周一（6月23日）美元指数亚盘震荡、欧盘触及99.40，后因美盘期间美联储官员的鸽派言论下跌失守99美元关口，最终收跌0.39%，报98.39。基准的 10年期美债收益率收报4.349%，2年期美债收益率收报3.870%。因伊朗在袭击前几个小时通知了美国和卡塔尔，特朗普称是时候实现和平，现货黄金 尾盘转跌，最终收平，报3368.55美元/盎司。 油价周一虽然跳空高开但是最终受以色列和伊朗同意全面停火的影响大跌逾9%，回吐了近期中东冲突升级以来的涨幅，市场避险情绪迅速回落，石 油供应担忧缓解，油价应声回落，后市预计大概率会走震荡下行。四小时线，昨日高开后油价一路下行，早盘一度下破65关口，目前布林带中下轨 开口向下，油价运行在下轨附近，KDJ和MACD均死叉后向下运行，短线走势偏空运行。 综合来看，美国总统特朗普发推宣布伊以正式停火，市场避险情绪迅速回落，油价大幅回吐地缘溢价。短线来看油价很难再涨上去，预计将走震荡 下行，日内操作上可以参考67.50-68区域布局空单，看至62.50-63区域。 多空的快速转换，总是让人措手不及，方向的转换往往只在那一瞬之间，多少人冒着风险成为了市场的炮灰。每一笔交易都是心中多 ...

扎克伯格一直在积极招募顶级AI 人才并投资 AI 企业，包括对 Scale AI 的数十亿美元投资，以及与 Perplexity 等初创公司进行的收购谈判。 Runway AI 估值超过 30 亿美元，其开发的 AI 技术可生成逼真视频，自 2023 年以来一直是行业领导者，其最新模型能帮助用户创建具有连贯角色和物体 的视频内容。 过去几个月里，扎克伯格一直将面见人工智能领域的顶尖人物，从首席执行官到首席科学家——作为工作重点。他近期表现出对各类人工智能公司及其员 工进行大规模投资的意愿。在收购数据标注初创企业 Scale 49%股份，并聘用其CEO之前，这家 Facebook 母公司还曾与人工智能搜索初创公司 Perplexity 进行过收购谈判。 由CEO Aravind Srinivas 领导的 Perplexity 最新估值达到 140 亿美元。 图片来源：Runway AI 根据彭博社消息，Meta 的 CEO 马克·扎克伯格，曾与视频初创公司 Runway AI 讨论过可能的收购事宜，但谈判从未达到正式报价阶段且目前已终止。 上周，OpenAI 的CEOSam Altman 透露，Meta 曾试图 ...

【导读】国信证券聘任鲁伟为副总裁，分管投行业务 中国基金报记者 江右 6月23日晚间，国信证券发布公告称，公司于6月20日召开董事会，审议通过了关于聘任鲁伟先生为公司副总裁的议案。鲁伟的 任期从公司董事会审议通过之日起至公司第五届董事会履职期限届满之日止。 去年11月20日，中央纪委国家监委网站发布，中国证监会第一届、第二届、第三届创业板发审委委员、原法律部副主任吴国舫 被查。而后，国信证券发布公告，解聘吴国舫的副总裁职务。据了解，吴国舫被查之后，国信证券的投行业务由总裁邓舸暂时 分管。 公开信息显示，鲁伟出生于1970年1月，硕士，曾任国信证券投资银行事业部综合管理部总经理、投资银行事业部上市顾问部总 经理、投资银行事业部中小企业服务部总经理、投资银行事业部副总裁等职务，现任国信证券党委委员、投资银行事业部总 裁、战略发展总部总经理，兼任中国证券业协会区域性股权市场专业委员会委员、深圳市罗湖区政协委员、深圳市南方科技大 学教育基金会投资顾问。 根据2024年年报，国信证券当年累计完成股票主承销项目11.17家，排名行业第九，其中IPO项目4家；累计募集资金126.05亿 元，排名行业第六。公司服务实体经济取 ...

