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Group 1: Market Performance - A-share market experienced dramatic closing performance on July 22, with multiple sectors suddenly surging, particularly the engineering machinery sector, which saw a closing increase of over 6% [1] - Major companies like Sany Heavy Industry reached the limit-up, while Zoomlion's stock rose nearly 8% [1] Group 2: Steel and Cement Sectors - The steel sector also showed strong performance, with companies like Xining Special Steel and Liugang Co. hitting the limit-up [3] - Cement stocks experienced a surge, with Anhui Conch Cement reaching the limit-up for two consecutive trading days, alongside other companies like Huaxin Cement and Tibet Tianlu [3] Group 3: Hydropower Project Impact - The Yarlung Tsangpo River downstream hydropower project commenced on July 19, with a total investment of approximately 1.2 trillion yuan, aiming to build five cascade power stations with an installed capacity of 60 to 81 million kilowatts and an annual power generation of 300 billion kilowatt-hours [4] - The project is expected to significantly boost demand for engineering machinery, particularly earth-moving, concrete, lifting, foundation construction, and tunnel excavation machinery [4] Group 4: Industry Chain Benefits - The steel industry is projected to benefit directly from the project, with an estimated steel consumption exceeding 2 million tons due to the massive earthworks and concrete pouring required [5] - The project is a national strategic initiative that will stimulate demand across various sectors, including hydropower construction, infrastructure, ultra-high voltage transmission, equipment manufacturing, and cement supply [5] - The implementation of the project is expected to enhance construction in hydropower infrastructure, driving demand for materials like cement, water-reducing agents, and explosives [5]

（原标题：【e公司观察】百案胜诉，投资者维权见法治担当） 资本市场的健康生态，离不开对投资者权益的坚实守护。近年来，逾百家上市公司虚假陈述索赔案中投 资者胜诉的司法实践，不仅是一串冰冷的数字，更是我国资本市场法治建设迈向实践效能的生动注脚。 制度供给的突破性进展，为投资者维权筑牢了"从难到易"的根基。2020年施行的新《证券法》不仅大幅 提高信息披露违法成本，更引入代表人诉讼这一"利器"，解决了集体维权中"搭便车"与"成本高"的困 境。2021年证券虚假陈述首例普通代表人诉讼判决落地，标志着集体维权机制从制度设计进入实战阶 段。最高人民法院2022年废除虚假陈述民事赔偿案件的行政处罚前置程序，让投资者起诉门槛显著降 低。而新"国九条"部署"加大行政、民事、刑事立体化追责力度"，构建了全链条、多层次的制度屏障。 立体化追责体系的实效，正体现在多元力量的协同发力中：监管端"长牙带刺"严查处，让财务造假、信 披违规等乱象无处遁形；司法端持续明晰裁判标准，从损失计算到因果关系认定不断精进，民事救济 从"纸上权利"变为"真金白银"；而先行赔付机制，在万福生科、欣泰电气、紫晶存储等案例中快速兑现 赔偿。这张由严监管、硬司 ...

4、市场监管总局暂停对杜邦中国集团有限公司的反垄断调查程序。 2、中国聚变能源有限公司挂牌成立大会7月22日在沪举行。此次挂牌成立的中国聚变公司是中核集团直 属二级单位。 3、《上海市下一代显示产业高质量发展行动方案（2026-2030年）》印发，发展AI+AR、AI+MR等多 形态眼镜产品。 智通财经7月22日晚间新闻精选 1、李强签署国务院令，公布《农村公路条例》，明确农村公路建设以提升路网质量为重点，与国道、 省道建设衔接协调，促进城乡交通运输一体化。 5、花旗发布2025下半年国内宏观经济展望，如果增长保持韧劲、物价出现改善，中国资产的吸引力会 进一步增加。 6、2连板江南化工：能否参与雅下水电工程项目尚存在不确定性。3连板华建集团：公司相关业务承接 暂不涉及雅鲁藏布江下游水电工程项目。广晟有色：全资子公司拟公开挂牌转让珠江稀土3%股权。 20CM两连板筑博设计：不具备水电站相关项目设计的资质和能力。2连板浙富控股：子公司浙富水电 主要从事大中型成套水轮发电机组的研发、设计、制造与服务。 ...

Group 1 - The core project "Yaxi Project" has commenced, significantly impacting related concept stocks, with Yinlong Co., Ltd. experiencing a surge in stock price and market capitalization [1] - Yinlong Co., Ltd. anticipates increased demand for prestressed materials and concrete components due to the Yaxi Project, which is a national-level major project [1] - The company has established a professional team to closely follow the project's progress and actively seek participation opportunities, which could positively support its performance if it secures relevant orders [1] Group 2 - Yinlong Co., Ltd. expects a net profit of 161 million to 181 million yuan for the first half of 2025, representing a year-on-year growth of 60% to 80% [2] - The significant profit increase is attributed to the optimization of the prestressed materials business and the rising proportion of high-value-added products [2] - Expansion in the renewable energy sector is also contributing to the company's profit support [2] Group 3 - The Yaxi Project, with a total investment of approximately 1.2 trillion yuan, is expected to stimulate infrastructure development in the western region and promote clean energy construction [3] - Various companies, including Dayu Water Saving and LiuGong, are actively seeking opportunities related to the Yaxi Project, highlighting its strategic importance [3][4] - Companies are forming project teams to engage with the Yaxi Project across multiple aspects, including equipment and solutions [3][4]

