【导读】德勤：上半年香港新股融资总额 料 同比攀升673% 中国基金报记者 郭玟君 6月 19日， 德勤中国资本市场服务部发布2025年中国内地和香港新股市场的中期回顾与展 望。 德勤预计， 2 025年上半年，香港 上市的 40只新股 合计 融资 额将达 1021亿港元。去年 同期，香港市场上市 30只新股，合计 融资132亿港元。 2025年上半年， 新股上市数量增加 33%，融资总额攀升673%。2025年上半年的融资额 约25% 来自4只超大型A+H新股及1只 H股上市。 德勤表示，目前香港有超过170宗正在处理的上市申请个案。 其中 5家公司每家或 至少 融资 10亿美元。德勤中国资本市场服务部预计，2025年全年，香港新股市场可 有 80只新股，新 股合计 融资 额或达 2000亿港元。年内或录得25只A+H新股。 此外， 大部分上市项目将会 来自科技、传媒和电信，以及消费业。 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 德勤表示， 2025年上半年， A股市场 或 将有50只新 ...

Group 1 - President Xi Jinping emphasized the urgency of a ceasefire in the Middle East, stating that the use of force is not the correct way to resolve international disputes [1] - The Chinese photovoltaic industry is expected to see a significant production cut in Q3, with operating rates projected to decrease by 10%-15% [1] - The Ministry of Commerce announced it will expedite the review of export license applications related to rare earths, aiming to maintain global supply chain stability [1] Group 2 - The China Securities Index will officially launch the China Science and Technology Innovation Semiconductor Index on June 20, 2025, which will include 50 companies from the STAR Market and ChiNext [2] - The Ministry of Commerce highlighted the importance of China-EU economic and trade relations, emphasizing ongoing communication and cooperation [2] Group 3 - Kweichow Moutai announced a cash dividend of 27.673 yuan per share for the 2024 fiscal year, totaling 34.671 billion yuan [3] - Zhongqi New Materials reported that Starry Sky Technology has become its controlling shareholder [3] - Lianchuang Optoelectronics noted strong demand for drone countermeasure equipment in the Middle East [3] Group 4 - Fuhuang Steel Structure announced the termination of its plan to issue shares and pay cash for asset purchases [4] - Shengnuo Bio expects a significant increase in net profit for the first half of the year, projecting a year-on-year growth of 254%-332% [4] Group 5 - Zhongyan Chemical plans to agree to a capital reduction for Zhongyan Alkali Industry, which is expected to constitute a major asset restructuring [5] - Kanda New Materials intends to acquire at least 51% of Zhongke Huamei's shares to expand into the semiconductor integrated circuit field [6] Group 6 - Times Publishing clarified that it does not engage in stablecoin business and has a minimal indirect stake in JD Technology [8] - Sanhua Intelligent Controls confirmed the final price for its H-share issuance at 22.53 HKD per share [9] Group 7 - Taiji Co. announced that Changjiang Industrial Group will become its indirect controlling shareholder, with stock resuming trading on June 20, 2025 [10] - Guosen Securities received approval from the Shenzhen Stock Exchange for its acquisition of 96.08% of Wanhe Securities [10] Group 8 - Zhongsheng Pharmaceutical completed the first participant enrollment for its Phase III clinical trial of the innovative drug RAY1225 for obesity [11] - Yuncong Technology stated that its multi-modal AI technology for live detection can be applied to stablecoin wallet scenarios [12]

（一）重要市场新闻 1、周四，美股因节假日休市一日。国际油价全线上涨，美油主力合约涨0.52%，报73.88美元/桶。布油 主力合约涨2.66%，报78.74美元/桶。现货黄金涨0.06%，报3370.4美元/盎司；COMEX黄金期货跌 0.61%，报3387.4美元/盎司；COMEX白银期货跌1.5%，报36.36美元/盎司。欧洲三大股指收盘全线下 跌，德国DAX指数跌1.12%报23057.38点，法国CAC40指数跌1.34%报7553.45点，英国富时100指数跌 0.58%报8791.8点。 每经记者｜杨建 每经编辑｜彭水萍 2、据央视新闻报道，6月19日，在商务部举行的例行发布会上，新闻发言人何亚东谈到稀土相关出口问 题时表示，将依法依规不断加快对稀土相关出口许可申请的审查。已经依法批准一定数量的合规申请， 并将持续加强合规申请的审批工作。中方愿就此进一步加强与相关国家的出口管制沟通对话，积极促进 便利合规贸易。 （二）行业掘金 1、6月19日，据京东相关人士透露，京东方面期望今年第四季度初获得稳定币牌照，并推出基于公链发 行的京东稳定币。京东稳定币将重点面向传统跨境贸易市场，以合规、安全、可审计 ...

