格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 11 日星期五 更多精彩内容请关注格林大华期货官方微信 Morning session notice 早盘提示 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 【重要资讯】 | | --- | --- | --- | --- | | | | | 1、美国总统特朗普直接通知各国对等关税水平的第二波征税函来袭，覆盖八个国 | | | | | 家，其中对巴西将征收的 50%关税为公布新对等关税以来最高水平。 | | | | | 2、美股在科技股带动下强势反弹，标普 500 指数逼近历史高点，但恐惧与贪婪指 | | | | | 数已发出"极度贪婪"信号，显示市场风险情绪高涨。 | | | | | 3、摩根士丹利表示，受通胀胀风险和关税影响，预计 2025 年全年无降息。而花旗 | | | | | 预计，9 月就可能开启降息周期，且后续每次会议都可能降息，直至政策利率降至 | | | | | 3-3.25%。 | | | | ...

Company Overview - Huizhou Zhongjing Electronics Technology Co., Ltd. (stock code 002579) was established in 2000 and provides one-stop PCB solutions, specializing in the research, production, and sales of rigid multilayer circuit boards (MLB), high-density interconnect boards (HDI), flexible circuit boards (FPC & FPCA), and rigid-flex boards (R-F) [1] - The company is recognized as a national key high-tech enterprise under the Torch Program and serves as the vice-chairman unit of the China Printed Circuit Association (CPCA), being one of the standard-setting units in the industry [1] Financial Performance - The financial report indicates that Dachen Fund's Dachen 360 Internet + Big Data 100A has entered the top ten shareholders of Zhongjing Electronics, with a holding ratio of 0.27% as of the first quarter of this year [1] - The fund has achieved a year-to-date return of 18.61%, ranking 264th out of 3426 in its category [2] Fund Management - The fund manager, Xia Gao, holds a Ph.D. in engineering from Tsinghua University and has extensive experience in fund management, having worked at Dachen Fund Management Co., Ltd. since July 2012 [3][4] - Xia Gao has managed various funds, including the Dachen 360 Internet + Big Data 100 Index Fund since February 3, 2016, and has a cumulative management experience of over 10 years [4]

Group 1 - The core concept of the public warehouse system in Jiangsu is to facilitate the efficient transfer and utilization of idle assets across various administrative levels and departments, akin to a "second-hand market" for government assets [1][4] - The public warehouse platform has successfully processed 477 batches and 3,155 items in the first five months of the year, saving over 11 million yuan in fiscal funds [2][4] - The platform currently hosts over 30,000 items, including office equipment, vehicles, and instruments, allowing units to easily match their needs and facilitate flexible borrowing or renting [3][4] Group 2 - The public warehouse initiative began in 2013 and has expanded to include collaboration between provincial, municipal, and district levels, as well as extending to state departments and local communities [4] - The system has enabled the transfer of high-value assets, such as a 4 million yuan environmental monitoring vehicle, demonstrating its effectiveness in asset management [4] - The platform not only manages physical assets but also facilitates the sharing of virtual assets, such as software licenses, enhancing resource utilization [7][8] Group 3 - The public warehouse has been instrumental in reducing administrative costs and improving operational efficiency by streamlining the asset allocation process [2][5] - Maintenance services are provided through a centralized approach, ensuring quality repairs and reducing costs associated with asset upkeep [5][6] - The initiative has also led to the repurposing of idle properties for community use, addressing local needs while optimizing resource allocation [7]

Group 1 - The core point of the article is the public transfer of debts and collateral assets from China Great Wall Asset Management Co., Ltd. Shanxi Branch to Zhixiang Asset Management (Zhuhai) Co., Ltd. through the JD Asset Trading Platform [1][2] - The transferred debts include three companies: Shanxi Jinhui Energy Group Co., Ltd., Taiyuan Qiaoyou Chemical Co., Ltd., and Shanxi Tengxiang Sports Goods Sales Co., Ltd. [1][3] - The total principal balance of the debts is 238.52 million yuan, with total interest amounting to 143.99 million yuan [3] Group 2 - Shanxi Jinhui Energy Group Co., Ltd. has a principal balance of 210.03 million yuan and interest of 123.88 million yuan, secured by pledges and guarantees [3] - Taiyuan Qiaoyou Chemical Co., Ltd. has a principal balance of 6.99 million yuan and interest of 550.43 thousand yuan, guaranteed without collateral [3] - Shanxi Tengxiang Sports Goods Sales Co., Ltd. has a principal balance of 21.50 million yuan and interest of 14.61 million yuan, with collateral already adjudicated for debt repayment [3]

Core Viewpoint - The company, Yiatong (002183), is actively engaging in cross-border supply chain digitalization and is monitoring developments in digital currency and stablecoin integration for its payment systems [2]. Group 1: Company Performance - As of July 10, 2025, Yiatong's stock closed at 4.61 yuan, reflecting an increase of 0.88% with a turnover rate of 1.33% and a trading volume of 346,400 shares, resulting in a transaction value of 159 million yuan [1]. Group 2: Digital Payment Systems - The cross-border supply chain digital platform of Yiatong supports various online payment methods for cross-border transactions but currently does not involve stablecoins [2]. - The company is closely monitoring industry trends and policy directions regarding the use of digital currencies [2]. Group 3: Market Activity - On July 10, 2025, the net inflow of funds from major investors was 422,000 yuan, while speculative funds saw a net outflow of 5.4654 million yuan, and retail investors had a net inflow of 5.0434 million yuan [2].

香港金管局在市场买入132.82亿港元，因港元汇价触及弱方兑换保证。 ...

