Group 1 - Company Wantuo Expressway has won the bid for the S98 Quanqiao to Lukou Expressway project in Anhui, with an estimated investment of 5.05 billion yuan and a construction period of 1095 days [1] - The project will be operated under a BOT model with a concession period of 356 months, and is expected to start construction by the end of 2025 and be completed by the end of 2028 [1] Group 2 - Shanghai Rural Commercial Bank has received approval for the appointment of its vice president, Zhang Lingling, by the National Financial Regulatory Administration [2] - The bank focuses on corporate banking, personal banking, and financial market services [2] Group 3 - Saintno Biopharmaceutical has received a drug registration certificate for Acetate Ganirelix Injection, aimed at women undergoing controlled ovarian stimulation [3] - The company specializes in the research, production, and sales of peptide raw materials and formulations [3] Group 4 - Chengdu Bank has received regulatory approval for its chief economist's appointment [4] - The bank's main business includes corporate finance, microfinance, personal finance, and financial market services [4] Group 5 - Funeng Technology has received a notification from GAC Group for the development of battery pack components, with supply expected to start within the year [5] - The company specializes in comprehensive energy solutions, focusing on the research, production, and sales of power batteries and systems [5] Group 6 - Binjiang Group has successfully acquired land use rights for a residential plot in Hangzhou, covering an area of 36,500 square meters with a total price of 1.53 billion yuan [6] Group 7 - Anfu Technology reported a net profit of 107 million yuan for the first half of 2025, a year-on-year increase of 14.38% [8] - The company specializes in the research, production, and sales of batteries [8] Group 8 - Microelectrophysiology expects a net profit increase of 76.34% to 105.73% for the first half of 2025, with projected revenue of 215 million to 230 million yuan [13] - The company focuses on innovative medical devices in the field of electrophysiology [13] Group 9 - China Nuclear Power plans to invest 500 million yuan to establish a wholly-owned subsidiary for energy project development in Shandong [10] - The company specializes in power generation, including nuclear and renewable energy [10] Group 10 - Pumen Technology has received IVDRCE certification for seven electrochemical luminescence reagents, expanding its certified product range to 27 [23] - The company specializes in in vitro diagnostics and clinical medical products [23] Group 11 - ST Jiatou has had part of its subsidiary's assets frozen due to financial difficulties, with the freeze lasting until March 30, 2028 [24] - The company focuses on natural gas utilization and related services [24] Group 12 - China Electric Power Construction has signed new contracts worth 686.699 billion yuan in the first half of 2025, a year-on-year increase of 5.83% [33] - The company specializes in engineering contracting and design, power investment, and real estate development [33] Group 13 - Health元 has achieved the primary research endpoint in a Phase III clinical trial for LZM012, a treatment for moderate to severe plaque psoriasis [36] - The company focuses on the research, production, and sales of pharmaceutical products [36] Group 14 - Dalian Shengya is planning to issue shares to specific investors, which may lead to a change in control [54] - The company operates in the tourism and scenic area management sector [54]

皖通高速（600012）公告，公司加入安徽省交通控股集团有限公司牵头组建的联合体，以公开招标方式 中标S98全椒至禄口高速公路安徽段特许经营者项目，中标收费期限356个月。项目估算总投资金额约 为人民币50.5亿元，其中资本金约为人民币10.1亿元。公司投入项目资本金约人民币2.02亿元，所占股 权比例为20%。项目计划2025年完成前期准备工作，2025年底正式开工建设，2028年底建成通车。中标 项目将有助于公司进一步扩张高速公路主营业务规模，提升区域路网竞争力，增加高速公路权益里程， 延长道路资产平均收费期限，符合公司发展战略，有利于提升整体经营业绩和可持续发展能力。 ...

