2025.07. 11 作者 | 一财资讯 "黄金平替"，单日大跌6%！ 湘财证券指出，持续稳定和活跃资本市场的相关举措将支撑市场交投保持活跃，有利于券商板块业绩 和估值持续修复。此外，主动权益基金的券商持仓相较业绩基准处于低配，券商板块有望迎来增量资 金配置，估值具备修复空间。 微信编辑 | 七三 推荐阅读 7月11日，证券板块震荡走高，截至发稿，中银证券、哈投股份、中原证券涨停，国盛金控涨逾 6%，国联民生涨近6%，中信建投、国金证券等涨幅居前。 国盛金控昨日晚间发布2025年半年度业绩预告，公司预计2025年上半年实现归属于上市公司股东的 净利润为1.5亿元—2.2亿元，同比增长236.85%—394.05%。国盛金控表示，报告期内，公司经纪 业务、投行业务业绩同比有较好提升。 同日，哈投股份披露，公司预计2025年上半年实现归属于母公司所有者的净利润3.8亿元，同比增加 233.10%左右。公告称，本期业绩预增的主要原因为公司证券业务受市场波动影响导致金融资产公 允价值变动收益同比大幅度增加，以及买入返售金融资产信用减值损失同比大幅度减少。 本文字数：570，阅读时长大约1分钟 银河证券认为，国家"稳 ...

智通财经7月11日电，截至发稿，中州证券(01375.HK)涨64.65%、国联民生(01456.HK)涨25.81%、兴证 国际(06058.HK)涨17.89%、弘业期货(03678.HK)涨15.15%。 港股中资券商股走强 中州证券涨超60% ...

Group 1 - The internet finance and large financial sectors continue to strengthen, with Guoyuan Technology rising over 20% to reach a historical high [1] - Several stocks, including Nanhua Futures (603093), Ruida Futures (002961), Bank of China Securities (601696), and Zhongyuan Securities (601375), have hit the daily limit [1] - Dark pool funds are flowing into these stocks, indicating increased investor interest [1]

智通财经7月11日电，港股中州证券一度上涨68%，现涨54%。 ...

Group 1 - The brokerage sector experienced a significant surge on July 11, with notable stocks like Zhongyin Securities and Hatou Shares hitting their daily limits [1] - Zhongyin Securities rose by 10.04% to a price of 13.04, while Hatou Shares increased by 10.00% to 6.82 [2] - The A-share leading brokerage ETF (512000) opened high and rose by 2.8%, with a trading volume nearing 600 million yuan, indicating active market participation [2] Group 2 - Analysts from Changcheng Securities noted that major domestic and international events are expected to converge after July, which could be a key factor for further market strength [3] - Minsheng Securities projected that by Q2 2025, external trade disruptions will gradually diminish, leading to a rebound in capital markets and increased trading activity [4] - Kaisheng Securities highlighted a significant year-on-year increase in new account openings on the Shanghai Stock Exchange in June, suggesting a positive outlook for brokerage performance [4] Group 3 - The brokerage ETF (512000) passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [4] - The ETF serves as an efficient investment tool, balancing exposure to both leading brokerages and smaller firms with high growth potential [4]

港股金融股持续走强，中州证券涨超40%，交银国际涨超30%，申万宏源香港、国联民生（601456）、 国泰海通均涨超10%。 ...

Core Insights - The report highlights the ongoing recovery of the Chinese economy, with consumption and investment as the main driving forces, suggesting a favorable environment for long-term investments in the stock market [9][10][12] - The financial and real estate sectors are leading the market performance, indicating potential investment opportunities in these areas [6][10] - The report emphasizes the importance of monitoring policy changes, capital flows, and international market conditions, which could impact investment strategies [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,509.68, with a slight increase of 0.48%, while the Shenzhen Component Index rose by 0.47% to 10,631.13 [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are at 14.36 and 38.94, respectively, suggesting a suitable environment for medium to long-term investments [9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [4] - The report notes that global market conditions, particularly U.S. Federal Reserve policies, could influence investor sentiment and market performance [9][10] Industry Analysis - The automotive market in China has shown strong growth, with production and sales exceeding 15 million units in the first half of 2025, reflecting a year-on-year increase of over 10% [5][9] - The report identifies the chemical industry, particularly lithium battery chemicals, inorganic salts, and membrane materials, as sectors with strong performance, suggesting potential investment opportunities [17][19] Investment Strategies - The report recommends a balanced investment strategy, focusing on sectors with strong mid-year performance and reasonable valuations, such as financials, real estate, and renewable energy [9][10][12] - It suggests that investors should pay attention to companies with better-than-expected mid-year earnings and reasonable valuations for potential growth [9][10][12] Sector-Specific Insights - The report indicates that the photovoltaic industry has seen record installations, with a significant increase in new capacity in May 2025, suggesting a robust growth outlook for solar energy [24][25] - The communication sector is also highlighted, with a strong performance in telecommunications equipment and services, driven by the increasing adoption of 5G technology [19][22]

