最新报告期数据显示，该基金前十大重仓股包括中芯国际、寒武纪、北方华创、中微公司、兆易创新、 海光信息、紫光国微、华天科技、韦尔股份、芯联集成，合计持仓占净值比达48.66%。 Wind数据显示，2025年6月30日，半导体产业链持续上行。蓝英装备、凯美特气、中瓷电子涨停，寒武 纪涨超3%，紫光国微、北方华创等跟张。 消息面上，6月28日至29日，2025上市公司论坛在温州举行。论坛上，上海证券交易所、深圳证券交易 所和北京证券交易所相关负责人，就资本市场服务科技创新和新质生产力发展、新一轮改革举措落地等 话题集中发声，释放多维度改革信号。上交所副总经理表示，将扎实推进"1+6"改革举措和示范案例落 实落地；深交所副总经理称，正紧锣密鼓地谋划和落实创业板改革。 相关基金方面，Wind数据显示，截至2025年6月27日，泰康半导体量化选股股票发起式A(020476)自 2024年5月成立以来的收益率已达49.36%，近一年收益达45.94%，年化回报达到42.19%。 中信证券指出，相比2014年底和2019年初，当前市场从估值上来看可能还不支持纯粹流动性驱动的行 情，但如果美联储在7月意外降息，并且中国央行同步 ...

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan compared to the previous day, with over 3,500 stocks rising [1] Sector Performance - The gaming, military, brain-computer interface, and photolithography concept stocks led the gains, while the banking, securities, and dairy sectors experienced declines [3] - Notable stocks in the military sector included Hengyu Xintong (300965), Chenxi Aviation (300581), and Zhongbing Hongjian (000519), all of which hit the daily limit [3] - The gaming sector saw significant increases with Kaiying Network (002517) and Giant Network (002558) both reaching the daily limit [3] - Photolithography concept stocks were active, with Blue Eagle Equipment (300293) hitting the daily limit, along with Kaimete Gas (002549) and Zhongci Electronics (003031) [3] - The innovative drug sector rebounded, with Zhaoyan New Drug (603127) also hitting the daily limit [3] - The banking and securities sectors faced early declines, with Guosheng Jinkong (002670) dropping over 5% [3] Hot Stocks - The strongest sectors included new energy vehicles, military, and specialized innovative companies, with multiple stocks hitting daily limits [8][9][10] - In the new energy vehicle sector, 16 stocks reached the daily limit, with the highest consecutive limit being 9 days [8] - The military sector had 14 stocks hitting the daily limit, with the highest consecutive limit also being 9 days [9] - The specialized innovative sector had 13 stocks hitting the daily limit, with a maximum of 3 consecutive limits [10] Sector Insights - The military equipment sector is expected to benefit from increasing global military trade demand and domestic military modernization efforts, potentially leading to a dual boost in fundamentals and industry valuations [12] - The gaming sector is supported by a record number of game approvals, indicating regulatory support for healthy industry development [13] - The brain-computer interface sector is gaining attention due to advancements from Neuralink, with significant usage data reported from trial participants [14] - The digital currency sector is poised for growth as Hong Kong aims to enhance cross-border payment efficiency through stablecoins, with new regulations set to take effect [15]

Core Insights - The China Securities High-end Equipment Sub-index 50 has shown a strong increase of 3.72% as of June 30, 2025, with notable gains from stocks such as Aerospace South Lake, which rose by 13.57% [1] - The High-end Equipment ETF (159638) has experienced a 3.77% increase, marking its sixth consecutive rise, and has accumulated a 6.19% increase over the past week [1] - The ETF's latest scale reached 1.193 billion yuan, with a daily average transaction volume of 7.76158 million yuan over the past week [1] Performance Metrics - As of June 27, 2025, the High-end Equipment ETF has achieved a net value increase of 27.30% over the past year [1] - The highest single-month return since inception was 19.30%, with the longest consecutive monthly increase being two months and a maximum increase of 29.39% [1] - The average monthly return during rising months is 6.28% [1] Market Dynamics - The top ten weighted stocks in the High-end Equipment Sub-index account for 45.86% of the index, with significant contributors including AVIC Shenyang Aircraft, AVIC Optoelectronics, and Aero Engine Corporation of China [2] - The geopolitical tensions have led to a rapid increase in global military spending, which is expected to significantly boost overall demand for military trade, potentially leading to a growth period for Chinese military trade and improving the profitability and quality of earnings for related companies [4]