Group 1 - The transportation sector in China has achieved high-quality development during the 14th Five-Year Plan, with multiple indicators reaching global firsts [1] - China has built the world's largest high-speed rail network, with 20 lines operating at speeds of 350 km/h, covering all 31 provinces and sending nearly 10 million passengers daily, accounting for about 80% of total passenger volume [4] - The Beijing-Tianjin-Hebei region has established high-speed rail connections between cities, creating a one-hour transportation circle for the core area and a 1.5-hour circle for neighboring cities [4] Group 2 - Approximately 90% of county-level administrative centers in China can access highways within 30 minutes [5] - During the 14th Five-Year Plan, the Ministry of Transport launched over 9,000 customized passenger transport routes to meet personalized travel needs [7] - The average daily traffic on highways exceeded 70 million vehicles during peak times, with strategies implemented to alleviate congestion [7] Group 3 - China has the world's largest postal and express delivery network, with express delivery volumes ranking first globally for 11 consecutive years [8] - The average daily collection of express parcels exceeds 500 million, equating to nearly 6,000 parcels entering the delivery system every second [10]

Core Insights - The transportation sector in China has achieved significant milestones during the "14th Five-Year Plan" period, establishing the world's largest high-speed rail network and highway network, fundamentally transforming daily life [1][6][30]. Transportation Infrastructure - China has built the world's largest high-speed rail network, with 20 lines operating at speeds of 350 km/h, covering all 31 provinces and serving nearly 10 million passengers daily, accounting for about 80% of total passenger traffic [7]. - The "Eight Vertical and Eight Horizontal" high-speed rail network has been completed and put into operation at 81.5%, with a total operating mileage of 48,000 kilometers, representing over 70% of the world's high-speed rail mileage [30]. - The national comprehensive three-dimensional transportation network connects over 80% of county-level administrative regions, serving approximately 90% of the country's economic and population totals [28]. Urban and Rural Connectivity - Approximately 90% of county-level administrative centers can access highways within 30 minutes, enhancing regional connectivity [4][6]. - The construction of urban agglomerations and metropolitan areas is accelerating, with the Beijing-Tianjin-Hebei region achieving high-speed rail connectivity between all cities, creating a "1-hour traffic circle" [7]. Logistics and Delivery Services - China has established the world's largest postal and express delivery network, maintaining the highest express delivery volume globally for 11 consecutive years, with over 500 million packages collected daily [11]. - The average daily traffic of new energy vehicles on highways has increased to about 20%, supported by the construction of 62,000 charging parking spaces, with a coverage rate of 98.4% for service area charging piles [9]. Digital Economy and Internet Penetration - By June 2025, the number of internet users in China is projected to reach 1.123 billion, with an internet penetration rate of 79.7% [12]. - The online retail sales reached 6.04 trillion yuan in the first five months of 2025, maintaining the highest position globally for 13 consecutive years [19]. - The number of short video users has reached 1.068 billion, with micro-short drama users at 626 million, indicating a significant shift towards digital content consumption [21][24].

海南自贸区板块异动拉升，凯撒旅业（000796）涨停，海德股份（000567）涨超7%，康芝药业 （300086）、海南海药（000566）、海南高速（000886）跟涨。近日，《海南自由贸易港跨境资产管理 试点业务实施细则》发布。试点业务支持境外投资者投资海南自贸港内金融机构发行的理财产品、证券 基金期货经营机构私募资产管理产品、公开募集证券投资基金、保险资产管理产品。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> ...

