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方正富邦中证全指自由现金流ETF联接十问十答
Zhong Guo Jing Ji Wang· 2025-07-07 06:36
继首批自由现金流ETF成立后,方正富邦中证全指自由现金流ETF联接即将开售, 比如设备升级(资本开支):升级冰箱设备,花了2000元; 备货压力:下个月要进更多货,提前多存了 1000元的库存; 举一个通俗例子:假设你是一位小卖部老板,以下是小卖部的日常经营状况以及自由现金流情况。 总收入:假设这个月你卖出零食饮料,收到现金1万元。 运营成本:进货成本、房租、员工工资等花掉了6000元。 净利润:1万 - 6千 = 4000元 看起来赚了4000块。 但是:你的小卖部有些"必须花的钱",会计利润里没直接体现: 十个问题,带您看看这只基金该不该买?该怎么买? 01.什么是自由现金流? | 中证现金流-前20大成份股 | | | | | | | --- | --- | --- | --- | --- | --- | | 集中度 | 存名 股票代码 | 股票名称 | 持仓权重 | | 甲刀三袋行业 | | 美的集团 | 1 000333. SZ | | 10.8% | 10.8% | 空调 | | 油气开采II | 2 600938. SH | 中国海海 | 10. 3% | 21. 1% | | | 3 | 00 ...
正信期货股指期货周报:股指周报:美国关税豁免本周到期,不确定性引发市场避险-20250707
Zheng Xin Qi Huo· 2025-07-07 06:12
股指周报:美国关税豁免本周到期,不确定性引发市场避险 正信期货股指期货周报 20250707 研究员:蒲祖林 投资咨询证号:Z0017203 理性投资,风险自担 Email:puzl@zxqh.net 核心观点 风险提示:中东地缘冲突和中美贸易摩擦扰动、美联储降息不及预期,中国未释放政策利多信号 宏观:美国对各国90天豁免期本周结束,关注美国与各国谈判进展,尤其是欧盟和日本、印度等国的结果,关税政策 对市场的冲击仍有不确定性风险,参考2018年的路径,需谨防特朗普极限施压的负面情绪冲击。国内经济各领域步入 季节性回升转折窗口,市场仍预期7月底关于经济工作的政治局会议利多。 中观:地产销售低位季节性回升,但力度有限,总体旺季不旺,服务业结构分化且暑期季节性升温,5月实体经济中生 产和投资退坡,消费在财政补贴提振下扛起大旗,制造业抢出口近入尾声,三季度或有脉冲回落压力,国内反内卷式政 策出台,供给缩减有望扭转商品供需平衡,物价有望震荡回升,关注本周CPI和PPI的表现。 资金:国内流动性总体宽松,海外流动性在美国经济数据韧性扰动下边际收紧,金融条件反复波动,美元指数有望超跌 反弹,国内股市将获得增量资金,被动ET ...
1—5月份,广东规上服务业营业收入同比增长7.5%
news flash· 2025-07-07 03:42
1—5月份,广东规上服务业营业收入同比增长7.5% 金十数据7月7日讯,1—5月份,广东规模以上服务业实现营业收入2.37万亿元,同比增长7.5%。分门类 看,交通运输、仓储和邮政业同比增长9.3%,信息传输、软件和信息技术服务业增长8.3%,房地产 (不含房地产开发)增长2.6%,租赁和商务服务业增长9.3%,科学研究和技术服务业增长1.8%,水 利、环境和公共设施管理业下降1.9%,居民服务、修理和其他服务业下降1.6%,教育增长5.7%,卫生 和社会工作下降1.1%,文化、体育和娱乐业增长4.8%。 (广东统计信息网) ...
债券动态跟踪报告:银行转债陆续退市,如何选择底仓品种
Ping An Securities· 2025-07-07 03:02
债券 2025 年 07 月 07 日 可转债茶话会 银行转债陆续退市,如何选择底仓品种 证券分析师 平安观点 光伏设备之外的替代底仓品种,整体上建议在转债价格低时逐渐建仓。光 伏设备转债风险、收益都相对更高,一是建议筛选龙头个券,如营业收入、 净利润排名在行业前几位的个券;二是为评级下调留有余地,避免被动出 库抛售。 风险提示:底仓品种行业基本面大幅恶化;可转债价格上涨过快,底仓品 种可投范围快速收缩;可转债评级大规模下调。 债 券 动 态 跟 踪 报 告 证 券 研 究 报 告 债 券 报 告 刘璐 投资咨询资格编号 S1060519060001 liulu979@ pingan.com.cn 陈蔚宁 投资咨询资格编号 S1060524070001 chenweining369@ pingan.com.cn 年内银行转债余额或收缩约 1000 亿元,25 年末余额或在 900 亿元左右。 截至 25 年 6 月 30 日,市场上银行转债还有 10 只、余额 1349 亿元。在 此基础上,杭银转债、南银转债已强赎,齐鲁转债接近强赎,浦发转债将 于 10 月到期,25 年末相较于 24 年末,银行转债余额或将 ...
