（原标题：和讯投顾刘文博：A股缩量成交13769亿， 本轮首阴出现，尾盘全团进城） 昨天提前出城三个营，今天市场单边下跌，盘中做低后尾盘结束进程。7月2号A股收盘了，和讯投顾刘 文博分析，首先昨天我们的三个营的品种跌破了持股线，按照纪律10:30~11:00我们减了三个营，那么 今天早盘的普跌呢我们就比大多数人少挨了一刀，到10:30的时候呢又1个东西跌破持股线了，所以6个 营变成了5个营，下午2点又有1个东西跌破了持股线，所以6个营变成了4个营。2:00撤离之后，呢指数 出现了一波快速的回落，在2:19左右大盘出现了一个今天的最低点，很幸运就在这个最低点我们进城了 两个营的部队，因为跌的比较深了，已经符合了我们低吸的标准，2:19的时候呢就是4个营重新变回了6 个营蓝筹，没想到进完之后指数就开始一路上行，但是由于这个上涨啊并没有量，从进程到2:45，指数 的量一丁点都没有放，代表着反弹并不得人心。 随后在2:35左右，指数又开始了一个小幅度的回落，那么也就是在2:50这个位置，也就是今天市场尾盘 的次低点，我们把4个营全都塞了回去，整体上就相当于昨天到今天做了1个小小的差价，肯定有人会问 为什么跌下来了，调 ...

Core Insights - The A-share IPO market remained robust in the first half of 2025, with 51 new companies listed, a 15.91% increase compared to the same period in 2024 [1] - The average first-day gain for new stocks was 229.09%, significantly higher than the 136.05% from the previous year [1] - The average online winning rate for new stocks dropped to 0.0289%, about half of last year's average [1] Group 1: Market Performance - 51 new stocks were listed, with 44 stocks gaining over 100% on their first day, 29 over 200%, and 13 over 300% [1] - Notable performances included Jiangnan New Materials, which saw a maximum intraday increase of over 700%, closing at 606.83% above its issue price [1] - The average first-day closing price for new stocks was 22.27 yuan per share, lower than last year's average [1] Group 2: Financial Metrics - The total fundraising amount for the 51 new companies was 373.55 billion yuan, with a decrease in average fundraising on the main board and Sci-Tech Innovation Board [1] - The average price-earnings ratio for newly listed companies was 18.84 times, lower than both last year and the industry average [1] - The average fundraising amount for the Beijing Stock Exchange increased from 200 million yuan last year to 369 million yuan [1] Group 3: Market Trends - The "three highs" issue (high price-earnings ratio, high issue price, and high fundraising scale) has shown significant improvement since 2024, driven by regulatory policies and market factors [1] - Experts suggest that regulatory policies, market supply and demand, and company quality are leading to a rational return of valuations, with a potential continuation of the "quality for price" logic in the future [1]

据证监会消息，近日，中国证监会党委召开扩大会议，深入学习习近平同志在福建工作期间的金融论 述与实践启示，研究部署资本市场贯彻落实具体举措。证监会党委书记、主席吴清主持会议并讲话。 五要统筹发展与安全。始终把维护市场稳定作为监管工作首要任务，推动健全常态化稳市机制安排， 平稳有序防控债券违约、私募基金等领域风险，为资本市场高质量发展创造更加良好的环境。 会议强调，一要统筹"两个结合"。深刻把握马克思主义金融理论的中国化实践，借鉴全球经验，立 足国情市情，牢记"国之大者"，更好推动资本市场理论创新、实践创新、制度创新，毫不动摇走好 中国特色金融发展之路。 三要统筹效率与公平。持续优化股债融资、并购重组等资本市场机制安排，促进要素向最有潜力的领 域高效集聚，更好支持科技创新和产业创新融合发展。牢记我国资本市场中小投资者众多的最大市 情，不断完善投资者保护制度体系，坚决维护市场"三公"。 四要统筹对内改革与对外开放。深入推进以"两创板"改革为抓手的新一轮全面深化资本市场改革， 不断以改革优制度、增活力。全力抓好资本市场自主开放重点举措落地，以做强主场为方向，持续提 升A股市场吸引力、竞争力。 二要统筹政治性与专业性。 ...

