机构指出，股指拉升之后短期仍有空间。 【财经日历】 10:00 国家医保局召开新闻发布会，介绍《支持创新药高质量发展的若干措施》有关情况，并回答记者提问 22:00 美国6月ISM制造业PMI | 灰 盘前必读 | | // 外盘怎么样 // | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 44094.77 | 275.50 | 0.63% | | 纳斯达克指数 | 20369.73 c | 96.27 | 0.47% | | 标普500 | 6204.95 | 31.88 | 0.52% | 当地时间周一，美股三大指数集体收涨，道指涨0.63%，纳指涨0.47%，标普500指数涨0.52%，后两者均创下历史收盘新高。美股上半年收官，纳指半年累 计涨5.48%，道指累涨3.64%，标普500指数累涨5.5%。 科技股集体上涨，微软、Meta、奈飞均小幅收涨并创盘中历史新高，苹果收涨2%。Robinhood收盘上涨13%，创下4月9日以来的最佳单日表现。 经济数据方面，芝加哥采购经理人指数PMI从5月份的40.5降至6月份的40. ...

由于多项贸易谈判出现进展，同时中东风险的缓和、美联储降息预期升温，推动美股三大指数集体上涨，纳指与标普再创历史新高。截至收盘，道指涨 0.63%，纳指涨0.47%，标普500指数涨0.52%。 科技股集体上涨，微软、Meta、奈飞均小幅收涨并创盘中历史新高，苹果收涨2%。Robinhood收盘上涨13%，创下4月9日以来的最佳单日表现。 热门中概股涨跌互现，纳斯达克中国金龙指数收跌0.49%。小鹏汽车、京东跌超1%，老虎证券涨超2%，网易涨超1%。 随着7月9日"关税大限"日益临近，特朗普政府因与多数国家仍未达成协议而显得愈发焦躁不安。 不过，加拿大的部分让步，让特朗普又自信了起来。当地时间6月29日，加拿大财政部在一份声明中表示，加拿大已取消数字服务税，以推进与美国的贸 易谈判。加拿大财政部表示，加拿大总理卡尼和美国总统特朗普将恢复贸易谈判，以期在7月21日之前达成协议。 周一，特朗普又将目标瞄向了日本，他威胁将对日本实施新一轮关税，理由是日本拒绝接受美国出口的大米。特朗普在社交媒体上发文称，"他们不接受 我们的大米，而他们自己面临严重的稻米短缺。我们会给他们发一封信，我们希望未来多年继续与他们保持贸易伙伴 ...

热门中概股里，小马智行初步收跌3.2%，文远知行、理想、京东、小鹏、腾讯至少跌约1%，网易和小 米则至多涨约2%。 纳斯达克金龙中国指数初步收跌0.4%，6月份累涨约4.4%。 ...

Core Insights - Dividend investing is gaining traction in the first half of 2025 due to market volatility and uncertainty, despite U.S. stocks nearing record highs driven by optimism in trade talks, corporate earnings, and AI momentum [1] - Stocks with a history of dividend growth tend to outperform in volatile markets, providing a more stable investment option compared to high-yield stocks [2][4] Dividend Growth Stocks - Five dividend growth stocks identified as solid investment choices for the second half of 2025 are Agnico Eagle Mines Limited (AEM), NetEase Inc. (NTES), Qifu Technology Inc. (QFIN), UGI Corporation (UGI), and McKesson Corporation (MCK) [3][9] - These stocks meet strict criteria for dividend, sales, and earnings growth, showing positive earnings revisions and strong Growth Scores [9] Investment Rationale - Stocks with a strong history of dividend growth are typically mature companies, providing a hedge against economic and political uncertainties [4] - These companies exhibit superior fundamentals, including sustainable business models, profitability, rising cash flows, and strong balance sheets, indicating potential for future dividend increases [5] Performance Metrics - Selected stocks have shown a 5-Year Historical Dividend Growth greater than zero, indicating a solid dividend growth history [6] - Additional criteria include positive historical sales and earnings growth, as well as expected future earnings growth, which supports sustained dividend payments [7] Valuation and Ranking - Stocks are evaluated based on Price/Cash Flow ratios being less than the industry average, indicating undervaluation [8] - The selected stocks have outperformed the S&P 500 over the past year and hold Zacks Rank 1 (Strong Buy) or 2 (Buy), suggesting strong market performance potential [8][10]

