Core Viewpoint - The North Exchange is seen as an excellent venue for public funds to demonstrate active management capabilities and create alpha, according to Gu Xinfeng, who recently achieved the third place among A-share funds this year [1] Group 1: Market Dynamics - The liquidity of the North Exchange is improving, leading to a stronger willingness among quality companies to list on this platform [1] - Despite some stocks being relatively expensive, the large base of the New Third Board provides a continuous influx of new opportunities for the market [1]

【2025年上半年A股打新市场火爆，收益丰厚但中签率降，新股"三高"问题改善】 MACD金叉信号形成，这些股涨势不错！ 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 今年上半年，打新市场延续去年火爆势头。Wind数据显示，A股有51家新上市公司，较2024年上半年增 15.91%。其中，创业板20家最多，主板18家、科创板7家、北交所6家。 51只新股上市首日零破发，赚 钱效应远超去年。首日平均涨幅229.09%，去年同期136.05%。44只涨幅超1倍、29只超2倍、13只超3 倍。 3月20日，江南新材上市，发行价10.54元/股，盘中最高涨幅超700%，收盘涨606.83%，报74.5元/ 股，换手率85%。 6月26日，广信科技（920037.BJ）上市，发行价10元/股，收盘涨500%，换手率 75%，是上半年北交所新股涨幅最高的。天工股份、星图测控首日涨幅紧随其后。 按上市首日收盘价 算，41只新股单签浮盈过万元，占比80%。影石创新单签浮盈6.49万元排第一，弘景光电、矽电股份分 列二三位。 丰厚打新收益吸引大量资金，致中签率大幅下降。今年上半年，新股网上中签率平均 0.0289 ...

Group 1 - The European banking sector delivered its best performance since 1997 in the first half of 2025, with the Stoxx 600 Bank Index rising by 29%, and many leading stocks reaching their highest levels in a decade [1] - The net interest margin, which had benefited from the European Central Bank's interest rate hikes and recovering loan demand, is expected to decline as interest rates are projected to decrease, potentially compressing banks' profit margins [1][4] - Investors will focus on cost control and non-interest income as banks face the challenge of maintaining profitability without the tailwind of significant interest rate hikes [1][4] Group 2 - Valuation recovery has been largely priced in, with Deutsche Bank, UniCredit, and Santander seeing stock price increases between 50% and 80% year-to-date, and their price-to-book ratios moving above the ten-year average [3] - If economic growth falls short of expectations or credit costs rise, current valuations may lack a safety cushion, especially given the weak manufacturing sentiment and ongoing geopolitical risks [3] - M&A-driven premiums are becoming harder to replicate, as evidenced by the cautious stance of potential buyers regarding high premiums and capital usage, with UniCredit's CEO stating they are no longer considering acquiring Deutsche Bank [3] Group 3 - The second half of the year will be determined by the quality of real earnings, cost management, and asset quality cycles, as the market transitions into a period of interest rate cuts and regulatory changes [4] - The key question is which banks can maintain stability and profitability in a cooling market, as this will dictate the sector's performance in the latter half of the year [4]

本报讯 （记者王镜茹）7月1日晚，欣旺达电子股份有限公司（以下简称"欣旺达"）披露，为深入推进 公司全球化战略，打造国际化资本运作平台，提升国际品牌形象及综合竞争力，公司拟发行H股并申请 在香港联合交易所有限公司主板挂牌上市。 目前，欣旺达正积极与相关中介机构就本次发行并上市的相关工作进行商讨。欣旺达相关负责人表示， 若H股发行成功，公司将以此为契机，充分利用境内外两个市场、两种资源，加快国际化战略布局，提 升公司的综合实力和全球影响力，为股东创造更大价值。 国际化步伐提速 作为A股市场锂电池领域的龙头企业之一，欣旺达深耕主业多年，形成了涵盖消费电池、动力电池、储 能系统等多维业务的综合型布局。近年来，随着全球新能源产业的加速演进，公司亦顺应趋势，持续优 化国际业务结构，推进全球化布局。 此次筹划H股发行，被业界普遍视为其国际化战略的关键一步。一方面，中国香港作为国际金融枢纽， 拥有广阔的融资平台和活跃的资本市场，有助于公司拓宽融资渠道、优化资本结构；另一方面，借助中 国香港资本市场的全球辐射力，公司也有望进一步提升国际品牌认知度，增强海外市场拓展能力。 "此次赴港上市，不仅是企业融资行为，更是一次战略再定位 ...

