Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.37%, the ChiNext Index down 0.24%, and the Shenzhen Component Index down 0.17% [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 16,199 billion yuan, a decrease of 3,420 billion yuan compared to the previous day [1] Sector Performance - AI hardware themes generally retreated, with CPO and GPU sectors leading the decline; stablecoins, military industry, and semiconductor stocks also saw significant drops [1] - Conversely, AI applications, photovoltaic, innovative pharmaceuticals, and smart logistics sectors were active [1] ETF Highlights - The Guangfa Fund's Hang Seng Consumer ETF rose by 4.69% [1] - The photovoltaic sector showed strength, with Guangfa Fund's Photovoltaic ETF, Guotai Fund's Photovoltaic 50 ETF, and Huashan Fund's Photovoltaic ETF Index Fund increasing by 2.53%, 1.94%, and 1.94% respectively [1] - The traditional Chinese medicine sector was active, with Yinhua Fund's Traditional Chinese Medicine 50 ETF and Huitianfu Fund's Traditional Chinese Medicine ETF rising by 2.36% and 1.89% respectively [1] International Market Trends - Overnight oil prices declined, leading to a drop of over 5% in Sinopec's stock, and the oil and gas resource ETF fell by 4.18% [1] - The South Korean stock market also declined, with the South Korea Semiconductor ETF down 3.38% [1] - European stock markets closed at their lowest in over a week, with France's CAC40 ETF and Germany's ETF down 2.44% and 2.2% respectively [1] - U.S. stocks experienced a pullback after an initial rise, with the U.S. 50 ETF and Nasdaq ETF both down by 2% [1] - Military stocks were among the biggest losers, with the aerospace and defense ETF down 2.31% [1]

Group 1 - The stock price of Zhongqi New Materials as of July 30, 2025, is 41.96 yuan, down 0.87% from the previous trading day, with a trading volume of 2.21 billion yuan and a turnover rate of 3.37% [1] - Zhongqi New Materials specializes in the research, production, and sales of artificial quartz stone decorative materials, which are widely used in kitchen countertops and bathroom countertops [1] - The company operates in the renovation and decoration sector, while also being involved in semiconductor concepts and equity transfer topics [1] Group 2 - On July 30, the company announced that from July 18 to July 30, its stock price has not fallen below 130% of the conversion price of "Zhongqi Convertible Bonds" for nine consecutive trading days, which may trigger conditional redemption clauses [1] - If the conditions are met, the company's board of directors has the authority to decide whether to redeem the unconverted convertible bonds [1]

Group 1 - The core viewpoint of the articles highlights the significant increase in stock buybacks by listed companies in China, with a total buyback amount reaching nearly 900 billion yuan this year, indicating a strong market sentiment and confidence among companies [3][6][8] - In July, the total buyback amount by A-share listed companies was 140.12 billion yuan, marking a 12.06% increase from June, and continuing a trend of over 100 billion yuan in monthly buybacks for four consecutive months [3][6] - The most active sectors in terms of buybacks include home appliances, basic chemicals, electronics, and biopharmaceuticals, with each sector's buyback amount exceeding 10 billion yuan [3][8] Group 2 - The policy introduced by the People's Bank of China and financial regulators to support stock buybacks and increases has significantly lowered financing costs for companies, encouraging them to engage in market value management [6][7] - A total of 323 listed companies have obtained special loans for buybacks, with private enterprises accounting for over 70% of these, reflecting strong policy support for the private sector [7] - Notable companies such as Midea Group, TCL Technology, and Guotai Junan have announced substantial buyback plans, with Midea Group's maximum buyback amount reaching 130 billion yuan [3][8][10] Group 3 - Companies like Baofeng Energy have also announced buyback plans, with a proposed amount between 10 billion and 20 billion yuan, and reported a significant year-on-year profit increase of 63.39% to 78.52% [9] - The trend of stock buybacks is seen as a response to perceived undervaluation in the market, with many companies aiming to enhance shareholder returns and support stock price recovery [8][9]