Gaming Industry - The issuance of gaming licenses in China remains high, with 757 domestic game licenses issued in the first half of the year, a year-on-year increase of over 20% [1] - Key projects such as "Douluo Dalu: Soul Master Battle" by Kaiying Network and "Endless Cultivation" by Giant Network have received new licenses, indicating a recovery in the gaming sector [1] - The application of AI technology in gaming is becoming clearer, with expectations for more AI-native games to emerge, driving a revaluation of the gaming industry [1] Stablecoins - Hong Kong is accelerating the application of stablecoin policies to address long-standing issues in cross-border payments, aiming to enhance service to the real economy [2] - Stablecoins are seen as a cost-effective alternative in the traditional financial system, with potential to transform payment and capital market activities [2] - The stablecoin industry is expected to enter a period of compliant development as global regulatory policies are implemented [2] Foldable Phones - Honor is set to launch the Honor Magic V5, touted as the world's lightest and thinnest foldable phone, featuring advanced AI capabilities [3] - The Chinese foldable phone market is projected to maintain a 40% global market share, with shipments expected to exceed 17 million units by 2028, reflecting a compound annual growth rate of 19.8% over the next five years [3] - Apple's entry into the foldable phone market is anticipated to boost global sales and drive innovation in the foldable supply chain [3] Regenerative Medicine - Chinese scientists have made a significant breakthrough in regenerative medicine by discovering a key "molecular switch" that regulates mammalian regeneration, marking a major original innovation [4] - The aging population in China is driving clinical demand for regenerative medicine, with technologies like stem cell therapy and 3D bioprinting entering a phase of clinical transformation [4] - The "14th Five-Year Plan" has identified regenerative medicine as a strategic emerging industry, indicating strong government support [4] Innovative Pharmaceuticals - The National Healthcare Security Administration is set to announce measures to support the high-quality development of innovative drugs, which is expected to benefit domestic innovative pharmaceutical companies significantly [5] - The Chinese innovative drug market is projected to exceed 1.22 trillion yuan by 2025, with an annual growth rate of 8.53% [5] - The implementation of policies to support innovative drug development is expected to accelerate the commercialization of new drugs, with 2025 potentially marking a turning point for profitability in the sector [5] Solid Waste Management - A nationwide campaign has been launched to address illegal dumping of solid waste, focusing on hazardous waste and construction debris [6] - The solid waste management industry is experiencing a dual boost from policy support and technological upgrades, with significant market expansion expected [6] - The "14th Five-Year Plan" emphasizes the importance of solid waste management as a pillar of the environmental protection industry [6] AI in Healthcare - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancer types, and initiated a global multi-center plan [7] - The integration of AI technology in healthcare is rapidly transforming the industry, with major tech companies accelerating their investments in AI healthcare solutions [7] - The development of large models in AI is expected to bring revolutionary changes to various medical applications, driving the intelligent upgrade of the healthcare industry [7] Photovoltaic Glass - Major domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July to alleviate supply-demand imbalances [8][10] - The average net profit of the photovoltaic glass industry has dropped to a historical low, indicating severe profitability challenges [8] - The production reduction is expected to improve market conditions and help companies find a new equilibrium in supply and demand [8][10]

Investment Focus - Amazon (AMZN US) is highlighted for its leading position in the cloud industry with a global market share of 30%, benefiting from stable margins and growth in IaaS demand [1] - Meta (META US) shows continuous user growth and improved profitability, with expectations for AI marketing to start yielding results [1] - Alphabet (GOOGL US) is expected to improve margins due to rising IaaS cloud scale and strong self-developed capabilities in AI, although its stock price upside is limited [1] - Meituan (3690 HK) demonstrates strong cash flow and cost advantages, with a significant cash reserve of 115 billion yuan, providing a buffer against competition [1] - Broadcom (AVGO US) is expected to see significant revenue growth from ASIC chips, with projected revenue exceeding $20.5 billion by 2026 [1] - NVIDIA (NVDA US) benefits from improving macro conditions and stable capex expectations, with successful product launches anticipated [1] - Samsung (005930 KS) is positioned well with low valuations and upcoming product releases in the AI sector [1] - Lenovo (992 HK) is expected to achieve record revenue driven by AI server business growth [1] - TSM (2330 TT) maintains high utilization rates in advanced processes, with promising profitability outlooks [1] - MediaTek (2454 TT) is collaborating with Nvidia to enhance its product offerings, with significant revenue growth expected from AI ASICs [1] Internet Sector - Tencent (700 HK) is expected to benefit significantly from AI advancements, with revised revenue and profit forecasts for 2025 [2] - NetEase (NTES US) is seeing growth driven by its online gaming segment, with potential for profits to exceed expectations [2] - New Oriental (EDU US) has a diverse revenue stream and a strong offline presence, with a projected 20% CAGR in profits over the next three years [2] - Futu (FUTU US) anticipates a 11% CAGR in AUM from 2025 to 2027, supported by its low commission model and quality customer service [2] Pharmaceutical Sector - Hansoh Pharmaceutical (3692 HK) is expected to see innovative drug revenue exceed 10 billion yuan by 2025, with a strong pipeline in oncology and other therapeutic areas [3] - WuXi AppTec (603259 CH) is positioned for growth driven by its dual focus on oncology and chronic disease, with strong data from its IBI363 product [3] - Innovent Biologics (1801 HK) is expanding its product portfolio with multiple approvals expected, contributing to significant revenue growth [3] - Zai Lab (9688 HK) is focusing on commercializing its innovative drugs, with a projected revenue of 6 billion yuan in 2025 [3] Consumer Sector - Master Kong (322 HK) is expected to benefit from seasonal demand in beverages, with attractive dividend yields [4] - Budweiser APAC (1876 HK) faces challenges due to management instability and low beer consumption [4] - Midea Group (000333 CH) is benefiting from domestic policy support and strong export performance, with a focus on high dividend yields [4] New Energy Vehicles - Li Auto (2015 HK) is leading in smart driving technology, with strong sales performance and new model releases expected [4] - Tesla (TSLA US) is positioned for growth with advancements in autonomous driving technology and strong demand for its vehicles [4] - Geely (175 HK) is expected to launch multiple key models in 2025, enhancing its competitive position in the market [4] Industrial and Energy Sector - GE Vernova (GEV US) is expected to benefit from infrastructure spending in the US, with strong demand for electrical and intelligent equipment [5] - Siemens Energy (ENR GR) is poised for growth as the construction cycle improves in Europe and North America [5] - Cameco (CCJ US) is seeing increased demand for uranium as global clean energy needs rise [5]

