新闻精要 | 1. 国务院常务会议审议通过《关于深入实施"人工智 | | --- | | 能+"行动的意见》 | | 2. 商务部谈中美瑞典经贸会谈情况 | | 月制造业 为 3. 国家统计局：7 PMI 49.3%，较上月下 | | 降 0.4 个百分点 | | 英伟达公司被约谈 4. | | 要求 天内降低美国药价 5. 特朗普向药企"开刀" 60 | | 6. 全球重要经济数据发布 | | 风险提示 | | 1.稳增长力度不及预期； | | 2.地缘冲突升级。 | | 分析师：彭竑/钟哲元 | 深证成指 11009.77 -193.26 -1.73 沪深 300 4075.59 -75.65 -1.82 中小 100 6833.61 -128.03 -1.84 创业板指 2328.31 -39.37 -1.66 科创 50 1047.87 -10.70 -1.01 香港恒生 24773.33 -403.60 -1.60 外汇市场 收盘点位 涨跌 涨跌幅% 市场研究部证券研究报告 2025 年 8 月 1 日 国内市场综述 弱势整理 震荡走低 周四（7 月 31 日）大盘弱势整理，震荡走低。截至收 盘，上 ...

国内市场综述 冲高回落 走势分化 周三（7 月 30 日）大盘冲高回落，走势分化。截至收 盘，上证综指收于 3615.72 点，上涨 0.17%；深成指 收于 11203.03 点，下跌 0.77%；科创 50 下跌 1.11%； 创业板指下跌 1.62%，万得全 A 成交额共 18710 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 14 个行业上涨，其 中通石油石化、钢铁及食品饮料涨幅居前，而综合金 融、电力设备及新能源、计算机则跌幅较大。概念方 面，水产、乳业及西藏振兴等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一 7月30日，美国三大股指收盘涨跌不一，道指跌0.38%， 标普 500 指数跌 0.12%，纳指涨 0.15%。热门科技股涨 跌不一贵金属、金属铜概念跌幅居前，美国黄金跌超 7%。美联储维持利率不变但内部出现罕见分歧，叠加 特朗普政府加征铜产品关税引发通胀担忧，市场对 9 月降息预期从 68%骤降至 45%，美债收益率上涨压制风 险偏好。 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 | 市场研究部证券研究报告 | | | 2025 年 7 月 ...

国内市场综述 量价齐升 震荡上扬 周二（7 月 29 日）大盘量价齐升，震荡上扬。截至收 盘， 上证综指收于 3609.71 点，上涨 0.33%；深成指 收于 11289.41 点，上涨 0.64%；科创 50 上涨 1.45%； 创业板指上涨 1.86%，万得全 A 成交额共 18293 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 15 个行业上涨，其 中通信、钢铁及医药涨幅居前，而农林牧渔、银行及 家电则跌幅较大。概念方面，CRO、光模块 CPO 及西藏 振兴等指数表现活跃。 海外市场综述 美国三大股指全线收跌，道指跌 0.46% 周二美国三大股指全线收跌，道指跌 0.46%，标普 500 指数跌 0.3%，纳指跌 0.38%。联合健康跌超 7%，波音 跌超 4%，领跌道指。万得美国科技七巨头指数跌 0.59%， 脸书跌超 2%，特斯拉、苹果跌超 1%。中概股多数下跌， 小马智行跌逾 8%，理想汽车跌逾 6%。 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523030001 邮箱：pengh ...

Domestic Market Overview - The domestic market experienced a weak consolidation with a decrease in trading volume, with the Shanghai Composite Index closing at 3593.66 points, down 0.33%, and the Shenzhen Component Index at 11168.14 points, down 0.22% [1][5][10] - Among the 30 sectors tracked, 9 sectors saw gains, with notable increases in computer, electronics, and light manufacturing, while construction materials, construction, and food and beverage sectors faced significant declines [1][5][10] - The total trading volume for the A-share market was 181.55 billion yuan, showing a decrease compared to the previous day [1][5][10] Overseas Market Overview - The three major U.S. stock indices saw slight gains, with the Dow Jones up 0.47%, S&P 500 up 0.4%, and Nasdaq up 0.24%. Notably, Tesla's stock rose over 3% [2][5] - The performance of Chinese concept stocks was mixed, with many declining, including a drop of over 10% for Xiaoying Technology [2][5] Key News Highlights - The 2025 World Artificial Intelligence Conference was attended by Premier Li Qiang, emphasizing the rapid development of AI technology and its integration into the economy [3][12] - The establishment of the China Capital Market Society was announced, aiming to enhance research and development in the capital market [3][21] - A trade agreement was reached between the U.S. and the EU, which includes a 15% tariff on EU goods entering the U.S. and a commitment from the EU to increase investment in the U.S. [3][22][23] Industrial Insights - In June, the profit decline of industrial enterprises above designated size narrowed, with total profits amounting to 715.58 billion yuan, a year-on-year decrease of 4.3%, which is an improvement from the previous month [16][17] - The equipment manufacturing sector showed significant growth, with a 7.0% increase in revenue and a profit increase of 9.6%, contributing positively to overall industrial profits [17][18] - The manufacturing sector is advancing towards high-end, intelligent, and green production, with notable profit increases in high-end equipment manufacturing and smart products [18][19] Agricultural Sector Developments - A new plan to promote agricultural product consumption was released, focusing on optimizing supply, innovating distribution, and enhancing market activation [20] - The plan aims to meet diverse consumer needs and improve the quality of agricultural products while leveraging e-commerce platforms for better market reach [20]

