● 本报记者 葛瑶 作为全球主要投资金币之一，美国铸币局发售的鹰扬金币吸引了大量美国散户投资者。伴随金价持续走 高，今年以来金币销量持续下滑，截至4月末累计销量为10.2万盎司，远低于去年同期的18.5万盎司。美 国铸币局的网站显示，2025版一盎司鹰扬金币的官方售价为每枚4220美元。美国贵金属交易所 （APMEX）等主流在线交易平台上的同款金币售价显著低于官方定价，APMEX最低报价仅为3468.29 美元，相当于官方价格的82%。 与此同时，黄金ETF出现资金净流出迹象。世界黄金协会最新数据显示，5月以来，亚洲投资者一改此 前大幅增持态势，开始逐渐减持黄金ETF，5月净卖出4.8吨。进入6月，在有数据统计的三周中，亚洲 资金有两周呈现净流出状态，其中6月20日当周净卖出1.6吨。拉长到上半年来看，随着金价在4月下旬 创下高点后回落，SPDR黄金ETF的黄金持有量同步出现明显回落。 东证期货宏观策略首席分析师徐颖认为，金价近期震荡主要源于地缘风险缓和及美联储政策预期变化。 美国经济尚未进入衰退，通胀预期仍高于目标，美联储维持鹰派立场，市场对年内降息预期集中在9 月，但内部存在分歧。黄金投机净多仓下降4.5 ...

Group 1 - The Hong Kong stock market has shown strong performance in the first half of the year, with significant inflows of southbound capital focusing on sectors such as discretionary consumption, finance, and healthcare [1] - Southbound capital has seen a net inflow of HKD 731.19 billion in 2023, nearing last year's total of HKD 807.87 billion [1] - The top five sectors attracting southbound capital include discretionary consumption, finance, information technology, healthcare, and telecommunications, with net purchases of HKD 315.93 billion and HKD 278.80 billion in discretionary consumption and finance, respectively [1] Group 2 - Alibaba-W, Meituan-W, and China Construction Bank are the top three stocks by net inflow of southbound capital in the first half of the year [2] - Analysts expect continued positive momentum in the Hong Kong stock market driven by southbound capital, with a projected inflow of HKD 500 billion from public funds and potential total inflows reaching HKD 1 trillion [2] - The recent active performance of southbound capital indicates increased investor confidence and risk appetite, with expectations of a favorable liquidity environment [3] Group 3 - Southbound capital is primarily flowing into new consumption and artificial intelligence sectors, which represent emerging industry trends and are expected to attract further investment [3] - The overall liquidity environment is considered friendly, supporting the ongoing upward trend in the Hong Kong stock market [3]

进入2025年，包括上市券商在内的A股上市公司回购股份热情不减。Wind数据显示，2025年上半年，有 7家上市券商回购股份，回购金额合计20.28亿元（不含交易费用，下同），同比大增1058.86%。 从部分券商发布的新一年度"提质增效重回报"行动方案看，加强现金分红预期、研究制定公司市值管理 制度并规范公司市值管理行为受到重视。就板块投资而言，龙头券商、牌照丰富且变现能力较强的券商 投资机会值得重视。 作为行业头部机构，国泰海通2025年上半年已累计回购A股股份5922.44万股，占公司总股本的比例为 0.34%，支付金额合计10.51亿元，回购规模与金额均居前述7家券商首位。根据公司此前发布的公告， 本次回购由公司董事长提议，回购股份将在未来适宜时机用于维护公司价值及股东权益。 包括中泰证券在内的多家上市券商，在今年上半年公布了新一年度的"提质增效重回报"行动方案，除加 强现金分红预期外，坚持以提升公司业绩和股东回报水平为核心的市值管理理念，研究制定公司市值管 理制度并规范公司市值管理行为，与股东分享改革发展成果，也是上市券商着墨的重点内容。 行业关注度不断提升 从二级市场表现看，券商板块在经历了202 ...

Group 1 - The banking sector has shown strong performance in 2023, with 40 out of 42 A-share listed banks experiencing stock price increases by July 2 [1] - The average dividend yield of the Shenwan Banking Index exceeds 5%, making it attractive for capital inflow, second only to the coal industry [1] - Major state-owned banks are expected to distribute over 420 billion yuan in cash dividends in 2024, contributing significantly to the total cash dividends of 631.96 billion yuan across A-share listed banks [2] Group 2 - Insurance capital is increasingly allocating funds to high-dividend banking stocks, driven by policy guidance and the need to balance liabilities and assets [2] - The trend of increasing allocation to banking stocks is expected to continue, with institutional investors benefiting from the stability and high market capitalization of these stocks [2] - The outlook for the second half of the year suggests that insurance capital will maintain its interest in high-dividend banking stocks, while public fund reforms may lead to increased holdings in banking stocks [3] Group 3 - The banking sector is supported by stable performance and low valuations, indicating ongoing investment potential [3] - Credit demand is expected to recover, with regional disparities, and city commercial banks in quality areas likely to maintain high activity levels [3] - The asset quality of listed banks is projected to remain stable, with attention needed on the marginal changes in asset quality for small and micro enterprises [3]

