智通财经APP获悉，7月10日，第三季度DHL香港空运贸易领先指数（DTI）显示：整体空运贸易指数于本季度持续下滑，重回2019 年第三季度的水平，即中美贸易关系紧张局势的初期阶段，反映当前空运贸易面临挑战，尤其是在出口/转口方面。电子产品及部件 指数与服饰保持平稳。相反，礼品、玩具及家庭用品则录得最显著跌幅，达到自2023年以来最低水平。另外，钟表及首饰指数在所 有空运商品中表现最为疲弱。 近九成本地空运用户对近期贸易政策变化认知不足，其中，主要关注范畴是关税及法规的最新调整，以及关税计算。自中美双方于 2025年5月14日暂缓贸易关税90日后，近三成本地空运用户表示紧急订单有所增加。 在贸易环境急剧变化下，本地空运用户认为东南亚为最具贸易潜力的市场，其次为欧洲及大中华区市场。美洲指数在本季度录得自 2022年以来的最低水平，其网上零售业务方面亦最为疲弱，而亚太地区指数与过往几季相比则保持平稳。 DTI是由DHL Express香港委托香港生产力促进局进行的一项季度调查，乃全港首个空运贸易指数，旨在提供有关整体空运进口和出 口/转口贸易市场的前景。该调查每季度就市场业务需求和发展趋势访问不少于600家以香港 ...

Core Viewpoint - The article highlights the growth and expansion of Zhongchong Co., a leading player in the pet food industry, particularly under the leadership of its founder, Hao Zhongli, who has made significant investments and strategic moves to enhance the company's market position and global footprint [1][4][22]. Company Overview - Zhongchong Co. has invested over 800 million yuan in New Zealand, acquiring the high-end pet food brand ZEAL and establishing three production bases [1]. - The company started from pet snack OEM and now owns several brands, including Wanpi and Zhenzhi, with 22 production bases globally [3][22]. - The stock price of Zhongchong Co. has increased nearly 80% since the beginning of the year, indicating strong market performance [4]. Financial Performance - From 2022 to 2024, Zhongchong's revenue is projected to rise from 3.248 billion yuan to 4.465 billion yuan, while net profit is expected to grow from 106 million yuan to 394 million yuan, nearly quadrupling [7]. - The company's gross margin was 29.13% last year, which is lower than its competitor, Guobao Pet, at 42.32% [10][11]. - The company has improved its domestic gross margin to 35.18% through product restructuring and the introduction of high-margin products [11]. Market Strategy - Zhongchong Co. focuses on the mid-to-high-end market, leveraging a "domestic brand + cost performance" strategy [9]. - The company has shifted from an OEM model, which contributed 58% of its revenue, to a self-operated sales model, with over 68% of revenue coming from overseas [14]. - The company has established a strong online presence, with e-commerce channels accounting for approximately 70% of total pet sales in China [17]. Marketing and Branding - The company employs various marketing strategies, including collaborations with celebrities and social media influencers, to enhance brand visibility [18]. - In 2022, online sales of its proprietary brands accounted for 60% of domestic revenue, while offline sales made up 40% [19]. Research and Development - Zhongchong Co. invested 72.68 million yuan in R&D last year, a year-on-year increase of over 50%, representing 1.63% of total revenue [20]. Global Expansion - The company has established 22 production bases worldwide, including in the U.S., Canada, and New Zealand, and products are sold in 85 countries [22][23]. - The U.S. factory, built with an investment of 28 million USD, became profitable in its first year of operation [21]. - The company plans to expand its production capacity in North America, with a second factory expected to be completed by 2026 [24].

