摘要 / A股震荡下跌原因大揭秘 周末热点之一，美国打击伊朗核设施，还真是下场了！明天油气是不是又有得炒 了！ 据TankerTrackers.com的数据显示，从6月13日袭击开始后的5天内，伊朗原油 日均出口量达到了233万桶，比6月14日之前的年均水平高出44%。 东吴证券指出，前期量化资金抱团微盘股已显现出一定的瓦解迹象，若存量博弈 格局延续，量化资金仍将占据主导地位，但其配置策略上会减少市值暴露，需警 惕小微盘的短期回调风险。 配置上，东吴证券指出，创新药、新消费等热门主题短期可能已经到达阶段性顶 部。后续配置方面，建议关注业绩预期明朗，筹码、位置更具优势的泛科技方 向。 主要聊下A股周四、周五为什么下跌吧！ 看了好多策略周报，除了外围压制风险偏好外，内部宏观叙事走弱、资金止盈新 消费、微盘股等，导致赚钱效应变差，资金进一步流出。 国泰海通直接说，看似是中东，更合理的解释在于前期创新药、新消费等主题交 易已较为拥挤，市场借利空调整优化交易结构。 我再贴下申万宏源的全面分析： 1. 市场担心国内经济主要矛盾切换，可能有支撑力空窗期：6月港口数据率先回 落，"抢出口"提前走弱(市场基准预期是持续到7月) ...

Geopolitical Developments - Iran and Israel have initiated a new round of military strikes, resulting in casualties and damage to facilities [1] - Iran's Foreign Minister expressed readiness to reconsider diplomatic avenues if aggression ceases, supporting continued talks with E3 and the EU [1] - U.S. President Trump indicated difficulty in asking Israel to stop airstrikes but may support a ceasefire, giving a timeframe of "up to two weeks" for Iran [1] - Israel's military leadership stated the need to prepare for a "prolonged war" against Iran to eliminate the threat [1] - Russia's UN ambassador warned that Israel's actions could draw in third countries and called for an immediate halt to attacks on Iran [1] Market Overview - U.S. stock market performance showed mixed results with Nasdaq down 0.51%, S&P 500 down 0.22%, and Dow Jones up 0.08% [1][3] - Major tech stocks mostly declined, with Google down nearly 4% and Meta, Intel, Amazon, and Nvidia down over 1%, while Apple rose over 2% [1][3] Chinese Market Performance - The Nasdaq Golden Dragon China Index fell 0.92%, with notable declines in stocks like Futu Holdings down over 6% and JD.com down over 3% [2] - Chinese stocks showed mixed performance, with some gaining while others fell, reflecting broader market trends [2] Commodity and Currency Movements - Brent crude oil prices fell over 2.3%, while the dollar index decreased by 0.20% [4] - Offshore RMB strengthened for two consecutive days, indicating a V-shaped recovery this week [3] Economic Indicators - China's tax revenue from January to May decreased by 1.6% year-on-year, while non-tax revenue increased by 6.2% [12] - The OECD predicts that emerging markets like India and China will lead global economic growth in the coming years, with India's GDP growth expected to be the fastest [15] Company-Specific News - GreenTech announced that the U.S. Department of Commerce's final ruling on anti-dumping and countervailing duties will significantly impact its market expansion in the U.S. [9] - Changshan Pharmaceutical received approval for clinical trials of a weight loss injection, indicating potential growth in the healthcare sector [10]

Macro Dynamics - In the first five months of 2025, China attracted foreign investment amounting to 358.19 billion RMB, a year-on-year decrease of 13.2% [1] - The number of newly established foreign-invested enterprises reached 24,018, marking a 10.4% increase year-on-year [1] - High-tech industries saw a significant increase in foreign investment, with e-commerce services up 146%, aerospace manufacturing up 74.9%, chemical pharmaceuticals up 59.2%, and medical equipment manufacturing up 20% [1] - Investment from ASEAN countries grew by 20.5%, while Japan, the UK, South Korea, and Germany saw increases of 70.2%, 60.9%, 10.3%, and 7.1% respectively [1] Financial Data - From January to May, the total stamp duty on securities transactions reached 66.8 billion RMB, a 52.4% increase year-on-year [2] - The overall stamp duty collected during the same period was 178.7 billion RMB, reflecting an 18.8% year-on-year growth [2] Industry Policies - The "old-for-new" subsidy policy for consumer goods will continue, with central funds being allocated in batches throughout the year [3] - A total of 300 billion RMB in national bond funds will be directed to support local governments in implementing the "old-for-new" policy [3] Energy Consumption - In May, China's total electricity consumption reached 809.6 billion kWh, a year-on-year increase of 4.4% [5] - Cumulative electricity consumption from January to May was 39,665 billion kWh, reflecting a 3.4% year-on-year growth [5] Company Dynamics - Ele.me's logistics head has been investigated for alleged job-related crimes, with the company cooperating with law enforcement [11] - Huizhou Yuantong was fined 24.31 million RMB by the People's Bank of China for multiple regulatory violations [13] - CanSino Biologics received a drug registration certificate for its 13-valent pneumococcal polysaccharide conjugate vaccine [14] - Zhang Xiaoqin's controlling shareholder has entered restructuring proceedings as approved by the local court [15] - Douyin has initiated a special action to combat corporate defamation and protect the rights of businesses and entrepreneurs [16] - Hainan Huatie clarified that it is not involved in stablecoin business and has no formal agreements with Ant Group regarding RWA [18]

