我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年7月14日 | ● 国内金融市场 ● | | | o | 股指期货 · | | | --- | --- | --- | --- | --- | --- | | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | 上证指数 | 3510.18 | 0.01% | 上证当月连续 | 2754.60 | 0.02% | | 深证成指 10696.10 | | 0.61% | 沪深当月连续 | 4014.60 | 0.19% | | 创业板指 | 2207.10 | 0.80% | 恒生期货指数 | 31147.71 | 0.57% | 宏观消息汇总 1财政部印发《关于引导保险资金长期稳健投资进一步加强国 有商业保险公司长周期考核的通知》 2 上交所就发布实施进一步深化科创板改革配套业务规则答记 者问 3.科创板试点IPO预先审阅机制 适用情形明确 二、行业最新动态 1.上海国资委召开稳定币学习会 行业发展有望加快,相关个股: 艾融软件(920799)、古鳌科技(300551)等 2.全年内需或保持两位数以上增速 工程机械行业有望迎来 ...

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 74, suggesting a positive outlook for the market [6][9]. - Recent policy support and improved market sentiment have led to a gradual upward trend in the market [9]. Market Themes Tracking - **Data Theme**: The National Data Bureau and the State Administration for Market Regulation have introduced measures to enhance data circulation efficiency, potentially increasing efficiency by 30% [7]. - **Cross-Border Payment Theme**: The People's Bank of China has simplified conditions for foreign institutions to participate in the Renminbi cross-border payment system, reflecting China's commitment to promote the global use of the Renminbi [7]. - **Innovative Drug Theme**: The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data in drug development [7]. Market Capital Flow - The report lists the top ten stocks with the highest net inflow, with Dongfang Caifu (300059.SZ) leading at 159,736.05 million [10]. - The report also highlights the top ten stocks with the highest net outflow, with Tianfu Communication (300394.SZ) showing a net outflow of -61,119.45 million [12]. Industry Analysis - The non-bank financial sector has seen significant net buying, indicating investor optimism [19]. - Conversely, the food and beverage sector has experienced substantial net outflows, suggesting a bearish sentiment among investors [17].

高盛周末宏观电话 - 现已提供 20250611 摘要 美国可能对多国征收关税，税率范围在 25%至 50%，但具体实施时间 和范围尚不明确，预计最终有效关税率可能比目前高出约 5 个百分点， 年底前可能实现 3 个百分点。中国受到的直接影响假设较小，但需关注 芬太尼关税及基础性产品关税调整可能引发的贸易摩擦。 美元走弱趋势暂停，受外国持有美国资产对冲流动放缓影响。未来美元 走强可能由美国经济数据疲软导致美联储加速降息，或中美达成贸易协 议时涉及汇率条款触发。美国 CPI 数据短期影响有限，但需关注市场对 7 月或 9 月降息概率的重新定价。 标普 500 指数价格回报预测上调至年底 6,600 点，明年中旬 6,900 点， 主要驱动因素包括美联储降息预期、债券收益率下降、大型股票基本面 增强以及投资者对温和业绩增长的容忍。当前市场广度狭窄，未来 6-12 个月可能出现 10%左右的回调。 市场广泛化更有可能发生，美联储降息预期利好经济环境改善。对 2026 年盈利增长的预测存在分歧，高盛预计经济活动将加速，关税不 确定性消退后，投资者将寻找表现落后的标的，推动市场扩张。 Q&A 本周美国出台了哪些新的关税 ...

Core Viewpoint - The company is planning a significant asset restructuring by acquiring 100% of Haowei Cloud Computing Technology Co., Ltd. through a combination of issuing shares and cash payment, which will enhance its core competitiveness and expand its business into digital and intelligent solutions [2][3][6]. Group 1: Transaction Details - The company announced it will issue shares to no more than 35 specific investors to raise funds, with the total number of shares not exceeding 30% of the total share capital post-transaction [3][4]. - The share price for the acquisition is set at 14.35 yuan per share, which is at least 80% of the average trading price over the last 120 trading days [3][5]. - The funds raised will be used for cash payments related to the transaction, intermediary fees, and to supplement working capital [4]. Group 2: Company and Target Overview - The company specializes in high-tech energy-saving and environmental protection equipment manufacturing, serving sectors such as chemicals, energy, metallurgy, and waste treatment [5]. - The target company is an international software and IT service provider, focusing on digital and intelligent solutions for telecom operators, cloud infrastructure service providers, and government enterprises, with significant overseas business advantages [5][6]. Group 3: Strategic Implications - The acquisition is expected to diversify the company's business from energy-saving equipment manufacturing to include telecom software development, cloud and AI software services, and industry digital solutions, creating a second growth curve [6]. - The company anticipates that the transaction will not change the actual controller of the company and will enhance its risk resistance and profitability [6].

