本报记者昌校宇 在山东港口青岛港自动化码头，无人桥吊以平均单机作业62.62自然箱/小时的"中国速度"刷新世界纪 录；在海尔胶州多联机互联工厂里，机械臂正在完成中央空调AI"智造变身"；在海信国际中心展厅内， 全球首款RGB-Miniled（三维控色液晶技术）电视折射出技术突破的光芒……这些实体产业提质增效的 生动场景背后，都跃动着企业集团财务公司（以下简称"财务公司"）的金融力量。作为大型企业集团内 部的非银行金融机构，其正以独特的产融协同模式，探索金融服务实体经济的新路径。 2025年盛夏，记者赴青岛实地调研海尔集团财务有限责任公司（以下简称"海尔财务公司"）、海信集团 财务有限公司（以下简称"海信财务公司"）及山东港口集团财务有限责任公司（以下简称"山东港口财 务公司"）等3家企业，发现他们虽分属不同领域，却展现出高度一致的方法论：在评估项目时，始终将 产业成长的战略价值置于财务回报之上，做产业中最懂金融、金融中最懂产业的机构。 助荒滩变身世界强港 7月1日召开的中央财经委员会第六次会议强调，推进中国式现代化必须推动海洋经济高质量发展，走出 一条具有中国特色的向海图强之路。 顶层设计擘画的海洋经济发展蓝 ...

Group 1 - The core viewpoint of the article highlights that the Shenzhen 100 index often leads the market rebound, significantly outperforming other broad-based indices during upward trends over the past decade [1][2] - Historical performance data shows that the Shenzhen 100 index had the highest rebound rates compared to the CSI 300 and SSE 50 during various market uptrends, with a peak rebound of 67.1% from January 1, 2015, to June 12, 2015 [1] - The index is characterized by a strong growth factor exposure, with its constituent stocks primarily in high-growth sectors such as new energy and semiconductors, indicating a preference for high-growth potential assets [2][4] Group 2 - The Shenzhen 100 index is classified as a "large-cap growth" index, with a significant positive exposure to the size factor, reflecting a heavy allocation to leading enterprises [1][4] - The index's constituents exhibit high revenue growth rates and net profit growth rates, which are consistently above market averages, further emphasizing its growth-oriented nature [2][4] - The Morningstar style box is used to classify the index's investment style, positioning it as the strongest in growth among large-cap indices [4] Group 3 - The article discusses the profitability and growth expectations of the Shenzhen 100 index, noting that its high return on equity (ROE) provides a buffer during market adjustments, making its valuation more stable [9][11] - The index's rebound potential is supported by its constituent stocks, which are leaders in their respective industries, ensuring stable revenue and profit even during market corrections [14] - The top ten constituents of the Shenzhen 100 index include major companies like CATL and BYD, which are positioned in sectors with long-term growth prospects [15]

Group 1 - The financial company is a wholly-owned subsidiary of Xiamen Xiangye Group Co., Ltd., established in July 2016, and operates as a non-bank financial institution approved by the National Financial Supervision Administration [1] - The financial company's business scope includes accepting deposits, providing loans, bill discounting, fund settlement, and various financial advisory services [1] - As of June 30, 2025, the financial company reported total assets of 7.707 billion yuan and net profit of 39.87 million yuan, with zero non-performing assets and loans [6][8] Group 2 - The financial company has established a robust internal control environment with a governance structure that includes a board of directors, supervisory board, and senior management [2][3] - A total of 155 internal control systems have been developed, covering various aspects of governance, financial management, and risk compliance [4] - The risk management framework includes a three-line defense model, focusing on governance structure, business management, and audit functions [7] Group 3 - The financial company employs a unified credit management system for its lending activities, primarily serving internal group members, with a focus on risk control measures [5][8] - The company has implemented a comprehensive liquidity risk management strategy, maintaining a high liquidity ratio as of June 30, 2025 [9] - The financial company has not encountered any significant operational or compliance risks, with all regulatory indicators meeting the required standards [10][13] Group 4 - The financial company has a low inherent money laundering risk due to its focus on traditional banking services and the absence of high-risk activities [12] - The company has established a reputation risk management framework, ensuring no reputation risk events have occurred as of June 30, 2025 [11] - Internal audits are conducted regularly to enhance the effectiveness of internal controls and address any identified issues [12]

金十数据7月30日讯，中化集团财务公司、中国华能财务公司两家央企跨境财资中心，迁入河北雄安新 区后试运行顺利结束，7月30日正式宣告"安家"雄安。作为北京非首都功能疏解集中承载地的雄安新 区，项目建设全面提速，中国中化、中国华能等首批疏解央企总部年内即将入驻。中化集团财务公司、 中国华能财务公司分别是中国中化和中国华能下属的非银行金融机构，依托集团为成员单位提供金融服 务，国际化经营程度高，跨境资金交易活跃。 （新华社） 两家央企跨境财资中心迁入河北雄安新区 ...

