注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，当前沪深300的VIX指数抬升，衍生品市场对权益类资产情绪偏乐观。机构近期关 注度提升的行业包括石油石化、有色金属、钢铁、非银行金融和综合金融。煤炭、有色金属、钢铁、基 础化工、建筑、建材、机械、银行和交通运输行业处于触发拥挤指标阈值的状态（流动性、成分股扩 散），市场整体情绪乐观。 300增强ETF（561300）不仅紧跟沪深300指数，还叠加了量化策略，试图在优质beta的基础上追求 超额收益。 ...

Group 1 - The core point of the article highlights that China Ping An's stock price decreased by 2.04% to 55.15 CNY per share, with a trading volume of 504 million CNY as of 09:40 on July 31 [1] - China Ping An is recognized as one of the most comprehensive financial groups in China, with a wide range of licenses and services including insurance, banking, asset management, and healthcare [1] - The company emphasizes the integration of "comprehensive finance + healthcare and elderly care" services, offering specialized services such as "financial advisory, family doctor, and elderly care manager" [1] Group 2 - As of the first quarter of 2025, China Ping An reported total operating revenue of 146.113 billion CNY and a net profit of 27.016 billion CNY [1] - On July 30, Jiao Yin International Securities maintained a "buy" rating for China Ping An, raising the target price to 73 HKD [1] - China Ping An is scheduled to disclose its mid-year report for the fiscal year 2025 on August 26 [1]

7月29日，2025年度《财富》世界500强排行榜正式发布。中国平安（601318）以1586.27亿美元的营业 收入位列全球第47位，较去年上升6位，排名全球金融企业第9位。榜单方认为，通过世界500强榜单， 有助于了解全球大型企业的最新发展趋势，揭示大企业群体分布的变化。 榜单信息显示，本年度中国共有130家公司上榜，上榜数量排名全球第二，上榜公司2024年营收总额约 为10.7万亿美元，平均销售收入约为820亿美元。值得一提的是，中国平安已连续16年入选《财富》世 界500强榜单，近年来公司深入推进"综合金融+医疗养老"双轮并行、科技驱动战略，加快推动全面数字 化转型和三省服务工程，持续做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文 章"。 "综合金融+医疗养老"战略深化，主营业务稳健发展。综合金融模式夯实个人客户经营，截至2024年 末，平安个人客户数2.42亿，持有集团内4个及以上合同的客户占比为25.6%、留存率达98.0%；医疗养 老战略构筑差异化发展优势，近63%的客户同时享有医疗养老生态圈提供的服务权益。2024年，平安集 团实现归属于母公司股东的营运利润1,218.62亿元 ...

【导读】中国平安聘任王晓航出任首席技术官，加速全面数字化进程 中国基金报记者 曹雯璟 7月29日，中国平安宣布，聘任王晓航先生出任集团首席技术官（CTO）兼平安科技总经理。据悉，王 晓航此前担任蚂蚁集团副总裁、财富及保险事业群CTO等职务，负责领导数字金融和AI创新。 中国平安聘任王晓航出任首席技术官 中国平安表示，王晓航的加入，有助于公司全面提升AI技术研发与应用水平，推动自研大模型与大数 据开源平台深度融合发展，加快建设"数字化经营、数字化运营、数字化管理、数字化营销、数字化服 务"五大体系，为进一步深化"综合金融+医疗养老"双轮并行、科技驱动战略，实现全面数字化转型注入 强劲动力。 根据简历，王晓航，毕业于新加坡国立大学，拥有计算机科学硕士学位。加入平安集团前，王晓航曾在 谷歌（美国）、彭博集团等国际知名企业担任高级技术经理。2015年，王晓航出任百度首席架构师，推 动打造百度钱包和金融业务。 编辑：江右 校对：王玥 制作：舰长 2016年，王晓航加盟蚂蚁集团，历任蚂蚁集团副总裁、财富及保险事业群CTO等职务，负责领导数字金 融和AI创新，管理包含财富、保险、消费金融、网商银行和芝麻信用在内的技术和研究 ...

