portfolios at both tactical and strategic levels [8] - The company is optimistic about financial stocks, industrial stocks, and healthcare stocks in the U.S. and EU due to increased domestic production and defense spending, as well as an aging population [8]