Market Performance - On June 26, 2025, the Shanghai Composite Index fell by 0.22%, the Shenzhen Component Index decreased by 0.48%, and the ChiNext Index dropped by 0.66%[15] - The total market turnover was 15,829.55 billion CNY, a decrease of 195.80 billion CNY from the previous trading day[15] - A total of 1,655 stocks rose while 3,646 stocks fell across the market[15] Sector Performance - The top-performing sectors included Comprehensive Finance (up 1.65%), Banking (up 1.06%), and Communication (up 0.63%)[21] - The worst-performing sectors were Automotive (down 1.38%), Non-Banking Financials (down 1.35%), and Pharmaceuticals (down 1.09%)[21] Capital Flow - On June 26, 2025, the net outflow of main funds was 39.287 billion CNY, with large orders seeing a net outflow of 23.436 billion CNY and super large orders a net outflow of 15.852 billion CNY[24] - Small orders continued to see a net inflow of 35.603 billion CNY[24] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -10.64 billion CNY and -30.95 billion CNY respectively[29] - The net inflow for the CSI 1000 ETF on June 25 was 0.575 billion CNY[29] Global Market Trends - On June 26, 2025, the Hang Seng Index fell by 0.61%, while the Nikkei 225 Index rose by 1.65%[32] - The Dow Jones Industrial Average decreased by 0.25%, while the Nasdaq Composite Index increased by 0.31%[33]

Market Performance - On June 25, 2025, the Shanghai Composite Index reached a new high for the year, rising by 1.04% to 3,455.97 points[12] - The Shenzhen Component Index increased by 1.72% to 10,393.72 points, while the ChiNext Index surged by 3.11% to 2,128.39 points[12] - The total market turnover was 16,025.35 billion CNY, an increase of 1,882.62 billion CNY compared to the previous trading day[12] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index saw gains, with the top performers being Comprehensive Finance (5.70%), Non-Bank Finance (4.42%), and National Defense Industry (3.49%)[18] - The market style performance ranked as follows: Financial > Growth > Cyclical > Stable > Consumption[18] - Small-cap growth stocks outperformed mid-cap growth and large-cap value stocks[18] Capital Flow - On June 25, 2025, the net inflow of main funds was 38.67 billion CNY, with large orders seeing a net inflow of 144.22 billion CNY[22] - Southbound capital recorded a net inflow of 95.74 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 47.54 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 48.20 billion HKD[24] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant trading volume increases, with changes of +0.60 billion CNY and +20.26 billion CNY respectively[27] - The trading volume for the CSI 500 ETF was 21.84 billion CNY, reflecting a slight decrease of 0.42 billion CNY from the previous day[27] Global Market Trends - On June 25, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.23% and the Nikkei 225 Index up 0.39%[30] - European indices also saw gains, with the DAX Index rising by 1.60% and the CAC40 Index increasing by 1.04%[31] - In the US, the Dow Jones Industrial Average rose by 1.19%, while the S&P 500 and Nasdaq Composite increased by 1.11% and 1.43% respectively[31]

Investment Rating - The industry investment rating is maintained as "Recommended" [7] Core Viewpoints - The report highlights that the recent rise in gold prices is supported by increased risk aversion due to global geopolitical conflicts and inflation data from the US. Additionally, the temporary ban on cobalt exports from the Democratic Republic of Congo has tightened supply, making precious metals and rare earths key investment opportunities [5][4]. Summary by Sections Market Review (2025.6.09-2025.6.20) - The Shenwan Nonferrous Metals Index increased by 0.08%, outperforming the CSI 300 Index and ranking 5th among 31 Shenwan primary industries. Energy metals (1.54%) and metal new materials (0.90%) saw the highest gains, while precious metals and small metals changed by 0.54% and -2.00%, respectively [2][14]. Precious Metals - As of June 20, COMEX gold closed at $3,384.40 per ounce, up 1.60% over the past two weeks and 26.70% year-to-date. COMEX silver closed at $35.95 per ounce, down 0.50% over the same period but up 19.89% year-to-date. The report suggests that geopolitical tensions and trade uncertainties will continue to support gold prices, while silver may have further upside potential due to its undervaluation [3][22][25]. Industrial Metals - LME copper settled at $9,945 per ton, up 1.53% over the past two weeks and 14.50% year-to-date. LME aluminum closed at $2,529 per ton, up 4.01% over the same period but down 0.28% year-to-date. The report indicates that copper's supply-demand dynamics remain supportive, while aluminum faces challenges from seasonal demand fluctuations [29][32]. Small Metals - As of June 20, black tungsten concentrate (≥65%) was priced at 172,000 CNY per ton, down 0.58% over the past two weeks but up 20.28% year-to-date. LME tin closed at $32,690 per ton, up 1.35% over the same period and 15.82% year-to-date. The report notes that the antimony market is experiencing weak demand, while tungsten prices may trend higher due to stable consumption [35][36]. Rare Earths - The rare earth price index was reported at 182.17, down 0.70% over the past two weeks but up 11.23% year-to-date. The report highlights a mixed performance in rare earth prices, with light rare earths showing slight declines while others remain stable due to steady demand from traditional sectors [46][47]. Energy Metals - As of June 20, the average price of electrolytic cobalt was 234,500 CNY per ton, down 0.02% over the past two weeks but up 36.73% year-to-date. The report emphasizes the impact of the extended cobalt export ban from the Democratic Republic of Congo on supply dynamics [53][56].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the telecommunications sector shows a weekly increase of 1.58%, while the broader indices experienced declines [2][10]. - The report highlights a significant upward adjustment in the Total Addressable Market (TAM) for data centers by Marvell, from $75 billion to $94 billion, with a compound annual growth rate (CAGR) of approximately 35% from 2023 to 2028 [3]. - The customized computing market is identified as the largest and fastest-growing segment within the data center hardware market, projected to reach $55.4 billion with a CAGR of about 53% [3]. Summary by Sections Market Overview - The telecommunications sector index increased by 1.58% during the week of June 16-20, 2025, while the Shanghai Composite Index fell by 0.51% [10]. - Among the sub-sectors, communication network equipment and devices saw the highest increase of 3.99%, while communication engineering and services experienced the largest decline of 3.58% [13][14]. Stock Performance - Notable stock performances include Chutianlong with a 36.59% increase, followed by Dongxinheping at 29.68%, and Hengbao Co. at 20.99% [15]. Industry News - LightCounting forecasts a 10% quarter-over-quarter growth in optical module sales, driven primarily by 800G Ethernet modules [17]. - YOLE Group reports that the rapid development of AI is driving the widespread adoption of Co-Packaged Optics (CPO), with the market expected to grow from $46 million in 2024 to $8.1 billion by 2030, reflecting a CAGR of 137% [22]. Key Announcements - The report notes significant corporate announcements, including East Mountain Precision's acquisition of Solstice Optoelectronics for up to $629 million to enhance its optical communication business [33].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robotics concept index experienced a decline of 2.35% from June 15 to June 20, 2025, underperforming the CSI 300 index by 1.90 percentage points. However, year-to-date, the humanoid robotics index has increased by 28.44%, outperforming the CSI 300 index by 27.75 percentage points [2][11]. - Notable stock performance includes Zhongjing Electronics with a weekly increase of 32.60%, while Siling Co. saw the largest decline at 21.06% [17]. Weekly Market Review - From June 15 to June 20, 2025, the humanoid robotics index fell by 2.35%, while the year-to-date performance shows a rise of 28.44% [11]. - The report highlights the significant sales growth of humanoid robots during the "618" shopping festival, with sales increasing by 17 times year-on-year [20]. Weekly Hotspots Policy Developments - The Shanghai Financial Regulatory Bureau and the Science and Technology Commission issued guidelines to promote high-quality development in technology insurance, focusing on future industries such as humanoid robotics [3][18]. Product and Technology Innovations - Foxconn is in talks with NVIDIA to deploy humanoid robots at its AI server factory in Houston [19]. - The world's first 5G-A humanoid robot was launched, showcasing advanced capabilities in joint coordination and complex operations [20]. Investment and Financing - Yuzhu Technology completed a C round of financing with a pre-investment valuation exceeding 10 billion yuan, led by major investors including China Mobile and Tencent [22]. - Parsini Technology secured several hundred million yuan in financing, focusing on tactile core technology and general-purpose humanoid robot development [22]. Key Company Announcements - Wuzhou Xinchun plans to raise up to 1 billion yuan for the development of humanoid robots and automotive intelligent driving components [5][24]. - Step Co. is providing core power system solutions for the humanoid robotics industry and has established partnerships with multiple manufacturers [23].