平安集团强调AI创造价值 "去人工，用AI，效用是极大的！"在今年3月举行的业绩发布会上，中国平安总经理兼联席首席执行官 谢永林感慨道。 【导读】中国平安聘任王晓航出任首席技术官，加速全面数字化进程 中国平安表示，王晓航的加入，有助于公司全面提升AI技术研发与应用水平，推动自研大模型与大数 据开源平台深度融合发展，加快建设"数字化经营、数字化运营、数字化管理、数字化营销、数字化服 务"五大体系，为进一步深化"综合金融+医疗养老"双轮并行、科技驱动战略，实现全面数字化转型注入 强劲动力。 根据简历，王晓航，毕业于新加坡国立大学，拥有计算机科学硕士学位。加入平安集团前，王晓航曾在 谷歌（美国）、彭博集团等国际知名企业担任高级技术经理。2015年，王晓航出任百度首席架构师，推 动打造百度钱包和金融业务。 2016年，王晓航加盟蚂蚁集团，历任蚂蚁集团副总裁、财富及保险事业群CTO等职务，负责领导数字金 融和AI创新，管理包含财富、保险、消费金融、网商银行和芝麻信用在内的技术和研究团队，曾推出 AI金融管家、AI金融业务助手等领先的生成式AI产品。 据了解，近年来，中国平安坚持以客户需求为导向、以赋能业务场景为核心，通 ...

Core Insights - The core viewpoint is that Fosun International is fully embracing AI as a transformative force, shifting from "business + AI" to "AI + business" to become a leading AI application company [1][6]. Group 1: AI Leadership and Transformation - AI leadership is essential in the current era, emphasizing the need for humans and machines to coexist as a community of fate rather than machines serving humans [3][8]. - The competition in AI is seen as a core battleground for technological sovereignty, impacting the fundamental competitiveness of nations and enterprises [3][4]. - The historical analogy of the Ford Model T illustrates the importance of embracing new technologies rather than optimizing outdated ones, as those who adapt will thrive [3][4]. Group 2: AI as Infrastructure - AI is defined as a revolutionary infrastructure that is indispensable and fundamentally reshapes economic and social operations, similar to past technological revolutions [4][5]. - The emergence of AI fundamentally reconstructs production relationships, transitioning decision-making from human-centric to human-machine collaborative processes, leading to exponential productivity increases [4][5]. Group 3: Strategic Positioning of Fosun - Fosun's strategy is to focus on being a leading AI application user rather than a developer of foundational large models, emphasizing practical applications of AI in industry [6][7]. - The shift from "business + AI" to "AI + business" is crucial, as it involves integrating AI into the foundational structure of business processes rather than merely enhancing existing systems [6][7]. Group 4: AI in Pharmaceutical Development - Fosun Pharma recognizes the potential of AI in drug development, utilizing AI to enhance decision-making and operational efficiency, exemplified by the PharmAID platform which improves information accuracy by 50% and efficiency by 30% [7]. - The development cycle for new drugs has been significantly reduced from 18 months to 5 months through AI applications, showcasing the transformative impact of AI on productivity [7]. Group 5: AI Leadership and Collaboration - AI leadership is characterized by three forms of symbiosis: human and machine collaboration, traditional and digital economies coexisting, and individual enterprises thriving within an ecosystem [8]. - The ultimate goal of AI leadership is to achieve "full participation" where all employees evolve collectively, fostering a partnership between humans and machines [8].

今日（7月29日），中国平安宣布，聘任王晓航出任集团首席技术官（CTO）兼平安科技总经理。 王晓航，今年2月从蚂蚁集团副总裁、蚂蚁国际首席技术官任上离开，近期加盟平安集团，助力中国平安提升 AI技术研发与应用，实现全面数字化转型。 一直以来，中国平安对科技的投入不遗余力，持续推进"综合金融+医疗养老"双轮并行、科技驱动战略。截至 2024年底，中国平安拥有超2.1万名科技开发人员、超3000名科学家。 王晓航出任中国平安CTO 中国平安今日宣布，聘任王晓航出任集团首席技术官（CTO）兼平安科技总经理。 今年2月，王晓航从蚂蚁集团副总裁、蚂蚁国际首席技术官任上离开，他于2016年加盟蚂蚁集团，历任蚂蚁集 团副总裁、财富及保险事业群CTO等职务，负责领导数字金融和AI创新，管理包含财富、保险、消费金融、 网商银行和芝麻信用在内的技术和研究团队，曾推出AI金融管家、AI金融业务助手等领先的生成式AI产品。 加入蚂蚁集团之前，2015年王晓航出任百度首席架构师，推动打造百度钱包和金融业务，在此之前曾在谷歌 （美国）、彭博集团等国际知名企业担任高级技术经理。 据介绍，王晓航深耕"金融+科技"领域近20年，在金融业务数字 ...

