7月24日，市场继续大涨，近4400只个股上涨，914只个股下跌，79只个股涨停，1只个股跌停。 高位股，雅下水电概念恒立钻具30CM4连板，深水规院20CM4连板，中国电建、保利联合、西藏天路、高争民爆、西宁特钢、山河智能4连板，中设股份上 演"地天板"录得4连板。海南相关个股凯撒旅业6天3板、康芝药业20CM涨停，千亿权重中国中免涨停。创新药南京新百2连板，年报增长彩虹集团2连板。 | | 代码 | 名称 | 几天几板 价格 | 涨幅% 涨停分析 | 换手率 | 成交额 | 首次涨停时间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002542 | 中化岩土 | 6天4板 5.01 | +10.11% 岩土工程+低空经济+国企+中 | 24.22% | 20.51亿 | 09:42:45 | | 2 | 601669 | 中国电建 | 4连板 7.45 | +10.04% 雅 水电概念+水电风电+抽水 | 17.09% | 158.57亿 | 10:45:00 | | 3 | 002037 | 保利联合 | 4连板 14.19 | + ...

Core Viewpoint - The article highlights the efforts of the Jiangjin District Market Supervision Administration in supporting state-owned enterprise (SOE) reforms through optimized mechanisms and precise services, which have significantly facilitated the reform process for local enterprises [1][2]. Group 1: Mechanism Optimization - The Jiangjin District Market Supervision Administration established a special working group for SOE reform and implemented a "business liaison officer" system to provide targeted services and coordinate issues directly [1]. - A mechanism was created to address common challenges in SOE reform, including a "problem list - collaborative resolution - major issues reporting" approach to clear obstacles [1]. Group 2: Policy Adaptation - The administration identified three common reform paths for SOEs, clarifying the pros and cons and the difficulty levels associated with each path to assist in risk assessment and policy optimization [1]. - Flexible measures were introduced, such as allowing companies with tax clearance issues to "clear taxes first, then deregister" and using alternative verification methods for complex issues like shareholder deregistration [1]. Group 3: Precision Service - A "SOE Reform Service Window" was established to streamline key processes, ensuring that enterprises can easily understand and complete necessary documentation [2]. - The administration implemented a "schedule reminder" system to notify enterprises of important deadlines, enhancing their ability to manage time and progress effectively [2]. Group 4: Continuous Support - Since the beginning of 2024, the administration has successfully assisted 96 SOEs in completing their reforms, demonstrating a proactive approach to addressing challenges [2]. - The administration plans to continue supporting enterprises post-reform by tracking their external investments and equity changes, thereby extending the service chain throughout the enterprise lifecycle [2].

宏利基金李宇璐:纯债为基,增强为刃 证券研究报告/转债专题报告 2025年07月23日 分析师:吕品 执业证书编号:S0740525060003 Email: Ivpin@zts.com.cn 分析师:宋康泰 执业证书编号:S0740525070003 Email: songkt01@zts.com.cn | 重要指数收盘价及涨跌幅 | | | | --- | --- | --- | | 简称 | 收盘价 | 涨跌幅% | | 中证转债 | 459.59 | 0.02 | | 上证指数 0.02 | 3.581.86 | | 转债及相关指数走势对比 报告摘要 基金经理简介:李宇璐,固收部甚金经理;英国伯明翰大学国际银行货币学硕士;10 年固定收益从业经验,具有基金从业资格。2012年至 2014年任职于大公国际资信评 估有限公司工商企业二部担任分析师、行业组长;2015年任职于安邦保险集团股份有 限公司信用险部,担任信用评审经理;2016年3月加入建信养老金管理有限责任公 司投资管理部,担任信用研究员、投资经理助理及投资经理,18年起管理年金及养老 金产品:2021年4月加入泰达宏利固定收益部,担任甚金经理助 ...