Cosmo to Unveil First-of-its-Kind Clinical Study on the Use of GI Genius(TM) with Apple Vision Pro at Rush University Medical CenterJune 24, 2025 1:06 AM EDT | Source: Cosmo Pharmaceuticals N.V. Dublin, Ireland--(Newsfile Corp. - June 24, 2025) - Cosmo Pharmaceuticals N.V. (“Cosmo”) today announced that in July 2025, it will initiate their first usability study of a medical device software application connecting the Medtronic GI Genius™ intelligent endoscopy module, an AI-powered platform for ...

在当今竞争激烈的市场环境中，企业需要不断地进行自我分析和优化，以保持竞争优势，竞争激烈的金融行业更是如此。随着技术与商业智能（Business Intelligence，简称BI）可以提供丰富的数据，在许多情况下，都有数据可以展示过去类似决策的结果，并可显示随时间推移的预期结果，此时良好的数据 分析方法在业务中就显得尤为重要。 公募基金领域拥有海量的客户数据，如何从这些数据中精准识别高价值客户并进行针对性营销和服务，是提升基金销售和客户满意度的关键。 在R/M/F三个指标上，一般将实际的用户划分为8个区，根据不同付费用户群体的价值采用不同的策略，促进不同用户向更有价值的区域转移。 | B | F | M | 用户类型 | 运营货路 | | --- | --- | --- | --- | --- | | 短 | 高 | 大 | 买得勤、买得频、买得多高 | 重点维系用户,提升服 | | | | | 价值的用户 | 务质量 | | ન્દ્ | 高 | 大 | 买得频率较高,消费金额较 大,但上次消费距今较远 | 适当发起唤醒策略,防 止流失 | | 短 | 低 | 大 | 近期有一定消费目金额还 | 挖掘用户消 ...

Market Outlook - Short-term market style may experience fluctuations during the July earnings season, with new consumption potentially entering a second wave of growth after adjustments, and AI technology likely to resume momentum after a period of consolidation [1][3] - The weighted index shows a "bullish divergence" in moving averages, suggesting that quick pullbacks may present buying opportunities [1][3] - If geopolitical risks do not escalate further and domestic policies continue to release positive signals, both A-shares and Hong Kong stocks have short-term upward potential, while medium to long-term performance will depend on the sustainability of macroeconomic recovery and external stability [1][3] A-share Performance - As of midday, the total trading volume in the A-share market reached 925.1 billion yuan, an increase of 241.3 billion yuan from the previous day, with over 4,600 stocks rising, indicating strong market resilience [1] - The Shanghai Composite Index closed at 3,415.45 points, up 1.0%; the Shenzhen Component and ChiNext Index rose by 1.45% and 1.94% respectively, with the ChiNext Index showing particularly strong growth, reflecting increased attractiveness of growth sectors [1] - The STAR 50 Index increased by 1.51%, indicating sustained high interest in technology innovation sectors [1] Hong Kong Market Performance - The Hong Kong market continued its upward trend, with the Hang Seng Index closing at 24,150.76 points, up 1.95%; the Hang Seng Tech Index surged by 2.28% to 5,305.29 points, and the Hang Seng China Enterprises Index rose by 1.92%, highlighting the growing influence of mainland assets in the Hong Kong market [1] Sector Performance - In the A-share market, several sectors performed notably well, including the autonomous driving sector driven by Tesla's launch of self-driving taxi services in Texas, humanoid robots boosted by the unveiling of embodied intelligent robots, and the financial sector benefiting from positive outlooks on stablecoin development and policy expectations [2] - The solid-state battery sector continued its strong performance due to U.S. companies starting production and improvements in the supply chain [2] - Conversely, the oil and gas sector faced significant declines due to the ceasefire between Israel and Iran and a sharp drop in international oil prices [2] Hong Kong Sector Dynamics - The Hong Kong market exhibited clear sector differentiation, with tech stocks generally rising, and Chinese brokerage stocks gaining strength from new policies [2] - New energy vehicle companies saw significant gains as May sales surpassed those of fuel vehicles, marking a new phase of "electric dominance" [2] - New consumption stocks attracted attention due to high earnings growth rates and valuation alignment, while the oil and gas equipment and services sector experienced substantial declines following the ceasefire [2] Market Drivers - Market movements were primarily influenced by geopolitical factors, policy direction, and industry fundamentals [2] - Although the Middle East situation caused short-term market disturbances, signals of conflict de-escalation were quickly absorbed [2] - Domestic policies supporting technology and finance are gradually showing effects, with new initiatives boosting market confidence [2] - Positive changes in industry fundamentals, such as increased penetration of new energy vehicles, advancements in solid-state battery production, and improved earnings expectations in the consumption sector, further stimulated capital allocation enthusiasm [2]

