英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 7 月 3 日 市场有望延续震荡上行态势，关注结构性投资机会 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 总量视角 【A 股大势研判】 周三 A 股市场全天呈现缩量调整态势，沪深三大指数表现分化，黑色系及银 行股上涨支撑大盘，海洋经济与光伏等板块的强势，反映出政策导向与行业基本 面或有改善对市场的驱动作用，半导体及军工概念股出现回调，则凸显市场对板 块短期涨幅与资金流向变化的敏感，整体上，市场呈现沪强深弱格局。 7 月，A 股市场有望延续震荡上行态势，但面临多重扰动。政策持续发力与 中报业绩披露为市场提供支撑，业绩确定性高的行业将受青睐；海外美联储货币 政策、地缘政治及中美关系变化仍是主要扰动因素。市场或在政策面与基本面的 博弈中震荡前行，需关注风格切换与板块轮动带来的结构性机会。 我们认为，市场站上 3400 点后，市场相对活跃度有所提升。进入 7 月，随 着市场情绪回暖，A 股有望形成"金融搭台、成长唱戏"的均衡风格。金融板块凭 借低估值和 ...

每日市场观察 2025 年 7 月 3 日 周三沪指窄幅波动，深成指和创业板指数有所调整。截至收盘，沪指 跌 0.09%，深成指跌 0.61%，创业板指数跌 1.13%。板块方面，钢铁、 光伏设备、水泥建材、煤炭、采掘等涨幅居前；航天航空、通信、半 导体、电子元件、消费电子等板块调整明显。两市跌多涨少，其中上 涨股票 1885 只，下跌股票数量 3145 只；沪深两市总成交金额超 1.37 万亿，环比有所萎缩。 周三钢铁、光伏设备、水泥、煤炭、采掘、工程机械等制造业板块护 盘，但中小市值板块调整明显。技术上看，股指 60 分钟指标处于低位 而 120 分钟指标处于高位，周四冲高回落概率较大。投资者应留意板 块轮动变化，适当调整仓位，回避上半年业绩预期不佳品种，逢低吸 纳有色金属、煤炭、工程机械等板块中的优质个股。 美国国会参议院通过全面减税和支出法案，美元预期未来走弱，有色 金属等资源价格或上行，投资者可关注未来铜、铝、锂等细分板块表 现。受上游原燃料价格走低以及行业重组限产推动，钢铁行业前 5 个 月利润大幅增长，投资者可适当吸纳股息回报整体稳定的龙头标的； 经过长期调整，工程机械板块有望迎来周期性拐点，建 ...

Group 1 - The market is focusing on the performance expectations of the technology sector, particularly in sub-sectors like optical modules and PCBs that benefit from the digital economy and 5G development [1] - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments, guiding credit structure towards technology innovation, consumption, and support for small and micro enterprises [1] - The continuous deepening of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market aims to effectively support technological innovation, with increased financial policy support for the tech sector [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with firms like Guotai Junan International obtaining upgraded virtual asset trading licenses, which may lead to new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, issued guidelines to support consumption, emphasizing structural monetary policy tools and increasing credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which includes 50 emerging industry stocks with significant market capitalization and liquidity, reflecting the overall performance of listed companies in China's tech innovation sector [1]

近日，由深交所组织邀请广合科技、飞荣达、广和通、珂玛科技等公司召开2024年电子通信行业集体业 绩说明会活动，该次活动主题为"信通智联·引领新浪潮"。 在当今数字化的时代，通信技术的演进犹如一场永不停歇的创新革命，不仅改变了个人生活，还促进了 产业的升级和转型，推动了数字经济的蓬勃发展，进而对整个经济社会产生了深远影响。 成立以来，珂玛科技始终将科技创新作为发展源动力，并不断加大投入力度。2024年，公司研发投入 6631.61万元，同比增长42.52%；今年一季度研发费用超过2000万元，同比增长15.53%，这种对技术创 新的持续投入，正是珂玛科技能够始终领先半导体设备关键零部件领域的"密钥"所在。 记者了解到，经过多年发展，深市电子通信相关上市公司积极落实创新驱动发展战略，成长起来了一批 聚焦主业、坚守创新、业绩优良的优质科技企业，它们通过自身的持续创新，在推动产业变迁、经济转 型发展中起到重要的推动作用。 会上，国内半导体设备用先进陶瓷材料零部件头部企业珂玛科技介绍，公司2024年营业收入为8.57亿 元，同比增长78.45%；归母净利润为3.11亿元，同比增长279.88%，整体业绩表现尤为亮眼。亮 ...