7月2日，交易所发布最新的A股新开户数据，这成为观察证券行业上半年业绩的一个关键窗口。 数据显示，今年6月A股新开户165万户，比5月增长6%；上半年累计新开户数达到1260万户，较2024年上半年 累计新开户数949万户增长超32%。 A股新开户数据一定程度上反映了A股市场回暖，成交活跃度提升的态势。对此，券商分析师预计，今年上半 年券商在A股一二级市场同步回暖之下，预计上市券商半年报业绩增速延续高景气。 上半年A股新开户1260万户 上半年券商业绩增速延续高景气 相比于去年同期，今年上半年A股市场交投出现明显回暖，刺激券商新开户数增长，券商财富管理等业务受益 明显。 Wind数据显示，今年上半年，A股市场日均成交额为13902亿元，同比增长约61%。截至6月底，市场两融余额 达18505亿元，同比增长25%。 同时，今年上半年A股股权融资规模达7610亿元，同比增长超400%。其中，首发（IPO）项目51个，同比增加 7个；首发募资374亿元，同比增加15%，尤其二季度募资达209亿元，IPO显著回暖。再融资市场亦明显活跃， 上半年定增募资累计达6959亿元，为去年同期的7倍以上。 平安证券非银首席分析师 ...

11753 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 光伏资源行业领涨 A 股窄幅波动 ——市场分析 相关报告 《市场分析：银行电力行业领涨 A 股震荡上 扬》 2025-07-01 《市场分析：航天游戏行业领涨 A 股震荡上 联系人： 李智 ◼ A 股市场综述 周三（07 月 02 日）A 股市场先抑后扬、小幅震荡整理，早盘股指平 开后震荡回落，盘中沪指在 3448 点附近获得支撑，随后股指维持震 荡，盘中光伏设备、钢铁、水泥建材以及煤炭等行业表现较好；通 信设备、半导体、航天航空以及消费电子等行业表现较弱，沪指全 天基本呈现小幅震荡整理的运行特征。创业板市场周三震荡回落， 创业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场先抑后扬、小幅震荡整理，早盘股指平开后震荡回 落，盘中沪指在 3448 点附近获得支撑，随后股指维持震荡，盘中光 伏设备、钢铁、水泥建材以及煤炭等行业表现较好；通信设备、半 导体、航天航空以及消费电子等行业表现较弱，沪指全天基本呈现 小幅震荡整理的运行特征。当前上证综指与创业板指数的 ...

（原标题：和讯投顾郭利：A股中小板回调，上涨是否结束？） A股中小板回调上涨是否结束？和讯投顾郭利分析称，首先声明一下，上证跟中小板的走势是不一样的，先说上证目前这个走势有没有问题，到 目前为止整个上涨没有问题，日线上面仍然在走低开端，重要的是什么？到底什么情况下整个上证走势才算变坏，有一个点位3413点，如果3413 点跌破，整个走势就要小心一点了。那么如果3413点没有破，这个位置不用担心，仍然是看多的。所以日线上面到目前为止，第一目标位仍然是 在3500点，第二目标位仍然是在3674点。再看30分钟上面，30分钟上面，那么走到现在，我们今天说了，说上证这个位置今天整个走势走了一个 震荡的走势，那么到目前为止，上证仍然是看这一笔的结束，整体仍然现在都无比上涨，这个没毛病。周一周二见低点，周三周四见高点没毛 病。 那么明天开盘重点仍然是这一笔的结束，这一笔回调的构建，明天有望是这一笔，重点是看这一笔回调能不能一天之内完成。我觉得还是有这个 可能性的。一旦完成这个位置又是一个比较好的进场点，所以明天的压力位还是在3462点，回调支撑位在3420点。这是指数上面。 那么再来看下面重点跟踪的方向，人性机器人今天跌 ...