Group 1: Baby and Childcare Sector - The baby and childcare concept stocks mostly opened higher, with notable increases in shares of companies such as Jinxin Reproductive Medicine (1951.HK) up 8.93%, H&H International Holdings (1112.HK) up 7.33%, and China Feihe (6186.HK) up 5.12% following the announcement of a new childcare subsidy policy [1] - The new policy, effective from January 1, 2025, provides an annual subsidy of 3,600 yuan for each child until they reach three years old, which is expected to boost the sector [1] Group 2: Pharmaceutical Sector - WuXi AppTec (2359.HK) opened over 4% higher after reporting a revenue of 20.799 billion yuan for the six months ending June 30, 2025, a year-on-year increase of 20.6%, with a net profit of 8.287 billion yuan, up 95.5% [1] - Fosun Pharma (2196.HK) saw a 1.37% increase after signing a licensing agreement for AR1001, aimed at treating Alzheimer's disease and other neurological disorders [2] - Deqi Pharmaceutical (6996.HK) rose 4.70% after receiving approval for a new indication of its drug, Xivio, for treating multiple myeloma [2] - Kangzheng Pharmaceutical (0867.HK) increased over 2% after announcing the acceptance of its new drug application for ZUNVEYL, aimed at treating Alzheimer's symptoms [4] - BeiGene (6160.HK) rose over 3% following a positive recommendation from the European Medicines Agency for its drug, Tislelizumab, for non-small cell lung cancer [4] Group 3: Automotive Sector - Hong Kong automotive dealer stocks rose, with Zhongsheng Holdings (0881.HK) up nearly 6% and Yongda Automotive (3669.HK) up over 4%, driven by expectations of improved profit margins from new car sales due to government policies [2] - UBS reported that Zhongsheng and Yongda's stock prices rebounded approximately 20% and 5% respectively, as the market anticipates industry consolidation and improved profitability [2] Group 4: Beverage Sector - Hong Kong Brewery (0236.HK) surged 26% after reporting a revenue of approximately 390 million HKD for the first half of 2025, a year-on-year increase of 3.22%, with a net profit of 49.644 million HKD, up 31.97% [3] Group 5: Securities Sector - Chinese brokerage stocks collectively declined, with Shenwan Hongyuan (6806.HK) down nearly 5%, amid tightening regulatory scrutiny in the securities industry, which has seen over 30 fines issued recently [3]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling below 24,000 points, reflecting a gloomy market sentiment [1][2] - The Hang Seng Technology Index dropped by 1.76%, while the Hang Seng Index and the Hang Seng China Enterprises Index fell by 1.06% and 1.28%, respectively [1][2] Sector Performance - Major technology stocks and financial stocks underperformed, with Alibaba down nearly 4% and Meituan and Xiaomi dropping over 2% [2][4] - Gold stocks weakened as international gold prices continued to decline, with several gold companies experiencing significant drops [2][8] - Pharmaceutical stocks surged despite tariff threats, with Heng Rui Medicine rising over 15%, reaching an all-time high [2][12] Notable Stock Movements - The semiconductor sector saw declines, with Hua Hong Semiconductor down over 4% and other major players like SMIC and Shanghai Fudan also falling [10][11] - Gambling stocks showed strong performance, with Wynn Macau up over 6% and other casino operators also gaining [13][14] - Dairy stocks were active, with Yuran Dairy rising over 10% [15] Capital Flows - Southbound funds recorded a net inflow of HKD 9.256 billion, indicating continued interest in Hong Kong stocks [23] Future Outlook - Analysts expect that the ongoing reforms in the Hong Kong listing system will enhance the asset quality and liquidity of the market, with a potential upward trend in the third quarter [25]

Group 1 - The semiconductor sector in the A-share market is experiencing a downturn, with notable declines in stocks such as Xin Heng Hui, which fell over 3% [1] - Other companies in the semiconductor industry, including Dawei Co., Yuanjie Technology, Liyang Chip, Langke Technology, and Huahong Company, are also witnessing declines [1] - Former President Trump has indicated plans to announce tariff measures on semiconductors, which may impact the market further [1]