1. Report Information - Report Type: Fixed Income Report - Release Time: July 22, 2025 - Analysts: Liang Weichao, Xie Peng [1][2] 2. Core Viewpoints - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. - For urban investment bonds, short - duration and low - rated high - grade liquidity bonds have increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, while Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, while those in 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA remained stable, those with AA+ and AA decreased, and those with AA(2) and AA - increased. - For industrial bonds, the number of low - rated high - grade liquidity bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, while those in real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, while those in 1 - 2 years and over 5 years remained stable. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA - and AA increased, while those with AAA+, AAA, and AA+ remained stable. [3][8][18] 3. Summary by Directory 3.1 Urban Investment Bonds - **Liquidity Changes**: Short - duration and low - rated high - grade liquidity urban investment bonds increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, AAA remained stable, AA+ and AA decreased, AA(2) and AA - increased. [8] - **Yield Changes**: Regionally, the yields of high - grade liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with a decline of 2 - 5bp. By maturity and implied rating, the yields of high - grade liquidity urban investment bonds mainly decreased, with a small decline of 1 - 2bp. [9] - **Top 20 Ascending Entities in Liquidity Score**: The entity levels are mainly AA, concentrated in regions such as Zhejiang, Sichuan, Tianjin, and Beijing, and the industries mainly involve construction decoration and comprehensive industries. - **Top 20 Ascending Bonds in Liquidity Score**: The bonds are mainly from regions such as Beijing, Hunan, and Zhejiang. - **Top 20 Descending Entities in Liquidity Score**: The entity levels are mainly AA, with regional distributions mainly in Zhejiang, Jiangsu, and Shandong, and the industries are mainly construction decoration, transportation, and real estate. - **Top 20 Descending Bonds in Liquidity Score**: The bonds are mainly from regions such as Jiangsu, Zhejiang, and Shandong. [12][13][15][17] 3.2 Industrial Bonds - **Liquidity Changes**: The number of low - rated high - grade liquidity industrial bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, 1 - 2 years and over 5 years remained stable. In terms of implied ratings, AAA - and AA increased, AAA+, AAA, and AA+ remained stable. [18] - **Yield Changes**: By industry, the yields of high - grade liquidity bonds in real estate, public utilities, transportation, coal, and steel mainly decreased, with the decline concentrated in 1 - 4bp; the yield of real estate decreased by more than 10bp. By maturity, the yields of high - grade liquidity bonds in each maturity mainly decreased, with a decline of 3 - 5bp. By implied level, the yields of high - grade liquidity bonds in each implied level mainly decreased, with the decline concentrated in 2 - 5bp. [20] - **Top 20 Ascending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce, and the entity levels are mainly AAA and AA+. - **Top 20 Ascending Bonds in Liquidity Score**: The industries are mainly transportation and public utilities. - **Top 20 Descending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce and retail, and the entity levels are mainly AAA and AA. - **Top 20 Descending Bonds in Liquidity Score**: The industries are mainly public utilities and transportation. [21][24][27][29][30]

Core Viewpoint - The Guangming Expressway asset-backed securities (ABS) project successfully issued 2.53 billion yuan, marking a significant innovation in financial practices by central enterprises to revitalize existing assets and enhance long-term capital service to the real economy [1][2]. Group 1: Project Overview - The Guangming Expressway project is the fourth ABS by China Communications Group, involving key state-owned enterprises as original equity holders, with underlying assets located in the core area of the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - The project covers a total length of 60.40 kilometers and has been operational since 2009, contributing to the high-quality economic development of the region [1]. Group 2: Financial Innovation and Market Impact - Unlike traditional ABS, the Guangming Expressway project emphasizes asset authenticity, expected stability, and effective mechanisms, highlighting the "equity attribute" and "asset credit" to deeply bind investors with asset operational benefits [2]. - The issuance of this project represents a key practice in optimizing financing structures and guiding "patient capital" into the market, leading to new trends in infrastructure investment and financing [2]. Group 3: Investor Participation and Market Dynamics - The project attracted diverse institutional investors, including insurance, banking, and trust companies, demonstrating strong asset quality and transaction structure design, which enhances liquidity and meets the long-term capital allocation needs [3]. - The successful issuance is a classic case of central enterprises deepening financial innovation and utilizing capital market tools for equity financing, facilitating a virtuous cycle of "assets-capital-assets" [3]. Group 4: Future Developments and Regulatory Support - The Shanghai Stock Exchange plans to continue promoting the development of the holding-type real estate ABS market, focusing on high-quality development of central enterprises and asset revitalization [4]. - There will be ongoing efforts to encourage diverse participants, including real estate equity investment funds and alternative investment institutions, to engage deeply in the holding-type real estate ABS sector [5].

