晨会纪要（R3） 晨会纪要 2025 年 07 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3581.86 | 0.62 | | 深证成指 | 11099.83 | 0.84 | | 创业板指 | 2310.86 | 0.61 | | 科创 50 | 1016.27 | 0.83 | | 北证 50 | 1458.86 | 0.45 | | 沪深 300 | 4118.96 | 0.82 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 692003 | 540635 | 12.80 | 1.33 | | 深证成指 | 242856 | 199800 | 21.65 | 2.29 | | 创业板指 | 64411 | 51416 | 30.18 | 4.18 | | 科创 50 | 35639 | 23991 | 55.58 | 4.30 | | ...

| 晨会聚焦 | | --- | | 一、财信研究观点 | | 【市场策略】市场全天高开高走，大基建方向涨幅居前 | | 【基金研究】基金数据日跟踪 | | 【债券研究】债券市场综述 | | 二、重要财经资讯 | | 【宏观经济】6 月全社会用电量同比增长 5.4% | | 【宏观经济】央行开展 1707 亿元 7 天期逆回购操作 | | 【宏观经济】7 月 LPR 维持不变 | | 【财经要闻】截至 6 月我国互联网普及率达 79.7% | | 月全国网上零售额增长 【财经要闻】1-6 8.5% | | 【财经要闻】6 月全国销售彩票同比下降 2.6% | | 三、行业及公司动态 | | 【行业动态】6 月份用电量增长 5.4%，生活用电大幅增长 | | 【公司跟踪】百奥泰（688177.SH）：BAT4406F 注射液获得药物临床试验 | | 批准通知书 | | 【公司跟踪】新华医疗（600587.SH）：子公司一次性使用多通道单孔腹 | | 腔镜穿刺器获批 | | 【公司跟踪】天赐材料（002709.SZ）：与楚能新能源签订生产材料采购合 | | 作协议 | | 四、湖南经济动态 | | 【湘股动态】金 ...

证券研究报告 行业点评（R3）- 无重点股票 银行 融资需求有所修复，M1 增速大幅回升 银行业 6 月金融数据点评 投资要点： 2025 年 07 月 21 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 银行 3.86 12.35 30.58 沪深 300 6.21 8.30 15.44 -11% -1% 9% 19% 29% 39% 2024-07 2024-10 2025-01 2025-04 2025-07 银行 沪深300 洪欣佼 分析师 执业证书编号:S0530524110002 hongxinjiao@hnchasing.com 相关报告 1 银行业 2025 年 7 月月报：货币政策定调更加 灵活，险资再度举牌银行 2025-07-10 2 银行业 5 月金融数据点评：融资需求偏弱，低 基数下 M1 增速回升 2025-06-19 3 银行业 2025 年 6 月月报：宽基指数样本调整， 关注板块资金面催化行情 2025-06-06 请务必阅读正文之后的免责声明 央行发布 6月金融统计数据报告。6月末，人民币贷款余额268.56万 亿元，同比增长 7.06%。6 ...

2025 年 07 月 21 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3534.48 | 0.50 | | 深证成指 | 10913.84 | 0.37 | | 创业板指 | 2277.15 | 0.34 | | 科创 50 | 1007.53 | 0.19 | | 北证 50 | 1418.61 | -0.67 | | 沪深 300 | 4058.55 | 0.60 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 684604 | 533051 | 12.65 | 1.31 | | 深证成指 | 238245 | 196255 | 21.24 | 2.25 | | 创业板指 | 63453 | 50601 | 29.67 | 4.12 | | 科创 50 | 35281 | 23524 | 54.89 | 4.25 | | 北证 50 | 3133 ...

证券研究报告 | 2025 年 07 月 18 日 | | --- | | | | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 新能源电池 6.15 9.86 11.04 沪深 300 4.15 6.94 15.33 -10% 0% 10% 20% 30% 40% 2024-07 2024-10 2025-01 2025-04 新能源电池 沪深300 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 1 5 月电池月度数据点评：5 月电池产量 123.5GWh，同比增长 47.9% 2025-06-13 行业点评 新能源电池 6 月电池产量 129.2GWh，同比增长 51.4% | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | 宁德时代 | 11.13 | 23.85 | 14. ...

证券研究报告 2025 年 07 月 18 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3516.83 | 0.37 | | 深证成指 | 10873.62 | 1.43 | | 创业板指 | 2269.33 | 1.75 | | 科创 50 | 1005.65 | 0.80 | | 北证 50 | 1428.11 | 0.86 | | 沪深 300 | 4034.49 | 0.68 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681482 | 530302 | 12.56 | 1.31 | | 深证成指 | 237089 | 195255 | 21.13 | 2.23 | | 创业板指 | 63151 | 50349 | 29.52 | 4.10 | | 科创 50 | 35179 | 23454 | 54.67 | 4.23 | | 北证 50 | ...

