每日市场观察 2025 年 7 月 1 日 【今日关注】 周一三大指数开盘后震荡走高，集体收涨。其中，沪指涨 0.59%，深证 成指涨 0.83%，创业板指涨 1.35%。沪深两市成交额约 1.5 万亿，较上 个交易日略有缩量。行业板块多数收涨，航空航天、游戏、船舶制造、 光伏设备等处于涨幅前列。个股方面，上涨股票数量 4000 多只，约 100 只股涨停。整体来看，市场人气得到恢复，延续上涨态势。 以银行为首的红利板块在连续上涨之后有震荡整理的要求，市场风格 有望切换到科技板块。近期算力硬件相关板块 PCB、CPO 等表现亮眼， 未来将呈现星火燎原之势，带动整个科技股行情的到来。加快建设科 技强国的基本国策，使新质生产力这个投资方向值得持续挖掘。 国家统计局数据显示 6 月份我国制造业景气水平继续改善，激发了市 场资金做多情绪，市场将大概率由弱转强，七翻身行情，值得期待。 在以结构性行情为主的市场上，科技股的上涨或方兴未艾。投资者可 以继续坚守自己的成长赛道，同时面对即将到来的中报业绩披露期， 应避开问题股和业绩大幅下降个股。 【市场回顾】 市场概况：6 月 30 日，A 股半年度收官，从上半年市场表现来看 ...

Group 1 - The Shanghai and Shenzhen Stock Exchanges plan to adjust the price fluctuation limit for risk-warning stocks on the main board from 5% to 10%, aligning it with other main board stocks [1] - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted on the ChiNext board, indicating increased inclusivity for quality unprofitable enterprises [2] - The National Medical Products Administration approved the launch of the GLP-1 weight loss drug, Masitide, for long-term weight control in adults with obesity or overweight [2] Group 2 - Citic Qingdao Asset Management Co., Ltd. is offering 66.67% of its shares for sale with a starting price of approximately 30.14 billion yuan, marking a significant transaction in the asset management sector [3] - The market regulator has exposed a list of companies involved in severe illegal competition, aiming to deter such practices and promote a better market order [3] - Ideal Auto expects to deliver approximately 108,000 vehicles in the second quarter of 2025, a revision from its previous forecast of 123,000 to 128,000 vehicles [4] Group 3 - The resignation of Zeng Cong from the position of chairman at Sichuan Yibin Wuliangye Supply Co., Ltd. has been confirmed, with Xue Pengcheng taking over [5] - JD.com has entered the hotel and travel market with a "zero commission" policy, but the response from major hotel groups has been relatively muted compared to its aggressive entry into the food delivery sector [6][7] - Tianfeng International Securities is focusing on virtual asset research and has invested significant resources in this area, aiming to expand its tokenization business [7] Group 4 - Citibank's Macau branch will cease operations due to ongoing financial losses, with plans to continue serving customers through its Hong Kong branch [8] - Gong Qihua has been appointed as the chairman of China Post Securities, with a focus on achieving high-quality development [8] - Dongguan Financial Holdings Group has been approved to become the largest shareholder of Dongguan Securities, acquiring 12.9% of the company's shares [8] Group 5 - Zijin Mining International plans to apply for an IPO in Hong Kong, aiming to raise between 1 billion to 2 billion USD [9] - Defu Technology's subsidiary has signed a supply agreement for lithium battery copper foil with leading companies in the photovoltaic and consumer battery industries [9] - Binjiang Group has successfully acquired two residential land parcels for a total price of 4.368 billion yuan [10] Group 6 - Inner Mongolia First Machinery Group's subsidiary has signed a railway freight car procurement contract worth 130 million yuan with China National Railway Group [11] - Sega Technology's subsidiary has temporarily suspended production due to ongoing losses, with future production decisions dependent on market conditions [12] - The Shanghai Composite Index experienced a decline of 0.7%, with nearly 20 bank stocks dropping over 3% [13]

Market Overview - The market experienced a high and then a pullback, with mixed performance across the three major indices [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.54 trillion, a decrease of 42.1 billion compared to the previous trading day [1] Sector Performance - The computing hardware sector showed strong performance, with Lian Te Technology hitting the daily limit up [1] - The non-ferrous metal sector rebounded, with companies like Beifang Copper Industry also reaching the daily limit up [1] - Large financial stocks initially surged, with Hongye Futures achieving four consecutive limit ups [1] - Conversely, bank stocks collectively adjusted, with nearly 20 bank stocks dropping over 3% [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.7%, while the Shenzhen Component Index rose by 0.34%, and the ChiNext Index increased by 0.47% [1] Leading and Lagging Sectors - The sectors with the highest gains included non-ferrous metals, copper cable high-speed connections, CPO, and diversified finance [1] - The sectors with the largest declines included banking, oil and gas, cross-border payments, and liquor [1]

