股票名称["凯撒旅业","北交恒立钻具","深水规院","中国电建","西藏天路","中铁工业","山河智 能","浙富控股","保利联合","苏博特","高争民爆","西宁特钢","舒泰神","塞力医疗","昂利康","北方 稀土","上纬新材"] 板块名称["海南","水电站","医药","大金融","稀土"] 指数突破、量能放大、慢牛趋势 看多看空文中提到指数大概率会在大金融助攻下站稳3600点并冲击3674点，量能也维持在较高水 平且有望突破2万亿，同时多个板块呈现积极态势，如大金融推动指数上升，医药、稀土呈现慢牛 趋势等，所以看多A股。 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 指数方面，3600点大概率会像3500点一样磨几天，在大金融助攻下站稳后冲击3674，当前量能维持在 1 ...

Investment Highlights - The Yarlung Tsangpo River downstream hydropower project has officially commenced construction with a total investment of approximately 1.2 trillion yuan, which is expected to become a significant engine for economic growth and promote development across multiple sectors [10][11][12] - The project will involve the construction of five stepped power stations, primarily focusing on power transmission outside the region while also catering to local consumption needs [10][11] - The project is anticipated to positively impact the economy over a long-term horizon, with an expected contribution of around 0.1 percentage points to GDP growth [12] Market Overview - The domestic securities market saw most major indices rise, with the STAR 50 index showing the largest increase of 4.6% [3][24] - The construction materials sector experienced the highest growth among the Shenwan first-level industries, with an increase of 8.2% [27] - The Yarlung Tsangpo River hydropower project is expected to drive demand for engineering machinery, particularly in high-altitude environments where electric and unmanned machinery may become mainstream due to operational efficiency requirements [20][21] Investment Recommendations - Focus on new productive forces, particularly in sectors such as artificial intelligence, innovative pharmaceuticals, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion, which are expected to yield excess returns under a backdrop of liquidity easing [33] - Emphasize consumer spending to expand domestic effective demand, with potential investment opportunities in new consumption, home appliances, and automotive sectors [33] - Consider high-dividend assets for stable long-term returns [33] - Explore long-term investment opportunities in gold as a safe-haven asset amid increasing geopolitical tensions and global economic uncertainties [33]

在近期的金融市场上，美债收益率呈现短线攀升的走势，引发了投资者和经济学家的广泛关注。美债收益率是全球金融市场的重要风向标之一，它不仅反映 了美国国债的利息回报，也在一定程度上揭示了市场对美国经济未来走势的预期。美债收益率的变化，尤其是短期内的攀升，常常被视为市场对美联储货币 政策变化的反应，甚至可能意味着紧缩政策的提前布局。 美债收益率的上升，尤其是在短期债券市场上的表现，往往会直接影响到资本市场的风险偏好。长期以来，美联储一直采取宽松的货币政策，通过低利率和 量化宽松等手段刺激经济复苏。随着美国经济逐渐走出疫情阴影，通胀压力不断加大，市场对美联储是否会加快紧缩的节奏充满了讨论。近期美债收益率的 快速攀升，恰恰反映了市场对美联储货币政策转向的预期。 济数据来判断市场的反应。 美债收益率的短期攀升，确实反映了市场对紧缩预期的反应。虽然美联储的货币政策调整尚未完全明确，但市场已经提前对这一变化做出了反应。这种提前 反应既是市场对未来经济形势的预测，也是资本市场对于利率变化的敏感表现。在这种背景下，投资者在做出决策时，需要更加谨慎，密切关注美联储和全 球经济的变化，以便及时调整投资策略，迎接可能到来的市场波动。 当 ...

Group 1 - The core theme of the conference is to enhance the multi-level financial service system to support the acceleration of new industrialization, with over a thousand representatives from various sectors gathering to explore effective paths for financial empowerment of the real economy [1][3] - Yibin, as a national pilot city for industrial-financial cooperation, has implemented a "policy + product + platform" strategy to promote a virtuous cycle of "technology - industry - finance" [1][2] - Yibin has introduced several financial support measures, including guarantee subsidies and loan interest discounts, to direct financial resources towards enterprises, particularly focusing on innovative financial products for technology-driven companies [1][2] Group 2 - Yibin has established a robust industrial fund ecosystem, collaborating with leading capital firms to create a fund matrix exceeding 600 billion yuan, targeting sectors such as new energy storage, intelligent connected vehicles, and artificial intelligence [2] - The "Yirongtong" financial service platform has been set up to serve 520,000 market entities, facilitating over 1,000 billion yuan in financing through regular industrial-financial matchmaking events [2] - The city aims to leverage its industrial fund group to attract high-quality projects and enterprises, promoting industrial transformation and upgrading through a combination of funds and industry [2][3]

