6月份华润置地继续积极补仓，在北京、西安及合肥收购了4幅地块，总楼面面积约268556平方米。集团就该等土地收购应付的权益对价约为19.8亿元。 据此计算，2025年上半年，华润置地共收购18幅地块，总楼面面积148.19万平方米，权益对价约为332亿元。与去年同期相比，2024年上半年华润置地共收 购11幅地块，新增土储储备202万平方米，权益对价约为183.3亿元，今年上半年华润置地的拿地动作更积极。 近日，华润置地（01109.HK）披露6月份及上半年销售情况。数据显示，6月份华润置地及其附属公司实现总合同销售金额约234.5亿元，同比减少26.7%；总 合同销售建筑面积约89.7万平方米，同比减少27.1%。 根据华润置地披露的1—6月销售数据，2025年上半年累计合同销售金额约1103亿元，同比减少11.6%；总合同销售建筑面积约411.9万平方米，同比减少 21%。据此前克而瑞研究中心统计的数据显示，2025年上半年，华润置地以1103亿元的销售额位居销售榜单第三名。 总体来看，虽然6月份的销售大幅下滑，但是华润置地上半年的销售整体回稳，销售降幅同比收窄。 尤为值得关注的是，6月单月销售额同比下滑 ...

金十数据7月18日讯，受多户型住宅建设提振，美国6月房屋开工率出现反弹，但独栋住宅市场依然疲 软，显示高库存与可负担性压力持续困扰市场。周五公布的数据显示，上个月新屋开工年化月率增长 4.6%，至132万套，在5月份下滑近10%之后有所回升。尽管公寓承包商更为忙碌，但新建住房整体低迷 表明，建筑商正在放缓投资步伐，以消化已膨胀至17年多来最高水平的新房库存。同时，开发商还面临 二手房供应增长的竞争，因为房主逐渐接受接近7%的房贷利率，开始挂牌出售房产。 在公寓楼建设的带动下 美国6月房屋开工率反弹 ...

南京高科：上半年权益合同销售额8.2亿元 同比增长824.68% 长鸿高科：拟购买广西长科100%股权 股票7月21日复牌 双林股份：拟发行H股股票并在香港联交所主板挂牌上市 顺丰控股：6月速运物流业务营业收入199.62亿元，同比增长14.24% 转自：证券日报网 沪市重要公告： 重要公告： 东吴证券：拟定增募资不超60亿元 确成股份：拟投资9亿元建设生物质（稻壳）二氧化硅综合利用项目和松厚剂项目 确成股份（605183）公告，公司拟在江苏滨海经济开发区沿海工业园投资建设"年产10万吨（一期 年产5万吨）生物质（稻壳）二氧化硅综合利用项目"、"年产3.02万吨松厚剂项目"，项目预计总投资额 9亿元。 东吴证券：拟定增募资不超60亿元 东吴证券（601555）公告，本次向特定对象发行A股股票数量不超过本次发行前公司总股本的 30%，按公司审议本次发行的董事会决议日的总股本计算即不超过14.91亿股。其中，国发集团认购金 额为15亿元，苏州营财认购金额为5亿元。本次向特定对象发行A股股票募集资金总额不超过60亿元， 主要用于向子公司增资、信息技术及合规风控投入、财富管理业务、购买科技创新债券等债券投资业 务、做 ...

目标公司为一间于英属维尔京群岛注册成立的投资控股有限公司。截至本公告日期，目标公司由王丽盈 女士全资拥有。立标有限公司为一间于香港注册成立的投资控股有限公司。截至本公告日期，立标有限 公司由目标公司全资拥有。惠州立信为一间于中国成立的有限公司，主要在中国从事物业投资。截至本 公告日期，惠州立信由立标有限公司全资拥有。 格隆汇7月18日丨万城控股(02892.HK)公告，于2025年7月18日，公司全资附属公司万城发展订立买卖协 议及认购协议。于2025年7月18日，万城发展与王丽盈女士订立买卖协议。根据买卖协议，王丽盈女士 已有条件同意出售，及万城发展已有条件同意收购待售股份（约占目标公司Fortune Radiant City Limited 截至本公告日期已发行股本总额的25.3%），代价总额为1.51亿港元，将透过(i)支付现金代价；及(ii)万 城发展向王丽盈女士转让公司全资附属公司FortuneBrilliant所有已发行股份（即出售事项）结算。 于2025年7月18日，万城发展与王丽盈女士及目标公司订立认购协议。根据认购协议，万城发展已有条 件同意认购，及目标公司已有条件同意配发及发行认购股份（约 ...