今日，A股三大指数调整。截至收盘，上证指数跌0.07%，深证成指跌0.47%，创业板指跌0.84%。全市 场成交额10916亿元。 本周，上证指数累计下跌0.51%，深证成指跌1.16%，创业板指跌1.66%。 今日13:15，蚂蚁数科在其微信公众号上发表声明称，注意到市场上有关于蚂蚁数科与海南华铁就RWA 及稳定币探讨合作的消息，引发市场关注。 公司特此澄清，双方仅就RWA进行了非常初步的、探索性 的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。 从盘面上看，保险、银行等大金融板块今日盘中走强，浦发银行（600000）、杭州银行、农业银行、交 通银行、南京银行、邮储银行、中信银行、光大银行、江苏银行等多只银行股股价创历史新高。 港口航运板块今日表现活跃。 截至收盘，宁波海运、兴通股份涨停。 可燃冰、脑机接口、油气开采板块今日调整 ，新锦动力、爱朋医疗、科力股份等人气股跌幅居前。 楚天龙尾盘上演"地天板" 数字货币概念股楚天龙，早盘一度触及跌停，尾盘上演"地天板"。 楚天龙今日成交额超30亿元，换手 率超31%，涨停板封单金额超7385万元。楚天龙因此冲上东方财富股吧A股市场人气排名第1名。 ...

6月20日下午消息，今日蚂蚁数科发布辟谣声明：蚂蚁数科与海南华铁仅就RWA进行了非常初步的、探索 性的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。此外，近期市场上存在部分公 司借"RWA"、"稳定币"等热点概念进行炒作，暗示与蚂蚁数科之间的不实合作。请广大投资者和合作伙 伴谨慎甄别市场传闻，注意投资风险。 同时，蚂蚁数科也表示，对任何未经授权使用我司名义进行不当宣传的行为保留法律追责权利。蚂蚁数科 致力于合规创新，任何重要进展将通过官方渠道及时披露。 综合自： 蚂蚁数科 点击关键字可查看 责编：叶舒筠 校对： 姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 6月19日，蚂蚁数科在中国国际金融展上宣布将联合金融行业伙伴推出超百个金融场景智能体解决方案， 全面覆盖AI原生手机银行、风控、理财、营销等核心金融应用场景。 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 闪崩！暴跌 ...

新华财经北京6月20日电（胡晨曦）A股三大指数6月20日震荡走低，沪指窄幅震荡微跌，创业板指领 跌，尾盘跌近1%。盘面上，航运板块逆势走强，宁波海运等涨停；白酒股展开反弹，皇台酒业涨停； 银行股继续走强，工商银行等再创历史新高；固态电池概念反复活跃，湘潭电化等涨停。下跌方面，油 气股集体调整，贝肯能源跌停。 截至收盘，沪指报3359.90点，跌0.07%，成交4109亿元；深证成指报10005.03点，跌0.47%，成交6569 亿元；创业板指报2009.89点，跌0.84%，成交3264亿元。 巨丰投顾：周五市场震荡运行，光刻胶板块涨幅居前。在政策刺激下，A股与经济有望同步出现向上的 拐点。7月进入中报披露窗口后，市场风格将向业绩确定性加速切换，科技板块在政策红利与周期见底 共振下，有望引领结构性反弹。投资者宜在防守中聚焦科创板"1+6"受益标的及低位放量抗跌品种，静 待新周期下的新主线。 热点板块 盘面上，白酒、保险、港口航运、BC电池、减肥药、银行等板块和概念股涨幅居前；油气开采及服 务、文化传媒、贵金属、可燃冰、短剧游戏、华为盘古等板块和概念股跌幅居前。 机构观点 银河证券：白电板块的投资主要看公司业 ...

《科创板日报》20日讯，蚂蚁数科发布消息称，近日，注意到市场上有关于蚂蚁数科与海南华铁就 RWA及稳定币探讨合作的传闻，引发市场关注。蚂蚁数科特此澄清，双方仅就RWA进行了非常初步 的、探索性的交流，未达成任何形式的正式合作协议、商业安排或实质性项目落地。此外，近期市场上 存在部分公司借"RWA"、"稳定币"等热点概念进行炒作，暗示与蚂蚁数科之间的不实合作。请广大投资 者和合作伙伴谨慎甄别市场传闻，注意投资风险。 蚂蚁数科：与海南华铁就RWA进行初步交流 未达成任何形式的正式合作协议等 ...

证 券 研 究 报 告 【策略专题】 AI 与康波——多行业联合人工智能 6 月报 策略研究 策略专题 2025 年 06 月 17 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@ ...

Core Insights - The report maintains an "outperform" rating for the computer industry, emphasizing the rapid iteration of AI technology and the promising outlook for AI Agents and computing power leasing [2][3][7] - The global AI Agent market is projected to reach $790 million by 2025 and grow to $52.6 billion by 2030, with a compound annual growth rate (CAGR) of approximately 46% [4] Market Trends - Google has reestablished its position in the AI sector with the launch of Gemini 2.5 Pro, which has significantly increased its token processing capacity from 97 trillion to 480 trillion tokens monthly [5][14] - Alibaba's Qwen3 model has achieved a substantial performance improvement, becoming the strongest open-source model globally, with a data scale nearly double that of its predecessor [6][26] Company Developments - Google has introduced the A2A protocol to facilitate collaboration between AI Agents, aiming to create a new ecosystem for AI applications [19][20] - Alibaba's Qwen3 model supports multiple thinking modes and has enhanced capabilities for Agent development, significantly improving its performance in various applications [32][34] Investment Recommendations - The report suggests focusing on companies actively involved in AI applications and Agent development, such as Kingsoft Office, Hehe Information, and Yonyou Network [7][8] - The computing power leasing sector is highlighted as a key area for investment, with companies like Zhiwei Intelligent and others benefiting from increased demand [7][8]

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].