Core Viewpoint - The Hong Kong stock market is currently in a consolidation phase, having largely completed the macroeconomic impact recovery process, with the Hang Seng Index approaching its March high due to themes in new consumption and pharmaceuticals [1][2] Market Conditions - The recent rise in the Hong Kong stock market is supported by a significant reduction in tariff uncertainties and a stabilization of the RMB exchange rate, alongside ample liquidity in the Hong Kong dollar market [2][3] - Despite the favorable liquidity environment, the Hang Seng Technology Index remains in a sideways trend, indicating that strong upward catalysts are still needed for the technology sector [2] Investment Opportunities - The current market conditions present a favorable window for investors, particularly as the technology sector has seen a release of valuation pressure, transitioning from a structural market to a broader rally [3] - The improvement in risk sentiment and liquidity provides a necessary foundation for the next phase of technology stock rallies, with the potential for significant upward movement as the narrative themes evolve [3]

Core Viewpoint - The rise in asset prices is fundamentally a monetary phenomenon, reflecting where funds are directed. The stock market is currently experiencing this shift after the real estate market. The bull market is driven not by a sudden surge in corporate profits but by a systematic redirection of funds from traditional sectors to undervalued core assets in the secondary market, creating a mismatch between liquidity and asset supply [1]. Group 1: Market Dynamics - The banking and insurance sectors in China have undergone a significant value reassessment since last year, accelerating since May 2023, indicating a trend not driven by retail investors [2]. - The valuation of Chinese banking and insurance stocks has been at unprecedented lows, with major banks' price-to-book ratios dropping significantly, such as Bank of China at 0.40 and Agricultural Bank of China at 0.40, marking a historical low [4][5]. - The insurance sector has faced even harsher conditions, with China Life's price-to-embedded value ratio at 0.22 and a price-to-book ratio of 0.6, placing it in the lowest 5% of its historical range [4]. Group 2: Valuation Comparisons - In contrast to Chinese financial institutions, major global banks like JPMorgan have a price-to-book ratio of 2.4, while European and Japanese banks hover around 1.0, highlighting a significant undervaluation of Chinese financial stocks [5]. - The extreme undervaluation of Chinese financial stocks, coupled with dividend yields of 6% to 8%, presents a unique investment opportunity in the global financial market [5]. Group 3: Regulatory Environment and Market Recovery - Since 2020, China's financial system has been in deep adjustment, focusing on reducing shadow banking and addressing real estate and local government debt risks, which has pressured profitability and valuation [6]. - Despite the challenges, this period has led to improved asset quality, with banks achieving a provisioning coverage ratio above 200% and stable capital adequacy ratios [6][7]. - The current policy environment is actively directing liquidity into the equity market, with regulatory measures encouraging insurance companies to allocate a significant portion of new premiums to A-shares [8][9]. Group 4: Future Outlook - The ongoing valuation recovery is seen as just the beginning, with continued monetary supply and a focus on undervalued, high-dividend financial blue-chip stocks expected to absorb market liquidity [10]. - The market is anticipated to experience a gradual bull market, characterized by steady index increases and reduced volatility, until a new phase of large-scale equity financing or a shift in interest rate cycles occurs [10].

