作者：柳白 2025年3月，央行行长潘功胜宣布将联合证监会、科技部等部门创新推出债券市场"科技板"，重点支持金融机构、科技型企业、私募股权投资机构三类主体 发行科技创新债券。5月，央行、证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，从丰富产品体系和完善配套机制两方面推出多项举措。 随后，沪、深、北交易所及交易商协会相继发文落实相关部署，细化科创债机制安排，一揽子政策为科创债发行注入活力。 政策出炉后，各大发行主体迅速响应。建设银行、国家开发银行等金融机构纷纷发声，公布发行或承销市场首批科技创新债券的情况，助力债券市场"科技 板"和多层次债券市场建设，引导资金流向信息技术、高端装备制造、新能源汽车、生物技术等前沿科创领域。 近期，建设银行发行的首笔科技创新债券正式上市。该笔债券于5月22日完成簿记，发行规模300亿元，为目前市场规模最大的金融类科技创新债券。该笔债 券中，3年期品种发行规模250亿元，票面利率1.65%，全场认购2.3倍；5年期品种发行规模50亿元，票面利率1.76%，全场认购2.1倍。 自今年5月，央行、证监会联合发布支持发行科创债最新政策以来，科创债火热发行。 建设银行表示，募集 ...

Market Overview - On July 1, A-shares experienced active trading with sectors like innovative drugs, banking, and non-ferrous metals showing strong performance, leading to several stocks reaching historical highs [1] - The total trading volume in the A-share market was 1.5 trillion yuan, a decrease of 208 billion yuan from the previous trading day, despite the absence of northbound capital transactions [1] Sector Performance - Among the primary industries, the comprehensive, pharmaceutical, and banking sectors saw the highest gains, increasing by 2.60%, 1.80%, and 1.54% respectively, while the computer, retail, and communication sectors faced declines of 1.18%, 0.79%, and 0.45% [2] - In the pharmaceutical sector, several stocks, including Forerunner Biologics and Sunshine Medical, hit the 20% daily limit, with others like Kexing Pharmaceutical and Shuyou Pharmaceutical rising over 15% [2] Banking Sector Insights - The banking sector rebounded on July 1 after two consecutive days of decline, with stocks like China Construction Bank and Pudong Development Bank reaching new historical highs [3] - The average dividend yield for the banking sector is currently at 4.01%, making it attractive for long-term funds [3] Investment Recommendations - Analysts suggest focusing on sectors with strong mid-year performance expectations, particularly in technology, consumption, and midstream manufacturing, as the upcoming half-year report disclosure period is expected to drive market upward momentum [4][5] - Recommended sectors for investment include electronics (semiconductors), machinery (automation equipment), pharmaceutical (chemical pharmaceuticals), national defense and military industry, non-ferrous metals, and computers [5]

Group 1 - The core index, the China Securities Dividend Singapore Dollar Index, increased by 0.7% to 5199.8 points with a trading volume of 6.888 billion [1] - Over the past month, the index has decreased by 1.59%, by 4.20% over the last three months, and by 7.49% year-to-date [2] - The index comprises 100 stocks with high cash dividend yields and stable dividends, reflecting the overall performance of high dividend yield companies [2] Group 2 - The top ten weighted stocks in the index include COSCO Shipping Holdings (2.59%), Jizhong Energy (1.81%), and Ningbo Huaxiang (1.76%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (81.48%), followed by the Shenzhen Stock Exchange (17.78%) and the Beijing Stock Exchange (0.74%) [2] Group 3 - The industry composition of the index shows that finance accounts for 28.24%, industrials 19.03%, and energy 18.41% [3] - Other sectors include materials (12.07%), consumer discretionary (11.78%), communication services (4.12%), utilities (2.35%), healthcare (1.59%), real estate (1.54%), and consumer staples (0.87%) [3] Group 4 - The index samples are adjusted annually, with the next adjustment scheduled for the trading day following the second Friday of December [4] - Criteria for sample inclusion include a cash dividend yield greater than 0.5% over the past year and ranking within the top 90% for average total market capitalization and trading volume [4] - Adjustments typically do not exceed 20% of the sample, unless more than 20% of the original samples are disqualified due to the cash dividend yield criterion [4]