Group 1 - The Ministry of Human Resources and Social Security and the Ministry of Finance announced an increase in basic pension levels for retirees starting January 1, 2025, with an overall adjustment level of 2% based on the average monthly basic pension of retirees in 2024 [2] - The Chinese government is taking measures to combat the smuggling of strategic minerals such as antimony and gallium, with a special action launched in May to prevent illegal outflows [2] - A new agreement between the Chinese and Malaysian governments will allow visa-free travel for holders of ordinary passports for stays of up to 30 days, effective July 17, 2025 [3] Group 2 - The China Automobile Industry Association reported that the automotive industry saw significant growth in the first half of the year, with production and sales exceeding 15 million units, and new energy vehicle sales reaching 6.968 million units, a year-on-year increase of 41.4% [4] - The Beijing Municipal Government aims for an average annual growth of around 5% in total market consumption by 2030, with plans to create 2-3 consumption landmarks worth over 100 billion [4] - U.S. stock indices saw collective gains, with the S&P 500 and Nasdaq reaching new highs, indicating a positive market sentiment [4] Group 3 - Companies such as Tianbao Infrastructure reported a significant net profit increase of 1581.8% to 2329.27% year-on-year for the first half of the year [6] - East Sunshine projected a net profit increase of 157.48% to 192.81% for the first half of the year [7] - Southwest Securities noted that the profitability of thermal power companies is improving due to declining fuel costs, with a recovery of 11% in stock prices since late January [8] Group 4 - Zhongyuan Securities highlighted that the ongoing anti-involution policies in the chemical industry may lead to a better industry structure, recommending attention to the pesticide, organic silicon, and polyester filament sectors [9]

Group 1 - The report details the changes in the registered capital of Zhongyuan Securities Co., Ltd. as of June 30, 2025, indicating no increase or decrease in the registered capital, which remains at RMB 1,195,365,000 for Hong Kong-listed shares and RMB 3,447,519,700 for A-shares listed on the Shanghai Stock Exchange [1][2]. - The total registered capital at the end of the month is RMB 4,642,884,700, with no changes reported in the number of issued shares or treasury shares [1][2]. - The company was established in 2002 in Henan Province, China, and operates under the name "Zhongzhou Securities" in Hong Kong, clarifying that the concept of "registered capital" refers to the "issued capital" of the company [1][2]. Group 2 - There were no changes reported in the number of issued shares (excluding treasury shares) for both Hong Kong-listed shares and A-shares, remaining at 1,195,365,000 and 3,447,519,700 respectively [1][2]. - The report confirms that there are no stock options, warrants, or convertible bonds applicable to the company, indicating a stable capital structure without additional financial instruments [1][2]. - The company has complied with all applicable listing rules and regulations regarding the issuance and transfer of securities, ensuring that all necessary conditions for listing have been met [4].

Macro Environment - The report highlights the Chinese government's initiatives to enhance financial support for the Greater Bay Area's high-quality development, including measures to promote financial integration with technology industries [6][11][12] - The manufacturing PMI for June increased to 49.7%, indicating a slight improvement in manufacturing activity, with production and new orders showing positive trends [13][14] - Social financing in June reached 2.29 trillion yuan, a year-on-year increase of 11%, with significant growth in government bond issuance [26][28] Market and Industry Performance - In June, the equity market favored growth stocks, with the small-cap growth index rising by 5.52%, while value indices lagged behind [44] - The bond market showed upward trends, supported by liquidity measures from the central bank, although uncertainty regarding economic recovery persists [50] - The top-performing sectors in June included telecommunications (14.09%), defense (10.89%), and non-ferrous metals (9.26%), while transportation and coal sectors experienced declines [55][56] July Allocation Recommendations - The report recommends focusing on the consumer sector due to evident policy support and recovering demand, with an emphasis on domestic circulation [62] - The technology growth sector is noted for its long-term potential, but short-term valuation and economic conditions should be monitored [62] - Investment opportunities are also suggested in the petrochemical and electric power sectors [62]