今年下半年第一个交易日，又有多只银行股价格再度创下历史新高。 7月1日，A股42家上市银行全线飘红，多只个股录得2%以上涨幅。Choice数据显示，当日银行板块的主力净流 入额达26.57亿元，板块涨幅达1.54%。当日，建设银行、浦发银行、厦门银行均创下历史新高。 回顾今年上半年，银行板块持续受益于高股息板块的投资热度，保险资金等中长期资金入市加快，频频举牌上 市银行。与此同时，政策红利下，中央汇金持续增持、ETF等指数基金大幅加仓。多因素催化下，银行板块获 得持续上涨，多只个股不断创下上市以来新高。券商中国记者据Choice统计，上半年浦发银行、青岛银行、兴 业银行等10只个股累计涨幅超过20%。 股价迭创新高 7月1日，A股银行板块再度迎来全面上涨，42家上市银行无一例外。其中，苏州银行大涨5.13%，厦门银行、 杭州银行涨幅均超3%；共有13只银行股涨幅超过2%。 值得一提的是，近几个交易日共有16家上市银行再度刷新股价纪录，包括"工农中建交"五大国有银行，以及浦 发银行、华夏银行、光大银行和兴业银行等4家股份行，另有北京银行、江苏银行、南京银行、上海银行、杭 州银行、成都银行和长沙银行等7家城商行， ...

专题报告 2025-07-02 PX：投产真空期下的估值修复 报告要点： 本报告围绕国内 PX 产能缺口去看待 PXN 的中枢修复，通过对比 2025 年与 2014-2018 年的产能 缺口、基本面以及估值，认为当前 PX 经过了接近两年的投产空窗期，产能缺口逐渐靠近 2014-2018 年水平，并且近期在高开工的情况下仍然维持去库格局，其估值中枢在没有额外驱 动下，理论上有潜力修复至 2014-2017 年平均水平，即修复至 350 美元/吨左右，节奏上应当 在裕龙石化投产落地前。 刘洁文 能化研究员 从业资格号：F03097315 交易咨询号：Z0020397 0755-23375134 liujw@wkqh.cn 马桂炎（联系人） 能化研究员 从业资格号：F03136381 13923915659 magy@wkqh.cn 能源化工研究 | PX 一、产能周期对比 在经过连续几年的大投产后，国内 PX 投产进入连续两年的真空期。对于国内 PX 而 言，国内 PTA 投产速度较快，无论裕龙石化是否投产，PX 国内产能缺口在 2025 年 都将扩大。在假设 PTA 产能全部投放的前提下，若裕龙石化投产，国 ...

| | | 甲醇日评20250702: 择机做多MTO利润 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 变化值 指标 | 单位 | 2025/7/1 | 2025/6/30 | (絶对值) | 变化值 (相对值) | | | | MA01 | 元/吨 | 2420.00 | 2413.00 | 7.00 | 0.29% | | | 甲醇期货价格 | MA05 | 元/吨 | 2334.00 | 2325.00 | 9.00 | 0.39% | | | (收盘价) | MA09 | 元/吨 | 2384.00 | 2381.00 | 3.00 | 0.13% | | | | 太仓 | 元/呼 | 2540.00 | 2790.00 | -250.00 | -8.96% | | | | 山东 | 元/吨 | 2240.00 | 2230.00 | 10.00 | 0.45% | | 期现价格 | | 广东 | 元/吨 | 2445.00 | 2435.00 | 10.00 | 0.41% | | 及基差 | 甲醇现货价格 ...

光大证券指出，2025年2月8日工信部修订的《钢铁行业规范条件（2025年版）》对钢铁企业实施两级评 价，在"给侧更好适应需求变化"政策目标下，钢铁板块盈利有望修复至历史均值水平，PB估值也将随 之修复。行业数据显示，6月上旬重点企业粗钢旬度日均产量环比+3.25%至215.90万吨，全国高炉产能 利用率小幅升至90.83%（+0.04pct），螺纹钢周产量环比+2.67%至217.84万吨。比价方面，热轧与螺纹 钢价差处于同期低位（150元/吨），普钢板块PB相对于沪深两市PB比值分位（2013年以来）为 32.03%，当前比值为0.50，较2017年8月峰值0.82仍有修复空间。 钢铁ETF跟踪的是中证钢铁指数，该指数由中证指数有限公司编制，从A股市场中选取涉及钢铁生产、 加工及销售业务的上市公司证券作为指数样本，全面覆盖从上游铁矿石开采到下游钢铁制品制造的全产 业链环节，能够有效反映钢铁行业上市公司证券的整体表现。该指数成分股具有较强的行业代表性和产 业链完整性，为投资者提供了把握钢铁行业投资机会的重要工具。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未 ...