宏观经济 | 证券研究报告 — 总量周报 2025 年 6 月 15 日 宏观和大类资产配置周报 中期内影响外需的三重因素 大类资产配置顺序：股票>大宗>债券>货币。 宏观要闻回顾 资产表现回顾 ◼ 风险资产价格调整。本周沪深 300 指数下跌 0.25%，沪深 300 股指期货上 涨 0.04%；焦煤期货本周下跌 0.71%，铁矿石主力合约本周下跌 0.71%； 股份制银行理财预期收益率收于 1.85%，余额宝 7 天年化收益率下跌 1BP 至 1.18%；十年国债收益率下行 1BP 至 1.64%，活跃十年国债期货本周上 涨 0.09%。 资产配置建议 本期观点（2025.6.15） | 宏观经济 | | 本期观点 | 观点变化 | | --- | --- | --- | --- | | 一个月内 | = | 关注国内稳增长政策的落地情况 | 不变 | | 三个月内 | = | 关注中美经贸磋商进展及其释放的重要信息 | 不变 | | 一年内 | = | 地缘关系仍有较大不确定性 | 不变 | | 大类资产 | | 本期观点 | 观点变化 | | 股票 | + | 关注"增量"政策落实情况 | 超配 | ...

零钱往哪放？理财收益率跟踪 金十数据6月12日讯，腾讯理财通余额+7日年化收益率最高为1.6000%，最低为0.9920%，微信零钱通7 日年化收益率最高为1.3560%，最低为1.1630%，支付宝余额宝7日年化收益率最高为1.6140%，最低为 1.1030%。 ...

Investment Rating - The report recommends a positive investment outlook for the financial technology sector, specifically highlighting companies such as Tonghuashun, Dongfang Caifu, and Hengsheng Electronics as key players to watch [6]. Core Insights - The integration of AI in finance is expected to enhance operational efficiency and create new business opportunities across various segments, including brokerage, internet finance, insurance, and banking [6][26]. - The financial industry is witnessing a significant increase in technology investment, with total technology funding reaching 359.8 billion yuan in 2023, primarily driven by banks [10][13]. - AI is set to transform both existing and emerging business models in finance, leading to improved customer engagement and personalized services [26][27]. Summary by Sections 1. Financial Technology Investment Trends - Financial technology investments are growing rapidly, with a compound annual growth rate (CAGR) of 12% expected from 2022 to 2026 [10][13]. - The banking sector accounts for 74% of total technology funding, indicating a strong focus on digital transformation [10]. 2. AI Empowerment in Brokerage - AI systems are enhancing operational efficiency in brokerage firms, leading to cost reductions and increased revenue [29][40]. - The introduction of AI-driven tools is expected to improve customer interaction rates and facilitate personalized marketing strategies [44][45]. 3. AI Empowerment in Internet Finance - AI is enhancing core business operations in internet finance, leading to improved efficiency and the creation of new business models [46][54]. - Companies are leveraging AI to provide automated investment advice and enhance customer service experiences [54][60]. 4. AI Empowerment in Insurance - The insurance sector is experiencing a transformation through AI, which is improving underwriting efficiency and enabling better risk management [61][69]. - AI applications are being integrated into various processes, including claims handling and customer service, to enhance operational effectiveness [69][74]. 5. AI Empowerment in Banking - AI is facilitating personalized services in banking, improving risk management, and enabling innovative financial products [6][26]. - The integration of AI is expected to drive significant advancements in customer service and operational processes within banks [26][27].

Group 1 - The internet finance sector is experiencing significant upward movement, with Zhaori Technology (300333) hitting the daily limit up [1] - Nantian Information (000948) and Yue Media (002181) previously reached the limit up, while Zhisheng Information increased by over 10% [1] - Other companies such as Sifang Jingchuang (300468), Changliang Technology (300348), Tianyang Technology (300872), Tianji Technology (300245), and Huaxin Yongdao are also seeing gains [1]

Core Insights - The article provides a comparison of the annualized yield rates for various financial products offered by Tencent, WeChat, and Alipay, highlighting the differences in returns for consumers [1] Group 1: Yield Rates Comparison - Tencent's LiCaiTong has a 7-day annualized yield rate ranging from 0.9830% to 1.6040% [1] - WeChat's Wallet has a 7-day annualized yield rate ranging from 1.1640% to 1.3950% [1] - Alipay's Yu'e Bao shows a 7-day annualized yield rate ranging from 1.1040% to 1.5790% [1]

