万联晨会-20250627

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index down by 0.22% to 3448.45 points, the Shenzhen Component down by 0.48% to 10,343.48 points, and the ChiNext Index down by 0.66% to 2114.43 points. The total trading volume in the A-share market was 1.58 trillion RMB, with net purchases from southbound funds amounting to 5.285 billion HKD. Over 3400 stocks in the A-share market declined [1][6] - In terms of industry performance, the banking, telecommunications, and defense industries led the gains, while the automotive and non-bank financial sectors saw the largest declines. Concept sectors such as military restructuring and electronic ID concepts showed significant gains, while sectors like photolithography and shared bicycles faced declines [1][6] - Internationally, the US stock indices collectively rose, with the Dow Jones up by 0.94% to 43,386.84 points, the S&P 500 up by 0.8% to 6141.02 points, and the Nasdaq up by 0.97% to 20,167.91 points. European and major Asia-Pacific indices generally rose [1][6] Important News - The National Development and Reform Commission announced that the third batch of funds for the consumption upgrade program will be distributed in July 2025. The focus will be on ensuring the sustainable and balanced implementation of the program throughout the year [2][6] - The Bank for International Settlements reported that stablecoins have not met the three key tests required to become a pillar of the monetary system, despite showing some potential in the tokenization landscape [2][7] Retail Sales Data - In May 2025, China's total retail sales of consumer goods reached 413.26 billion RMB, showing a year-on-year increase of 6.4%, with growth rates improving both year-on-year and month-on-month. Retail sales of goods and catering services both saw increases compared to the previous month [8][12] - Online retail sales from January to May 2025 totaled 604.02 billion RMB, reflecting a year-on-year increase of 8.5%, with physical goods online retail sales growing by 6.3% [11] Solid-State Battery Equipment - The solid-state battery industry is entering a rapid development phase, driven by national policy support and accelerated enterprise layouts. Solid-state batteries are seen as a key direction for upgrading lithium battery technology due to their high safety and energy density [15][19] - The market structure for lithium battery equipment shows that the front-end and mid-stage equipment hold significant value, with coating and winding machines being core components. The front-end equipment market accounts for 44.05%, while mid-stage equipment accounts for 35.71% of the total market [16][19] - The introduction of dry electrode technology in the front-end process is expected to enhance efficiency and reduce costs, while the use of isostatic presses in the mid-stage process can improve material density and performance [17][18] Home Appliance Industry - The home appliance industry is benefiting from the consumption upgrade policy, with sales expected to continue growing. The real estate sector's recovery is also contributing to increased demand for home appliances as the market stabilizes [21][22] - The industry has seen a decline in performance due to tariff wars, but the valuation of home appliance stocks is currently at a historical low, presenting a good investment opportunity [21][22] - The export of home appliances is expected to remain resilient despite tariff uncertainties, supported by the growing demand in emerging markets [23]