Group 1 - The core viewpoint of the news is that the China Europe Medical Innovation Stock A (006228) has experienced a decline of 2.62% on June 19, with a cumulative drop of 9.02% over the last five trading days, indicating a downward trend in its performance [1] - As of the end of 2024, the fund has a total size of 4.675 billion yuan and has achieved a cumulative return of 33.78% since its establishment in February 2019 [1] - The holder structure shows that institutional investors hold 0.23 million shares, accounting for 0.61% of the total shares, while individual investors hold 38.37 million shares, making up 99.39% of the total [1] Group 2 - The current fund manager, Ms. Ge Lan, has a Ph.D. in Biomedical Engineering from Northwestern University and has extensive experience in the investment management field, having joined China Europe Fund Management in October 2014 [2] - Ms. Ge has managed several funds, including the China Europe Medical Health Mixed Securities Investment Fund since September 29, 2016, and has held various managerial positions in other funds [2] Group 3 - As of March 31, 2025, the top ten holdings of China Europe Medical Innovation Stock A account for a total of 75.62%, with the largest positions being WuXi AppTec (10.35%), Kelun-Biotech (10.15%), WuXi Biologics (9.82%), and WuXi AppTec (9.60%) [3]

6月19日，嘉实医疗保健股票（000711）下跌1.33%，最新净值1.85元，连续5个交易日下跌，区间累计 跌幅7.44%。 截止2025年3月31日，嘉实医疗保健股票前十持仓占比合计61.58%，分别为：泽璟制药-U（8.90%）、 皓元医药（8.83%）、恒瑞医药（8.82%）、迪哲医药-U（6.93%）、药明康德（5.59%）、DR惠泰医 （5.53%）、泰格医药（4.92%）、华大智造（4.17%）、康龙化成（4.00%）、爱博医疗（3.89%）。 来源：金融界 据了解，嘉实医疗保健股票成立于2014年8月，基金规模7.95亿元，成立来累计收益率85.30%。从持有 人结构来看，截至2024年末，嘉实医疗保健股票的基金机构持有0.01亿份，占总份额的0.29%，个人投 资者持有4.50亿份，占总份额的99.71%。 公开信息显示，现任基金经理郝淼先生:中国科学院生物化学与分子生物学博士。2010年7月至2011年2 月就职于中国科学院,任助理研究员,从事生物医学领域科研工作;2011年3月至2013年6月就职于平安证券 有限责任公司综合研究所任医药行业研究员;2013年6月加入宝盈基金管理有限公司, ...

Group 1 - The company, Jilin Yatai Group, is convening its sixth extraordinary general meeting of shareholders on July 8, 2025, at 15:00 [1][2] - The meeting will be held at the Yatai Conference Center, and shareholders can participate through both on-site and online voting [2][3] - The online voting system will be provided by the Shanghai Stock Exchange, with specific voting times outlined for both trading and internet platforms [1][2] Group 2 - The agenda includes non-cumulative voting proposals for providing guarantees for loans requested by various financial institutions [2][4] - There are no related shareholders required to abstain from voting on the proposals [2] - Shareholders must register to attend the meeting, with specific documentation required for both individual and corporate shareholders [4][6]

从上交所获悉，近日，上交所与卡塔尔金融中心在上海联合举办"卡塔尔金融中心投资合作培训"，来自 能源、建筑、医药、信息技术、金融、制造等行业的37家沪深上市公司及拟上市公司的52名企业代表参 会。 ...

