证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250721-20250725） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有冰轮环境、中国重汽、博实结、亚普 股份和华盛锂电等。近5天机构调研数前二十的热门公司有华盛锂电、威力传 动、沪电股份、浙富控股和中国重汽等。近30天机构调研数前二十的热门公 司中评级机构家数大于或等于10家的有7家，分别为燕京啤酒、沪电股份、潍 柴动力、中国重汽、京东方A、华菱钢铁和北方稀土。燕京啤酒、沪电股份和 京东方A 2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年7月21日至2025年7月25日，未有公司发布重要股东增持进展情况公 告。 ➢ 本周A股上市公司回购情况 2025年7月21日至2025年7月25日，共计101家公司发布回购进展情况公告， 评级机构家数大于10家（含10家）的共18家，其中，预计回购金额上下限均 值占预案日市值比例大于1%的共4家，分别为健盛集团、慕思股份、金发科 技和劲仔食品。 ➢ 2025/01/01-2025/07/25部分上市公司增持情况 2025年 ...

请阅读最后评级说明和重要声明 证券研究报告/投资策略 7 月份 LPR"按兵不动"，雅江水电工程推动多领域发展 宏观策略周报 投资要点 ➢ 资讯要闻 1. 7月19日，雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。中国雅江集团有限公司成 立大会近日举行，以保障雅江水电工程顺利建设运营。雅江水电工程装机规模巨大，总投资约1.2万 亿元，工程电力以外送消纳为主，兼顾西藏本地自用需求。 2. 7月21日，中国人民银行授权全国银行间同业拆借中心公布，2025年七月21日市场报价利率（LPR） 为：1年期3.0%（上期为3.0%），5年期以上3.5%（上期为3.5%）。 3. 为稳步推进海南自由贸易港建设，财政部、海关总署、税务总局联合印发《关于海南自由贸易港货 物进出"一线"、"二线"及在岛内流通税收政策的通知》《关于海南自由贸易港进口征税商品目录 的通知》，明确海南自由贸易港全岛封关时的货物税收政策。国家发展改革委副主任王昌林7月23日 在国新办发布会上表示，关于海南自贸港封关的具体时间，经党中央批准，定于2025年12月18日正 式启动。 4. 7月24日央行预告，7月25日中国人民银行将以固定数量、利率 ...

证券研究报告/投资策略 中医养生观念深入人心，中药材功能性食品获消费者青睐 中药材功能性食品行业研究 投资要点 ➢ 中国步入深度老龄化社会，老龄人群基数庞大 2024年底，中国60岁及以上人口已达3.1亿，占总人口的22%，65岁以上人口2.2 亿，占比15.6%，中国已经进入深度老龄化社会。老龄化程度加深，老龄人口大 幅增加将推动银发经济的发展，养生保健食品是老年人日常健康管理的重要组成 部分，养生保健食品行业存在巨大的市场需求。 政策同样鼓励居民加强日常保健以提升居民整体健康水平，缓解医保支出压力， 如《"健康中国2030"规划纲要》提出引导合理膳食，制定实施国民营养计划， 发布适合不同人群特点的膳食指南，引导居民形成科学的膳食习惯等，政策催化 下，养生保健食品市场有望加速扩容。 ➢ 中药材功能性食品市场渗透率有望进一步提升 2019年和2020年，中药材保健食品的渗透率较低，分别为0.01%和0.03%，尚处 于起步阶段，但从2021年开始，渗透率显著提升，到2023年已达到4.79%，这表 明中药材保健食品正在逐渐被消费者接受，市场需求不断扩大。据头豹研究院预 测，到2028年，中药材保健食品的渗透率 ...

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250714-20250718） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有冰轮环境、博实结、大族数控、福光股份、 骏鼎达等。近5天机构调研数前二十的热门公司有冰轮环境、燕京啤酒、兴蓉环 境、宁波银行和超捷股份等。近30天机构调研数前二十的热门公司中评级机构家 数大于或等于10家的有6家，分别为燕京啤酒、沪电股份、中国重汽、汇川技术、 华菱钢铁和北方稀土。燕京啤酒、沪电股份和中国重汽2024年归母净利润相较 2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年7月14日至2025年7月18日，发布重要股东增持进展情况公告的公司共计 3家，分别为帝欧家居、利亚德和华侨城A。 ➢ 本周A股上市公司回购情况 2025年7月14日至2025年7月18日，共计81家公司发布回购进展情况公告，评级 机构家数大于10家（含10家）的共18家，其中，预计回购金额上下限均值占预案 日市值比例大于1%的共5家，公司为厦门象屿、长虹美菱、梦百合、隆盛科技和 海南华铁。 ➢ 2025/01/01-2025/07/18 ...

