Core Viewpoint - The A-share market experienced fluctuations with mixed performance across major indices, driven by strong performance in the shipbuilding sector and cross-border payment stocks, while the power and rare earth sectors saw gains in the afternoon session [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively, with a total trading volume of approximately 1.23 trillion yuan and 3,255 stocks closing in the green [1] - The strong performance of the 2025 interim report pre-announcement sector indicates growth momentum in new economic fields, with expectations for the market's mid-term fluctuation center to continue rising [1] Group 2: Individual Stock Highlights - Power stocks saw significant gains, with Huaguang Huaneng (600475) hitting the daily limit for the third consecutive day, and leading controllable nuclear fusion stock Rongfa Nuclear Power also reaching the daily limit [2][4] - The cross-border payment concept stock Jingbeifang achieved two consecutive daily limits, while Qingdao Jinwang and Xinyada also hit the daily limit [2] Group 3: Investment Strategies - According to a report by China International Capital Corporation, three investment themes are highlighted: sectors benefiting from consumption upgrades, high-growth opportunities with low correlation to economic cycles, and industries that have achieved supply-side clearing in a recovering economy [2] - The report emphasizes the importance of focusing on sectors such as AI, white goods, engineering machinery, and industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail transit equipment [2] Group 4: Power Sector Insights - The power sector saw a collective surge, with biomass energy generation, grid equipment, and virtual power plants among the top gainers [4] - The National Energy Administration reported that the maximum national power load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June, marking a historical high [7] - China Galaxy Securities' mid-term strategy report for the power industry suggests focusing on investment opportunities in the power sector, driven by declining coal prices, attractive dividend yields for hydropower stocks, and clear revenue expectations for nuclear power [7]

证券代码：002366 证券简称：融发核电 公告编号：2025-042 融发核电设备股份有限公司 关于法院裁定烟台玛努尔高温合金有限公司 重整计划执行完毕的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 报》《证券日报》、巨潮资讯网(www.cninfo.com.cn）披露的《第六届董事会 第十三次会议决议公告》《第六届监事会第九次会议决议公告》《关于拟参与 烟台玛努尔高温合金有限公司破产重整暨债转股的公告》《关于补充披露拟参 与烟台玛努尔高温合金有限公司破产重整暨债转股的公告》《2024年第一次临 时股东大会决议公告》（公告编号：2024-040/041/042/044/046）。 2025年1月21日,莱山区法院裁定批准《烟台玛努尔高温合金有限公司重整计 划》(以下简称"《重整计划》")，《重整计划》由烟台高温合金负责执行,由烟 台台海核电管理人进行监督。具体内容详见2025年1月24日公司于指定信息披露媒 体《证券时报》《证券日报》、巨潮资讯网(www.cninfo.com.cn）披露的《关于一 级全资子公司收到民事裁定书的公告》（公告编号：202 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [4][29]. Core Insights - The defense and military sector is experiencing a significant upward cycle driven by domestic demand and military modernization efforts, particularly the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" era [5][6]. - The report highlights the increasing global military trade demand due to geopolitical changes, which is expected to create a strong resonance between supply and demand in China's military trade [5]. - The valuation of the military industry is projected to rise as the sector benefits from both domestic construction cycles and the reshaping of global military trade dynamics, leading to higher market recognition and valuation [5][14]. Market Review - Last week, the Shenwan Defense and Military Index rose by 1.36%, while the CSI Military Leaders Index increased by 1.3%. In comparison, the Shanghai Composite Index rose by 1.4%, and the CSI 300 Index increased by 1.54% [4][6]. - The report notes that the defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were: - Morningstar Aviation (24.21%) - China Ship Emergency (20.23%) - Xuanji Information (17.67%) - Rongfa Nuclear Power (17.02%) - Parker New Materials (12.24%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 81.14, placing it in the upper range historically, with a valuation percentile of 70.36% since January 2014 and 99.24% since January 2019 [14][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [14][19]. Key Valuation Targets - The report lists several key targets within the military sector, including: - High-end combat capabilities: AVIC Shenyang Aircraft, AVIC Chengdu Aircraft, Inner Mongolia First Machinery, and others. - New quality combat capabilities: Chengdu Huamei, Xindong Link, Aerospace Electronics, and others [5][21].

