Group 1: Market Overview - The A-share market experienced a rebound on July 8, with the technology sector showing signs of recovery, as evidenced by the 1% increase in the Sci-Tech Chip 50 ETF (588750) by 10:39 AM [1] - The Sci-Tech Chip 50 ETF (588750) attracted over 88 million yuan in capital inflow over the past five days, indicating strong investor interest in the high-growth Sci-Tech chip sector [1] Group 2: Individual Stock Performance - Among the index constituents of the Sci-Tech Chip 50 ETF, most stocks showed mixed performance, with Lexin Technology rising by 8.96% and Yuanjie Technology increasing by over 5%, while some stocks like Haiguang Information and Cambrian experienced slight declines [3] - The top ten constituents of the Sci-Tech Chip 50 ETF include major players like SMIC and Haiguang Information, with trading volumes and estimated weights provided for each [3] Group 3: Company News - Lexin Technology announced a profit forecast for the first half of 2025, projecting a net profit of 250 to 270 million yuan, representing a year-on-year growth of 65% to 78%, driven by the accelerated adoption of its wireless SoC solutions across various digital scenarios [4] - A major domestic DRAM storage company has initiated listing guidance, with a pre-investment valuation of approximately 140 billion yuan, following a strategic investment of 1.5 billion yuan from a chip giant [4] Group 4: Industry Insights - The DRAM market is dominated by three major players from South Korea and the U.S., holding 95% of the global market share, but domestic leaders are rapidly increasing capacity to compete [5] - Predictions indicate that the domestic DRAM storage company could see a 50% year-on-year increase in DRAM shipments by 2025, with its market share expected to rise from 6% to 8% within the same timeframe [5] - The storage sector is expected to benefit from sustained price increases, driven by AI applications and accelerated domestic production, with forecasts suggesting a 30-40% increase in contract prices for DDR4 in Q3 [6] Group 5: Semiconductor Sector Outlook - The semiconductor industry is anticipated to maintain optimistic growth through 2025, driven by emerging applications such as AI, while domestic companies are expected to reduce reliance on foreign chips significantly [6][7] - The demand for precision electronic components is increasing due to the expansion of new fields like low-altitude economy and commercial aerospace, pushing for advancements in miniaturization and integration [7]

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Group 1 - The military industry is experiencing positive catalysts, with the military ETF (512660) seeing a net inflow of over 460 million yuan in the past five days [1] - The establishment of the General Aviation and Low-altitude Economy Working Group by the Civil Aviation Administration includes six specialized working groups, covering the entire chain of general aviation and low-altitude economic development [1] - The Shanghai Stock Exchange has approved the merger plan of China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Company, involving 115.15 billion yuan in funds and over 400 billion yuan in assets, marking a significant restructuring in the industry [1] Group 2 - The military ETF (512660) tracks the CSI Military Industry Index, which includes representative listed companies in the defense and military industry, reflecting the overall performance of the sector [2] - The index covers multiple subfields within the defense and military industry, showcasing high industry concentration and distinct military characteristics [2]

证券研究报告 甲骨文将与OpenAI在算力方面合作， 我们持续看好全球算力产业发展 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 资料来源：科创板日报，平安证券研究所 2025年7月8日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）甲骨文将与OpenAI在算力方面合作，我们持续看好全球算力产业发展。甲骨文将与OpenAI在算力方面合作，将在 美国各地开发多个数据中心。百度发布自研视频生成模型MuseSteamer，谷歌在全球推出全新Veo 3视频生成模型。全球大模型竞争依然激 烈，将推动算力维持旺盛需求，我们持续看好全球算力产业发展。2）北京市发布"人工智能+医药健康"三年行动计划，加速人工智能赋 能医药产业发展。7月3日，北京市科学技术委员会等联合印发《北京市加 ...

