国新证券每日晨报-20250723

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 3581.86 points, up 0.62%, and the Shenzhen Component Index closing at 11099.83 points, up 0.84% [1][4][9] - A total of 21 out of 30 sectors in the CITIC first-level industry rose, with significant gains in coal, building materials, and construction, while banking, computer, and retail sectors saw declines [1][4][9] - The total trading volume of the A-share market reached 192.86 billion yuan, showing an increase compared to the previous day [1][4][9] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones rising 0.4% and the Nasdaq falling 0.39%, while Nvidia dropped over 2% [2][4] - Chinese concept stocks generally rose, with NIO increasing by over 10% [2][4] Key News Highlights - Shenzhen is expected to implement a series of reforms, including allowing companies listed in Hong Kong to return to the Shenzhen Stock Exchange [3][11] - The People's Bank of China reported that credit in key sectors of the national economy maintained rapid growth [3][12] - The Sci-Tech Innovation Board is experiencing a surge in "hard technology" companies, with over 589 listed companies and a total market value exceeding 7 trillion yuan [3][15][16] - The National Data Bureau is guiding cities like Hefei and Chengdu to establish data labeling bases to explore the development of the data labeling industry [3][18] Driving Factors - As of the end of Q2, the balance of real estate loans in RMB reached 53.33 trillion yuan, with a year-on-year growth of 0.4% [10][12] - The total balance of loans to small and micro enterprises reached 35.57 trillion yuan, showing a year-on-year increase of 12.3% [14][12] - The average R&D intensity of companies on the Sci-Tech Innovation Board has remained above 10%, with R&D investment reaching 168.1 billion yuan in 2024, which is more than three times the net profit of the board [16][17]