该基金属于偏股混合型基金，长期投资于周期股票。截至7月18日，单位净值为1.092元。基金经理是杨超，目前管理8只基金近一年均为正收益。其中，截 至7月18日，天弘国证2000指数增强A近一年复权单位净值增长率最高，达58.6%；天弘红利智选混合A最低，为9.2%。 基金管理人在二季报中表示，本基金业绩比较基准所对标的中证红利指数上涨0.04%。报告期内，基金管理人根据基金合同约定，通过量化的广度投资和自 下而上的研究方法，在红利主题股票池中精选投资组合，获得了高于业绩基准的投资回报。 投资策略方面，本基金作为一只投资于红利主题的、主要依据量化方法进行组合构建的主动投资基金，基金管理人将在严格控制风险的前提下，追求超越业 绩比较基准的投资回报，力争实现基金资产的长期稳健增值。 截至7月18日，天弘红利智选混合A近三个月复权单位净值增长率为6.60%，位于同类可比基金56/82；近半年复权单位净值增长率为6.84%，位于同类可比基 金46/82；近一年复权单位净值增长率为9.20%，位于同类可比基金40/77。 AI基金天弘红利智选混合A（020799）披露2025年二季报，第二季度基金利润335.92万元，加 ...

Core Points - The company announced a cash dividend distribution of RMB 0.604 per share for A shares, totaling approximately RMB 1,031,989,500.96 based on a total share capital of 1,708,591,889 shares [1][2] - The record date for the dividend is set for July 29, 2025, with the last trading day also on July 30, 2025, and the dividend payment date to be confirmed [2][3] - The company will not implement a capital reserve transfer to increase share capital this year [4] Dividend Distribution Details - The cash dividend of RMB 0.604 per share is applicable to individual shareholders and securities investment funds, with tax implications based on the holding period [3][5] - For qualified foreign institutional investors (QFII) and Hong Kong market investors, a 10% withholding tax will apply, resulting in a net dividend of RMB 0.5436 per share [5][6] - Resident enterprise shareholders are responsible for their own tax payments, with the gross dividend being RMB 0.604 per share [6] Implementation Method - The dividends for A shares will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch, with specific arrangements for shareholders who have completed designated transactions [2][3] - The company will directly distribute dividends to shares held by Anhui Transportation Holding Group Co., Ltd. and China Merchants Highway Network Technology Holdings Co., Ltd. [2]

Core Insights - The AI Fund Huatai-PineBridge Dividend Smart Selection Mixed Fund A (021515) reported a profit of 675,500 yuan for Q2 2025, with a weighted average profit per fund share of 0.0654 yuan [3] - The fund's net asset value (NAV) growth rate for the reporting period was 6.4%, and as of the end of Q2, the fund size was 11.4554 million yuan [3] - The fund manager indicated a high position operation throughout the reporting period, with a focus on high-dividend Hong Kong stocks and low-volatility sectors like banking and transportation [3] Fund Performance - As of July 18, the fund's three-month cumulative NAV growth rate was 10.38%, ranking 325 out of 615 comparable funds [4] - The six-month cumulative NAV growth rate was 12.76%, ranking 235 out of 615 comparable funds [4] - The fund's Sharpe ratio since inception was 0.1788 as of June 27 [8] Risk Metrics - The maximum drawdown since inception was 8.18%, with the largest quarterly drawdown occurring in Q2 2025 at 7.8% [9] - The average stock position since inception was 81.35%, compared to the peer average of 83.26%, with a peak stock position of 93.31% at the end of H1 2025 [12] Portfolio Composition - As of the end of Q2 2025, the fund's top holdings included Agricultural Bank of China, China Merchants Bank, China Construction Bank, Bank of China, Gree Electric Appliances, Industrial and Commercial Bank of China, China Mobile, Anhui Wanan Highway, Chongqing Rural Commercial Bank, and Citic Bank [16]