我们都知道，金融科技的概念在移动互联网时代便已经开始出现了。无论是头部的互联网玩家们，还是传统的金融玩家们，无 一不将自身定义成为金融科技的真实落地者。然而，我们同样看到，对于互联网玩家们来讲，它们更多地将金融科技看成是 「科技」的范畴，而对于传统的金融玩家们而言，它们更多地将金融科技看成是「金融」的范畴。说到底，金融科技之所以会 遭遇这样一种困境，其中一个很重要的原因在于「金融」和「科技」两种元素并未实现真正意义上的融合。 当下，AI正在深度影响与改变着各行各业，互联网玩家们尤其深刻而全面。作为互联网时代的衍生物，金融科技，同样正在受 到AI的深刻影响。毫不夸张地说，AI，正在将金融科技的发展带入到一个全新的时代。无论是AI识别在金融科技的应用，还是 AI数字人在金融科技的落地，无一不是这样一种现象的直接体现。 如果我们将互联网时代的金融进化，看成是一次金融科技进化的启航之地的话，那么，当AI时代来临，金融科技的进化，则是 开始进入到真正意义上的嬗变时代。在这样一个全新的时代，只有那些真正可以给金融科技的发展带来改变的玩家才能继续留 在牌桌上。反之，如果仅仅只是将金融科技在AI的新进化看成是一个概念和噱头， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 06 月 10 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】周一 A 股三大指数集体上涨。截至收盘，上证综指涨 0.43%，深成指涨 0.65%，创业板指涨 1.07%。全市场成交额 13,126 亿元，较上日增加 1,355 亿元。全市场超 4,100 只个股上涨。板块题 材上，创新药、足球概念、可控核聚变、互联网金融板块涨幅居前； 贵金属、白酒板块跌幅居前。 【重要新闻】 【国家统计局公布 2025 年 5 月份 CPI 和 PPI 数据】2025 年 5 月份， 全国居民消费价格同比下降 0.1%。其中，城市持平，农村下降 0.4%； 食品价格下降 0.4%，非食品价格持平；消费品价格下降 0.5%，服务 价格上涨 0.5%。1-5 月平均，全国居民消费价格比上年同期下降 0.1%。 5 月份，全国居民消费价格环比下降 0.2%。其中，城市下降 0.2%， 农村下降 0.2%；食品价格下降 0.2%，非食品价格下降 0.2%；消费品 价格下降 0.3%，服务价格持 ...

Group 1 - The core viewpoint of the articles highlights the significant transformation in the financial sector driven by the integration of technology and finance, particularly with the pilot operation of digital currency in China [1] - The YunYueDong APP is recognized as an innovator in the fintech space, preparing for its listing in mid to late July, and has gained wide recognition in the industry due to its strong technological support and professional financial services [1][3] - The platform aims to support agricultural development through diversified services, exploring new models for government agricultural funding, and establishing a strategic framework focused on rural finance, industrial funds, and industrial investment [3] Group 2 - YunYueDong APP has developed multiple business lines including wealth asset management, global open product platforms, and internet finance, providing comprehensive financial services such as investment consulting and project investment [5] - The platform addresses the challenges posed by the pandemic by facilitating small investment projects, helping investors and entrepreneurs navigate economic difficulties [5] - As a key player in the internet investment industry, YunYueDong APP emphasizes compliance and the establishment of a transparent financing network, while also adapting to the trends of economic globalization [7] - The company expresses its commitment to sustainable development and corporate social responsibility, leveraging innovative financial models to support agricultural enterprises and contribute to rural revitalization and economic recovery [7]

Core Viewpoint - A-shares experienced a rebound with all three major indices rising, driven by strong performance in the innovative drug sector and other active sectors like football concepts and internet finance [1] Market Performance - The Shanghai Composite Index rose by 0.43%, the Shenzhen Component increased by 0.65%, and the ChiNext Index gained 1.07% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion yuan, an increase of 135.5 billion yuan compared to the previous trading day [1] Sector Highlights - The innovative drug sector saw significant gains, with stocks such as Shuyou Shen, Changshan Pharmaceutical, Haichen Pharmaceutical, Ruizhi Medicine, Lianhua Technology, and Zhongsheng Pharmaceutical hitting the daily limit [1] - The football concept sector remained active, with Co-Creation Turf achieving six consecutive trading limit ups and Jinling Sports rising over 10% [1] - The precious metals sector led the declines, with stocks like Chifeng Gold and Shandong Gold experiencing the largest drops [1] Overall Market Sentiment - The overall market showed a positive trend with more than 4,100 stocks rising, indicating a bullish sentiment among investors [1]

在数字经济蓬勃发展的当下，互联网金融作为金融与科技深度融合的产物，正以前所未有的态势重塑金 融生态格局。自2017年成立以来，全民钱包APP便敏锐捕捉到普惠金融理念深入人心以及小额高频消费 分期贷款需求激增的市场机遇，凭借"以传达幸福为己任"的理念投身市场。彼时，金融服务平台竞争已 呈白热化，精准定位目标客户、打造差异化产品与服务成为破局关键。全民钱包APP聚焦传统金融体系 覆盖不足的普通用户群体，推出额度灵活、期限多样、申请简便的消费分期贷款产品，迅速积累起一批 忠实用户，并通过与金融机构合作，初步搭建起稳固的业务体系，在金融科技领域站稳脚跟。 全民钱包APP业务流程简洁高效，以消费分期贷款申请为例，用户在APP端提交申请后，平台随即启动 智能风控流程，依托自主研发的观星平台，该平台基于海量数据建立评分模型，对用户年龄、信用记 录、收入情况、消费行为等多维度数据进行综合分析，快速生成反撸分和观星分，精准评估用户信用状 况与风险水平，为授信决策提供有力依据。整个审核过程借助深度学习与数据挖掘技术实现自动化、实 时化，通常在短时间内即可完成，大大提高审核效率与准确性。审核通过后，用户即刻获得相应贷款额 度，可在 ...