金十数据7月3日讯，7月3日，沪深两市全天成交额合计13097.57亿元，较上一日缩量672.24亿元。其 中，沪市成交额为5002.12亿元（上一交易日为5431.31亿元），成交量为4.39亿手（上一交易日为4.98亿 手）；深市成交额为8095.45亿元（上一交易日为8338.5亿元），成交量为6.39亿手（上一交易日为6.79 亿手）。宁德时代成交额居首，为87.47亿元。其次是工业富联、立讯精密、东方财富、新易盛，成交 额分别为78.12亿元、67.75亿元、65.67亿元、58.71亿元。 沪深两市今日成交额合计13097.57亿元，宁德时代成交额居首 ...

Core Viewpoint - The artificial intelligence (AI) sector is showing strong performance, with the China Securities Artificial Intelligence Industry Index (931071) and related ETFs reflecting positive trends in the market [1][4]. Group 1: Market Performance - As of July 3, 2025, the China Securities Artificial Intelligence Industry Index (931071) increased by 0.70%, with notable gains from stocks such as Xinyisheng (300502) up 2.95% and Shitou Technology (688169) up 2.52% [1]. - The AI ETF (515980) also saw an increase of 0.59%, indicating a positive sentiment in the AI investment space [1]. Group 2: Liquidity and Scale - The AI ETF recorded a turnover of 1.24% during the trading session, with a transaction volume of 43.44 million yuan, and an average daily transaction volume of 172 million yuan over the past week [3]. - The latest scale of the AI ETF reached 3.491 billion yuan, with leveraged funds continuing to invest, as evidenced by a net financing purchase of 16.65 million yuan on the previous trading day [3]. Group 3: Index Composition and Weighting - The China Securities Artificial Intelligence Industry Index is constructed from 50 representative listed companies based on their AI business proportion, growth level, and market capitalization, with the top ten weighted stocks accounting for 52.07% of the index [3]. - The top ten stocks in the index include companies like Zhongke Shuguang (603019) and Keda Xunfei (002230), with varying weightings that reflect their market significance [6]. Group 4: Investment Outlook - Fund manager Gao Zhe suggests that the current A-share market is in a volatile phase, but the AI sector remains a key area of growth, especially as the second quarter earnings reports approach [4]. - The AI industry is viewed as a high-certainty growth area, making it a focal point for investors seeking opportunities amidst market fluctuations [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price increase due to production cuts driven by environmental regulations and government policies aimed at eliminating outdated capacity.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].

Group 1 - The core index of the China Securities Industry Chain Index series includes the upstream resource index, midstream manufacturing index, and downstream consumption and service index, providing diversified investment targets for investors [2] - The China Securities Midstream Manufacturing Index has seen a 4.59% increase over the past month, a 0.87% decrease over the past three months, and a 2.73% decline year-to-date [2] - The top ten weighted stocks in the China Securities Midstream Manufacturing Index include CATL (7.5%), Luxshare Precision (1.95%), SMIC (1.94%), BOE Technology Group (1.66%), Northern Huachuang (1.59%), Haiguang Information (1.43%), NewEase (1.41%), Zhongji Xuchuang (1.4%), Huichuan Technology (1.38%), and China State Construction (1.37%) [2] Group 2 - The holdings of the China Securities Midstream Manufacturing Index are distributed with 50.48% on the Shanghai Stock Exchange and 49.52% on the Shenzhen Stock Exchange [2] - The industry composition of the index holdings shows that industrials account for 44.37%, information technology for 37.46%, materials for 8.34%, communication services for 5.70%, and consumer discretionary for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December, and can be temporarily adjusted under special circumstances [3]

证券代码：300502 证券简称：新易盛 公告编号：2025-032 成都新易盛通信技术股份有限公司 关于 2024 年限制性股票激励计划首次授予第一期 第一批次归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属的限制性股票上市流通日：2025 年 7 月 4 日 2、本次归属股票数量：138.558 万股，占归属前公司股本总额的 0.1396%。 3、本次归属限制性股票人数：144 人 4、股票来源：公司向激励对象定向增发的本公司 A 股普通股股票 5、本次归属的限制性股票不设限售期，激励对象为高级管理人员的按照相 关规定执行。 成都新易盛通信技术股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开第五届董事会第七次会议、第五届监事会第七次会议，审议通过了《关于 2024 年限制性股票激励计划首次授予第一期归属条件成就的议案》；并于 2025 年 6 月 6 日召开第五届董事会第八次会议、第五届监事会第八次会议，审议通过 了《关于调整 2024 年限制性股票激励计划首次及预留授予限制性股票 ...

