Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

瑞达期货研究院 「2025.7.4」 期货从业资格号F30825507 期货投资咨询证号：Z0020723 联系电话：4008-8787-66 取 更 多 资 讯 关 注 我 们 获 业务咨询 添加客服 「摘要」 • 周度观点：A股主要指数本周普遍上涨，除科创50外均录得上涨。四期指表现分化，大盘蓝 筹股强于中小盘股。本周一，国内6月PMI公布，三大PMI指数均较上月回升，市场情绪受到 推动；周二至周四市场震荡整理；周五午间，商务部发言人表示中美双方将各自解除经贸限 制，带动A股午后拉升。本周，市场成交活跃度较上周小幅回落。 2 来源：瑞达期货研究院 股指期货周报 作者：廖宏斌 目录 1、行情回顾 2、消息面概览 3、周度市场数据 4、行情展望与策略 1、行情回顾 2020.06.30 厦门 「行情回顾」 | 期货 | 合约名称 | 周涨跌幅% | 周五涨跌幅% | 收盘价 | | --- | --- | --- | --- | --- | | | IF2509 | 1.53 | 0.46 | 3936.0 | | | IH2509 | 1.39 | 0.62 | 2717.2 | | | IC2509 | ...

不过，以上只是推测，总得试一下，万一成功了呢？而且马上周末，周五冲破3500，然后周末一宣传，就能吸引场外资金进场了，多好的剧本。 今天可能是因为气氛到位了，也可能是要拉指数出一波货，上午银行板块大涨，指数差3500临门一脚，只要发动券商就能冲过去，于是午盘资金发动券 商尝试冲关，虽然这里放量了1000亿，但远远不够，最后冲高回落。 我看到有些人说午后宽基ETF放量是gjd在买，但我认为更大可能是部分资金借道ETF，理由是gjd基本只托底，而且今天只有一只沪深300ETF放量，之前 gjd买都是多只放量。 周二我跟大家说过，上证指数来到了一个关键节点-冲关3500，我相信年内能冲破3500乃至于挑战前高，但目前条件可能还不成熟。为啥不成熟呢？从去 年国庆节后，A股曾多次冲击3500失败，这里肯定留下了大量套牢盘，而且从4月份涨到现在获利盘也很重。想要成功冲关，场内场外的投资者要形成牛 市的预期，买的资金要量大管饱、卖的资金抛售不能太狠，肯定会爆量。对于A股来说，想要场内场外的资金形成共识，一般都需要强大的政策助力， 比如去年924政策包。 今天这走势肯定挺难看的，三大指数都是放量上影线，周末没大利好的话，下周 ...

【A股、港股午后双双拉升】沪指涨幅扩大至0.9%，深成指涨超0.4%，创业板指涨0.66%。沪深300指数 涨幅扩大至1%。香港恒生指数接近转涨。恒生科技指数午后转涨0.7%，早盘一度跌1%。 ...

Group 1 - The China Securities Regulatory Commission (CSRC) is advancing a new round of comprehensive capital market reforms, focusing on the "Two Innovation Boards" to enhance the attractiveness and competitiveness of the A-share market [2] - According to招商证券, the Chinese economy's total demand growth has stabilized after three years of decline, leading to a potential revaluation of A-shares as high-return stocks attract continuous capital [3] - 东兴证券 indicates that A-shares are at the starting point of a new structural slow bull market, with a breakthrough at 3400 marking the beginning of a new journey supported by seven core factors, including increased demand for equity allocation in a low-interest-rate environment [4] Group 2 - The stock market has seen a recovery since the fourth quarter of last year, with a significant improvement in the issuance scale of equity funds compared to the same period last year, indicating a growing willingness among residents to allocate savings to the stock market [5]

A股开盘，上证指数开跌0.05%，深证成指平开，创业板指开涨0.2%。 ...

中银证券认为，上半年A股在估值正贡献支撑下震荡收涨，盈利端呈现一定程度的负贡献。从风格因子 的表现来看，小市值、低估值占优，高盈利组合仅在一季度有所表现。当前市场对于盈利因子计价相对 较弱，7—8月中报业绩窗口期，盈利因子有望迎来阶段性修复。估值端，基本面及宏观政策中长期预期 的修复使得市场下行风险较低，充裕的流动性环境下，预计下半年A股市场有望呈现震荡上行趋势。 财信证券认为，近期大盘维持了反弹走势，沪指盘中创下年内新高。不过市场成交额连续缩量，导致近 期热点题材板块的延续性仍有待改善。短期操作上，建议把握好热点题材板块间的轮动节奏。中长期 看，在经济基本面、增量政策、流动性尚未出现明显拐点时，市场趋势性行情或需等待。但在中央汇金 类"平准基金"功能持续发挥下，市场向下空间也相对有限。预计第三季度A股指数仍将在924行情以来 的宽幅震荡区间内，市场风格或将继续轮动。 中原证券认为，周四早盘股指高开后震荡回落，盘中沪指在3447点附近获得支撑，午后股指震荡回升， 盘中消费电子、电子元件、电池以及通信设备等行业表现较好；船舶制造、采掘、游戏以及工程机械等 行业表现较弱。长期资金入市步伐加快，ETF规模稳步增长， ...