在利率下行的大环境下，分红险固浮结合的特点，使之成为消费者青睐的险种。近期，保险公司陆续披 露分红保险红利实现率，也引发市场关注。 那么，什么是红利实现率？如何理解红利实现率与实际产品收益的关系？如何选择分红产品？ 所谓分红/红利实现率，是由利益演示红利水平和实际分配红利两方面决定（实际分配红利/利益演示红 利）。分红实现率不代表实际派发红利的高低。 一方面，分红产品的利益演示（分母）反映销售时对长期市场经济环境的预期。据悉，一些过往年度保 单由于历史销售时较高的利益演示，使其红利实现率低于100%。反之，若险企利益演示红利水平偏保 守，更容易出现红利实现率高于100%水平的情况。这意味着，红利实现率高于或低于100%，都属于正 常的波动现象。与此同时，不同公司和不同销售时间段的红利实现率也会存在差异。 再者，近年来根据要求，分红险分红部分的信息披露更为规范，这在一定程度上也能减少投资者对于分 红部分浮动收益担忧的顾虑。因此，未来分红险仍值得消费者期待。 另一方面，实际分红水平（分子）受当前市场经济环境变化及波动影响。在产品销售时，条款/建议书 均有提示：实际保单红利根据本公司分红保险业务未来实际经营状况确定 ...

Group 1: Banking Sector - The banking sector has seen a cumulative increase of 9.84% as of June 13, 2025, outperforming the CSI 300 by approximately 12 percentage points, driven by the influx of incremental funds and adjustments in public fund allocations [2][4] - The outlook for the second half of 2025 suggests a potential improvement in bank performance due to a combination of credit expansion, controlled interest margins, and enhanced asset quality expectations driven by policy support [2][3] - Investment strategies recommend focusing on quality city and rural commercial banks, capitalizing on structural opportunities, and leveraging the expansion and quality improvement of major broad-based index ETFs [4] Group 2: Non-Banking Sector - The securities sector has underperformed the broader market, with a decline of 7.99% year-to-date as of June 16, 2025, despite a strong performance in Q1 where 42 listed securities firms reported a 20.18% increase in revenue [7][8] - The anticipated continuation of accommodative monetary policy and ongoing capital market reforms are expected to support liquidity and improve the operational environment for the securities industry [7][8] - Investment recommendations focus on strong leading brokers, those likely to enhance core competitiveness through mergers and acquisitions, and brokers with differentiated wealth management features [9] Group 3: Metals Sector - The non-ferrous metals sector is expected to enter a new upward cycle in the second half of 2025, driven by a recovering global economy and potential interest rate cuts by the Federal Reserve [12][13] - Gold prices are projected to continue their bullish trend, supported by increased global demand and geopolitical tensions, while copper is seen as a favorable investment opportunity due to long-term supply-demand dynamics [13][14] - The strategic value of rare earth materials is highlighted, with domestic supply controls and increased export demand likely to drive price improvements in the rare earth sector [14][15] Group 4: Communication Sector - The communication industry is experiencing a recovery in performance, driven by advancements in artificial intelligence and the optimization of capital expenditure by operators [18][19] - The second half of 2025 is expected to present new investment opportunities in the AI computing industry chain, satellite internet, and quantum technology, with significant growth potential in these areas [18][19] - Investment strategies emphasize the importance of operator profitability, cash flow improvements, and the growth of the optical communication sector [20] Group 5: Construction Sector - The construction industry is projected to benefit from increased infrastructure investments, particularly in water conservancy and energy projects, as part of the government's economic stabilization efforts [23][24] - Major projects in the western region, such as the Yarlung Tsangpo River hydropower project, are expected to inject significant investment into the construction sector [24][25] - Investment recommendations focus on infrastructure growth, high dividend yields, and sectors such as low-altitude economy and cleanroom engineering [25] Group 6: North Exchange - The North Exchange has maintained a high level of trading activity, with a recent decline in the North Exchange 50 index by 2.55% [27][28] - The market is expected to remain attractive for medium to long-term investments, particularly in companies with strong growth potential and those involved in mergers and acquisitions [31] - The focus is on companies that emphasize diversified layouts and industry chain collaboration, as well as state-owned enterprises with stable operations and strong growth capabilities [31]

