财信证券晨会纪要-20250723

Market Overview - The A-share market showed a positive trend with major indices experiencing gains, including the Shanghai Composite Index rising by 0.62% to close at 3581.86 points and the Shenzhen Component Index increasing by 0.84% to 11099.83 points [1][6] - The overall market sentiment was buoyed by active participation in large infrastructure projects, particularly following the announcement of the Yarlung Tsangpo River hydropower project with a total investment of approximately 1.2 trillion yuan [8][9] Industry Dynamics - The National Press and Publication Administration approved 127 domestic game titles, reflecting a year-on-year increase of 22 titles compared to July 2024, although a decrease of 20 titles from June 2025 [24] - The photovoltaic industry saw price increases across the supply chain, with polysilicon prices ranging from 35 to 49 yuan per kilogram, and wafer prices rebounding, indicating a more optimistic market atmosphere [26][27] - The China Urban Rail Transit Association released a development plan for urban rail transit, aiming for a 95% localization rate of core technologies by 2030, with significant advancements expected in high-value patents [29][30] Company Updates - Renfu Pharmaceutical received a drug registration certificate for its transdermal patch for treating mild to moderate Alzheimer's disease, with projected sales of approximately 2.6 million yuan in 2024 [31] - Victory Technology is planning to list on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, driven by strong demand in the AI PCB sector [33] - Sains announced a stock incentive plan, proposing to grant up to 5.3 million restricted shares, with performance targets set for revenue growth of at least 30% over the next three years [36]