Core Viewpoint - The Central State-Owned Modern Energy ETF (561790) has shown positive performance, with a recent increase of 0.56% and notable gains in constituent stocks, indicating a favorable market environment for energy sector investments [3][4]. Group 1: ETF Performance - As of June 30, 2025, the Central State-Owned Modern Energy ETF has achieved a maximum monthly return of 10.03% since its inception, with a longest consecutive monthly gain of 7 months and a total increase of 23.43% [4]. - The ETF has a year-to-date maximum drawdown of 7.91%, which is relatively low compared to its benchmark [4]. Group 2: Market Activity - The ETF has an active trading environment, with an intraday turnover rate of 13.58% and a transaction volume of 6.2884 million yuan [3]. - Over the past month, the ETF has maintained an average daily transaction volume of 6.6820 million yuan, ranking first among comparable funds [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the Central State-Owned Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.040% over the past two months, the best among its peers [5]. Group 4: Index Composition and Valuation - The underlying index, the Central State-Owned Modern Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.37, indicating strong valuation attractiveness [5]. - The top ten weighted stocks in the index account for 49.93% of the total, including major players like Changjiang Electric Power and China Nuclear Power [5].

（原标题：【盘中播报】沪指涨0.18% 银行行业涨幅最大） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今日各行业表现（截至上午10:28） | 申万行业 | 行业 | 成交额 （亿元） | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 银行 | 1.23 | 122.41 | -20.29 | 苏州银行 | 4.33 | | 美容护理 | 1.06 | 26.26 | 1.37 | 锦波生物 | 5.07 | | 公用事业 | 0.89 | 135.58 | 60.30 | 华电辽能 | 10.17 | | 医药生物 | 0.83 | 516.14 | 37.80 | 阳普医疗 | 19.94 | | 建筑材料 | 0.78 | 48.17 | 21.73 | 再升科技 | 10.10 | | 社会服务 | 0.45 | 68.42 | 18.91 | 豆神教育 | 7.84 | | 钢铁 | 0.43 | 27.10 | -11 ...

Core Viewpoint - The performance of major industry ETFs in the U.S. stock market shows mixed results, with regional banks and banking ETFs experiencing gains, while energy and semiconductor ETFs are declining [1]. Group 1: Regional Banks and Banking Sector - Regional bank ETF increased by 0.67%, closing at $59.85, with a trading volume of 601,400 shares and a year-to-date change of +0.52% [2]. - Banking sector ETF rose by 0.65%, reaching $56.10, with a trading volume of 39,594 shares and a year-to-date increase of +2.56% [2]. Group 2: Energy and Semiconductor Sectors - Energy sector ETF decreased by 0.55%, priced at $84.83, with a trading volume of 1,174,600 shares and a year-to-date change of +0.62% [2]. - Semiconductor ETF fell by 0.45%, trading at $277.18, with a volume of 354,000 shares and a significant year-to-date increase of +14.46% [2].

Core Viewpoint - The A-share market has seen a strong rebound with a significant inflow of funds into ETFs, reaching a total scale of over 4.3 trillion yuan, marking a historical high and a year-to-date increase of 15% [1] Group 1: ETF Performance - The Huatai-PineBridge CSI A500 ETF (563360) has attracted substantial capital, with a net inflow of 11.279 billion yuan over just five trading days, achieving an average daily trading volume of 2.55 billion yuan [1] - As of June 27, 2023, the Huatai-PineBridge CSI A500 ETF's scale surpassed 20.256 billion yuan, making it the largest in its category, with a total share count of 19.898 billion [1] - The fund's share count increased by 2.613 billion shares year-to-date, reflecting a change rate of 15.12% [1] Group 2: Investment Logic - Global allocation funds have reached historical highs in U.S. equities, while China's position remains at the bottom, creating potential for long-term capital inflow into Chinese stocks if macroeconomic conditions continue to improve [2] Group 3: Fund Characteristics - The Huatai-PineBridge CSI A500 ETF offers a low-cost investment option with a management fee of 0.15% per year and a custody fee of 0.05% per year, making it one of the most competitively priced equity index products in the A-share market [3] - The fund has a quarterly dividend assessment mechanism, providing investors with flexible capital management options [3] Group 4: Index Composition - The CSI A500 Index selects 500 securities with larger market capitalizations and better liquidity from various industries, focusing on sectors such as electronics, power equipment, pharmaceuticals, and national defense [4] - The index's major weighted stocks include Kweichow Moutai, CATL, and Ping An Insurance, among others, reflecting a diverse industry representation [5] Group 5: Growth and Dividend Attributes - The CSI A500 Index exhibits superior dividend growth characteristics, with higher levels of dividend yield and a greater proportion of companies distributing cash dividends compared to the broader index [8] - The index includes leading companies across various sectors, which are expected to benefit from China's modernization process and increased market concentration due to government policies [8]

