该合伙企业投资领域将主要集中于人工智能、机器人、半导体、北斗、低空经济等未来产业领域的优质 企业。除非在退出其投资组合期间，该合伙企业不得投资于上市证券。 该合伙企业将由国翼数智作为普通合伙人，公司、长江产业投资基金及人形机器人产业投资基金作为有 限合伙人设立，规模预计为人民币5亿元，并由国翼投资管理作为该合伙企业的基金管理人。公司预计 将认缴出资额为人民币2亿元，占该合伙企业认缴出资总额的40%。 【财华社讯】声通科技(02495.HK)早间盘中一度涨逾11%，截至发稿，涨4.58%，报78.85港元。消息面 上，该公司公布，董事会已批准公司投资一家经由国翼投资管理管理的合伙企业，以推进未来产业的战 略投资布局与优先发展方向，加快增强公司整体竞争力。目前，公司尚未订立具法律约束力的协议。 本文源自：财华网 ...

Group 1 - The A-share market's total market capitalization has surpassed 100 trillion yuan for the first time, with a daily trading volume of 2.81 trillion yuan, marking the third-highest in history [1] - The current market trend is characterized as a "systematic slow bull," which reflects a collective expectation for a gradual upward movement rather than a heated market [1] - Various sectors, including banking, energy, public utilities, and technology, are experiencing alternating rotations, contributing to a stable "slow bull" market without overheating [1] Group 2 - The ongoing exit of low-end production capacity due to the rectification of low-price competition is expected to enhance industry concentration and improve pricing power in globally competitive sectors, thereby boosting company performance and profits [2] - The influx of medium to long-term funds from state-owned commercial insurance companies and pension funds into the market has been a significant driver of the current market rally [2] - As of June 30, northbound capital holdings reached 2.29 trillion yuan, an increase of 2.38% from the previous quarter, indicating growing foreign interest in A-shares [2] Group 3 - There is an expectation for further liquidity release in the market, with predictions that the Federal Reserve may enter a rate-cutting cycle, which would enhance global liquidity [3] - Positive factors such as liquidity, technological innovation, and improved market confidence are collectively driving the stock market upward, although maintaining low volatility remains a challenge [3] - It is crucial for market participants to avoid excessive promotion of a "bull market" and to be cautious of speculative activities, ensuring a stable market environment [3]

Market Overview - The Shanghai Composite Index rose to a new high, surpassing 3700 points during intraday trading, with the ChiNext Index and the STAR Market Index also showing positive movements [1] - As of the midday close, the Shanghai Composite Index increased by 0.2% to 3690.88 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.15% and 0.23% respectively [1] - The total trading volume across the Shanghai and Shenzhen markets reached 1.4314 trillion yuan [1] Sector Performance - Sectors such as military, automotive, steel, coal, oil, and chemicals experienced declines, while insurance and brokerage sectors saw gains [1] - The semiconductor sector showed an upward trend, and concepts related to digital currency and brain engineering were active [1] Investment Sentiment - Dongguan Securities noted that the Shanghai Composite Index has broken through the previous high of 3674 points from 2024, indicating a strong overall market trend [1] - The current market rally has been characterized by low volatility and low drawdowns, reflecting the characteristics of a mature market [1] - The continuous increase in margin financing indicates a recovery in market confidence, suggesting that the market may maintain a strong trend in the short term [1] Future Outlook - The market is expected to continue its upward trend supported by liquidity and fundamental recovery, with the index potentially rising gradually [1] - Recommended sectors for investment include large financials, machinery, technology, media, telecommunications (TMT), and consumer goods [1]

Core Viewpoint - The article introduces a comprehensive index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][2]. Group 2: Broad-based Indices - Examples of broad-based indices include: - CSI 300 (000300.SH): Comprises 300 large-cap stocks with an average market cap of 1,929.37 billion and a median of 955.29 billion [5]. - CSI 500 (000905.SH): Comprises 500 mid-cap stocks with an average market cap of 295.98 billion and a median of 271.81 billion [5]. - CSI 800 (000906.SH): Comprises 800 stocks with an average market cap of 908.50 billion and a median of 358.74 billion [5]. Group 3: Strategy Indices - Strategy indices focus on specific investment strategies, such as: - CSI Dividend (000922.CSI): Selects 100 stocks with high dividend yields and stable dividends, with an average market cap of 1,963.17 billion [6]. - Shanghai Stock Exchange Dividend (000015.SH): Comprises 50 stocks with high dividend yields from the Shanghai Stock Exchange, with an average market cap of 2,809.85 billion [6]. Group 4: Industry Indices - Industry indices reflect the performance of specific sectors, such as: - Financial Sector Index: Represents the performance of up to 50 banking stocks with an average market cap of 3,507.12 billion [7]. - Real Estate Sector Index: Comprises 50 stocks from the real estate industry with an average market cap of 195.47 billion [7]. Group 5: Thematic Indices - Thematic indices focus on specific investment themes or trends, providing insights into particular market segments [8].

