电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 城乡居民生活用电量增速持续提升，太阳 能单月新增装机容量 0.92 亿千瓦 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 《电力及公用事业行业月报：1—4 月第一产 业用电量增速最高，核电及新能源发电量增速 较快》2025-05-27 《电力及公用事业行业专题研究：板块防御性 突出，水电业绩恒强》2025-05-21 联系人：李智 电力及公用事业相对沪深 300 指数表现 -9% -5% 0% 4% 9% 13% 18% 22% 2024.06 2024.10 2025.02 2025.06 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业半年度策略：水电电价 竞争力强，建议长期关注红利资产标杆水电》 2025-06-18 投资要点： 发布日期：2025 年 06 月 26 日 需求端：2025 年 5 月，全社会用电量 8096 亿千瓦时，同比增长 4.4%。2025 年 1－5 月，全社会用电量累计 39665 亿千瓦时，同 比增长 3.4% ...

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [41]. Core Viewpoints - The report highlights that the brokerage sector experienced a mixed performance in May 2025, with the brokerage index rising by 1.02%, underperforming the CSI 300 index, which increased by 1.85% [5][6]. - The report anticipates a stable operating environment for the brokerage industry in the second half of 2025, with overall profitability expected to remain steady alongside the capital market [39][41]. - The brokerage sector's average P/B ratio fluctuated between 1.294 and 1.372 times in May 2025, remaining below the historical average of 1.55 times since 2016 [10][36]. Summary by Sections 1. May 2025 Brokerage Sector Review - The brokerage index successfully filled a gap in early May but experienced a decline in the latter half of the month, ultimately underperforming major indices [5][6]. - The average P/B ratio for the brokerage sector was 1.303 times at the end of May, indicating a continued struggle to reach historical valuation levels [10][36]. 2. Key Market Factors Impacting May 2025 Performance - The report identifies several core market factors affecting the monthly performance of listed brokerages, including a decline in average daily trading volume and a decrease in brokerage business sentiment for the third consecutive month [19][21]. - Margin financing balances showed slight recovery, while investment banking activities reached a relative low point for the year, with equity financing dropping significantly [27][36]. 3. June 2025 Performance Outlook for Listed Brokerages - The report forecasts a potential improvement in proprietary trading performance in June, with expectations of a stable recovery in brokerage business sentiment [28][36]. - Overall, the report predicts a certain degree of growth in the monthly operating performance of listed brokerages in June 2025, driven by various market factors [36][39]. 4. Investment Recommendations - The report suggests focusing on leading brokerages with valuations significantly below the sector average and strong wealth management capabilities, as these firms are expected to outperform the market [39][41].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 2% 7% 13% 19% 24% 30% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,455.97 | 1.04 | | 深证成指 | | 10,393.72 | 1.72 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,960.07 | 1.44 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,750.86 | 1.11 | | 中证 | 500 | 5,862.55 | 1.68 | | 中证 | 1000 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融科技行业领涨 A 股震荡上行 ——市场分析 相关报告 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 06 月 25 日 投资要点： ◼ A 股市场综述 周三（06 月 25 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上扬，盘中沪指在 3429 点附近遭遇阻力，随后股指震荡回 落，午后再度上扬，盘中证券、软件开发、互联网服务以及半导体 等行业表现较好；采掘、石油、农药兽药以及航运港口等行业表现 较弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周 二震荡上扬，创业板成分指数全天表现强于主板市场。 《市场分析：证券互联网领涨 A 股震荡上扬》 2025-06-24 《市场分析：软件半导体领涨 A 股震荡上行》 2025-06-23 《市场分析：银行酿酒行业领涨 A 股窄幅波 动》 2025-06-20 联系人： 李智 电话： 0371-65585629 ◼ ...

证券研究报告-行业月报 同步大市(维持) 传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 6 月游戏版号数量新高，关注暑期档文 化消费需求 ——传媒行业月报 传媒相对沪深 300 指数表现 相关报告 《传媒行业半年度策略：多主线布局，攻守兼 备》 2025-06-19 《传媒行业月报：一季度板块业绩增长优异， IP 衍生品市场高景气》 2025-05-26 《传媒行业专题研究：2025Q1 业绩增长显 著，内容板块表现亮眼》 2025-05-22 联系人：李智 投资要点： ⚫ 行情回顾与估值表现：2025 年 5 月 26 日-6 月 24 日之间，传媒板 块上涨 6.54%，同期上证指数、创业板、沪深 300 分别上涨 2.16%、 2.11%、0.56%，均跑输传媒板块。在同期全行业涨跌幅排名中， 传媒板块在 30 个行业中排在第 5 名。 板块 141 只个股中 111 只上涨，2 只持平，28 只下跌，涨幅最高的 有巨人网络、元隆雅图、ST 凯文、ST 广网、联建光电、冰川网络、 百纳千成、欢瑞世纪、慈文传媒、星辉娱乐；跌幅最高的 ...