Core Insights - The first specialized operational liability insurance product for low-altitude economic operators, named "Anywing Plan," has been launched in Suzhou, providing risk coverage for operational management [1] - The low-altitude economy insurance market is rapidly developing, with over 30% of property insurance companies already engaged in related businesses [2] - The market size for low-altitude economy insurance is projected to reach between 8 billion to 10 billion yuan by 2035 [2] Group 1: Product Development - The Anywing Plan aims to fill the gap in professional risk coverage for low-altitude economic operators, offering a comprehensive risk management system that addresses unique risks such as signal interference and operational errors [1] - Various innovative insurance products have been launched, including a comprehensive low-altitude economic insurance service system by PICC and EHang, and third-party liability insurance by Zhongcai and Taibao [2] Group 2: Market Potential - The low-altitude economy insurance market is expected to see significant growth due to the increasing insurance demand across the entire industry chain, from manufacturing to operation [2][3] - The financial regulatory authorities are actively guiding insurance institutions to innovate in low-altitude economy insurance products and services [2] Group 3: Industry Challenges - The low-altitude economy insurance sector faces challenges such as a lack of historical data, which complicates risk assessment and pricing [3] - Industry experts emphasize the need for insurance companies to collaborate with low-altitude economic stakeholders to enhance data sharing and develop innovative products [3]

Group 1 - The A-share market in the first half of 2025 experienced significant volatility, leading to a stark performance divergence among private equity firms, with some capitalizing on new trends while others faced losses [1] - Notable private equity firms like Tongben Investment achieved substantial positive returns due to the rise of the new consumption sector, shifting their focus from "big consumption" to "new consumption" since November 2024 [1][2] - The emergence of new consumption is fundamentally a supply-side transformation, driven by factors such as high demand in niche markets and a generational shift towards younger consumers who prioritize emotional value in products [2] Group 2 - The first half of 2025 was characterized by wide fluctuations and structural opportunities in the stock market, with many investors struggling to navigate the volatility and identify long-term trends [2][3] - Key time points included the "DeepSeek moment" before the Spring Festival and overseas disturbances in early April, which influenced the technology sector's revaluation [3] - Some private equity firms reflected on their low allocation to the banking and insurance sectors, which performed well in June, indicating a need for increased research focus on these areas [3] Group 3 - Looking ahead, private equity firms remain optimistic about the second half of the year, focusing on sectors such as artificial intelligence, new consumption, innovative pharmaceuticals, and dividend assets [3][4] - Long-term funds are expected to anchor on fundamentals while speculative funds will seek out previously stagnant sectors for quick rotations, suggesting a complementary market dynamic rather than a zero-sum game [4] - Specific investment directions include a continued emphasis on "technology + consumption," with an increased focus on leading companies in the new consumption space and a broader definition of the technology sector [4]

● 本报记者 王辉 随着近期A股市场震荡上行，私募机构的调研图谱清晰折射出对结构性机会的深度挖掘。第三方机构最 新监测数据显示，6月份私募机构调研A股上市公司频次高达1769次，751家私募机构调研涉足28个申万 一级行业中的387只个股。其中，电子、医药生物、机械设备三大行业成为"调研主阵地"，而小市值成 长股更成为机构扎堆调研的对象。 小盘股调研热潮 从行业维度上看，私募机构调研覆盖广泛，6月份共有21个申万一级行业获重点调研，其中6个行业的调 研次数突破100次大关。 电子行业成为私募调研最集中的领域，获调研个股数量排名第一。医药生物行业紧随其后，机械设备行 业位列第三。计算机行业、汽车行业和基础化工行业同样获得私募较高关注。此外，通信、环保、国防 军工和电力设备行业也位居当月私募调研热度榜单前列。 对比5月来看，6月私募机构对于A股行业的调研偏好整体变化不大。来自私募排排网的数据显示，5月 份私募机构调研次数排名前五位的申万二级行业依次为：半导体、医疗器械、通用设备、自动化设备和 专用设备，显示出私募行业对于电子、医药生物等板块的长期聚焦态势。 与此同时，6月不少私募机构对A股上市公司调研活动的参与热 ...

根据工商银行网站，重庆璧山工银村镇银行成立于2009年，是工商银行在西部地区设立的第一家全资村 镇银行，注册资本1亿元。该行成立目的在于解决当地银行业金融机构覆盖率偏低、金融供给不足、竞 争不充分等问题，进一步完善当地新型农村金融体系，提高农村金融服务水平。 巨丰投顾高级投资顾问陈宇恒告诉记者，从行业层面来看，此次工商银行收购重庆璧山工银村镇银行并 设立工商银行重庆璧山中央大街支行，是国有大行在"村改支"领域的一次突破，为后续改革提供了经 验。短期内，国有大行大规模入局"村改支"的可能性较低；长期来看，若政策明确且整合模式可持续， 或有更多国有大行参与其中。 "工商银行直接收购旗下村镇银行并将其改建为支行，能够充分利用大行的资源，合并后，可以实现人 力、物力和信息资源的整合共享。作为国有大行，工商银行在信息系统、风险管理等方面具有优势，能 够给被收编的银行提供资金、业务和技术方面的支持，增强银行的经营能力和抗风险能力。此举有助于 更好推进村镇银行改革化险，也有助于保障金融服务有效延续，提升金融服务质量。"邮储银行研究员 娄飞鹏告诉记者。 今年6月，金融监管总局江津监管分局的一纸批复悄然落地——同意工商银行收购 ...

BOCA RATON, FL, July 02, 2025 (GLOBE NEWSWIRE) -- DeFi Development Corp. (Nasdaq: DFDV) (the “Company” or “DeFi Dev Corp.”), the first US public company with a treasury strategy built to accumulate and compound Solana (“SOL”), today released its June 2025 Shareholder Letter and Business Update. To read the full update, please visit: https://defidevcorp.com/investor. A video update featuring CEO Joseph Onorati, CFO John Han, COO & CIO Parker White, and Head of Investor Relations Dan Kang will be uploaded to ...

ANDOVER, Mass., July 02, 2025 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology company that delivers mission-critical processing to the edge, today announced it has been selected by the U.S. Department of Defense (DoD) for funding through its Industrial Base Analysis and Sustainment (IBAS) Program to develop a next-generation RF signal conditioning multi-chip package (MCP). The IBAS Program aims to improve the readiness and competitiveness of the defense industrial base t ...