Marine Economy - The Central Financial Committee's sixth meeting emphasized the need for top-level design and increased policy support to promote high-quality development of the marine economy, encouraging social capital participation [1][4] - The marine economy's production value is projected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the national GDP, with a contribution of 11.5% to economic growth, highlighting its importance as a new growth engine [1][4] Solid-State Batteries - The Chinese Academy of Sciences has developed a new type of sulfide solid electrolyte with high conductivity and water resistance, addressing the interface contact issues in all-solid-state batteries [2] - A new high-entropy lithium alloy anode has also been achieved, enabling all-solid-state batteries to charge and discharge in one minute, with plans to produce samples by August [2] - Sulfide solid-state batteries are seen as a disruptive technology with high energy density and safety, crucial for countries aiming to dominate the electric vehicle market [2][3] Nuclear Fusion - Google has signed a power purchase agreement with Commonwealth Fusion Systems, marking a significant step for the nascent nuclear fusion energy sector [3] - Nuclear fusion is theoretically capable of providing long-term energy without producing nuclear waste or carbon emissions, making it an ideal solution for tech companies seeking to meet high computational demands while achieving carbon neutrality [3]

证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债涨跌不一，短端几乎持平，长端上涨。股市方面上 证指数放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支 撑债市，但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡 运行。后续展望：股市大盘突破，债市预计高位震荡。 2025 年 07 月 01 日 投资策略 策略日报（2025.07.01）：指数分化 相关研究报告 <<策略日报（2025.06.30）：创业板指 领涨>>--2025-07-01 A 股：三大指数分化，沪指领涨，创新药概念爆发。市场全天成交额 1.49 万亿，较前一日缩量 0.02 万亿，个股涨跌分化，2514 只个股上涨， 2394 只个股下跌。沪指技术面上指数突破了 3 月份的高点，上涨空间已 经打开。有三个观察点来判断行情的强弱支撑是否有效：一是前期油价的 高点也是地缘风险消退和指数止稳的起点，因此 6 月 23 日上涨的低 ...

Market Performance - On July 1, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.39%, Shenzhen Component Index up by 0.11%, and ChiNext Index down by 0.24%[2] - The total market turnover was 14,658.05 billion CNY, a decrease of 208.32 billion CNY from the previous trading day[2] - A total of 2,664 stocks rose while 2,570 stocks fell across the market[2] Sector and Style Analysis - The top-performing sectors included pharmaceuticals (up 1.74%), banking (up 1.51%), and non-ferrous metals (up 1.51%)[19] - The worst-performing sectors were comprehensive finance (down 2.65%), computer (down 1.28%), and retail (down 0.47%)[19] - In terms of investment style, financials outperformed other styles, with mid-cap value leading large-cap value and small-cap value[19] Capital Flow - On July 1, 2025, the net outflow of main funds was 335.88 billion CNY, with large orders seeing a net outflow of 189.00 billion CNY and small orders continuing to see a net inflow of 294.56 billion CNY[23] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -9.78 billion CNY and -17.49 billion CNY respectively[27] Global Market Overview - Major Asia-Pacific indices closed mixed, with the Nikkei 225 down 1.24% and the Australian S&P 200 down 0.01%[31] - European indices generally fell, with the DAX down 0.51% and the FTSE 100 down 0.43%[31] - In contrast, US indices rose, with the Dow Jones up 0.63% and the S&P 500 up 0.52%[31]

Group 1 - The economic performance of China's light industry has shown signs of recovery in the first five months of the year [8] - The new revised Mineral Resources Law has come into effect today [18] Group 2 - The railway summer transportation season has started, with an expected passenger volume of 953 million [10] - The film box office in China for the first half of 2025 reached 29.231 billion [14]