[Table_ReportInfo] 2025 年 06 月 30 日 证券研究报告•金融工程报告 机器学习金融工程月报 机器学习因子选股月报（2025 年 7 月） 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：祝晨宇 邮箱：zhcy@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 [Table_Summary] GAN_GRU因子：基于前期报告《量价时序特征挖掘模型在深度学习因子中的 应用》（2024年 7月 11日）中提到的 GAN_GRU 模型，定期更新 GAN_GRU 因子自 2024年以来表现情况。其中 GAN_GRU因子为利用生成式对抗神经网 络 GAN 模型进行量价时序特征处理后再利用 GRU 模型进行时序特征编码得 到的选股因子。 表现跟踪：自 2019 年 1 月至 2025 年 6 月，月频调仓的基础上，GAN_GRU 因子在全 A 范围内 IC均值 11.54%，多头组合年化超额收益率 24.95%；截至 2025 年 6 月 27 日，GAN_GRU ...

□本报记者王辉 头部私募仓位高企 顺时投资权益投资总监易小斌认为，近期，部分外部因素的积极变化为A股运行提供了有利环境，但起 决定性作用的仍然是内部因素。这些因素包括：市场自2024年10月高点以来的累计调整时间已超8个 月，技术面面临突破；国内政策密集出台，直接刺激了券商、金融科技等板块爆发；市场资金面充裕， 核聚变、稳定币、固态电池等热点不断涌现，有效维系了市场人气。易小斌判断，这些内外部积极因素 的中期延续性较强，有利因素不断积聚，预计将推动行情持续发展。 融智投资基金经理夏风光从宏观周期角度分析称，下半年全球主要经济体货币政策的"潜在共振"是关键 变量，美联储重启降息进程的可能性正在增大，这将为国内货币和财政政策打开空间。夏风光表 示："流动性环境的进一步改善叠加经济回暖，有望进一步推升本轮A股的阶段性趋势行情。" 来自第三方机构私募排排网的最新监测数据显示，截至6月20日，全市场股票私募机构的平均仓位水平 为74.62%，较前一周小幅上升0.37个百分点，这一数值处于今年以来的中等偏高水平。在具体仓位上， 54.31%股票私募机构仓位处于重仓或满仓(仓位大于八成)水平，24.41%股票私募仓位处于中 ...

【导读】公募基金经理把脉港股下半年走势：港股或呈现"震荡上行+结构分化"格局 中国基金报记者 李树超 曹雯璟 王思文 今年上半年，港股市场走势强劲。截至6月27日，恒生指数年内累计涨幅超21%，恒生科技涨近20%，领跑全球主要市场。 如何看待今年上半年港股市场的整体表现？目前港股整体估值情况如何？展望下半年，港股市场行情将如何演绎？哪些行业投资机会值得 关注？对此，中国基金报记者采访了 汇添富基金经理陈健玮、中欧港股通精选基金经理付倍佳、富国基金旗下港股通互联网ETF基金经理 田希蒙、博时基金境外投资部基金经理赵宪成、汇丰晋信港股通精选基金经理许廷全、平安医药精选股票基金经理周思聪、诺安精选价值 基金经理唐晨 ， 共同把脉下半年港股市场行情和投资机会。 汇添富基金陈健玮： 今年下半年港股走势或呈现"震荡上行+结构分化"格局。 中欧基金付倍佳 ： 上半年聚焦波动率资产估值提升的机会，下半年逐步聚焦顺周期盈利改善的机会。 汇丰晋信基金许廷全： 尽管相较去年低点已有回升，但 港股 整体估值均仍低于长期历史平均水平，相对亚洲其他市场及欧美市场更具投 资性价比。 富国基金田希蒙 ： 尽管部分板块经历上涨后估值回归历史中 ...

