科创创业ETF（588360）业绩比较基准为中证科创创业50指数收益率，管理人为国泰基金管理有限公 司，基金经理为黄岳，成立（2021-06-29）以来回报为-33.50%，近一个月回报为9.17%。 来源：新浪基金∞工作室 8月1日，科创创业ETF（588360）开盘跌0.30%，报0.663元。科创创业ETF（588360）重仓股方面，宁 德时代开盘涨0.07%，中芯国际跌0.34%，迈瑞医疗跌0.09%，海光信息涨0.36%，中际旭创跌2.34%，新 易盛跌2.15%，寒武纪跌1.34%，汇川技术涨0.14%，阳光电源涨0.04%，澜起科技涨0.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Group 1 - In July, the financing balance increased by over 130 billion yuan, marking the highest monthly growth in financing balance for the year [2] - Six industries attracted over 10 billion yuan in net financing, including electronics, pharmaceuticals, electric equipment, non-ferrous metals, computers, and non-bank financials [2] - The top three industries by net financing in July were electronics (14.7 billion yuan), pharmaceuticals (14.1 billion yuan), and electric equipment (12.7 billion yuan) [2] Group 2 - Among individual stocks, nine stocks saw net financing exceeding 1 billion yuan, with notable mentions being Xinyi Technology, Northern Rare Earth, and Shenghong Technology [2][3] - Xinyi Technology experienced a nearly 50% increase in July, with its stock price nearly doubling over the past two months [3] - The top five stocks with the highest net selling amounts included Wuliangye, Sunshine Power, BeiGene, Muyuan Foods, and Hengli Petrochemical, each exceeding 300 million yuan [3] Group 3 - As of July 30, six companies had financing balances exceeding 10 billion yuan, including Dongfang Wealth, China Ping An, Kweichow Moutai, CITIC Securities, BYD, and Yangtze Power, all of which are large-cap blue-chip stocks [3]

Core Viewpoint - In the first half of 2025, China's energy storage industry achieved significant growth in overseas orders, with a total of 163 GWh, representing a year-on-year increase of 246% [1][4]. Group 1: Market Expansion - Chinese energy storage companies have expanded their overseas orders to over 50 countries and regions, with notable orders from the Middle East, Australia, and Europe [4][6]. - Major projects include significant contracts from companies like CATL and BYD, with orders exceeding 10 GWh [6][12]. Group 2: Technological Diversification - The energy storage sector is witnessing a diversification in technology, with lithium batteries, sodium batteries, and flow batteries all advancing in international markets [2][8]. - Companies like Guangdong Haida and Beijing Punan are making strides in sodium and flow battery technologies, securing international orders [10][8]. Group 3: Competitive Landscape - Established companies like CATL and BYD leverage their brand recognition and technological capabilities to secure large contracts, while new entrants focus on niche markets and localized services [12][13]. - New players are rapidly gaining market share through customized solutions and strategic partnerships in emerging markets [13][16]. Group 4: Collaborative Models - The industry is evolving towards a collaborative model involving battery manufacturers, system integrators, and EPC service providers, enhancing competitiveness in global markets [14][16]. - Notable collaborations include projects in South Africa and Egypt, showcasing a unified approach to energy storage solutions [16][18]. Group 5: Long-term Operations - Long-term operation and maintenance services are becoming a competitive advantage, with companies like Envision Energy and Sungrow signing multi-year service agreements [15][18]. - This trend indicates a shift towards not just equipment supply but also ongoing technical support and asset management [15][18]. Group 6: Localization Strategies - Chinese companies are investing in local operations to enhance their global competitiveness, with significant investments in Indonesia and Malaysia [16][18]. - These initiatives aim to establish a comprehensive supply chain and manufacturing capabilities in key markets [16][18]. Group 7: Application Scenarios - The application scenarios for energy storage are diversifying, extending beyond traditional large-scale and residential storage to data centers and electric vehicle charging [17][18]. - Companies are actively pursuing opportunities in these new segments, indicating a robust growth trajectory for the energy storage industry [17][18].