午评：创业板指半日涨1.16% 有色金属、算力硬件股集体走强 智通财经6月27日电，市场早盘震荡分化，三大指数涨跌不一。沪深两市半日成交额9913亿，较上个交易日放量138亿。盘面上热点较为杂乱，个股涨多跌 少，全市场超3600只个股上涨。从板块来看，算力硬件股再度走强，中京电子涨停。有色金属概念股展开反弹，北方铜业等涨停。大金融股一度冲高，天风 证券涨停。下跌方面，银行股展开调整，中国银行等多股跌超2%。板块方面，有色金属、铜缆高速连接、CPO、多元金融等板块涨幅居前，油气、银行、 保险、港口等板块跌幅居前。截至收盘，沪指跌0.21%，深成指涨0.85%，创业板指涨1.16%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | -3441.30 | -10431.51 | -2138.90 | | -7.15-0.21% 7 | +88.03 +0.85% 70 - | +24.48 +1.169 | 门以 |宁 イベン光 封板率 1.04% 高开率 57% 获利率 51% 63.00% 封板 39 触及 23 昨涨停今表现 ...

Group 1 - The core viewpoint of the article highlights a resurgence in computing hardware stocks, with significant gains observed in companies like LianTe Technology, which rose over 10% [1] - Morgan Stanley's research indicates that the CPO market is expected to experience substantial growth starting in 2027, with the market size projected to exceed $1 billion by 2028 and surpass $5 billion by 2030 [1] Group 2 - Other companies in the computing hardware sector, such as Shenghong Technology and Xinyisheng, have also reached historical highs, indicating a broader positive trend in the industry [1] - Additional companies like Guangku Technology, Yuanjie Technology, Zhaolong Interconnect, Jingwang Electronics, and Shijia Photon have seen stock increases of over 5%, further reflecting the strength of the sector [1]

Market Performance - On June 18, 2025, the Shanghai Composite Index rose by 0.04%, Shenzhen Component Index by 0.24%, and ChiNext Index by 0.23%[3] - The total market turnover was 1,190.93 billion CNY, a decrease of 16.15 billion CNY from the previous trading day[3] - A total of 1,842 stocks rose while 3,510 stocks fell across the market[3] Sector and Style Analysis - Among the 30 CITIC first-level industries, the electronics sector led with a gain of 1.51%, followed by communications at 1.22% and defense at 0.96%[21] - The worst-performing sectors included comprehensive finance at -1.88%, real estate at -1.31%, and light industry manufacturing at -1.17%[21] - Growth stocks outperformed value stocks, with large-cap growth leading the performance rankings[21] Capital Flow - On June 18, 2025, the net outflow of main funds was 22.879 billion CNY, with large orders contributing to a net outflow of 13.494 billion CNY[4] - Small orders saw a continuous net inflow of 24.010 billion CNY, indicating retail investor interest[4] ETF Trading Activity - Major ETFs such as the Huatai-PB CSI 300 ETF and the China Southern CSI 500 ETF saw significant decreases in trading volume, with changes of -3.95 billion CNY and -4.27 billion CNY respectively[30] - The Kexin 50 ETF experienced a net inflow of 1.913 billion CNY on June 17, indicating a shift in investor focus towards technology sectors[30] Global Market Trends - On June 18, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 1.12% and the Nikkei 225 up 0.90%[5] - U.S. markets also experienced declines, with the Dow Jones Industrial Average falling by 0.70% and the S&P 500 by 0.84%[5]

Market Overview - The A-share market shows a moderate increase with the Shanghai Composite Index closing at 3384.10, up 0.23% [2] - The Shenzhen Component Index and the ChiNext Index also experienced gains of 0.58% and 1.17% respectively, indicating a positive market sentiment [2][4] Financial Data - The total market capitalization of the Shanghai Composite Index is 6520.65 billion, with a price-to-earnings (PE) ratio of 11.98 and a price-to-book (PB) ratio of 1.24 [3] - The ChiNext Index has a significantly higher PE ratio of 26.99, reflecting its growth potential [3] Economic Indicators - The Caixin Services PMI for May increased to 51.1, indicating an expansion in the services sector [16][17] - The People's Bank of China conducted a reverse repurchase operation of 126.5 billion, signaling liquidity support in the market [18][19] Industry Dynamics - Online sales of home cameras increased by 13.3% year-on-year from January to April 2025, driven by expanding use cases [27] - The consumption upgrade initiative has led to over 1 trillion yuan in sales across five major categories, indicating a robust recovery in consumer spending [29][30] Company Updates - Weisheng Information (688100.SH) announced winning contracts totaling 133.32 million yuan, enhancing its revenue prospects [33] - Zexin Pharmaceutical (688266.SH) signed an exclusive marketing service agreement for a new drug, potentially generating up to 250 million yuan in revenue [36] - Hubei Yihua (000422.SZ) is set to acquire 100% of a subsidiary for 3.2 billion yuan, expanding its production capacity significantly [39] - Meiya Optoelectronics (002690.SZ) plans to invest 185 million yuan to expand its production base, indicating growth in its operational capacity [42]