Market Performance - On June 24, 2025, the market saw a significant increase, with the ChiNext Index leading the gains, rising by 2.30%[2] - The Shanghai Composite Index rose by 1.15%, while the Shenzhen Component Index increased by 1.68%[2] - Total market turnover reached 14,142.73 billion yuan, an increase of 2,918.16 billion yuan from the previous trading day[2] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index experienced gains, with the top performers being: Comprehensive (3.32%), Non-Bank Financials (2.70%), and Automotive (2.59%)[19] - The style performance ranked as follows: Growth > Financial > Cyclical > Consumer > Stable[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On June 24, 2025, the net inflow of main funds was 177.00 billion yuan, with large orders contributing 155.11 billion yuan and small orders seeing a continuous outflow of 25.73 billion yuan[23] - Major ETFs such as the Huatai-PB CSI 300 ETF and the China Southern CSI 500 ETF saw significant increases in trading volume, with changes of +19.07 billion yuan and +11.32 billion yuan respectively[28] Global Market Trends - Major Asia-Pacific indices closed higher, with the Hang Seng Index up 2.06% and the Nikkei 225 Index up 1.14%[31] - In contrast, European indices saw declines, with the DAX down 0.35% and the FTSE 100 down 0.19%[32] - U.S. markets showed positive performance, with the Dow Jones Industrial Average rising by 0.89%[32]

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 23 日 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度 活跃 报告要点： 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度活跃。上证指 数上涨 0.65%，深证成指上涨 0.43%，创业板指上涨 0.39%。市场成交额 11224.57 亿元，较上一交易日增加 548.70 亿元。全市场 4501 只个股上涨， 862 只个股下跌。 风格上看，各指数涨跌幅排序为：成长>金融>周期>稳定>消费>0；小盘 成长>大盘价值>小盘价值>中盘价值>中盘成长>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合金融 （5.03%），综合（3.22%），计算机（2.21%）；表现相对靠后的是：食品饮料 （-0.78%），家电（-0.43%），钢铁（0.02%）。概念板块方面，多数概念板块 上涨，昨日连板、昨日连板_含一字、数字货币等大幅上涨；低碳冶金、白 酒、啤酒等板块走低。 资金筹码方面，主力资金 6 月 23 日净流入 86.96 亿元。其中超大单净流 入 9 ...