Core Viewpoint - The meeting emphasizes the need for high-quality development of the marine economy through enhanced top-level design, increased policy support, and encouraging social capital participation [1] Group 1: Marine Economy Development - The focus is on strengthening the independent innovation capability of marine technology and enhancing strategic technological power in the marine sector [1] - The development of leading marine technology enterprises and specialized small and medium-sized enterprises is encouraged [1] - The meeting calls for the promotion of orderly construction of offshore wind power and the modernization of deep-sea fishing [1] Group 2: Marine Industry and Services - There is an emphasis on developing marine biomedicine and biological products, as well as creating marine cultural and tourism destinations [1] - The meeting highlights the need for high-quality development of the shipping industry [1] - Research on the development planning of bay economies and the optimization of coastal port clusters is prioritized [1] Group 3: Environmental Protection and Global Cooperation - Strengthening marine ecological environment protection and implementing comprehensive management of key sea areas is essential [1] - The meeting advocates for layered and three-dimensional utilization of marine areas and exploring marine carbon sink accounting [1] - Deep participation in global marine governance and cooperation in global marine scientific research, disaster prevention, and blue economy is encouraged [1]

Core Viewpoint - The Guangdong Provincial Marine Economy Work Conference aims to promote high-quality development of the marine economy, seizing opportunities to enhance the province's maritime capabilities and contribute to building a strong marine province [1][2]. Group 1: Development Strategy - Guangdong will leverage its maritime advantages and potential, focusing on a balanced development of marine resources while enhancing ecological protection [1]. - The province plans to optimize the layout of marine productivity, develop the Bay Area economy, and strengthen the coordination between land and sea [1][2]. - Guangdong aims to expand its international cooperation in marine economic development, particularly through the Guangdong-Hong Kong-Macao Greater Bay Area [1]. Group 2: Industrial System Construction - The province will focus on nurturing existing industries while promoting new ones, aiming to build a modern marine industry system with international competitiveness [2]. - Key initiatives include enhancing marine fisheries, developing modern marine ranches, and improving the comprehensive strength of deep-sea fishing [2]. - There will be a strong emphasis on advancing marine manufacturing, particularly in petrochemicals and shipbuilding, while fostering emerging industries like marine renewable energy and marine biomedicine [2]. Group 3: Technological Innovation - Guangdong will adopt an innovation-driven approach to support marine economic development, focusing on building major technological innovation platforms [2]. - The province plans to accelerate the development of key core technologies needed for the industry and cultivate modern marine talent [2]. - Infrastructure improvements, including port resource optimization and the establishment of industrial parks, will be prioritized to enhance the conditions for marine economic development [2].

科股宝VIP是北京商报联合钛媒体共同推出的新闻资讯产品，包括科股一线解读、大事件必读、并购一 线、精华研报等数个栏目，围绕新闻及政策动态，提供媒体视角的解读。 以下是近期复盘及栏目发稿回顾： 1、 AI链、海内外算力链、国产半导体企业IPO迎来集中进展、部分存储产品涨价 （1）6月5日，栏目组发文《市值超越微软！英伟达3.46万亿美元"封王"，AI产业链需求持续爆发丨科 股一线拆解》文章指出： 英伟达市值再度超越微软，重夺全球市值最高上市公司头衔。截至6月4日收盘，英伟达股价报 141.92美元，过去一个月累计涨幅达25.59%，总市值达3.46万亿美元。 这场AI盛宴还惠及更多科技公司。高速连接以及高速串行链路通信解决方案提供商CRDO Credo Technology也于6月3日盘中暴涨30%。 伴随着AI算力需求的结构性爆发，光模块/CPO、液冷服务器、AEC、PCB/CCL等业绩兑现确定性 较强的AI上游算力产业链可能率先响应。 AI中下游领域还需等待边际改善。偏硬件的上游算力和下游端侧AI环节已经率先兑现业绩，中游 软件、下游AI应用等环节则尚未迎来困境反转。 国内来看，未来两周有两个重要议程：6月 ...