Group 1 - The core viewpoint of the news is the ongoing discussions between the EU and the US regarding trade relations, with a potential agreement on tariff reductions being a focal point [1][4][5] - Trump stated that the likelihood of reaching a trade agreement with the EU is around 50%, which caused a temporary drop in the euro against the dollar [1][5] - EU officials expressed optimism about reaching a trade agreement, potentially involving a 15% tariff rate, similar to a recent agreement with Japan [5][6] Group 2 - A face-to-face meeting is scheduled for July 27 in Scotland to further discuss trade cooperation and related disputes between the EU and the US [5][6] - Trump has previously announced a 30% tariff on EU imports starting August 1, with additional tariffs on specific industries, including a 25% tariff on automobiles and parts [5][6] - The EU is seeking to establish lower tariff quotas for certain steel and aluminum products and hopes for exemptions in specific sectors [6] Group 3 - Trump indicated that most trade agreements are expected to be finalized before August, with plans to issue around 200 tariff letters to other trading partners [7] - He downplayed the possibility of the UK negotiating a deal by removing its digital services tax in exchange for lower US tariffs on steel and aluminum [7] - Australia has recently lifted restrictions on US beef imports, which Trump praised as a positive step in trade negotiations [8]

Core Viewpoint - The article introduces a comprehensive index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][8]. Group 2: Broad-based Indices - Examples of broad-based indices include: - CSI 300 (000300.SH): Comprises 300 large-cap stocks from the Shanghai and Shenzhen stock exchanges, with an average market cap of 1,888.48 billion and a median of 907.96 billion [5]. - CSI 500 (000905.SH): Includes 500 stocks ranked 301-800 by market cap, with an average market cap of 279.59 billion and a median of 259.32 billion [5]. - CSI 800 (000906.SH): Covers 800 stocks, with an average market cap of 882.92 billion and a median of 340.58 billion [5]. Group 3: Strategy Indices - Strategy indices focus on specific investment strategies, such as: - CSI Dividend (000922.CSI): Selects 100 stocks with high dividend yields and stable dividends, with an average market cap of 1,970.77 billion [6]. - Shanghai Dividend (000015.SH): Comprises 50 stocks with high dividend yields from the Shanghai Stock Exchange, with an average market cap of 2,828.36 billion [6]. - Shenzhen Dividend (399324.SZ): Includes 40 stocks with stable dividend histories and high dividend ratios, with an average market cap of 984.44 billion [6]. Group 4: Industry Indices - Industry indices represent specific sectors, such as: - CSI Medical (930641.CSI): Selects stocks involved in traditional Chinese medicine production and sales, with an average market cap of 151.90 billion [7]. - CSI Real Estate (399393.SZ): Comprises 50 stocks from the real estate sector with significant market capitalization and liquidity, with an average market cap of 189.85 billion [7]. Group 5: Thematic Indices - Thematic indices focus on specific investment themes, such as: - CSI Consumer (000932.SH): Selects major consumer industry stocks from the CSI 800 index, with an average market cap of 1,155.60 billion [7]. - CSI Innovation (931152.CSI): Includes up to 50 representative companies involved in innovative drug research, with an average market cap of 485.93 billion [7].