Group 1: Report's Investment Rating - No information provided on the industry investment rating Group 2: Core Views - The bond market yield has been oscillating at a high level and has declined. In 2025, the yields of treasury bonds and policy bank bonds at all tenors have shown a trend of high - level oscillation. The short - end interest rate has risen significantly, while the long - end interest rate has risen slightly, and the spread between the long - end and short - end has narrowed. The prices of treasury bond futures have corrected from high levels [3]. - Affected by multiple factors, the bond market yield has oscillated. In Q1 2025, the central bank tightened the money market in the short term, causing the yields of bonds at all tenors to rise and the prices of treasury bond futures to correct from high levels. Since Q2, due to Trump's tariff policies, the demand for bond - type assets as a hedge has increased, leading to a decline in bond yields and an increase in treasury bond futures prices. The monetary policy remains loose, the capital price has declined, and the bond yield is at a relatively low level [3]. - Looking forward, the bond yield may mainly show an oscillating pattern in the short term and remain in a downward trend in the long term. The macro - economic fundamentals are being repaired, but the repair progress of investment, prices, and profits is still slow. The monetary policy remains loose, the money supply growth rate is expected to increase, and there is still a possibility of reserve requirement ratio cuts and interest rate cuts in the second half of the year. The capital price is at a relatively low level. Overall, the bond yield is expected to remain in a downward trend [7]. Group 3: Summary by Directory 1. Bond Market Review: After Tariff Disturbances, Yields Oscillate at Low Levels - **1.1 Bond Yields: Overall in a Downward Trend with Short - Term Oscillations** - After the tariff disturbances, the bond market has mainly oscillated. The 10 - year treasury bond yield has mostly been between 1.6% and 1.7%, and was mostly below 1.65% in June. From the perspective of the term structure, the short - end interest rate has shown a downward trend, the long - end interest rate has oscillated, and the term spread is generally at a low level and has recently increased slightly [12]. - The closing prices of treasury bond futures at different tenors have oscillated at high levels. The prices of 2 - year, 5 - year, and 10 - year treasury bond futures have all shown a downward trend, with the 10 - year showing a steeper slope [3]. - **1.2 Attribution of Bond Market Fluctuations: Liquidity Tightening Pushes Up Yields, Tariff Disturbances Pull Down Yields** - In Q1, the bond yield showed a low - level oscillation and an upward trend, mainly related to the central bank's monetary policy operations. In January, the bond yield was at a relatively low level due to the moderately loose monetary policy. From February to March, the bond yield rose because of the central bank's short - term tight monetary policy [16]. - In Q2, the bond yield decreased rapidly and remained at a low level, related to Trump's tariff shock and the central bank's moderately loose monetary policy. In April, Trump's tariff policy increased the demand for hedging assets such as bonds, pulling down the bond yield. Since mid - April, the bond market has continued to oscillate at a low level, mainly due to the continued loose monetary policy, slow repair of the economic fundamentals, and low capital prices [17]. - **1.3 Bond Market Participants: Institutions Overall Increase Holdings of Interest - Rate Bonds, and Holdings of Credit Bonds Decline** - Financial institutions have overall increased their holdings of interest - rate bonds. Commercial banks, credit unions, insurance companies, securities companies, and overseas institutions have all increased their holdings of interest - rate bonds. For example, in May 2025, commercial banks' holdings of interest - rate bonds reached 73.2 trillion yuan, an increase of 3.5 trillion yuan compared to the end of 2024 [18]. - Financial institutions' holdings of inter - bank credit bonds have declined. Commercial banks, credit unions, insurance companies, securities companies, and overseas institutions have all reduced their holdings of credit bonds. For example, in May 2025, commercial banks' holdings of credit bonds were 2.586 trillion yuan, a decrease of about 180 billion yuan compared to the end of 2024 [21]. 2. Policy Front: Monetary Policy Remains Moderately Loose, and Structural Policies Continue to Exert Force - **2.1 Monetary Policy Tone: Moderately Loose and Precise and Effective** - The monetary policy tone has been adjusted from prudent to moderately loose. In December 2024, the Central Political Bureau Meeting and the Central Economic Work Conference proposed to implement a moderately loose monetary policy. In 2025, relevant policies have continued to emphasize this tone [33]. - In May 2025, the central bank introduced a structural monetary policy, including reducing the reserve requirement ratio by 0.5 percentage points, providing about 1 trillion yuan of long - term liquidity to the market; adjusting policy interest rates; and implementing a series of measures in terms of quantity, price, and structure to support the real economy [34]. - **2.2 Money Supply: The Growth Rates of M1 and M2 Continue to Increase, and the Financing Demand of the Real Economy Improves** - The M1 growth rate has continued to improve, and the gap between M2 and M1 has decreased. The M2 year - on - year growth rate has been on the rise. The M1 year - on - year growth rate has increased significantly, indicating the continuous repair of the real economy. The decrease in the gap between M2 and M1 indicates the continuous improvement of currency activation [37]. - The social financing increment has improved, and the decline in the difference between M2 and the year - on - year growth rate of social financing stock has narrowed. The year - on - year growth rate of social financing stock has been on the rise, indicating the continuous improvement of the financing demand of the real economy. From the perspective of important sub - items of social financing, RMB loans have increased year - on - year, and government bond financing has continuously supported the performance of social financing [40][45]. - **2.3 Money Price: The Central Bank Cuts Reserve Requirement Ratios and Interest Rates, and Market Liquidity is Abundant** - Policy interest rates are in a downward trend, and the reserve requirement ratio has been cut. The 7 - day reverse repurchase rate, MLF rate, and LPR rate have all been lowered, and the reserve requirement ratios of large, medium, and small financial institutions have been cut [68]. - **2.4 RMB Exchange Rate: Slightly Appreciated, and Expected to Remain Stable in the Future** - The RMB exchange rate against the US dollar has slightly appreciated but remained stable overall. The Sino - US treasury bond yield spread is at a low level. After the tariff disturbances, the RMB may appreciate slightly, but the exchange rate is expected to remain stable overall [72]. 