Group 1 - The core point of the article is the appointment of Deng Zhaojing as the new Deputy Secretary of the Party Committee, Director, and General Manager of China Chemical Engineering Group after a 9-month vacancy, reflecting deeper strategic intentions behind personnel adjustments in state-owned enterprises [2][3][4]. - The 9-month vacancy is unusual for state-owned enterprises, indicating a careful consideration by the State-owned Assets Supervision and Administration Commission (SASAC) regarding the future positioning of the group [3]. - During the vacancy, China Chemical Engineering has accelerated its layout in the "Belt and Road" markets and advanced green chemistry and digital transformation, suggesting that the period may have allowed management to focus on strategic initiatives without disruption from personnel changes [4]. Group 2 - Deng Zhaojing's background in chemical engineering and his leadership in national-level technology projects signal a strong emphasis on technological innovation for the company, which is crucial in the context of carbon neutrality goals and the restructuring of the global chemical industry [5]. - The vacancy period highlights a unique logic in state-owned enterprise governance, where personnel changes serve long-term strategies rather than short-term efficiency, indicating a potential shift from being an "engineering contractor" to a "technology solution provider" [6]. - The case of China Chemical Engineering illustrates a new balance forming between the "slow" nature of personnel adjustments and the "fast" pace of strategic planning in the context of deepening state-owned enterprise reforms [6].

从中证中小国企改革指数持仓的市场板块来看，上海证券交易所占比53.48%、深圳证券交易所占比 46.52%。 从中证中小国企改革指数持仓样本的行业来看，工业占比43.67%、原材料占比20.00%、信息技术占比 15.84%、主要消费占比5.50%、可选消费占比4.39%、公用事业占比3.98%、房地产占比2.65%、医药卫 生占比2.53%、通信服务占比1.44%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 来源：金融界 金融界7月22日消息，上证指数高开高走，中证中小国企改革指数 (中小国改，930611)报2142.46点。 数据统计显示，中证中小国企改革指数近一个月上涨10.70%，近三个月上涨11.49%，年至今上涨 6.24%。 据了解，中证中小国企改革指数选取全部发生及拟发生 ...

国家电网有限公司2025年下半年重点工作推进会在京召开。公司董事长、党组书记张智刚出席会议并讲 话。张智刚强调，当前和近期重点工作，要坚持创新驱动，系统强化创新体系建设。切实增强科技创新 的紧迫感，强化科技创新的主体责任，加强协同创新，进一步加强科技人才培育。要深化改革攻坚，激 发高质量发展动力活力。扎实推进国企改革任务落地，聚焦重点领域深化内部改革，加快建设全国统一 电力市场。要强化重点领域风险防控，纵深推进全面从严治党。要全面完成年度目标任务，确保"十四 五"圆满收官。全力服务经济社会发展大局，更好统筹发展和安全，确保完成全年目标任务。(国家电网 有限公司) ...

Core Viewpoint - The AI Fund Yingda State-Owned Enterprise Reform A (001678) reported a profit of 12.55 million yuan for the second quarter of 2025, with a net asset value growth rate of 2.47% during the period [3] Fund Performance - As of July 18, the fund's unit net value was 1.621 yuan, with a three-month return of 10.04%, a six-month return of 6.78%, a one-year return of 7.85%, and a three-year return of 16.04% [4] - The fund's Sharpe ratio over the past three years was 0.4178, ranking 22 out of 159 comparable funds [8] - The maximum drawdown over the past three years was 30%, with the largest single-quarter drawdown occurring in Q2 2022 at 15.67% [10] Fund Management Strategy - The fund maintains an average stock position of 89.84% over the past three years, with a peak of 93.28% at the end of Q3 2023 [13] - The fund's investment strategy focuses on deep research and value discovery, targeting undervalued stocks in sectors such as non-ferrous metals, food and healthcare, military industry, and emerging technology fields like electronics, semiconductors, and advanced manufacturing [3] Fund Holdings - As of June 30, 2025, the fund's total assets amounted to 586 million yuan [15] - The top ten holdings of the fund include companies such as Juhua Co., Crystal Optoelectronics, Zijin Mining, Jiangsu Bank, Sanlipu, Lanke Technology, Changxin Bochuang, Haowei Group, Wentai Technology, and Zhaoyi Innovation [18]

