A股港股在前期持续上涨后，近几个交易日出现连续调整，高盛首席中国股票策略分析师刘劲津表示， 当前股市的估值已不再低廉，指数在连续刷新年内新高后，出现回调在所难免。但随着企业盈利的改 善，在未来12个月，中国股市还会有10%~15%的增长空间。 （文章来源：第一财经） ...

Group 1 - The core viewpoint is that Goldman Sachs credit strategists are urging clients to hedge risks as global corporate bond yield spreads have narrowed to the lowest level since 2007, specifically 79 basis points as of Thursday, marking a significant reduction in risk pricing related to economic recession [1][2] - The current trade policies are significantly more predictable compared to March and April, allowing the market to reassess risks and contributing to the narrowing of credit spreads to pre-financial crisis levels [1] - Despite the optimistic market sentiment, Goldman Sachs warns that there are still considerable downside risks that warrant maintaining some hedging positions in investment portfolios [2] Group 2 - Goldman Sachs economists expect the Federal Reserve to cut rates by 25 basis points in September, October, and December, with two additional cuts anticipated in 2026 [3] - Although negative news related to tariffs is no longer the main driver of risk sentiment, the impact of tariffs on different segments of the supply chain will lead to performance divergence among companies, presenting a new source of market risk [3]

Group 1: Chinese Stock and Equity-Linked Issuance - In the first half of 2025, Chinese companies raised a total of $56.6 billion in global capital markets through stock and equity-linked transactions, marking a 110% year-on-year increase and a 14% quarter-on-quarter increase [1] - The number of issuances increased by 30% compared to the same period in 2024, totaling 244 transactions, with a 15% increase in the second quarter compared to the first quarter [1] - Initial Public Offerings (IPOs) totaled $8.36 billion, reflecting a 44% year-on-year increase and a 22% quarter-on-quarter increase [1] - Follow-on offerings raised $35.49 billion, showing a 300% year-on-year increase and a 16% quarter-on-quarter increase [1] - Convertible bonds and equity-linked issuances amounted to $12.75 billion, with a 4% year-on-year increase and a 5% quarter-on-quarter increase [1] Group 2: Industry Performance - The industrial sector led with a 23% market share, raising $13.38 billion, which is a 206% increase compared to the same period last year [3] - Other sectors following the industrial sector include high technology, energy and power, healthcare, and telecommunications [3] Group 3: Underwriters and Legal Advisors - Goldman Sachs ranked first among underwriters for Chinese stock and equity-linked issuances in 2025 [6] - The top underwriters by issuance amount include Goldman Sachs, Morgan Stanley, CITIC Securities, and CICC [7] - Jingtian Gongcheng Law Firm ranked first among legal advisors for Chinese stock and equity-linked issuances [9] Group 4: Chinese Bond Market - The issuance of RMB bonds increased by 35% year-on-year, with a 22% quarter-on-quarter increase in the second quarter of 2025 [11] - Panda bond issuance decreased by 7% year-on-year but increased by 44% quarter-on-quarter [12] - In the first half of 2025, government and institutional bond issuance reached approximately 7.8 trillion RMB, accounting for 52% of the market share, with a 55% year-on-year increase [14] - CITIC Securities led the RMB bond underwriting rankings, while Industrial and Commercial Bank of China ranked first in Panda bond underwriting [17] Group 5: Syndicated Loans - Bank of China led the rankings for all currency syndicated and club loans as well as for all currency loan bookrunners [23] - The total amount of syndicated and club loans decreased by 35% year-on-year [24] - The market share for Bank of China in all currency loans was 62.3%, with a slight increase of 0.8% compared to the previous year [24]

腾讯成为中金公司股东追溯至2017年9月，彼时中金公司宣布引入腾讯控股作为战略投资者。根据认股协议， 腾讯控股认购中金新发行的2.075亿股H股，分别占中金发行后H股的12.01%及总股本的4.95%。 对于中金公司，科技巨头腾讯与国内外两大资管巨头出现分歧。 证券时报·券商中国记者注意到，近日，港交所披露，腾讯出手减持中金公司H股496万股，卖出均价21.16港 元/股，套现约1.05亿港元。 值得一提的是，全球资管巨头贝莱德和易方达基金分别在7月22日和7月25日对中金公司进行了增持，增持后贝 莱德持有中金公司H股比例升至5.01%，易方达基金持有中金公司H股比例升至5.13%。 腾讯出手减持 7月30日，港交所披露，7月25日，腾讯控股出手减持中金公司H股496万股，卖出均价21.16港元/股，套现约 1.05亿港元。 港交所披露易显示，腾讯控股此前持有中金公司H股比例为11.01%，此次减持之后，持股比例降至10.75%。 | 股權披露 | | | | | | --- | --- | --- | --- | --- | | 披露權益 | | | | | | 在指明日期的大股東完整名單 - 現有上市證券 ...

