从主力资金连续性进行观察，共有53只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是正帆科技，该股已连续12个交易日净流入；连续净流入天数较多的还有骄成超声、南模生物等， 主力资金分别连续流入9天、8天。主力资金连续流出的个股有100只，连续流出天数最多的是普元信 息，该股已连续13个交易日净流出；连续净流出天数较多的还有成大生物、隆达股份等，主力资金分别 连续流出12天、12天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688047 | 龙芯中科 | 15547.09 | 8.92 | 6.43 | 3.05 | | 688235 | 百济神州 | 11134.27 | 13.10 | 3.65 | 3.11 | | 688019 | 安集科技 | 10190.21 | 11.29 | 5.01 | 3.41 | | 688136 | 科兴制药 | 9780.36 | 14.10 | 15.62 | 8.32 ...

Core Insights - The report highlights a decline in the total profit of industrial enterprises in China, with a year-on-year decrease of 1.1% for the first five months of 2025, indicating a slowdown in industrial profitability [6][8] - High-tech manufacturing continues to support the profitability of industrial enterprises, suggesting a potential area for investment [6][7] - The report notes that while operating income for industrial enterprises grew by 2.7%, the growth rate has narrowed, indicating cost pressures that may affect profitability [6][7] Macroeconomic Overview - The total profit of industrial enterprises reached 27,204.3 billion yuan in the first five months, with a significant drop in May, where profits fell by 9.1% year-on-year [6][7] - The operating income for industrial enterprises showed a slight increase, with a profit margin of 5.0%, which is a marginal improvement from the previous month [6][7] - The report emphasizes the need for demand-side policies to stimulate growth, particularly in the real estate sector, which remains a significant shortfall in domestic demand [7][8] Industry Performance - The report provides a snapshot of various industry performances, with the non-ferrous metals sector showing a positive growth of 2.17%, while the banking sector experienced a decline of 2.95% [5] - The overall industrial production activity remains active, with an industrial added value growth of 6.3% year-on-year, although price pressures persist due to weak demand [7][8] - The report indicates that the prices of key commodities such as crude oil and iron ore have decreased, impacting the profitability of domestic industrial enterprises [8]

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：118054 | 转债简称：安集转债 | | 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市 规则》等有关规定，安集微电子科技（上海）股份有限公司（以下简称"公司"） 委托信用评级机构联合资信评估股份有限公司（以下简称"联合资信"）对公司 主体及公司向不特定对象发行的可转换公司债券（以下简称"安集转债"）进行 了跟踪信用评级。 公司前次主体长期信用评级结果为 AA-，"安集转债"前次债券信用评级结 果为 AA-，评级展望为稳定，评级机构为联合资信，评级时间为 2024 年 9 月 3 日。 安集微电子科技（上海）股份有限公司 关于"安集转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 前次债券评级：公司主体信用等级为 AA-，"安集转债"的信用等级为 AA-，评级展望为稳定。 本次债券评级：公司主体信用等级为 AA-，" ...

安集微电子科技（上海）股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 | www.lhratings.com | | --- | | 1 | 联合〔2025〕5900 号 联合资信评估股份有限公司通过对安集微电子科技（上海）股 份有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确 定维持安集微电子科技（上海）股份有限公司主体长期信用等级为 AA-，维持"安集转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月三十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受安集微电子科技（上海）股份有限公司（以 下简称"该公司"）委托所 ...

