Market Overview - The market experienced a strong upward trend in the early session, with both the Shanghai Composite Index and the ChiNext Index rising over 1% [1] - As of the midday close, the Shanghai Composite Index was at 3546.50 points, up 1.05%, with a trading volume of 438.2 billion; the Shenzhen Component Index was at 10731.19 points, up 0.94%, with a trading volume of 578 billion; the ChiNext Index was at 2215.53 points, up 1.19%, with a trading volume of 277.4 billion [1] Sector Performance - The rare earth permanent magnet sector saw a collective surge, with over ten stocks, including Northern Rare Earth, hitting the daily limit [2] - The financial sector showed strong performance, with major financial stocks experiencing upward momentum, and the stock "Zhinan Zhen" reaching a historical high [2] - The CRO sector also saw a significant rise, with WuXi AppTec hitting the daily limit [2] - Conversely, the PCB sector continued to adjust downwards, with Jin'an Guoji hitting the daily limit down [2] Institutional Insights - CITIC Securities highlighted that "stable return" assets are characterized by low volatility, low drawdown, and continuous returns, with a focus on profitability and dividend stability [3] - The report noted that the banking sector's foundation for "stable returns" has been further solidified due to macroeconomic and regulatory policies, as well as increased holdings by insurance funds, public offerings, and AMC companies [3] - It is expected that trading funds will focus on undervalued stocks, while allocation funds will continue to favor beta stocks [3] Economic Outlook - Jiahe Fund projected that in July, the economy would show structural recovery characteristics, supported by manufacturing and infrastructure investments, while consumer spending continues to recover moderately [4] - The report indicated that the central bank's policy remains stable, but significant easing is unlikely due to concerns over fund circulation [4] - Key variables affecting the market include policy expectations from the Politburo meeting in late July and uncertainties from geopolitical issues and U.S. Federal Reserve policy adjustments [4] - The fund suggested focusing on sectors benefiting from domestic demand, such as automotive and retail, while monitoring policy signals and overseas risk developments [4] Industry Development Initiatives - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of developing foundational and industrial software for implementing the manufacturing power strategy [5] - The Shanghai Fengxian District government released an action plan for the development of general new materials, focusing on advanced process integrated circuit materials, including high-purity targets and semiconductor packaging materials [6] - The plan aims to accelerate domestic substitution and promote the establishment of an industrial chain ecosystem [6]

周五（7月11日）亚洲时段，现货黄金窄幅震荡，最新黄金价格交投于3330一线，美国初请失业金人数 意外下降，推动美元指数一度刷新逾两周高点，压制了以美元计价的黄金需求。 美国截至7月5日当周初请失业金人数减少5000人至22.7万人，连续第四周下降，至两个月来最低水平。 续请失业金人数在上周上升至197万人，仍是自2021年底以来的最高水平。在学校暑假和联邦假期期 间，初请失业金人数往往不稳定，因为在这些时期，临时工和季节性工人会反复就业和失业。这一数据 的下降表明雇主不愿解雇工人，但续请失业金人数的上升表明失业的美国人找工作的困难程度。 美联储理事沃勒在当地时间周四表示，即便6月就业数据表现强劲，美联储仍应考虑在7月议息会议上降 息。 劳动力市场的复杂信号对黄金市场的影响是双重的。一方面，强劲的就业数据提振了美元和美债收益 率，进一步压制金价；另一方面，劳动力市场潜在的疲软迹象可能在未来为黄金的避险需求提供支撑。 美元指数周四一度上涨0.4%，创逾两周新高至97.92，尽管尾盘有所回落，收于97.58，但其反弹走势仍 对金价走势构成显著压力。由于黄金以美元计价，美元走强会使持有其他货币的投资者购买黄金的成本 ...

所长 早读 国泰君安期货 2025-07-11 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 特朗普再次表示对铜征收 50%的关税 观点分享： 据央视新闻报道，当地时间 7 月 9 日，美国总统特朗普在社交媒体平台上宣布，在收到 一份严格的国家安全评估报告后，他宣布美国对铜征收 50%的关税，自 2025 年 8 月 1 日起 生效。此前，8 日，特朗普称将对所有进口铜征收 50%的新关税。分析原因，主要是出于推 动美国本土铜生产、降低进口依赖的考量，但就如之前一系列对他国加税的举动，该政策可 能引发全球供应链连锁反应并损害多方利益，短期也必然引发铜价的混乱，却又难以缓解其 国内铜供应的问题。 所 长 首 推 所长 早读 今 日 发 现 期货研究 | 板块 | 关注指数 | | --- | --- | | 玻璃 | ★★★★ | 玻璃：短期偏强，中期震荡市。近期在政策端影响下，市场高亏损品种普遍出现明显反弹。 虽然政策端目前并未明确影响到玻璃行业供应，但空头资金主动离场推动期货价格上涨。现 货端近期成交有明显好转，尤其是此前持续偏弱的湖北市场成交有一定改善。短期在市场政 策炒作情绪终结前略偏强 ...

