行业研究 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/30~2025/07/04） 推荐（维持） 超额整体平稳，市场成交量有所回落 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 各量化超额整体为正。上周样本量化私募收益及超额如下：1）300 增强策略周/月/ 年初以来平均收益分别为+2.2%/+2.4%/+4.7%，周/月/年初以来平均超额分别为 -0.1%/+0.7%/+4.9% ； 2 ） 500 增 强 策 略 周 / 月 / 年 初 以 来 平 均 收 益 分 别 为 +3.6%/+5.1%/+10.4%，周/月/年初以来平均超额分别为-0.4%/+0.6%/+9.9%；3）A500 增 强策略周/月/年初以来平均收益分别为+2.1%/+2.6%/+8.7%，周/月/年初以来平均超额分别 为 -0.6%/+0.7%/+9.2% ； 4 ） 1000 增 强 策 略 周 / 月 ...

Core Viewpoint - Yuxin Technology is actively exploring new business system upgrades and collaboration opportunities with state-owned banks in Hong Kong while supporting foreign banks in their digital transformation efforts [1] Group 1: Business Development - Since its international expansion in 2019, the company has successfully implemented various front, middle, and back office business systems for foreign banks [1] - The company is focusing on supporting foreign banks' digital upgrades and completing the construction of next-generation systems [1] Group 2: Collaboration Opportunities - Yuxin Technology is in ongoing discussions with state-owned banks in Hong Kong regarding new business system upgrades and related collaboration opportunities [1] - The company aims to leverage its accumulated technological capabilities, product reserves, and customer ecosystem resources to engage with various licensed institutions abroad for comprehensive technological empowerment [1]

Group 1 - The market is experiencing an upward shift in the oscillation center, characterized by "top and bottom" dynamics, with a positive outlook for effective index breakthroughs due to monthly momentum reversal and rising trading volume [2][12][13] - Profitability is still in a bottoming phase, with expectations that the profit bottom will not arrive before the end of Q3, limiting the elasticity of the current profit cycle [2][13] - Valuation support is provided by government-backed credit policies, with a focus on stable growth and market stabilization measures [2][13] Group 2 - Structural opportunities are emphasized, particularly in "Deep Sea Technology" and "Newly Listed Stocks," alongside existing themes like "Delta G Consumption" and "Self-Controlled Technology" [3][23] - "Deep Sea Technology" is positioned as a strong thematic opportunity for the second half of the year, aligning with national strategic priorities and policies aimed at enhancing marine economic development [4][24][29] - The deep sea technology industry chain is extensive, covering upstream materials, midstream manufacturing, and downstream resource utilization, indicating a comprehensive growth potential [4][32] Group 3 - Newly listed stocks have regained prominence since September 2024, with a significant upward trend observed in their performance, correlating closely with improvements in economic confidence [5][34] - The performance of newly listed stocks is highly correlated with macroeconomic indicators, suggesting that as economic expectations improve, these stocks are likely to outperform the market [5][38] - A new index, the "Open Source Newly Listed Stock Index," has been created to better track and represent the performance of newly listed stocks, expanding the criteria to include stocks listed for up to six years [5][44] Group 4 - Current investment strategy emphasizes diversification across sectors, focusing on "Delta G Consumption," "Self-Controlled Technology," "Stable Dividends," and "Gold" [6][50] - Specific sector recommendations include domestic consumption, technology growth, cost improvement sectors, and structural opportunities in exports, particularly to Europe [6][50] - The strategy aims to capture the greatest expected differences and domestic certainties while avoiding over-concentration in any single sector [6][50]

投资者关系活动记录表 证券代码：300674 证券简称：宇信科技 北京宇信科技集团股份有限公司 答：稳定币作为一种数字资产需要与传统金融机构有机深度融合才 能持续发展，传统金融机构能够在稳定币生态中扮演多重角色，从基础 的资金托管方、稳定币兑换赎回，到数字资产服务提供商、代销以及资 产打包决策支持等。宇信科技目前已有的产品技术和运营能力将成为连 接多层次金融机构体系与数字资产生态的重要节点，不仅限于技术供应 商，更将为各类型发币机构拓展生态运用空间，拓展数字货币的使用场 景，将公司已有的传统金融的营销能力、运营能力赋能生态。 投资者关系活动记录表 编号：2025-017 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 | | | | --- | --- | --- | --- | | 类别 | 业绩说明会新闻发布会 路演活动 | | | | | 现场参观 其他（券商策略会、电话会议）  |  | | | 参与机构名称 | 东北证券、太平基金、光大证券、国投证券、华夏基金、易知投资、兴 | | | | | 合基金、中金资管、新华资产、华泰证券等 | | | | 时间 | 年 月 日- ...