Market Overview - The Shanghai Composite Index rose by 0.18% on July 3, with 24 out of 28 sectors experiencing gains, led by the electronics and power equipment sectors, which increased by 1.69% and 1.38% respectively [1] - The coal and transportation sectors saw the largest declines, with decreases of 1.16% and 0.28% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 4.511 billion yuan, with 9 sectors seeing net inflows [1] - The electronics sector had the highest net inflow of funds, totaling 7.820 billion yuan, while the pharmaceutical and biological sector followed with a net inflow of 1.382 billion yuan [1] - The machinery equipment sector had the largest net outflow, amounting to 2.317 billion yuan, followed by the basic chemical sector with a net outflow of 1.908 billion yuan [1] Power Equipment Sector Performance - The power equipment sector increased by 1.38%, with a total of 358 stocks in the sector, of which 202 rose and 145 fell [2] - The top net inflow stocks in the power equipment sector included Ningde Times, with a net inflow of 1.289 billion yuan, followed by Tianci Materials and Zhongyi Technology with net inflows of 141.45 million yuan and 123.15 million yuan respectively [2] - The sector also saw 7 stocks with net outflows exceeding 100 million yuan, with Rongfa Nuclear Power leading at 396 million yuan, followed by Changcheng Electric and Saiwu Technology [2][4] Top Gainers in Power Equipment Sector - The top gainers in the power equipment sector included: - Ningde Times: +4.85%, turnover rate 0.87%, net inflow 1.289 billion yuan - Tianci Materials: +4.18%, turnover rate 5.69%, net inflow 141.25 million yuan - Zhongyi Technology: +19.99%, turnover rate 22.44%, net inflow 122.87 million yuan [2] Top Losers in Power Equipment Sector - The top losers in the power equipment sector included: - Rongfa Nuclear Power: -3.26%, turnover rate 30.70%, net outflow 395.77 million yuan - Changcheng Electric: -3.48%, turnover rate 35.04%, net outflow 391.92 million yuan - Saiwu Technology: -5.01%, turnover rate 20.85%, net outflow 155.45 million yuan [4]

Market Performance - The controllable nuclear fusion concept declined by 0.77%, ranking among the top declines in concept sectors, with leading decliners including Wangzi New Materials, Baili Electric, and Hezhuo Intelligent [1] - Among the 54 stocks in the controllable nuclear fusion sector, 24 stocks saw price increases, with *ST Lihang, Jianghai Co., and Sruy New Materials leading the gains at 4.25%, 3.89%, and 3.73% respectively [1] Capital Flow - The controllable nuclear fusion sector experienced a net outflow of 1.556 billion yuan, with 54 stocks seeing outflows, and 8 stocks having outflows exceeding 50 million yuan [1] - The stock with the highest net outflow was Rongfa Nuclear Power, with a net outflow of 396 million yuan, followed by Zhongyou Capital and Zhongzhou Special Materials with net outflows of 93.94 million yuan and 86.03 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion sector included Jianghai Co., Yongding Co., and Ice Wheel Environment, with net inflows of 43.86 million yuan, 41.65 million yuan, and 31.71 million yuan respectively [1] - The top losers included Rongfa Nuclear Power, Zhongyou Capital, and Wangzi New Materials, with declines of 3.26%, 0.68%, and 5.87% respectively [2]

Group 1 - The electronic sector saw a net inflow of over 6.32 billion, leading among various sectors [1][2] - The pharmaceutical sector experienced a net inflow of 1.58 billion, while the communication sector had a net inflow of 1.56 billion [2] - The mechanical equipment sector faced the highest net outflow at 3.15 billion, followed by basic chemicals at 2.10 billion and national defense at 1.82 billion [2] Group 2 - Industrial Fulian topped the list of individual stocks with a net inflow of 1.675 billion, representing a net inflow rate of 21.97% [3] - Other notable stocks with significant net inflows include Ningde Times at 1.135 billion and Luxshare Precision at 740 million [3] - Yuyin Co. led the net outflow list with over 700 million, followed by Shanzigaoke at 410 million and Changcheng Electric at 370 million [4]

Core Viewpoint - The steel industry is experiencing a significant price increase due to production cuts driven by environmental regulations and government policies aimed at eliminating outdated capacity. This has led to a reduction in steel output expectations, particularly in Tangshan, where a 30% production cut has been mandated from July 4 to July 15. The market anticipates further impacts on steel production as a result of these measures [1][3]. Group 1: Steel Industry Insights - The recent meeting of the Financial and Economic Committee emphasized the need to push for the elimination of outdated production capacity, directly influencing the steel market [1]. - Tangshan steel mills have received directives for a 30% production cut, which is expected to significantly lower steel inventories and production levels [1]. - The China Iron and Steel Association reported that steel billet exports in the first four months of 2025 have already surpassed the total for 2024, prompting suggestions for export restrictions [1]. - A total of approximately 30 million tons of production cuts have been ordered for the year, coinciding with a seasonal demand lull, which has heightened market expectations for reduced steel output [1]. Group 2: Market Reactions and Trends - Longjiang Securities noted that administrative production cuts could act as a bullish option for the steel sector, particularly in July, which is traditionally a slow season for demand [3]. - The announcement of production cuts in the photovoltaic glass sector has also led to significant price increases in that market, indicating a broader trend of supply-side reforms impacting various sectors [3]. - The steel sector saw a strong rally in stock prices, with companies like Liugang and Chongqing Steel hitting their daily price limits amid these developments [9][10]. Group 3: Broader Economic Context - The overall A-share market experienced a decline, with major indices falling and a significant number of stocks trading lower, reflecting broader economic pressures [9]. - The government is expected to focus on structural adjustments across multiple industries, including steel, refining, and new energy sectors, as part of its economic strategy [7]. Group 4: Investment Trends - Institutional investors have begun to sell off some positions in response to the recent price increases in steel, indicating a cautious approach to the current market dynamics [1][4]. - The market's reaction to production cuts in both the steel and photovoltaic sectors suggests a growing trend towards supply-side management as a means to stabilize prices and manage excess capacity [3].