- Model Name: CSI 500 Enhanced Portfolio; Model Construction Idea: The model aims to outperform the CSI 500 index by selecting stocks with higher expected returns based on quantitative strategies[2][58] - Model Construction Process: The model uses a quantitative strategy to select stocks from the CSI 500 index. The portfolio's performance is evaluated based on its excess return over the CSI 500 index. The specific construction process involves selecting stocks with higher expected returns and adjusting the portfolio weights accordingly[58][61] - Model Evaluation: The model has shown a significant excess return over the CSI 500 index, indicating its effectiveness in enhancing returns[58][61] - Model Name: CSI 300 Enhanced Portfolio; Model Construction Idea: The model aims to outperform the CSI 300 index by selecting stocks with higher expected returns based on quantitative strategies[2][65] - Model Construction Process: The model uses a quantitative strategy to select stocks from the CSI 300 index. The portfolio's performance is evaluated based on its excess return over the CSI 300 index. The specific construction process involves selecting stocks with higher expected returns and adjusting the portfolio weights accordingly[65][66] - Model Evaluation: The model has shown a significant excess return over the CSI 300 index, indicating its effectiveness in enhancing returns[65][66] - Factor Name: Value Factor; Factor Construction Idea: The value factor aims to capture the excess returns of stocks that are undervalued relative to their fundamentals[2][70] - Factor Construction Process: The value factor is constructed by ranking stocks based on their valuation ratios, such as price-to-book (P/B) and price-to-earnings (P/E) ratios. Stocks with lower valuation ratios are considered undervalued and are given higher weights in the factor portfolio[70][76] - Factor Evaluation: The value factor has shown high excess returns, indicating its effectiveness in capturing the returns of undervalued stocks[70][76] - Factor Name: Residual Volatility Factor; Factor Construction Idea: The residual volatility factor aims to capture the excess returns of stocks with lower idiosyncratic risk[2][70] - Factor Construction Process: The residual volatility factor is constructed by ranking stocks based on their residual volatility, which is the volatility of the stock's returns unexplained by market movements. Stocks with lower residual volatility are given higher weights in the factor portfolio[70][76] - Factor Evaluation: The residual volatility factor has shown high excess returns, indicating its effectiveness in capturing the returns of low-risk stocks[70][76] - Factor Name: Non-linear Size Factor; Factor Construction Idea: The non-linear size factor aims to capture the excess returns of stocks with specific size characteristics that are not linearly related to market capitalization[2][70] - Factor Construction Process: The non-linear size factor is constructed by ranking stocks based on their non-linear size characteristics, which may include measures such as the square or cube of market capitalization. Stocks with specific size characteristics are given higher weights in the factor portfolio[70][76] - Factor Evaluation: The non-linear size factor has shown significant negative excess returns, indicating its ineffectiveness in capturing the returns of stocks with specific size characteristics[70][76] Model Backtest Results - CSI 500 Enhanced Portfolio, Excess Return: 46.94%, Maximum Drawdown: -4.99%[58][61] - CSI 300 Enhanced Portfolio, Excess Return: 31.61%, Maximum Drawdown: -5.86%[65][66] Factor Backtest Results - Value Factor, Excess Return: High[70][76] - Residual Volatility Factor, Excess Return: High[70][76] - Non-linear Size Factor, Excess Return: Significant Negative[70][76]

Economic Negotiations Progress - The UK and US have reached a limited trade agreement covering automotive (10% tariff) and aerospace (duty-free) sectors, but steel and pharmaceutical tariffs remain unresolved [1] - Canada has restarted negotiations with the US after canceling the digital services tax on June 30, aiming to reach an agreement by July 21, while previously imposing a 50% tariff on over-quota steel without further adjustments mentioned [1] - The EU is willing to accept a 10% universal tariff but seeks quotas and exemptions for automotive and steel products, along with lower tax rates for critical industries like pharmaceuticals and semiconductors, while insisting on digital sovereignty not being negotiable [1] - Japan faces a key obstacle with a 25% automotive tariff, with the Japanese side prepared for potential delays in negotiations, while Trump hinted at unilaterally imposing a 30%-35% tariff and threatening to issue a warning to Japan [1] - South Korea proposed a "comprehensive solution" including exemptions for automotive and steel tariffs, but the US remains cautious, with South Korea requesting an extension for negotiations, expected to be decided by July 8 [1] India-US Negotiation Stalemate - The negotiations between India and the US are currently stalled, with India seeking the removal of reciprocal tariffs and concessions on steel and automotive tariffs, while maintaining agriculture as a "red line"; the US desires further reductions in tariffs on agricultural products, automobiles, and alcoholic beverages [2] US Position and Actions - The US Agriculture Secretary indicated that Trump may exempt tariffs on agricultural products that are difficult to grow domestically, such as cocoa beans or coffee [3] - A "final ultimatum" has been issued, warning that if negotiations fail, tariffs could revert to a maximum of 50% by July 9, with Trump stating he does not plan to extend the negotiation deadline [3] - The US is adjusting its negotiation strategy by seeking to narrow the scope of trade agreements, allowing countries that agree to these limited agreements to avoid harsher reciprocal tariffs, while still imposing the existing 10% basic tariff; reports suggest that the US will prioritize negotiations with India before addressing issues with Japan [3]

