避险情绪影响，国内股指继续震荡走弱 日期：2025-06-22 【股指期货周报20250622】避险情绪影响，国内股指继续震荡走弱 策略综述及建议 策略综术 【指数判断】 中东间题引发市场遮险情绪;中美经贸磋商机制首次会议达成原则一致;陆家嘴金融论坛聚焦中长期间题、制度改革等方面,关注后续增量稳增长政策。指数方 面建议多头配置IH2509及IF2509,此外,IM年化基差率较高,6月合约临近到期,建议IM2506移仓换月至IM2509。 请务必阅读正文之后的免责条款和声明 【逻辑器房】 1. 美6月继续暂停降息。 以伊冲突再度令袖价抬升，全球通胀压力再起，中美发布联合声明，内容明显超出市场预期，关注后续两方的进一步磋商情况, 2. 国内经济数据改善是未来持续反弹的一个重要因素。政府工作报告确立2025年经济增长预期目标为8%，赤字率拟获4%。拟发行超长期特别国债1.3万亿，特别国 债5000亿，均是经济增长的重要支撑。央行等三部门继续出台政策对科技创新、扩大消费、普惠金融等领域提供支持。 3.工作报告对"新国九条"及此前落地政策的延续优化。深化资本市场投融资给合改革，大力推动中长期资金入市。如强调降性力量储备 ...

以下文章来源于每日人物 ，作者每人作者 每日人物 . 格局悄然改变。 作者 | 饶桐语 编辑 | 西打 来源 | 每日人物 (ID: meirirenwu) 商场一楼，挤满"四大金刚" 上海黄浦区，坐落于南京东路东端的宏伊国际广场，一家巨大的商铺悄悄换了招牌。 店铺的前租客，是来自韩国的美妆品牌悦诗风吟。2015年拿下这家商铺时，悦诗风吟不 过才进驻中国三年，就在上海最繁华的商圈南京东路，搭建了其创立以来亚洲最大的旗 舰店，800多平方米，足足三层楼。开业那天，彼时还是韩国顶流的明星李敏镐也来了， 作 为 代 言 人 ， 他 给 悦 诗 风 吟 剪 彩 、 站 台 ， 一 时 间 风 头 无 两 。 所 有 人 都 从 上 海 初 冬 的 风 里，感知到了悦诗风吟扩张的野心。 轻商业，懂生活。 但七年之后的2022年，颇像一个时代的隐喻，旗舰店换了门脸。泡泡玛特的招牌挂了上 去，这家潮玩企业如今凭借旗下IP LABUBU，火遍全球。在这里，年轻人们一边打卡， 一边把店铺的游玩攻略上传到社交平台，光是在小红书，相关的笔记数量就突破了80万 篇——如果按照它的开业时长计算，大概每10秒钟，就有一个人分享Ta的体验 ...

在消费市场加速迭代的今天，企业如何精准捕捉趋势、锁定增长密码？ 由艾瑞数智旗下消费专业团队出品 的【艾瑞消费观察】公众号正式登场！ 我们以「行业洞察 + 解决方案」双轮驱动，带您看透消费市场的底 层逻辑，更帮您把洞察转化为实实在在的商业价值。 一、我们是谁？——艾瑞消费事业部，消费赛道的最强大脑 消费 变革时代，艾瑞消费事业部如何成为企业的「战略望远镜」与「增长加速器」？ 三、我们能帮你做什么？——四大「消费增长工具箱」，按需Pick！ 我们是艾瑞数智深耕消费领域的专业团队，依托深厚的行业研究底蕴，为消费企业提供定制化商业 洞察。 别只盯着报告看！我们的核心价值，是帮你把「洞察」变成「生意」。以下四大解决方案，总有一 款适合你： 划重点： 我们不是单纯的报告生产者，而是「研究+落地」的实战派。 我们隶属艾瑞数智生态，共享数据技术资源，但 更聚焦消费行业垂直场景 ； 1. 品牌营销「加速器」——从曝光到转化，全链路帮你打通！ 累计 服务超千家消费企业 ，输出数千份行业报告，从快消到汽车、从服饰到餐饮，处处有我们的 研究足迹； 擅长用数据手术刀解剖市场， 更能用商业指南针规划增长，是企业决策层的外脑 ，更是执行层 ...