Report Industry Investment Rating No information provided in the given text. Core Viewpoints - **Macro**: The US tariff exemption extension is entering its final week, and negotiations with countries like the EU, India, and Mexico are in a tense phase, with uncertainties regarding potential tariff counter - measures. Overseas is in a week of intensive macro - events, including the Fed's interest - rate meeting and key economic data releases. China will hold a Politburo meeting, and attention should be paid to economic work guidance and PMI data to confirm economic recovery. The real estate sales remain at a low level, the service industry is structurally differentiated and has declined due to summer heat, and the manufacturing's rush - to - export phase is ending, posing potential downward pressure on the Q3 economy. However, anti - involution policies are expected to gradually reverse deflation [4]. - **Funds**: Domestic liquidity is generally loose but marginally tightening. Bond market redemptions are flowing into the stock market, providing incremental funds. Overseas financial conditions have improved, with a decline in the real interest rate of US bonds, leading to foreign capital inflows into the domestic stock market. Passive ETF shares are being re - increased, equity financing such as IPOs has cooled, margin trading funds are continuously flowing in, and the pressure of restricted - share unlocks has increased, overall favoring liquidity [4]. - **Valuation**: After a short - term rebound, the valuations of various indices are still at a historically neutral - to - high level. The stock - bond yield spreads at home and abroad have further declined, making the attractiveness of allocation funds average [4]. - **Strategy**: The current valuations of broad - based indices are not cheap, and the foreign - capital risk premium index has dropped to a low level. The pressure of US tariff policies may resurface. Considering that the stock market has prematurely priced in macro - expectations, the market is expected to oscillate, reach a peak, and then correct in the next 1 - 2 weeks when positive factors are realized or fall short of expectations. It is recommended to reduce long positions in stock indices after sharp rallies this week or use out - of - the - money put options to protect against black - swan risks. In terms of style, hold long positions in IC and IM, or conduct an arbitrage strategy of going long on IM and short on IF [4]. Summary by Directory 1. Market Review - **Stock Indices**: In the past week, the Science and Technology Innovation 50 Index led the gains, while the German stock market led the losses. The week - on - week changes of major indices are as follows: the Shanghai Composite Index rose 1.67%, the Hang Seng China Enterprises Index rose 1.83%, the Shenzhen Component Index rose 2.33%, and the ChiNext Index rose 2.76%, among others [8][9]. - **Sectors**: Coal led the gains, and banks led the losses. Coal > Steel > Non - ferrous metals > Building materials... > Electric power and public utilities > Communications > Comprehensive finance > Banks [12]. - **Futures**: The basis rates of the four major stock index futures (IH, IF, IC, and IM) changed by 0.21%, 0.09%, - 0.39%, and - 0.31% respectively, with IH reaching par and the discounts of IC and IM slightly widening. The inter - period spread rates (current and next month) of the four major stock index futures changed by - 0.3%, - 0.25%, - 0.19%, and - 0.25% respectively, and the inter - period discounts of the four major futures began to widen. The inter - period spread rates (next quarter and current month) changed by - 0.21%, - 0.61%, - 1.32%, and - 1.81% respectively, with the long - term discounts of the four major futures widening significantly [19]. 2. Fund Flows - **Margin Trading and Market - Stabilizing Funds**: Last week, margin trading funds flowed in 39.65 billion yuan, reaching a total of 1.94 trillion yuan. The proportion of margin trading balance to the circulating market value of the Shanghai and Shenzhen stock markets remained unchanged at 2.26%. The scale of passive stock ETF funds was 3.17358 trillion yuan, an increase of 74.43 billion yuan from the previous week, and the share was 198.619 billion shares, with a net subscription of 290 million shares from the previous week [22]. - **Industrial Capital**: In July, the cumulative equity financing was 45.49 billion yuan, with 6 cases. Among them, IPO financing was 20.92 billion yuan, private placement was 24.58 billion yuan, and convertible bond financing was 8.79 billion yuan. The market value of stock market unlocks last week was 86.84 billion yuan, a significant increase of 58.38 billion yuan from the previous week [26]. 3. Liquidity - **Monetary Injection**: Last week, the central bank's OMO reverse - repurchase matured at 1.7268 trillion yuan, with a reverse - repurchase injection of 1.6563 trillion yuan, resulting in a net monetary withdrawal of 7.05 billion yuan. The MLF was injected with 400 billion yuan in July and matured at 300 billion yuan, with continuous monthly net injections for 5 months. Overall, the liquidity supply was neutral but marginally tightening [28]. - **Fund Prices**: The DR007, R001, and SHIBOR overnight rates changed by 14.5bp, 6.4bp, and 5.8bp respectively, reaching 1.65%, 1.55%, and 1.52%. The issuance rate of inter - bank certificates of deposit rebounded by 2.1bp, and the CD rate issued by joint - stock banks rebounded by 4.1bp to 1.67%. The fund supply tightened marginally, debt financing demand declined, but the real - economy financing demand recovered, and the fund prices generally rebounded slightly [34]. - **Term Structure**: Last week, the yields of 10 - year, 5 - year, and 2 - year Treasury bonds changed by 6.7bp, 6bp, and 5.2bp respectively; the yields of 10 - year, 5 - year, and 2 - year China Development Bank bonds changed by 8.9bp, 9.5bp, and 6.6bp respectively. The yield term structure continued to steepen, and the credit spreads between Treasury bonds and China Development Bank bonds widened at both the long and short ends, indicating a return of broad - credit expectations [38]. - **Sino - US Interest Rate Spread**: As of July 25, the US 10 - year Treasury yield changed by - 4.0bp to 4.40%, the inflation expectation changed by 3.0bp to 2.44%, and the real interest rate changed by - 7.00bp to 1.96%. The Sino - US interest rate spread inversion narrowed by 10.79bp to - 266.61bp, and the offshore RMB appreciated by 0.19% [41]. 4. Macroeconomic Fundamentals - **Real Estate Demand**: As of July 24, the weekly trading area of commercial housing in 30 large - and medium - sized cities was 1.531 million square meters, showing a seasonal improvement from the previous week's 1.372 million square meters but still at a relatively low level compared to the same period. Second - hand housing sales declined seasonally, reaching the lowest level in nearly seven years. The real estate market sales generally returned to a low level, and attention should be paid to whether the Politburo meeting will propose signals to boost the real estate market [44]. - **Service Industry Activities**: As of July 25, the daily average subway passenger volume in 28 large - and medium - sized cities dropped significantly to 81.84 million person - times, a 1.2% decrease from the same period last year but a 21.8% increase from 2021. The Baidu congestion delay index of 100 cities decreased slightly from the previous week, indicating that the service industry's economic activities were cooling down [48]. - **Manufacturing Tracking**: Due to the anti - involution policy, the overall capacity utilization rate of the manufacturing industry declined. The capacity utilization rates of steel mills, asphalt, cement clinker enterprises, and coking enterprises changed by - 0.08%, - 4%, - 0.26%, and 0.44% respectively. The average operating rate of the chemical industry chain related to external demand changed by 0.01% from the previous week. Overall, the domestic and foreign demand trends of the manufacturing industry improved marginally, and it has entered the seasonal peak season [52]. - **Goods Flow**: The goods and people flow remained at a relatively high level. The postal express and civil aviation sectors showed a significant weekly decline, while railway transportation rebounded slightly, which may be related to the rush - to - export. There is a risk of a second seasonal decline from August to September [56]. - **Exports**: As the rush - to - export after the Sino - US trade talks is nearing its end, the port cargo throughput and container throughput have increased significantly. There is a risk of a second decline from August to September when the 90 - day tariff exemption period ends [61]. - **Overseas**: With the US Markit manufacturing PMI preliminary value in July falling back into the contraction range and the US durable goods orders data dropping more than expected, the financial market has revised its expectations for the Fed's interest - rate path. The market expects 2 interest rate cuts in 2025, with a reduction of 25 - 50bp, and the probability of a September rate cut has increased to 61.9% [63]. 5. Other Analyses - **Valuation**: The stock - bond risk premium was 3.07%, a 0.15% decrease from the previous week, at the 58.5% quantile. The foreign - capital risk premium index was 3.99%, a 0.05% decrease from the previous week, at the 21.2% quantile. The valuations of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices were at the 81.1%, 76.8%, 87.3%, and 71.4% quantiles of the past 5 years respectively, and their relative valuation levels were not low [66][71]. - **Quantitative Diagnosis**: According to seasonal laws, the stock market is in a period of seasonal shock - driven growth and structural differentiation in July. The growth style is relatively dominant, and the cyclical style first rises and then falls. There are opportunities to go long on IC and IM on pullbacks and short on IF and IH on sharp rallies [74]. - **Financial Calendar**: China will release July's manufacturing and service industry PMI and industrial enterprise profits, which will help confirm economic recovery. Overseas, attention should be paid to the US non - farm payroll report, job vacancies, manufacturing PMI, PCE inflation data, and the Fed's interest - rate meeting [76].