Domestic Market Overview - The domestic market experienced a low opening followed by a rise, with the Shanghai Composite Index closing at 3605.73 points, up 0.65% [4][9] - The Shenzhen Component Index closed at 11193.06 points, up 1.21%, while the ChiNext Index rose by 1.5% [4][9] - A total of 27 out of 30 sectors in the CITIC index saw gains, with consumer services, non-ferrous metals, and comprehensive finance leading the increases [4][9] - The total trading volume for the A-share market was 18739 billion, showing a slight decrease from the previous day [4][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones falling by 0.7%, while the S&P 500 and Nasdaq rose by 0.07% and 0.18% respectively [2][4] - Tesla's stock dropped over 8%, and IBM fell more than 7%, leading the declines in the Dow [2][4] - Most Chinese concept stocks declined, with Qifu Technology down over 9% and Haolai down more than 5% [2][4] News Highlights - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of mutual respect and cooperation between China and Europe [11] - The National Development and Reform Commission and the State Administration for Market Regulation announced improvements to the standards for identifying low-price dumping to regulate market pricing [12] - A document was issued to enhance financial services for rural reform and promote comprehensive rural revitalization [13][14] - The China Securities Investment Fund Industry Association held a meeting to discuss the pension business for 2025, focusing on enhancing the professional service level of public funds [16][19]

Domestic Market Overview - The Shanghai Composite Index closed at 3582.3 points, up 0.01%, while the Shenzhen Component Index closed at 11059.04 points, down 0.37%. The ChiNext Index decreased by 0.01%, and the STAR Market 50 Index increased by 0.45%. The total trading volume of the A-share market was 18984 billion, slightly down from the previous day [1][4][9] - Among the 30 sectors tracked by CITIC, 4 sectors saw gains, with non-bank financials, home appliances, and banks leading the increase. Conversely, building materials, defense, and comprehensive finance experienced significant declines [1][4][9] Overseas Market Overview - On July 23, all three major U.S. stock indices rose, with the Dow Jones Industrial Average increasing by 1.14%, the S&P 500 rising by 0.78%, and the Nasdaq gaining 0.61%. Notably, Merck rose nearly 3%, and UnitedHealth Group increased by over 2% [2][4] News Highlights - The Ministry of Commerce announced that He Lifeng will visit Sweden from July 27 to 30 for economic and trade talks with the U.S. [3][11] - The Hainan Free Trade Port is set to officially start its full island closure operation on December 18 this year, implementing a series of liberalization policies [3][12] - The Public Security Bureau will strengthen the regulation of "smart driving" systems in vehicles [3][14] - A cross-provincial real estate registration mechanism has been established among Beijing, Shanghai, Hangzhou, Guangzhou, and Shenzhen, benefiting over 90 million people [3][15] - The U.S. and Japan have reached an agreement on tariff negotiations, reducing the tariff rate on Japan from 25% to 15% [3][17]

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 3581.86 points, up 0.62%, and the Shenzhen Component Index closing at 11099.83 points, up 0.84% [1][4][9] - A total of 21 out of 30 sectors in the CITIC first-level industry rose, with significant gains in coal, building materials, and construction, while banking, computer, and retail sectors saw declines [1][4][9] - The total trading volume of the A-share market reached 192.86 billion yuan, showing an increase compared to the previous day [1][4][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones rising 0.4% and the Nasdaq falling 0.39%, while Nvidia dropped over 2% [2][4] - Chinese concept stocks generally rose, with NIO increasing by over 10% [2][4] Key News Highlights - Shenzhen is expected to implement a series of reforms, including allowing companies listed in Hong Kong to return to the Shenzhen Stock Exchange [3][11] - The People's Bank of China reported that credit in key sectors of the national economy maintained rapid growth [3][12] - The Sci-Tech Innovation Board is experiencing a surge in "hard technology" companies, with over 589 listed companies and a total market value exceeding 7 trillion yuan [3][15][16] - The National Data Bureau is guiding cities like Hefei and Chengdu to establish data labeling bases to explore the development of the data labeling industry [3][18] Driving Factors - As of the end of Q2, the balance of real estate loans in RMB reached 53.33 trillion yuan, with a year-on-year growth of 0.4% [10][12] - The total balance of loans to small and micro enterprises reached 35.57 trillion yuan, showing a year-on-year increase of 12.3% [14][12] - The average R&D intensity of companies on the Sci-Tech Innovation Board has remained above 10%, with R&D investment reaching 168.1 billion yuan in 2024, which is more than three times the net profit of the board [16][17]