其 他 报 告 | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24140 | 0.46 | -1.52 | | 中国香港国企指数 | 8688 | 0.22 | -1.75 | | 中国台湾加权指数 | 22751 | 0.25 | -0.14 | | 道琼斯指数 | 44372 | -0.63 | 2.30 | | 标普500指数 | 6260 | -0.33 | 1.72 | | 纳斯达克指数 | 20586 | -0.22 | 1.62 | | 日经225指数 | 39570 | -0.19 | -0.85 | | 韩国KOSP100 | 3176 | -0.23 | -0.05 | | 印度孟买指数 | 82500 | -0.83 | -0.74 | | 英国FTSE指数 | 8941 | -0.38 | 0.27 | | 俄罗斯RTS指数 | 1069 | -3.29 | -0.62 | | 巴西圣保罗指数 | 136187 | -0.41 | 3.21 | | 美元指数 | 98 ...

据香港特别行政区政府新闻网消息， 上周，香港特区行政长官李家超一连三天（7月9日至 11日）与特首顾问团举行午餐会，听取顾问团成员就今年《施政报告》和香港整体发展的 意见。 李家超说，这是新一届（第二届）特首顾问团成员的首次会议。他欢迎特首顾问团三位新成 员，包括曾担任国际货币基金组织副总裁和中国人民银行副行长的朱民博士，以及 " 杭州 六小龙 " 的两家企业——浙江强脑科技有限公司创始人韩璧丞及杭州宇树科技有限公司创 始人王兴兴。他们于会上表示香港具有得天独厚的 " 内联外通 " 及教育科研优势，地理位 置优越，亦是国际金融中心，资金自由流动，十分吸引内地企业在港上市并以香港作为"出 海"的窗口。 7月9日举行的第一场会议 7月10日举行的第二场会议 这场跨越1200公里的合作早有伏笔。今年4月，李家超率香港特区政府代表团访问浙江期 间，专程考察宇树科技与强脑科技等企业，实地体验产品并与创始人深入交流。 短短两个多月后，王兴兴、韩璧丞均获委任为香港特首顾问团成员。这种快速的"身份转 变"，不仅体现了香港对两位企业家及其所在前沿科技领域的高度认可，更清晰地展现了香 港积极引入内地前沿科技力量、加速两地科创资源 ...

这72家拟IPO企业为何"撤单" 业绩成长性不足 技术创新性欠佳 募资必要性存疑 ◎记者 胡嘉树 今年以来，沪深北三大交易所合计新受理177家企业上市申请，与此同时，不少拟上市公司在审核问询 或注册环节遇到各种问题而主动"撤单"，上市之路就此终止。 据上海证券报记者初步统计，截至7月11日，三大交易所合计有72家公司主动"撤单"导致IPO终止，撤单 数同比下降超过70%。从申报板块及所属行业分布看，拟申报北交所、创业板的撤单公司数量最多，集 中分布在专用设备制造业、软件和信息技术服务业及汽车制造业等。其中，20家公司为过会后"撤单"。 业绩成长性与可持续性、募资必要性与合理性、技术先进性与创新性、实控人相关风险等，成为掣肘 IPO的关键问题。 对于企业"撤单"后的去向，有资深投行人士分析称，此类企业或有三种出路：一是导致"撤单"的因素消 除后，企业可重新申报上市；二是在监管政策鼓励支持并购重组背景下，部分企业或选择被上市公司并 购；三是评估板块定位及上市条件，转道港交所或北交所再尝试上市。 今年以来72家拟上市公司"撤单" 具体来看72家"撤单"企业申报板块分布情况：北交所27家，创业板20家，上交所主板13 ...

