长护险有望催生万亿级护理需求，重视创新器械 医药生物 2025 年 06 月 22 日 投资要点： 行 业 定 期 报 告 行情回顾：本周（2025 年 6 月 16 日- 2025 年 6 月 20 日）中信医药指 数下跌 4.2%，跑输沪深 300 指数 3.8pct，在中信一级行业分类中排名第 30 位；2025 年初至今中信医药生物板块指数上涨 5.4%，跑赢沪深 300 指数 7.6pct，在中信行业分类中排名第 7 位。本周涨幅前五的个股为：昂利康 （+21.2%）、悦康药业（+19.3%）、创新医疗（+19.0%）、济民医疗（+12.4%）、 爱朋医疗（+11.4%）。 周专题：长护险有望催生万亿级护理需求。1）预计 2050 年国内失能 人群数量将达 6200 万人，相关护理需求约 1.7 万亿元，长护险（长期护理 险）作为核心支付方，亟待完善出台全国性制度。2）从 2021 年起，每一 年的政府工作报告均提到了推进长期护理保险制度，且表述逐步升级（从 稳步推进到加快建立），且从 2024 年以来，细则出台的速度显著加快，这 些迹象均表明全国性制度出台已进入加速阶段。3）2023 年国内长护险 ...

Core Insights - The Shanghai International Film Festival has showcased multiple Chinese blockbusters, boosting confidence in the summer and second-half film market [1][14] - Nine major films, including "East Extreme Island," "Lychee in Chang'an," and "Wild Forbidden Land," span various genres and are produced by leading companies, indicating high industry expectations [1][14] Film Highlights - "East Extreme Island," directed by Guan Hu and Fei Zhenxiang, is set to release on August 8, 2023, and is based on a true story of Chinese fishermen rescuing British POWs during WWII, featuring extensive underwater scenes [3] - "Lychee in Chang'an," directed by Da Peng, will premiere on July 25, 2023, and explores themes of family, friendship, and love through the protagonist's struggles, aiming to resonate with contemporary audiences [7] - "Liao Zhai: Lan Ruo Temple," part of the "New Culture" series, will be released on July 12, 2023, and adapts stories from Pu Songling's "Strange Stories from a Chinese Studio," showcasing diverse aesthetic styles [9] - "We Live in Nanjing," directed by Lu Yang, is in pre-production and will contrast a post-apocalyptic Nanjing with contemporary life, exploring themes of companionship and hope [12] - "Grabbing Spies," directed by Feng Xiaogang, will depict social changes in New China through the decades-long rivalry between two neighbors, aiming to reflect historical and societal transformations [14] Industry Trends - The Shanghai International Film Festival's "Chinese Blockbuster Tour" initiative aims to address content innovation, technology application, and talent development challenges in the film industry, fostering dialogue between filmmakers and audiences [14]

6月21日，宝安日报一则报道显示，原深圳机场（集团）有限公司（以下简称：深圳机场集团）党委书 记、董事长舒毓民已出任宝安区委书记 。当天，这位新上任的区委书记深入新安、沙井、乡等街道， 督导推进重大项目与重点工作。在调研现场，他提出"坚持干字当头、真抓实干、埋头苦干，以改革思 维破解难题推动发展"。 公开资料显示，舒毓民生于1974年2月，湖北咸宁人，1995年7月毕业于中南财经大学农业财政与信用专 业，1997年9月至2000年6月在中南财经政法大学在职学习会计学专业，获得管理学硕士。 2019年8月，舒毓民转战地方，调任福田区委常委、常务副区长，主管经济规划和城市建设。一年半 后，他转任深圳市地方金融监督管理局党组书记、副局长。 2023年11月，舒毓民接掌深圳机场集团。当时正值航空业复苏关键期，其跨界任职引发关注。在舒毓民 执掌深圳机场集团的19个月期间，机场第三跑道主体工程、T2航站楼、智慧机场建设等多项关键工程 取得突破性进展，推动机场从"运输枢纽"向" 要素价值枢纽 "升级。 有关数据显示，2024年，深圳机场全年累计实现旅客吞吐量6147.7万人次、货邮吞吐量188.1万吨、起降 航班42.8万 ...