Core Viewpoint - A-shares showed a positive trend with significant gains in the ChiNext index, driven by strong performance in the photovoltaic sector and other emerging concepts [1] Market Performance - The three major A-share indices opened mixed but continued to rise during the session, with the Shanghai Composite Index up by 0.58%, the Shenzhen Component Index up by 1.27%, and the ChiNext Index up by 2.26% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 873 billion, an increase of approximately 101.2 billion compared to the previous day, with a net inflow of about 1.5 billion from main funds [1] Sector Highlights - The photovoltaic sector experienced a significant surge, with stocks like Shihang New Energy and Tongwei Co. hitting the daily limit, while Yamaton showed a "ceiling and floor" performance [1] - The consumer electronics sector rebounded, highlighted by Industrial Fulian reaching the daily limit [1] - The gaming sector performed well, with Ice Glacier Network leading the gains [1] - Other sectors such as rare earth permanent magnets, semiconductors, blind box economy, and engineering machinery also saw early gains [1] Weak Sectors - Major financial concepts, including banking and insurance, showed collective weakness [1] - Other sectors such as agriculture, animal husbandry, fishing, ice and snow economy, and tourism and hotels experienced early declines [1]

证券研究报告 | 金融工程 gszqdatemark 2025 06 29 年 月 日 量化周报 沪深 300、深证成指、创业板指确认日线级别上涨 沪深 300、深证成指、创业板指确认日线级别上涨。本周（6.23-6.27）， 大盘震荡上行，上证指数全周收涨 1.91%。在此背景下，沪深 300、深证 成指、创业板指、中小 100、军工、电子、计算机纷纷确认日线级别上涨。 当下，我们认为市场再次回到 4 月 7 日低点的概率基本不存在了。由于上 证指数、上证 50、沪深 300、中证 500、中证 1000、深证成指、创业板 指仍处于日线级别上涨中，且还有部分指数和板块没有确认日线上涨，因 此我们认为市场的日线级别上涨还要持续一段时间，后续市场有望继续上 涨。中期来看，上证指数、上证 50、沪深 300、中证 500、深证成指、创 业板指、科创 50 纷纷确认周线级别上涨，而且在日线上只走出了 1-3 浪 结构，中期牛市刚刚开始；此外，已有 21 个行业处于周线级别上涨中， 且 7 个行业周线上涨只走了 1 浪结构，因此我们认为本轮牛市刚刚开始， 而且还是个普涨格局。中期对于投资者而言，仍然可以逆势布局。 A ...

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证券研究报告 | 金融工程 gszqdatemark 2025 06 22 年 月 日 量化周报 市场仍处于日线级别上涨中 市场仍处于日线级别上涨中。本周（6.16-6.20），大盘震荡下行，上证指 数全周收跌 0.51%。在此背景下，非银确认日线级别上涨，汽车、新能源 迎来日线级别下跌。当下，我们认为市场再次回到 4 月 7 日低点的概率基 本不存在了。由于上证指数、上证 50、中证 500、中证 1000 仍处于日线 级别上涨中，且还有部分指数和板块没有确认日线上涨，因此，我们认为 市场的日线级别上涨还要持续一段时间，后续市场有望继续上涨。中期来 看，上证指数、上证 50、沪深 300、中证 500、深证成指、创业板指、科 创 50 纷纷确认周线级别上涨，而且在日线上只走出了 1-3 浪结构，中期 牛市刚刚开始；此外，已有 20 个行业处于周线级别上涨中，且 7 个行业 周线上涨只走了 1 浪结构，因此我们认为本轮牛市刚刚开始，而且还是个 普涨格局。中期对于投资者而言，仍然可以逆势布局。 A 股景气指数观察。截至 2025 年 6 月 20 日，A 股景气指数为 20.94，相 比 2023 年底上升 1 ...