Core Viewpoint - Goldman Sachs has introduced the concept of "Ten Giants" in China's private sector, aiming to create a narrative system comparable to the U.S. stock market's "Magnificent 7" [2][5] Group 1: Market Dynamics - The "Ten Giants" include Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Heng Rui Pharmaceutical, Ctrip, and Anta, which collectively account for 42% of the MSCI China Index and have a daily trading volume of $11 billion [1] - Goldman Sachs predicts a 13% compound annual growth rate (CAGR) in earnings for these companies over the next two years, with an average price-to-earnings (P/E) ratio of 16, significantly lower than the 28.5 P/E ratio of the U.S. tech giants [1][4] Group 2: Policy Environment - The report highlights a significant policy shift in favor of private enterprises, marked by the February 2025 high-level meeting and the April 2025 implementation of the "Private Economy Promotion Law," which legally establishes the status of the private economy [2][7] - Current regulatory conditions for private enterprises are at their most lenient in five years, as indicated by Goldman Sachs' regulatory intensity index [2] Group 3: Valuation and Growth Potential - The report emphasizes a valuation gap, noting that the average P/E ratio of the "Ten Giants" is 13.9, with only a 22% premium over the MSCI China Index, much lower than the historical average and the 43% premium of the U.S. tech giants [4][14] - If the valuation premium of Chinese private enterprises returns to U.S. levels, it could add $313 billion in market value to these companies [4] Group 4: Technological and Globalization Trends - AI technology is projected to drive a 2.5% annual increase in earnings for Chinese companies over the next decade, with private enterprises comprising 72% of the defined AI-tech universe [8] - The globalization of private enterprises is evident, with overseas sales increasing from 10% in 2017 to 17% in 2024, and companies like BYD achieving a 30% gross margin overseas [10] Group 5: Market Structure and Investment Sentiment - The concentration of market capitalization among the top ten companies in China is only 17%, compared to 33% in the U.S., which may limit the potential for "leader premium" realization [23] - Despite the optimistic report, there is a discrepancy in market sentiment, as evidenced by the decline in stock prices for companies like Meituan and Ctrip since the report's release, indicating a lack of full market endorsement of the report's logic [19][21]

2025 年下半年消费品投资策略 20250618 摘要 城镇化率成熟及居民消费时间受限是服务消费增长的制约因素，但鼓励 带薪休假等政策及年轻人就业偏好或将推动服务消费提升。 连续下跌四年的资产已充分反映悲观预期，一旦出现乐观因素，股价弹 性较大。2025 年上半年医药、社会服务等行业表现良好，房地产股票 指数和白酒板块存在修复绝对收益空间。 医药行业经历四年调整后表现火爆，创新药及相关产业链标的值得关注。 恒瑞医药、康缘药业和首药控股等公司具备增长潜力。 传媒领域首推潮玩方向，如泡泡玛特，预计 2025 年净利润可观，需求 端表现强劲，但需关注供应链问题及黄牛囤货对消费者长期购买热情的 影响。 下半年汽车行业需求受以旧换新政策和财政补贴影响，中高端市场关注 理想汽车和江淮汽车，中低端市场聚焦比亚迪、吉利等龙头企业。零部 件领域关注福耀玻璃、双环等公司。 纺织服装行业内需复苏是重要做多线索，下半年低基数窗口开启，推荐 高性能运动户外、折扣零售、睡眠经济、母婴消费以及国潮学院风 IP 高 端服饰等五个方向。 家电行业以旧换新政策打破悲观预期，内需市场延续高增长，出口方面 新兴市场弥补北美市场缺口。推荐海尔智家， ...

金十数据6月19日讯，近日，上海证券交易所与卡塔尔金融中心在上海联合举办"卡塔尔金融中心投资合 作培训"，来自能源、建筑、医药、信息技术、金融、制造等行业的37家沪深上市公司及拟上市公司的 52名企业代表参会。培训围绕卡塔尔投资环境、运营实践及融资政策等内容展开深入交流，一方面帮助 参会企业进一步加深对中东地区营商环境的认识，将投资视野从沙特、阿联酋等国家延伸至卡塔尔；另 一方面展现我国优质上市公司高质量发展成果及拥抱国际化的积极意愿，为中国企业开拓中东市场及推 动中卡市场合作挖掘新机遇。 （上交所） 上交所举办卡塔尔金融中心投资合作培训 ...