注：如提及个股仅供参考，不代表投资建议。市场观点随市场环境变化而变动，不构成任何投资建议或 承诺。提及基金仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基 金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 相关机构表示，据《2025年5月中国游戏产业月度报告》，当月市场总收入达280.51亿元，同比增长 9.86%。细分领域表现亮眼：电竞游戏销售收入 145.23 亿元，同比增幅达28.22%；自研游戏海外收入 15.77 亿元，连续三个月环比增长。电竞生态完善与出海产品迭代(如《Kingshot》等新游表现)共同推动 结构性增长，行业长期发展动能充足。此外从版号角度看，随版号持续发放，游戏板块永续增长逻辑得 到夯实。 感兴趣的投资者建议关注游戏ETF（516010），一键把握游戏板块布局机会。 消息面，6月游戏版号发布147个国产和11个进口游戏，数量创今年新高。本次版号发放覆盖多家重点游 戏厂商，在数量与品质上均呈现回时态势，涵盖腾讯《穿越火线:虹》、网易《无主星渊》、金山世游 《鸭杀》等进口产品。从整体趋势来看，2025年上半年国产游 ...

【导读】多个利好，全线大涨！ 中国基金报记者 泰勒 大家好啊，今天市场全线大涨！一起回顾下发生了什么事情。 6月30日，A股全天反弹，创业板指领涨。截至 收盘，沪指涨0.59%，深成指涨0.83%，创业板指涨1.35%。 市场共4056家公司上涨，1127家公司下跌，92只个股涨停！ 从上半年市场表现来看，主要股指全线上涨。其中沪指上半年 涨2.76%，北证50指数大涨39.45%，一度创出历史新高。 | 880005 涨跌家数 | | | --- | --- | | 其中 涨停 | 92 | | 涨幅 > 7% | 172 | | 涨幅 5-7% | 159 | | 涨幅 3-5% | 440 | | 涨幅 0-3% | 3286 | | 跌幅 0-3% | 1072 | | 跌幅 3-5% | 35 | | 跌幅 5-7% | 12 | | 跌幅 > 7% | 8 | | 其中 跌停 | 5 | | 上涨家数 | 4056 | | 下跌家数 | 1127 | | 平盘停牌 | 237 | | 总品种数 | 5420 | | 总成交额 | 15173.70亿 | | 总成交量 | 114608.8万 | | ...

[Table_Page] 投资策略报告|传媒 证券研究报告 | 年中期策略 | [Table_Title] 传媒行业 2025 | | | | --- | --- | --- | --- | | 关注 | | | AI | | | | 产业进展 | | | 紧扣景气度主线，重视确定性资产，乐观 | | | | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 15201876785 liaozhiguo@gf.com.cn 分析师： 徐呈隽 SAC 执证号：S0260519110002 021-38003663 xuchengjun@gf.com.cn 分析师： 周喆 SAC 执证号：S0260523050003 SFC CE No. BJD408 010-59136890 zhouzhe@gf.com.cn 分析师： 章驰 SAC 执证号：S026052308 ...

6月版号数量创近年新高，共158款游戏获批。国产版号来看，巨人网络《无尽修仙》、电魂网络《爆爆军团》、恺英网络《斗罗大陆：魂师大 作战》、三七互娱《骑士与大龙》、莉莉丝游戏《帕萌战斗日记》、ST华通《逐鹿玛法》、冰川网络《最后小队》、汤姆猫《汤姆猫小 镇》、ST中青宝《宠物精灵王》等在列；进口版号方面，腾讯《穿越火线：虹》及《战术小队：破晓攻势》、网易《无主星渊》、金山《鹅 鸭杀》等在列。 巨人网络旗下游戏《太空杀》6月27日上线AI原生玩法"残局对决"，《太空杀》作为拥有2 亿用户的社交推理游戏，已推出多个AI原生玩法， 累计数百万玩家参与，对局总量达到数千万，此次升级不仅推动玩法维度升级，也进一步巩固其在"AI原生游戏玩法"领域的标杆地位。 华西证券认为，版号常态化发放印证监管对行业健康发展的持续支持，供给端改善为市场注入新动能。政策稳定性显著提升国内厂商研发与发 行规划的可预期性，推动资源向精品化、长线化方向倾斜；进口版号同步扩容，彰显包容创新态度。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF（159869）跟踪中证动漫游戏指数，反映动漫游戏产业A股上市公司股票的整体 表现，可以关注游戏 ...