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天风MorningCall·0923 | 策略-牛市观测、情绪指标/固收-信用票息、债市定价
Xin Lang Cai Jing· 2025-09-23 11:36
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 1、自8月25日后,重仓海外算力主动股基池的日度回报波动率上升。一方面,重仓海外算力主动股基日度回报与海外算力指数 涨跌幅相关性均值自6月以来呈上升趋势,9月基金池内产品走势与海外算力指数一致性甚至进一步上升。另一方面,我们发现 海外算力指数成份股的日涨跌幅标准差在9月与基金池内产品回报的波动率同步上升,至少可以解释一部分分歧的原因。2、资 金面角度,重仓海外算力链的主动权益型基金目前调仓程度并不会对海外算力链龙头产生较大影响。3、目前市场对主线海外算 力链有分歧,我们提出一种观测角度:本次海外算力从4-6月萌芽,加速在7-8月,正好介于3/31和6/30两次基金季报披露重仓股 的信息节点。所以,我们试图研究"Q2回调时果断加仓海外算力"的主动权益基金样本,研究这批"强算力投资能力"的主动股基 产品是否最近减仓了海外算力。数据验证看,6、7、8月重仓海外算力的主动股基理论与实际回报拟合度较好,两者呈现较强的 正相关性;9月虽大部分重仓海外算力龙头的基金或并未在减仓,但少部分已发生调仓行为。风险提示:1)过去历史经验仅供 参考;2)风格分 ...
新疆板块迎密集催化期,继续重点推荐中国中冶H与四川路桥
GOLDEN SUN SECURITIES· 2025-09-21 08:36
证券研究报告 | 行业周报 gszqdatemark 2025 09 21 年 月 日 建筑装饰 新疆板块迎密集催化期,继续重点推荐中国中冶 H 与四川路桥 本周核心观点:9 月以来新疆发布 70 周年庆祝活动标识,央行发行新疆 成立 70 周年金银纪念币,本周国新办发布《新时代党的治疆方略的成功 实践》白皮书,70 周年庆典活动渐近,后续中央有望给予新疆更多支持政 策,有望为新疆板块业绩与估值带来显著催化。1)重点关注受益新疆交通 基建持续景气的新疆本地基建龙头新疆交建、北新路桥,新疆民爆龙头雪 峰科技、广东宏大(收购雪雪峰科技),新疆建领域水泥龙龙头青松建化、预 拌混凝土龙头西部建设、钢铁龙头八一钢铁等。2)重点推荐受益新疆煤 化工项目及绿色甲醇推进提速的 EPC 龙头中国化学收PB 0.71X)、东华科 技收25PE 16.7X)、三维化学收25PE 17.0X,25E 股息率 5.8%)、关注航 天工程等。今年在经济筑底,美联储降息周期背景下,金、铜等主要金属 价格震荡上行,有色板块持续大涨,矿产资源丰富的建筑企业价值亟待重 估,重点推荐中国中冶 H(收部部估值 718 亿元,空间 71%),中国中铁 ...
新疆板块迎做多窗口期,继续重点推荐中国中冶H/四川路桥
GOLDEN SUN SECURITIES· 2025-09-14 10:11
Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].