证券研究报告·北交所报告·北交所定期报告 2025 年 07 月 22 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 北交所定期报告 20250722 外资持债超 4.2 万亿，我国外汇市场韧性凸 显 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《北证 50 修复性回弹，成交额缩量下 跌》 2025-06-23 《北证指数震荡回调，开展专精特新 指数测试》 2025-06-22 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）央行：截至 2025 年 6 月末，境外机构持有银行间市 场债券 4.23 万亿元。截至 2025 ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting an "Overweight" rating based on expected performance exceeding the market benchmark by more than 10% over the next 6-12 months [33]. Core Insights - The North Exchange A-shares saw a trading volume of 27.45 billion yuan on July 21, 2025, an increase of 4.99 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1452.34, up 2.38% [2][9]. - The report highlights significant market drivers, including the launch of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project, which is expected to stimulate related industries such as tunnel equipment and engineering consulting [4][20]. - The report emphasizes the importance of focusing on high-scarcity and strong alpha attributes in specialized and innovative enterprises, particularly in new power equipment and smart hardware sectors [4]. Summary by Sections Market Review - On July 21, 2025, the North Exchange A-shares had 268 companies, with 208 rising, 4 flat, and 56 declining. The top five gainers included Iron Tuo Machinery, Jikang Instruments, and Wuxin Tunnel Equipment, each rising by 30% [2][16]. - The North Exchange Specialized and Innovative Index closed at 2477.21, up 2.0% [2][9]. Important News - A humanoid robot project by UBTECH won a record bid of 90.51 million yuan, with plans to deliver 500 units within the year, indicating a growing market for robotics [19]. - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is set to begin construction, which may open growth opportunities in related sectors [20]. Key Company Announcements - Runpu Food announced that its major shareholder plans to reduce its stake by up to 1.76 million shares, representing 1.99% of the total share capital [21]. - Xuchang Intelligent won 13 projects from the State Grid, totaling 153 million yuan, enhancing its market presence [29].

今日，A股震荡走强，三大指数均创出今年以来新高。 截至收盘，沪指涨0.62%，收获5连阳；深证成指涨0.84%，创业板指涨0.61%。全市场成交额约为1.93万亿元，较前一交易日增加2015亿元。 | ◎ 已收盘 | | 2025-07-22 星期二 | | --- | --- | --- | | 上证指数 | 深证成指 | 创业板指 | | 3581.86 | 11099.83 | 2310.86 | | +22.07 +0.62% +92.34 +0.84% +13.98 +0.61% | | | 值得一提的是，在持续火爆的行情之下，上纬新材今天收出"20cm"10连板，再创A股新纪录！ 今天，热度不减！ 多个板块爆发涨停潮 今日，全市场超2500只个股上涨，连续第2天超100只个股涨停。从盘面上看，大基建概念热度不减，雅下水电概念、工程机械、民爆概念、煤炭开采加工 板块涨幅居前。 | | 板块 | | | | --- | --- | --- | --- | | 全部板块 | 行业板块 | 概念板块 | 地域板块 | | 涨幅↓ | | 涨速 | 领涨股 | | 雅下水电概念 | 11.77% | 0% ...

当前，全球经济面临诸多不确定性，外部贸易摩擦持续，地缘政治复杂多变。在此背景下，中国经济发展 正经历深刻的结构性转变，内需在经济增长中的作用日益凸显。传统上，居民消费被视为内需的主要驱动 力，随着宏观经济环境的变化，国内基建板块正成为开启内需"第二格局"的关键力量。近期，雅鲁藏布 江下游水电工程、海南自由贸易港建设、城市更新行动等基础设施建设的持续投入和优化，都预示着中国 内基建正迎来"DeepSeek 时刻"，政策呵护引导和市场需求双重驱动下，基建板块迎来新的发展机遇。 证券研究报告 | 2025年07月22日 策略解读 中国基建的 DeepSeek 时刻 策略研究·策略解读 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 事项： 观点： 国内基建领域热点频发，中国基建提质增 ...

中国银河证券|CGS 城市发展加快转向高质量内涵式发展 政策双周报（202507 第 1 期） 许冬石：中国银河证券宏观分析师、新发展研究院学术委员会执行负责人 路自愿：中国银河证券新发展研究院区域经济研究员 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 政策双周报(202507 第 1 期) 分析师 许冬石 ☎: 010-83574134 网: xudongshi_yj@chinastock.com.cn 分析师登记编码：S0130523070003 路自愿 ☎: 13671057587 网: luziyuan_yj@chinastock.com.cn 分析师登记编码：S0130525070001 风险提示 城市发展加快转向高质量内涵式发展 政策双周报(202507 第 1 期) 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2025 年 07 月 21 日 | 一、高层动态：中央城市工作会议时隔十年再次召开 | | --- | | 二、财政政策：国有保险公司长周期考核机制调整 | | 三、货币政策：适度宽松的货币政策基调延续 | ...