券商中国记者注意到，许多基金产品近期频频出现产品净值走势脱离重仓股的现象，显示出当前公募基金在半 年度窗口期的换仓需求大幅提升，尤其是前期热门赛道虹吸公募基金核心仓位的效应在高位逐步减弱，而低位 赛道基金产品近期频现提前结募的现象也反映出资金配置的再平衡。 基金净值异动暗含换仓操作 热门赛道高位虹吸公募核心仓位的效应正逐步减弱。 随着市场进入半年度业绩窗口期，基金经理的换仓换股也加速进行。 显而易见的是，市场分歧依然巨大，淳厚鑫淳基金7月4日的基金净值走势，也脱离了其持仓股的股价表现，该 基金产品在十大重仓股九只下跌的背景下，当日依然有接近2%的净值上涨。考虑到该基金自6月23日至7月4日 期间出现净值连续上涨超7%，这与该基金此前持仓的基金抱团股的走势有较大的反差，或反映出基金经理已 在重仓股中增加了新的弹性来源。 券商中国记者还注意到，随着赛道化行情已进入一个机构筹码集中、交易高度拥挤的市场位置，那些在基金合 同配置范围上有更大灵活性的基金经理对热门赛道的布局冲动正在降温，有不少此类基金产品的净值近期出现 异动，均反映出基金经理对下半年市场的排兵布阵已开始逐步更新。 热门赛道虹吸公募仓位减弱 少数热门赛道 ...

稳定币第二波超级行情即将引爆！百万亿级赛道如何成为大A下一个十倍主线？ 各位注意！ 大A的每一次大行情都始于一个"大故事"，而2025年最可能引爆十倍主线的超级题材，非稳定币莫属！ 这个横跨中美、波及全球经济的百万亿级赛道，正以"数字经济基础设施"的姿态，成为各国巨头争夺的下一个制高点。 稳定币为何能成为超级主线？ 全球性+万亿级市场，符合大行情核心逻辑 范围极广：从老美跨国企业到我国零售/科技巨头，全球资本正疯狂申请稳定币牌照。高盛、摩根士丹利等机构已明确布局，将其视为"降本增效+抢占未 来"的关键抓手。 市场空间超百万亿：仅跨境支付场景便蕴含万亿级需求，更不用提其作为"现实世界与加密世界桥梁"的无限想象空间。 政策催化密集，2025年8月成关键节点 香港《稳定币条例》生效：全球首个监管框架落地，为稳定币商业化铺路。 央妈顶层规划推动：制度与工具革新同步进行，中国或将成为稳定币创新的核心试验场。 跨境支付：稳定币最大的应用场景与安全命门 安全性是商业化基础：作为连接现实与加密世界的桥梁，稳定币需解决反洗钱（AML）、合规审查等核心问题。香港条例明确要求发行方需100%储备金 支持，并接受发钞行级监管。 如何 ...

稳定币是一种数字货币，它通过与某种稳定资产（如法定货币、黄金等）挂钩或采用特定的算法机制，来保持其价值相对稳定，旨在减少数字货币市场常 见的价格大幅波动问题。 新晨科技：区块链技术适配能力全面升级，底层组件兼容华为昇腾生态，中间层打通长安链、蚂蚁链等主流区块链，成为稳定币生态的技术底座。 法本信息：公司与京东科技自2018 年起深度合作，尤其在区块链领域有技术积累。 香港《稳定币条例》将于8月1日正式生效，香港金融管理局（金管局）即日起开始接受牌照申请。 这一全球首个针对法币稳定币的系统性监管框架要求发行人需满足最低2500万港元资本、100%高流动性资产储备（现金/短期国债）及无附加条件赎回等 要求。 目前，京东、蚂蚁集团、多点数智等12家机构已进入金管局沙盒测试，重点验证跨境支付与现实资产代币化（RWA）场景。 随着中国香港的《稳定币条例》即将于8月1日生效，除了积极参与的机构，关于稳定币的探讨也迎来了前所未有的热度。 为此我今天经过深度研究后整理出几家相关潜力公司，尤其最后一家是"京东稳定币+蚂蚁稳定币+微信支付"全牌照黑马。 海联金汇：旗下联动优势拥有跨境支付牌照，参与数字人民币跨境结算试点，在稳定币 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来这一周资本市场的专业投研信息。 焦点回顾： 新消费赛道，热点关注。 一家咖啡品牌融了3000万；阅文投了一家毛绒潮玩品牌。 硬科技赛道 ，半导体/芯片亿元融资不断。 本周，人工智能芯片企业凌川科技近日完成数亿元A轮融 资，由北京市人工智能产业投资基金和快手集团领投，亦庄产投、顺禧基金、九智资本等跟投。此 外，芯片设计企业飓芯科技获得B轮融资，规模高达3亿元，由深创投和中国国新领投，广发信德、 盛景网联、荷塘创投等跟投。 互联网赛道，资本持续加注AI基础设施。 本周，前月之暗面核心产品负责人明超平AI编程项目新言 意码获新一轮融资，估值数亿美金，红杉中国参与投资，本轮融资部分老股东也继续加注。此外，智 谱宣布浦东创投集团和张江集团对智谱总额10亿元的战略投资，并于近期完成首笔交割。 据投中网不完全统计，投融资详情如下（统计周期06月28日—07月04日）： 新消费 北京魔森卡供应链管理有限公司完成3000万元A轮融资 7月2日消息，北京魔森卡供应链管理有限公司（品牌：M ...