Core Insights - The report indicates an increase in IPO amounts in July, with significant net inflows from southbound funds and financing into the pharmaceutical sector [1][4][34]. Macro Liquidity - Domestic: During the week of July 21-25, the yields on 2-year and 10-year government bonds rose, with the 10-year and 2-year bond yield spread widening. The central bank's net injection in the open market was 109.5 billion yuan, and the MLF net injection was 100 billion yuan [2][12]. - International: The 2-year U.S. Treasury yield increased while the 10-year yield decreased, leading to a decline in the dollar index. As of July 25, the spread between Chinese and U.S. 10-year government bonds narrowed to -2.67% [2][16][17]. Market Liquidity Public Funds - In July 2025, 110 new funds were established, with 62 being equity funds, totaling approximately 28.3 billion units issued [3][22]. ETF Funds - 35 new ETF funds were established in July 2025, with 25 being equity ETFs, totaling 11 billion units issued [3][25]. Southbound Funds - Significant net inflows were observed in southbound funds, with a total net inflow of 765.4 billion yuan year-to-date as of July 25 [3][34]. Margin Financing - The average financing purchase amount was 190 billion yuan, a 27.7% increase from the previous week, with notable net inflows in the non-ferrous metals and pharmaceutical sectors [4][42]. Fundraising - In July, there were 6 IPOs raising approximately 23.3 billion yuan, with total equity financing of about 60.7 billion yuan [4][46]. Sector Analysis - The non-bank financial sector saw the largest net inflow of 10.42 billion yuan, followed by pharmaceuticals and computers, totaling approximately 17 billion yuan [3][36].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Index for Non-Bank Financials, which has shown significant growth over the past months, with a year-to-date increase of 47.05% [1] - The index, which reflects the overall performance of up to 50 listed companies in the non-bank financial sector within the Hong Kong Stock Connect, has seen a monthly increase of 13.51% and a three-month increase of 45.76% [1] - The top ten weighted companies in the index include China Ping An (15.03%), AIA Group (13.65%), and Hong Kong Exchanges and Clearing (13.34%), indicating a concentration in major financial institutions [1] Group 2 - The index is composed entirely of companies from the financial sector, with the Hong Kong Stock Exchange representing 100% of the holdings [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Special adjustments to the index can occur under certain circumstances, such as delisting or significant corporate actions like mergers and acquisitions [2]

