21世纪经济报道特约记者 庞华玮 其中，货币市场型基金、债券型基金的市场规模最大，分别为13.93万亿元、10.77万亿元，环比增长 7.32%、8.74%。 股票型基金的规模为4.74万亿元，环比增长6.06%；混合型基金为3.32万亿元，环比增长0.02%。 而商品基金及基金中基金（FOF）规模环比增长较高，分别为47.79%和10.28%，二季度末规模分别为 0.27亿元、0.17万亿元。 7月21日，公募二季报披露完毕。 数据显示，公募交出了一份不错的成绩单。截至二季度末，公募基金管理规模34万亿元，非货币基金管 理规模20万亿元，两者双双创出历史新高。 从投资倾向来看，公募二季度对大金融和科技板块配置加仓较多，而对消费板块减仓较多，大周期和医 药板块则变化不大。 而基民二季度用脚投票，选择净申购的品类为货币基金、债券基金、商品基金、QDII基金，而权益基 金、FOF基金则遭遇净赎回。 二季度末，公募基金管理规模34万亿元，非货币基金管理规模20万亿元，两者均创出历史新高。 天相投顾数据显示，2025年二季度末，公募基金规模为34.05万亿元（含估算，不含公募化集合产 品），环比2025年一季度31. ...

Group 1 - The core viewpoint of the article is that the Hong Kong stock market, particularly the technology sector, has shown strong performance this year, with significant fluctuations and recovery patterns observed in the technology indices [1][18]. - The representative indices for Hong Kong technology stocks include the Hang Seng Technology Index (HSTECH.HI) and the Hong Kong Technology Index (931573.CSI), which are the most influential indices in this sector [3][6]. - The Hang Seng Technology Index consists of 30 constituent stocks, while the Hong Kong Technology Index has 50, reflecting a broader selection of technology companies [4][5]. Group 2 - The selection rules for the indices differ, with the Hang Seng Technology Index focusing on large-cap companies in specific sectors, while the Hong Kong Technology Index includes stocks with significant trading volumes and growth potential [8]. - The industry distribution of both indices is similar, with consumer discretionary and information technology sectors accounting for 80-90% of the total [9][10]. - The top ten holdings in both indices show a high degree of overlap, indicating a concentration in key technology players [12]. Group 3 - Historical performance since the end of 2014 shows that both the Hang Seng Technology Index and the Hong Kong Technology Index have consistently outperformed the Hang Seng Index [16]. - Over the past year, the Hong Kong technology sector has experienced four cycles of decline and recovery, with notable percentage changes in index values during these periods [18][21][30]. - The recent upward trends in the technology indices are attributed to significant profit growth and valuation increases, contrasting with the declines seen in 2021-2022 [40][41]. Group 4 - Short-term movements in the Hong Kong technology sector are influenced by fluctuations in US dollar interest rates and exchange rates, with a tendency for the sector to perform well when US rates decline and the RMB appreciates [52][54]. - The article emphasizes that the long-term performance of Hong Kong technology stocks is primarily driven by the underlying economic fundamentals of mainland China [57]. - The article concludes with a summary of the investment value of the Hong Kong technology indices, highlighting the importance of monitoring profit growth and market conditions for future investment decisions [59].

Group 1 - The "anti-involution" trend is expected to continue, with positive performance in related sectors following the July 1 policy announcement. This trend is based on the expectation of improved industry performance and sustained demand, which may enhance the space for the "anti-involution" market [4][24]. - The U.S. tariff policy impact has dulled, with the recent extension of tariff exemptions and adjustments indicating a less aggressive stance, which may limit its overall market impact [4][30]. - As of July 20, 2025, 43.7% of the 1,547 listed companies that disclosed earnings forecasts reported positive expectations, particularly in sectors like non-bank financials, metals, and construction materials [4][31]. Group 2 - The GDP growth rate for the first half of 2025 was 5.3%, exceeding the annual target, with the second quarter showing a slight decline to 5.2% due to external factors. The first and third industries saw growth, while the second industry experienced a decline [34][35]. - The "anti-involution" policies have led to active responses from various industries, including steel, photovoltaic, and automotive sectors, which are expected to benefit from these measures [12][40]. - The focus on technology and advanced manufacturing sectors is highlighted, with significant opportunities in military, low-altitude economy, AI, and robotics, driven by favorable policies and high industry sentiment [40].

7月22日，A股市场整体上涨。 截至收盘，上证指数收报3581.86点，上涨0.62%，深证成指收报11099.83点，上涨0.84%，创业板指收 报2310.86点，上涨0.61%，北证50指数上涨0.45%。A股市场合计成交19289.58亿元，较上一交易日增 加2015.3亿元。 1. A股市场全天主力资金净流出352.69亿元 今日A股市场主力资金开盘净流出130.31亿元，尾盘净流入1.98亿元，全天净流出352.69亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-7-22 | -352. 69 | -130. 31 | 1.98 | -137. 60 | | 2025-7-21 | -136. 41 | -52. 22 | 15. 76 | -9.08 | | 2025-7-18 | -256. 41 | -65. 68 | -5.90 | -135. 30 | | 2025-7-17 | 69.86 | -16.82 ...