算力硬件股持续走强 生益电子触及20CM涨停 智通财经6月5日电，算力硬件股午后持续走强，CPO、PCB等方向领涨，生益电子触及20CM涨停，胜 宏科技、鼎泰高科、瑞可达、仕佳光子、德科立、博创科技涨超10%，华脉科技、海得控制、方正科 技、广合科技等多股涨停。 ...

Market Overview - The A-share market showed a shrinking and differentiated pattern on June 5, with the three major indices slightly rising, but over 3,000 stocks declined, reflecting a state of stock game with insufficient incremental funds [1][4] - The overall market exhibited a volatile consolidation characteristic due to a lack of clear directional funds, leading to rapid rotation among short-term event-driven sectors [2] Structural Trends - Structural market trends are driven by policy and industry events, with the central enterprise reform theme leading the market, as the news of the separation of the automotive business of the Equipment Group into an independent central enterprise stimulated collective gains among its listed companies [3][4] - Event-driven short-term hotspots were active, with the popularity of the "Su Super" league boosting football industry stocks, indicating potential in sports consumption [3] - Energy transformation policies catalyzed the explosion of the virtual power plant concept, with the National Energy Administration initiating pilot projects for new power systems, strengthening the electric power IoT industry chain [3] - The technology sector showed signs of partial recovery, with high-end switch chip shipments from Broadcom stimulating a rebound in the CPO industry chain, alongside strategic resource themes like rare earths, reflecting funds' preference for certain industry trends [3] Declining Sectors - Defensive sectors faced losses, with consumer staples (food and beverage), pharmaceuticals (CRO), and aquaculture stocks generally retreating due to funds being diverted to policy hotspots, compounded by concerns over global recession triggered by weak U.S. ADP employment and service sector PMI data [3][5] - The gold sector adjusted due to a strong dollar and declining inflation expectations, leading to a slight fluctuation in international gold prices and a reduction in risk-averse sentiment [5] - The innovative drug sector continued its downward trend due to overseas drug price control policies impacting profit expectations, alongside valuation pressures from previous rapid gains [5] Industry Performance - The real estate and construction industry indices strengthened, with the real estate II index rising by 1.61%, reflecting market expectations for urban renewal policies and marginal improvements in the real estate sector [6] - The semiconductor index increased by 1.99%, driven by domestic substitution logic and upcoming technological innovations in the mobile industry, with the consumer electronics sector also performing well [6] - Rare earth concept stocks performed strongly due to favorable policies, with the Ministry of Commerce implementing export licensing management for medium and heavy rare earth materials, and research reports predicting an increase in rare earth prices [7]

Market Performance - The Shanghai and Shenzhen stock indices collectively rose on June 5, with the Shanghai Composite Index up 0.08% to 3378.82 points and the Shenzhen Component Index up 0.16% to 10160.75 points, with trading volumes of approximately 273.8 billion yuan and 440.5 billion yuan respectively [1] - The ChiNext Index increased by 0.32% to 2031.39 points, with a trading volume of about 200.9 billion yuan [1] Sector Performance - Strong performance was observed in sectors such as virtual power plants, football, and computing hardware, with several stocks hitting the daily limit, including Hengshi Technology, Jinzhi Technology, and Tianjin Pulin [1][2] - Conversely, the consumer sector experienced a collective adjustment, with Mankalon dropping over 10% [1] Institutional Insights - CITIC Securities noted positive developments in L4 autonomous driving, particularly in Robotaxi, benefiting from reduced vehicle costs and expanded operational areas, leading to improved single-vehicle gross margins [3] - China International Capital Corporation (CICC) expects continued recovery in the small home appliance sector driven by trade-in policies and low base effects, predicting improved profitability for companies in this space [3] - Huatai Securities reported a slight increase in lithium battery production for June, with battery production at 107.7 GWh, a 2.9% month-on-month increase, driven by trade-in policies boosting demand for new energy vehicles [3] Policy and Regulatory Developments - The State Grid Corporation announced initiatives to support the purchase of green certificates and the use of green electricity, aiming to help enterprises reduce energy costs and improve efficiency [4] - The General Office of the State Council approved the restructuring of the China Ordnance Equipment Group, separating its automotive business into an independent central enterprise [6][7]