报告要点： 2025 年 7 月 4 日 A 股冲高回落，大金融领涨。上证指数上涨 0.32%，深 证成指下跌 0.25%，创业板指下跌 0.36%。市场成交额 14283.65 亿元，较上 一交易日增加 1187.78 亿元。全市场 1197 只个股上涨，4160 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>稳定>消费>0>成长>周期；大盘 价值>小盘价值>大盘成长>中盘价值>中盘成长>小盘成长；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：银行 （1.85%），综合金融（1.13%），传媒（0.72%）；表现相对靠后的是：有色金 属（-1.49%），基础化工（-1.38%），轻工制造（-1.14%）。概念板块方面， 多数概念板块下跌，重组蛋白、昨日涨停、退税商店等大幅上涨；噪声防 治、昨日触板、电子烟等大幅走低。 证券研究报告 9[Table_Title] 每日复盘 2025 年 7 月 4 日 2025 年 7 月 4 日 A 股冲高回落，大金融领涨 资金筹码方面，主力资金 7 月 4 日净流出 336.46 亿元。其中超大单净流 出 118.79 亿元， ...

证券研究报告 9[Table_Title] 每日复盘 2025 年 7 月 3 日沪指创年内新高，创业板指涨近 2% 报告要点： 2025 年 7 月 3 日沪指创年内新高，创业板指涨近 2%。上证指数上涨 0.18%，深证成指上涨 1.17%，创业板指上涨 1.90%。市场成交额 13095.87 亿 元，较上一交易日减少 671.40 亿元。全市场 3326 只个股上涨，1879 只个股 下跌。 风格上看，各指数涨跌幅排序为：成长>消费>周期>金融>0>稳定；大盘 成长>小盘成长>中盘价值>中盘成长>小盘价值>大盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：电子 （1.56%），通信（1.36%），医药（1.32%）；表现相对靠后的是：煤炭（- 1.13%），综合金融（-1.01%），综合（-0.40%）。概念板块方面，多数概念板 块上涨，3D 玻璃、英伟达、PCB 等大幅上涨；昨日触板、煤化工、核污染防 治等板块走低。 资金筹码方面，主力资金 7 月 3 日净流出 90.52 亿元。其中超大单净流 入 9.47 亿元，大单净流出 100.00 亿元，中单 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robot concept index increased by 6.57% from June 22 to June 27, 2025, outperforming the CSI 300 index by 4.61 percentage points. Year-to-date, the humanoid robot index has risen by 36.88%, surpassing the CSI 300 index by 34.22 percentage points [2][11]. - Key companies in the humanoid robot sector are actively pursuing technological advancements and strategic partnerships, with significant investments being made to enhance product capabilities and market reach [4][5][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 6.57%, with notable performers including Liyuanheng, which rose by 30.89%, while Jack Co. experienced a decline of 7.67% [11][12]. - The report highlights the growth of the humanoid robot industry, with various companies announcing new product developments and strategic initiatives aimed at enhancing their market positions [3][4]. Weekly Hotspots Review Policy Developments - Shandong aims to exceed a robot manufacturing industry scale of 50 billion yuan by 2027, fostering the growth of leading enterprises [3]. - Zhengzhou's AI innovation plan targets the establishment of 100 high-growth AI companies by the end of 2025, with a core industry scale exceeding 35 billion yuan [3][17]. Product and Technology Iteration - Innovations include the development of soft gel materials for robot skin that can sense pressure and temperature, and a high-resolution tactile sensing robotic hand [3][19]. - Google DeepMind introduced the Gemini Robotics On-Device model, enabling local operation of robots without internet connectivity [20]. Investment and Financing - Galaxy General completed a new round of financing amounting to 1.1 billion yuan, with total financing exceeding 2.4 billion yuan over two years [21]. - CASBOT secured nearly 100 million yuan in angel financing, while Feixi Technology completed a C round of financing in the hundreds of millions of dollars [21]. Key Company Announcements - Haier has established a robotics division focusing on both industrial and domestic service robots, with plans to evolve towards humanoid robots [4][24]. - Aon Electric has formed a robotics subsidiary, developing products applicable to service and humanoid robots [22].

