7月15日周二，A股早盘震荡走高，创业板涨近2%，稀土板块活跃，算力产业链爆发，光模块、光芯片、光通信、AI 算力等悉数拉升，医药、黄金股调整。港股高开高走，恒指、恒科指双双涨1%，科网股、汽车股集体走强，新消费 板块亦有所反弹。债市方面，国债期货集体上涨。商品方面，国内商品期货全线拉升，多晶硅涨超3%。核心市场走 势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | MI | 3518.87 | -0.78 | -0.02% | | 399001 | 深证成指 | | 10761.85 | 77.33 | 0.72% | | 399006 | 创业板指 | more | 2239.57 | 42.50 | 1.93% | | 000300 | 沪深300 | M | 4036.90 | 19.23 | 0.48% | | 000016 | FJESO | My | 2760.81 | 3.00 | 0.11% | | 000680 | 科创综指 | MWY | 1234.13 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On July 13, 2025, all four major index futures contracts for the current month rose. IF increased by 0.19%, IH by 0.02%, IC by 0.92%, and IM by 1.04% [1]. - On this trading day, the total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. Specifically, the total trading volume of IF increased by 66,484 lots, IH by 34,327 lots, IC by 50,298 lots, and IM by 99,288 lots. In terms of positions, the total positions of IF increased by 24,608 lots, IH by 15,151 lots, IC by 14,504 lots, and IM by 21,864 lots [1][2]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **Closing Prices and Fluctuations**: The closing prices and percentage changes of various index futures contracts are presented, such as the closing price of the CSI 300 being 4014.81 with a 0.12% increase, and different futures contracts like IF2507 having a closing price of 4014.6 with a 0.19% increase [1]. - **Basis**: The basis of different index futures contracts is provided, for example, the basis of IF2507 is -0.21 [1]. - **Trading Volume and Turnover**: The trading volume, turnover, and their changes of each index futures contract are shown. For instance, the turnover of IF2507 is 64.65 billion, and its trading volume increased by 20,063 lots [1]. - **Open Interest**: The open interest and its changes of each index futures contract are given. For example, the open interest of IF2507 is 62,423 lots, with an increase of 2,133 lots [1]. 3.2 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6]. 3.3 Important Drivers - US President Trump announced that starting from August 1, 2025, the US will impose a 30% tariff on products imported from Mexico and the EU. The tariff policy may be adjusted if certain conditions are met [6]. 3.4 Other Industry News - The Minister of Industry and Information Technology, Li Lecheng, chaired a party group meeting, emphasizing the implementation of large - scale equipment updates and technological transformation projects in the manufacturing industry, promoting digital transformation, and supporting the innovation and development of small and medium - sized enterprises [7]. - In the next week, important global market events include the release of China's economic data for the first half of the year, Trump's statement on Russia, the release of US inflation and retail data, the Fed's Beige Book, and the opening of a new round of refined oil price adjustment windows in China [7]. - The Shanghai Stock Exchange officially released the "1 + 6" policy - supporting business rules for the Sci - tech Innovation Board on July 13 [8]. - The Shanghai Composite Index closed up 0.48%, the Shenzhen Component Index up 0.47%, and the ChiNext Index up 0.22%. The A - share trading volume was 1.52 trillion, slightly lower than the previous day. Different sectors showed various performances, such as real estate stocks having a涨停潮, while the computing power industry chain had a correction [8].

