注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 2203.45 | 23.81 | 1.09 | | 医药生物 | 1374.38 | 14.13 | 1.04 | | 电力设备 | 1394.54 | 13.59 | 0.98 | | 机械设备 | 1002.61 | 11.26 | 1.14 | | 银行 | 593.05 | 9.90 | 1.70 | | 国防军工 | 694.15 | 8.33 | 1.21 | | 建筑装饰 | 327.77 | 7.22 | 2.25 | | 通信 | 675.88 | 6.64 | 0.99 | | 基础化工 | 824.92 | 6.02 | 0.74 | | 汽车 | 1004.34 | 5.07 | 0.51 | | 煤炭 | 158.39 | 3.83 | 2.48 | | 农林牧渔 | 256.64 | 3.40 | 1.34 | | 非银金融 | 1619.26 ...

另一更值得关注的是泡沫化趋势。余伟文称，近期随著稳定币概念的热炒，市场出现了过度亢奋的情 绪，一些上市公司，不管本业与稳定币或者数字资产是否相关，只要宣称有意开拓稳定币业务，股价即 应声上涨、股票交易量大增之余，公司知名度亦得以大大提升。 余伟文重申早前香港金管局已明确表明，在初阶段只会批出数个稳定币牌照，并建议投资者在消化市场 所谓"利好"消息时保持冷静和独立思考。 余伟文表示，《稳定币条例》通过以后，香港金管局立马落实条例的监管和反洗钱两份指引征求市场意 见，目前正根据反馈意见适当调整指引的要求，争取在7月底公布。预期最终的定稿与咨询草稿不会有 太大的调整，而鉴于国际监管的共同关注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗 钱工具的风险，务求让香港稳定币市场有序健康发展。 余伟文表示，有必要防范市场和舆论对于稳定币的过度炒作，最近有以下一些现象值得关注。一是过度 概念化。余伟文透露，以香港的经验为例，至今已经有数十家机构主动接触金管局团队，有的明确表示 有意申请稳定币牌照，有的属于初步探路性质。但很多只停留在概念阶段，如提出要提升跨境支付效 率、支持Web3.0发展、提升外汇市场效率等愿景，但 ...

据同花顺（300033）iFinD数据，沪深京三市成交额超1万亿元，较上日此时缩量89亿元，预计全天成交 金额约1.9万亿元。截至目前，沪市成交额4470亿元，深市成交额5339亿元，北证50成交额192亿元。 ...

智通财经APP获悉，事关全球股市涨跌剧本的美国-日本贸易谈判终于达成重要协议，华尔街策略师们 普遍表示，美日达成的最新初步贸易协议令投资者们感到意外惊喜，为目前深陷政治不确定性的日本市 场则带来一丝好消息，对于股票市场等全球风险资产而言则堪称积极催化因素。 美日贸易谈判进程自7月以来持续成为市场焦点，最新贸易协议显示的美国对日本15%关税税率显著低 于此前特朗普信函给出的25%，有望明显降低全球供应链受挤压的潜在风险，进而缓解美国与日本，乃 至全球大型企业盈利下修压力，并且有望推动过去三个月因关税预期降温而屡创新高的MSCI全球股指 以及标普500指数继续上行。 美国总统唐纳德·特朗普在社交媒体上表示，美国已与日本达成一项贸易协议，将美国对日本商品的关 税设定为15%，较此前威胁的25%关税有所缓和。就在几天前，日本首相石破茂领导的自民党执政联盟 在参议院选举中溃败——未能赢得多数席位，引发了关于他执政时间长短的质疑情绪。这是自1955年以 来，历史悠久的自民党首次在日本国会参众两院立法机构中无法以多数地位治理国家。 虽然美国与日本达成的税率协议最终远低于25%，但是主导美日谈判的重要人物石破茂仍然决定辞职。 ...