巧合的是，由每日经济新闻与清华大学经济管理学院中国企业研究中心联合制作的《2025中国上市公司 品牌价值蓝皮书》（以下简称蓝皮书）也在当天正式发布。据悉，该蓝皮书已连续6年发布。 6年来，科创板上市公司的品牌价值表现如何？哪些行业表现出色？对此，每经品牌价值研究院依托蓝 皮书，进行了深度分析，探究科创板上市公司的品牌价值成长轨迹。 上榜企业前十名品牌价值均超百亿元 根据2025年蓝皮书，传音控股（SH688036）、晶科能源（SH688223）、天合光能（SH688599）位居科 创板上榜企业品牌价值前三。其中，传音控股品牌价值达到668.12亿元，稳居第一，超过第二名至第四 名总和。值得注意的是，前十名上榜企业的品牌价值均超过百亿元。 | | | 2025年蓝皮书科创板上榜企业品牌价值TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 地区 | 行业 | 品牌价值(亿元) | | 688036.SH | 传音控股 | 广东 | 通信 | 668.12 | | 688223.SH | 韻科能源 | 江西 | 电子 | 219.15 | | 6 ...

Market Performance - The main board led the gains with notable increases in stocks such as XinYa Electronics (+10.00%), Dongxin Peace (+9.99%), and Hengbao Co. (+6.25%) [1] - The ChiNext board saw significant rises with Tai Chen Guang (+11.20%) and Cheng Tian Wei Ye (+10.60%) [1] - The Sci-Tech Innovation board was led by Fu Xin Technology (+20.01%) [1] - Active sub-industries included SW Semiconductor Equipment (+0.89%) and SW Electronic Chemicals III (+0.54%) [1] Domestic News - A new glass substrate project in Sichuan aims to produce glass packaging substrates for high-performance computing systems, with a monthly capacity of 3,000 pieces [1] - The first AI smart glasses, Looktech, have been launched in Wenzhou, with an annual production capacity of 150,000 units and an order worth 9 million yuan to be shipped to North America [1] - MediaTek and NVIDIA's collaboration on the C-X1 cockpit chip has gained traction among Chinese luxury car manufacturers, utilizing a 3nm process technology [1] - Online retail sales of monitors in China reached 7.28 million units in the first half of 2025, a year-on-year increase of 53%, with sales revenue of 8.19 billion yuan [1] Company Announcements - Han Yi Co. announced plans to acquire a 39% stake in Pi Dong Culture for 102 million yuan, which holds exclusive rights to popular esports IPs [3] - Dingxin Communications plans to sell its wholly-owned subsidiary, Qingdao Haina Smart Media Technology Co., for 24 million yuan [3] - Fuguang Co. reported a 0.40% reduction in shares by a major shareholder, Fujian State-owned Assets Management Co. [3] - Ruima Precision has been designated as a supplier for an automotive air suspension system project, with an expected total sales of approximately 336 million yuan over seven years [3] Overseas News - SK Group's chairman indicated that the arrival of HBM4 will change the competitive landscape, ending SK Hynix's exclusive supply position for NVIDIA's HBM3E by 2026 [4] - SK Keyfoundry and LB Semicon have developed an 8-inch wafer-level Direct RDL technology that meets automotive-grade standards [4] - NXP Semiconductors reported Q2 revenue of $2.926 billion, a 6% year-on-year decrease, heavily reliant on the automotive sector [4] - Elon Musk's Robotaxi project has integrated key technological upgrades into the FSD (Full Self-Driving) version [4]

【 导读 】 港股 基金最新重仓股大曝光 中国基金报记者 曹雯璟 2025年上半年，港股市场大反攻， 恒生指数 领跑全球主要指数。与此同时，港股获公募大 举增持， 涉及医药生物、银行、传媒、计算机等领域， 腾讯控股、小米集团-W、阿里巴巴- W、宁德时代、美团-W 等 成 为 陆港通基金 重仓股。 多位业内人士表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。关注创 新药、人工智能、互联网等方向。 港股基金大举加仓这些股 与此同时，不少基金经理在二季度不同程度加大了对港股的投资力度。比如，李剑锋管理的 易方达港股通优质增长，港股仓位由今年一季度末的79.51%提升至今年二季度末的 91.73%。王海青管理的鹏华沪深港互联网，港股仓位由今年一季度末的22.87%大幅提升至 今年二季度末的77.85%。钱亚风云、沈悦管理的中欧聚优港股通，港股仓位由今年一季度末 的78.98%提升至今年二季度末的92.83%；晏磊管理的招商沪港深科技创新，港股仓位由今 年一季度末的29.11%提升至今年二季度末的51.89%。 按照持有市值统计，截至二季度末，被陆港通基金重仓的前十大港股分别为 腾讯控股、小米 集团-W ...