Core Viewpoint - The unexpected exemption of refined copper products from tariffs by President Trump has disrupted market expectations, leading to significant losses for traders betting on rising U.S. copper prices, while those who anticipated Trump's policy changes benefited greatly [1][3][8] Group 1: Market Reaction - Following Trump's announcement on July 30, copper futures prices on the New York Commodity Exchange (Comex) plummeted by 22%, marking the largest single-day decline since at least 1988 [1][2] - The exemption of refined copper, including cathodes and anodes, from the 50% tariff led to a rapid disappearance of the price premium that Comex copper had over London Metal Exchange (LME) copper, which had previously exceeded 20% [6][7] Group 2: Trading Dynamics - The market upheaval resulted in substantial losses for many long positions established based on U.S. protectionist policy expectations, while traders betting on Trump's unpredictability saw remarkable returns [3][8] - Over 31,000 options contracts shifted from out-of-the-money to in-the-money status overnight, with a nominal value soaring to $3.54 billion [3][8] Group 3: Strategic Implications - The strategy that capitalized on the price difference between Comex and LME copper collapsed due to the tariff exemption, as Comex copper prices turned to a discount compared to LME prices [6][7] - Analysts from Goldman Sachs noted that despite the market's reaction, the fundamental market conditions remain unchanged, and they do not foresee a large-scale diversion of copper exports from the U.S. [7]

Core Insights - Goldman Sachs credit strategists urge clients to hedge risks as global corporate bond yield spreads have tightened to the lowest level since 2007 [1] - Recent trade agreements between the US and several trading partners provide clarity on tariff issues, leading investors to overlook short-term economic growth weakness as long as recession risks are controlled [1] - Bloomberg index indicates that global investment-grade bond yield spreads narrowed to 79 basis points, the lowest level since July 2007, prior to the global financial crisis [1] Economic Context - The S&P 500 index reached a historical high this week, reflecting investor confidence despite tightening credit spreads [1] - Federal Reserve policymakers have not indicated an imminent rate cut, suggesting that more data is needed to ensure inflation risks do not persist [1]

金十数据8月1日讯，高盛信贷策略师近日向客户发出警告，建议对冲风险。策略团队指出："近期美国 与其贸易伙伴达成的一系列贸易协议，使关税前景更加明朗，投资者愿意忽略短期内经济增长的疲软， 只要衰退风险仍处于可控范围。"但他们同时警告，切勿因此掉以轻心。周四全球投资级企业债的信用 利差已收窄至79个基点，为2007年7月以来最低水平，彼时正值全球金融危机爆发前夕。尽管信用利差 持续收窄，且标普500指数本周再创历史新高，但美联储并未释放即将降息的明确信号，表明其仍需更 多数据来确认通胀风险不会持续。高盛策略师强调："当前仍存在足够多的下行风险，值得投资者在投 资组合中保留部分对冲措施。经济增长可能进一步低于预期，反通胀压力可能减弱，或对美联储独立性 的担忧重燃，均可能引发长债收益率大跌。" 高盛：全球信用利差收窄至2007年以来最低水平 建议做好对冲 ...

Group 1 - The article serves as a platform for sharing partial views from CICC's published research reports, emphasizing the importance of understanding the complete reports for accurate interpretation [2][3] - It highlights that the information and opinions provided do not constitute specific investment advice or recommendations for trading securities or financial instruments [2][3] - The content is directed towards CICC's clients in mainland China, and it is advised that subscribers assess the appropriateness of receiving the content before subscribing [3]

Group 1 - The article highlights the intensifying trade negotiations between the U.S. and its major trading partners, with Canada and Mexico sending delegations for closed-door talks with U.S. officials [1][4] - President Trump announced a preliminary trade agreement with South Korea, imposing a 15% tariff, while also planning to impose a 25% tariff on Indian imports starting August 1 [3][5] - The urgency of the negotiations is underscored by the impending August 1 deadline for tariff implementation, with Trump stating that the deadline will not be extended [3][5] Group 2 - Trump's personal involvement in the negotiations has been significant, as he has overridden suggestions from senior aides and directly engaged in discussions with trade ministers [7] - The article notes that smaller economies may struggle to meet U.S. demands, citing Switzerland's unique trade balance as an example [7] - Despite the tense diplomatic atmosphere, U.S. financial markets, including the S&P 500 index, have shown resilience, reaching historical highs [8] Group 3 - Analysts express caution regarding the market's complacency, warning that the potential impact of trade policies on the economy and markets may be underestimated [10] - The U.S. Treasury Secretary attempted to downplay the potential negative effects of retaliatory tariffs, suggesting that short-term tariffs may not lead to significant economic disruption [10]

截至2025年7月31日15时，中金公司股价报36.21元，较前一交易日下跌2.35%。当日成交量为29.82万 手，成交金额达10.90亿元。 中金公司是中国领先的投资银行机构，主要从事投资银行、股票业务、财富管理等业务。公司预计上半 年归母净利润为34.53亿元到39.66亿元，同比增长55%到78%。 风险提示：市场有风险，投资需谨慎。 港交所披露易数据显示，贝莱德于7月22日买入126.24万股中金公司H股，平均价格为20.2190港元/股。 此番买入后，贝莱德对中金公司的好仓持股比例保持在5%以上。自6月以来，贝莱德持续对中金公司H 股进行多番交易操作。 2025年7月31日，中金公司主力资金净流出9776.79万元，占流通市值比为0.09%。 本文源自：金融界 作者：A股君 ...