Group 1: Global Digital Economy Alliance - Beijing has initiated the establishment of a Global Digital Economy City Alliance with over 40 partner cities from Europe, North America, Asia-Pacific, the Middle East, and Latin America, focusing on building digital-friendly cities [1] - The alliance aims to address key issues such as digital infrastructure development, cross-border data governance, AI ethics, and smart city applications, promoting collaborative urban development and digital governance innovation [1] Group 2: Digital Transformation in Cities - China's smart city construction has achieved significant breakthroughs, with Beijing's digital economy growing rapidly during the 14th Five-Year Plan, particularly in strategic emerging industries like intelligent connected vehicles and AI [2] - By 2027, a noticeable effect of nationwide urban digital transformation is expected, with a goal for comprehensive breakthroughs by 2030, emphasizing the need for innovative technology and integration of production forces [2][3] Group 3: Digital Finance Market - China's digital finance market is the largest globally, with financial technology companies accelerating their international expansion, supported by innovative technologies bridging the "technology gap" for small and medium-sized institutions [4] - To further promote digital finance development, four key areas of focus include adhering to technology neutrality, establishing a robust data security governance system, customer-centric innovation in financial products, and enhancing international cooperation [4] Group 4: AI in Financial Services - The financial industry is entering an "AI moment," with the application of AI technologies accelerating across both large and small financial institutions, necessitating a comprehensive digital transformation strategy [5] - China's global financial competitiveness has risen to fourth place, with significant improvements in financial technology competitiveness, driven by the rapid development of the fintech industry [5]

中央财经大学党委书记吴国生，中央财经大学校长、党委副书记马海涛，区领导王其志、李文化、于杰参加活动。 来源：石景山区融媒体中心 区银行保险产业园管委会 记者：杨卫东 高嘉辉 本次论坛共设置一个主论坛、三个平行分论坛，诺贝尔经济学奖得主约书亚·安格里斯特、埃里克·马斯金，中国社会科学院大学教授、国务院原副秘书长 江小涓，中国国际经济交流中心副理事长、国务院发展研究中心原副主任王一鸣，中国社会科学院学部委员、国家金融与发展实验室理事长李扬等重量级 嘉宾做主旨报告。与会嘉宾分别分享了数字时代全球化面对的新机遇与新挑战、推动"科技-产业-金融"良性循环等思考和建议，围绕"数智时代的全球财税 治理"、"人工智能与金融产业变革"、"数智时代企业管理变革与应对"三大主题进行研讨。主论坛上，中央财经大学金融学院师生团队自主研发的"中财融 通大模型"及上市公司研报智能体首发亮相，为金融AI应用提供全新范式。 今天上午，2025全球财经论坛在石景山区举行。作为2025中关村论坛系列活动之一，本届论坛以"迈向数智时代的中国与世界经济"为主题，旨在立足中 国，放眼全球，聚焦全球财经领域热点，汇聚中外各界知名人士，搭建政产学研深度对话 ...

Group 1 - The article highlights a significant phenomenon where, despite a net outflow of over 9 billion from the stock market, 19 stocks attracted more than 200 million in investments, with沃尔核材 receiving over 1.4 billion [1][3] - 沃尔核材 is noted for its involvement in both nuclear fusion and ultra-high voltage sectors, indicating a strategic positioning in essential energy transitions, which may attract long-term investments [3] - 协鑫能科 received over 500 million in investments, linked to its positioning in the energy storage sector, particularly with the increasing demand for new technologies like molten salt storage [3] Group 2 - Other companies like 数据港 and 信雅达 are also highlighted for their connections to current market trends, with 数据港 focusing on AI computing and data centers, while 信雅达 is associated with financial technology [3] - The article discusses the outflow of funds from companies like 东方财富 and 中际旭创, attributing it to market volatility and profit-taking, rather than fundamental issues [4] - The analysis emphasizes the importance of understanding the underlying logic behind capital flows, suggesting that significant inflows may indicate industry turning points or undiscovered company strengths [4]

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 来源丨投中网 一提到 996 ，打工人总会眉头一皱。 尤其是对于当代年轻人来说， "996" 是无可争议的职场糟粕。人们普遍相信， 996 是内卷文化的 直观体现，既不尊重员工的个人生活，也没办法给公司的发展带来实质上的改观。如果一家公 司采 用 996 工作制，人们就会下意识地认为这家公司管理无能、战略模糊、没有核心竞争力、把员工 当成 " 螺丝钉 " 。 为了批评得更加具体，硅谷科技公司们在工作制上的 " 反卷创举 " 被反复提及。比如在传说中， 谷歌、 Meta 没有打卡制度，下午 3 点就能下班，会免费提供五星级别的一日三餐，每周三还可以 选择在家工作；比如著名的影视大厂 Netflix ，传说他们总是按照市场最高价格付工资，在此基础 上还愿意提供无限期的年假制度。 那为什么硅谷会在 7 年后，重新讨论起 "996" 呢？这件事得从今年 3 月， Revol ...