Group 1: Macro Insights - The report highlights a further weakening in real estate sales, with new home sales in 30 cities and second-hand home sales in 18 cities continuing to decline, exceeding seasonal patterns and showing a significant year-on-year drop [5] - The "anti-involution" policy and high temperatures have led to a rebound in commodity prices such as coal and steel, while asphalt and cement production has shown some improvement, albeit from low absolute values [5] - Key upcoming events to monitor include the US tariff negotiations, the State Council meeting in July, the Politburo meeting at the end of July, and the Federal Reserve's interest rate meeting on July 31 [5] Group 2: Market Performance - The report indicates that the market is likely to continue its upward trend, with the Shanghai Composite Index rising by 1.09% over the week, and several sectors confirming daily and weekly uptrends [6] - A total of 23 industries are currently in a weekly uptrend, suggesting the beginning of a bull market characterized by broad-based gains [6] Group 3: Sector-Specific Insights - In the renewable energy sector, the report notes the issuance of mandatory green electricity consumption responsibilities across five major industries, indicating a push towards renewable energy adoption [29] - The coal industry is experiencing a price surge due to high demand and supply constraints, with recommendations to focus on leading coal enterprises such as China Shenhua and China Coal Energy [16] - The AI for Science initiative is highlighted as a transformative force in chemical research, with significant market potential and the ability to enhance research efficiency [22][23] Group 4: Real Estate Trends - The report observes a significant decline in new home transactions in early July, attributed to seasonal factors and a low market volume, indicating a sluggish real estate environment [31] - It emphasizes the importance of policy support for the real estate sector, suggesting that the market is closely tied to economic indicators and government actions [33] Group 5: Agricultural Sector Outlook - The agricultural sector is projected to see a slight decline in pig prices, with an average price of 14.5 CNY/kg in Q2 2025, reflecting a year-on-year decrease [34] - The report anticipates that leading companies in the livestock sector will continue to optimize costs, with significant profit forecasts for companies like Muyuan Foods [34] Group 6: Textile and Apparel Industry - The textile and apparel sector shows mixed results, with some companies reporting improved revenues in June compared to May, while others face challenges [25] - Investment recommendations include focusing on brands with strong fundamentals and growth potential, such as Anta Sports and Bosideng [25]

Market Overview - A-shares experienced a slight increase with the Shanghai Composite Index rising 0.20% to 3499.96 points, while the Shenzhen Component Index and the ChiNext Index rose 0.14% and 0.15% respectively [1][2] - The Hong Kong market also saw a rebound, with the Hang Seng Index increasing by 0.19% to 23936.76 points, while the Hang Seng Tech Index slightly decreased by 0.03% [2][3] Sector Performance - The coal industry showed strong performance, with major stocks like Meijin Energy and Dayou Energy hitting the daily limit, and Shaanxi Black Cat rising over 6% [6][7] - The financial sector saw a resurgence, with stocks such as Nanhua Futures and Yuexiu Capital experiencing consecutive gains [12] - The photovoltaic sector remained active, with stocks like Tuori New Energy and Jingyun Tong hitting the daily limit, and several others showing significant increases [13][14] - The Apple concept stocks in Hong Kong rebounded, with Sunny Optical Technology and Q Technology rising over 5% [4][5] Commodity Market - Domestic commodity futures experienced a general increase, with notable gains in various sectors including caustic soda and aluminum oxide [22][23] - Silicon wafer prices were reported to have increased by 8% to 11.7%, with the average transaction price of silicon materials rising over 6% week-on-week [15] Notable Company Movements - CATL's stock price rose by 2.60%, reaching a new historical high of 395 HKD [16] - The company was also noted for receiving an increase in holdings from JPMorgan Chase, which acquired 851,600 shares at an average price of 340.638 HKD per share [18]