3. Fundamental Aspects: The Growth Rates of Total Consumption and Exports are Fast, while Investment, Prices, and Profits are Under Pressure - **3.1 Aggregate: GDP Growth Rate is Higher than the Target, Highlighting Growth Resilience** - In 2024, China's GDP achieved a growth rate of 5%. In 2025, the annual growth target is still about 5%. In Q1, the GDP growth rate reached 5.4%, and in Q2, it reached 5.2%. The cumulative growth rate in the first half of the year was 5.3%, and it is expected that the annual growth target will be easily achieved [78]. - **3.2 Production: The Repair Progress is Moderately Fast, but Manufacturing Expectations are Weak** - The growth rate of industrial added value above a designated size has been relatively stable. The PMI has increased marginally but remained below the boom - bust line, indicating that the manufacturing production repair sentiment needs to be improved [81]. - From the perspective of high - frequency data, the year - on - year growth rate of the daily coal consumption of key power plants has been moderately fast. The blast furnace operating rate has been at a low level, indicating that the repair progress of the steel industry and related industries is slow. The operating rates of automobile semi - steel tires and full - steel tires have shown different repair progress, and the operating rates of PTA, PX, UPR, polyester staple fibers, and Jiangsu and Zhejiang looms have shown different trends, indicating that the chemical and textile industries' repair progress is moderate [83][85][89][95]. - **3.3 Investment: The Growth Rate Declines Marginally, and Real Estate Investment Growth Rate Continues to be Negative** - The overall repair progress of investment is slow. The cumulative growth rate of fixed - asset investment from January to June 2025 was 2.8%, a decrease of 0.9 percentage points compared to the previous value. Manufacturing investment has a relatively fast growth rate but is declining marginally. Infrastructure investment growth has decreased. Real estate development investment has continued to be negative, dragging down the investment growth rate [98]. - High - frequency indicators related to real estate investment, such as land transaction area, land premium rate, commercial housing transaction area, second - hand housing listing volume, and second - hand housing listing price index, are all at low levels, indicating that the real estate market may still be in the stage of stopping the decline [103]. - **3.4 Consumption: The Repair Progress is Moderate, and the Growth Rates of Different Industries Show Differentiation** - The overall repair progress of consumption has accelerated. The cumulative growth rate of social retail sales from January to June 2025 was 5%. From the perspective of sub - items of social retail sales, the growth rates of different types of commodity consumption vary greatly. For example, the cumulative year - on - year growth rate of automobile consumption has improved, while the growth rate of petroleum and its products has been in a downward trend [123]. - **3.5 Trade: Exports are Less Affected by Tariffs, and Import Growth Rate is Slow** - From January to June, the cumulative year - on - year export growth rate was 5.9%, indicating that China's exports have been less affected by Trump's previous tariff policies. The import growth rate has improved marginally but remained in the negative growth range [136]. - The tariff disturbances are coming to an end, and the capital market is becoming more insensitive to tariffs. After rounds of Sino - US trade consultations, the tariffs on bilateral trade have been significantly reduced [141]. - **3.6 Prices: Consumer Prices Improve but Remain at a Low Level, and Producer Prices are Continuously in Negative Growth** - The CPI growth rate has improved marginally but remained at a low level. In June, the CPI year - on - year growth rate was 0.1%, turning positive from negative. Many food price indices are at low levels, indicating that the rebound of consumer prices is under pressure [143]. - The producer price index has continued to be negative. In June, the PPI year - on - year growth rate was - 3.6%, remaining in the negative growth range for 33 consecutive months. Many production - related price indices are in a downward trend, indicating that the repair of the production - end price index is under pressure [153]. - **3.7 Profits: Fall into Negative Growth, and the Growth Rate of Finished Goods Inventory Declines** - The growth rate of industrial enterprise profits has declined marginally and fallen into negative growth. The PPI year - on - year growth rate, which is highly related to price factors, has been continuously in negative growth, dragging down the performance of industrial enterprise profits [167]. - The cost and expenses per 100 yuan of operating income of industrial enterprises are at a high level, the asset - liability ratio has declined from a high level, and the year - on - year growth rate of finished goods inventory is at a low level [170]. 4. Capital Aspects: Prices have Fallen from High Levels, and Liquidity is Abundant - **4.1 Capital Price: At a Relatively Low Level, and Liquidity Continues to be Loose** - Capital prices are at a low level and in a downward trend. The 7 - day reverse repurchase rate, DR007, and R007 are all at relatively low levels, indicating that the capital market is abundant [176]. - **4.2 Deposit - Loan Difference: Reaching New Highs Continuously, and Deposit Growth Rate is Rebounding** - The deposit - loan difference of financial institutions has reached new highs continuously. The year - on - year deposit growth rate has rebounded, while the year - on - year loan growth rate has declined. The excess reserve ratio of financial institutions has declined marginally, indicating that the liquidity among financial institutions is abundant [178]. - **4.3 Inter - Bank Certificates of Deposit: Capital Prices are Low, and Certificate Yields are in a Downward Trend** - The yields of inter - bank certificates of deposit have rebounded recently but are in a long - term downward trend. The yields of AAA - rated 1 - year and 1 - month inter - bank certificates of deposit are in a downward trend. The spread between the 1 - month and 1 - year yields has been compressed and even inverted [181]. 5. Supply Aspects: Fiscal Policy is Exerting Force at a Moderate Pace, and Bond Net Financing is at a High Level - **5.1 Fiscal Policy Tone: More Active and Continuously Exerting Force** - The fiscal policy tone is more active. In December 2024, relevant meetings proposed to implement a more active fiscal policy. In 2025, the "Government Work Report" made clear arrangements for the deficit ratio, special treasury bonds, and local government special bonds. The cumulative new government debt scale in 2025 is 11.86 trillion yuan [185]. - **5.2 Fiscal Exertion: Large Space and Moderate Pace** - The general public budget expenditure progress is moderate, the issuance progress of treasury bonds is relatively fast, special treasury bonds have been issued, and there is still a large space for ultra - long - term special treasury bonds. The issuance progress of local government bonds is moderate. It is expected that the fiscal exertion progress will accelerate in the second half of the year, and the issuance progress of local government special bonds will speed up [6]. - **5.3 Bond Market Supply: Net Increase is Generally at a High Level, and the Rhythm is Stable** - In the first half of the year, the monthly net increase in bond issuance was at a high level in the same period, and interest - rate bonds were the main driving factor for the net increase in bonds. The weekly issuance rhythm of bonds is stable [6].