Core Insights - Nearly 90% of brokerage gold stock portfolios achieved positive returns in the first half of the year, with Northeast Securities leading at a 45.45% return [2][6] - The July gold stock list shows a strong representation from the electronics, pharmaceutical, and machinery sectors, with significant contributions from power equipment and non-bank financials [3][9] - Brokerages are optimistic about the market's potential to break through previous highs, particularly focusing on sectors like technology and brokerage firms for investment [4][12] Performance Summary - In June, the top-performing gold stock was Giant Network (002558.SZ) with a 63.09% monthly increase, driven by strong data from its new game [5] - Other notable performers included Shenghong Technology (300476.SZ) with a 55.39% increase and Inner Mongolia First Machinery (600967.SH) with a 54.80% increase [6] - The Shanghai Composite Index rose 2.76% in the first half of the year, while the North Star 50 Index surged nearly 40% [6] Brokerage Rankings - Northeast Securities topped the gold stock portfolio rankings with a 45.45% return, followed by Dongxing Securities at 37% and Huaxi Securities at 29.25% [6] - Five brokerages reported negative returns for their gold stock portfolios, including Changcheng Securities and Zhongyin Securities [7] Sector Focus - The latest gold stock recommendations highlight a concentration in electronics, pharmaceuticals, and machinery, with multiple brokerages recommending stocks like Pop Mart (09992.HK) and Zhongxin Securities (600030.SH) [9][10] - Other stocks receiving multiple recommendations include Muyuan Foods (002714.SZ), noted for its low costs and profitability in the slaughtering business [11] Market Outlook - Analysts suggest that the market may continue to show resilience in July, with potential breakthroughs depending on structural policy and market conditions [14][15] - The consensus among brokerages is that the Shanghai Composite Index has a significant chance of surpassing last year's highs, with a focus on technology and brokerage sectors for investment opportunities [12][15]

Core Viewpoint - The A-share market showed a strong performance on the last trading day of June, with notable gains in the military, pharmaceutical, and photovoltaic sectors. The pharmaceutical commercial sector saw significant late-session gains, while the liquor sector experienced a sudden surge in stock prices. Additionally, computing hardware stocks reached historical highs, indicating a positive market sentiment overall [1][2]. Group 1: Pharmaceutical Sector - The pharmaceutical commercial sector experienced a late surge, with stocks like Huaren Health rising from a near 5% drop to a nearly 7% increase, closing up 4.61% [1]. - Recent reports indicate that major liquor companies such as Wuliangye and Luzhou Laojiao are seeing good growth in banquet market scale and opening rates, with strategies focusing on lower-end and innovative products [6]. Group 2: Liquor Sector - The liquor sector saw a significant rally at 13:11, with stocks like Jiugui Liquor, Shede Liquor, and Shui Jing Fang rising by 6.88%, 3.48%, and 2.92% respectively by the end of trading [4]. - Analysts suggest that the overall valuation of the liquor sector is low, with frequent stock buybacks and increased dividend payouts expected to attract more capital inflow [6]. Group 3: Computing Hardware Sector - Computing hardware stocks were notably active, with companies like Jingwang Electronics and Xinyi Sheng reaching historical highs. Jingwang Electronics hit a limit-up, while Xinyi Sheng closed up 3.12% at 127.02 yuan per share, with a market capitalization of 126.05 billion yuan [8][10]. - The demand for optical modules is expected to exceed supply by a factor of two in 2024, driven by strong growth in the AI sector and overseas markets [11]. Group 4: Photovoltaic Sector - The photovoltaic sector showed strength, particularly in the back-contact (BC) battery segment, with stocks like Saiwu Technology hitting the limit-up and GCL-Poly Energy rising over 6% [12][13]. - The acceleration of new technologies such as BC and solid-state batteries is anticipated, with production capacity expected to exceed 100GW by the end of 2025 [15].