建行广西区分行从2007年起在建设银行总行的指导支持下启动"高中生成长计划"公益项目，每年资助家 庭困难、品学兼优的高中生。2025年，这份承载着建行人深情厚谊的关怀，精准送达广西11个地市的 120名品学兼优但家境困难的高中生，发放奖学金共计33万元。这些奖学金承载了建行对学子们奋斗精 神的高度认可，旨在帮助他们卸下部分生活重担，更专注地追逐梦想。 转自：新华财经 中国建设银行"2025年高中生成长计划"奖学金发放仪式在广西各地温情启幕。这不仅是一次资金支持， 更是爱的传递，寄托着银校携手托举青春梦想的郑重承诺，为负重而行的青春照亮前路。 精准滴灌，破障前行 深耕教育，筑梦未来 "高中生成长计划"是中国建设银行深耕公益、履行国有大行担当的一个生动写照。围绕教育这一核心关 切，该行持续拓展公益版图：援建"建行五室"希望小学，夯实教育帮扶根基；深化儿童关爱活动，传递 社会温暖与代际关怀；坚持开展金融服务进校园活动，丰富青少年学习生活体验；积极联动政府及爱心 企业开展助学行动，汇聚多方力量为地方教育注入新动能。建行广西区分行积极落实这一系列务实举 措，为八桂大地播撒希望，共同汇聚起支持教育强国的向善力量。 未来， ...

Group 1: Military Industry - The military industry is currently in a state with significant upward potential and a solid bottom, despite weak performance expectations for 2024 and the first quarter of 2025 [1] - Major contracts and bidding notifications have been announced by several listed companies in the aerospace sector, enhancing market expectations for performance recovery [1] Group 2: Innovative Pharmaceuticals - The release of measures to support the high-quality development of innovative drugs has sparked renewed interest in the sector, with a focus on opening public data resources for innovative drug research and expanding commercial health insurance coverage [1] - Institutions have positively evaluated these measures, which are expected to facilitate China's transition from a "generic drug powerhouse" to an "innovative drug stronghold," benefiting leading innovative drug companies and the biotech sector [1] Group 3: Automotive Industry - The automotive industry in the Yangtze River Delta region is facing severe challenges, including high inventory levels, disordered market competition, and increased risks to the financial chain of enterprises [2][3] - Dealers have suggested that manufacturers allow reasonable inventory limits and adjust sales targets to better align with regional market capacities [3] Group 4: Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.39% and the ChiNext Index falling by 0.24%, with a total market turnover of 14,967 billion yuan [6] - The innovative drug concept stocks surged in the afternoon, with companies like Shutaishen and Anglikang reaching historical highs [6] Group 5: Industry Trends - The PCB sector is experiencing activity due to a report from Citigroup predicting significant growth in AI-PCB markets in 2026 and 2027, with an estimated total addressable market of 53 billion yuan, reflecting a 53% year-on-year increase [6][7] - The report also highlights a projected supply gap of at least 3 billion yuan in AI-PCB from 2026, even without considering capacity expansion and assembly yield loss [7]

Market Overview - A-shares showed mixed performance on July 1, with the Shanghai Composite Index slightly up by 0.21% to 3451.69 points, while the Shenzhen Component and ChiNext Index fell by 0.32% and 0.58% respectively [1] - The trading volume for the Shanghai Composite was 355.9 billion, while the Shenzhen Component and ChiNext Index had volumes of 604.7 billion and 300.3 billion respectively [1] Sector Performance - Chip stocks experienced a strong rally, with over ten stocks, including Kaimeteqi, hitting the daily limit [1] - The banking sector also performed well, with China Construction Bank and Shanghai Pudong Development Bank reaching new highs [1] - The controlled nuclear fusion concept stocks were active, with stocks like Sichuan Chuangxin Electronics and Xuguang Electronics hitting the daily limit [1] - Conversely, stablecoin concept stocks continued to decline, with Hopu Co., Ltd. dropping over 10%, and solid-state battery concept stocks also faced adjustments, with Yinglian Co., Ltd. hitting the daily limit [1][2] Institutional Insights - Guotai Junan Securities highlighted that under the guidance of the marine power strategy, policies to promote deep-sea economic development are expected, focusing on deep-sea mining, oil and gas development, and biological resource utilization [3] - CITIC Construction pointed out that the "AI + hardware" model is flourishing across various sectors, with AI elements expected to enhance hardware performance, particularly in AI glasses [3] - Furong Fund noted that while macroeconomic conditions regarding US-China trade and domestic policies remain unchanged, market performance has exceeded expectations, suggesting a focus on technology sectors like AI computing and robotics [3] Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research and development [4] Manufacturing Sector - The Caixin China Manufacturing PMI rose to 50.4 in June, indicating a return to expansion after a brief contraction, with new orders and production indices showing significant improvement [5]