Group 1 - The equity market has seen a significant influx of new capital, with a notable acceleration in fund allocation pace. From June 16 to June 19, the net subscription amount for equity ETFs reached 17.462 billion yuan, with broad-based ETFs being the main attraction [1] - Several newly launched equity funds have achieved substantial fundraising, with multiple products exceeding 900 million yuan in issuance scale. For instance, the E Fund Growth Progress Mixed Fund raised 1.704 billion yuan [1] - The investment pace of recently established funds is relatively high, with some funds reaching over 50% equity investment within a week of establishment. As of June 18, the equity investment proportion of the Hongde Dividend Preferred Mixed Fund (LOF) was 51.24% [1] Group 2 - Current market structural opportunities are highlighted, with sectors such as AI, consumer goods, and innovative pharmaceuticals receiving significant attention. Securities firms are focusing on consumer electronics opportunities in the second half of the year [2] - There is optimism regarding the AI application in traditional consumer electronics, particularly in the replacement cycle for devices, as well as in AI terminal hardware like headphones and glasses [2]

Core Viewpoint - The recent data from major airports in Shanghai, Shenzhen, and Guangzhou indicates a continued growth in passenger throughput, particularly in international routes, which is a significant driver for performance recovery [1][2] Group 1: Passenger Traffic Growth - In May, Shanghai Airport reported a passenger throughput of 7.0742 million, a year-on-year increase of 13.03%, with international passenger traffic growing by 25.8% [2] - Shenzhen Airport recorded a passenger throughput of 5.5387 million, up 15.67%, with international routes seeing a substantial increase of 30.99% [2] - Guangzhou Baiyun Airport had a passenger throughput of 6.8636 million, a 14.27% increase, with international passenger traffic rising by 19.87% [2] Group 2: Factors Driving Growth - The combination of the "Labor Day" and "Dragon Boat Festival" holidays in May led to a surge in travel demand, supported by stable flight availability [1] - The implementation of visa-free policies and payment conveniences for inbound travelers has enhanced the attractiveness of China as a travel destination [1][2] Group 3: Financial Performance Improvement - Shanghai Airport's revenue for 2024 is projected to be nearly 12.4 billion, a 12% increase, with net profit expected to reach 2 billion, doubling year-on-year [3] - In Q1 2025, Shanghai Airport reported revenues exceeding 3 billion and net profits over 500 million, reflecting a nearly 35% year-on-year growth [3] Group 4: Challenges and Strategic Responses - Despite the recovery in passenger throughput, international passenger numbers and duty-free sales have not fully returned to pre-2019 levels, impacting overall performance [3] - Airports are focusing on enhancing connectivity with international hubs and expanding routes to Southeast Asia, the Middle East, and other regions to recover international passenger volumes [4] - Airports are also encouraged to improve service quality and explore non-aeronautical revenue streams such as retail and dining to boost profitability [4]

Group 1 - The Romanian President Iohannis appointed Ilie Bolojan as the Prime Minister [1] - The President expressed gratitude to the parliamentary majority parties for their participation in recent consultations [1] - The primary focus for Romania is to achieve economic recovery, addressing the fiscal deficit, and unlocking economic potential for national development [1]

2025年06月20日 证券研究报告|宏观研究|宏观深度 金融市场分析周报 (2025.06.09-2025.06.13) 报告摘要 | 主要数据 | | | --- | --- | | 上证指数 | 3362.1082 | | 沪深 300 | 3843.0912 | | 深证成指 | 10051.9655 | 主要指数走势图 作者 刘庆东 分析师 SAC 执业证书: S0640520030001 联系电话:010-59219572 邮箱：liuqd@avicsec.com 相关研究报告 | 金融市场分析周报 (2025.06.03-2025.06.06) | | --- | | -2025-06-13 | | 金融市场分析周报 —2025-06-06 | | 金融市场分析周报 —2025-05-30 | 入市需谨慎 股市有风险 请务必阅读正文之后的免责声明部分 联系地址:北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址：www.avicsec.com 联系电话：010-59219558 传真:010-59562637 证券研究报告 中航证券研究所发布 1 ● CPI/PPI： ...