Group 1 - UBS forecasts a 6% year-on-year growth in EPS for the CSI 300 A-shares by 2025, assuming current US-China tariffs remain unchanged [1] - A-shares are expected to experience limited downside with potential upward catalysts from policy changes, long-term capital inflows, and structural reforms [1] - The "national team" may increase holdings to stabilize the market in extreme scenarios [1] Group 2 - UBS analyzed five categories of capital flows and their potential impact on market styles amid macroeconomic uncertainties [2] - Central Huijin, representing the "national team," significantly entered the market during corrections, with 70% of its investments flowing into the CSI 300 ETF in 2024 [2] - Long-term investors and insurance companies favor high-dividend stocks and bank shares, creating a synergistic effect with Central Huijin [2] - Retail and short-term investors, along with quantitative funds, are expected to drive small-cap stocks to outperform large-cap stocks [2] - Public funds are facing sluggish issuance, negatively impacting growth sectors dominated by public funds [2] - Southbound capital is anticipated to continue flowing into new economy sectors, albeit at a slightly slower pace [2] Group 3 - UBS outlines five scenarios for industry preferences and investment themes [3] - Export-oriented industries, domestic consumption, and high-dividend sectors are highlighted across various scenarios, with a focus on technology and AI [6] - Easing trade tensions could benefit export-oriented sectors and boost high-beta industries, while defensive and high-dividend stocks may attract more investor interest under adverse conditions [6] - Strong policy stimulus is expected to benefit the consumption and real estate sectors the most, while moderate policy efforts may lead to inflows into service industries and AI themes [6] Group 4 - A list of recommended stocks includes PetroChina, Yangtze Power, and others, with respective price targets and upside potential [7] - PetroChina has a market cap of 165.08 billion RMB, with a target price of 11.80 RMB, indicating a 31% upside [7] - NAURA Technology shows a significant upside potential of 37% with a target price of 566.50 RMB [7] - Tuopu has the highest upside potential at 75%, with a target price of 81.00 RMB [7]

Insurance Sector - The insurance sector showed positive performance with notable increases in stock prices for major companies: China Life Insurance (+1.37%), China Pacific Insurance (+1.55%), and Ping An Insurance (+0.77%) [3] - Market capitalizations for key players are as follows: China Life Insurance at 377.23 billion, China Pacific Insurance at 347.78 billion, and Ping An Insurance at 999.38 billion [3] Alcohol Industry - The alcohol sector experienced declines, with Kweichow Moutai down by 1.28%, Wuliangye down by 0.58%, and Shanxi Fenjiu down by 1.32% [3] - Market capitalizations in this sector include: Kweichow Moutai at 1848.48 billion, Wuliangye at 213.21 billion, and Shanxi Fenjiu at 477.87 billion [3] Semiconductor Sector - The semiconductor industry had mixed results, with North China HuaChuang down by 2.89%, Cambrian Technology up by 1.30%, and Haiguang Information up by 0.49% [3] - Market capitalizations are: North China HuaChuang at 216.19 billion, Cambrian Technology at 253.81 billion, and Haiguang Information at 316.48 billion [3] Automotive Sector - The automotive sector saw declines, with BYD down by 1.57% and Great Wall Motors down by 0.52% [3] - Market capitalizations include: BYD at 189.59 billion, Great Wall Motors at 1082.82 billion, and Shanghai-Kunming High-Speed Railway at 278.39 billion [3] Shipping and Oil Sector - The shipping and oil sectors had mixed performance, with Sinopec up by 0.23% and COSCO Shipping unchanged [3] - Market capitalizations are: Sinopec at 711.71 billion, COSCO Shipping at 1623.40 billion, and China Baijiu at 246.29 billion [3] Coal and Battery Sector - The coal sector saw slight declines, with China Shenhua down by 0.24% and Shaanxi Coal and Chemical Industry down by 1.06% [3] - Market capitalizations include: China Shenhua at 191.48 billion, Shaanxi Coal at 78.04 billion, and CATL at 1139.42 billion [3] Food and Beverage Sector - The food and beverage sector had mixed results, with Haitian Flavor Industry down by 1.15% while other companies showed slight changes [4] - Market capitalizations are: Haitian Flavor Industry at 326.33 billion, Citic Securities at 393.19 billion, and Guotai Junan at 229.38 billion [4] Electronics and Pharmaceutical Sector - The electronics sector showed slight increases, with Luxshare Precision up by 1.35% while other companies had minor changes [4] - Market capitalizations include: Luxshare Precision at 366.17 billion, Heng Rui Medicine at 413.06 billion, and Industrial Fulian at 231.39 billion [4] Logistics and Medical Equipment Sector - The logistics sector had slight increases, with SF Holding down by 0.10% while Mindray Medical up by 2.30% [4] - Market capitalizations are: Mindray Medical at 239.55 billion, SF Holding at 171.21 billion, and Wanhua Chemical at 287.45 billion [4] Communication and Construction Sector - The communication sector saw increases, with China Unicom up by 3.59% while China Railway Construction had minor changes [4] - Market capitalizations include: China Unicom at 164.45 billion, China Railway at 236.35 billion, and State Grid at 191.69 billion [4]