Core Insights - In June 2025, A-share new accounts reached 1.65 million, with a total of 12.6 million new accounts opened in the first half of the year [1] - Monthly comparisons show that new accounts in January 2025 were 1.57 million, February saw a near doubling to 2.84 million, and March exceeded 3 million [1] - April experienced a 37.22% month-on-month decline due to market fluctuations caused by tariff disputes, while May saw further declines due to holiday effects, before a recovery in June with a 5.84% month-on-month increase [1] - The number of new accounts in May 2025 increased by 53% year-on-year compared to 1.08 million new accounts in June 2024, significantly surpassing the previous year's levels [1] - The 1.65 million new accounts in June 2025 were higher than the total for the first six months of the previous year [1]

Market Overview - As of July 2, the Shanghai Composite Index closed at 3454.79 points, down by 2.96 points, a decrease of 0.09% [1] - The Shenzhen Component Index closed at 10412.63 points, down by 63.67 points, a decrease of 0.61% [1] - The ChiNext Index closed at 2123.72 points, down by 24.20 points, a decrease of 1.13% [1] Trading Activity - A total of 127 A-shares had a turnover rate exceeding 20% on the same day [1] - Notably, C Xintong and Yuyin Co. had turnover rates exceeding 50%, indicating significant trading activity [1] Top Stocks by Turnover Rate - C Xintong (001388) closed at 63.56 CNY with a turnover rate of 62.66% and a price increase of 0.19% [1] - Yuyin Co. (002177) closed at 8.24 CNY with a turnover rate of 58.99% and a price increase of 6.05% [1] - Other notable stocks include: - Haoshanghao (001298) with a turnover rate of 58.28% and a price increase of 4.77% [1] - Feilu Co. (300665) with a turnover rate of 57.79% and a price increase of 4.59% [1] - Changqing Technology (603125) with a turnover rate of 56.72% and a price decrease of 2.12% [1] Additional Notable Stocks - Bofei Electric (001255) closed at 35.16 CNY with a turnover rate of 55.95% and a price increase of 10.01% [1] - Southern Road Machinery (603280) closed at 27.76 CNY with a turnover rate of 54.67% and a price increase of 9.98% [1] - Jiangnan New Materials (603124) closed at 54.90 CNY with a turnover rate of 52.17% and a price increase of 2.69% [1]

Group 1 - The A-share market showed a significant divergence in style, with strong performance in the banking sector supporting the index, while sectors like solid-state batteries and military industries faced adjustments [3] - Long-term capital inflow is accelerating, with steady growth in ETF size and continued inflow of insurance funds, providing significant support to the market [1][3] - The market is expected to maintain a steady upward trend in the short term, with close attention needed on policy, capital flow, and external market changes [1] Group 2 - The overall market remains active, driven by a rebound in risk appetite, although caution is advised against chasing high-performing sectors and stocks [3] - The mid-term market trend appears positive, with expectations for the A-share market to continue its upward trajectory, supported by financial policies aimed at high-quality development and anticipated monetary easing [3] - The liquidity in the equity market is expected to improve significantly due to policies that relax insurance capital entry and attract long-term funds [3]

就7月而言，需要关注以下几点：第一，每年7—8月是中报交易窗口期，按照中报预告有条件强制披露 规则，利润增速>50%的沪深主板绩优公司需要在7月15日之前披露预告，建议关注中报情况。第二，美 国对其他国家和地区"对等关税"的90天豁免即将到期，当地时间6月26日，美国财政部宣布与七国集团 （G7）达成一项协议，该协议将使美国企业免于缴纳其他国家征收的一些税收，作为交换，美国将从 特朗普政府的相关税改法案中撤销第899条款提案。中国外交部及商务部多次声明，坚决反制任何牺牲 中国利益换取美方关税减免的交易，建议密切关注经贸磋商进展。第三，建议关注7月底召开的重要会 议。期指操作上，更多以自下而上视角审视市场结构，重点关注IM的滚动做多机会。（作者单位：一 德期货） （文章来源：期货日报） 6月30日，财政部、税务总局、商务部发布《关于境外投资者以分配利润直接投资税收抵免政策的公 告》，通过税收抵免机制引导外资长期留存并再投资，体现了我国在复杂国际经贸环境下巩固吸引外资 竞争力的战略意图。政策要求，在境外投资者境内再投资期限内，被投资企业从事的产业属于《鼓励外 商投资产业目录》所列的全国鼓励外商投资产业目录，半导体 ...