Group 1 - The core viewpoint of the article highlights the continued rise of stablecoin-related stocks in the Hong Kong market, with notable increases in share prices for companies like Derlin Holdings, OSL Group, Guotai Junan International, and China Everbright Holdings [1] - Derlin Holdings (01709.HK) saw a price increase of 4.76%, while OSL Group (00863.HK) rose by 2.51%, Guotai Junan International (01788.HK) increased by 2.20%, and China Everbright Holdings (00165.HK) went up by 1.11% [1] - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting on July 10 to discuss the development trends and strategies for cryptocurrencies and stablecoins, emphasizing the integration of production and data [1] Group 2 - He Qing, the Secretary and Director of the Shanghai State-owned Assets Supervision and Administration Commission, pointed out the importance of exploring blockchain technology applications in cross-border trade, supply chain finance, and asset digitization [1]

金融文化论坛以"传统文化与现代金融"为主议题，探讨中国特色金融文化弘扬路径，以金融文化引 领金融实践创新发展。 围绕"诚实守信 以传统文化涵育现代金融价值体系""守正创新 塑造金融服务实体新优势""依法合规 构建现代金融发展新秩序"三项分议题，中泰国际首席经济学家李迅雷，新华保险党委书记、董事长杨 玉成，青岛大学党委书记胡金焱，招银国际首席执行官霍建军作主旨演讲，挖掘中华优秀传统文化中蕴 涵的金融思维，解析中华文化基因对金融行业的影响。 两河对话，让古老智慧焕发生机 黄河文明和尼罗河文明都是大河文明的杰出代表。中埃古代文明对话会上，来自各国的专家学者以 考古、科技、人文为经纬，进行了深入交流。 山东大学在章丘焦家遗址发现的"黄河下游最早史前城市"，为中华文明提供了黄河样本；卢克索文 物局局长阿卜杜勒加法尔·瓦格迪则展示了科技赋能的考古新范式：通过3D光影重现卡尔纳克神庙内部 结构，让沉睡的文物焕发时代生机。 北京语言大学一带一路研究院院长徐宝锋认为，文明互鉴需走向现实维度，为全球南方国家提供发 展方案，让古老智慧照亮前路，共同讲好人类故事。从北京语言大学设立"埃及汉学家理事会"，到山东 大学与开罗大学联合培养 ...

文 | 浪潮研究所 一、两种美国梦：躺着数钱 vs 创造系统 故事开始于17世纪，英国人来到北美大陆，创造了两个截然不同的世界。 在南方，是以弗吉尼亚为代表的殖民地。他们的成功模式简单粗暴：烟草。在"吸烟有益健康"还是主流 医学观点的时代，上瘾的烟草就是硬通货。依靠欧洲市场的巨大需求，弗吉尼亚的种植园主赚得盆满钵 满，财富一度是北方的十倍。 但这是一种躺在土地上的富裕，其本质是资源开采。它依赖单一作物、绑定单一市场，做的是一锤子买 卖。这种模式没有，也不需要催生出任何复杂的商业生态。这是一种"躺着数钱"的模式。 一条街，一道墙，如何捆绑全球资本？ 你有没有想过，华尔街为什么叫"Wall Street"？Wall，就是一堵墙。为什么一条用"墙"命名的街道，能 成为全球资本的神经中枢？这堵墙，当年是用来防御谁的？今天，它又困住了谁？ 这个问题的答案，藏在华尔街诞生之前的黑暗历史里。它是一部关于两种财富观、一套金融工具和一场 货币骗局的"美国前传"。 今天，我们就拆掉这堵墙，看看里面到底藏着什么秘密。 而在寒冷的北方，也就是"新英格兰"地区，清教徒移民们面对的是遍地顽石和贫瘠的土地。他们没有单 一的爆款产品可以依赖 ...