Group 1 - The company held its second meeting of the fourth board of directors on July 10, 2025, to discuss urgent matters [2][3] - The board approved a proposal to apply for a comprehensive credit facility of up to 500 million RMB from China Construction Bank for a period of one year [3][10] - The proposal was reviewed and approved by the independent directors prior to being submitted to the board [5][11] Group 2 - The decision to apply for the credit facility aims to meet the company's daily operational funding needs and is expected to have a positive impact on business development [12] - The decision-making process for the credit facility application was compliant with relevant laws and regulations, ensuring no adverse effects on the company's financial status or shareholder interests [12]

Group 1: Green Economy - The green economy is emerging as a significant growth driver, with opportunities in new energy, energy conservation, and green building sectors [1][2] - The new energy vehicle industry is expected to maintain strong growth, supported by policies, technological advancements, and increased consumer awareness [1] - The energy-saving and environmental protection sector shows promising prospects, with rising demand for industrial energy conservation, building energy efficiency, and wastewater treatment [1] Group 2: Digital Economy - The digital economy is becoming a core force in economic development, with technologies like artificial intelligence, big data, cloud computing, and blockchain creating new growth points [3][4] - Artificial intelligence is being applied across various fields, enhancing efficiency and accuracy in healthcare, manufacturing, and finance [3] - Big data and cloud computing provide robust support for data storage, processing, and analysis, enabling businesses to achieve digital transformation [3] Group 3: Health Industry - The health industry is experiencing a golden development period, driven by increasing health awareness and an aging population [5][6] - There is a growing demand for medical services, including high-end medical care, rehabilitation, and internet healthcare [5] - Health management services are gaining popularity, offering personalized solutions for disease prevention and health maintenance [6] Group 4: New Consumption - The trend of consumption upgrading is creating innovative opportunities in new consumption fields, focusing on personalized, quality, and experiential demands [7] - High-quality food and beverage, fashion beauty, and smart home products are in high demand, with consumers prioritizing quality and brand [7] - New consumption models like live-streaming e-commerce and social e-commerce are rapidly developing, enhancing consumer shopping experiences [7] Group 5: Cross-Border E-commerce - Cross-border e-commerce is experiencing rapid growth, providing new opportunities for businesses to expand into international markets [8] - Emerging markets such as Southeast Asia, the Middle East, and Africa are showing significant consumption potential, with increasing internet penetration [8] - Optimizing supply chains is crucial for cross-border e-commerce, as it involves multiple processes including procurement, warehousing, and logistics [8]

Group 1 - The core viewpoint of the article highlights that despite a general recovery in European financial markets, France is experiencing a decline in investor confidence due to structural political and economic challenges [1][4][6] - France's bond and stock markets are underperforming compared to other European countries, with the CAC40 index showing a return of approximately 6.7% year-to-date, lagging behind the European Stoxx 600's 8.3% and Germany's DAX index's 23.3% [3][4] - The yield spread between French and German 10-year bonds remains around 70 basis points, significantly higher than the 50 basis points before the political turmoil in June 2022, indicating a lack of investor confidence in French assets [2][4] Group 2 - France's public debt reached €3.3 trillion last year, surpassing Italy's by approximately €300 billion, with projections indicating it could rise to about €3.35 trillion by Q1 2025, leading to a debt-to-GDP ratio of 114% [4][5] - The political fragmentation in France has hindered effective fiscal policy, with the government unable to secure a majority in parliament, resulting in a lack of decisive action to address budget deficits [6][7] - Analysts suggest that unless France can implement significant fiscal reforms, investor confidence is unlikely to improve, with some indicating the possibility of needing assistance from the International Monetary Fund if fiscal control is not established [7]

Group 1 - The People's Bank of China and the Hong Kong Monetary Authority announced multiple measures to optimize and expand the Bond Connect "Southbound" scheme, including the inclusion of non-bank financial institutions such as brokerages, insurance companies, and asset management firms [1] - The expansion of the "Southbound" scheme is timely given the asset allocation challenges faced by mainland financial institutions, and it holds significant implications for the development of non-bank institutions and the long-term stability of both mainland and Hong Kong bond markets [1] Group 2 - The expansion broadens asset allocation channels for non-bank institutions, enhancing their global asset allocation capabilities. Previously, these institutions relied on the Qualified Domestic Institutional Investor (QDII) scheme, which had limited quotas and lengthy approval processes. The "Southbound" scheme acts as a "highway" for investing in overseas bonds, improving overall investment yield flexibility [2] - As of July 10, the yield on China's 10-year government bonds was 1.68%, while Hong Kong's was 2.99%, and the U.S. was 4.34%, indicating significant yield differentials that can optimize asset allocation [2] Group 3 - The expansion helps stabilize the mainland bond market and alleviates unilateral volatility caused by supply shortages. As of May, the bond market's custody balance in China reached 187.2 trillion yuan, ranking among the world's largest. The "Southbound" scheme acts as a "pressure relief valve" for the demand side of the mainland bond market, balancing supply and demand [3] - The annual total quota for the "Southbound" scheme is set at 500 billion yuan, with a variety of options available in the Hong Kong bond market, including Hong Kong dollar bonds and offshore RMB bonds [3] Group 4 - The expansion is expected to attract medium- to long-term funds into the Hong Kong bond market, enhancing trading liquidity. A broader and more active investor base will create a more attractive financing environment for international investors and issuers [4] - The diverse investment strategies and flexible trading models of non-bank institutions will significantly enhance the price discovery function and trading activity in the offshore RMB bond market, promoting the growth of the offshore RMB asset pool [4] - The expansion is anticipated to reshape the cross-border asset allocation ecosystem for mainland non-bank institutions, fostering the prosperity of both bond markets and advancing the internationalization of the RMB [4]