Investment Rating - The report rates the energy storage industry as "Outperform the Market" [1][4][5] Core Insights - The energy storage industry is experiencing rapid growth, with significant demand in emerging markets expected to drive future opportunities [2][3][4] - The domestic market in China is seeing a surge in energy storage system and battery shipments, with 110 GWh of systems and 265 GWh of batteries shipped in the first half of 2025, marking year-on-year increases of 101% and 128% respectively [1][3][56][57] - The U.S. market is also showing growth due to the "Inflation Reduction Act," which is expected to boost energy storage demand in the short term [1][27][29] - Emerging markets, particularly in the Middle East, Southeast Asia, and Africa, are anticipated to become significant export destinations for Chinese energy storage companies due to power shortages and supportive government policies [2][4][54] Summary by Sections Domestic Market Performance - In the first half of 2025, China achieved energy storage tenders of 126.3 GWh and winning bids of 189.8 GWh, reflecting year-on-year increases of 101% and 182% respectively [1][44] - The domestic energy storage system shipment reached 110 GWh, nearing the total for 2024, with expectations of over 200 GWh for the full year [56] - The domestic energy storage battery shipments were 265 GWh, with projections of over 500 GWh for the year, indicating a growth rate of nearly 50% [57] International Market Trends - The U.S. energy storage market is projected to grow, with a 30% year-on-year increase in installed capacity in the first half of 2025 [1][27] - In Europe, energy storage demand is also rising, with Germany showing a 130% increase in front-of-the-meter storage installations in the first half of 2025 [1][36] - Emerging markets are expected to see explosive growth in energy storage installations, with projections of 37 GWh in 2025, a year-on-year increase of 256% [2][51] Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, as they are well-positioned to benefit from the growing demand in both domestic and international markets [4][5][113]

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry [5][4][6]. Core Insights - The energy storage industry is experiencing rapid growth, particularly in emerging markets, driven by power shortages and supportive government policies [2][4][54]. - The demand for energy storage systems is expected to remain strong in 2025, with significant increases in both domestic and international markets [1][3][56]. - The "Big and Beautiful" act in the U.S. is anticipated to boost short-term demand for energy storage, although a decline in demand may occur post-2026 [27][29]. Summary by Sections Industry Overview - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with battery shipments at 265 GWh, a year-on-year increase of 128% [1][56]. - The U.S. saw a 30% year-on-year increase in installed front-of-the-meter storage, reaching 5.65 GW in the first half of 2025 [1][27]. Emerging Markets - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively [2][51]. - The report forecasts a substantial increase in energy storage demand in regions facing power shortages, such as Southeast Asia, South Africa, and India [54][55]. Global Market Outlook - The global energy storage market is expected to see new installed capacity of 221 GWh in 2025, with a projected market value of 1787 billion yuan [3][96]. - Emerging markets are anticipated to achieve a cumulative installed capacity of 40.5 GWh by 2025, reflecting a 293% year-on-year growth [3][96]. Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, due to their strong market positions and growth potential [4][113].

7月31日，创业50ETF（159682）开盘涨0.29%，报1.043元。创业50ETF（159682）重仓股方面，宁德时 代开盘涨1.34%，东方财富跌0.59%，汇川技术跌0.09%，中际旭创涨4.94%，迈瑞医疗涨0.00%，新易盛 涨4.54%，阳光电源跌0.79%，胜宏科技涨3.00%，亿纬锂能跌0.20%，同花顺跌0.95%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为3.99%，近一个月回报为11.03%。 来源：新浪基金∞工作室 ...