今天用抄底这个词来讨论房地产已经非常过时了，因为房地产市场千差万别，房地产的用户也区别很大，已经不是20年前那种买到即赚到的时代了。 先从价格上来说也是分情况的，老是说房价高的离谱，其实去除通货膨胀之外，真正房价很高的地方也就是大城市和省会旅游经济城市。大部分三四线城市 的房价目前来讲是正常范围，之所以你觉得六七千块钱的房价很高，那是因为你没有考虑通货膨胀的因素，想想20年前你所在的城市一碗面条是多少钱？而 今天是多少钱？如果你把这个算进去，就不会觉得六七千块钱的房价是很高了，所以这些地方的房子不存在抄底的问题，说白了6000的房子就是大众消费， 谈不上高或者低，就像一个8块钱的肉夹馍你说是贵还是便宜呢？之所以大家都不买是因为现在的房子不缺，没有人担忧不买以后会涨。担忧三四线城市的 房子白菜价不可能的，因为已经是在合理范围了，现在不是价格的问题，是一个需求不足的问题，县城与三四线城市也罢不是价格的问题，是需求的问题。 小城市大部分农村人都买了房，市里没有房的农村人已经非常少了。基本上年轻人住在城市里面，老人在城市里面带孩子，经常说农村没有人了，那肯定是 进城了。 三四线城市的需求启动得等个十几年，目前的库存消 ...