Group 1: Power Industry Insights - The report suggests that both electricity and coal prices are likely to rise, with electricity price increases expected to outpace coal prices. This trend may end the previous two years' pattern of declining power sector performance in the second half of the year [2][26][27] - National power load reached a historical high of 1.465 billion kilowatts on July 4, 2025, marking a 200 million kilowatt increase from the end of June and a 150 million kilowatt increase year-on-year. The eastern power grid accounted for 422 million kilowatts, with air conditioning loads constituting 37% [4][27] - The Ningxia-Hunan ±800 kV UHVDC project is set to enhance power supply in Hunan, with a total investment of 28.1 billion yuan and a transmission capacity of 8 million kilowatts, expected to deliver over 36 billion kilowatt-hours annually [5][28] Group 2: Capital Market Transformation - The report emphasizes the necessity for capital transformation to match economic restructuring, highlighting the role of government-led funds and patient capital in supporting innovation-driven growth [7][8] - The scale of the primary market has reached approximately 10 trillion yuan, growing rapidly, which presents five key opportunities for secondary market investors, including the need for research-based exit strategies and the increasing importance of mergers and acquisitions [9] - Successful overseas experiences in venture capital are boosting confidence in China's economic transformation, with a focus on integrating government and market-driven approaches [8] Group 3: Real Estate Market Trends - The report maintains an "overweight" rating for the real estate sector, recommending several companies across different categories, including Vanke A, Poly Development, and China Overseas Development [15][35] - In the first half of 2025, land transaction prices outperformed transaction volumes, with a notable structural divergence favoring first- and second-tier cities. The average land transaction price increased by 30.3% year-on-year [16][36] - The average premium rate for land transactions in first-tier cities was 10.7%, reflecting a 6.6 percentage point increase year-on-year, driven by local governments increasing the supply of quality land [17][37]

"由于新客户的不断拓展和产品订单量的日益提升，公司的生产规模和供应能力需要进行增强，目前现 有产能处于满产状态，在行业旺季时仍存在产能缺口。"普利特称，该公司决定在南沙设立华南总部及 采购供应链平台，建设塑料改性材料生产基地及研发中心，为公司未来高质量发展提供产能保障。 此外，普利特提及，由于南沙便利的地理交通位置，是辐射华南市场的优选地点，且终端用户对新能源 汽车的需求旺盛，便于开拓新客户，进一步提高市场份额，有利于增强产品供应能力和服务保障能力， 就近满足主要客户的需求。项目建成投产后将对其业务布局和经营业绩具有积极影响。 普利特披露，项目分两期开发建设，项目一期生产改性聚丙烯、聚酰胺、丙烯腈—丁二烯—苯乙烯塑料 和聚碳酸酯合金类的塑料改性等汽车线改性塑料产品，项目二期生产改性聚醚醚酮、改性聚苯硫醚、液 晶聚合物和碳纤维增强材料等用于低空经济产业链、人形机器人等非汽车线的改性塑料产品。 据悉，普利特经过多年的技术积累与市场开拓，业务遍布国内外，已是多家世界顶级汽车制造商和新能 源车企的核心材料供应商。随着全球新能源汽车产业的高速发展，该公司的主营产品在新能源汽车产业 中供应量也快速提升。 中化新网讯 近日 ...

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1618.51 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 43% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《可控核聚变：谷歌与 CFS 签署 200MW 购电协议，聚变能源加速商业化》 - 2025.07.03 国防军工行业报告 中央财经委员会第六次会议强调推动海洋经济高质 量发展 投资要点 中央财经委员会第六次会议强调推进海洋经济高质量发展。据新 华社 7 月 2 日发布消息 ...

今年上半年，锦溪镇与南京信息工程大学等院校达成深度合作，共建高校重点实验室创新成果转化 基地；新增发明专利36件、实用新型专利144件，立项省级产学研合作项目1家。 今年以来，昆山生态宣教馆揭牌运营，元点创意设计中心顺利开工，一尺花园（计家墩店）落地开 业，全国连锁品牌如家酒店顺利入驻。上半年，锦溪镇接待游客215万人次，同比增长34%，全社会旅 游收入7300万元，同比增长12%。 昨天（7月7日），记者从昆山锦溪镇获悉，今年上半年，锦溪镇预计地区生产总值同比增长6%， 规上工业产值达241.8亿元，同比增长6.7%，增速位列昆山全市第二；全社会固定资产投资17.9亿元， 同比增长17.1%，工业投资14亿元，同比增长32.5%，增速分别位列昆山全市第一、第三，交出了一张 亮眼提气的"期中"成绩单。 今年以来，锦溪镇围绕消费电子、通信设备、汽车配件、低空经济和装备智造等五大主导产业进行 精准招商，泰德兴塑料零配件、思特威芯片封测等产业项目有序推进。 作为省级重大项目，5月20日，立讯精密在昆山总投资超60亿元的"锦绣客厅·立讯科学园"声学产业 一期项目正式投产，二期同步开工。项目聚焦声学高科技领域，规划建设 ...