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including Beike-W, China Resources Land, New China Life Insurance, Qilu Bank, Sungrow Power Supply, and others [54]. Core Insights - The report highlights the investment outlook for the financial and manufacturing industries, emphasizing the recovery of corporate earnings and the potential for stock price appreciation in the context of macroeconomic conditions and policy expectations [5][10][11]. Financial Sector Summary - The financial sector is expected to see a continuation of performance recovery in Q2, with a focus on high-elasticity stocks. The insurance sector is projected to benefit from improved new business value and investment returns [20][21]. - Qilu Bank is noted for its strong growth in credit market share and improving asset quality, with a projected net profit growth of 16.5% in the first half of 2025 [22][26]. Real Estate Sector Summary - The real estate sector is anticipated to experience a rebound due to policy easing and potential for price recovery. Key companies like Beike-W and China Resources Land are highlighted for their strong fundamentals and growth potential [11][12][19]. Manufacturing Sector Summary - The manufacturing sector, particularly in machinery and electrical new energy, is expected to benefit from global competitiveness and accelerated overseas expansion. Companies like Haitian International are positioned to gain from increased export demand [27][35]. - The report emphasizes the importance of new technologies and market trends in the electrical new energy sector, with a focus on storage and solar energy [27][29]. Environmental Sector Summary - The environmental sector, particularly waste incineration and water services, is highlighted for its long-term investment value, with companies like Hanlan Environment and Beijing Water Group recommended for their stable cash flow and growth potential [46][50].

格隆汇7月30日｜长江证券研报指出，阳光电源从2023年至今，已有2-3年的时间业绩表现持续强势并多 次超预期。认为公司估值修复的逻辑将逐步明朗，其弹性或远高于业绩的增长。随着盈利下行和贸易壁 垒的担忧逐步淡化或消除，2025H2-2026，公司将逐步走入估值修复的窗口。对于贸易壁垒，美国大储 政策存在不确定性，但公司终将找到稳定的出美方式。对等关税和大美丽法案如今均已靴子落地，2026 年正式执行外国禁止实体，预计半年左右的缓冲期限过后，在2026H2 阳光电源出美方案大概率将得到 明确，公司美国量利预期将更为清晰，估值压制得以减轻。阳光电源凭借优异的产品力和固有的工商业 光伏逆变器渠道地位，充分受益于工商储市场爆发，为公司业绩再添增量。我们预计公司2025-2026 年 实现归母净利润130、140 亿元，对应PE 为12、11 倍，安全边际足够。维持"买入"评级。 ...

长江证券研报指出，阳光电源从2023年至今，已有2-3年的时间业绩表现持续强势并多次超预期。认为 公司估值修复的逻辑将逐步明朗，其弹性或远高于业绩的增长。随着盈利下行和贸易壁垒的担忧逐步淡 化或消除，2025H2-2026，公司将逐步走入估值修复的窗口。对于贸易壁垒，美国大储政策存在不确定 性，但公司终将找到稳定的出美方式。对等关税和大美丽法案如今均已靴子落地，2026 年正式执行外 国禁止实体，预计半年左右的缓冲期限过后，在2026H2 阳光电源出美方案大概率将得到明确，公司美 国量利预期将更为清晰，估值压制得以减轻。阳光电源凭借优异的产品力和固有的工商业光伏逆变器渠 道地位，充分受益于工商储市场爆发，为公司业绩再添增量。我们预计公司2025-2026 年实现归母净利 润130、140 亿元，对应PE 为12、11 倍，安全边际足够。维持"买入"评级。 ...

从中证装备产业指数持仓的市场板块来看，深圳证券交易所占比51.59%、上海证券交易所占比 48.41%。 金融界7月29日消息，上证指数低开高走，中证装备产业指数 (装备产业，H11054)上涨0.83%，报 2308.51点，成交额928.26亿元。 数据统计显示，中证装备产业指数近一个月上涨9.12%，近三个月上涨13.09%，年至今上涨4.38%。 据了解，中证产业指数系列从钢铁产业、船舶产业、石化产业、纺织产业、轻工产业、装备产业和物流 产业等产业出发，编制相应产业指数，以反映沪深市场中各支柱产业上市公司证券的整体表现。该指数 以2008年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证装备产业指数十大权重分别为：宁德时代（10.62%）、汇川技术（3.52%）、三 一重工（3.44%）、阳光电源（3.14%）、隆基绿能（2.88%）、中国中车（2.61%）、国电南瑞 （2.55%）、潍柴动力（2.38%）、中国船舶（2.25%）、中航沈飞（2.09%）。 从中证装备产业指数持仓样本的行业来看，工业占比99.07%、能源占比0.93%。 资料显示，指数样本每半年调整一次，样本调整实施 ...