1、国家发改委政策研究室副主任李超在发布会上表示，将于今年7月份下达今年第三批消费品以旧换新 资金；抓紧推出加力实施设备更新贷款贴息政策，进一步降低经营主体设备更新融资成本。2、 龙芯中 科3C6000系列服务器CPU发布，性能对标 英特尔第3代至强处理器。3、央行今日开展5093亿元7天期 逆回购操作，因今日有2035亿元7天期逆回购到期，实现净投放3058亿元。4、截至午间收盘， 沪指涨 0.11%， 深证成指涨0.26%， 创业板指涨0.31%。 恒生指数跌0.48%， 恒生科技指数收平。 ...

Core Viewpoint - Longxin Zhongke has officially launched a series of domestically developed processors based on its self-developed Long Architecture, including the Longxin 3C6000 series server processors and the Longxin 2K3000/3B6000M chips for industrial control and mobile terminal applications [2][4][7]. Group 1: Product Launch and Specifications - The Longxin 3C6000 series chips feature a 16-core, 32-thread architecture and are set to tape out successfully in the first half of 2024, achieving performance levels comparable to mainstream market products in 2023 [4]. - The Longxin 2K3000/3B6000M chips are designed for terminal and industrial control applications, also utilizing the Long Architecture, with a planned tape-out by the end of 2024 [7]. - Longxin has established a complete product line covering desktop, server, and terminal CPUs, providing high-performance and cost-effective solutions across various fields [7]. Group 2: Strategic Goals and Development - Longxin Zhongke aims to build a self-sufficient information technology system, focusing on a steady and methodical approach to chip development, leveraging over 20 years of accumulated expertise in general processors, graphics processors, AI processors, and foundational software design [7]. - The company emphasizes a self-reliant technology framework, developing chips based on independent IP, production processes, and software ecosystems, without reliance on foreign technology or supply chains [9]. - Longxin Zhongke is currently working on the next generation of chip products, which are expected to significantly enhance performance [9].

Group 1: Pharmaceutical Industry - The pharmaceutical sector experienced a decline of 4.35% last week, underperforming the overall market by 3.28 percentage points [4] - The biopharmaceutical, chemical pharmaceutical, and raw material pharmaceutical industries saw declines of 6.7%, 5.7%, and 4.5% respectively [4] - The market outlook indicates a focus on next-generation weight loss products driven by GLP-1 targets, with domestic innovative drugs expected to realize value in this market [4] - The adjustment of medical insurance and commercial insurance directories is anticipated to expand the domestic innovative drug market [4] - The pharmaceutical industry is entering a new growth cycle driven by fundamentals and innovation, with Biotech stocks recovering from previous declines [4][5] Group 2: Investment Recommendations - The domestic innovative drug industry is expected to reach a turning point in 2025, shifting from capital-driven to profit-driven trends, presenting opportunities for both performance and valuation recovery [5] - The report suggests focusing on two main investment themes: innovation-driven opportunities and recovery-driven opportunities [6] - Recommended stocks include Huadong Medicine and Aosaikang for innovation, and Changchun Gaoxin, China Resources Double Crane, and Weixin Kang for recovery [6] Group 3: Electronic Industry - The electronic sector saw a slight increase of 0.95% last week, with semiconductors and consumer electronics also showing modest gains [9] - The valuation metrics for the electronic sector indicate a PE of 49.86X and a PB of 3.41X, reflecting a slight decrease from previous levels [10] - The demand for AI infrastructure is driving growth in semiconductor hardware, with a recommendation to focus on companies like Cambrian, Chipone, and Aojie Technology [15] Group 4: Semiconductor Industry - The semiconductor index showed a slight increase of 0.09% amidst market fluctuations influenced by geopolitical tensions and domestic policy expectations [21] - Significant price increases were noted in DDR4 memory, with some products experiencing over 75% price hikes [22] - The report maintains a "buy" rating for the semiconductor sector, highlighting opportunities in companies benefiting from AI demand and domestic manufacturing recovery [25] Group 5: Machinery Industry - The production of metal cutting machine tools and industrial robots showed a slowdown in growth, with a 6.3% increase in May for machine tools [27] - The engineering machinery sector displayed mixed results, with some categories like forklifts performing well while others faced declines [28] - The report maintains a "buy" rating for the machinery sector, suggesting a focus on companies benefiting from domestic demand recovery and export growth [29]