证券研究报告 9[Table_Title] 每日复盘 南向资金 7 月 2 日净流入，合计 50.36 亿港元。其中，沪市港股通当日 净流入 12.79 亿港元，深市港股通当日净流入 37.57 亿港元。 7 月 2 日，亚太主要股指收盘涨跌不一。恒生指数上涨 0.62%，报 24221.41 点；恒生科技指数下跌 0.64%，报 5269.11 点；日经 225 指数下跌 0.56%，报 39762.48 点；澳洲标普 200 指数上涨 0.66%，报 8597.70 点。 2025 年 7 月 2 日 A 股震荡走低，创业板指跌逾 1% 报告要点： 2025年7月2日A股震荡走低，创业板指跌逾1%。上证指数下跌0.09%， 深证成指下跌 0.61%，创业板指下跌 1.13%。市场成交额 13767.27 亿元，较 上一交易日减少 890.78 亿元。全市场 1973 只个股上涨，3323 只个股下跌。 风格上看，各指数涨跌幅排序为：周期>金融>稳定>0>消费>成长；大盘 价值>中盘价值>小盘价值>大盘成长>中盘成长>小盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights significant market performance for the week of June 23-27, 2025, with retail, social services, and beauty care sectors increasing by 4.56%, 4.61%, and 1.04% respectively, outperforming the Shanghai Composite Index which rose by 1.91% [14][17]. - Key events include the strategic investment of 3.4 billion yuan by Jianbo Biological into Yangshengtang, and the successful IPO of Yingtong Holdings on the Hong Kong Stock Exchange [3][28]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 9th, 8th, and 24th among 31 primary industries, with notable increases in sub-sectors such as education, professional chains, and trade, which rose by 7.47%, 7.42%, and 5.2% respectively [14][17]. Key Industry Data and News - In the beauty care sector, significant developments include the entry of Kefu Mei into Malaysia's Watsons, becoming the first Chinese efficacy skincare brand in the region, and the announcement by the National Medical Products Administration regarding the management of cosmetic raw materials [23][24]. - Jianbo Biological's restructuring of its collagen product to a medical device category and the successful listing of Yingtong Holdings are also noteworthy [3][24]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Biological, Marubi Biological, Runben Co., Ltd., Proya, Chaohongji, Blukoo, and Furuida as potential investment targets within the highlighted sectors [5][29].

9[Table_Title] 每日复盘 证券研究报告 2025 年 7 月 1 日 2025 年 7 月 1 日 A 股三大指数涨跌不一 ，创新药概念股 强势领涨 报告要点： 2025 年 7 月 1 日 A 股三大指数涨跌不一 ，创新药概念股强势领涨。上 证指数上涨 0.39%，深证成指上涨 0.11%，创业板指下跌 0.24%。市场成交额 14658.05 亿元，较上一交易日减少 208.32 亿元。全市场 2664 只个股上涨， 2570 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>周期>消费>稳定>0>成长；中盘 价值>大盘价值>小盘价值>小盘成长>大盘成长>中盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：医药 （1.74%），银行（1.51%），有色金属（1.51%）；表现相对靠后的是：综合金 融（-2.65%），计算机（-1.28%），商贸零售（-0.47%）。概念板块方面，多 数概念板块上涨，重组蛋白、肝炎、免疫治疗等大幅上涨；退税商店、 MLOps、数字货币等大幅走低。 资金筹码方面，主力资金 7 月 1 日净流出 335.88 亿元。其 ...