Market Overview - The A-share market experienced a strong rally this week, with the North Securities 50 index leading the major broad-based indices with a weekly increase of 6.84% [3] - Major indices saw comprehensive gains, with the Shanghai Composite Index rising by 1.91%, the CSI 300 by 1.95%, and the ChiNext Index by 5.69% [4] Trading Sentiment - The market's strong rise was accompanied by a steady increase in trading volume, indicating improved liquidity [3] - The volume timing indicator for the North Securities 50 remains cautious, while other major indices have shifted to a bullish signal [3] Fund Flow - ETF funds showed signs of profit-taking, with an overall net outflow from equity ETFs, particularly in the Sci-Tech Innovation Board and small-cap stocks [3] - Southbound capital saw a net inflow of 28.381 billion HKD, with the Shanghai Stock Connect contributing 13.489 billion HKD and the Shenzhen Stock Connect 14.892 billion HKD [10] Valuation Metrics - As of June 27, 2025, broad-based indices such as the Shanghai Composite, CSI 300, CSI 500, and CSI 1000 are at "moderate" valuation percentiles, while the ChiNext Index is at a "safe" valuation percentile [5] - In terms of sector valuation, industries like electricity and public utilities, home appliances, food and beverage, agriculture, non-bank financials, and transportation are classified as "safe" [6] Volatility Analysis - The cross-sectional volatility of the CSI 300 and CSI 500 index constituents increased week-on-week, indicating an improved short-term Alpha environment [7] - Conversely, the cross-sectional volatility of the CSI 1000 index constituents decreased, suggesting a weakening short-term Alpha environment [7] Institutional Focus - The top five stocks attracting the most institutional attention this week were Huichuan Technology (151 institutions), Weigao Medical (144), Jingbeifang (79), AVIC Chengfei (66), and Cangge Mining (64) [9]

策略报告 | 投资策略 A 股策略周思考 证券研究报告 上证攻坚新高后，怎么看？ 市场思考：如何看待指数后续节奏？ 1）由于整体市场的显著放量，上周小盘拥挤度出现明显下行。指标从 65% 下行至 62.4%，目前的幅度已经与 25 年 4 月比较接近，1 月幅度则更大。 2）前两次后续市场出现调整的背景是市场处于成交额减量+小盘拥挤度上 行，表现在市场出现调整之前先出现了缩圈至小盘的现象，而上周以前，市 场存量稳定。这一轮从 4 月初挖坑以后开始上行，但期间成交额（MA20） 均处于 1.2 万亿左右的相对低位，在修复过程中并没有出现过热的情况。另 外，本轮从 4 月初至今的行情并没有过热，融资余额增幅较小。 3）复盘 2014 年，14 年上半年小盘持续跑赢大盘，像沪深 300 这类的大盘 指数的收盘价在 14 年的 3-6 月份创 2013 年以来的新低，小盘表现更强的 这个特征和现在相似。到了 14 年下半年，在 14 年 7 月-8 月上旬和 14 年 11 月-12 月也出现了【小盘拥挤度下行】+【成交额上行】这个组合，全 A 指数上行新高。另外，期间在 14 年 8 月下旬-10 月又回到了小盘风 ...

当地时间6月27日，BusinessWire（美国商业资讯）披露的公告显示，美国知名投资人沃伦·巴菲特将 8239股伯克希尔A类股转换为1235.85万股B类股，并将1235.8321万股伯克希尔公司B类股捐赠给盖茨基 金会（原名"比尔及梅琳达·盖茨基金会"）以及4个家族慈善机构。 按照当地时间周五伯克希尔B类股收盘价485.68美元计算，本次巴菲特对五家基金会的捐赠额达到了60 亿美元，是其近二十年来最大规模的一次年度捐赠。同时，此次捐赠使得巴菲特对慈善机构的捐赠总额 超过了600亿美元。 始的安排，巴菲特原本准备将自己的财富逐渐捐给5个基金会（盖茨基金会和巴菲特家族掌管的4家慈善 机构），每年捐出剩余股权的5%。 去年6月，《华尔街日报》曾罕见刊发对巴菲特的访问文章，透露了巴菲特最新的遗产安排。巴菲特表 示，他已经多次修改过遗嘱，在看到孩子们变得更加成熟后，他制定了目前的计划。 具体来看，1235.8321万股中，9433839股捐赠给盖茨基金会；943384股捐赠给苏珊·汤普森·巴菲特基金 会（The Susan Thompson Buffett Foundation）；以及分别向舍伍德基金会（The ...