Group 1 - The average stock price of the Sci-Tech Innovation Board is 29.83 yuan, with 36 stocks priced over 100 yuan, and the highest priced stock is Cambrian Technology at 607.50 yuan [1] - A total of 389 stocks on the Sci-Tech Innovation Board rose today, while 182 stocks fell, with the average price increase for stocks over 100 yuan being 0.74% [1] - The average premium of stocks over their issue price for those priced over 100 yuan is 314.69%, with the highest premiums seen in Baile Tianheng, Anji Technology, and Cambrian Technology at 1137.25%, 963.03%, and 843.47% respectively [1] Group 2 - The net inflow of main funds for stocks priced over 100 yuan today was 342 million yuan, with Cambrian Technology, Green Harmony, and Hao Oubo leading in net inflows [2] - The total margin balance for stocks priced over 100 yuan is 23.996 billion yuan, with Cambrian Technology, Haiguang Information, and Zhongwei Company having the highest margin balances [2] - The stocks priced over 100 yuan are concentrated in the electronics, pharmaceutical biology, and computer industries, with 16, 9, and 6 stocks respectively [1]

所属板块来看，百元股中，主板有24只、创业板有19只、北交所有3只，另有36只来自科创板，占百元 股的比例为43.90%。（数据宝） 以最新收盘价计算，A股平均股价为11.55元，其中股价超过100元的有82只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至6月4日 收盘，沪指报收3376.20点，上涨0.42%，A股平均股价为11.55元，个股股价分布看，股价超过100元的 有82只，股价在50元至100元的有297只，股价在30元至50元的有676只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1509.96元，上涨0.06%，其次是寒武纪、锦波 生物等，最新收盘价分别为607.50元、520.00元。 市场表现方面，收盘股价超百元股中，今日平均上涨1.04%，跑赢沪指0.62个百分点。今日上涨的有54 只，涨幅居前的有浩欧博、惠城环保等，下跌的有27只，跌幅居前的有六九一二、恒玄科技等。 追溯发现，最新百元股近一个月平均上涨0.14%，其间沪指上涨2.96%，涨幅居前的有惠城环保、斯菱 股份、经纬恒润等，涨幅分别为30.63%、29.26%、29.02%， ...

算力今天都大涨了，半导体还会远吗？截至午盘，寒武纪、韦尔股份两大芯片设计公司均涨超2%，北方华创、中微公司、中芯国际等设备厂商飘 红。 整个板块有一个事件尤其需要注意，那就是海光信息和中科曙光可能会在后天或下周一完成合并复牌，这将是芯片半导体和算力板块的爆炸性利 好！届时极有可能引起整个半导体行业的高潮。 有知道的朋友可以聊一聊哦。 | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权庫(%) | | --- | --- | --- | --- | --- | | 002371 | 北方华创 | 信息技术 | 半导体 | 16.58 | | 688012 | 中微公司 | 信息技术 | 半导体 | 12.97 | | 688981 | 中芯国际 | 信息技术 | 半导体 | 11.28 | | 688041 | 海米信息 | 信息技术 | 半导体 | 8.70 | | 603501 | 韦尔股份 | 信息技术 | 半导体 | 7.29 | | 688120 | や海清科 | 信息技术 | 半导体 | 4.12 | | 300346 | 南大光电 | 信息技术 | 半导体 | 4.12 ...

今日（6月4日），A股三大指数集体走强，科创板人工智能指数盘中飘红，成分股涨跌不一，上涨方 面，有方科技、寒武纪-U涨超3%，凌云光、芯原股份、芯海科技、晶晨股份等股票跟涨。科创 AIETF(588790)盘中涨近1%，成交额超2亿元，盘中交易溢价。拉长时间看，截至5月30日，科创AIETF 今年以来累计涨幅超13%，最新规模超31亿元。资金流入方面，科创AIETF近4个交易日内有3日资金净 流入，合计"吸金"4194.08万元，日均净流入达1048.52万元。 华创证券指出，这些事件表明，AI行业在评估体系、交互体验、智能体应用及技术革新等方面正快速 发展，各领域不断突破创新，企业竞争加剧，技术迭代加速，未来AI行业将面临更多机遇与挑战。 其他相关ETF中，科创100指数ETF（588030）飘红，成交额超7900万元，盘中交易溢价。 AI未来的产业逻辑趋势已明朗，如果择股把握不佳怎么办？可以借道ETF布局核心资产，相关产品：科 创AIETF（588790）。该ETF紧密跟踪科创板人工智能指数，覆盖AI芯片、算法框架、智能终端等核心 赛道： 近日，海内外AI催化不断。阿里巴巴于2025年5月30日正式开源的 ...