7月25日下午，40个项目在上海青浦新城开发建设大会暨"潮涌浦江"新城发力青浦系列活动上集中签约。上海理工大学、中国电信上海公司、交通银行上海 市分行与青浦区政府签订战略合作框架协议。华为与青浦区政府共同启动"长三角AI+联合创新中心"合作。 HINNER CONSULTION CONSULTION CONTRACTOR COLLECTION CONTRACTOR COLLECTION CONTRACTOR COLLECTION OF COLLECTION OF COLLECTION OF THE COLLECTION OF THE OFFICE OF THE OFFICE OF the status and FFF France. THE MUDH urning is children 11727-1972 F A the pol el 1 pe the 1 t the 当前，青浦正以服务长三角一体化发展、虹桥国际开放枢纽、中国国际进口博览会等重大战略任务为牵引，凝聚力量全面推进"长三角创新枢纽"建设。作为 青浦服务重大战略的"先手棋"和"突破口"，青浦新城正朝"长三角企业入沪第一站"目标奋楫前进。 者在非 ...

编者按：7月23日，瑞银发布中国股票策略研究报告，探究Q2公募基金、南向资金及 "国家队" 动向。主要内容如下： 二、2025 年第二季度新基金发行依然低迷 尽管 2025 年第二季度中证偏股型基金指数表现优于沪深 300 指数，但由于 2022-24 年主动管理型基金表现不佳，其新发行最近并未实质性 反弹。2025 年第二季度，主动管理型股票和混合型基金的新发行总量为 599 亿份，同比增长 128%，但较 2020-21 年的峰值（平均水平）下 滑 73%。 截至第三季度，主动管理型基金的表现一直优于沪深 300 指数。正如瑞银在《基金新业绩评价机制将如何重塑市场格局？》中所述，基金新 发行通常滞后于股票市场表现。随着市场表现好转，主动管理型基金的资金流入可能会迅速回归。 最近，多个公募基金持仓较高的板块出现了积极催化剂（例如，反内卷）。瑞银认为，如果这些板块上涨，主动管理型基金的新发行可能会 增加，为相关板块带来增量流动性，并形成正反馈循环。 一、增持银行、电信、非银金融板块；减持食品饮料、汽车、电力设备板块 2025 年第二季度，公募基金（MF）持仓增幅前三的板块为银行、电信和非银金融，分别上升 1. ...

Core Viewpoint - The non-public issuance of corporate bonds by Qingdao West Coast New Area Ocean Holding Group Co., Ltd. for 2024 has been terminated, which indicates potential challenges in raising capital for the company [1][2]. Financial Performance - In 2024, the total assets of the company reached 210.045 billion, with total liabilities of 140.906 billion, resulting in a debt ratio of 67.08% [2][3]. - The total revenue for 2024 was 51.686 billion, with a net profit of 619 million, reflecting a year-on-year decline of 23.74% [2][4]. - The net cash flow from operating activities was -1.897 billion, indicating cash flow challenges [2][3]. Business Segments - The management services segment reported revenue of 1.39 billion, with a gross margin decrease of 83.93% due to rising costs [4][5]. - The engineering revenue was 819 million, down 35.92%, while trade revenue was 17.335 billion, accounting for 33.56% of total revenue, with a gross margin increase of 66.17% [4][5]. - The real estate sales segment generated 418 million, with a gross margin decline of 41.35% due to increased costs [4][5]. Debt and Capital Structure - The company's debt has increased significantly, with total debt rising from 952.54 billion in 2022 to 1,261.23 billion in 2024, indicating a high leverage level [8][19]. - As of the end of 2024, short-term debt accounted for 48.64% of total debt, highlighting short-term repayment pressures [19][12]. - The company has a significant amount of restricted assets, totaling 24.786 billion, which constitutes 11.80% of total assets [6][7]. Cash Flow and Financing - The company has faced challenges in cash flow, with net cash flow from operating activities unable to cover interest expenses, leading to a reliance on external financing [12][19]. - The financing structure includes a mix of bank loans and bond issuances, with a notable increase in short-term debt [15][19]. - The company has a total of 28 outstanding debt financing instruments, with a bond balance of 20.43 billion [16]. Asset Quality and Management - The asset quality is considered average, with a high proportion of inventory and receivables, which may affect liquidity [8][12]. - The company has faced challenges in integrating acquired subsidiaries, which may impact operational efficiency [6][8]. Future Outlook - The company is expected to face significant capital expenditure pressures due to ongoing infrastructure and real estate projects [8][12]. - The high level of debt and the increasing proportion of short-term debt necessitate a review of the company's debt structure and repayment strategies [8][19].

