Market Performance - On July 14, 2025, the Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index fell by 0.11% and the ChiNext Index decreased by 0.45%[2] - The total market turnover was 14,584.58 billion yuan, a decrease of 2,533.86 billion yuan compared to the previous trading day[2] - Out of 5,305 stocks, 3,205 rose and 2,100 fell, indicating a generally positive market sentiment despite the turnover decline[2] Sector and Industry Analysis - The top-performing sectors included Machinery (up 1.21%), Oil & Petrochemicals (up 0.92%), and Power & Utilities (up 0.65%) while the worst performers were Comprehensive Finance (down 3.81%), Real Estate (down 1.25%), and Media (down 1.13%)[2][21] - The market style ranking was led by Cyclical > Defensive > Consumer > Growth > Financial, with large-cap value outperforming mid-cap growth[21] Capital Flow - On July 14, 2025, the net outflow of main funds was 407.42 billion yuan, with large orders contributing to a net outflow of 155.83 billion yuan[3][25] - Small orders continued to see a net inflow of 302.45 billion yuan, indicating retail investor interest despite institutional selling[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -21.11 billion yuan and -18.33 billion yuan respectively[3][30] - The total trading volume for these ETFs was 15.00 billion yuan for the SSE 50 ETF and 33.51 billion yuan for the CSI 300 ETF on the same day[30] Global Market Overview - On July 14, 2025, the Hang Seng Index rose by 0.26% while the Nikkei 225 fell by 0.28% and the KOSPI increased by 0.83%[4][33] - The U.S. stock indices experienced declines, with the Dow Jones Industrial Average down 0.63% and the S&P 500 down 0.33%[5][34]

中天服务股份有限公司 章 程 二〇二五年七月 目 录 中天服务股份有限公司 章程 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》(以下简称"《公司法》")《中华人民共和国证券法》(以下 简称"《证券法》")和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简称"公 司"）。 公司于 2006 年 7 月 29 日经浙江新嘉联电子有限公司《关于以发起方式设立浙江新 嘉联电子股份有限公司的决议》 ，在浙江新嘉联电子有限公司基础上以整体变更方式发起设 立；在浙江省市场监督管理局注册登记，取得营业执照，统一社会信用代码： 第三条 公司于 2007 年 10 月 30 日经中国证券监督管理委员会核准，首次向社会公众 发行人民币普通股 2000 万股，并于 2007 年 11 月 22 日在深圳证券交易所上市。 第四条 公司注册名称：中天服务股份有限公司 英文名称：ZHONGTIAN SERVICE CO., LTD. 第五条 公司住所：浙江省嘉善县惠民街道东升路18号410室。邮政编码：314100 第 ...

股指周报：美国关税豁免期延长，国内宏观预期强劲 正信期货股指期货周报 20250714 理性投资，风险自担 研究员：蒲祖林 投资咨询证号：Z0017203 Email：puzl@zxqh.net 2 行情回顾 资金流向 14 其它分析 3 宏观基本面 目 录 行情回顾 核心观点 宏观：美国对各国关税豁免到期后延长至8月1日，关注美国与各国谈判进展，尤其是欧盟和日本、印度等国的结果， 关税政策对市场的冲击仍有不确定性风险，参考2018年的路径，需谨防特朗普极限施压的情绪冲击。国内经济各领域 步入季节性回升转折窗口，在7月底关于经济工作的政治局会议召开前市场宏观政策预期强劲。 中观：地产销售低位季节性回落，总体旺季不旺淡季更淡，引发市场对房地产政策的预期，服务业结构分化且暑期高温 下有所滑坡，制造业抢出口近入尾声，三季度或有脉冲回落压力；6月PPI大幅恶化，国内反内卷式政策出台，供给缩减 有望扭转商品供需平衡，物价有望震荡回升，关注本周货币金融和二季度GDP及消费和投资数据。 资金：国内流动性总体宽松，边际有所收紧，海外流动性在美国经济数据韧性下边际收紧，金融条件反复波动，美元指 数有望超跌反弹，国内股市将获得南 ...