Quantitative Models and Construction Methods - **Model Name**: Hong Kong Stock Selection Portfolio **Model Construction Idea**: This model is based on a dual-layer selection process that integrates fundamental and technical analysis. It aims to identify stocks with both fundamental support and technical resonance from an analyst-recommended stock pool[13][14]. **Model Construction Process**: 1. **Analyst Recommendation Pool**: Constructed using three types of analyst recommendation events: upward earnings revisions, initial analyst coverage, and positive surprises in research report titles. 2. **Dual-Layer Screening**: - **Fundamental Screening**: Select stocks with strong fundamental support. - **Technical Screening**: Identify stocks with technical resonance. 3. **Portfolio Backtesting**: The backtesting period spans from January 1, 2010, to June 30, 2025. The portfolio assumes a fully invested position and accounts for transaction costs. **Model Evaluation**: The model demonstrates strong performance, with an annualized return of 19.11% and an excess return of 18.48% relative to the Hang Seng Index over the backtesting period[14]. - **Model Name**: Stable New High Stock Screening **Model Construction Idea**: This model leverages momentum and trend-following strategies, focusing on stocks that have recently reached a 250-day high. The approach emphasizes the effectiveness of momentum effects in the Hong Kong market[19]. **Model Construction Process**: 1. **250-Day High Distance Calculation**: $ 250\text{-Day High Distance} = 1 - \frac{\text{Close}_{\text{latest}}}{\text{ts\_max}(\text{Close}, 250)} $ - $\text{Close}_{\text{latest}}$: Latest closing price - $\text{ts\_max}(\text{Close}, 250)$: Maximum closing price over the past 250 trading days - A value of 0 indicates a new high, while positive values represent the percentage drop from the high[21]. 2. **Screening Criteria**: - **Analyst Attention**: At least five "Buy" or "Overweight" ratings in the past six months. - **Relative Strength**: Top 20% in 250-day price change within the stock universe. - **Price Stability**: Stocks are ranked based on price path smoothness and new high persistence over the past 120 days. The top 50% (minimum 50 stocks) are selected. - **Trend Continuation**: Stocks are ranked based on the average 250-day high distance over the past five days, with the top 50 selected[22]. **Model Evaluation**: The model effectively identifies stocks with stable upward trends, making it a useful tool for momentum-based strategies[19][22]. Model Backtesting Results - **Hong Kong Stock Selection Portfolio**: - **Annualized Return**: 19.11% - **Excess Return (vs. Hang Seng Index)**: 18.48% - **Information Ratio (IR)**: 1.22 - **Tracking Error**: 14.55% - **Maximum Drawdown**: 23.73%[18] Quantitative Factors and Construction Methods - **Factor Name**: 250-Day High Distance **Factor Construction Idea**: This factor measures the proximity of a stock's latest closing price to its 250-day high, capturing momentum and trend-following characteristics[21]. **Factor Construction Process**: - Formula: $ 250\text{-Day High Distance} = 1 - \frac{\text{Close}_{\text{latest}}}{\text{ts\_max}(\text{Close}, 250)} $ - $\text{Close}_{\text{latest}}$: Latest closing price - $\text{ts\_max}(\text{Close}, 250)$: Maximum closing price over the past 250 trading days - Interpretation: A value of 0 indicates a new high, while positive values represent the percentage drop from the high[21]. **Factor Evaluation**: This factor is effective in identifying stocks with strong momentum, particularly in the Hong Kong market[19][21]. Factor Backtesting Results - **250-Day High Distance Factor**: - **Top Performing Sector**: Healthcare (16 stocks identified) - **Other Sectors**: Financials (11 stocks), Consumer (9 stocks), Technology (9 stocks), Cyclical (4 stocks)[22][27]