Group 1 - Structural opportunities will be a key topic throughout the mid-year reporting season, while index-based opportunities may need to wait until the end of Q3 or Q4 [1][18] - The A-share market is expected to show a trend of oscillating upwards, with three main lines of investment opportunities: high safety margin assets, technology as a long-term mainstay, and consumer sectors boosted by policy [18] - The third quarter will see a restart of IPOs for technology companies, with a focus on AI and military sectors for structural opportunities [18] Group 2 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1% and the S&P 500 and Nasdaq both reaching historical highs [3] - Consumer confidence has significantly improved, with the University of Michigan's consumer confidence index rising to 60.7, the highest level in four months [4] - The People's Bank of China is implementing a moderately loose monetary policy to stabilize economic growth and maintain reasonable price levels, while also addressing challenges such as insufficient domestic demand [7]

NO.2开源证券：继续看好券商板块 开源证券指出，提经济、稳股市政策态度延续，货币政策适度宽松，证券行业基本面向好，估值处于低 位，基准约束有望带来资金回补，当下继续看好券商板块。选股方面推荐三条主线：(1)低估值、零售 业务具有优势的头部券商；(2)高beta弹性的金融科技标的；(3)受益于港股市场IPO扩容和活跃度提升的 香港交易所及海外业务占比高的头部券商。 ｜2025年6月27日星期五｜ NO.1华西证券：红利、科技、消费、军工等品种均值得关注 华西证券（002926）指出，本轮行情快速上涨，主要是稳市资金流入后，市场上修波动预期的结果。在 此前的低波预期下，"稳市资金推动行情企稳"这一增量信息足以对行情形成超预期推动效果。从两轮行 情的复盘来看，本轮行情适合以分散化的方式博弈，红利、科技、消费、军工等品种均值得关注；同 时，若市场在大幅上涨后动能减弱，隐含波动率大幅回落，则可能是观点分歧&行情切换的转折点。 NO.3中信证券：运营商电信业务整体回暖，看好运营商基本面改善 中信证券研报表示，2025年前5个月，通信业经济运行数据逐月提升(工信部)：电信业务收入累计完成 7488亿元，同比增长1.4%( ...

Group 1: Business Performance and Outlook - The company reported normal growth in orders and revenue across its four main business areas: rail transit, automotive, construction, and shipping [1] - Significant revenue growth is noted in automotive sealing and vibration damping products [1] - The company aims to leverage its market advantages to penetrate new markets and products, particularly in the fields of new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy [1] Group 2: Container Sealing Business - The container sealing business reached a historical high last year due to international political and economic changes, but current demand is fluctuating due to ongoing uncertainties [2] - Despite a decrease in revenue compared to last year, the container sealing business is expected to perform better than in 2022 and 2023, remaining at a historically high level [2] - The market for container sealing strips in the energy storage sector is rapidly growing [2] Group 3: Contractual Agreements and Product Development - The company signed a procurement framework contract with Anhui Sailaf Energy Co., Ltd., with an expected total procurement of 3.7GW of products by June 30, 2026 [2] - The newly developed short frame product aims to enhance safety and reliability, with features that improve light exposure and increase power generation [3] - The company has also signed a long-term procurement agreement with Longi Green Energy, indicating further recognition of its products [3] Group 4: Diversification and Market Position - The company possesses a high market share in various rubber product applications, allowing it to meet high technical standards and develop new products as per customer requirements [4] - The company is exploring opportunities in robotics and military sectors, leveraging its expertise in sealing and vibration damping materials [4]