Group 1 - The technology growth sector showed strong performance, with the ChiNext Index rising over 1%, and the Double Innovation Leader ETF (588330) reaching a peak increase of 1.4% during trading [1] - The constituent stock Longxin Zhongke released a new generation of domestic CPUs, leading to a price increase of over 14%, while companies in computing hardware such as Zhongji Xuchuang and Xinyi Sheng saw increases of nearly 8% and over 5% respectively [1] Group 2 - The electronic sector received a net inflow of 11.461 billion yuan, ranking first among 31 Shenwan primary industries, with a weight of 38.7% in the Double Innovation Leader ETF [2][3] - The communication sector also saw significant net inflows of 7.694 billion yuan, with a rise of 2.29% [3] Group 3 - Key positive news includes the release of a new generation of domestic CPUs by Longxin Zhongke, which does not rely on any foreign authorized technology, and the overall recovery of the electronic sector [5] - The 2025 China AI Computing Power Conference highlighted the changing landscape of AI computing power, with Nvidia's stock reaching a historical high of $3.77 trillion in market capitalization [5] - Analysts predict that the demand for inference computing power will reach 62.2% by 2026, with technologies like liquid cooling and high-speed interconnects becoming investment hotspots [5] Group 4 - The Double Innovation Leader ETF (588330) closely tracks the Sci-Tech Innovation 50 Index, selecting 50 strategic emerging industry companies from the Sci-Tech and ChiNext boards, covering popular themes such as new energy and semiconductors [6] - The ETF provides a low-threshold entry point for investors to access multi-layered capital markets, with the potential to act as a "rebound pioneer" [6]

Group 1 - The A-share market for optical modules and optical communication is experiencing strong fluctuations, with companies like LianTe Technology rising over 15% [1] - The Huaxia ChiNext AI ETF (159381) is tracking the ChiNext AI Index and has seen a nearly 2% increase, marking its fifth consecutive rise [1] - The ETF includes leading companies in the AI sector, covering both upstream hardware and downstream software and applications, with a focus on communication hardware and cloud computing [1] Group 2 - NVIDIA's CEO Jensen Huang stated that a large-scale upgrade of AI infrastructure in the computer industry has just begun, with AI GPU demand in data centers surging [2] - NVIDIA's revenue is projected to soar from $27 billion in fiscal year 2024 to $130.5 billion in fiscal year 2025, and is expected to approach $200 billion in fiscal year 2026 [2] - Loop Capital raised NVIDIA's target price from $175 to $250, maintaining a "buy" rating, indicating that NVIDIA is at the forefront of the AI application "golden wave" [2]

Core Insights - The report highlights the emerging opportunities in the low Earth orbit (LEO) satellite communication sector, particularly following the MWC 2025 event in Shanghai, which showcased advancements in ground infrastructure for satellite internet [5][6] - The report emphasizes the maturation of the NTN (Non-Terrestrial Network) industry chain and the expected acceleration in ground infrastructure development, driven by upcoming commercial trials of LEO satellite systems [5][6] Industry Commentary: Communication - The MWC 2025 event has spotlighted the LEO satellite internet, presenting at least three catalysts for investment opportunities in this sector [5] - The next-generation LEO constellation design is nearing maturity, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form, indicating a shift towards a mainstream NTN network architecture [5] - Major players in the 5G equipment sector, such as Huawei, ZTE, and FiberHome, are expected to benefit significantly from this transition, particularly in baseband, routing, and antenna technologies [5] - The report notes that the upcoming commercial trials of LEO satellite systems will likely lead to increased demand for ground infrastructure, including gateway station projects and related components [5][6] Investment Highlights - The AMD Helios cabinet design is set to compete with the Rubin NVL144 supernode cabinet, indicating a trend towards higher bandwidth and more efficient networking solutions [6] - The Mi400 Helios cabinet is expected to integrate 72 Mi400 GPUs, requiring extensive copper cabling and high-density connectors, which suggests a sustained demand for high-speed copper and optical modules in the coming years [6] Market Overview - The report provides a snapshot of the market performance, noting that the overall market saw mixed results, with the Shenwan Communication Index rising by 1.58% while major indices like the Shanghai Composite Index and Shenzhen Component Index experienced declines [8] - Specific sectors such as optical modules and optical cables saw significant weekly gains, indicating strong investor interest in these areas [8] Regulatory Developments: Non-Bank Financial Sector - The report discusses the introduction of the "1+6" policy measures for the Sci-Tech Innovation Board, aimed at optimizing the classification and evaluation of securities firms, which is expected to enhance the financial service ecosystem for technology innovation [9][10] - The new regulations are designed to support high-quality development and encourage differentiated operations among securities firms, fostering a competitive landscape [10]