Market Overview - On July 7, the A-share market experienced fluctuations, with the Shanghai Composite Index closing slightly up by 0.02% at 3473.13 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext Index dropped by 1.21% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.21 trillion yuan, a decrease of 219.9 billion yuan compared to the previous trading day [1] International Market - The US stock market saw all three major indices decline on July 7, with the Dow Jones Industrial Average down by 422.17 points (0.94%) to 44406.36 points, the S&P 500 down by 49.37 points (0.79%) to 6229.98 points, and the Nasdaq Composite down by 188.59 points (0.92%) to 20412.52 points [2] - European markets showed mixed results, with the UK FTSE 100 down by 0.19%, the French CAC 40 up by 0.35%, and the German DAX up by 1.20% [2] Commodity Prices - International oil prices rose on July 7, with WTI crude oil increasing by $0.93 to $67.93 per barrel (1.39% increase) and Brent crude oil rising by $1.28 to $69.58 per barrel (1.87% increase) [3] Policy and Regulatory Updates - The US President signed an executive order extending the delay of "reciprocal tariffs" until August 1, affecting imports from 14 countries, including Japan and South Korea [4][5] - The People's Bank of China increased its gold reserves for the eighth consecutive month, reaching 7390 million ounces (approximately 2298.55 tons) as of the end of June, with a month-on-month increase of 70,000 ounces (approximately 2.18 tons) [5] - Four departments in China aim to establish over 100,000 high-power charging facilities by the end of 2027, focusing on the development of charging infrastructure for electric vehicles [6][7] Investment Opportunities - Analysts suggest that the rapid growth in the fast-charging sector, driven by strong policy support and technological advancements, presents significant investment opportunities [7] - The Shanghai government is promoting the use of public data in various sectors, which may create investment opportunities in data management and processing companies [8] Upcoming Indices - The Shanghai Stock Exchange and Shenzhen Stock Exchange plan to launch a series of specialized indices on July 21, focusing on innovative and specialized companies [9] Stablecoin Developments - Hong Kong's Financial Secretary indicated that the government aims to issue stablecoin licenses by the end of the year, following the implementation of the Stablecoin Regulation in August [10]

这是郑州航空港区首只专注低空经济的产业基金。 全国范围内，低空经济产业基金总规模破千亿，"天空之城"争夺战正酣。 三方国资联手，河南落子5亿元基金 7月2日，河南低空发展股权投资基金合伙企业（有限合伙）在中国证券投资基金业协会完成备案，首期 备案规模5亿元。 河南新设立的5亿元低空经济产业基金，由三方国资联合主导：郑州航空港新兴产业基金、河南航投集 团、河南资本集团。 这步棋是河南系统性布局低空经济的缩影。 2025年初，豫信空天产业基金完成备案，成为郑州航空港区围绕"4+3+3"现代产业体系构建基金矩阵的 重要一环。该基金由郑州航空港科创投资集团、豫信电子科技集团等实力机构参与，目标直指"内培外 引、产业精耕、资本推升、价值重塑"。 政策东风为资本布局提供了明确方向。 2024年7月，河南省政府发布《促进全省低空经济高质量发展实施方案（2024—2027年）》；随后，郑 州航空港专属方案迅速出台，明确规划了设立低空经济专项发展基金的举措；今年4月，支持低空经济 产业高质量发展的若干措施印发，路线图愈发清晰。 "当前，郑州航空港区产业集聚效应日益凸显，"一位郑州航空港区管委会的相关工作人员表示，"5G-A 网 ...