Group 1 - The core viewpoint indicates that Anji Technology (stock code: 688019) has a strong overall score of 63.00, suggesting a robust performance in the market [1] - The main cost analysis shows that the current main cost is 151.80 yuan, with a 5-day average cost of 145.18 yuan, a 20-day average of 139.73 yuan, and a 60-day average of 134.92 yuan [1] - The stock has not experienced any limit-up or limit-down events in the past year, indicating stable price movement [1] Group 2 - Technical analysis reveals a short-term resistance level at 144.38 yuan and a short-term support level at 138.75 yuan, with potential for price strength if these levels are breached [2] - The net inflow of main funds on June 30, 2025, was 73.15 million yuan, accounting for 12% of the total transaction volume, indicating positive market sentiment [2] - The stock is associated with several industry sectors, including electronic chemicals (2.92%), photolithography (3.60%), new materials (1.87%), and LED (1.58%) [2]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The chemical industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices. Key areas of focus for June include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to export dynamics, and the importance of self-sufficiency in electronic materials [4][11] - The report suggests a mid-to-long-term investment strategy focusing on high oil prices, robust performance in the oil and gas extraction sector, and the growth potential in new materials, particularly in electronic and renewable energy materials [4][11] Summary by Sections Industry Dynamics - As of June 29, the TTM price-to-earnings ratio for the SW basic chemicals sector is 22.34, at the 63.93 percentile historically, while the price-to-book ratio is 1.83, at the 14.09 percentile historically. For the oil and petrochemical sector, the TTM price-to-earnings ratio is 10.98, at the 15.69 percentile historically, and the price-to-book ratio is 1.19, at the 2.39 percentile historically [4][11] Price Changes - In the week of June 23-29, 38 chemical products saw price increases, 38 saw decreases, and 24 remained stable. The average price of WTI crude oil fell by 12.56% to $65.52 per barrel, while Brent crude fell by 12.00% to $67.77 per barrel. The average price of MDI decreased by 1.59% to 15,500 CNY/ton, while H acid increased by 5.39% to 44,000 CNY/ton [10][28][30] Investment Recommendations - The report recommends focusing on companies with strong dividend policies and those in high-growth sectors such as oil and gas, electronic materials, and new energy materials. Specific companies highlighted for investment include China Petroleum, China National Offshore Oil Corporation, and several others in the electronic materials sector [4][11]

Core Viewpoint - The demand for electroplating solutions in China is continuously growing, driven by rapid developments in downstream applications such as electronics, automotive, and aerospace, particularly in high-end sectors like semiconductor packaging and PCB manufacturing [1][12]. Industry Overview - Electroplating solutions are composed of metal ions, electrolytes, and additives, essential for the electroplating process, directly affecting the quality and properties of the plated layer [3][4]. Industry Development History - The Chinese electroplating solution industry has evolved through four stages: initial establishment in the 1950s-1970s, rapid development from the 1980s-2000s, maturity and transformation in the 2000s-2010s, and modernization and upgrading from the 2010s to present [4][5]. Market Size - The market size for electroplating solutions in China is projected to reach 3.779 billion yuan in 2024, with a year-on-year growth of 9.16%, and is expected to grow to 4.611 billion yuan by 2026, with a growth rate of 10.79% [12]. Key Enterprises - The competitive landscape of the electroplating solution industry is characterized by both diversification and concentration, with leading companies like Shanghai Xinyang and Jiangsu Aisen dominating the high-end market through strong R&D capabilities and technological advancements [14][16]. Industry Development Trends 1. **Sustained Market Demand Growth**: The demand for high-performance electroplating solutions is expected to increase significantly, particularly in advanced fields such as semiconductor manufacturing and new energy vehicles [20]. 2. **Accelerated Technological Progress and Domestic Substitution**: Domestic companies are making significant advancements in high-end electroplating solutions, reducing reliance on imports and enhancing competitiveness in the global market [21]. 3. **Stricter Environmental Policies**: The industry is moving towards greener and more sustainable practices due to increasing environmental regulations, with a focus on developing eco-friendly electroplating solutions and waste treatment technologies [22].