Core Viewpoint - The Hai Fu Tong Digital Economy Mixed Securities Investment Fund has been terminated and is undergoing liquidation due to significant redemption and poor performance, with a drastic reduction in fund shares within a year of its establishment [2][5][10]. Fund Performance and Liquidation - The fund was established on June 13, 2024, and had its last operational day on May 27, 2025, with a total share count dropping from 28,620,140 to 378,000, a decrease of 99.87% [2][4]. - By the end of the reporting period, the Hai Fu Tong Digital Economy A and C classes had been redeemed significantly, leaving only 135,300 shares remaining [2][3]. - The fund's net asset value was only 363,600 yuan, with the A class showing a year-to-date return of -5.56%, underperforming its benchmark by 3.96% [3][4]. Market Context - Hai Fu Tong Fund Management Company has seen multiple funds liquidated in 2025, with a total of six funds announced for liquidation, including four newly established funds from 2024 [5][10]. - The overall fund asset scale of Hai Fu Tong has decreased from 172.16 billion yuan at the end of Q4 2024 to 171.90 billion yuan by July 5, 2025, despite launching seven new funds that raised 6.275 billion yuan [10][11]. Industry Trends - The trend of fund liquidations is increasing, with 130 funds reported to have been liquidated in 2025, marking a rise of over 10% compared to the previous year [11][12]. - The majority of liquidated funds are initiated funds, which face challenges in achieving sustainable growth in asset size, leading to a high liquidation rate [11][14].

【导读】又有理财子公司"换帅"，北银理财董事长方宜任职资格获批 7月4日，国家金融监督管理总局北京监管局公布批复显示，核准方宜北银理财有限责任公司董事、董事长的任职资格。 北银理财是北京银行旗下全资理财子公司，注册资本为20亿元。公司成立于2022年11月，同年12月正式开业，开业仪式上即发布两项指数，分别为中债- 北银理财绿色发展风险平价指数和中证北银理财北京科技领先指数。步艳红是北银理财开业后的首任董事长。 今年5月，有媒体报道称，北银理财董事长步艳红转任北京银行投资管理部总经理，北京银行石家庄分行行长方宜有望接任北银理财董事长一职。 随着监管公布相关批复，方宜担任北银理财董事长一职正式落定。 在担任北京银行石家庄分行党委书记、行长期间，方宜曾表示，石家庄分行紧跟国家京津冀协同发展政策导向，协同联动北京地区分行，同时加强与北银 金租、北银理财的合作，立足河北省产业转型升级，抢抓央企外迁、落户河北的重大战略机遇，积极服务营销央企在冀子公司。 据北京银行披露的北银理财2024年业绩数据，截至2024年末，北银理财管理资产规模达3892亿元，较上年末增长33.52％；净利润达2.58亿元，较上年末下 降17.3 ...

【导读】又有理财子公司 " 换帅 " ，北银理财董事长方宜任职资格获批 中国基金报记者 王思文 7 月 4 日，国家金融监督管理总局北京监管局公布批复显示 ，核准方宜北银理财有限责任公 司董事、董事长的任职资格。 公开资料显示， 方宜曾任北京银行济南分行副行长、北京银行石家庄分行党委书记、行长等 职务。 2021 年 9 月，监管核准了方宜北京银行石家庄分行行长任职资格。 北银理财是北京银行旗下全资理财子公司，注册资本为 20 亿元。公司成立于 2022 年 11 月，同年 12 月正式开业，开业仪式上即发布两项指数，分别为 中债 - 北银理财绿色发展风 险平价指数和中证北银理财北京科技领先指数。 步艳红是北银理财开业后的首任董事长。 据北京银行披露的北银理财 2024 年业绩数据，截至 2024 年末，北银理财管理资产规模达 3892 亿元，较上年末增长 33.52 ％；净利润达 2.58 亿元，较上年末下降 17.3 ％；总资 产、净资产分别为 27.42 亿元、 26.07 亿元。 编辑：晨曦 校对：纪元 制作：舰长 审核：许闻 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转 ...

"创新药主题基金涨势汹汹，但有多少普通投资者会在今年买入这类基金？"近期有基民在社交媒体的理 财社区发出感叹。 公募基金上半年的业绩角逐赛尘埃落定。不少投资者发现，名列前茅的主动权益类基金大多重仓了创新 药板块或北交所板块。相对极致的投资策略固然让基金净值大涨，但高波动性和主题投资的局限性也让 不少普通投资者望而却步。 值得关注的是，市场并非仅有一种"高光"选项——今年上半年，仍有不少不押注单一赛道的基金经理， 通过深入的全市场研究、严格的选股纪律和追求稳健回报的投资框架，在更广阔的市场中挖掘机遇，业 绩表现同样可圈可点。 博道基金的基金经理张建胜表示，考核方式的长期化会使得基金投资更重视绝对估值，而非边际定价， 基金经理会更重视现金流、企业文化、竞争壁垒、分红能力与意愿等与股东回报更关联紧密的方面。 永赢基金权益研究部总经理王乾表示，长周期考核显著抑制了短期交易动机，预计基金换手率会系统性 下降，追涨杀跌行为会有效减少。在顶层设计下，主动权益类基金的风格漂移空间被压缩。短期虽存阵 痛，但从长期来看，行业将向更健康的生态发展——唯有真正注重投资者回报的基金管理人，方能重新 赢得客户信任。 "在我的管理过程中， ...

