【国信金工】券商金股7月投资月报

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][28]. - In June 2025, the top-performing stocks included Giant Network, Shenghong Technology, and Inner Mongolia First Machinery Group, with monthly returns of 63.09%, 32.64%, and 12.94% respectively [3][6]. - The top three brokerages in terms of monthly returns were Guoyuan Securities (19.64%), Shenwan Hongyuan Securities (14.75%), and Minsheng Securities (10.27%), outperforming the mixed equity fund index (4.34%) and the CSI 300 index (2.50%) [3][5][6]. Group 2 - As of July 1, 2025, 43 brokerages published their golden stocks, resulting in a total of 294 unique A-shares after deduplication [19][24]. - The highest allocations in the golden stock pool were in the electronics (13.08%), machinery (8.21%), and basic chemicals (7.18%) sectors, with notable increases in electronics (+5.23%) and power equipment & new energy (+1.98%) [24][19]. - The performance of the brokerage golden stock performance enhancement portfolio showed an absolute return of 5.34% for the month and 10.59% year-to-date, outperforming the mixed equity fund index by 1.00% and 2.73% respectively [29][30]. Group 3 - The article highlights the strong alpha generation capability of the brokerage golden stocks, with the ability to identify stocks that have received less market attention but are recommended by analysts [21][26]. - The analysis of stock selection factors indicated that single-quarter revenue growth, SUR, and analyst net upgrade magnitude performed well recently, while expected dividend yield and volatility showed weaker performance [18][17]. - The brokerage golden stock index yielded a return of 3.71% for the month and 6.89% year-to-date, compared to the mixed equity fund index returns of 4.34% and 7.86% respectively [9][30].