多家CPU国产大厂的资本化正在提速。 日前，上海兆芯集成电路股份有限公司（下称"兆芯集成"）的科创板IPO申请获得了受理。 这是继海光信息（688041.SH）、龙芯中科（688047.SH）后，国产六大CPU厂商中选择向资本市场进 发的第三家公司。 兆芯集成已成功设计研发并量产六代、多系列通用处理器，并形成"开先"桌面PC/嵌入式处理器、"开 胜"服务器处理器两大系列，兼容X86指令集。 兼容X86指令集的技术已经获得了昔日有"中国台湾版英特尔"之称的威盛电子（2388.TW）的授权。 这为兆芯集成持续自主开发后续产品奠定了基础，2024年"开先"销量达到167万颗，在联想开天等头部 桌面PC厂商的国产终端出货中位居第一名。 但兆芯集成仍处于亏损状态，2022年至2024年收入分别为3.4亿元、5.55亿元和8.89亿元，同期净亏损分 别为7.27亿元、6.76亿元和9.51亿元。 兆芯集成这次IPO计划募资约42亿元，投向新一代服务器及桌面处理器等项目的建设。 伴随着兆芯集成迈出IPO征途，其主攻GPU的重要参股公司格兰菲智能科技股份有限公司也启动了IPO 辅导。 若一切顺利，届时市场有望看到这两家公司先 ...

6月24日至26日，世界经济论坛第十六届新领军者年会（2025夏季达沃斯论坛）将在天津举行，本届论坛以"新时代企业家精神"为主题，来自90多个国家和 地区的约1800名嘉宾参会。 3、201.05亿元市值限售股今日解禁 6月24日，共有16家公司限售股解禁，合计解禁量为3.33亿股，按最新收盘价计算，合计解禁市值为201.05亿元。 从解禁量来看，4家公司解禁股数超千万股。龙芯中科、善水科技、润贝航科解禁量居前，解禁股数分别为1.21亿股、8830.71万股、5158.25万股。从解禁市 值来看，4家公司解禁股数超亿元。龙芯中科、润贝航科、善水科技解禁市值居前，解禁市值分别为146.35亿元、22.06亿元、21.19亿元。从解禁股数占总股 本比例来看，3家公司解禁比例超10%。润贝航科、善水科技、龙芯中科解禁比例居前，解禁比例分别为62.72%、41.14%、30.26%。 4、29家公司披露回购进展 6月24日，29家公司共发布31个股票回购相关进展。其中，6家公司首次披露股票回购预案，2家公司回购方案获股东大会通过，11家公司披露股票回购实施 进展，10家公司回购方案已实施完毕。 今日看点 经济观察网讯 ...

其 他 报 告 2025年06月24日 研究分析师 : 郭子睿 投资咨询资格编号 : S1060520070003 研究分析师 : 陈瑶 投资咨询资格编号 : S1060524120003 研究分析师 : 任书康 投资咨询资格编号 : S1060525050001 研究助理 : 高越 一般证券从业资格编号 : S1060124070014 研究助理 : 胡心怡 一般证券从业资格编号 : S1060124030069 核心观点 : 基金投顾组合总体情况：截至2025年5月末，上线天天基金APP的基 金投顾组合共441只，相比上月末增加11只组合；新增股债中枢型中稳健型组合5 只、进取型和货币型组合各2只、平衡型组合1只，赛道型中的科技组合1只。 投 顾组合业绩表现跟踪：股债中枢型基金，过去一年，各类中枢型组合的收益率中 位数均跑赢同类型FOF产品。月内，进取型、平衡型、稳健型组合的收益率中位 数均跑赢同类型FOF产品。与基准业绩比较，月内，进取型、平衡型、稳健型、 货币型组合的收益率中位数均跑赢基准。 持仓基金仓位跟踪：稳健型投顾组合减 持主动债券基金，增持固收+基金；平衡型投顾组合减持量化基金，增持主动权 益 ...

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 4.169 billion yuan for various processor projects and R&D initiatives [1][2]. Company Overview - Zhaoxin Integrated was established in 2013 and is a state-owned enterprise headquartered in Shanghai, with subsidiaries in Beijing and Xi'an [2][3]. - The company focuses on the research, design, and sales of high-end general-purpose processors and associated chips, with key products including the "KaiXian" and "KaiSheng" series processors [3]. Financial Performance - Revenue for Zhaoxin Integrated was reported as 340 million yuan in 2022, 555 million yuan in 2023, and is projected to reach 889 million yuan in 2024, reflecting a compound annual growth rate of 61.71% [9]. - The company has incurred net losses of 727 million yuan, 676 million yuan, and 951 million yuan for the years 2022, 2023, and 2024 respectively, totaling approximately 2.354 billion yuan in cumulative losses [9]. - R&D expenditures were 984 million yuan, 988 million yuan, and 813 million yuan for the same years, representing 289.50%, 178.00%, and 91.44% of the respective revenues [9]. Market Position and Valuation - According to Hurun Research Institute, Zhaoxin Integrated is valued at 18.5 billion yuan, while other listed domestic CPU manufacturers have significantly higher valuations, such as Haiguang Information at 310.5 billion yuan and Longxin Zhongke at 48.4 billion yuan [4][6]. - The company has established partnerships with over 3,000 collaborators, resulting in over 200,000 software and hardware adaptation projects [7]. Product Development and Innovation - Zhaoxin Integrated has achieved significant breakthroughs in CPU design, including mastering the entire underlying source code and core microarchitecture design technology [7]. - The company has developed a comprehensive independent innovation system, covering instruction set expansion, microarchitecture design, interconnect architecture design, and IP design [6]. Revenue Composition - The majority of Zhaoxin Integrated's revenue comes from the "KaiXian" series processors, contributing 87.76%, 90.58%, and 86.32% of total revenue for the years 2022, 2023, and 2024 respectively [13][14].