Core Viewpoint - The article discusses the manipulative practices of a figure named Aidi, who orchestrated the downfall of two listed companies, Harbin Intelligent and Tianyu Information, without holding any official positions or ownership stakes, effectively using loopholes in regulations to extract value from these companies [3][4][28]. Group 1: Company Downfall - Harbin Intelligent, once valued at approximately 10.8 billion, saw its market value plummet to 1.1 billion, while Tianyu Information's value dropped from 6.46 billion to below 1.8 billion, resulting in a total market value loss exceeding 14 billion [3][4]. - Both companies faced severe financial distress, leading to Harbin Intelligent entering the delisting process in June 2025, with Tianyu Information also on the brink of delisting [3][11]. Group 2: Aidi's Manipulative Strategies - Aidi utilized complex financial structures, including trust financing and partnership agreements, to gain control over companies without appearing as a shareholder or executive, effectively operating in a "black box" manner [4][19]. - The operational model involved acquiring high-valuation assets, creating inflated narratives around them, and ultimately extracting value through structured financing, leaving behind companies with no sustainable business [6][24]. Group 3: Regulatory Loopholes - Aidi's actions, while appearing compliant with existing regulations, exploited gaps in the system, allowing her to evade accountability and oversight from regulatory bodies [19][29]. - The lack of transparency in financial reporting and the refusal of associated entities to provide necessary documentation further complicated the ability of auditors and regulators to assess the true financial health of the companies involved [10][18]. Group 4: Market Implications - The article highlights a broader trend in the Chinese capital market, where similar "structural speculators" have thrived by leveraging regulatory loopholes, leading to a cycle of value extraction without genuine business development [23][24]. - The ongoing presence of such practices suggests that unless regulatory frameworks are strengthened, new figures akin to Aidi will continue to emerge, perpetuating the cycle of exploitation in the market [29].

Core Insights - By 2025, global ESG asset management is expected to exceed $50 trillion, indicating that responsible investment has become mainstream and ESG standards are evolving into a core engine for corporate value reconstruction [1] - Zhiyun Health (09955.HK) was awarded the "Golden Award · ESG Social Responsibility Excellence Enterprise" at the "Gelonghui Mid-term Strategy Summit 2025," highlighting its integration of commercial and social value [1] Group 1: Strategic Upgrades and Innovations - Zhiyun Health's achievements in ESG stem from its deep insights into the healthcare industry and continuous business innovation, particularly in the chronic disease management market, which has significant growth potential [4] - The company has implemented a dual-driven strategy of "AI SaaS + P2M," enhancing overall efficiency in the healthcare ecosystem and establishing a vast network covering 2,738 hospitals and 242,700 pharmacies across China [4][6] - The P2M model has generated total revenue of 320 million yuan and achieved net profit, validating its commercial viability [4] Group 2: Product Development and Market Expansion - Zhiyun Health's self-developed product, Tangjing® Dapagliflozin Tablets, achieved over 10 million yuan in revenue within two months of its launch, indicating strong market penetration potential [5] - The company has entered into exclusive cooperation with Clinect Pty Ltd to introduce a new injectable drug for pulmonary arterial hypertension, expected to maintain rapid growth over the next five years [6] Group 3: Social Responsibility and Community Engagement - The company has implemented a SaaS system that has issued 264 million online prescriptions, benefiting over 38 million users while reducing paper usage and energy consumption [9] - Zhiyun Health actively participates in community activities, such as the "Rural Medical" charity initiative, donating digital health management software and medical equipment to improve healthcare services in underserved areas [10][12] Group 4: Future Outlook and ESG Integration - The integration of technology and a mission for inclusivity positions Zhiyun Health as a leader in sustainable growth, demonstrating that ESG is not merely a moral obligation but a compass for value creation [12] - The company's focus on personalized and precise health management solutions aims to enhance patient quality of life while fulfilling its social responsibilities [6][12]

此类不法机构未经国家金融管理部门依法许可或者违反国家金融管理规定，不具有公开吸收公 众存款的资质。《防范和处置非法集资条例》规定，国家禁止任何形式的非法集资，因参与非 法集资受到的损失，由集资参与人自行承担。请广大群众增强理性投资意识，不要盲目相信天 花乱坠的承诺，树立正确的货币观念和投资理念，切实提高风险意识，避免上当受骗。 深圳市防范和打击非法金融活动专责小组办公室发布关于警惕以稳定币等名义实施非法集资的 风险提示：近期，以稳定币为代表的数字货币受到市场广泛关注。 监测发现， 一些不法机构以"金融创新""数字资产"等为噱头，利用社会公众对稳定币等了解 不足的特点，通过发行所谓"虚拟货币""虚拟资产""数字资产"等方式吸收资金，诱导社会公 众参与交易炒作，扰乱经济金融秩序， 滋生非法集资、赌博、诈骗、传销、洗钱等违法犯罪 活动，严重危害社会公众财产安全。 ...