大全能源上周获融资净买入2988.47万元,居两市第427位
Sou Hu Cai Jing· 2025-08-25 00:19
Core Viewpoint - Daqo Energy has seen a net financing inflow of 29.8847 million yuan last week, ranking 427th in the market, with a total financing purchase of 332 million yuan and repayment of 302 million yuan [1] Financing and Market Performance - Daqo Energy's main funds have seen an outflow of 85.4691 million yuan over the last 5 days, with a decline of 3.42% during this period [1] - Over the last 10 days, the main funds have experienced an outflow of 152 million yuan, with a decline of 3.14% [1] Company Overview - Xinjiang Daqo New Energy Co., Ltd. was established in 2011 and is located in a county-level administrative region directly under the Xinjiang Autonomous Region [1] - The company primarily engages in the manufacturing of computers, communications, and other electronic equipment, with a registered capital of 2.144937715 billion yuan and a paid-in capital of 1.6325415 billion yuan [1] - The legal representative of the company is Xu Guangfu [1] Investment and Innovation - Xinjiang Daqo New Energy Co., Ltd. has invested in 6 enterprises and participated in 307 bidding projects [1] - The company holds 508 patents and has obtained 70 administrative licenses [1]
洪通燃气股价下跌2.74% 公司更换持续督导保荐代表人
Jin Rong Jie· 2025-08-22 20:39
Group 1 - The stock price of Hongtong Gas is reported at 15.97 yuan, down 0.45 yuan or 2.74% from the previous trading day [1] - The stock reached a high of 16.26 yuan and a low of 15.85 yuan during the trading session, with a total transaction amount of 1.96 billion yuan [1] - Hongtong Gas's main business includes natural gas sales, pipeline transportation, and installation and maintenance of gas facilities, operating within the gas industry and related to concepts such as Xinjiang, natural gas, and the Western Development [1] Group 2 - The company announced a change in the continuous supervision of the sponsor representatives to Ren Jiaqi and Huang Xi, who will continue to fulfill their responsibilities until the work is completed [1] - On August 22, the net outflow of main funds was 15.9431 million yuan, with a cumulative net outflow of 318 million yuan over the past five days [1]
特变电工上周获融资净买入1681.33万元,居两市第476位
Jin Rong Jie· 2025-08-18 00:31
Group 1 - The core viewpoint of the article highlights that TBEA Co., Ltd. experienced a net financing inflow of 16.81 million yuan last week, ranking 476th in the market, with a total financing purchase amount of 758 million yuan and repayment amount of 741 million yuan [1] - TBEA operates in various sectors including power grid equipment, Xinjiang region, and renewable energy, among others, indicating a diversified business model [1] - Over the past five days, TBEA saw a net outflow of 427 million yuan in main funds, with a decline of 7.05%, and a net outflow of 438 million yuan over the past ten days, with a decline of 4.34% [1] Group 2 - TBEA was established in 1993 and is located in Changji Hui Autonomous Prefecture, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 5.05271 billion yuan and a paid-in capital of 155 million yuan, with Zhang Xin as the legal representative [1] - TBEA has invested in 56 enterprises, participated in 5,000 bidding projects, holds 361 trademark registrations, 669 patents, and possesses 20 administrative licenses [1]
卓郎智能上周获融资净买入1635.65万元,居两市第487位
Sou Hu Cai Jing· 2025-08-17 23:51
Core Viewpoint - Zhuolang Intelligent has shown significant financing activity, with a net buy of 16.36 million yuan last week, indicating investor interest in the company [1] Financing Activity - Last week, Zhuolang Intelligent had a total financing buy amount of 87.21 million yuan and repayment amount of 70.86 million yuan [1] - The company ranked 487th in terms of net financing buy across the two markets [1] Capital Flow - Over the past 5 days, the main capital inflow into Zhuolang Intelligent was 64.30 million yuan, with a price increase of 5.07% [1] - In the last 10 days, the main capital inflow reached 102 million yuan, with a price increase of 5.55% [1] Company Profile - Zhuolang Intelligent Technology Co., Ltd. was established in 1993 and is located in Urumqi City, primarily engaged in the manufacturing of specialized equipment [1] - The company has a registered capital of 1.895 billion yuan and a paid-in capital of 1.895 billion yuan [1] - The legal representative of the company is Pan Xueping [1] Investment and Intellectual Property - Zhuolang Intelligent has made one external investment and participated in 1,063 bidding projects [1] - The company holds one trademark and 33 patents, along with six administrative licenses [1]