资产配置与金融工程 证券研究报告 地缘风险下的资产再平衡 ——大类资产周报（20250616-20250622） 分析师：朱定豪 SAC执业资格证书编码: S0020521120002 邮箱：zhudinghao@gyzq.com.cn 2025年6月23日 分析师：汤静文 SAC执业资格证书编码: S0020524060001 邮箱：tangjingwen@gyzq.com.cn 联系人：黄雯瑜 邮箱：huangwenyu@gyzq.com.cn 摘要 一、本周大类资产交易主线 地缘冲突主导能源走强，但避险资产分化，中东局势升级推升原油（布油+2.09%）、天然气（+10.72%）大涨，霍尔木兹 海峡风险溢价强化能源趋势，黄金逆势跌1.98%，因美元走强及降息预期推迟压制无息资产；A股承压但大盘抗跌，高股息 防御占优；债市走强，流动性改善驱动杠杆策略。商品时序动量强化，截面多空策略受益于能源强/黑色弱格局，集运指数 大跌10.66%，需求证伪压制运价。美国经济意外指数跌至-23.3，美元微涨，人民币抗压（CNH微升），政策护航对冲外部 风险。 二、大类资产配置建议 债市（6）：资金宽松+情绪乐观支撑杠杆和久 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has achieved a significant breakthrough in tin smelting technology with a newly patented system, enhancing its competitive edge in international markets [2]. - The company's revenue and net profit have shown substantial growth, with Q1 2025 revenue reaching 9.729 billion yuan, a year-on-year increase of 15.82%, and net profit attributable to the parent company at 499 million yuan, up 53.08% year-on-year [3][9]. - The increase in metal prices, particularly tin, copper, and zinc, has positively impacted the company's financial performance, with average prices for these metals rising compared to 2024 [4][9]. Summary by Sections Technology Breakthrough - The company has received a U.S. patent for a tin-containing material smelting system, marking a significant milestone in its technological advancements [2]. - The new technology has led to improved operational efficiency, including a 2.5% reduction in dust emissions and a 3.5% decrease in coal consumption, resulting in annual economic benefits exceeding 30 million yuan [2]. Financial Performance - In Q1 2025, the company reported a total production of 82,200 tons of non-ferrous metals, with tin production at 24,200 tons, copper at 24,400 tons, and zinc at 33,300 tons [8]. - The company has effectively controlled its expenses, with a period expense ratio of 4.01% in Q1 2025, and a significant reduction in financial expenses by 50.18% year-on-year [3]. Market Dynamics - The demand for tin is expected to continue growing, driven by its applications in new energy and electronic communication sectors, amidst a tightening supply from traditional tin-producing countries [4]. - The company is well-positioned to benefit from the favorable supply-demand dynamics in the tin market, supported by its strong resource reserves and operational efficiencies [9]. Profit Forecast - The company is projected to achieve net profits of 2.274 billion yuan, 2.484 billion yuan, and 2.680 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.38 yuan, 1.51 yuan, and 1.63 yuan [9].

Investment Rating - The report maintains a "Buy" rating for the industry [5][8] Core Insights - The Chinese gaming market reached a scale of 28.051 billion yuan in May 2025, showing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [3][26] - The report highlights the performance of new and mature products contributing to market growth, with "Genshin Impact" returning to the top three in sales rankings due to a new version release [3][32] - The AI application sector shows mixed performance, with "Doubao" leading in downloads while "Deepseek" experienced a decline [2][22] Market Performance - The media industry (Shenwan) saw a decline of 1.81% from June 14 to June 20, 2025, ranking 15th among industries, while the Shanghai Composite Index fell by 0.51% [11][18] - Within the media sector, the gaming II segment increased by 0.68%, while advertising and digital media segments saw declines of 4.30% and 3.13%, respectively [11][18] Key Data and Updates AI Application Data - The estimated download volume for "Deepseek" on iPhone was 948,200, down 13.20% week-on-week, while "Doubao" saw an increase of 3.99% to 2.0733 million downloads [2][22] Gaming Data - The mobile gaming market in China reached 21.177 billion yuan in May 2025, with a year-on-year growth of 11.96% and a month-on-month increase of 3.69% [26][29] - The overseas sales revenue of domestically developed games was 1.577 billion USD, reflecting a year-on-year increase of 6.93% [26][29] Film Data - The total box office for the week of June 13-19, 2025, was 326 million yuan, with "How to Train Your Dragon" leading the box office [43][44] - Upcoming films are expected to perform well during the summer season, with several high-profile releases scheduled [43][45]