明确职责 共同维护站区良好秩序
Xi An Ri Bao· 2025-07-07 02:48
Core Points - The Xi'an municipal government has issued regulations to enhance the comprehensive management of the North Railway Station area, effective from August 5, 2025, for a duration of five years [1] Group 1: Management Scope and Responsibilities - The management scope of the North Railway Station area includes the north and south squares and surrounding areas, specifically defined by certain road boundaries [2] - Various departments are assigned specific responsibilities to address illegal activities, including unlicensed operations, public order disturbances, and traffic violations [3] Group 2: Transportation and Infrastructure - Relevant units are required to maintain and update municipal roads and public facilities in the North Railway Station area to ensure cleanliness and functionality [4] - Transportation authorities must establish reasonable public transport routes and increase service capacity during peak travel periods, such as holidays and major travel seasons [4] Group 3: Environmental and Public Order Regulations - Regulations mandate that businesses maintain cleanliness and adhere to city appearance standards, including proper signage and outdoor advertising [5][6] - Prohibited behaviors include littering, unauthorized advertising, and disturbing public order through high noise levels during commercial activities [7]
培育发展交通运输新质生产力
Jing Ji Ri Bao· 2025-07-06 21:44
Group 1 - The core viewpoint of the articles emphasizes the significant advancements in China's transportation infrastructure, including the installation of over 890,000 kilowatts of clean energy capacity and the completion of 35,000 charging stations, alongside a railway electrification rate of 75.3% [1] - The transportation sector is recognized as a foundational and strategic industry in the national economy, benefiting from the integration of advanced technologies such as digital information and artificial intelligence, which provide a platform for new productive forces [1][2] - The focus is shifting from traditional scale expansion to innovation-driven development, necessitating upgrades to existing infrastructure and the cultivation of new business models to meet emerging consumer demands [1][2] Group 2 - There is a strong emphasis on technological innovation within the transportation sector, advocating for the development of smart transportation and logistics through the integration of big data, the internet, and artificial intelligence [2] - The transportation industry serves as a testing ground for advanced technologies and a platform for the incubation of new industries, highlighting its role in enhancing the quality of life for the public [2] - To achieve high-quality development, the sector must prioritize innovation and reform, leveraging modern information technologies to enhance the intelligence of transportation systems [2] Group 3 - High-quality development in the transportation sector also requires a commitment to green development, with a focus on achieving carbon peak targets and promoting low-carbon transportation methods [3] - The industry is encouraged to adopt a philosophy of ecological priority and green development, integrating environmental protection into all aspects of transportation [3] - There is a call for structural adjustments within the transportation sector to promote green travel and the use of new energy, alongside efforts to enhance the management of aging infrastructure [3]
向“新”发力 “两重”等重点项目牵引投资稳中有升
Shang Hai Zheng Quan Bao· 2025-07-06 18:03
记者了解到,作为亚洲最大的地下综合交通枢纽工程,北京城市副中心站综合交通枢纽建设已进入冲刺 阶段,计划在2025年底基本建成。 距离北京千里之外的甘肃兰州"两重"项目"进度条"也在持续推进。记者从兰州市发展改革委获悉,"两 重"政策推进以来,兰州市谋划储备项目493个,总投资1045.33亿元,截至6月中旬获得国家资金支持30 亿元,撬动投资66亿元。2025年1至5月,固定资产投资完成额同比增长6%以上,发展态势强劲。 ■年中经济透视 向"新"发力 "两重"等重点项目牵引投资稳中有升 ◎记者 于祥明 近日,国家发展改革委安排超3000亿元支持2025年第三批"两重"建设项目。至此,今年8000亿元"两 重"建设项目清单已全部下达完毕。与此同时,多地重大工程项目建设的"进度条"加快。上海证券报记 者根据公开信息统计,2025年以来多家上市公司中标项目涉及各类重点项目,主要聚焦于电网升级、轨 道交通、高端能源装备等领域。对此,专家表示,宏观政策持续发力,资金支持力度加大,在"两重"项 目牵引下,各大项目建设加快推进,下半年投资增长将保持稳中有升。 "两重"项目持续刷新"进度条" "截至2025年6月底,副中心站 ...