Group 1 - The South African FTSE/JSE Africa Leading 40 Index closed up by 0.62% on June 30, reaching 88,757.81 points [1] - In June, the index accumulated a rise of 2.21%, with a peak of 89,482.63 points on June 12, marking an intraday historical high [1] - The index also achieved a closing historical high of 89,326.22 points and has increased by over 17.74% in the first half of the year [1]

Group 1 - The Central Plains City Leading Index (CCL) reported a weekly increase of 0.39%, reaching 136.13 points, marking a total increase of 0.41% over two weeks [1] - The CCL has remained at a low level not seen in over 8.5 years, hovering around levels last seen in August 2016 [1] - The CCL has experienced fluctuations, with nine increases and five decreases over the past 14 weeks since the relaxation of stamp duty, resulting in a cumulative increase of 0.92% [1] Group 2 - The CCL Mass index reported a weekly increase of 0.34%, reaching 137.48 points, while the CCL for small units and large units also saw increases [2] - The property prices in four districts have shown mixed results, with the CCL Mass for Hong Kong Island increasing by 1.75% and New Territories West by 0.46%, while Kowloon and New Territories East experienced slight declines [2] - For the first half of 2025, six out of eight major property price indices are projected to decline, with the CCL showing a cumulative decrease of 1.10% [2]

行 业 及 产 业 2025 年 06 月 25 日 行 业 研 究 / 行 业 深 盛瀚 A0230522080006 shenghan@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 胡静航 (8621)23297818× hujh@swsresearch.com 从历年"618"购物节看宠物食品行业变化 看好 ——宠物食品行业系列深度之六 本期投资提示： 证 券 研 究 报 告 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 度 农林牧渔 - 证券分析师 ⚫ 引言：2024 年下半年以来，宠物经济的市场关注度日趋提升，板块估值拔高后，市场 对于高频数据和月度销售表现的关注与跟踪也更加细致。作为主要依赖线上销售的行 业，宠物食品在"618"与"双十一"期间的销售表现备受关注，本篇报告详细总结 2025 年"618"期间宠物食品的销售表现，同时复盘了过去五年的行业情况，并在此 基础之上，分析总结了中国宠物食品行业近年来的行业发展趋势。 ⚫ 2025 年"618"期间宠物食品销售维持高增。据星图 ...

Group 1 - The core point of the article is the recent changes in fund management at E Fund, specifically the appointment of new fund managers for the E Fund Competitive Advantage Enterprises and E Fund Research Selection, indicating a shift in management strategy [1][2] - Feng Bo, the previous sole manager, has now appointed Guo Jie, He Chongkai, and Peng Ke as co-managers, suggesting a move towards a team-based management approach [1][2][10] - As of the end of the first quarter, Feng Bo managed assets totaling 12.472 billion yuan, but he has recently stepped down from managing two other funds due to "work needs" [2][10] Group 2 - Feng Bo's management history dates back to 2010, with a notable return of 131.18% over 15 years for the E Fund Industry Leader [3] - The E Fund Competitive Advantage Enterprises, launched with a record-breaking subscription of 239.9 billion yuan, has faced significant performance challenges, with a current net value of only 0.46 yuan and a return rate of -53.92% since inception [9][10] - The trend of appointing multiple fund managers is becoming common in the industry, with approximately 25% of open-end public funds in China managed by teams of two or more [11] Group 3 - The recent changes align with the China Securities Regulatory Commission's initiative to promote high-quality development in public funds, emphasizing the importance of team-based management to enhance investment capabilities [11][12] - Team-based management aims to mitigate risks associated with individual managers and improve performance stability through collaboration and complementary skills among fund managers [12] - However, effective team management requires that fund managers possess complementary strengths, such as macro analysis, industry trends, and stock selection [12]