Group 1 - The world's largest diameter underwater shield tunnel has successfully completed the Yellow River section excavation, marking a significant milestone in the construction of this project [1] - The project team has implemented innovative techniques to adapt to the unique geological conditions of the Yellow River basin, including increasing the shield machine's cutter head opening rate and installing a high-flow central flushing system [1] - The "Shanhe" shield machine has completed 1,376 rings and 2,752 meters of excavation, achieving 83% of the construction progress [1] Group 2 - Longxin Zhongke has partnered with Beihang University to launch China's first cross-satellite instant data service system based on Longxin, aimed at providing reliable navigation and communication coverage in complex environments [1] - This system is expected to support various sectors, including low-altitude economy, smart oceans, and emergency management, extending its influence to countries along the Belt and Road Initiative [1] Group 3 - Chuangye Huikang Technology Co., Ltd. has signed a cooperation agreement with Zhejiang University to establish a joint laboratory focused on AI applications in medicine, particularly centered around medical large models [1] - The laboratory will be located at Chuangye Huikang's headquarters and will concentrate on research and transformation of AI+medical innovations [1] Group 4 - Huawei is set to launch the new generation commercial tablet, the Qingyun C5, which features an 11.5-inch 120Hz full-screen display and runs on the HarmonyOS operating system [1]

Core Viewpoint - The article highlights significant developments in various sectors, including finance, technology, and healthcare, indicating a dynamic market environment with potential investment opportunities. Macro News - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged from the previous month [5] - The People's Bank of China and the Hong Kong Monetary Authority launched a "Cross-Border Payment Link" to connect payment systems, officially going live on June 22 [5] - The State Administration for Market Regulation is conducting a national quality supervision inspection on 164 products, sampling over 16,000 batches [5] - The Ministry of Finance reported that from January to May 2025, national public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%, while expenditure was 112,953 billion yuan, a year-on-year increase of 4.2% [6] Market Highlights - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," aiming to enhance the evaluation framework and support high-quality development [12] - The first public REITs projects in China have raised over 180 billion yuan in total issuance since their launch, with a total market value exceeding 200 billion yuan [12] - The CSRC approved the registration of pure benzene futures and options, which will enhance risk management tools in the chemical industry [12] - Southbound capital has net bought over 650 billion yuan this year, with public funds accelerating their investment in Hong Kong stock thematic funds [14] Company Dynamics - Tesla signed a contract for its first grid-side energy storage project in mainland China, valued at 4 billion yuan [2] - 澜起科技 announced plans to issue H-shares and list on the Hong Kong Stock Exchange [3] - 华为 launched the developer beta for HarmonyOS 6 at its developer conference [19] - 九号公司 reported a 93% year-on-year increase in sales for its smart electric vehicles during the "618" shopping festival, totaling over 3.24 billion yuan [20] - 甘李药业's insulin product showed promising results in a clinical study presented at the American Diabetes Association conference [20] - 常山药业 received approval for clinical trials of a new weight loss drug [22] - 任子行 announced it would be subject to risk warnings due to an administrative penalty from the CSRC [22]

// 市场要闻 // 1、5月规模以上工业企业利润增速公布 周五（6月27日），国家统计局公布5月规模以上工业企业利润增速。上月公布的数据显示，1-4月份，规模以上工业企业利润增长1.4%， 较1—3月份加快0.6个百分点，延续恢复向好态势。 2、逾9600亿元逆回购到期 Wind数据显示，本周央行公开市场将有9603亿元逆回购到期，其中本周一至本周五分别到期2420亿元、1973亿元、1563亿元、2035亿 元、1612亿元。此外，本周一还将有1000亿元国库现金定存到期。 3、美国通胀数据出炉 周五（6月27日），美国公布5月PCE物价指数。经济学家预计美国5月PCE物价指数同比增2.3%，较上月的2.1%提升0.2个百分点；核心 PCE物价指数同比增2.6%，较上月加速0.1个百分点，显示通胀温和升温。分析指出，按环比预期值看，近三个月将是五年以来涨幅最温 和的三个月。 4、鲍威尔半年度货币政策证词 周二（6月24日），美联储主席鲍威尔将在众议院发表半年度货币政策证词。届时，鲍威尔或将阐述美联储对当前经济形势的评估，包括 就业、通胀等关键领域。除了密切关注有关利率或通胀的线索，交易员还将高度警惕政策独 ...