Group 1 - The net asset of Penghua Hang Seng Hong Kong Stock Connect High Dividend Index Fund (023071) as of June 30, 2025, is 0.23 billion yuan, representing a decrease of 64.38% compared to the previous period [1] - The fund manager, Zhang Yuxiang, has extensive experience in quantitative research and has managed multiple funds since joining Penghua Fund Management in 2011 [2] - The fund's recent performance shows a 3-month return of 13.94%, a 1-year return of 11.17%, and a cumulative return since inception of 11.17% [3] Group 2 - The fund's top ten stock holdings include Yanzhou Coal Mining, Hang Lung Properties, and China Petroleum, with a total holding percentage of 26.72% [3] - Penghua Fund Management Company was established in December 1998 and is based in Shenzhen, with a registered capital of 150 million yuan [3]

哇哈哈创始人宗庆后一代伟大的民族企业家2月25号去世享年79岁。2012年曾经登顶中国首富但是创立 35年坚持不上市不想割韭菜赚钱也要讲良心，也要为股东负责。 好像阿里巴巴，京东，拼多多，美团，那个不是上市之后暴富成了首富，但是宗庆后虽然有钱但是为人 确很低调，一件几百块旧皮衣穿了很多年，平时也是穿布鞋，吃饭也在公司饭堂吃，宗庆后说衣服还能 穿干嘛老是换穿几十万的衣服还不是一样，我平时都没什么开支一年也就用几万块钱。 自己一个人坐高铁坐飞机没有随从自己拿行李排队，还是坐普通的经济舱。他平时代步的也是一辆普通 的国产车，他说中国人都不支持国产汽车你让外国人怎么相信你中国的国产品牌。 谁都知道基本所有企业都是想上市作为目标，因为只要上市身价出能翻几十倍，一两百倍，还能通过高 送转继续融资，最后股东通过减持轻松套现大赚一笔。很多企业就是为了上市套现因为这样来钱实在是 太容易了。 而且上市之后还有很多普通老百姓购买股票，但是他们根本就不是机构和游资的对手，很多时候都是被 反复收割辛辛苦苦投进入去的钱最后都是打水漂进了别人的口袋。 其实好像宗庆后那样坚持不上市只想做好实体企业不想到股市上去套现赚钱的还有华为，老干妈，节 ...

Group 1 - The core point of the article highlights the performance and holdings of the Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index A fund, which has shown a net value increase of 0.70% recently and a year-to-date return of 15.87% [1] - The fund's recent one-month return is 3.89%, with a six-month return of 19.27%, indicating strong performance relative to its peers [1] - The top ten holdings of the fund account for a total of 26.77%, with significant positions in companies such as Far East Horizon (4.00%), Chongqing Rural Commercial Bank (3.33%), and Hang Lung Properties (3.25%) [1] Group 2 - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index A fund was established on December 4, 2017, and as of March 31, 2025, it has a total scale of 1.277 billion yuan [1] - The fund is managed by Hu Di and He Zhihao, both of whom have extensive backgrounds in finance and investment management [2]

Group 1 - The bond market is experiencing a rise in credit bond issuance, with a total issuance of 13,687.12 billion yuan in June, an increase of 5,283.58 billion yuan from the previous month, and a net financing amount of 2,559.96 billion yuan, up by 2,055.38 billion yuan [39][40][51] - The manufacturing PMI for June is reported at 49.7, indicating a slight recovery, with the new orders index returning to the expansion zone at 50.2, suggesting improvements in consumer demand due to policy support [27][51] - The first batch of 10 science and technology innovation bond ETFs is set to launch on July 7, which is expected to enhance the attractiveness of high-rated innovation bonds and provide investment opportunities [8][10] Group 2 - The overall bond yield is expected to remain low due to a weak economic recovery, with the central bank maintaining a loose monetary policy and potential increases in fiscal spending [7][8][51] - The credit risk in the bond market remains manageable, with a rolling default rate of 0.28% in June, and only one new default subject reported [15][19] - The average issuance rates for various credit bonds show mixed trends, with short-term and medium-term bonds experiencing rate fluctuations, while the overall market remains favorable for issuers due to low financing costs [10][39][40]