Group 1: Market Performance and Fund Profitability - The A-share market experienced a rebound in Q2, with the Shanghai Composite Index rising over 11% since April 7, leading to significant profitability for public funds, totaling 639 billion yuan in the first half of the year [1][2] - Public funds have achieved profitability for six consecutive quarters, with Q2 profits reaching 386.31 billion yuan, a 52.86% increase from Q1 [2][3] - Equity funds were the main profit drivers, contributing over 52.43% of total industry profits, with active equity funds reversing previous losses to achieve 193.16 billion yuan in profits [2][3] Group 2: Fund Flows and Redemption Trends - Despite improved performance, active equity funds faced significant net redemptions, totaling nearly 176.4 billion units in the first half of the year, indicating a trend of profit-taking [1][3] - The net redemption of active equity funds in Q2 increased by 56.43% compared to Q1, highlighting ongoing investor caution despite recent gains [3] Group 3: Sector Allocation and Fund Manager Adjustments - Fund managers shifted their allocations towards banking, telecommunications, and non-bank financial sectors, with the banking sector seeing substantial increases in holdings [6][8] - The banking sector's holdings increased by 30.65 billion shares, reflecting a positive sentiment towards the sector amid ongoing valuation recovery [8][9] - The electronics, pharmaceutical, and power equipment sectors remain the top three investment focuses for public funds, with notable changes in holdings among major stocks [6][7] Group 4: Performance of Specific Fund Types - QDII funds showed strong performance, with profits reaching 74.77 billion yuan in the first half, a 2.3-fold increase year-on-year [4] - Bond funds reversed previous losses to achieve profits of 96.58 billion yuan in Q2, while money market funds saw a 20% decrease in profits compared to the previous year [3][4] Group 5: Changes in Top Holdings - The top ten holdings of public funds saw adjustments, with significant changes in the number of funds holding major stocks like Ningde Times and Kweichow Moutai, which experienced reductions in holdings [6][7] - The banking sector emerged as a key area for increased allocations, with many banks seeing substantial increases in shareholdings [8][9]

Core Viewpoint - The average stock price of the STAR Market is 32.07 yuan, with significant variations in stock prices among different companies, indicating a mixed performance in the market [1][2]. Group 1: Stock Performance - A total of 278 stocks on the STAR Market rose today, while 303 stocks fell, reflecting a generally bearish sentiment [1]. - The highest closing price was recorded by Cambrian (寒武纪) at 593.93 yuan, which increased by 2.05% [2]. - Among the stocks priced over 100 yuan, the average increase was 0.29%, with 24 stocks rising and 18 stocks falling [2]. Group 2: Premium Analysis - The average premium of stocks priced over 100 yuan relative to their issue price is 331.48%, with notable premiums for Baili Tianheng (百利天恒) at 1159.03%, Anji Technology (安集科技) at 1088.16%, and Hotgen Biotech (热景生物) at 934.47% [2][3]. Group 3: Industry Distribution - The industries with the highest concentration of stocks priced over 100 yuan include Electronics (19 stocks), Pharmaceutical and Biological (10 stocks), and Computer (6 stocks) [3]. Group 4: Capital Flow - The net inflow of capital into stocks priced over 100 yuan today was 1.56 billion yuan, with Cambrian, Zhongwei Company, and Haitai Ruisheng leading in net inflows [3]. - The total margin financing balance for stocks priced over 100 yuan is 26.257 billion yuan, with Cambrian, Haiguang Information, and Zhongwei Company having the highest balances [3].

摘要 1、今天，A股三大指数集体上涨，沪指逼近3600点，基建板块再度领涨， 推动长期资金入市迎利好。 2、二季度，公募基金规模突破34万亿大关， 创下历史新高，基金最新重仓股出炉，后市看好这些方向！ 3、 上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1391 篇白话财经- - 今天，A股三大指数触底反弹，强势拉升，最终集体收涨，创年内新高，沪指逼近3600点！记得看到最后，有福利哦~ 今天，A股一波三折，还好在利好作用以及基建板块上涨、增量资金入场成交额扩大的推动下重回升势，并再度创下年内新高。 1、资金面再迎利好。 据中证金牛座从人力资源社会保障部二季度新闻发布会上获悉，下一步，人社部将稳步推进养老 保险 全国统筹、延迟法定退休年龄等改革。持续推 动扩大基本养老 保险 基金委托投资规模。研究进一步规范基本养老 保险 基金投资运营信息报告和信息披露制度。 （图片来源：东方财富APP，统计截至2025/7/22，不作投资推荐） 两市成交额放量明显，达到了1.89万亿，盘面上，基建、煤炭板块领涨。 分析人士指出， 增 ...