周恒 制图 ■机构展望 广发证券认为，与4月股市的剧烈波动不同，全球股市近期开始对美国关税政策变化脱敏。其中最重要 的原因在于，基本面开始成为市场定价的主导因素。回归A股投资，建议投资者后续同样淡化外部因素 扰动，回归基本面定价。 申万宏源证券认为，在上证指数近期突破后，A股积极因素仍在继续累积。A股大波段上行的线索正愈 发完整清晰，市场开始提前反映远期改善的投资机会。该机构表示，强势上涨行情在2025年四季度开始 的必要条件正加速积累。不过今年三季度的行情可能不会一蹴而就，赚钱效应短期扩散至高位后，市场 反复可能增加。 从交易型思维转向持股型思维 从资金面角度判断，中信证券称，6月以来市场最大的变化是逐步从存量市场转为增量市场。据其测 算，自2023年初以来，今年6月主动型公募产品首次出现单月新发规模超过存量净赎回规模（剔除2024 年2月的特殊情况），实现单月净流入。这扭转了2024年10月市场反弹以来持续"失血"的情况，也标志 着过去几年表现最弱势的主动型公募转为资金净流入状态。 沪指放量上攻突破关键点位 机构：投资者交易策略或应转向 ◎记者 汪友若 上周A股市场持续冲高，沪指连续2日站上3500点整数 ...

Core Viewpoint - The acquisition of Haowei Technology by Degute represents a significant "elephant swallowing snake" transaction, with a substantial disparity in revenue and asset size between the two companies [1][2]. Group 1: Acquisition Details - Degute plans to acquire 100% of Haowei Technology through a combination of share issuance and cash payment, making Haowei a wholly-owned subsidiary [1]. - The specific transaction pricing has not been disclosed, but the scale of the acquisition is notable given the financial metrics of both companies [1]. - The transaction involves 14 shareholders of Haowei Technology, with the top three shareholders holding 27.83%, 27.62%, and 13.85% of the shares respectively [2]. Group 2: Financial Comparison - In 2024, Degute's revenue is projected to exceed 500 million yuan, while Haowei Technology's revenue for 2023 and 2024 is reported at 3.861 billion yuan and 3.654 billion yuan respectively, indicating a revenue scale several times larger than Degute's [2][3]. - As of March 31, 2024, Degute's total assets are 1.156 billion yuan with equity of 765 million yuan, whereas Haowei Technology's total assets are 5.617 billion yuan with equity of 2.954 billion yuan [1][2]. Group 3: Business Transition - Following the acquisition, Degute aims to expand its business from energy-saving equipment manufacturing to telecommunications software development, cloud and AI software services, and industry digital solutions, thereby creating a second growth curve [4]. - The company has been transitioning from a "product supplier" to a "system integration service provider," focusing on a full value chain system for clean combustion and efficient heat exchange [5]. Group 4: Historical Context of Haowei Technology - Haowei Technology, previously known as Zhongxing Ruanchuang, was listed on the New Third Board before delisting in 2017 and has undergone multiple rounds of listing guidance since then [1][5]. - The company has received high-level certifications from major cloud service providers, indicating its strong capabilities in cloud management services [2].

Core Points - The stock price of Jiafa Education (300559) closed at 11.68 yuan on July 11, 2025, down by 0.26% with a turnover rate of 2.74% and a trading volume of 85,100 lots, amounting to 99.07 million yuan [1] - The company experienced a net outflow of main funds amounting to 18.96 million yuan, accounting for 19.14% of the total transaction amount, with significant outflows from large orders [1] Financial Performance - For the first quarter of 2025, Jiafa Education reported total operating revenue of 54.87 million yuan, a year-on-year decrease of 51.82% [1] - The net profit attributable to shareholders was 10.04 million yuan, down 253.84% year-on-year, while the non-recurring net profit was 11.18 million yuan, a decrease of 280.16% [1] - The company's liquidity ratios are as follows: current ratio at 7.168, quick ratio at 6.263, and debt-to-asset ratio at 9.52% [1] Company Overview - Chengdu Jiafa Antai Education Technology Co., Ltd. was established in 2002 and is primarily engaged in software and information technology services [2] - The company has a registered capital of 3.995 billion yuan and a paid-in capital of 538 million yuan [1] - Jiafa Education has made investments in 21 companies, participated in 1,124 bidding projects, and holds 46 trademark registrations and 82 patents [2]