Group 1 - The main focus of the news is the significant net inflow of funds into the steel sector, particularly Baosteel Co., which saw a net purchase of 570 million yuan, leading the market [1][3] - Other sectors that experienced net inflows include pharmaceuticals, securities, and banking, while mechanical equipment, new energy, and defense industries faced substantial outflows [1][2] - Baosteel Co. ranked first in net inflow among individual stocks, followed by N Shanda and Xue Ren Group, indicating strong investor interest in these companies [3] Group 2 - The mechanical equipment sector had the highest net outflow, totaling 5.43 billion yuan, reflecting a negative sentiment towards this industry [2] - The new energy sector also faced a significant outflow of 5.26 billion yuan, indicating potential challenges or concerns within this market [2] - In terms of individual stocks, Hainan Huatie experienced the largest net outflow of 536 million yuan, suggesting a lack of confidence from investors [4]

Core Viewpoint - The recent passage of the "One Big Beautiful Bill Act" by the U.S. Congress has led to structural market adjustments, impacting both the stock and cryptocurrency markets, with significant implications for capital allocation and investor sentiment [1][2][5]. Economic Impact - The bill is expected to provide long-term benefits for corporate capital expenditures, potentially supporting GDP growth by 0.7% to 1.2%, but will increase federal deficits by approximately $2.8 to $5 trillion in the short term, raising concerns about public debt sustainability [2][6]. - The Congressional Budget Office (CBO) estimates that cuts to health programs could result in over 11 million people losing health insurance, highlighting potential market risks [2]. Market Reactions - Following the bill's announcement, major U.S. stock indices experienced initial gains before entering a period of volatility, with the S&P 500 briefly rising by nearly 0.3% before retreating [1]. - The 10-year U.S. Treasury yield surged to around 4.3%, reflecting increased borrowing costs and impacting growth stocks, while financial, industrial, and defense stocks saw a rotation in investor interest [1][5]. Cryptocurrency Market Dynamics - The cryptocurrency market has seen a notable increase in activity, with XBIT decentralized exchange reporting a more than 60% rise in trading volume within two hours of the bill's announcement, driven by a shift towards risk-averse assets and multi-chain arbitrage opportunities [2][5]. - XBIT's daily active addresses increased by approximately 25%, and asset reallocation ratios rose by 30%, indicating heightened demand for multi-chain combinations [5][8]. Structural Changes in Investment Strategies - The market is shifting from technology growth stocks to value stocks and financial cyclicals, with traditional financial institutions warning of potential real estate bubble risks and increased debt levels due to the bill [5][6]. - The evolving landscape of fiscal, monetary, energy, and technological policies in the U.S. is prompting investors to reassess their strategies, with cryptocurrencies being viewed as alternative hedging tools [6][8]. Future Outlook - The focus will be on the specific implementation details of the bill, such as capital expenditure deductions and tax adjustments for small businesses, as well as the Federal Reserve's future policy direction [6]. - If the pressure on the U.S. dollar continues, the cryptocurrency market may see a rebalancing opportunity, with decentralized platforms like XBIT becoming increasingly relevant in mainstream asset allocation [6][8].

Core Insights - The primary task for economic work this year is to boost consumption and expand domestic demand, with consumer finance companies playing a crucial role in activating potential consumer spending through flexible credit supply and specialized services [1] Group 1: Consumer Finance Companies' Contributions - Consumer finance companies have been pivotal in enhancing consumption during key shopping events like the "6.18" shopping festival, which lasted over a month and set new records [1] - During the "6.18" event, the home appliance sector saw a remarkable 83% year-on-year increase in transaction volume, with many brands offering interest-free installment plans to stimulate sales [2] - Ant Group's Huabei service covers over 40 million merchants nationwide, providing interest-free installment options for a wide range of popular products, with a 21% year-on-year increase in the number of products supporting high-installment interest-free options [2] Group 2: Market Engagement and Financial Products - Zhongyuan Consumer Finance combined consumption scenarios with inclusive finance, issuing various themed activities around major holidays, benefiting over 241,000 users and providing over 20.34 million yuan in subsidies in the first half of 2025 [3] - Mengshang Consumer Finance focused on underserved markets, issuing loans totaling 9.587 billion yuan, a 36 million yuan increase from the previous year, and serving 1.48 million customers, a 30% increase [3] Group 3: Strategic Focus on Consumer Needs - Consumer finance companies are deepening their engagement in various consumption scenarios, particularly in response to the aging population, which is driving diverse and quality-driven consumption demands [4] - The People's Bank of China and other departments have emphasized increasing credit support for sectors like retail, hospitality, and elder care, highlighting the growing importance of financial services in these areas [4] - Companies like Hailin Consumer Finance are innovating by offering products that combine elder care financing with health management services, aiming to create a competitive edge in the market [5] Group 4: Future Directions and Innovations - Future strategies for consumer finance companies include enhancing public service integration, optimizing user experience through "group intelligence," and exploring digital integration in consumption ecosystems [5] - Mengshang Consumer Finance plans to focus on underserved low-income groups and expand into emerging areas like green consumption and new citizen services, driving product and scenario innovation [5] - The industry consensus emphasizes the importance of continuous innovation in scenario expansion, advocating for a hybrid online-offline model to enhance user experience and reduce costs [5]