保险 队 中国人保 中国太保 中国平安 ■ 3666.17亿市值 3394.06亿市值 9849.92亿市值 13.49亿成交额 4.28亿成交额 7.47亿成交额 35.28 8.29 54.09 +0.78(+2.26%) +0.24(+0.45%) -0.03(-0.36%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19004.51亿市值 2203.99亿市值 4846.96亿市值 5.36亿成交额 9.39亿成交额 16.27亿成交额 1512.86 180.66 124.87 +3.86(+0.26%) -0.44(-0.24%) +0.19(+0.15%) 半导体 北方华创 寒武纪-U 2269.50亿市值 2541.85亿市值 20.93亿成交额 4.95亿成交额 424.86 608.89 +13.03(+2.19%) +0.09(+0.02%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11002.33亿市值 1931.03亿市值 2837.69亿市值 37.60亿成交额 3.03亿成交额 1.44亿成交额 22.56 5.80 362.03 -0.08(-1.36%) +6.03(+1 ...

科创AIETF紧密跟踪上证科创板人工智能指数，上证科创板人工智能指数从科创板市场中选取30只市值较大的为人工智能提供基础资源、技术以及应用支持 的上市公司证券作为指数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 规模方面，科创AIETF近1周规模增长1770.30万元，实现显著增长，新增规模位居可比基金2/6。 截至2025年6月4日 09:43，上证科创板人工智能指数(950180)上涨0.16%，成分股寒武纪(688256)上涨3.53%，云天励飞(688343)上涨2.16%，金山办公(688111) 上涨1.87%，奥比中光(688322)上涨1.18%，优刻得(688158)上涨1.13%。科创AIETF(588790)上涨0.18%，最新价报0.57元。流动性方面，科创AIETF成交 2202.27万元。拉长时间看，截至6月3日，科创AIETF近1年日均成交2.71亿元，排名可比基金第一。 近日AI领域动态：红杉中国推出AI基准测试工具XBench；豆包App上线实时视频通话功能，支持视频问答；QQ浏览器推出高考Agent "AI高考通"，助力高 考生志愿填报与备考内容。昆仑万 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Insights - The launch of computing satellites is expected to enhance the capabilities of China's satellite system, with significant advancements in regenerative payloads anticipated [10][11] - The strategic value of low Earth orbit satellites has been underscored by recent geopolitical events, particularly with the introduction of the "Iron Dome" space-based missile defense system by the U.S. [11] - Improvements in launch infrastructure and ground facilities are expected to create significant growth opportunities for satellite internet [12][13] Summary by Sections Investment Strategy - **Computing Satellites Launch**: The launch of computing satellites will enhance regenerative payload capabilities, with a total computing power target of 1000POPS from the "Three-body Computing Constellation" [10] - **"Iron Dome" Missile Defense System**: The U.S. plans to integrate a satellite network for missile detection and interception, with an estimated cost of $175 billion [11] - **Launch Infrastructure Development**: Multiple reusable rockets are set for test flights, and the expansion of commercial launch sites is underway, which may lead to a significant increase in satellite internet deployment [12][13] Industry News - **Ministry of Industry and Information Technology**: By 2028, a standardized public computing power interconnection is expected to be achieved, enhancing the competitiveness of China's computing infrastructure [14] - **Ministry of Commerce**: A plan to develop a replicable smart supply chain model by 2030 has been initiated, which will integrate AI and IoT technologies [15] - **Digital Transformation in Electronics**: By 2027, the electronic information manufacturing industry is expected to undergo significant digital transformation, with a target of over 85% CNC rate in key processes [16] - **National Data Bureau**: Policies for cultivating a unified national data market are being developed, which may standardize data asset valuation and trading [18] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a 1.84% increase, outperforming major indices during the week of May 26 to June 1 [19] - **Investment Focus**: Companies related to domestic computing power and satellite internet, such as Cambricon, Haiguang Information, and ZTE, are recommended for attention [23]