合金投资股价下跌3.51% 半年度净利润同比增长44.12%
Jin Rong Jie· 2025-08-14 18:09
Core Viewpoint - Alloy Investment's stock price experienced a decline of 3.51% on August 14, closing at 6.33 yuan, with a trading volume of 171,654 hands and a transaction amount of 110 million yuan [1] Financial Performance - For the first half of 2025, Alloy Investment reported total revenue of 164 million yuan, representing a year-on-year increase of 73.46% [1] - The net profit attributable to shareholders was 4.58 million yuan, up 44.12% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 4.67 million yuan, reflecting a year-on-year growth of 57.41% [1] - The net cash flow from operating activities reached 15.06 million yuan, a significant increase of 409.28% year-on-year [1] Business Segmentation - The company's revenue composition for the first half of 2025 included 61.73% from the metallurgy industry, 36.9% from transportation services, and 1.37% from other businesses [1] Market Activity - On August 14, the main funds saw a net outflow of 14.81 million yuan, accounting for 0.61% of the circulating market value [1] - Over the past five days, the main funds experienced a net outflow of 10.71 million yuan, representing 0.44% of the circulating market value [1]
A股收评:三大指数集体调整,沪指3700点得而复失!全市场超4600股下跌
Ge Long Hui· 2025-08-14 07:10
Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.46% at 3666 points after briefly surpassing 3700 points during the day [1] - The Shenzhen Component Index fell by 0.87%, while the ChiNext Index declined by 1.08% [1] - The total trading volume reached 2.31 trillion yuan, an increase of 131.1 billion yuan compared to the previous trading day, marking the second consecutive day of over 2 trillion yuan in trading volume [1] Sector Performance - The real estate inspection and aerosol detection sectors saw significant declines, with Huajian Group hitting the daily limit down [1] - The aerospace sector also weakened, with Hengyu Xintong dropping nearly 9% [1] - The PCB sector faced losses, with Defu Technology falling over 11% [1] - The 6G concept stocks performed poorly, with Dingyang Technology down over 12% [1] - Other sectors with notable declines included composite flow batteries, fluorine chemicals, instruments, Xinjiang-related stocks, and CPO concepts [1] Active Sectors - The insurance sector was active, with China Pacific Insurance rising nearly 5% [1] - The electronic ID and digital sentinel sectors saw gains, with Hengbao Co. hitting the daily limit up [1] - The brain-computer interface sector experienced growth, with multiple stocks like Nanjing Panda and Innovation Medical hitting the daily limit up [1] - Other sectors with notable gains included glass fiber, cross-border payments, and digital currency [1] Top Gainers and Losers - The top gainers included insurance, computer hardware, and household appliances, with respective 5-day increases of +2.19%, +1.18%, and +0.189% [2] - The banking, liquor, and brokerage sectors showed minimal gains, with increases of +0.04%, +0.14%, and a slight decrease of -0.029% respectively [2]
天顺股份股价下跌5.43% 公司澄清未参与新藏铁路项目
Jin Rong Jie· 2025-08-12 18:33
Group 1 - The stock price of Tian Shun Co., Ltd. as of August 12, 2025, is 16.56 yuan, down 0.95 yuan from the previous trading day's closing price, representing a decline of 5.43% [1] - The opening price on the same day was 19.26 yuan, with a highest price of 19.26 yuan and a lowest price of 16.47 yuan, and the trading volume reached 440,454 hands with a transaction amount of 784 million yuan [1] - Tian Shun Co., Ltd. operates in sectors including logistics, Xinjiang region, micro-cap stocks, cross-border e-commerce, and unified large market, focusing on third-party logistics for bulk and oversized goods [1] Group 2 - On the evening of August 11, Tian Shun Co., Ltd. issued an announcement indicating that the company did not participate in the New Tibet Railway project, as the stock price had deviated by more than 20% over three consecutive trading days [1] - On August 12, 2025, the net outflow of main funds from Tian Shun Co., Ltd. was 63.95 million yuan, accounting for 2.73% of the circulating market value, while the net outflow over the past five days was 31.39 million yuan, representing 1.34% of the circulating market value [1]