日前，"天风中投保应收账款2期中小微企业融资支持资产支持专项计划(数据资产赋能)"在上海证券交 易所成功发行。这是我国首单数据资产赋能资产证券化产品，通过资本要素与数据要素的紧密结合，提 升了金融服务实体经济的质效，推动实体经济和数字经济融合发展。 上海数交所副总经理赵永超表示，上海数交所此次通过合规登记、科学估值、跨市场机制等多方面举 措，为中投保信裕量身打造数据要素价值化综合服务方案，助力企业数据实现从"资源"到"产品"再 到"资产"的闭环。"此前，数据资产赋能ABS存在诸多难点，如数据资产的确权、估值、风险评估等缺 乏统一标准和有效手段，导致其在金融场景中的应用受限。"赵永超表示，为解决这些难点，上海数交 所构建了完备的制度框架与严格的审核准则，规范数据产品的登记流程，确保数据资产的合规性。构建 以市场法为核心的数据资产估值管理工具，为资产评估机构提供客观、公允的估值基础与依据。通过引 入中投保信裕供应链金融平台业务数据，分析债务人工程进度、历史付款记录等动态数据，穿透评估应 收账款风险，首次实现了数据资产动态赋能ABS风控与定价。通过前置介入数据资产的生成阶段，并持 续跟踪回款，构建起全生命周期数据监 ...

鑫新闻 研究所日报 2025 年 7 月 23 日 星期三 1.国内大宗商品市场周二迎涨停潮，玻璃、纯碱、焦煤、焦炭、工业硅、多晶硅六大品种主力合约收盘均封于涨停板。 点评：本轮相关商品价格大涨主要受"反内卷"政策驱动，产能出清预期推动煤炭、纯碱和玻璃期货等期货价格上涨。 7月1日，中央财经委员会第六次会议明确提出要求"依法依规治理企业低价无序竞争"，释放强烈的"反内卷"信号， 随后各部委、行业协会相继出台针对性的行业政策，进一步增强市场对供给侧改革2.0的预期，并驱动内盘定价权重 高的各品种相继反弹。往后看，由于各行业相关政策仍在推进过程中，对期货价格的影响仍在发酵中，盘面波动仍将 加剧，中期维度看，行情的持续性将取决于"反内卷"政策的落地情况。对于A股市场而言，"反内卷"相关板块或 也仍将是短期市场关注焦点。 2.美国总统特朗普在社交平台宣布，美国分别与菲律宾和印尼达成了贸易协定。点评：特朗普称，将菲律宾商品关税 从20%下调至19%。菲律宾将对美国开放市场，并实行零关税。印尼将对美国取消99%的关税壁垒。而印尼出口到美国 的所有产品则需缴纳19%的关税。此外，印尼将向美国供应其珍贵的关键矿产，并签署价值 ...

Group 1 - The three major indices collectively rose, with the ChiNext Index opening low and then rising, reaching a new high for the year as of July 22, with a gain of 0.43% [1] - The Tianhong ChiNext ETF (159977) increased by 0.63% as of the same date, having gained nearly 19% over the past 60 trading days [1] - The latest circulating share count for the Tianhong ChiNext ETF is 3.626 billion shares, with a circulating scale of 8.692 billion yuan [1] Group 2 - Guotai Junan Securities recommends significantly increasing allocation to the ChiNext board while slightly increasing the allocation to the Sci-Tech Innovation Board and reducing allocation to the main board [2] - There is a notable adjustment in the holding structure of active funds, with increased allocation to mid-cap growth stocks represented by the CSI 500, such as technology hardware, pharmaceuticals, and new consumption [2] - The financial sector's allocation has been significantly increased, particularly in insurance, city commercial banks, and joint-stock banks, aligning with the trend of public fund reforms [2]