Key Points - The core viewpoint of the report indicates that China's GDP grew by 5.3% year-on-year in the first half of the year, with a total value of 660,536 billion yuan, reflecting a steady economic recovery [1][12] - The report highlights that the first industry increased by 3.7%, the second industry by 5.3%, and the third industry by 5.5% [1][12] - It notes that the monetary supply (M2) increased by 8.3% year-on-year, with a total balance of 330.29 trillion yuan by the end of June [1][14] - The report emphasizes that China's exports reached a historical high, with a total value exceeding 13 trillion yuan, marking a 7.2% year-on-year increase [1][21] News Highlights - The report states that the People's Bank of China reported an increase of 12.92 trillion yuan in RMB loans in the first half of the year [1][14] - It mentions that the social financing scale increased by 22.83 trillion yuan in the first half of 2025, which is 4.74 trillion yuan more than the same period last year [1][16] - The report also discusses the decline in housing prices across major cities, with a year-on-year decrease of 1.4% in June for new residential properties [2][25] Market Overview - The report indicates that the domestic securities market showed mixed performance, with the ChiNext Index rising by 2.8% [3][31] - It highlights that the communication sector had the highest increase among the Shenwan first-level industries, with a rise of 7.9% [3][33] - The report suggests that macroeconomic policies have ample room for maneuvering, with expectations for a slight increase in economic growth in the second half of the year [3][4] Investment Recommendations - The report advises focusing on emerging industries driven by policy and industry trends, such as domestic AI, deep-sea technology, and humanoid robots [4][40] - It suggests paying attention to new consumption sectors that provide emotional value and self-satisfaction as consumer preferences shift [4][40] - The report highlights the international competitiveness of China's innovative pharmaceuticals, recommending investment opportunities in this sector [4][40] - It emphasizes the importance of focusing on high-dividend industries due to their stable returns and low valuations [4][40] - The report also recommends considering investments in precious metals like gold, copper, and rare earths due to ongoing geopolitical tensions [4][40]

投资要点 ➢ ➢ ➢ c 0 100 200 300 400 500 600 700 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 请阅读最后评级说明和重要声明 | 一、上半年证券市场回顾 4 | | | --- | --- | | 1.国内主要指数温和上涨，小盘成长风格占优 | 4 | | 2.申万一级行业表现分化，有色金属、银行、国防军工行业涨幅居前 | 4 | | 3.国际市场主要指数涨幅不一，欧洲与新兴市场表现突出 | 5 | | 二、国内外宏观经济展望 6 | | | 1.国内宏观经济：经济持续复苏，内需接力外需 | 6 | | 2.国内宏观政策：财政政策和货币政策协调发力，一揽子政策出炉提振经济 | 10 | | 3.海外宏观经济：美联储降息路径不改，特朗普关税政策扰动全球经济 | 13 | | 三、A 股流动性展望 17 | | | 1.两市成交量激增，新增开户数量显著提升 | 17 | | 2.投资者风险偏好改善，融资融券余额有望持续增加 | 17 | | 3.人民币汇率稳步走 ...

