热门ETF方面，国防军工ETF（512810）直线冲涨逾2%，成交额8810万元。 数据来源于沪深交易所。风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31， 发布于2013.12.26。以上个股均为标的指数成份股，仅作展示，个股描述不作为任何形式的投资建议， 也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基金的风险等级为R3-中风 险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息 （包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须 对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资 建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩 并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资需谨 慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 7月17日午后，国防军工板块快速走强，建设工业、应流股份、中航沈飞等多股涨停，其中中航沈飞股 价创历史新高！ 国新证券表 ...

两融余额持续回升，最新市场两融余额18971.76亿元，连续8个交易日增加，期间杠杆资金大幅加仓哪 些股票？ 证券时报·数据宝统计显示，截至7月16日，沪深北两融余额为18971.76亿元，较上一交易日增加67.70亿 元，其中融资余额18840.85亿元，较上一日增加68.21亿元。分市场来看，沪市两融余额为9592.38亿 元，较上一日增加45.16亿元，深市两融余额9320.19亿元，较上一日增加22.41亿元。北交所两融余额 59.20亿元，较上一日增加1244.21万元。值得注意的是，这已经是两融余额连续8个交易日持续增加，其 间两融余额合计增加442.49亿元。 个股方面，两融余额连升期间，56.87%的标的股融资余额出现增长，48股被融资客大幅加仓，融资余 额增幅超50%。国义招标期间融资余额增幅最大，最新融资余额为1204.16万元，其间增长251.61%；其 次是菲利华，最新融资余额3.03亿元，增幅为227.29%，融资余额增幅居前的还有东田微、福赛科技 等。 统计发现，融资余额增幅超50%的个股中，所属电力设备行业的个股最多，共有6只股上榜；其次是计 算机、基础化工行业，分别有5只、5只 ...

Group 1 - The European Union has proposed a historic budget of nearly €2 trillion (approximately $2.3 trillion) for the next seven years to address various challenges, including increased global economic competition and rising defense needs [1][2] - The proposed budget represents a significant increase from the previous budget cycle of €1.2 trillion (equivalent to 1% of the EU's economic output) [1] - A substantial portion of the budget, approximately €589.6 billion, is allocated to a "Competitiveness, Prosperity, and Security Fund," with €450.5 billion designated for the EU's competitiveness development fund [1][2] Group 2 - The budget proposal will initiate a lengthy fiscal process requiring consensus from the European Parliament and the European Council, with a final agreement needed by the end of 2027 [2] - The budget aims to address the repayment of debts incurred during the COVID-19 pandemic, which could reach up to €25 billion annually starting in 2028 [2] - The proposal will determine spending priorities for the EU from 2028 to 2034, focusing on enhancing defense capabilities and competitiveness in response to economic threats from the U.S. and Asia [2] Group 3 - NATO projects that military spending in Europe will increase from 2% to 5% of GDP by 2035, indicating a significant rise in defense expenditures [3] - The long-term budget currently supports around 50 EU fund projects across various sectors, primarily funded by member state contributions [3] Group 4 - The proposed budget is expected to act as a liquidity booster for European and global stock markets, with significant public investment planned [4] - Key sectors likely to benefit from this budget include defense, semiconductor equipment, digital applications, renewable energy, and agricultural inputs [4] Group 5 - The ongoing conflict between Russia and Ukraine has highlighted the need for European countries to strengthen their defense systems, particularly in drone technology and automated warfare systems [5] - European semiconductor equipment companies like ASML, ASM International, and BE Semiconductor are positioned to benefit from increased funding aimed at boosting chip manufacturing in Europe [5] Group 6 - The surge in global demand for AI chips is prompting major manufacturers like TSMC and Samsung to accelerate the construction of chip factories in Europe, leading to increased procurement of advanced semiconductor equipment [6]

今日（7月16日），A股三大指数延续震荡整理。截至收盘，沪指跌0.03%，深证成指跌0.22%，创业板 指跌0.22%。沪深两市全天成交额合计14420.42亿元，较上一日缩量1700.22亿元。 盘面上，港股冲高回落，创新药、科网龙头走势活跃，重仓港股互联网龙头的港股互联网ETF （513770）场内价格一度大涨2.7%，创新药接力拉升，高纯度+高弹性标的港股通创新药ETF （520880）场内价格收涨1.87%；医药医疗猛攻，聚焦龙头药企的药ETF（562050）场内价格收涨 1.08%。光模块早盘爆发，创业板人工智能ETF华宝（159363）盘中一度大涨超3.5%突破前高。 | 序号 代码 | 名称 | 涨跌幅 ▼ | | --- | --- | --- | | 1 | 520880 港股通创新药ETF T+0 1.87% | | | 2 | 562050 药ETF | 1.08% | | က | 159220 港股通红利ETF T+0 | 0.72% | | 4 | 513770 港股互联网ETF T+0 | 0.72% | | ર | 516380 智能电动车ETF | 0.66% | 消息面上，7 ...