Investment Rating - The industry investment rating is Neutral, maintained [8] Core Insights - The new round of steel growth stabilization policies focuses on direct supply-side adjustments, emphasizing the elimination of outdated production capacity to address the urgent issue of overcapacity [2][6][7] - The macroeconomic environment remains uncertain, with potential deflationary pressures on industrial products, making short-term supply-demand adjustments in the steel industry critical [2][6] - The previous growth stabilization plan aimed at stabilizing operations and expanding demand, while the current plan emphasizes structural adjustments and optimizing supply [6][7] Summary by Sections Current Market Dynamics - Recent macroeconomic positive sentiment has led to an increase in steel prices and profitability, with average daily pig iron production rising to 2.4244 million tons, a week-on-week increase of 2.63 thousand tons [4][5] - Steel consumption has slightly weakened, with apparent consumption of five major steel products down 3.92% year-on-year and 0.03% month-on-month [4] - Total steel inventory has decreased by 0.30% week-on-week, with long product inventory down 28.99% year-on-year and plate inventory down 17.96% [4] Policy Comparison - The new growth stabilization plan for 2023-2024 aims to enhance structural adjustments and optimize supply, contrasting with the previous plan's focus on stabilizing operations and expanding demand [6] - The current plan includes promoting steel structure applications and expanding consumption in key sectors such as shipbuilding, transportation, and energy [6] Future Outlook - The expectation is for continued macroeconomic positive sentiment, with steel companies showing a strong willingness to raise prices, leading to a forecast of strong fluctuations in steel prices [4] - The report highlights the importance of macroeconomic growth policies to support the implementation of capacity reduction in the steel industry [7] Investment Opportunities - The report suggests focusing on four main investment lines: 1. Companies benefiting from cost reductions due to new capacities in raw materials [30] 2. Stocks with low price-to-book ratios that may see significant performance and valuation recovery [30] 3. Mergers and acquisitions under the state-owned enterprise reform theme [31] 4. High-quality processing and resource leaders in specialized fields [31]

Core Viewpoint - The merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation aims to enhance operational quality, core competitiveness, and shareholder value through the integration of their shipbuilding and repair businesses, aligning with national policies for state-owned enterprise reform [10][12][17]. Summary by Sections Merger Details - The merger will be executed through a share swap, where China Shipbuilding will issue A-shares to the shareholders of China Shipbuilding Heavy Industry [10][11]. - The exchange ratio is set at 1 share of China Shipbuilding Heavy Industry for 0.1335 shares of China Shipbuilding, based on the adjusted share prices after dividend distributions [12][13]. Business Impact - Post-merger, China Shipbuilding will inherit all assets, liabilities, and operations of China Shipbuilding Heavy Industry, eliminating direct competition between the two entities [17]. - The merger is expected to optimize resource allocation, enhance production efficiency, and strengthen the competitive position of the combined entity in the global shipbuilding market [18]. Financial Implications - The merger will result in a significant increase in total shares outstanding, with China Shipbuilding's total share capital rising from 447,242.88 million shares to 752,562.13 million shares post-merger [19][20]. - The financial performance indicators of China Shipbuilding are anticipated to improve as a result of the merger, leveraging synergies and enhancing operational capabilities [20]. Shareholder Structure - The controlling shareholder structure will remain unchanged, with China Shipbuilding Group continuing to hold a significant stake in the merged entity [20]. - The merger will lead to a redistribution of shareholding percentages among existing shareholders, with China Shipbuilding Group's stake decreasing from 44.47% to approximately 26.71% post-merger [19][20].

Core Insights - The AI Fund, focusing on state-owned enterprise reform, reported a profit of 5.35 million yuan for Q2 2025, with a net asset value growth rate of 3.15% [3] - As of July 17, 2025, the fund's unit net value was 1.121 yuan, and it had a total scale of 170 million yuan [3][17] - The fund manager, Wang Yu, oversees two funds, both of which have shown positive returns over the past year, with the highest growth rate being 9.37% for the state-owned enterprise reform fund [3] Fund Performance - The fund's one-year net value growth rate is 9.37%, ranking 484 out of 601 comparable funds [4] - Over the past three months, the fund's net value growth rate was 3.51%, ranking 552 out of 607 [4] - The fund's three-year net value growth rate is -11.87%, ranking 233 out of 468 [4] Risk Metrics - The fund's three-year Sharpe ratio is -0.0946, ranking 311 out of 468 comparable funds [10] - The maximum drawdown over the past three years is 32.45%, ranking 355 out of 461 [12] - The highest quarterly drawdown occurred in Q1 2020, at 24.98% [12] Investment Strategy - The fund's portfolio is concentrated in stable industries and high-quality companies, with significant overlap in high-dividend sectors such as home appliances, public utilities, light industry, and competitive chemical and machinery sectors [3] - The average stock position over the past three years was 88.1%, with a peak of 94.15% in mid-2024 and a low of 73.51% in Q3 2023 [15] Top Holdings - As of Q2 2025, the fund's top ten holdings include Zijin Mining, Jiangsu Bank, Guodian Nanjing Automation, Yuntianhua, Hangzhou Bank, Jiangzhong Pharmaceutical, Yili Group, Shanjin International, Xiyang Group, and Goldwind Technology [21]