Group 1 - The core viewpoint of the report highlights that institutional investors hold approximately 17.66% of the market value, with their holdings in A-shares increasing from 24.3 trillion yuan to 47.4 trillion yuan over the past decade, representing about 57.12% of the circulating market value [1][9]. - Institutional investors, including public funds, insurance companies, social security funds, and others, possess more professional research teams and stronger analytical capabilities compared to individual investors, which is crucial for stabilizing the securities market and guiding rational investment among retail investors [1][9]. Group 2 - The report identifies two key factors: the number of rating agencies and the number of holding institutions, which reflect the collective wisdom of institutional investors from cognitive and behavioral perspectives [2][13]. - A higher number of rating agencies is associated with better fundamental indicators and stronger development prospects for companies, while a greater number of holding institutions indicates higher recognition of a company's future potential by institutional investors [2][14]. Group 3 - Backtesting results show that portfolios filtered by the number of rating agencies or holding institutions yield significant excess returns compared to the CSI 300 index. Specifically, portfolios with more than 30 rating agencies achieved an annualized return of 8.26% from December 24, 2016, to July 7, 2025, with notable performance during bull markets and periods of market differentiation [3][21]. - The optimal performance was observed in portfolios with 300-500 holding institutions, achieving an annualized return of 10.67% during the same period, while exceeding 500 holding institutions led to declining returns, indicating that more is not always better [3][30]. Group 4 - The dual-factor strategy, combining more than 30 rating agencies and 300-500 holding institutions, outperformed single-factor portfolios, achieving an annualized return of 12.72% and an excess return of 157.41% from December 24, 2016, to July 7, 2025 [3][48]. - This suggests that the alignment of institutional cognition (number of rating agencies) and behavior (number of holding institutions) enhances the stability of investment strategies and reduces the risk of misjudgment [3][48].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research in the past 30 days include Ice Wheel Environment, Huichuan Technology, Boshi Jie, Jun Ding Da, and Fuguang Co., Ltd. [2][9] - In the last five days, the most researched companies include Ice Wheel Environment, Yanjing Beer, Xingrong Environment, Ningbo Bank, and Superjet Co., Ltd. [2][9] - Among the top twenty companies in the past 30 days, five companies had ten or more rating agencies, namely Yanjing Beer, Huadian Electric, Huichuan Technology, Hangzhou Bank, and Kebo Da, with significant growth in net profit for 2024 compared to 2023 [2][9][11] Group 2: Major Shareholder Increase in A-Share Companies - From July 7 to July 11, 2025, six companies announced significant shareholder increases, with two companies having ten or more rating agencies: Ruipu Biological and Hisense Home Appliances [3][12] - From January 1 to July 11, 2025, a total of 237 companies announced significant shareholder increases, with 64 companies having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value [3][14] Group 3: A-Share Company Buyback Situation - From July 7 to July 11, 2025, 93 companies announced buyback progress, with 23 companies having ten or more rating agencies. Companies with a proposed buyback amount exceeding 1% of the market value include Aohua Endoscopy, Shantui Co., Ltd., Wanrun Co., Ltd., and AVIC Heavy Machinery [3][16] - From January 1 to July 11, 2025, a total of 1,117 companies announced buyback progress, with 259 companies having ten or more rating agencies. Among these, 93 companies had a proposed buyback amount exceeding 1% of the market value [3][17] Group 4: Institutional Fund Flow - From July 7 to July 11, 2025, sectors such as electric power equipment, real estate, non-bank financials, steel, computer, building materials, beauty care, light industry manufacturing, retail, non-ferrous metals, and comprehensive industries received net inflows of institutional funds [21][23] - In the past 30 days, from June 11 to July 11, 2025, sectors such as real estate, non-bank financials, steel, building materials, light industry manufacturing, and food and beverage also received net inflows of institutional funds [21][23] Group 5: Investment Recommendations - For institutional research, it is recommended to pay attention to Yanjing Beer, Huadian Electric, Hangzhou Bank, and Kebo Da, which have high research intensity and significant growth in net profit for 2024 compared to 2023 [26] - For major shareholder increases, it is suggested to focus on New Energy, Tunnel Co., Ltd., Sailun Tire, and Wanrun Co., Ltd., which have significant proposed increase amounts relative to their market values [26] - For company buybacks, attention is drawn to companies with significant buyback amounts and those in the board proposal stage, including Changhong Meiling, Liugong, Shantui Co., Ltd., and others [26]

请阅读最后评级说明和重要声明 投资要点 ➢ ➢ ➢ ➢ 0 100 200 300 400 500 600 700 0 1000 2000 3000 4000 5000 2023-03 2024-03 2025-03 成交额(亿元) 收盘价 7d 源达 目录 | 一、资讯要闻及点评 | | | --- | --- | | 二、周观点 | | | 三、市场概览 . шиншиншишинишишининининини (6 | | | 1.主要指数表现 | 6 | | 2.申万一级行业涨跌幅… | | | 3.两市交易额 | | | 4.本周热点板块涨跌幅 | 8 | | 四、投资建议 | 9 | 图表目录 | 图 1： 国内 CPI 情况 … | | --- | | 图 2： 国内 PPI 情况 | | 图 3: 黄金价格与美国十年期国债收益率走势 … | | 图 4： 申万一级行业涨跌幅情况… | | 图 5：两市成交额情况 | | 图 6：本周热点板块涨跌幅 … | | | | --- | 2 % 源达 一、资讯要闻及点评 ● 2025 年 6 月份 CPI 同比由降转涨，核心 CPI 继续回升 CPI ...

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]