Market Performance - The Shanghai Composite Index reached a new high, approaching 3500 points, with a closing price of 3497.48 points, marking a significant increase in investor confidence [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.39%, with a total of 4283 stocks rising in the Shanghai and Shenzhen markets [1] Solar Energy Sector - The solar energy sector saw a substantial surge, with the overall solar concept index rising by 2.06%, and 460 constituent stocks increasing in value [3] - Notable stocks included Shihang New Energy, which hit the 20% daily limit, and several others like Tongwei Co. and Aiko Solar, which also saw significant gains [2][3] - The Ministry of Industry and Information Technology held a meeting focused on promoting high-quality development in the solar industry, indicating potential future growth [3] Technology Sector - The technology sector experienced a strong performance, particularly in the computing power supply chain, with significant gains in PCB and semiconductor stocks [4] - Key drivers included better-than-expected earnings forecasts from leading companies and the initiation of the IPO process for a major DRAM manufacturer, which positively impacted the semiconductor industry [4] Gaming Sector - The gaming sector saw a notable increase, with a 2.77% overall rise, driven by stocks like Icefire Network and Electric Soul Network [5] - The approval of 158 new games by the National Press and Publication Administration marked a significant milestone, indicating a potential boost for the industry [6] - Huawei's announcement regarding the upcoming showcase of HarmonyOS games at the 2025 ChinaJoy exhibition further highlights the sector's growth potential [5][6]

上证指数再度冲击3500点。 今天，上证指数盘中最高涨至3499.89点，收盘价为3497.48点，均刷新今年以来新高。 截至收盘，上证指数上涨0.7%，深证成指上涨1.46%，创业板指上涨2.39%。全市场成交额为14539亿 元，较昨日增加2453亿元。全市场逾4200只个股上涨。 两大板块爆发 今天，光伏和科技股联手走强。具体看，光伏概念中，光伏设备、硅能源、BC电池等板块大涨。通 威股份等多股涨停。 | | | 光伏设备 6724.65 5.61% | | € | | --- | --- | --- | --- | --- | | 成分股 | 基金 | 简况(F10) | 资金 | 板块分7 | | 名称代码 | | 最新 | 涨幅 ◆ | 流通市值 | | 首航新能 次新 301658 | | 36.00 | 20.00% | 13.9亿 | | 首板涨停 最终涨停 10:59 | | | | | | 大全能源 融 688303 | | 26.50 | 11.72% | 146亿 | | 文能聚 | 22.31 | 11.11% | 18.3亿 | | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Market News - The Ministry of Finance announced the issuance of 11 special long-term government bonds in the third quarter, with 3 issues in July, 4 in August, and 4 in September [2] - OPEC+ agreed to increase oil production by 548,000 barrels per day in August, exceeding the previous expectation of 411,000 barrels per day [3] - Indonesia plans to sign a $34 billion agreement with the U.S. to increase procurement from the U.S. as part of efforts to reach a trade agreement by July 9 [4] Sector Events - The 12th World High-Speed Rail Conference will be held in Beijing from July 8 to 11, 2025, focusing on innovative development in high-speed rail [6] - The 13th China (Western) Electronic Information Expo will take place in Chengdu from July 9 to 11, 2025, aimed at promoting the development of the electronic information industry in the western region [7] - The first Western Low Altitude Economy Expo will be held from July 11 to 13, 2025, with a focus on the development needs of low-altitude enterprises [8] Company News - Xiaomi Group's chairman Lei Jun announced the first delivery of Xiaomi YU7, starting on July 6 in 58 cities nationwide [10] - Zeekr will hold a technology launch event for the Zeekr 9X on July 9, 2025, introducing a new generation of hybrid technology architecture [10] - Fuwai Group is set to be listed on the Hong Kong Stock Exchange on July 7, with several other companies also listing on July 9 [11] Lock-up Expiration - A total of 50 companies will have their lock-up shares released this week, amounting to 1.364 billion shares with a total market value of 37.619 billion yuan based on the closing price on July 4 [13] - The peak of lock-up expirations will occur on July 7, with 24 companies releasing shares worth a total of 19.109 billion yuan, accounting for 50.79% of the week's total [13] New Stock Calendar - One new stock, Huadian New Energy, will be issued on July 7, 2025, with approximately 5.714 billion shares expected to raise 18.227 billion yuan [17] Institutional Outlook - Dongwu Securities is optimistic about the growth technology sector, noting that the Shanghai Composite Index has broken through 3400, with financial stocks playing a key role [20] - Galaxy Securities suggests that market sentiment is recovering, indicating conditions for a new stable state, with A-share valuations at a historically moderate level [21] - Huajin Securities warns that the short-term valuation rally may be nearing its peak, with several indicators suggesting high market sentiment [22]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Core Viewpoint - The current market rally is driven by the financial sector, which is nearing the end of its role as a catalyst for the index breakout, paving the way for growth sectors, particularly in the technology space, to take the lead [1] Financial Sector - The financial stocks have played a significant role in boosting the index, but their influence may be diminishing as the market progresses [1] Growth Sectors - The growth sectors, especially those in the technology domain, are expected to gain momentum, with a focus on the AI sector and computing power supply chain, which are currently positioned favorably [1] Market Positioning - Certain industry trends and stock prices remain at historically low levels, indicating potential for growth, particularly in the AI sector, which has a trading volume share of only 23% since the beginning of 2023 [1]