Core Viewpoint - The company, Guangdong Shaoneng Group Co., Ltd., has convened its 11th Supervisory Board's 7th temporary meeting to approve the proposal for issuing A-shares to specific investors, which requires further approval from the shareholders' meeting [1][2]. Meeting Details - The meeting was held on July 3, 2025, with all four supervisors present, including one via telecommunication [1]. - The meeting's procedures complied with legal and regulatory requirements, ensuring the resolutions made were valid [1]. Resolutions Passed - The Supervisory Board approved the proposal regarding the company's eligibility to issue A-shares to specific investors, confirming compliance with relevant laws and regulations [2]. - The specific issuance plan was also approved, with the shares to be issued at a price of 3.96 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [4]. - The total amount to be raised from this issuance is capped at 400 million yuan, with net proceeds intended for replenishing working capital [5]. Issuance Details - The issuance will involve a maximum of 101,010,101 shares, not exceeding 30% of the company's total share capital prior to the issuance [5]. - The shares will be subscribed for in cash by Shaoguan Jin Cai Investment Group Co., Ltd., which is the sole designated investor [3][4]. Additional Proposals - The board also approved a feasibility analysis report regarding the use of funds raised from the issuance [10]. - A plan for shareholder returns for the next three years (2025-2027) was established to enhance transparency and protect investor interests [14]. - The company plans to amend its articles of association to reflect changes in governance, including the cancellation of the Supervisory Board [14]. Future Steps - All resolutions passed are subject to approval at the upcoming shareholders' meeting [2][9]. - The company will submit the issuance plan to the Shenzhen Stock Exchange and await approval from the China Securities Regulatory Commission [8].

证券研究报告 | 2025年07月03日 2025 年上半年，A 股市场一波三折，年初至 1 月中旬受风险情绪压制快速下 跌，4 月初再度因美国所谓"对等关税"砸出市场"黄金坑"，整体呈现探 底修复态势，6 月下旬指数三连阳，6 月 26 日盘中 3462 点创年内新高。上 半年万得全 A、上证指数、沪深 300 分别上涨 5.83%、2.76%、0.03%。 分季度来看，一季度 A 股延续震荡筑底，整体表现弱于一致调查值。1 月受 企业盈利与海外不确定性拖累，资金观望情绪浓厚；2 月中美摩擦升温叠加 国内促消费政策发力，指数小幅反弹；3 月货币政策预期宽松，成长板块阶 段性活跃后转向防御风格。二季度市场重心回归基本面与政策博弈，4 月在 美加税冲击下急跌，政策底显现后快速修复；5 月指数反弹至前期阻力位后 震荡调整；6 月在红利兑现、中报预期升温及地缘风险扰动下，市场震荡中 略有上行，结构分化明显，成长风格占优。 风格：小微盘总体占优，大盘价值展韧性 2025 年上半年整体偏均衡稳定，半年维度看微盘强于小盘，小盘强于中盘和 大盘。上半年小盘成长相较大盘价值的风格切换较为频繁，小盘成长顺风期 与市场上涨期高度 ...

Core Viewpoint - A total of 23 small and medium-sized banks are preparing for A-share IPOs, with recent developments indicating a potential restart of the IPO process for some banks after a prolonged hiatus since early 2022 [2][6]. Group 1: IPO Progress - Dongguan Bank and Nanhai Rural Commercial Bank have resumed their IPO review process after updating their financial documents, which had previously caused their applications to be put on hold [3][4]. - As of July 3, there are 6 banks waiting for A-share IPO approval, including 3 city commercial banks and 3 rural commercial banks, while 16 additional banks are in the listing guidance phase [3][7]. Group 2: Financial Performance - Dongguan Bank reported a revenue of 10.197 billion yuan in 2024, a decrease of 3.69% year-on-year, and a net profit of 3.733 billion yuan, down 8.2% [4]. - Nanhai Rural Commercial Bank achieved a revenue of 6.429 billion yuan in 2024, a decline of 6.3%, but its net profit increased by 2.99% to 2.453 billion yuan [4]. - The total assets of Nanhai Rural Commercial Bank reached 331.69 billion yuan by the end of 2024, reflecting an increase of 8.92% [4]. Group 3: Asset Quality - Dongguan Bank's non-performing loan (NPL) ratio stood at 1.01% at the end of 2024, indicating a relatively strong asset quality among city commercial banks [4]. - Nanhai Rural Commercial Bank's NPL ratio was 1.43%, which decreased by 0.06 percentage points compared to the previous year [4][5]. Group 4: Market Context - The A-share IPO market for banks has been stagnant for nearly three years, with the last bank, Lanzhou Bank, going public in January 2022 [6]. - The recent developments regarding Dongguan Bank and Nanhai Rural Commercial Bank have reignited interest in the IPO prospects of city and rural commercial banks [7][8].