得益于房企年中冲刺营销加码，市场热度延续高位波动，6月新房成交预期延续止跌回稳弱复苏行情。 ◎ 文 / 俞倩倩 2025年以来整体楼市延续止跌企稳走势，3-4月传统"小阳春"后，5月市场热度延续，目前6月已度过半月有 余，究竟市场回暖持续性几何？各城市复苏有何差异化特征，基于当前市场逻辑，下半年楼市成交是否还 有放量空间，哪些城市又存在结构性机会呢？ 6月半月30城项目平均去化率37% 环降同增、仍处高位震荡 01 据CRIC监测数据， 重点30城6月前15日成交面积达215.9万平方米，与去年同期基本持平（微降9%）。 一 线率先回稳， 6月上半月成交量较去年同期增长19%，主要源于购买力基础雄厚，去年三季度末新政刺 激，存量客户潜在需求被激发，加之去年同期基数不高，也使得成交规模有了显著增长。而 二线和三四线 城市小阳春成色相对一般， 同比分别下降15%和14%，更多是局部复苏，主要源于购买力疲软，市场热度 仍有待一线传导。 从短期市场热度来看，仍处于高位波动区间： 据CRIC监测数据，6月上半月重点30城项目开盘去化率为 37%，较2025年5月全月下降2pcts,与2024年6月全月相比增长7pcts ...

各位朋友好，这里是帮主郑重的收评时间。今天大盘走得有点纠结，三大指数集体下跌，特别是创业板指跌了快1%。不过盘面上挺有意思，白酒和航运板 块逆势走强，跟大盘形成了鲜明对比。咱们今天就好好唠唠，看看市场到底在玩什么花样。 先说说大盘整体情况。沪指今天微跌0.07%，收在3359点，深成指跌了0.47%，创业板指跌了0.84%，差不多快1%了。个股表现就更明显了，跌多涨少，下 跌的股票超过3600只，赚钱效应确实一般。这种时候啊，大家可能心里有点犯嘀咕，别急，咱们拆开来看。 首先亮眼的板块，白酒算是一个。今天白酒股领涨两市，皇台酒业直接涨停了，其他像茅台、五粮液虽然没涨停，但也都是红盘。为啥白酒突然发力呢？其 实最近有一些消费复苏的信号在慢慢积累，比如端午节前后的消费数据还不错，加上白酒板块调整了一段时间，估值相对合理了，资金就开始回流了。而且 白酒这个板块啊，机构持仓比较重，往往在市场风格切换的时候容易有表现，大家可以关注后续消费数据能不能持续回暖。 再一个走强的是港口航运板块，宁波海运、兴通股份都涨停了。这个板块走强，可能跟运价上涨有关。最近国际航运市场有一些积极变化，比如集装箱运价 指数开始回升，加上部分航 ...

Core Viewpoint - The KOSPI index in South Korea has returned to the 3000-point mark for the first time since early 2022, driven by expectations of increased government fiscal stimulus and strong performance from blue-chip stocks [1][3]. Group 1: Market Performance - As of June 20, the KOSPI index rose by 33.16 points, or 1.11%, reaching 3,010.90 points, with a weekly increase of 4.02% and a year-to-date gain of 25.2% [1]. - Over the past 30 trading days, the KOSPI index has rebounded by more than 16%, outperforming major Asian markets including Japan and India [1]. Group 2: Investor Sentiment - The liquidity in the South Korean market remains positive, with the Korean won stabilizing, which has enhanced foreign investors' risk appetite [2]. - On the day of reporting, foreign investors net purchased KOSPI stocks worth 811 billion KRW, indicating a renewed interest in Korean assets [2]. Group 3: Fiscal Stimulus - The South Korean government has approved an additional budget plan totaling 14.9 trillion KRW (approximately 786 billion RMB), aimed at supporting the economy amid weakening growth [3]. - The budget includes various counter-cyclical measures such as cash subsidies for residents and financial restructuring support for struggling SMEs and builders [3]. Group 4: Economic Outlook - The South Korean economy is facing challenges, with actual GDP growth hovering around zero for four consecutive quarters, and construction investment remaining sluggish [3]. - The government plans to finance the budget through the issuance of 19.8 trillion KRW in new debt, while maintaining that the fiscal fundamentals remain sound [3]. Group 5: Market Projections - Analysts believe that there is still room for further fiscal expansion and monetary easing, which could support the KOSPI in the future [4]. - The current valuation of Korean stocks is considered low, with about 70% of KOSPI constituents having a price-to-book ratio below 1, indicating significant revaluation potential [5].