证券研究报告 | 策略研究 gszqdatemark 2025 06 03 年 月 日 投资策略 6 月策略观点与金股推荐 6 月策略观点：题材交易可逐步提升风偏 大势研判：5 月市场表现看，交易难度较 4 月明显加大，大势层面表现在 指数连续两次冲高回落，配置层面则表现在交易主线的匮乏，题材数量不 少但持续性普遍不佳。此前我们也在分析中预测了一些市场可能进行交易 的方向，包括 5 月初相对低位的科技 TMT、5 月中旬的对美出口链修复， 但均始于"大胆假设"，结束于"小心求证"。站在当前时点，面对市场整 体存在阻力位压力、配置迟迟未见主线的情况，建议继续控制仓位、保持 耐心，同时做好准备，结合历史经验建立对未来行情的预期。参考历史表 现对今年 6 月行情进行展望，基准情形下，假设仍然没有重磅的事件催化， 梳理 2025 一季报看也仅有部分细分行业具备较好的景气度，整体可类比 2024 年 6 月情形，对应均衡配置仍然是重要策略：结合 2025 一季报与 行业中观数据挖掘产业景气；基于宏观叙事保有一定的防御仓位；题材交 易即使没有特别强的催化也可适当提升风偏，历史经验看近来每年 6 月， 题材交易都是重要方向 ...

Core Viewpoint - The China Securities Service Industry Index has shown a slight increase over the past month but has declined year-to-date, indicating mixed performance in the service sector [2][3]. Group 1: Index Performance - The China Securities Service Industry Index rose by 1.95% over the past month, decreased by 0.07% over the last three months, and has fallen by 0.89% year-to-date [2]. - The index is designed to reflect the overall performance of listed companies in the service industry, covering sectors such as agriculture, electricity, transportation, finance, real estate, culture, sports, and entertainment [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Changjiang Electric Power (5.94%) - Beijing-Shanghai High-Speed Railway (2.79%) - WuXi AppTec (2.6%) - Ping An Insurance (2.03%) - China State Construction (1.91%) - China Merchants Bank (1.9%) - SF Holding (1.86%) - COSCO Shipping Holdings (1.67%) - Cambricon Technologies (1.63%) - China Telecom (1.61%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.92%) and the Shenzhen Stock Exchange (24.08%) [3]. - Sector allocations within the index include: - Industrial (26.26%) - Financial (20.63%) - Public Utilities (15.92%) - Information Technology (11.42%) - Communication Services (10.16%) - Healthcare (7.14%) - Real Estate (4.46%) - Consumer Discretionary (2.88%) - Energy (1.14%) [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Investment Strategy - The launch of computing satellites will enhance the regenerative relay capabilities within China's satellite system, with expectations for low-orbit satellite measurement capabilities to exceed forecasts in the second half of the year. The "Star Computing" plan aims to establish a network of 2,800 computing satellites, achieving a total computing power of 1,000 POPS [10][11] - The U.S. has announced the "Iron Dome" space-based missile defense system, which will further highlight the strategic value of orbital resources. This system, costing approximately $175 billion, aims to integrate with existing missile defense capabilities and will consist of thousands of small satellites for missile detection and interception [11][12] - The infrastructure for satellite internet is expected to see significant development opportunities as multiple reusable rockets are set for test flights this year, and the Hainan commercial launch base is undergoing expansion. The anticipated launch cost for the "Zhuque-3" rocket is projected to reach 20,000 RMB per kilogram, with future costs potentially dropping below 10,000 RMB per kilogram [12][13] Industry News - The Ministry of Industry and Information Technology (MIIT) has issued a plan to achieve standardized interconnectivity of public computing resources across the country by 2028, with a complete system of standards and rules expected by 2026. This initiative is anticipated to create development opportunities for China's computing infrastructure [14] - Eight government departments, including the Ministry of Commerce, have launched an action plan to establish a replicable model for smart supply chain development by 2030, which will enhance the resilience and competitiveness of supply chains through the integration of AI, IoT, and blockchain technologies [15] - The MIIT and other departments have developed a digital transformation implementation plan for the electronic information manufacturing industry, aiming for a significant increase in digitalization and intelligent upgrades by 2027, with over 85% of key processes expected to be numerically controlled [16] - The National Data Bureau is working on policies to cultivate a unified national data market, which aims to enhance the marketization and value realization of data elements, thereby supporting high-quality economic development [18] Weekly Review and Focus - The communication sector saw a 1.84% increase from May 26 to June 1, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03%. Key sectors like satellite navigation and low-altitude economy showed significant gains [19][21] - The focus for the upcoming week includes investment opportunities in domestic computing and satellite internet companies such as Cambricon, Haiguang Information, ZTE, and Unisoc [23]