Domestic Market Overview - The Shanghai Composite Index closed at 3582.3 points, up 0.01%, while the Shenzhen Component Index closed at 11059.04 points, down 0.37%. The ChiNext Index decreased by 0.01%, and the STAR Market 50 Index increased by 0.45%. The total trading volume of the A-share market was 18984 billion, slightly down from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 4 sectors saw gains, with non-bank financials, home appliances, and banks leading the increase. Conversely, building materials, defense, and comprehensive finance experienced significant declines [1][4][9] Overseas Market Overview - On July 23, all three major U.S. stock indices rose, with the Dow Jones Industrial Average increasing by 1.14%, the S&P 500 rising by 0.78%, and the Nasdaq gaining 0.61%. Notably, Merck rose nearly 3%, and UnitedHealth Group increased by over 2% [2][4] News Highlights - The Ministry of Commerce announced that He Lifeng will visit Sweden from July 27 to 30 for economic and trade talks with the U.S. [3][11] - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18 this year, implementing a series of liberalization policies [3][12] - The Public Security Bureau will strengthen the regulation of "smart driving" systems in vehicles [3][14] - A cross-provincial real estate registration mechanism has been established among Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen, benefiting over 90 million people [3][15] - The U.S. and Japan have reached an agreement on tariff negotiations, reducing the tariff rate on Japan from 25% to 15% [3][17]