7月2日，3200多只个股下跌，近2000只个股上涨，63只个股涨停，9只个股跌停。市场热点聚焦核电、海工装备、水产养殖、光伏、钢铁等板 块。 | 代码 | | 名称 | 儿天儿板 价格 | 涨幅% 涨停分析 | 换手率 | 成交额 | 首次涨停时间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 603316 | 诚邦股份 | 5连板 10.88 | +10.01% 存储芯片+团林景观 | 28.54% | 8.18亿 | 09:30:39 | | 2 | 000026 | 图内达 | 5大4板 18.16 | +9.99% 航空航天表+精密减速器+央1 | 23.85% | 15.49亿 | 09:34:45 | | 3 | 002940 | 昂利康 | 4天3板 44.90 | +10.00% NHKC-1+特色中间体+化学制? 11.45% | | 9.27亿 | 09:56:54 | | ষ | 605151 | 西上海 | 3连板 23.47 | +9.98% 汽车零部件+物流服务+股权化 | 1.05% | 3309.22万 | ...

Core Viewpoint - The stock market experienced a slight decline on July 2, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index down 0.61%, and the ChiNext Index down 1.13%. Notably, Rongfa Nuclear Power (002366) saw significant net inflow of funds, while Inner Mongolia First Machinery (600967) faced substantial outflow [1][3]. Group 1: Stock Performance - Rongfa Nuclear Power (002366) had a closing price increase of 6.59%, with a net buying amount of 210.36 million yuan, accounting for 4.12% of total trading volume [1][3]. - Inner Mongolia First Machinery (600967) experienced a closing price drop of 9.99%, with a net selling amount of 166.35 million yuan, representing 6.09% of total trading volume [4][9]. - Other notable stocks included Kangli Technology (6.05% increase), Hunan Tianyan (6.51% increase), and Guolian Aquatic Products (20.11% increase) [3][4]. Group 2: Institutional Activity - On July 2, institutions were involved in 32 stocks, with a total net selling amount of 641 million yuan. Institutions net bought 9 stocks and net sold 23 stocks [5][9]. - The stock with the highest net buying by institutions was Aong Likang (002940), which closed up 10% [5][6]. - The stock with the highest net selling by institutions was Changqing Technology (603125), which closed down 2.12% [9][10]. Group 3: Northbound Capital - Northbound capital participated in 19 stocks, with a total net buying amount of 664 million yuan. The net buying was 286 million yuan for Shanghai Stock Connect and 377 million yuan for Shenzhen Stock Connect [9][10]. - Rongfa Nuclear Power (002366) had the highest net buying from northbound capital at 123 million yuan, while Hongye Futures (001236) had the highest net selling at 33.58 million yuan [10][14]. - There was a divergence in trading activity for stocks like Rongfa Nuclear Power and Inner Mongolia First Machinery, where institutions sold while northbound capital bought [13][14].

Core Points - Rongfa Nuclear Power's stock increased by 6.59% today, with a turnover rate of 45.66% and a transaction volume of 5.101 billion yuan, indicating significant trading activity [2] - Institutional investors net sold 71.824 million yuan, while the Shenzhen Stock Connect saw a net purchase of 123 million yuan, suggesting mixed sentiment among different investor groups [2] - The stock has appeared on the trading leaderboard 11 times in the past six months, with an average price drop of 1.07% the day after being listed and a 5-day average decline of 2.16% [2] Trading Activity - The top five trading departments accounted for a total transaction volume of 815 million yuan, with a net purchase of 210 million yuan [2] - The largest buying department was the Shenzhen Stock Connect, with a buying amount of 1.467 billion yuan and a selling amount of 237.911 million yuan, resulting in a net purchase of 123 million yuan [2] - The main capital inflow for the stock today was 573 million yuan, with a significant inflow of 649 million yuan from large orders, while large orders saw a net outflow of 75.854 million yuan [2]