Domestic Market Overview - The domestic market experienced a strong upward trend with both volume and price increasing, as the Shanghai Composite Index closed at 3559.79 points, up 0.72%, and the Shenzhen Component Index closed at 11007.49 points, up 0.86% [1][9] - Among the 30 first-level industries, 27 saw an increase, with construction materials, construction, and steel leading the gains, while only banking, comprehensive finance, and computers experienced slight declines [1][9] - The total trading volume in the A-share market reached 172.71 billion yuan, showing an increase compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.04%, the S&P 500 up 0.14%, and the Nasdaq up 0.38% [2] - The Chinese concept stocks showed mixed performance, with Huya rising over 16% [2] Key News Highlights - The Ministry of Commerce reported that the national online retail sales increased by 8.5% from January to June [3][14] - The China Internet Network Information Center (CNNIC) released its 56th statistical report, indicating that as of June, the number of internet users in China reached 1.123 billion, with an internet penetration rate of 79.7% [3][15] - The State Council published the "Housing Rental Regulations," effective from September 15, 2025, aimed at regulating housing rental activities and promoting high-quality development in the rental market [3][11][12] Market Drivers - The National Energy Administration reported that the total electricity consumption in June was 867 billion kWh, a year-on-year increase of 5.4%, with a cumulative electricity consumption of 4841.8 billion kWh from January to June, up 3.7% [10][19] - On the same day, 4005 stocks in the A-share market rose, with 382 stocks increasing by over 5%, indicating a strong market sentiment [10]

Investment Rating - The report maintains a "Positive" outlook for the computer industry, expecting the industry index to outperform the market index by over 5% in the next six months [42]. Core Insights - The computer sector index rose by 2.12% from July 14 to July 18, outperforming the CSI 300 index by 1.03 percentage points, ranking 8th among all sectors [13][16]. - The introduction of NVIDIA's GB300 server, based on the Blackwell Ultra architecture, marks a significant advancement in AI computing capabilities, with a peak performance of 1.1 ExaFLOPS, representing an 11-fold increase in inference speed compared to the previous Hopper architecture [2][19]. - The GB300's production capacity is projected to reach 2,000-2,500 units per month in Q2 2025, with total production expected to be between 5,000-6,000 units, driven by demand from major cloud service providers [2][21]. Summary by Sections Market Performance - The computer sector index increased by 2.12% during the week, while the CSI 300 index rose by 1.09%, indicating strong sector performance [13][16]. - Top gainers included Xiling Information (+27.08%), ST Cube (+26.86%), and Yanhua Intelligent (+24.04%), while major losers were Dazhihui (-17.51%), Jinzhen Shares (-10.85%), and Jingbeifang (-10.61%) [16][17]. Technology Progress and Industry Impact - The GB300 server integrates advanced technologies, including a modular liquid cooling system and NVLink 5.0, which allows for high-density GPU deployment [2][19]. - The GB300's liquid cooling technology is expected to increase its penetration from approximately 10% in 2024 to over 30% in 2025, particularly in high-end AI training servers [7][28]. Supply Chain Dynamics - The production of GB200 and GB300 servers is driving significant adjustments in the global supply chain, with major manufacturers like Foxconn and Quanta ramping up production [21][26]. - North America's major cloud providers, including Microsoft, Google, AWS, and Meta, are the primary purchasers of these servers, with significant orders also coming from Middle Eastern sovereign AI projects [21][26]. Investment Opportunities - The demand for high-end optical modules is expected to surge due to the GB300's introduction, with the 1.6T optical module's transmission speed doubling that of the 800G version and power consumption decreasing by 30%-35% [4][26]. - The PCB industry is also set to benefit from the GB300's rollout, with a shift towards higher-layer boards to support increased computing density [4][28].

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 3534.48 points, up by 0.5%, and the Shenzhen Component Index closing at 10913.84 points, up by 0.37% [1][10] - A total of 22 out of 30 sectors in the CITIC first-level industry rose, with non-ferrous metals, steel, and basic chemicals leading the gains, while media, comprehensive finance, and electronics saw significant declines [1][10] - The total trading volume of the A-share market reached 15,933 billion yuan, showing a slight increase compared to the previous day [1][10] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down by 0.32%, the S&P 500 down by 0.01%, and the Nasdaq up by 0.05% [2][10] - Tesla's stock rose over 3%, while 3M and American Express saw declines of more than 3% and 2%, respectively [2][10] - Chinese concept stocks mostly rose, with Hesai Technology increasing by over 8% [2][10] Key News - The opening ceremony for the Yarlung Tsangpo River downstream hydropower project was attended by Li Qiang, marking the commencement of the project [3][12] - A total of 16 central enterprises signed 75 industrial project investment agreements with the Tibet Autonomous Region, amounting to 317.54 billion yuan, focusing on clean energy, green minerals, and infrastructure [11][14] - The third China International Supply Chain Promotion Expo concluded in Beijing, with over 1,200 participating enterprises and institutions, and more than 60,000 cooperation agreements reached [15]