Zhong Zheng Wang·2025-07-22 08:08Market Performance - A-shares experienced a significant increase today, with all three major indices reaching new highs for the year. The Shanghai Composite Index rose by 0.62%, the Shenzhen Component Index increased by 0.84%, and the ChiNext Index gained 0.61% [1][2] - The total market turnover was 1.893 trillion yuan, an increase of 193.1 billion yuan compared to the previous day [1][2] Sector Performance - The infrastructure sector saw substantial gains, with engineering machinery, civil explosives, and cement stocks performing particularly well. Additionally, cyclical stocks strengthened across the board, with the coal sector experiencing significant increases [2] - In the coal sector, companies such as Shanxi Coking Coal, Haohua Energy, and Lu'an Environmental Energy reached their daily price limits [2] Coal Industry Insights - The coal industry is currently facing supply constraints due to various factors, leading to a rigid supply situation. There is a regional differentiation in supply, with production capacity increasingly concentrated in the western regions [2] - Investment institutions suggest focusing on four main lines for stock selection: companies with excellent resource endowments and stable operating performance; those benefiting from the price difference between market coal and long-term contract coal; companies with production expansion potential; and those with globally scarce resource attributes benefiting from long-term supply tightness [2] Liquor Sector Analysis - The liquor sector rebounded, with major brands like Moutai, Wuliangye, and Luzhou Laojiao all seeing price increases. Shanxi Fenjiu rose over 5% [3] - According to Zhongyin Securities, leading companies in the liquor industry are expected to gain market share due to their strong management capabilities and risk resistance, especially at the industry's cyclical bottom [3] - Guojin Securities recommends focusing on two types of stocks: high-end liquor with strong brand power and deep moats, and resilient regional leaders benefiting from robust consumer demand and upgrades in rural consumption [3] Technology Sector Outlook - The technology sector experienced a pullback, particularly in AI and Huawei-related stocks. Despite this, Huashan Securities indicates that the growth trend in technology stocks is not yet over, as not all warning indicators for a downturn are met [3]