Group 1 - The core viewpoint indicates that Anji Technology (stock code: 688019) has a strong overall score of 56.20, suggesting a positive outlook for the stock [1] - The main cost analysis shows that the current main cost is 143.50 CNY, with a 5-day average cost of 138.83 CNY, indicating a potential upward trend [1] - The stock has not experienced any limit-up or limit-down events in the past year, reflecting stability in its price movements [1] Group 2 - Technical analysis reveals a short-term resistance level at 138.75 CNY and a support level at 133.81 CNY, indicating potential price movements [2] - The stock price has broken through the short-term resistance level, suggesting a possible strengthening in the short term [2] - The capital flow data for June 24, 2025, shows a net inflow of 39.96 million CNY from main funds, accounting for 10% of the total transaction volume, indicating strong buying interest [2]

Core Viewpoint - Company focuses on the three key processes of "polishing, cleaning, and deposition," with some technologies reaching international advanced levels, benefiting significantly from the continuous expansion of wafer capacity and high utilization rates in mainland China [1][3]. Group 1: Product Development and Market Position - The company is committed to achieving a full product line layout for chemical mechanical polishing (CMP) slurries, with copper and copper barrier slurries seeing continuous volume production and sales as preferred suppliers for multiple new clients [1]. - Multiple silicon nitride slurries are undergoing client validation, and customized silicon nitride slurries have achieved sales, while the sales of oxide slurries using domestic grinding particles are gradually increasing [1]. - Tungsten slurries have passed validation for advanced processes in storage and logic chips, with sales continuing to increase [1]. - In advanced packaging, the company is making progress with slurries for 2.5D, 3D TSV, hybrid bonding, and polymer polishing, serving as a preferred supplier for domestic clients [1]. Group 2: Functional Wet Electronic Chemicals - The company is focused on overcoming challenges at leading technology nodes, providing a range of products including post-etch cleaning solutions, photoresist stripping solutions, post-polishing cleaning solutions, and etching solutions, widely used in logic circuits, 3D NAND, DRAM, CIS, and heterogeneous packaging [2]. - The development and industrialization of advanced process post-etch cleaning solutions are progressing smoothly, with increasing volumes and expansion into overseas markets [2]. - The local supply of electroplating solutions is progressing well, with continuous volume growth, and the development and validation of advanced packaging tin-silver electroplating are on schedule [2]. Group 3: Core Raw Materials - The company has achieved mass production and sales of multiple silica sol applications in its polishing slurry products, with continuous volume growth [2]. - The testing and validation of self-produced cerium oxide abrasives in the company's products are progressing well, with several products passing client validation and achieving mass production supply [2]. - Some products have achieved breakthroughs in new technology paths, significantly improving client yield rates [2]. Group 4: Financial Projections - Revenue projections for the company are estimated at 2.382 billion, 3.009 billion, and 3.606 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 758 million, 959 million, and 1.177 billion yuan for the same years [3]. - The company is initiating coverage with a "strong buy" rating based on its growth potential and market position [3].

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman announced plans to enhance the STAR Market's demonstration effect, including the establishment of a STAR Market Growth Tier and the reintroduction of the fifth listing standard for unprofitable companies [1] - The STAR Market Growth ETF (588110) saw a strong increase of 1.20% as of June 18, 2025, with notable gains in constituent stocks such as Shengyi Electronics (688183) up 16.63% and Tiande Yu (688252) up 9.28% [1] - The STAR Market Growth ETF has experienced a significant increase in trading volume, with a turnover rate of 4.74% and a daily average transaction of 15.45 million yuan over the past week [1] Group 2 - The STAR Market Growth ETF has achieved a net value increase of 38.29% over the past year, ranking 185 out of 2854 index equity funds, placing it in the top 6.48% [2] - The ETF's highest monthly return since inception was 25.02%, with an average monthly return of 7.25% during the months it increased [2] Group 3 - The management fee for the STAR Market Growth ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [3] - The STAR Market Growth Index consists of 50 high-growth companies selected based on revenue and net profit growth rates, reflecting the overall performance of high-growth stocks on the STAR Market [3] - The top ten weighted stocks in the STAR Market Growth Index account for 53.67% of the index, including companies like Haiguang Information (688041) and Hengen Technology (688608) [3] Group 4 - The introduction of new indices in the STAR Market is positively impacting domestic index investment development by enriching the investment target pool and providing more diverse underlying assets for ETFs [4] - The emergence of thematic and industry indices is guiding investors to accurately allocate resources in emerging industries, enhancing the capital market's effectiveness in serving new productive forces [4]