"随着参保人数下降，可能导致医院就诊量增速放缓和坏账增加，"分析师写道，但同时指出相较于同 业，HCA医疗受不利因素影响较小，其规模优势将帮助其更好地缓解冲击。 "我们认为该法案大大提高了交易所强化补贴也将到期的可能性，这将在2026年形成额外阻力，"分析师 补充道。 Gajuk表示，"鉴于风险池的重大变化，我们预计2026年交易所定价风险的下行空间将大于上行空 间，"她补充道："随着和解法案中工作要求的实施等改革措施落地，医疗补助计划参保人数的不利因素 将从2027年开始显现。" Gajuk同时将美国最大营利性医院运营商HCA医疗评级从"买入"下调至"中性"，目标价从每股410美元微 调至394美元，指出ACA交易所和医疗补助计划的资金削减将带来逆风。 智通财经APP获悉，美国银行下调了医疗管理公司Centene(CNC.US)和医院运营商HCA医疗(HCA.US)评 级，理由是对特朗普总统近期签署生效的《大漂亮法案》相关影响的担忧。 美银分析师Joanna Gajuk将医疗补助计划(Medicaid)市场龙头企业Centene评级从"中性"下调至"跑输大 盘"，目标价从每股52美元大幅调降至30美元。分析 ...

天眼查App显示，近日，荣成市悦行文化旅游有限公司成立，法定代表人为宋福尧，注册资本10000万 人民币，由荣成市城乡建设投资有限公司全资持股。 来源：金融界 经营范围含旅行社服务网点旅游招徕、咨询服务；组织文化艺术交流活动；会议及展览服务；非物质文 化遗产保护；票务代理服务；酒店管理；休闲观光活动；文艺创作；旅客票务代理；游览景区管理；露 营地服务；游乐园服务；体验式拓展活动及策划；信息咨询服务（不含许可类信息咨询服务）；市政设 施管理；园林绿化工程施工；住房租赁；物业管理；停车场服务；园区管理服务；商业综合体管理服 务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：林木种子生产经营； 酒类经营；旅游业务；住宿服务；建设工程施工。（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准） 企业名称荣成市悦行文化旅游有限公司法定代表人宋福尧注册资本10000万人民币国标行业水利、环境 和公共设施管理业>公共设施管理业>市政设施管理地址山东省威海市荣成市崖头街道伟德东路36-1号 （一址多照）企业类型有限责任公司（非自然人投资或控股的法人独资） ...

近日，东方汇理资产管理发布《2025年中投资展望》称，全球经济正在重塑，迫使投资者与政策制定者 谨慎行事。不确定的政策制定正引发市场剧烈波动。尽管如此，主要经济体至今仍表现强韧。集团首席 投资总监Vincent Mortier表示，政府债券市场受债务上升威胁及通胀忧虑升温所冲击，导致波动加剧。 投资者可能要求长债提供更高的补偿，令收益率显得吸引。未来的关键策略是从美国市场分散至欧洲及 新兴市场债券。 东方汇理资产管理投资研究院主管Monica Defend表示，尽管政策难以预测、企业表现强韧以及全球贸 易和金融体系重组，但预期央行降息将为全球股票带来机遇。东方汇理聚焦于欧洲国防开支、美国放宽 监管、日本企业管治改革及"印度制造"倡议等主题。 4.债券的关键时刻将有利欧洲信贷及新兴市场债券 面对贸易政策不明朗、公共债务增加及庞大的债券供应，投资者将对美国国债要求更高的溢价。已发展 市场方面，长债收益率将继续受压。央行降息将继续支持短债，推动收益率曲线走斜。投资者将寻求分 散投资于不同市场，利好欧洲及新兴市场债券。东方汇理继续投资于优质信贷，偏好欧元投资级别信贷 (金融及后偿信贷)。 5.股票方面，关税影响将成为 ...