分析师：张刚 登记编码：S0730511010001 资料来源：Wind,中原证券 -11% -5% 1% 6% 12% 18% 23% 29% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,420.57 | 1.15 | | 深证成指 | | 10,217.63 | 1.68 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 300 | | 3,904.03 | 1.20 | | 上证 50 | | 2,443.97 | -0.52 | | 科创 50 | | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,709.85 | 1.20 | | 中证 500 | | 5,765.84 | 1.62 | | 中证 1000 | | 6,116.76 | 0.33 | | 国证 2000 | | 7,801.2 ...

Core Insights - The report emphasizes the importance of economic reform and modernization in China, highlighting the need for a high-level socialist market economy and mechanisms to support high-quality economic development [5][9] - The A-share market is experiencing a moderate recovery, driven by consumption and investment, with significant inflows from long-term funds [10][12] - The semiconductor and AI sectors are identified as key growth areas, with a focus on domestic innovation and self-sufficiency [30][34] Domestic Market Performance - The Shanghai Composite Index closed at 3,381.58, with a slight increase of 0.65%, while the Shenzhen Component Index rose by 0.43% to 10,048.39 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 13.85 and 36.04, respectively, indicating a suitable environment for medium to long-term investments [10][12] International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the Nikkei up by 0.62%, reflecting varied global economic conditions [4] Industry Analysis - The automotive industry is showing positive trends, with production and sales of vehicles increasing by 11.65% and 11.15% year-on-year in May 2025, respectively [20][21] - The semiconductor industry is experiencing a revival, driven by domestic demand for self-sufficiency and innovation, particularly in AI-related applications [30][34] Investment Strategies - The report suggests focusing on sectors such as technology, consumer goods, and dividend-paying stocks, which are expected to benefit from policy support and economic recovery [17][24] - Specific recommendations include investing in leading companies in the semiconductor and AI sectors, as well as those involved in consumer electronics and renewable energy [35][36]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件半导体领涨 A 股震荡上行 ——市场分析 相关报告 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 06 月 23 日 11787 投资要点： ◼ A 股市场综述 周一（06 月 23 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡回落，盘中沪指在 3348 点附近获得支撑，随后股指震荡上 行，盘中银行、软件开发、半导体以及能源金属等行业表现较好； 酿酒、航空机场、工程机械以及电力等行业表现较弱，沪指全天基 本呈现小幅震荡上行的运行特征。创业板市场周一震荡上扬，创业 板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场低开高走、小幅震荡上扬，早盘股指低开后震荡回 落，盘中沪指在 3348 点附近获得支撑，随后股指震荡上行，盘中银 行、软件开发、半导体以及能源金属等行业表现较好；酿酒、航空 机场、工程机械以及电力等行业表现较弱，沪指全天基本呈现小幅 震荡上行的运行特征。当前上证综指与创业板指数的平均市盈率 ...

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 畜禽价格低迷，宠物食品 618 消费表 现亮眼 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.86 | 增持 | | 乖宝宠物 | 1.56 | 2.03 | 48.59 | 增持 | | 中宠股份 | 1.34 | 1.48 | 36.11 | 增持 | | 佩蒂股份 | 0.75 | 0.91 | 15.46 | 增持 | 农林牧渔相对沪深 300 指数表现 资料来源：Wind，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.06 2024.10 2025.02 2025.06 ...

Group 1 - The core viewpoint of the report emphasizes that the stable operation of the capital market is the current policy's main theme, with a focus on maintaining a stable and active capital market to support economic recovery and investor confidence [1][15][20] - The report highlights a comprehensive set of financial policies introduced on May 7, 2025, by the People's Bank of China, the Financial Regulatory Bureau, and the China Securities Regulatory Commission to stabilize market expectations and enhance liquidity [16][21][25] - The report indicates that the securities industry experienced a significant revenue increase of 11.15% year-on-year in 2024, with a notable profit growth of 21.35%, and a further increase in Q1 2025 with revenue growth of 24.60% and net profit growth of 83.48% [8][14][27] Group 2 - The report provides a forward-looking analysis for 2025, predicting that brokerage business will see a recovery in activity, with retail brokerage contributing significantly to revenue growth, while proprietary trading is expected to revert to average levels after a recent increase [8][18][31] - The investment strategy section suggests that the securities sector may face a challenging environment in the second half of 2025, with performance pressures expected to increase, but overall profitability is anticipated to remain stable [8][4][38] - The report recommends focusing on leading brokerage firms that are likely to perform well in a recovering market, as well as those with significant earnings elasticity and those with valuations below the sector average [8][4][39]