证券研究报告 2025 年 07 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3503.78 | -0.03 | | 深证成指 | 10720.81 | -0.22 | | 创业板指 | 2230.19 | -0.22 | | 科创 50 | 997.63 | 0.14 | | 北证 50 | 1415.98 | 0.27 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | (亿元) | | 值(亿元) | PE | PB | | 上证指数 679742 | | 528742 | 12.55 | 1.30 | | 深证成指 234085 | | 192748 | 20.87 | 2.21 | | 创业板指 | 62151 | 49516 | 29.08 | 4.03 | | 科创 50 | 34842 | 23271 | 54.22 | 4.19 | | 北证 50 | 3131 | 2166 | 48.44 | 4.8 ...

证券研究报告 2025 年 07 月 16 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3505.00 | -0.42 | | 深证成指 | 10744.56 | 0.56 | | 创业板指 | 2235.05 | 1.73 | | 科创 50 | 996.25 | 0.39 | | 北证 50 | 1412.12 | -1.15 | | 沪深 300 | 4019.06 | 0.03 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 679977 | 528906 | 12.56 | 1.30 | | 深证成指 | 234483 | 193178 | 20.91 | 2.21 | | 创业板指 | 62314 | 49686 | 29.16 | 4.04 | | 科创 50 | 34828 | 23217 | 54.16 | 4.19 | | 北证 50 ...

Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3519.65, up 0.27% [2][4] - The Shenzhen Component Index decreased by 0.11%, while the ChiNext Index fell by 0.45% [2][4] - The overall market sentiment remains cautious with a focus on the electric power sector, which has shown strength recently [4][11] Economic Indicators - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, a year-on-year increase of 2.9% [18][19] - The total value of exports was 13 trillion yuan, growing by 7.2%, while imports decreased by 2.7% to 8.79 trillion yuan [19][20] - The People's Bank of China reported an increase of 12.92 trillion yuan in RMB loans during the same period [20][21] Industry Dynamics - The EVTank report indicates that in 2024, Chinese companies dominated the global high-rate battery market, occupying eight out of the top ten positions [30] - The construction of the largest 750 kV ring network project in China has been completed, enhancing power supply capabilities in the Xinjiang region [34] - The photovoltaic industry is undergoing a transformation with efforts to reduce "involution" and improve overall market conditions [62] Company Performance - KingMed Diagnostics (603882.SH) is expected to report a net loss of 0.65 billion to 0.95 billion yuan for the first half of 2025, a significant decline from a profit of 0.90 billion yuan in the previous year [36] - Zhongji United (605305.SH) anticipates a net profit of 0.25 billion to 0.30 billion yuan, reflecting a growth of 78.02% to 113.63% year-on-year [37] - JiuLi Special Materials (002318.SZ) is set to enhance its production capabilities with a new high-tech seamless steel pipe production line [40] Financial Performance - Youfu Co., Ltd. (002427.SZ) expects to turn a profit in the first half of 2025, with a net profit forecast of 10 million to 15 million yuan [44] - MiaoKe LanDuo (60882.SH) projects a net profit increase of 56% to 89% for the first half of 2025, driven by rising cheese product sales [46] - Shengyi Technology (688183.SH) anticipates a staggering net profit growth of 432% to 471% for the same period, attributed to strategic product optimization [55]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3510.18, up 0.01%, while the Shenzhen Component Index increased by 0.61% to 10696.10 [2][3] - The total market capitalization of the Shanghai Composite Index is 681061 billion, with a PE ratio of 12.56 and a PB ratio of 1.30 [3] Financial Insights - The report indicates a positive outlook for several companies, with Dongpeng Beverage expected to achieve a revenue growth of 35-38% and a profit increase of 33-42% in the first half of 2025 [36] - Zhujiang Beer anticipates a net profit growth of 15-25% for the same period, reflecting a stable performance in the beverage sector [38] - Liugong is projected to see a net profit increase of 20-30% in the first half of 2025, driven by domestic market recovery and product upgrades [40] Industry Dynamics - The EV battery sector is highlighted, with EVTank reporting an expected shipment of 100 million large cylindrical batteries in 2024, and global production capacity exceeding 6 billion [31] - Chery Automobile has announced a patent for a companion robot, indicating innovation in the automotive sector [29] - Shanghai Pudong is focusing on key technologies to accelerate the gathering of critical component manufacturers, enhancing the local industrial ecosystem [34] Company Tracking - Long Cable Technology has won a bid for a cable accessory framework procurement project worth 97.165 million RMB, showcasing its competitive position in the cable accessory industry [43] - Step by Step High is expected to turn a profit in the first half of 2025, with a projected net profit of 9-13 million RMB, marking a significant turnaround [45] Economic Policies - The report mentions the implementation of ten key livelihood projects in Hunan Province, with a total investment of 571.64 billion RMB, aimed at improving public welfare [46]