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the financial market, focusing on investment strategies, market trends, and specific sectors such as consumer goods, military industry, and financial services. Core Points and Arguments 1. **Market Performance Post Labor Day** The market showed strong performance in the first trading week of May, with major indices surpassing 3300 points, reflecting a 1.92% increase. This indicates a recovery and accumulation of upward momentum after the Labor Day holiday [2][3][4]. 2. **Sector Performance** The military, communication, and computer sectors experienced significant gains, while coal, real estate, and social services sectors faced declines. The military sector's rebound is attributed to recent geopolitical tensions, particularly involving Pakistan and India [3][19]. 3. **Consumer Spending Trends** Consumer spending during the Labor Day holiday was robust, with key shopping districts in major cities like Beijing seeing an 8.3% year-on-year increase in foot traffic. Overall, the consumption data signals a critical role of consumer spending in economic growth [5][6][25]. 4. **Monetary Policy Adjustments** The central bank announced a series of monetary policy measures, including a 0.5 percentage point reduction in reserve requirements, which is expected to inject approximately 1 trillion yuan into the market. This aims to enhance liquidity and support economic stability [7][10][11]. 5. **Investment Opportunities** The discussion highlighted potential investment opportunities in sectors such as tourism and retail, particularly in light of the positive consumer sentiment observed during the holiday period. The retail sector is viewed as having significant growth potential due to its integral role in daily life [12][18]. 6. **ETF Investment Strategies** Emphasis was placed on selecting industry and thematic ETFs based on economic cycles and policy directions. Key considerations include the representativeness of the underlying index, the weight of constituent stocks, and the quality of the ETF itself [20][21][22]. 7. **Risk Management in Investments** The importance of risk management was underscored, particularly in sectors that have seen rapid price increases. Investors were cautioned against chasing high-flying stocks without considering underlying fundamentals [13][14][15]. 8. **Market Outlook** The market is expected to maintain a stable upward trend, with a focus on sectors that align with current economic policies and consumer behavior. The discussion suggested a balanced approach between offensive and defensive investment strategies [9][16][17]. Other Important but Possibly Overlooked Content - The call included insights on the volatility of the military sector and the importance of monitoring market sentiment and valuation metrics to make informed investment decisions [24][25]. - The potential for cross-border currency exchange mechanisms was mentioned, indicating a broader strategy for international investment opportunities [17]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current market landscape and investment strategies.

瑞典国防部长：瑞典将作出相关贡献。 ...

新华社巴黎7月14日电（记者唐霁）法国总统马克龙近日在国防部发表7月14日国庆节前讲话时宣 布，法国国防预算将在2026年度增加35亿欧元，2027年度增加30亿欧元。这将使法国年度国防预算达到 640亿欧元的目标从原计划的2030年提前到2027年，与马克龙刚上任时2017年度的322亿欧元相比实现翻 倍。 但舆论认为，马克龙大幅增加防务开支的计划能否顺利落实，存在很大不确定性。法国BFMTV新 闻资讯台说，马克龙并没有明确，增加的国防预算资金从哪里来，只是称要提高生产力以拓展资金来 源。 马克龙为何"急推"防务开支翻倍？法国官方的说法是，法国面临的危机在加剧。马克龙在讲话中列 举了多方面"威胁"，其中包括俄罗斯与乌克兰冲突，美国带来的地缘政治不确定性，从非洲几内亚湾、 萨赫勒地区到中东形成的"危机之弧"，2015年巴黎大恐袭后依然存在的恐怖主义威胁，人工智能、无人 机技术快速发展带来的战争形态变化，以及日益激烈的太空、网络、海底等新领域对抗等。他说："面 对一个更加剧烈变化的世界，国家必须更加强大。" 法国媒体分析，法国政府2026年度预算编制的核心目标是通过大幅削减公共和福利支出节省400亿 欧元，现在 ...

Core Viewpoint - The A-share market shows mixed performance with the communication sector experiencing significant gains while the defense and military industry faces a pullback. The Aerospace ETF (159227) has seen a decline of 1.27% with a trading volume of 79.79 million yuan, indicating a strong interest in military stocks despite recent fluctuations [1]. Group 1: Market Performance - As of 13:33, the Shanghai Composite Index fell below 3500 points, while the communication sector rose against the trend [1]. - The Aerospace ETF has recorded a net inflow of funds for 13 consecutive trading days, totaling 312 million yuan, with a current scale of 563 million yuan, making it the largest in its category [1]. Group 2: Industry Insights - The Aerospace ETF tracks the National Aerospace Index, which has a strong military attribute with 98.2% of its components belonging to the defense sector. The weight of aerospace equipment in this index is 66.5%, significantly higher than other military indices [1]. - According to Zhonghang Securities, the military sector is expected to see performance recovery, driven by factors such as the "September 3 Parade" and geopolitical conflicts, indicating structural opportunities in the market [1].