总投资额突破10万亿元!多地密集发布向民间资本推介项目清单!
Sou Hu Cai Jing· 2025-07-06 13:45
Group 1 - The core viewpoint emphasizes the importance of promoting the sustainable, healthy, and high-quality development of the private economy as a major long-term policy of the state [1] - As of July 4, there are 11,842 projects being promoted to private capital with a total investment of 10.19 trillion yuan [1] - The National Development and Reform Commission (NDRC) has organized the introduction of over 3,200 new projects to private capital, involving a total investment exceeding 3 trillion yuan, focusing on key areas such as transportation, energy, and new infrastructure [3][4] Group 2 - The implementation of the "Private Economy Promotion Law" since May 20 aims to ensure fair competition and promote investment financing, allowing private economic organizations to participate equally in various sectors [3] - The number of items in the "Market Access Negative List (2025 Edition)" has been reduced from 117 to 106, further relaxing market access restrictions [4] - Local governments have recently published project lists for private capital, with Beijing releasing 119 key projects totaling approximately 124.4 billion yuan, and Henan Province announcing 75 major projects with a total investment of 33 billion yuan [5][6] Group 3 - The current wave of project promotion signals a deepening of market-oriented reforms and optimization of resource allocation, aiming to attract private enterprises to enhance project construction and operational efficiency [7] - The focus on attracting private capital is particularly significant in areas such as technological innovation and new infrastructure, where private investment is seen as a crucial driver for industrial upgrading and high-quality economic development [7]
北京号最精彩|期待!海淀19.35公顷超大运动场即将开园
Bei Jing Ri Bao Ke Hu Duan· 2025-07-06 12:03
Group 1 - The highly anticipated Xiaojiahe Green Movement Park will officially open on July 12, covering an area of 19.35 hectares and accommodating 7,000 people for leisure and fitness activities [4][6] - The Beijing cultural market themed "Beijing Cultural, Treating the Capital" recently launched at Wangfujing Bookstore, showcasing a blend of literature and local culture [6][8] - The 14th China Children's Drama Festival opened on July 4, featuring 42 performances across 185 shows, organized by various cultural institutions [19] Group 2 - The Beijing Municipal Public Security Bureau announced the addition of 64 new electronic police monitoring devices, focusing on illegal parking and other traffic violations, with 18 of these located in Daxing District [21] - Yonghui Supermarket's new store in Beijing's Fengke Wanda Plaza has completed its transformation to the "Learning from Pang Donglai" model, aiming to enhance the shopping experience for local residents and office workers [23][29] - Nongfu Spring has launched a 2-kilogram package of edible ice, capitalizing on the summer demand for ice products, which has seen significant popularity among beverage companies [29]
固定收益周报:关注股债性价比何时重回偏向债券-20250706
Huaxin Securities· 2025-07-06 11:04
2025 年 07 月 06 日 关注股债性价比何时重回偏向债券——资产配置 周报 —固定收益周报 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示,2025 年 5 月实体部门负债增 速录得 8.9%,前值 9.0%,基本符合预期。以月末时点数衡 量,预计 4 月形成年内实体部门负债增速的高点,6 月实体 部门负债增速转而下行至 8.8%附近,7 月基本平稳,后续趋 于下行,重回缩表。按照两会公布的财政计划,我们预计年 底实体部门负债增速将下降至 8%附近。金融部门方面,上周 资金面边际上继续松弛,目前尚未超出我们有关本轮资金面 极值高点出现在 6 月底至 7 月初两周内的判断,在实体部门 边际缩表前提下,我们很难相信资金面会持续松弛。本周或 成为本轮资金空转结束的重要时点,重点关注股债性价比能 否重回偏向债券。2025 年政府工作报告中明确指出:"使社 会融资规模、货币供应量增长同经济增长、价格总水平预期 目标相匹配",这表明,稳定宏观杠杆率的大方向没有任何 动摇,中国仍然处于边际缩表过程之中,大规模化债进一步 降低了地方政府融资成本、以及发生大规模违约和流动性风 险的概率,有利于提升全社 ...