1. 包钢股份、北方稀土双双宣布进一步上调稀土精矿关联交易价格。 今日导读 2. 《北京市深化改革提振消费专项行动方案》（下称《行动方案》）7月10日正式发布。 《行动方案》提出，力争到2030年，北京市场总消费额年均增长5%左右，打造2至3个 千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、资源配置能力和创新 引领能力进一步提升，国际消费中心城市建设取得新突破。 3. 记者从开普勒获悉，近日，公司完成A+轮融资，投资人为福然德和涛涛车业。这已是 公司近半年来，第三次披露融资进展。据了解，公司目前已经累计引入福然德、涛涛车 业、兆丰股份、 汉威科技 、乔锋智能、柯力传感和伟创电气7家上市公司股东。 宏观消息 1、自然资源部于10日发布消息，今年上半年，我国新发现矿产地38处，同比增长31%，其中大中型25 处。今年上半年，我国非油气矿产勘查投入资金66.93亿元，同比增长了23.9%，保持快速增长势头。 2、 金融监管总局发布关于防范虚假宣传诱导网络贷款的风险提示。近期，一些不法机构或平台通过 混淆概念、不实承诺、隐瞒风险等虚假宣传手段，诱导消费者办理网络贷款，不仅给消费者带来沉重 的经济负担，还 ...

市场的加速器——信用债 ETF 的影响 今日概览 ◼ 重磅研报 【固定收益】市场的加速器——信用债 ETF 的影响——20250710 【海外】禾赛（HSAI.O）-赋能机器，感知世界——20250710 ◼ 研究视点 【电力设备】大金重工（002487.SZ）-业绩超预期，海风盈利提升—— 20250710 证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 11 年 月 日 朝闻国盛 作者 | 分析师 张斌梅 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680523070007 | | | | | 邮箱：zhangbinmei@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 综合 | 9.8% | 19.7% | 72.9% | | 通信 | 9.0% | 22.7% | 33.3% | | 电力设备 | 8.7% | 15.5% | 31.8% | | 银行 | 8.4% | 20.4% | 36.5% | | 非银金融 | 7.9% | 14.0% | 47.2% ...

Market Performance - S&P 500 and Nasdaq reached new highs despite tariff concerns, with Tesla's stock rising by 4.7% due to the expansion of its Robotaxi business [1] - Nvidia achieved a three-day streak of record highs, increasing its market capitalization to $4 trillion [1] - MP Materials, a rare earth mining company, saw its stock surge nearly 51% [1] - Delta Airlines regained its profit guidance for the year, resulting in a 12% stock increase [1] Tariff Developments - Myanmar is negotiating with Trump for potential zero tariffs on exports to the U.S. before the August deadline [1] - Brazilian President announced plans to negotiate tariffs with the U.S., threatening reciprocal measures if negotiations fail [1] - Trump announced a 50% tariff on copper starting August 1, prompting traders to expedite shipments to Hawaii [1] - HSBC indicated that the August 1 tariff could be a turning point for copper prices in Shanghai and London [1] Federal Reserve Insights - Trump urged the Federal Reserve to lower interest rates quickly, praising Nvidia's stock performance [1] - Federal Reserve Governor Waller suggested considering a rate cut in July and supported continued balance sheet reduction [1] - There are differing opinions within the Federal Reserve regarding the lasting impact of tariffs on inflation, with some expecting effects to persist into next year [1] Industry Developments - OPEC+ is reportedly discussing a pause in production increases starting in October [1] - OpenAI released its first "open weights" model in six years, potentially challenging Microsoft's exclusive agreement [1] - Grok 4 was officially launched, boasting the strongest computational training capabilities to compete with GPT-5 and Claude 4 Opus [1] - Ant Group plans to introduce Circle stablecoin and is considering applying for licenses in multiple regions [1] - U.S. rare earth stocks surged in pre-market trading, with MP Materials receiving investment from the Pentagon for factory expansion [1]

Group 1 - Company proposes to repurchase HKD 780 million 4.00% convertible bonds maturing in 2025 [1] - As of the announcement date, the company has received commitments from eligible bondholders to sell approximately HKD 566 million of existing convertible bonds [1] - The remaining outstanding principal amount of existing convertible bonds is approximately HKD 74 million [1] Group 2 - Company plans to issue HKD 850 million 2.80% convertible bonds maturing in 2027 [2] - The initial conversion price is set at HKD 7.67 per share, potentially converting into approximately 110.8 million new shares, representing about 2.686% of the enlarged issued share capital [2] - Net proceeds from the bond issuance are expected to be approximately HKD 843 million, with around HKD 571 million allocated for the repurchase and the remainder for general corporate purposes [2]