以下文章来源于36氪财经 ，作者谢芸子 郑怀舟 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 文 ｜ 谢芸子 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 品牌官方微 博 因为一场收购，一个国产瑜伽品牌获得了市场的更多关注。 2023年10月，安踏体育发布公告称，公司旗下的一家附属公司，已成功收购MAIA ACTIVE（玛伊娅，以下简称MAIA）75.13%的股份。 MAIA成立于2016年，是专为亚洲女性设计瑜伽服装的国产品牌。在此前的报道中，2022年，MAIA主打产品"腰精裤"的销量就突破了30万条；另据此前官 方预测，在这一年度，MAIA的全平台的销售额约5亿元。 然而，在线上线下融合的过程中，MAIA遇到瓶颈，选择拥抱安踏获得更全面的发展。 2023年12月，MAIA创始人在朋友圈发文称，"将在未来一个月卸任MAIA的实际工作，但会继续作为股东与创始人支持MAIA。" 次年5月，原安踏集团零售副总裁赵光勋被任命为MAIA ACTIVE的品牌总裁，直接向安踏集团专业运动群首席执行官、安踏主品牌负责人CEO徐阳汇报。 而在安踏体育2024年的半 ...

招股书显示，祥康控股是主要技术服饰制造商之一，为国际高端奢侈运动及时尚品牌共同开发及制造技术服饰产品。多年来，公司已建立了可观的经营规 模，并在为高端奢侈品牌共同开发及制造技术服饰产品方面积累了专业知识、经验和技术。 据港交所6月20日披露，祥康控股有限公司 (以下称"祥康控股")递表港交所创业板，力高企业融资有限公司为其独家保荐人。 行业方面，亚洲的户外及运动技术服饰制造业竞争激烈。凭借成熟的纺织行业，亚洲已成为全球产业技术服饰的重要生产基地，拥有超过50000家企业。技 术服饰生产的精髓在于高性能布料的稳定供应及先进的制衣工艺。于2024年，按产值计算，排名首五位的企业占亚洲技术服饰制造市场份额的1.4%。预计 亚洲的户外及运动技术服饰制造业将持续发展，到2029年市场规模将达到677亿美元，从2025年到2029年保持稳定的6.2%复合年增长率。 财务方面，2023财年、2024财年，祥康控股实现收入分别约为人民币12.76亿元、12.32亿元，毛利分别约为人民币1.49亿元、1.78亿元，年内利润分别约为人 民币825.8万元、4147万元。 根据弗若斯特沙利文报告，按2024年生产值计算，祥康控股是 ...