A股银行板块震荡反弹，浦发银行再创新高，苏州银行涨超4%，建设银行涨超2%，江苏银行、工商银 行等股纷纷上扬。 ...

Short Selling Ratios - Great Wall Motor-R (82333) and JD Health-R (86618) have the highest short selling ratios at 100.00% [1][2] - BYD Company-R (81211) follows with a short selling ratio of 86.11% [1][2] Short Selling Amounts - Xiaomi Group-W (01810) leads in short selling amount with 1.733 billion [2] - Meituan-W (03690) and Alibaba-SW (09988) follow with 901 million and 803 million respectively [1][2] Deviation Values - JD Health-R (86618) has the highest deviation value at 48.31% [1][2] - SF Holding (N23067) and Xiaomi Group-W (01810) also show significant deviation values of 47.35% and 36.04% respectively [1][2]

银行、非银金融等行业募资规模较大 本报记者 吴晓璐 今年以来，定增市场持续回暖。据Wind资讯数据统计，截至6月30日，年内已有70家上市公司实施定增（以定增股份上市 日统计），合计募资6959.19亿元，同比增长611.62%。其中，19家央企和央企控股上市公司定增募资合计5886.8亿元。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，下半年A股定增市场规模有望持续增长，政策驱动下国 企主导的产业升级与并购重组项目将加速推进，聚焦新质生产力领域以及契合国家战略方向的产业。 定增大单频现 参与主体类型多元 此外，今年以来，随着二级市场回暖，定增收益也有所提升。据Wind资讯数据统计，截至6月30日，年内定增项目超九成 浮盈，赚钱效应提升。田利辉表示，这有利于形成"盈利—资金流入"的正向循环，提升投资者参与热情。 深圳大象投资控股集团总裁周力在接受《证券日报》记者采访时表示，上半年，资金高度聚集在国资主导的能源、电力等 重资产行业，以及半导体、AI等硬科技领域。另外，定增市场赚钱效应增强，促使机构积极参与。 定增预案翻倍增长 政策红利持续释放 今年以来，A股公司发布的定增预案也明显增多。据Wind ...

Core Points - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) experienced a decline of 0.38%, closing at 4788.93 points with a trading volume of 329.87 billion [1] - Over the past month, the CES300 has increased by 2.19%, decreased by 0.19% over the last three months, and has risen by 8.54% year-to-date [1] Index Composition - The top ten holdings of the CES300 are Tencent Holdings (8.02%), Alibaba-W (5.19%), HSBC Holdings (4.13%), Xiaomi Group-W (2.7%), Kweichow Moutai (2.4%), China Construction Bank (2.36%), Meituan-W (1.9%), AIA Group (1.85%), CATL (1.81%), and Ping An Insurance (1.62%) [2] - The market share of the CES300's holdings is composed of 51.69% from the Hong Kong Stock Exchange, 29.85% from the Shanghai Stock Exchange, and 18.46% from the Shenzhen Stock Exchange [2] - The industry breakdown of the CES300 holdings shows Financials at 30.81%, Consumer Discretionary at 15.68%, Communication Services at 12.98%, Information Technology at 9.40%, Industrials at 8.78%, Consumer Staples at 6.28%, Health Care at 4.66%, Materials at 3.50%, Utilities at 2.95%, Energy at 2.85%, and Real Estate at 2.10% [2] Fund Tracking - Public funds tracking the CES300 include Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]