Core Insights - The report indicates that urbanization in China is transitioning from a rapid growth phase to a stable development phase, emphasizing a shift from large-scale incremental expansion to a focus on improving existing stock and efficiency [1][2][8] - The emphasis on "high-quality urban renewal" suggests a move away from large-scale demolitions towards enhancing urban functionality and quality [1][2][9] - The report highlights the importance of integrated planning involving population, industry, urban areas, and transportation to optimize urban spatial structure [1][2][7] Industry Overview - The total number of stocks in the industry is 256, with a total market capitalization of 2,792 billion and a circulating market capitalization of 2,643.8 billion [3] - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 5.8%, and 35.2% respectively, while the relative performance is -0.9%, -0.1%, and 19.6% [5] Urban Renewal and Development - The report notes a significant change in the approach to urban renewal, focusing on quality improvements rather than extensive demolition [2][7][9] - The mention of "steady progress in the renovation of urban villages and dilapidated housing" indicates a more cautious and structured approach to urban renewal [1][2][9] Real Estate Development Model - The report suggests that there will be a continued push towards establishing a new model for real estate development, consistent with previous governmental statements [1][2][7] - The focus on optimizing the quality of land supply and urban planning is expected to create new opportunities in the real estate sector [1][2][7] Investment Opportunities - The report identifies potential investment opportunities in companies with capabilities in managing existing assets, such as China Resources Land, China Merchants Shekou, and China Overseas Development [8][10] - Companies involved in urban governance and public services, such as China Resources Vientiane Life and Poly Property, are highlighted as potential investment targets [8][10] - The report also suggests looking into sectors related to urban renewal, including inspection and testing, decoration, construction, and building materials for pipeline upgrades [8][10]

Core Viewpoint - In an increasingly uncertain market environment, investors are confused about asset allocation directions for the second half of 2025, highlighting the importance of diversified risk and multi-asset strategies as a key approach for stable progress [1] Asset Allocation Framework - Penghua Fund's unique asset allocation framework combines strategic asset allocation (SAA) and tactical asset allocation (TAA) to form a comprehensive investment decision-making system [2] - The framework sets withdrawal control and volatility levels based on clients' risk-return preferences, categorizing them into low, medium, and high-risk profiles [2] - The methodology emphasizes "fractal art of asset allocation," allowing for the reverse calculation of asset weights across different time dimensions to ensure alignment with strategic goals while being adaptable to short-term fluctuations [2] Risk Management - A multi-layered risk control system is integrated throughout product design and investment management processes [3] - Strategic asset allocation is based on the team's cross-cycle alpha capabilities and client fund attributes, while tactical asset allocation employs dynamic adjustment mechanisms to respond to market changes [3] - A systematic fund selection mechanism is established, utilizing a "three-tier screening" process to narrow down from approximately 200 funds to about 20 core holdings, ensuring diversity and quality of underlying assets [3] Market Outlook for H2 2025 - Penghua Fund's Chief Asset Allocation Officer, Zheng Ke, indicates that the asset allocation strategy will focus on "new productive forces + strategic resources," with an emphasis on overweighting the A-share market to seize bull market opportunities [4] - The strategy will also involve underweighting domestic bonds and U.S. stocks while strategically overweighting gold to hedge against potential risks in the Jamaican monetary system [4] - The focus within the A-share structure will be on growth styles, with national strategic investments expected to provide foundational support, and new productive forces anticipated to be a key driving force for market trends [4]

由中国医药会计学会、中国医药会计学会医药财务政策分会主办，上海市医院协会医院财务管理专业委员会协办，上海交通大学医学院附属瑞金医院承办的"2025第五届中国医院会计大会(CHA 中国医药会计学会常务副会长(代会长)，北京大学第三医院总会计师李春表示，大会搭建了技术与业务深度融合的交流平台，聚焦AI等数智技术在医药财务领域的应用场景，邀请来自政府、高 中国工程院院士，上海交通大学医学院附属瑞金医院院长、党委副书记宁光从医院院长角度，强调了财务在医院管理中的核心地位和重要作用，提出只有强大的财务管理与经济运营，才能有效保 中国医药会计学会医药财务政策分会会长，上海市医院协会医院财务管理专业委员会副主任委员，上海交通大学医学院附属瑞金医院财务处处长李雪辉表示，以人工智能（AI）、大数据、云计算 上海国家会计学院智能财务研究院院长刘勤以《应用场景设计：智能财务落地的关键》为题，系统性地分享了智能财务的发展历程、智能财务应用落地困境、应用场景及其矩阵、应用场景构建策 ...