Core Insights - The overall price index for Linyi Mall decreased slightly to 102.91 points, a decline of 0.03 points or 0.03% compared to the previous week [1] Group 1: Price Index Changes - Among 14 categories, 3 categories saw price increases, 3 remained stable, and 8 experienced price declines [1] - The categories with price increases include agricultural materials, board materials, and construction decoration materials [1] - The categories with the largest price declines are clothing and accessories, steel materials, and automotive parts and accessories [1] Group 2: Agricultural Materials - The agricultural materials price index rose to 87.11 points, an increase of 0.05 points [1] - The rise is attributed to increased production costs for agricultural films and strong demand for seeds during the summer planting season [1] - Prices for plastic breeding tools also saw a slight increase due to raw material price hikes, while the average sales price for rodenticides decreased due to increased demand [1] Group 3: Board Materials - The board materials price index increased to 97.49 points, up by 0.03 points [2] - The increase is driven by a rebound in the prices of raw materials like logs, leading manufacturers to raise some product prices [2] - The market is primarily driven by sales, contributing to a slight increase in average sales prices [2] Group 4: Construction Decoration Materials - The construction decoration materials price index rose to 105.72 points, an increase of 0.03 points [3] - The increase is seen in specialized materials and decorative materials, although overall demand remains weak due to fewer home renovation projects [3] - Prices for paints and waterproof materials have seen slight increases [3] Group 5: Clothing and Accessories - The clothing and accessories price index fell to 104.92 points, a decrease of 0.19 points [4] - The decline is primarily due to a significant drop in prices for men's shoes, despite slight increases in prices for underwear and sportswear [4] - The average sales price for men's clothing has decreased [4] Group 6: Steel Materials - The steel materials price index decreased to 98.57 points, down by 0.04 points [5] - The decline is attributed to reduced demand in the construction sector and a continued off-season for steel [5] - The steel futures market is also experiencing downward fluctuations, contributing to the overall price drop [5] Group 7: Automotive Parts and Accessories - The automotive parts and accessories price index fell to 93.87 points, a decrease of 0.03 points [6] - Prices for automotive parts have slightly decreased, particularly for engine and electrical components [6] - Some automotive parts like crankshafts and fuel tanks continue to see price increases, but sensitive consumables lack upward momentum, leading to price declines [6]

2025 年 6 月 20 日 总量研究 可转债信用风险观察 ——基于 24 年年报和 25 年一季报的研究 要点 1、可转债市场发展概况 投资性现金流：24 年发行人购建固定资产、无形资产和其他长期资产支付的现 金规模整体同比有所下降，多数行业资本支出放缓。24 年发行人整体投资性现 金流净流出 4871.51 亿元，较 2023 年净流出规模有所缩减。 筹资性现金流：24 年发行人整体筹资性现金流净流入规模同比缩减。24 年净流 入 232.19 亿元，同比降低 75.56%。电力设备、电子和基础化工等行业筹资性 现金流净流入规模较大，对外部融资的依赖较强。钢铁、交通运输、农林牧渔行 业筹资性现金流净流出规模较大。 债务负担和偿债能力：杠杆率方面，24 年末发行人整体资产负债率 60.93%，较 23 年末增长 1.29 个百分点。债务规模方面，24 年末可转债发行人全部债务规 模达 25,891.71 亿元，较 23 年末增长 9.54%；25Q1 末全部债务 27,439.59 亿 元。债务结构方面，24 年末发行人短期债务占比较 23 年末有所下降。偿债能力 方面，24 年末发行人整体偿债能力有所弱 ...