Group 1: Macro Liquidity - The US dollar index has declined again, and the degree of "inversion" in the China-US interest rate spread has narrowed, with inflation expectations continuing to rise [1][11][14] - Offshore dollar liquidity has marginally eased, while the domestic interbank funding situation has shown a pattern of first easing and then tightening [1][14] Group 2: Market Trading Activity - Overall market trading activity has continued to rise, with most industry trading heat above the 80th percentile [2][20] - The volatility of major indices has also increased, with most industry volatilities below the 40th historical percentile [2][26] Group 3: Institutional Research - The electronic, computer, retail, communication, and pharmaceutical sectors have seen high research activity, while real estate and non-bank sectors have also experienced a rise in research heat [3][36] Group 4: Analyst Forecasts - Analysts have simultaneously lowered the net profit forecasts for the entire A-share market for 2025/2026, while increasing forecasts for sectors such as non-ferrous metals, light industry, steel, and utilities [4][19] - The net profit forecasts for the CSI 500 index for 2025/2026 have been raised, while those for the CSI 300, SSE 50, and ChiNext have been lowered [4][23] Group 5: Northbound Trading Activity - Northbound trading activity has rebounded, with overall net purchases of A-shares, particularly in sectors like non-ferrous metals, pharmaceuticals, and chemicals [4][31] - The ratio of buy/sell amounts for the top 10 active stocks has increased in sectors such as non-ferrous metals and pharmaceuticals [4][32] Group 6: Margin Financing Activity - Margin financing activity has continued to rise, reaching a year-to-date high, with significant net purchases in sectors like machinery, non-ferrous metals, and pharmaceuticals [6][10] - The proportion of financing purchases in real estate, consumer services, and utilities has increased [6][38] Group 7: Fund Activity - Active equity funds have slightly reduced their positions, primarily increasing allocations in sectors like computers, electronics, and banks [5][45] - ETFs have seen overall net subscriptions, particularly in sectors such as construction, steel, and chemicals, while electronic, pharmaceutical, and banking sectors have experienced net redemptions [5][53]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, A-share market showed strong bullish sentiment, with significant trading volume increase. Cyclical stocks performed well, but funds shifted from high - risk themes to low - risk and high - certainty targets on Thursday and Friday. [2][11] - Active equity funds in the second - quarter adjusted their positions around prosperity and valuation repair, with a focus on the computing power chain, innovative drugs, military, and financial sectors. [12] - The "anti - involution" market is a theme - driven market under a capital - rich environment, and state - owned enterprises may see more marginal improvements. [13] - The technology wave is ongoing, with AI still having room for growth, and semiconductors are also worth attention due to potential low - level rebound. [4][13] Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 21 to 25, 2025, major A - share indices rose. The average daily trading volume was about 1.85 trillion yuan, a significant increase of 300 billion yuan compared to the previous week. Cyclical stocks led the rise, but funds shifted on Thursday and Friday. [11] - **Public Fund Q2 Report Adjustment**: Active equity funds increased their positions in the ChiNext and slightly raised their Hong Kong stock holdings. They concentrated less on heavy - position stocks. The top five industries for increased holdings were communication, medicine, non - bank finance, bank, and national defense and military industry, while the top five for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. [12] - **Re - discussion on "Anti - involution"**: The "anti - involution" theme stimulates traditional cyclical industries. It is a theme - driven market, and state - owned enterprises may have more marginal improvements. [13] - **Technology Sector Rebound**: The 2025 World Artificial Intelligence Conference was held. The AI industry is booming, and semiconductors may benefit from low - level rebound. [13] 1.2. Public Fund Market Dynamics - On July 24, the second batch of 12 new floating - rate funds was approved, including industry - themed products. Some funds adjusted their management fee thresholds to strengthen performance constraints. [4][14] 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection - The index selects 15 funds equally weighted, with core positions balanced according to the style distribution of the CSI Active Stock Fund Index. Its performance benchmark is the Active Stock Fund Index (930980.CSI). It rose 1.67% last week and has a cumulative excess return of 12.31% since its establishment. [15][16] 2.2. Value Stock Fund Selection - The index includes value - style funds, selecting 10 funds based on style classification. Its performance benchmark is the CSI 800 Value Index (H30356.CSI). It rose 2.49% last week and has a cumulative excess return of - 3.41% since its establishment. [15][19] 2.3. Balanced Stock Fund Selection - The index selects 10 balanced - style funds. Its performance benchmark is the CSI 800 (000906.SH). It rose 1.25% last week and has a cumulative excess return of 6.01% since its establishment. [15][20] 2.4. Growth Stock Fund Selection - The index selects 10 growth - style funds. Its performance benchmark is the 800 Growth Index (H30355.CSI). It rose 1.68% last week and has a cumulative excess return of 18.39% since its establishment. [15][24] 2.5. Pharmaceutical Stock Fund Selection - The index selects 15 pharmaceutical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the pharmaceutical - themed fund index. It fell 0.95% last week and has a cumulative excess return of 22.21% since its establishment. [15][26] 2.6. Consumption Stock Fund Selection - The index selects 10 consumption - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the consumption - themed fund index. It rose 0.84% last week and has a cumulative excess return of 14.87% since its establishment. [15][28] 2.7. Technology Stock Fund Selection - The index selects 10 technology - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the technology - themed fund index. It rose 2.35% last week and has a cumulative excess return of 17.37% since its establishment. [15][32] 2.8. High - end Manufacturing Stock Fund Selection - The index selects 10 high - end manufacturing - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the high - end manufacturing - themed fund index. It rose 1.67% last week and has a cumulative excess return of - 2.78% since its establishment. [15][32] 2.9. Cyclical Stock Fund Selection - The index selects 5 cyclical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the cyclical - themed fund index. It rose 2.28% last week and has a cumulative excess return of - 0.40% since its establishment. [15][37]

Core Viewpoint - The non-bank financial sector in Hong Kong is experiencing significant growth, as evidenced by the strong performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index and its associated ETF, which have seen substantial increases in both value and trading volume [1][2]. Group 1: Market Performance - As of July 28, 2025, the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index rose by 2.06%, with key stocks such as Guotai Junan International and China Life Insurance showing notable gains [1]. - The Hong Kong Stock Connect Non-Bank ETF achieved a 93.14% increase in net value over the past year, ranking in the top 1.06% among 2,938 index stock funds [2]. - The ETF's trading volume reached a record high of 1.95 billion yuan, with an average daily trading volume of 1.81 billion yuan over the past week [1][2]. Group 2: Fund Flows and Size - The Hong Kong Stock Connect Non-Bank ETF has seen continuous net inflows over the past 18 days, totaling 5.4 billion yuan, with a single-day peak inflow of 820 million yuan [1]. - The ETF's total size reached 10.753 billion yuan, marking a new high since its inception, with the number of shares also hitting a record of 6.477 billion [1]. Group 3: Index Composition and Changes - The top ten weighted stocks in the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index account for 77.92% of the index, with major players including China Ping An and AIA Group [3]. - Recent adjustments to the life insurance industry's preset interest rates are expected to impact various insurance products, potentially leading to a shift in business structure towards participating insurance [3][4]. Group 4: Industry Outlook - The reduction in preset interest rates is anticipated to lower the cost of liabilities for life insurance companies, encouraging a transition towards participating insurance products, which are expected to become more attractive to customers [4]. - The non-bank financial sector, particularly insurance, is positioned to benefit from favorable market conditions, including stable long-term interest rates and a strong stock market [4].

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