Investment Rating - The report maintains a recommendation for the automotive industry, particularly focusing on electric smart vehicles in the "late mass market stage" [5][10]. Core Insights - The retail sales of passenger vehicles in China from June 1-22 reached 1.269 million units, a year-on-year increase of 24%, while wholesale sales were 1.238 million units, up 14% year-on-year [1][21]. - The penetration rate of new energy vehicles in the retail market reached 54.5%, with retail sales of 691,000 units from June 1-22, marking a 38% increase year-on-year [2][21]. - Xiaomi's YU7 SUV launched with significant demand, achieving over 200,000 pre-orders within three minutes, indicating strong brand influence and market competition against Tesla [3][50]. Summary by Sections 1. Weekly Market Review (June 21-27, 2025) - The automotive sector rose by 2.88%, outperforming the Shanghai Composite Index by 0.93 percentage points [14]. - The passenger vehicle segment saw a slight decline of 0.06%, while the auto parts sector experienced a significant increase of 4.58% [15][14]. 2. Data Tracking - Cumulative retail sales of passenger vehicles for the year reached 10.086 million units, reflecting an 11% year-on-year growth [1][21]. - Cumulative wholesale sales for the year reached 12.028 million units, with a 12% year-on-year increase [1][21]. 3. Industry News Highlights (June 21-27, 2025) - The Ministry of Industry and Information Technology announced new vehicle models, including NIO's third-generation ES8 and other notable electric vehicles [35]. - Haier announced its entry into the Robotaxi market, collaborating with Ant Group and CATL to develop L4 autonomous driving technology [39]. - The State Development and Reform Commission plans to issue funds for the third batch of consumer goods replacement programs in July [49].

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

证券研究报告 2025 年 6 月 30 日 9[Table_Title] 每日复盘 2025 年 6 月 30 日三大指数集体上涨，游戏股全线大涨 资金筹码方面，主力资金 6 月 30 日净流出 20.65 亿元。其中超大单净流 入 31.77 亿元，大单净流出 52.42 亿元，中单资金净流出 50.46 亿元，小单 持续净流入 65.99 亿元。 6 月 30 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分 成交额较上一交易日增加。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪 深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方中证 1000ETF 和华 夏中证 1000ETF 成交额分别为 22.11 亿元、43.00 亿元、8.28 亿元、16.38 亿 元、14.54 亿元、14.70 亿元和 3.72 亿元，分别较上一交易日变化+1.43 亿 元、+0.42 亿元、-2.60 亿元、+0.80 亿元、+1.34 亿元、+2.92 亿元、+0.61 亿元。6 月 27 日主要宽基 ETF 资金流向显示资金主要流入上证 50ETF， ...

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - The overseas AI chip index increased by 9.2% this week, driven by increased capital expenditure from cloud computing giants like Microsoft, Meta, and Amazon, which is expected to boost demand for computing chips [1][10] - The domestic AI chip index rose by 5.3%, with significant stock price divergence among domestic chip companies, such as a 10% increase for SMIC and over a 7% decline for Hengxuan Technology [1][10] - The NVIDIA mapping index grew by 5.9%, supported by strong growth in NVIDIA's data center business and ongoing capital expansion by cloud computing firms [1][10] - The server ODM index saw a 5.7% increase, reflecting robust demand for AI servers as major cloud computing companies expand their capital expenditures [1][10] - The storage chip index rose by 4.8%, benefiting from DRAM price increases and improving downstream demand expectations [1][10] - The power semiconductor index increased by 4.0%, while the A-share fruit chain index and Hong Kong fruit chain index rose by 3.8% and 4.4%, respectively [1][10] Market Data Summary - By 2025, 3nm technology is expected to dominate all new flagship SoC models, with 3nm and 2nm accounting for approximately one-third of smartphone SoC shipments by 2026 [2][25] - In the first four months of 2025, China's total electronic product output grew by over 10% [2][29] - In April 2025, PC production increased by 4.2% year-on-year, while TV production decreased by 2.2% [2][29] - The U.S. smartphone import volume dropped by 45% in April 2025 compared to March, with imports from China falling by 61% [2][29] - Samsung held a 52% market share in the foldable OLED market in Q2 2025, with BOE, Huaxing Optoelectronics, and Visionox following [2][33] Major Events Summary - Xiaomi launched several new products, including the MIX Flip2 foldable phone and the first AI glasses [3][36] - Honor has received approval for its IPO guidance and aims to complete the process between January and March 2026 [3][36] - The Honor Magic V5 will feature a 6100mAh ultra-thin battery, marking the first mass production of a battery with 25% silicon content [3][36] - Apple plans to start developing its first foldable iPhone in the second half of 2025 [3][38]