Core Viewpoint - In the current volatile market environment, investors are increasingly focused on how to achieve stable asset appreciation, particularly in a context of declining interest rates and rising market uncertainty. The search for asset allocation strategies that provide stable cash flow and effectively mitigate market risks has become a common concern among various investors. The dividend low-volatility strategy, characterized by "high dividend yield and low volatility," is gaining attention as a potential solution to these challenges [1]. Interest Rate Environment - The global economy has largely entered a low or even negative interest rate era, with significant reductions in deposit rates by major banks in China. For instance, as of May 20, 2025, the interest rate for one-year fixed deposits fell below 1%, and the average interest rate for current deposits dropped to 0.05% [2]. This environment has compressed the yields of traditional fixed-income products, leading to a scarcity of stable assets, while dividend assets are becoming increasingly attractive due to their stable cash flow and higher dividend yields [2]. Policy Support - Regulatory bodies have intensified their focus on corporate dividend policies, with the introduction of measures linking dividend payouts to financing qualifications and shareholder behavior. For example, the "New National Nine Articles" issued in April 2024 aims to enhance shareholder return awareness among listed companies [3]. Additionally, new rules effective from January 1, 2025, will impose penalties on companies with low dividend payouts, further encouraging higher dividend distributions [3][4]. Fund Flow Dynamics - There is a notable shift in fund preferences towards dividend assets, driven by both policy support and changes in market dynamics. Long-term funds, such as insurance and pension funds, are increasingly allocating capital to high-dividend assets, with projections indicating an influx of approximately 600 billion to 800 billion yuan over the next three years [6]. This trend is expected to enhance the valuation of dividend assets and benefit related funds, such as the TaiKang Dividend Low-Volatility ETF [6]. Market Conditions - The current A-share market is characterized by volatility, influenced by international trade tensions and geopolitical risks. Despite maintaining stable growth, domestic economic indicators show signs of weakening, leading to a challenging investment environment. In this context, dividend low-volatility assets are positioned as a strategic choice for investors seeking stability and returns [19][20]. Investment Strategy - The dividend low-volatility strategy combines high dividend yield and low volatility characteristics, providing a robust investment framework. The CSI Dividend Low-Volatility Index selects stocks based on liquidity, consistent dividend payments, and low volatility, aiming to deliver stable returns while minimizing risk [14][15]. This strategy is particularly appealing in turbulent market conditions, as it has historically demonstrated strong defensive capabilities [19][20]. Conclusion - Overall, the combination of supportive policies, increasing fund inflows, and favorable market conditions positions dividend low-volatility assets as an attractive investment opportunity. These assets not only offer stable returns in a low-interest-rate environment but also serve as a defensive strategy in volatile markets, making them a preferred choice for investors seeking to navigate economic cycles effectively [20].

"The New Look"——这是当时时尚评论界赋予迪奥系列作品的破格赞誉。半个世纪过去，时尚圈早已换了模样。大众时尚依靠科技和产业分工崛起，感谢它们——普 通人只消花上十分甚至二十分之一的价格，就能买到昔日模特和富家女身上的衣衫。 估值55亿美金，这个运动品牌会成为下一个明日之星吗？ 现代时尚相信"设计应为大规模生产而生"，相信形式需服务于功能，相信衣食住行终将塑造每一个个体。无论时代如何更迭，The New Look 所承载的全球化气象与积 极向上的象征意义从未消散。 因此，我们决定把一档新栏目的名字定为「 New Look」，这会是一档关注时尚行业的访谈，在这里你会看到服饰巨头、运动新秀、奢侈品大牌、设计师新品牌的领导 人物如何思考生意、品牌、中国市场和消费者，洞悉"流行"究竟怎样发生，以及它们最终如何成为经典。 作者 | 贺哲馨 编辑 | 乔芊 和99%的男性一样，Vuori创始人Joe Kudla每次买衣服时脑海中都会想：这件衣服能不能运动健身完之后，又能穿去上班？ 1955年的巴黎，克里斯蒂安·迪奥（Christian Dior）正为即将到来的演讲做最后的排练。索邦大学的演讲厅外，被学生与媒体围 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in user engagement and transaction volume during the 2025 Tmall 618 shopping festival, with 453 brands achieving over 100 million in sales, a 24% increase year-on-year [1] - High-net-worth individuals, specifically the 88VIP members, surpassed 50 million, marking a new high in user scale [1] - The home appliance and 3C digital sectors experienced a substantial boost due to government subsidies, with total sales in these categories increasing by 116% compared to last year's Double 11 [1] Group 2 - Quality live streaming has emerged as a new industry standard, with 81 live streaming sessions achieving over 100 million in sales, and a 21% increase in the number of sessions exceeding 10 million [2] - The beauty sector saw explosive growth, with nearly 100 products surpassing 10 million in sales, while over 50 apparel brands exceeded 100 million, indicating strong consumer demand [2] - New product sales grew by 153%, with 12 new products achieving over 100 million in sales, reflecting a significant increase in consumer interest in new offerings [2] Group 3 - Tmall is heavily investing in supporting quality and original brands through various strategic resources aimed at fostering high-quality growth by 2025 [3]