Group 1 - The event showcased various marine robots, including long-range unmanned submersibles and soft-bodied robots, contributing to the development of Zhejiang's marine economy [1] - Hangzhou has nurtured nearly one-third of the province's marine robot companies, achieving significant progress in underwater pipeline inspection and offshore wind power operations [1] - The "Whale" long-range unmanned submersible can operate continuously for 200 hours at depths of 3000 meters, saving approximately 60% of costs compared to traditional data collection methods [1] Group 2 - The event featured the presentation of the bionic beaver robot and the mantis shrimp robot, which can track dynamic objects underwater with a speed of 1.2 meters per second [2] - OceanGPT, the first open-source model in the marine field, was launched, capable of interpreting multimodal marine data and converting natural language commands into task codes for efficient underwater operations [2] Group 3 - Qiantang District is a pilot area for the provincial marine economy, focusing on advanced marine equipment manufacturing and marine biomedicine, with a modern marine industry system [3] - The district has established 10 provincial engineering laboratories, 19 provincial enterprise R&D centers, and 4 provincial enterprise research institutes, gathering representative companies like Zhongke Xingtou and Ao Hai Engineering [3] - Last year, the district achieved an industrial output value of over 25 billion yuan in the marine economy, with underwater robots and unmanned submersibles ranking in the national first tier [3]

Core Viewpoint - Putian City is focusing on building a "three main, three new" modern industrial system, emphasizing advanced manufacturing, modern services, and characteristic modern agriculture, while nurturing four new driving forces: digital economy, marine economy, green economy, and cultural tourism economy [1][13]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, moving away from traditional economic growth models, characterized by high technology, efficiency, and quality [2][3]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [3]. Group 2: Economic Performance of Putian City - Putian City aims for a GDP of 344.27 billion yuan in 2024, with a year-on-year growth of 5.5%, and an optimized industrial structure of 4.4:46.8:48.8 [4]. - The secondary industry contributes significantly to economic growth, while the tertiary industry, driven by cultural tourism and digital empowerment, plays a key role in stabilizing growth [4]. Group 3: Industrial Development Strategy - The city is implementing a strategy of "industrial strength and innovation empowerment," focusing on new materials, intelligent manufacturing, and renewable energy to enhance industrial quality and efficiency [6][21]. - In 2024, the total industrial added value is expected to reach 140.93 billion yuan, with a growth rate of 5.9%, highlighting the acceleration of new quality productive forces [6]. Group 4: Modern Industrial System - Putian is constructing a modern industrial system characterized by advanced manufacturing, modern services, and characteristic agriculture, with a focus on upgrading traditional industries and developing new emerging industries [1][13]. - The "3+5+N" industrial layout aims to create a competitive advanced manufacturing base and a demonstration area for modern industrial integration [1][13]. Group 5: Policy Framework for New Quality Productive Forces - Putian City has introduced various policies to support high-tech industry development, new infrastructure construction, and green high-quality development, forming a comprehensive policy matrix [10][11]. - The government emphasizes the importance of innovation, talent cultivation, and infrastructure improvement to foster new quality productive forces [10][11]. Group 6: Trends in New Quality Productive Forces - Traditional industries are rapidly transitioning to intelligent and digital models, while emerging industries like new functional materials and renewable energy are experiencing significant growth [21][22]. - The city is focusing on industrial collaboration and integration, enhancing the synergy between upstream and downstream industries [23]. - Innovation-driven and green development strategies are being prioritized, with efforts to optimize the innovation ecosystem and promote sustainable practices [24].

6月26日，上证指数、深证成指、创业板指、科创50指数早盘探底回升，随后快速回落，之后再度回升，午后震荡回落。截至收盘，上证指数报3448.45点， 跌0.22%，成交额6030.95亿元；深证成指报10343.48点，跌0.48%，成交额9800.83亿元；创业板指报2114.43点，跌0.66%，成交额5101.82亿元；科创50指数 报989.97点，跌0.57%，成交额307.35亿元。沪深两市合计成交15831.78亿元，成交额较上一交易日减少196.1亿元。 银行、国防军工等行业走强新通联、*ST亚振均5连板 盘面上来看，行业板块、概念跌多涨少。其中，银行、国防军工、通信、石油石化、计算机等行业涨幅靠前；油气设服、数字货币、海洋经济、海工装备、 跨境支付等概念走势活跃。汽车、医药生物、保险、美容护理、钢铁、电力设备、证券、食品饮料等行业跌幅居前；共享经济、人脑工程、创新药、轮毂电 机、重组蛋白、稀土永磁、化妆品、AI眼镜等概念走势较弱。涨停个股主要集中在计算机、国防军工、汽车、化工、电子等行业。 个股涨跌情况，截至收盘，沪深两市合计1520只个股上涨，3446只个股下跌，平盘个股176只，停牌的个 ...