以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 2.融资融券数据： 当前市场融资融券余额为18737.13亿元，较上期上升1.92%，其中融资余 额18605.04亿元，融券余额132.09亿元。本期两融日均交易额为1338.13亿元，较上期上升 12.86%，其中融资日均净买入1332.50亿元，较两周前上升12.86%，融券日均净卖出5.63 亿元，较上期上升11.65%。近两周融资净买入前三的行业分别为有色金属、非银金融和电力 设备；融券净卖出前三的行业分别为电子、基础化工和电力设备。 3.涨跌情况： 近两周全市场上涨家数高于下跌家数，近两周涨幅前三的行业为钢铁、建筑材 料和综合，下跌的行业为汽车。 4.强弱分析： 近两周全部A股强弱分析得分为6.19，沪深300强弱分析得分6.29，创业板强 弱分析得分5.97，科创板强弱分析得分5.91，处于中性区间。 测量结果：健康 诊断说明： 本周上证综指冲上3500点，7月11日两市成交额也创4个月新高，虽然后市面临 关键节点，但积极因素仍在累积。后续继续看好科技及港股机会。 申万宏源证券上海分公司官微，能为您提供账户开立、软件 ...

Report Summary 1. Core View - From July 7th to July 11th, 2025, the Shanghai and Shenzhen 300 Index rose by 0.82%. The overall estimated stock position of active equity and partial - equity hybrid funds increased by 0.24% to 87.45%. The median estimated duration of medium - and long - term pure bond funds rose by 0.26 to 3.31 years, and that of short - term pure bond funds rose by 0.30 to 1.16 years. The median duration of credit bond funds rose by 0.21 to 2.89 years, and that of interest - rate bond funds rose by 0.28 to 4.87 years [4]. 2. Summary by Directory 2.1 Fund Stock Position Calculation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. This week, it increased by 0.24% to 87.45%, 0.77% lower than the quarterly report. Active equity funds' position rose by 0.31% to 89.55%, and partial - equity hybrid funds' position rose by 0.23% to 86.96% [7]. - The overall increase or decrease in positions of active equity and partial - equity hybrid funds this week was mostly concentrated in [0%, 1%] (766 funds), followed by [-1%, 0%] (171 funds). Funds with sizes below 20 billion, between 20 - 50 billion, and 50 - 80 billion slightly increased their positions, while other - sized funds slightly reduced their positions [11]. - In terms of fund holding styles, growth stocks accounted for a higher proportion in fund holdings. This week, value stocks were slightly reduced, and growth stocks were slightly increased. The proportion of small - cap stocks in fund holdings was relatively high. This week, large - cap and mid - cap stocks were slightly increased, and small - cap stocks were slightly reduced [15]. - The top 5 industries held by active equity and partial - equity hybrid funds this week were electronics (13.65%), power equipment (8.70%), pharmaceutical biology (7.16%), automobiles (6.54%), and machinery (5.37%). The top 3 industries with increased positions were communication (+0.36%), building materials (+0.20%), and non - ferrous metals (+0.12%); the top 3 industries with reduced positions were comprehensive (-0.21%), national defense and military industry (-0.19%), and pharmaceutical biology (-0.15%) [18]. 2.2 Bond Fund Duration Calculation - This week, the yield to maturity of China Bond's 10 - year China Development Bank bonds rose by 3bps. The median estimated duration of medium - and long - term pure bond funds rose by 0.26 to 3.31 years, at the 99.40% percentile in the past 5 years. The average median duration in the past 4 weeks was 3.26 years. The duration divergence increased, and the standard deviation of the estimated duration rose by 0.10 to 1.69 years. The median duration of short - term pure bond funds rose by 0.30 to 1.16 years. The median duration of credit bond funds rose by 0.21 to 2.89 years, with 7% of actively operated funds and 24% of conservatively operated funds; the median duration of interest - rate bond funds rose by 0.28 to 4.87 years, with 55% of actively operated funds and 4% of conservatively operated funds [21]. - The median estimated duration of credit bond funds rose by 0.21 to 2.89 years, at the 100.00% percentile in the past 5 years. The average median duration in the past 4 weeks was 2.78 years. The duration divergence increased, and the standard deviation of the estimated duration rose by 0.06 to 1.25 years. The median estimated duration of interest - rate bond funds rose by 0.28 to 4.87 years, at the 99.20% percentile in the past 5 years. The average median duration in the past 4 weeks was 5.00 years. The duration divergence increased, and the standard deviation of the estimated duration rose by 0.10 to 1.84 years [23]. - This week, the estimated duration of credit bond funds was concentrated in [2.5, 3) (167 funds), followed by [3, 3.5) (126 funds). The estimated duration of interest - rate bond funds was concentrated in [5,) (159 funds), followed by [4.5, 5) (54 funds) [28]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% percentile of their own duration in the past year) this week was 6.62%, and the proportion of funds with conservative duration operations (below the 20% percentile of their own duration in the past year) was 24.39%. Among interest - rate bond funds, the proportion of funds with active duration operations was 55.17%, and the proportion of funds with conservative duration operations was 4.02% [29]. - This week, the yield to maturity of China Bond's 1 - year China Development Bank bonds rose by 5bps. The median estimated duration of short - term pure bond funds rose by 0.30 to 1.16 years, at the 99.70% percentile in the past 5 years. The average median duration in the past 4 weeks was 1.16 years. The duration divergence increased, and the standard deviation of the estimated duration rose by 0.11 to 0.48 years. The estimated duration of passive policy - bank bond funds decreased by 0.12 to 3.65 years [33].