证 券 研 究 报 告 【策略周报】 新高确认牛市全面启动——策略周聚焦 ❖ 本轮放量新高，战略视角看 4 月关税冲击更类似假摔。 近三周 A 股放量新高，上证指数点位相继突破了 2024/12/10 及 11/8 的高点， 成交持续放量。火热行情下投资者也有疑虑：1-2 个月战术视角看抢出口效应 退坡，Q3 基本面可能回落；但站在 3-6 月甚至年度的战略视角审视本轮新高， 指数延续了 924 以来的牛市行情，4 月初关税更多体现为假摔：市场经历 4 月 初的短期快速下行后，用两个月逐渐修复失地。假摔不止于中国资产，全球主 要股票指数均显著修复失地，关税对经济冲击没有预期强。 ❖ 如何理解关税假摔：特朗普嘴炮+贸易战对经济冲击历史样本下均有限 （1）特朗普对于关税更多是嘴炮行为，其实际行动并不如 4/2 宣布加征时的 态度强硬。主要体现在初始的关税制定方式粗暴且后续未执行、税率降幅显著 且可谈判、实施期限的持续延期。（2）1930 年贸易战样本中并没有观测到明 显的贸易战对经济量价冲击。从量上看，美国 1930 大萧条期间净出口对经济 的拖累远小于国内消费和投资的萎缩。从价格看，贸易战未显著抬升逆差国英 法 ...

Core Viewpoint - Guangju Energy (000096.SZ) is experiencing a significant decline in net profit for the first half of 2025, with a forecasted profit of only 9 million yuan, representing a 59.81% decrease compared to the same period last year [2][4]. Financial Performance - The company's net profit attributable to shareholders is approximately 9 million yuan, down from 22.39 million yuan in the same period last year, marking a decline of about 59.81% [4]. - The net profit after deducting non-recurring gains and losses is approximately 1.6 million yuan, a staggering drop of 93.40% year-on-year from 24.25 million yuan [4]. - Basic earnings per share are estimated at 0.02 yuan, down from 0.04 yuan per share in the previous year [4]. Business Operations - Guangju Energy's main business, which includes wholesale and retail of refined oil, is facing intensified competition, leading to a sharp decline in performance [5]. - In Q2, the company reported a single-quarter loss of approximately 5.49 million yuan, following a net profit of 14.5 million yuan in Q1, indicating a drastic drop in performance [5]. - Revenue from the refined oil business decreased by 18.64% year-on-year to 1.507 billion yuan, accounting for 76.5% of total revenue, while revenue from chemical trade fell by 37.49% to 393 million yuan, making up 21.92% of total revenue [5]. Challenges and Strategic Moves - The company attributes its performance decline to reduced demand for industrial oil and transportation, increased penetration of new and alternative energy sources, and shrinking price margins in the refined oil sector [5]. - Guangju Energy is attempting to transform its business model through cross-industry acquisitions, but faced opposition from two board members regarding a proposed acquisition of a loss-making company [7][8]. - The board members expressed concerns about the uncertainty of turning around the acquired company, which has reported cumulative losses exceeding 72 million yuan over the past three years [7][8].

金融工程 | 金工定期报告 金融工程 证券研究报告 量化择时周报：关键指标如期触发，后续如何应对？ 关键指标如期触发，后续如何应对？ 上周周报(20250706)认为：短期市场突破震荡上轨，格局改变指标（均线 距离突破 3%）有望在下周触发，但考虑时间进入业绩披露和关税的关键窗 口期，建议保持中性偏高仓位，等待格局改变信号落地。最终 wind 全 A 继续上行，并如期触发格局改变信号。全周上涨 1.71%。市值维度上，上周 代表小市值股票的中证 2000 上涨 2.32%，中盘股中证 500 上涨 1.96%，沪 深 300 上涨 0.82%，上证 50 上涨 0.6%;上周中信一级行业中，表现较强行业 包括综合金融、房地产，综合金融上涨 6.73%，汽车、家电表现较弱，汽车 下跌 0.56%。上周成交活跃度上，房地产和非银金融资金流入明显。 从择时体系来看，我们定义的用来区别市场整体环境的 wind 全 A 长期均 线（120 日）和短期均线（20 日）的距离继续扩大，最新数据显示 20 日 线收于 5270，120 日线收于 5114 点，短期均线继续位于长线均线之上， 两线差值由上周的 2.52%扩大至 ...

Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced narrow fluctuations with most sectors declining, as the S&P 500 fell by 0.3% and the Nasdaq by 0.1% [3] - There were 8 sectors that increased while 16 sectors decreased, with notable gains in Energy (+2.6%), Semiconductor Products and Equipment (+2.4%), and Transportation (+1.2%) [3] - Conversely, sectors that saw significant declines included Telecommunications (-4.8%), Insurance (-2.6%), and Banks (-2.5%) [3] Summary by Sections Market Overview - The S&P 500's estimated fund flow was -$5.7 billion this week, a decrease from the previous week's +$23.4 billion, with a total of +$216.4 billion over the last 13 weeks [4] - Fund inflows were observed in 11 sectors, with Semiconductor Products and Equipment leading at +$17.2 billion, followed by Transportation (+$6.0 billion) and Energy (+$4.1 billion) [4] - Sectors experiencing fund outflows included Software and Services (-$15.9 billion) and Automotive and Parts (-$8.2 billion) [4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 constituents was adjusted upward by 0.3%, following a 0.2% increase the previous week [5] - Earnings expectations were raised for 21 sectors, with the highest adjustments in Integrated Finance (+0.8%), Automotive and Parts (+0.8%), and Semiconductor Products and Equipment (+0.8%) [5] - Three sectors saw downward revisions, notably Healthcare Equipment and Services (-1.0%) and Telecommunications (-0.2%) [5] Price Performance - The Energy sector recorded a price return of +2.6% this week, while the Telecommunications sector saw a decline of -4.8% [15] - Over the past 52 weeks, the Energy sector has increased by 5.1%, while the Telecommunications sector has decreased by 4.0% [15] - The Semiconductor Products and Equipment sector has shown a remarkable increase of +48.0% over the past 13 weeks [15] Fund Flow Analysis - The Industrial sector led with a net fund inflow of $781 million this week, followed by Energy with $409 million [19] - The Semiconductor Products and Equipment sector also saw significant inflows of $1.716 billion, indicating strong investor interest [19] - In contrast, the Software and Services sector experienced the largest outflow of -$1.594 billion [19]

坚持主动服务，以服务下沉推动经济上行。建立由委主要领导统筹、委领导班子成员对口联系服务 14个设区市的工作机制。委领导班子成员跨前一步、主动作为，采用"四不两直"方式，直插企业一线和 项目现场调研，精准对接企业和项目业主需求，现场协调解决实际问题，推动各项决策部署直达基层、 一贯到底，扎实推动经济增长回升向好。今年一季度，全区GDP同比增长5.8％，增速高于全国平均水 平0.4个百分点，为近3年来最高水平；14个设区市GDP增速均实现预期目标，交出亮眼"成绩单"。 坚持问题导向，以清单管理靶向破除堵点。全面摸排各市经济发展中的难题，形成"自治区—市— 县"三级问题"收集—筛分—办理—反馈"闭环链条，实行清单化管理、项目化推进、节点化督导，建 立"问题攻坚联合作战行动"平台，同时将涉及多部门的重大事项，纳入自治区"双向清单""五张清单"督 办，切实办好了一批民生实事，解决了一批急难愁盼问题。截至5月底，已通过直接调研收集到涉及自 治区发展改革委请求事项78件，目前均已办结反馈。创新搭建全区发展改革政金企融资对接机制，着力 破解企业融资难题。今年以来举办对接活动7场，发布有融资需求项目2328个，促成签约授信10 ...

Group 1 - The effective invention patents in Northeast China reached 195,000 by the end of April this year, representing a year-on-year growth of 10.2% [1] - The effective registered trademarks in the region totaled 2.161 million, with a year-on-year increase of 7.7% [1] - The total number of geographical indication products recognized reached 273, with 556 registrations approved for collective and certification trademarks, accounting for nearly one-tenth of the national total [1] Group 2 - Intellectual property (IP) is becoming a crucial mechanism for driving technological innovation and enhancing industrial competitiveness in Northeast China [1][2] - The region is leveraging its manufacturing base and technical talent to address issues such as technological obsolescence and low added value in traditional industries through IP [2] - Knowledge property operation centers have been established in traditional industries like dairy and grass, promoting the transformation and application of patent achievements in green manufacturing and ecological agriculture [2] Group 3 - The Northeast region has natural advantages for developing strategic emerging industries, such as artificial intelligence and big data, due to its climate and resource conditions [3] - Eight national-level IP protection and rapid response centers have been established in Northeast China, focusing on key areas like high-end equipment manufacturing and biomedicine [3] - By the end of 2024, the effective invention patents in strategic emerging industries in the region are expected to reach 46,000, showing significant growth compared to the previous year [3] Group 4 - In the process of rural revitalization, IP is providing core added value for agricultural products to enter high-end markets [4] - The region is implementing a brand protection strategy, with notable brands like Wuchang rice and Changbai Mountain ginseng gaining national recognition [4] - Thirteen national-level geographical indication protection demonstration zones have been established, promoting the transformation of geographical indications from "regional labels" to "industrial clusters" [4]

证券代码：600108 证券简称：亚盛集团 公告编号：2025-032 甘肃亚盛实业（集团）股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利0.0055元 本次利润分配方案经公司2025年5月22日的2024年年度股东大会审议通过。 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,946,915,121股为基数，每股派发现金红利0.0055元（含 税），共计派发现金红利10,708,033.17元。 1. 实施办法 三、相关日期 ■ 四、分配实施办法 3. 扣税说明 （1）对于持有公司无限售条件流通股的自然人股东和证券投资基金股息红利税实行差别化税率计税。 根据《关于实施上市公司股息红利差别化个人所得税政策有关问题的通知》（财税〔2012〕85号）和 《关于上市公 ...