近日，在国家持续加码数字消费、提振内需的政策背景下，量化派科技有限公司(以下简称"量化派")向 港交所递交上市申请，计划发行不超过1509.75万股普通股，由中金公司（601995）和中信证券担任联 席保荐人。 此次上市不仅是企业资本化进程的关键一步，更被视为其响应政策导向、深化数字消费服务能力的战略 举措。 政策驱动：数字消费成经济复苏"新引擎" 量化派构建"政策+场景"的双向赋能模式，契合国家扩大内需、促进实体消费的宏观目标。招股书显 示，2024年上半年量化派实现营收3.82亿元，同比增长47.56%，经调整溢利达1.54亿元，同比增长 75.75%。收入结构上，商品供应商精准撮合业务占比跃升至87.2%，标志着其转型成效显著。 2025年，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，明确提出"深入实施数字消 费提升行动"，支持人工智能、智能终端等技术与消费场景深度融合，培育高成长性新赛道。 当前，数字消费正从规模扩张转向质量跃升。直播电商、即时配送等新模式重塑零售格局，我国网络购 物用户规模已突破9亿，数字经济占GDP比重超40%。量化派通过技术+场景创新整合地方政府资源与商 户网络，形 ...

Group 1 - Company "量化派科技有限公司" has submitted its listing application to the Hong Kong Stock Exchange, planning to issue up to 15,097,500 ordinary shares, with CICC and CITIC Securities as joint sponsors [1] - The listing coincides with the conclusion of China's 14th Five-Year Plan for the digital economy, with policies intensifying support for digital consumption and e-commerce innovation, positioning the company to leverage capital markets for further expansion in these sectors [1][2] Group 2 - The Chinese government has set strategic goals for the digital economy, including the cultivation of numerous billion-level e-commerce platforms and the establishment of a comprehensive cross-border e-commerce service system, providing policy incentives for companies like "量化派" [2] - "量化派" has developed a technology platform that integrates deeply into the e-commerce ecosystem, utilizing intelligent recommendation algorithms and dynamic pricing models to enhance conversion rates and user engagement [2] Group 3 - Since its establishment in 2014, "量化派" has focused on providing scenario-based digital precision matching solutions for e-commerce, cross-border trade, and smart manufacturing, aiming to reduce costs and improve efficiency through data intelligence [3] - The company reported a revenue of 3.82 billion yuan in the first half of 2024, a year-on-year increase of 47.56%, with adjusted profit rising by 75.75% to 1.54 billion yuan, indicating strong growth driven primarily by e-commerce technology services [3] - "量化派" has over 51.8 million registered users and an average daily active user count of 2.3 million, with a repurchase rate exceeding the industry average by 23 percentage points [3] Group 4 - The company plans to use the funds raised from its IPO to enhance its R&D capabilities, improve technical infrastructure, and promote its business model, focusing on technology iteration and scenario expansion [4] - The National Bureau of Statistics predicts that by 2025, China's digital economy will exceed 60 trillion yuan, with e-commerce transaction volume continuing to rise, indicating a promising future for "量化派" as it aims to shift digital consumption from a traffic-driven model to a value-driven one [4]

英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 7 月 7 日 大突破仍需基本面和流动性共振，震荡行情下结构性机会为主 总量视角 【A 股大势研判】 上周五 A 股市场冲高回落，沪指盘中最高触及 3497.22 点，之后，指数却突 然跳水回落。从市场表现来看，指数分化态势明显。上周五，A 股三大指数一度 全线上行，其中沪指充当领涨先锋。在大金融板块的集体发力下，银行、保险、 券商等权重股纷纷拉升，沪指距离 3500 点整数关口仅一步之遥。但深成指和创 业板指表现却一般，个股涨跌也呈现出明显的 "涨少跌多" 格局，这反映出市场 缺乏广泛的赚钱效应。 从上周五市场表现看，市场虽有上攻，但缺乏基本面和流动性的协作，市场 大突破以及新的趋势性行情仍有待进一步观望。外部方面，关税暂停期限的临近， 仍为市场增添了不确定性。在最终结果出炉之前，投资者可能持着谨慎观望的态 度。大家都在等待关税谈判的最终结果，在这种不确定性消除之前，资金不敢贸 然大规模入场。另外，尽管经济复苏态势逐步显现，但修复力度仍不够强劲，企 业盈利改善的幅度也未达预期。在基本面和流动性这两大关键因素都未能形成有 力支撑的情况下，集中发 ...