具体来看，军工股再度爆发，截至收盘，华强科技20%涨停，建设工业、中光学、长城军工等多股涨停。 银行股继续走强，工商银行、农业银行、建设银行、中国银行、江苏银行、南京银行、杭州银行、北京银行等续创历史新高。 油气股午后崛起，准油股份涨停，通源石油涨超7%，科力股份、首华燃气、贝肯能源等多股大涨。 创新药概念跌幅居前，荣昌生物跌超18%，悦康药业跌超9%，昂利康、迈威生物、海辰药业等多股下挫。 创新药、稀土永磁、半导体、消费电子、光伏、汽车零部件概念股跌幅靠前；稳定币、军工、固态电池题材逆势走强，油气股午后 崛起。 6月26日，三大股指集体收跌，沪指跌0.22%，深成指跌0.48%，创业板指跌0.66%。全市场超1600只个股上涨，超3600只个股下 跌。 | 全A | | --- | | 涨 1620 | | 平 191 | | 跌 3607 | | A股成交额 | | 16234亿 | | | | A股重要指数 | | | --- | --- | --- | --- | | 名称 | 最新 | 涨跌 | 涨幅 | | 上证指数 | 3448.45 | -7.52 | -0.22% | | 深证成指 | 10 ...

Group 1 - The article discusses the recent developments in the A-share market, highlighting a significant upward trend over the past three days, suggesting that recent gains may outweigh efforts made over the previous two months [3][7] - The potential for a third wave rally in the A-share market is identified, with the current phase being a part of a larger upward trend that is expected to exceed the previous wave in both time and space [6] - The article emphasizes the importance of both internal fiscal policies and external monetary policies, with expectations for a potential interest rate cut by the Federal Reserve in September [6][7] Group 2 - Recent comments from several Federal Reserve officials indicate a consensus towards considering interest rate cuts, with some suggesting that action should be taken as early as July [8][9] - The article notes that the market's recent performance may not solely be attributed to geopolitical events but rather to underlying financial dynamics and policy expectations [7] - The Federal Reserve's current interest rate outlook suggests a gradual reduction in rates over the next year, which could diminish the dollar's interest rate advantage [11]

Core Viewpoint - The financial sector continues to strengthen, with the Shanghai Composite Index reaching a new high for the year [1] Group 1: Market Performance - The Shanghai Composite Index increased by 0.6%, marking a new year-to-date high [1] - The ChiNext Index surged nearly 2%, while the Shenzhen Component Index rose nearly 1% [1] - Approximately 2,900 stocks in the Shanghai, Shenzhen, and Beijing markets experienced gains [1] Group 2: Leading Sectors - The financial sector, military industry, semiconductor chips, and digital currency sectors showed significant gains [1]

Group 1: Global Economic and Political Landscape - The current period is marked by a restructuring of the global political and economic landscape, coinciding with China's economic transformation and upgrading [1] - The joint statement from the China-U.S. Geneva Economic and Trade Talks in May indicates a temporary easing of bilateral trade relations, but deep-seated strategic competition is expected to persist, particularly in high-tech sectors [1] - China's "dual circulation" development strategy is being accelerated to address external challenges and stimulate domestic demand [1] Group 2: Monetary and Fiscal Policy Outlook - A significant turning point is anticipated in the global macro policy environment in the second half of 2025, with expectations of interest rate cuts from the Federal Reserve and European Central Bank [2] - China's fiscal policy will continue to play a crucial role in counter-cyclical adjustments, with plans for more robust fiscal measures, including increased special bond issuance and targeted support for housing and land reserves [3] - The People's Bank of China is expected to implement a moderately loose monetary policy, with potential further reductions in reserve requirements and loan prime rates [3] Group 3: Investment Opportunities and Market Dynamics - Structural investment opportunities in the second half of the year are expected to focus on technology, new consumption, stable dividend assets, and central government leverage [5] - The technology sector, particularly in areas like AI, semiconductors, and military applications, is highlighted as a key area for investment due to ongoing U.S.-China strategic competition [5] - The capital market is projected to exhibit resilience and vitality, with a focus on high-quality development and opportunities in autonomous innovation, consumption upgrades, and energy transition [6]