投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 7 月 25 日 金融期权 专业研究·创造价值 股指震荡整固 核心观点 今日各股指窄幅震荡整理为主。沪深京三市成交额 18155 亿元，较上 日缩量 584 亿元。由于 6 月下旬以来，部分股票已经实现较大涨幅度，部分 获利资金存在止盈的需求，股指需要短时间内的震荡整固阶段。近期股指的 反弹驱动主要来自政策利好预期，市场氛围整体偏乐观。分内卷政策提振了 相关行业价格修复以及利润修复的预期，雅鲁藏布江水电项目的正式开工 则带动了政策面托底需求的预期。目前的股市成交金额处于高位，说明投资 者的风险偏好较高。总的来说，短期内股指震荡偏强为主。 目前期权隐含波动率有所回升，考虑到股指延续向上趋势，可以继续 持有牛市价差或比例价差温和看多。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， ...

Core Viewpoint - The increasing focus on "involution" competition in China is expected to accelerate the implementation of "anti-involution" policies, drawing lessons from overseas experiences in the U.S., Japan, and Europe to reshape industry dynamics [3][4]. Group 1: Anti-Involution Policies - Since the second half of 2024, China's macro policies have increasingly addressed "involution" competition, with significant meetings highlighting the need for industry self-discipline and the prevention of "malicious competition" [4][10]. - The essence of the current "anti-involution" policies is not to suppress market competition but to promote a transition from inefficient, disorderly expansion to sustainable, high-quality growth through institutional restructuring and incentive mechanism reform [4][15]. Group 2: U.S. Strategies - The U.S. government actively encourages mergers and acquisitions to force outdated capacities out of the market, leading to an oligopolistic competition structure that mitigates intense rivalry [5][23]. - The U.S. has shifted labor-intensive industries overseas, alleviating high domestic costs while promoting high-tech industries domestically, thus achieving a restructuring of the value chain [5][25]. - A series of innovation policies have been implemented to guide industry upgrades, enhancing market competitiveness through sustained research and technological advancements [5][26]. Group 3: Japanese Approaches - Japanese companies have accelerated their overseas expansion through "grouping out," supported by government policies that reduce risks associated with international operations [6][33]. - The Japanese industry has undergone significant consolidation, resulting in fewer but larger firms that reduce unnecessary competition and enhance profitability [6][37]. - Many Japanese firms are actively transforming their business models to escape homogeneous competition, focusing on high-value-added products and brand differentiation [6][44][45]. Group 4: European Measures - Europe employs rigid institutional constraints to set competitive boundaries, preventing companies from falling into involution cycles through strict regulations on state subsidies and competition law enforcement [7][46]. - The European Green Deal aims for carbon neutrality by 2050, raising industry entry standards and encouraging technological innovation, which helps eliminate low-value-added competitors [7][50]. - New regulations in the EU for renewable energy projects emphasize non-price criteria, creating barriers for foreign companies while favoring local enterprises [7][51].

深圳商报·读创客户端记者 马小晗 7月25日，2025年龙岗区企业服务大会在深圳信息职业技术大学举行。在大会聚焦企业服务的多维举措中，龙岗区科技创新赋能企业发展的新举措引起了众 多科技企业的关注。 新举措围绕企业开放创新中心、科技篇应用、科技金融三大方面，构建起一套覆盖创新全链条、支持企业全生命周期的系统化赋能体系，让我们看到龙岗这 座工业总产值超万亿、连续七年全国工业百强区榜首的产业大区， 再次以先行者姿态亮出创新"杀手锏"。 大企业开放创新中心：巨头与小微的"联姻" 在阿波罗未来产业城的人才住房项目，居民已体验到全屋智能的便利：智能门锁、燃气探测器、一键报警器等设备联网运行。作为全国数字家庭建设试点城 区，龙岗区打造了全屋智能标杆项目，为有关科技企业提供更广阔、更真实的创新应用场景。目前已在多个保障房项目应用数字家庭技术，并出台系列政策 推动全屋智能系统计入精装修价格。 科技金融全链条：为创新"兜底护航" 金融活水的精准灌溉尤为关键。龙岗构建了覆盖企业全生命周期的金融服务体系：在科技保险领域形成 "事前风险共担、事中保障支持、事后激励引导" 全 链条，推出50%保费补贴，并率先在全市创新机器人责任险、AI ...