金融工程 | 证券研究报告 — 周报 2025 年 6 月 24 日 中银量化多策略行业轮动 周报 – 20250619 当前（2025 年 6 月 19 日）中银多策略行业配置系统仓位： 通信 （10.6%）、电子（8.7%）、综合金融（8.2%）、银行（8.0%）、建材 （ 7.4% ） 、 国 防 军 工 （ 7.4% ） 、非 银 金 融 （ 7.2% ） 、 有 色 金 属（7.0%）、医药（6.9%）、钢铁（4.4%）、煤炭（3.2%）、房地产 （3.1%）、石油石化（2.9%）、交通运输（2.8%）、综合（2.7%）、家 电（2.7%）、食品饮料（2.6%）、传媒（1.5%）、计算机（1.4%）、汽 车（1.4%）。 相关研究报告 《中银证券量化行业轮动系列（七）：如何把 握市场"未证伪情绪"构建行业动量策略》 20220917 《中银证券量化行业轮动系列（八）："估值泡 沫保护"的高景气行业轮动策略》20221018 《中银证券宏观基本面行业轮动新框架：对传 统自上而下资产配置困境的破局》20230518 《中银证券量化行业轮动系列（九）：长期反 转-中期动量-低拥挤"行业轮动策略》20240 ...

Market Overview - On June 23, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component increased by 0.43%, and the ChiNext Index gained 0.39%[2] - The total trading volume on June 23 was 1.15 trillion CNY, an increase of approximately 60 billion CNY compared to the previous trading day[1] Sector Performance - Key sectors that saw significant gains included computer, military, coal, and banking, while food and beverage, home appliances, and steel experienced slight declines[1] - Major inflows of capital were observed in software development, semiconductors, and batteries, while the top outflows were in liquor, white goods, and electricity sectors[4] Economic Indicators - From January to May, the national general public budget revenue was 96,623 billion CNY, a year-on-year decrease of 0.3%, with tax revenue down by 1.6%[5] - National general public budget expenditure for the same period was 112,953 billion CNY, reflecting a year-on-year increase of 4.2%[5] Financial Developments - The scale of domestic bond ETFs surpassed 350 billion CNY, with two bond ETFs crossing the 50 billion CNY threshold for the first time[12] - The Shanghai market interest rate pricing self-discipline mechanism meeting was held, with 19 core member units participating[6] Industry Insights - A breakthrough in bidirectional high thermal conductivity graphite film research was reported, achieving a thermal conductivity of 1,754 W/m·K, which supports 5G chip and power semiconductor thermal management[9] - The PC monitor market in China saw a total shipment of 7.07 million units in Q1 2025, marking a year-on-year growth of 14.0%[11]