Group 1 - The high dividend sector has seen a strong performance followed by a consolidation phase, attracting accelerated inflow of incremental funds, with daily average trading volume reaching 735 million CNY from July 15 to July 16, and a total of 1.704 billion CNY in net inflow over eight consecutive trading days from July 7 to July 16 [1] - The Ministry of Finance issued a notice on July 11 to encourage long-term stable investments by insurance funds, which is expected to create a favorable environment for long-term investments, aligning with the demand for enhancing long-term returns through high dividend, low volatility assets [1] - The dividend low volatility ETF (512890) has reached a historical high in fund size for 12 consecutive trading days, surpassing 20 billion CNY for the first time on July 9, and further increasing to 21.399 billion CNY by July 16, marking a growth of 7.65 billion CNY since the beginning of the year [1] Group 2 - The dividend low volatility ETF (512890) is the first ETF tracking the dividend low volatility index in the market, achieving positive returns every complete year since its inception, and ranking first among similar funds in terms of five-year returns as of June 30 [2] - The linked funds of the ETF have a total of 829,800 holders, making it the only dividend theme index fund with over 800,000 holders in the market [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in managing dividend index investments, with a total management scale of 42.654 billion CNY across its dividend-themed ETFs as of July 16 [3]

Core Viewpoint - The report highlights the performance and management of the Yongying CSI All-Share Medical Device ETF Fund for the second quarter of 2025, emphasizing its investment strategy, financial metrics, and market outlook for the medical device industry. Fund Overview - The fund aims to closely track the performance of the CSI All-Share Medical Device Index, with a total fund share of 470,599,906.92 as of the report date [1]. - The fund operates as an open-ended ETF and was established on November 22, 2021 [1]. Financial Performance - The net asset value (NAV) for the Yongying CSI All-Share Medical Device ETF Initiating Link A was 0.6086 RMB, with a net value growth rate of -0.26% during the reporting period [5]. - For the same period, the performance benchmark yielded a return of -0.89% [5]. - The NAV for the Yongying CSI All-Share Medical Device ETF Initiating Link C was 0.6043 RMB, with a net value growth rate of -0.31% [5]. Investment Strategy - The fund primarily employs an index investment strategy, investing in the target ETF to achieve close tracking of the benchmark index [5]. - The fund's investment strategy includes stock investment, bond investment, and asset-backed securities investment, among others [1]. Market Outlook - The medical device sector is expected to see significant performance improvements in the third quarter, driven by high growth rates in bidding data since November 2024 and supportive government policies for high-end medical devices [4]. - The integration of AI technologies in medical devices is anticipated to enhance innovation and market competitiveness [4]. Management Report - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [3]. - The management emphasizes fair trading practices and has not encountered any significant violations of fair trading during the reporting period [4]. Fund Share Changes - The total shares for Yongying CSI All-Share Medical Device ETF Initiating Link A increased from 131,880,539.89 to 133,505,066.16 during the reporting period [7]. - For Initiating Link C, shares rose from 328,466,280.74 to 337,094,840.76 [7]. Other Important Information - There were no single investors holding more than 20% of the fund shares during the reporting period [7].

| 永赢上证科创板 | | 100 指数增强型发起式证券投资基金 | 2025 年第 | 2 季度报告 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 永赢上证科创板 | 100 指数增强型发起式证券投资基金 | | | | | | | | 基金管理人：永 | 赢 基 金管理有限公司 | | | | | | | | 基金托管人：招商银行股份有限公司 | | | | | | | | | 报告送出日期：2025 年 | 07 月 | 17 日 | | | | | | | | | 永赢上证科创板 100 指数增强型发起式证券投资基金 | | | 2025 年第 | 2 季度报告 | | | | | §1 重要提示 | | | | | | | | | 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 | | | | | | | 容的真实性、准确性和完整性承担个别及连带责任。 | | | | | | | | | 基金托管人招商银行股份有限公司根据本基金合同规定，于 | | 2025 年 | | 07 月 | ...

| | | | ① | | 标准差② | | 准收益率③ | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 准差④ | | | | | | | | | 自基金合同生效起 | | | | | | | | | 至今 | | | | | | | | | 比较 | | | | | | | | | 注：1、本基金合同生效日为 | | 2025 年 04 月 | | | 23 日，截至本报告期末本基金合同生效未满一年。 | | | | 永赢价值发现慧选混合型发起式证券投资基金 | | | | | | 2025 年第 | 2 季度报告 | | 注：1、本基金合同生效日为 | | 2025 年 04 月 | | | 23 日，截至本报告期末本基金合同生效未满一年。 | | | | §4 管理人报告 | | | | | | | | | 任本基金的基金经理期限 | | | | 证券从 | | | | | 姓名 | 职务 | | | | 说明 | | | | 任职日期 | | | 离任日期 | 业年限 | | | | | 沈平虹先生，上海交通 | | | | | ...