昨日市场震荡调整，三大指数均跌超1%。7月市场总体呈现震荡攀升态势，三大指数月线均收涨，其中 创业板指7月累计涨超8%，但沪指3600点整数关得而复失。昨日沪深两市全天成交额1.94万亿，较上个 交易日放量918亿。板块方面，辅助生殖、液冷IDC、信创、华为昇腾等板块涨幅居前，钢铁、煤炭、 有色、影视等板块跌幅居前。截至昨日收盘，沪指跌1.18%，深成指跌1.73%，创业板指跌1.66%。 在今天的券商晨会上，光大证券认为，二季度"抢进口"效应减弱，美联储下半年或重启降息；华泰证券 表示，预计锂电产业链各环节产能利用率或持续提升；银河证券指出，仍然看好权益市场，重点关注科 技、消费及"反内卷"领域。 光大证券：二季度"抢进口"效应减弱 美联储下半年或重启降息 光大证券表示，二季度"抢进口"效应减弱，美国进口环比折年率降至-30.3%，导致净出口对GDP拖累大 幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与投资则难掩疲弱，其中二季度美国消 费者信心指数低迷，相应地个人消费表现较弱，1.4%的环比增速为2024年以来的次低值，私人投资环 比折年率也降至-15.6%，因此不宜高估本次经济数据的韧性。光大 ...

Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero electrical resistance characteristics in the fields of power, industry, and transportation, particularly emphasizing the advantages of high-temperature superconductors over low-temperature ones [1] Group 1: Superconducting Materials - High-temperature superconductors have higher critical temperatures, currents, and magnetic fields, which expand their application space [1] - The demand for controllable nuclear fusion has driven the cost reduction of high-temperature superconducting tapes, with leading companies nearing the cost parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] Group 2: Market Potential - The accelerating demand for nuclear fusion is expected to enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero resistance characteristics at certain temperatures in the fields of power, industry, and transportation. The advantages of high-temperature superconductors over low-temperature superconductors, including higher critical temperature, current, and magnetic field, expand the application space for superconducting materials [1] Group 1: Market Potential - The demand for controllable nuclear fusion is driving the cost reduction of high-temperature superconducting tapes, with leading companies' production costs nearing the price parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] - The accelerating demand for nuclear fusion is expected to further enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The domestic new energy passenger vehicle sales have been positive since 2015, with a rapid increase in the electrification penetration rate of commercial vehicles, contributing significant growth [1] Group 1: Market Trends - The sales of new energy vehicles in Europe are expected to maintain a year-on-year growth of over 20% this year [1] - The profitability model for energy storage in China is gradually improving, with various regions implementing the "136 Document" to support policies, indicating a positive outlook for future demand [1] Group 2: Supply Chain Dynamics - The release of new production capacity in the battery and materials sector has significantly slowed down, leading to an expected continuous increase in capacity utilization rates across the lithium battery industry chain [1] - In a non-involution environment, the profitability of the battery and materials sectors is expected to continue improving, achieving simultaneous growth in volume and profit [1]

Company Overview - Huatai Securities closed at 20.05 yuan on July 31, down 1.86% from the previous trading day [1] - The stock price fluctuated between 19.87 yuan and 20.63 yuan, with a trading volume of 2.363 billion yuan [1] - Huatai Securities is a leading comprehensive securities group in China, offering services in securities brokerage, investment banking, and asset management [1] Financial Performance - On July 31, Huatai Securities experienced a net outflow of 263 million yuan in main funds, accounting for 0.18% of its circulating market value [1] - The turnover rate for the day was 1.6%, with a total market capitalization of 180.997 billion yuan [1]

美联储9月能否降息主要取决于7-8月经济数据 华泰证券研报表示，鲍威尔讲话未能提供9月降息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业 市场较为稳健（solid），但承认存在下行风险。利率指引方面，鲍威尔未对9月降息给出明确指引，强 调降息决策取决于后续数据。 往前看，美联储9月能否降息主要取决于7-8月经济数据。维持美联储仍 有可能在9-12月降息两次的判断。 但是，如果就业和通胀数据强于预期，美联储年内降息预期或进一 步回撤。近期关注周五（8月1日）将公布的新增非农就业数据。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天天基金不对观点的准确性 GUIDE 摘要 中原证券：短期面临技术性调整压力，但中期上行趋势未改； 中信证券：A股增量市场确立，资金共识将聚焦两大方向 ； 华泰证券：美联储9月能否降息主要取决于7- 8月经济数据。 中原证券 短期面临技术性调整压力，但中期上行趋势未改 中原证券认为， 当前，A股市场已进入 ...

Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

Market Overview - The market experienced volatility with mixed performance across major indices, as the Shanghai Composite Index reached a new high for the year while high-profile stocks like Dongxin Peace saw significant declines [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] - Sector performance varied, with gains in film, oil and gas, baby products, and food sectors, while stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] AI Industry Insights - Huatai Securities reported that the AI industry is entering a new phase driven by token growth, with significant applications in vertical scenarios across various fields such as office, healthcare, and finance [2] - There is a continuous increase in demand for server computing power, with vendors focusing on promoting post-training and inference computing services based on large models, indicating ongoing revaluation opportunities [2] - The development of generative AI is characterized by B2B leading over B2C, with commercial progress in the B2B sector outpacing consumer-level products [2] - Healthy competition among domestic and international manufacturers is driving industry advancement [2] Process Industry Equipment Outlook - CITIC Construction Investment highlighted the cyclical nature of process industrial equipment, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024 [3] - Investment planning in the northwest coal chemical sector is advancing, which is expected to bring marginal changes to the new market [3] - Policies for equipment updates in the existing market are being implemented, providing medium to long-term resilience for investments in process industrial equipment [3] - The industry encompasses various segments including compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, with leading companies emerging that possess both domestic and international competitiveness [3] Photovoltaic Industry Analysis - CITIC Securities noted that the photovoltaic industry, currently facing issues of homogenization and excess capacity, is at the forefront of the "anti-involution" movement [4] - With a market-oriented approach, the industry is expected to see a reasonable price recovery and profit restoration as competition becomes more standardized and potential supply-side reform policies are implemented [4] - Technological innovation is deemed essential for overcoming the challenges of homogenized competition, with companies that have product differentiation, high-end market positioning, and strong brand manufacturing likely to experience early performance reversals and long-term growth [4] - It is recommended to focus on leading companies that possess long-term competitiveness and price recovery potential amid the ongoing "anti-involution" efforts in the photovoltaic sector [4]

华泰证券：AI进入落地新阶段，服务器和机器人产业火热 金十数据7月31日讯，华泰证券研报表示，基于本次WAIC 2025实地调研，对AI大模型产业链形成四个 判断：1）行业进入Token增长驱动的新阶段，AI Agent在垂直场景应用显著丰富，涵盖办公、医疗、金 融等多个领域，关注应用落地机会；2）服务器算力需求持续增长，各厂商重点推广基于大模型的后训 练和推理算力服务，技术迭代带来重估机会不变；3）生成式AI发展呈现2B领先2C、应用领先终端的特 征，B端商业化进展明显快于C端消费级产品；4）国内外厂商形成良性竞争推动行业进步。 ...

智通财经7月31日电，华泰证券研报表示，北京时间7月31日（周四）凌晨，美联储如期按兵不动，基准 利率维持在4.25%-4.5%，两名联储理事投票反对；决议声明调整偏鸽派，但鲍威尔讲话未能提供9月降 息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业市场较为稳健（solid），但承认存在下行风险。 利率指引方面，鲍威尔未对9月降息给出明确指引，强调降息决策取决于后续数据。往前看，美联储9月 能否降息主要取决于7-8月经济数据。维持美联储仍有可能在9-12月降息两次的判断。但是，如果就业 和通胀数据强于预期，美联储年内降息预期或进一步回撤。近期关注周五（8月1日）将公布的新增非农 就业数据。 华泰证券：美联储9月能否降息主要取决于7-8月经济数据 ...