Market Overview - On July 4, U.S. markets were closed for Independence Day, leading to a risk-off sentiment with S&P 500 futures down 0.6% and European blue-chip index STOXX 50 down over 1% [2] - European chip stocks fell, with ASML Holdings down approximately 2.6% [2] - China's Ministry of Commerce announced anti-dumping duties on EU brandy, causing Remy Cointreau's stock to drop 7.2% intraday before recovering to close up 2% [2] - The 10-year German bond yield fell by 0.8 basis points, while the UK bond market remained weak with a cumulative rise of 5 basis points this week [2] - Gold prices rose nearly 0.6% amid increased risk aversion, while WTI crude oil dropped 1.5% due to expectations of significant OPEC+ production increases [2] - In Asia, A-shares fluctuated, with the Shanghai Composite Index nearing 3500 points, while the Hang Seng Index fell below 24000 points [2] Key News - The U.S. government informed General Electric Aviation that it can resume supplying jet engines to COMAC in China, indicating a potential easing of trade tensions [8] - President Trump announced plans to send tariff letters to trade partners, with rates potentially ranging from 60%-70% to 10%-20% [8] - The EU's trade negotiations with the U.S. have not reached a breakthrough, with ongoing discussions expected over the weekend [9] - Indonesia expressed confidence in reaching a "bold trade agreement" with the U.S., proposing zero tariffs on 70% of U.S. products [9] - India is preparing a strong response to U.S. auto tariffs, potentially imposing retaliatory tariffs due to the impact on its exports [10] Legislative Developments - Trump signed the "Big Beautiful" bill, marking a significant shift in U.S. fiscal policy towards tax cuts and increased defense spending, while cutting funding for healthcare and clean energy projects [11] - The bill is expected to severely impact Tesla's carbon credit revenue, which accounted for 39% of its net profit in 2024 [11] - Tesla is reportedly facing challenges with new model shortages, leading to increased pressure on sales [12] Market Sentiment - Bank of America indicated that the S&P 500 is nearing a sell signal, with the "Big Beautiful" bill raising the risk of a summer market bubble [13] - Iron ore prices rebounded by 4% this week, driven by strong demand from China, but Goldman Sachs warned that prices may struggle to exceed $100 per ton [13] Domestic and Overseas Macro - The Ministry of Housing and Urban-Rural Development in China is pushing for measures to stabilize the real estate market [14] - The U.S. Treasury's strategy to increase short-term bond issuance may undermine the Federal Reserve's independence and affect inflation control [15] - The European Central Bank is expected to maintain current interest rates, focusing on achieving a 2% inflation target [16]

Group 1 - The core viewpoint of the articles highlights the rising trend of gold investment among young people, particularly the post-90s and Gen Z demographics, who are increasingly viewing gold as a viable investment option rather than a traditional commodity [2][5]. - In the past year, gold prices have surged significantly, doubling from around 400 RMB/g to nearly 1000 RMB/g at peak times, indicating a strong market performance [2]. - The concentration of gold trading activity occurs during evening hours (8 PM to 11 PM), aligning with the leisure time of young investors, showcasing a trend towards "fragmented financial management" [2]. Group 2 - The global economic uncertainty has reinforced gold's status as a safe-haven asset, with spot gold prices rising by 25% in the first half of the year, driven by central bank purchases, geopolitical risks, and inflation pressures [3]. - Industry experts believe that the foundation for a long-term bull market in gold remains solid, with strategic allocation value highlighted by the China Gold Association [3]. - The long-term annualized return of gold is approximately 8%, comparable to global nominal GDP growth, with expectations for an upward shift in return rates due to accelerated central bank purchases [4]. Group 3 - JD Finance has positioned gold investment as a core competitive advantage, offering a comprehensive platform that includes physical gold, accumulation gold, gold ETFs, and gold recycling services [5]. - The platform aims to enhance investor education, improve product offerings, and refine professional service systems to support gold investment, particularly targeting the younger demographic [6]. - The growing interest in gold among young investors reflects a broader trend of seeking asset preservation strategies in uncertain economic times, with digital natives redefining the meaning of investment stability [6].