Core Viewpoint - The People's Bank of China, along with other financial regulatory bodies, has issued a set of 30 key measures to enhance financial support for the development of Nansha and the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on innovation in financial services and cross-border financial cooperation [1][2][3] Group 1: Financial Support for Innovation and Entrepreneurship - The measures aim to support the development of technology innovation, high-end manufacturing, digital industries, marine industries, and future industries, as well as youth entrepreneurship [1] - New business models such as "loans + external direct investment" will be explored, and insurance institutions will be encouraged to invest in venture capital funds or directly in tech enterprises [1] - Qualified manufacturing and tech enterprises in Nansha will be supported in issuing tech bonds and exploring mixed financing models [1] Group 2: Enhancing Cross-Border Financial Services - The measures will facilitate cross-border payment services and credit financing, and expand the pilot program for Hong Kong and Macao residents to open bank accounts [2] - There will be a focus on developing a cross-border asset management center in Nansha and encouraging multinational companies to establish regional headquarters [2] - The initiative includes the promotion of cross-border wealth management services and the simplification of application processes for cross-border equity investments [2] Group 3: Opening Up the Financial Sector - The measures propose the establishment of an international commercial bank in the Greater Bay Area and the introduction of diverse investment institutions such as sovereign wealth funds and venture capital [3] - There will be an emphasis on aligning with international high-standard regulatory frameworks and exploring pilot programs for institutional openness in the financial sector [3] - The initiative supports the participation of qualified foreign institutions in financial business trials, aiming to streamline restrictive measures [3]

Group 1 - The core viewpoint of the article is the release of the "Work Plan" aimed at promoting high-quality development in national economic and technological development zones through 16 measures focusing on new productive forces, open economy enhancement, and management system reforms [1][2][3] Group 2 - The "Work Plan" supports the establishment of future industry incubators and pilot zones in national economic and technological development zones, emphasizing the importance of digital transformation in manufacturing and the growth of the data industry [1][2] - It promotes the deep integration of the digital economy with the real economy, supporting infrastructure projects like computing power and 5G networks in these zones [1][2] Group 3 - The "Work Plan" emphasizes the creation of a secure and stable industrial chain and supply chain by attracting and nurturing leading technology enterprises and key players in the supply chain [2] - It highlights the importance of cluster development in national development zones to enhance the resilience of industrial chains amid changing international trade environments [2] Group 4 - The "Work Plan" encourages foreign investment in key sectors such as integrated circuits, biomedicine, and high-end equipment manufacturing, prioritizing these projects in major foreign investment lists [2] - It supports the construction of commodity trading centers and international logistics hubs in qualified national economic and technological development zones [2] Group 5 - The "Work Plan" aims to enhance financial support for development zones, allowing them to expand financing channels through methods like public listings [3] - It calls for precise financial support for technology-based small and medium-sized enterprises based on their contributions to innovation [3]

证券时报记者 秦燕玲 今年前5个月，我国对共建"一带一路"国家合计进出口9.24万亿元，增长4.2%。其中，出口5.34万亿元， 增长10.4%；进口3.9万亿元，下降3.2%。 根据海关总署统计数据，今年1—5月，除意大利、美国、澳大利亚、俄罗斯、巴西等国家，我国对其他 主要国别（地区）的累计进出口值均保持增长。其中，非洲与我国的贸易往来增长表现亮眼。今年1—5 月，我国与非洲的进出口总值达到9632.1亿元，同比增长12.4%。其中，出口增长了20.2%。 商务部部长助理唐文弘日前表示，在中非双方元首的战略引领下，中非经贸合作不断取得新进展。其 中，在贸易往来方面，2024年，中非贸易额达到2956亿美元，同比增长4.8%，连续第4年创历史新高。 在数字经济、绿色发展、金融合作等新兴领域，中非合作也在不断深化。 财信证券首席经济学家、研究发展中心总经理袁闯接受记者采访时表示，要以更加开放的态度来应对外 贸逆风，加强包括周边国家、共建"一带一路"国家在内的国际社会合作，积极拓展国际发展空间。 分贸易产品来看，今年前5个月，我国出口机电产品6.4万亿元，增长9.3%，占我国出口总值的比重为 60%。其中，集成 ...

3条深市指数此次调样合计更换31只样本。其中，深证成指样本股调整20只样本，创业板指调整8只，深 证100指数调整3只。据悉，深证成指本次调样后制造业样本公司权重占73%；创业板指中，战略性新兴 产业权重占92%；深证100指数战略性新兴产业权重占比提升至76%，先进制造、数字经济、绿色低碳 三大重点领域权重占73%。 4条沪市指数合计更换61只样本。其中，上证50指数更换4只样本，上证180指数更换18只样本，上证380 指数更换38只样本，科创50指数更换1只样本。 调样后，沪市指数样本质量进一步提升，将更好地发挥市场表征、投资引领的作用。比如，上证50指 数、上证180指数2024年营收增速分别提升0.6个百分点、0.2个百分点，归母净利润增速分别提升1.4个 百分点、0.1个百分点。同时，信息技术等"新经济"行业权重有所提升，体现沪市上市公司结构转型升 级不断加速的趋势。 6月16日为A股系列指数定期例行调整的生效日。此次调样的指数包括上证50、上证180、上证380、科 创50等沪市指数，深证成指、创业板指、深证100等深市指数，以及沪深300、中证500、中证1000、中 证A50、中证A100、 ...

Group 1: Public Budget Revenue and Expenditure - In the first five months of the year, the national general public budget revenue reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 0.1 percentage points compared to the first four months [1] - National general public budget expenditure increased to 112,953 billion yuan, showing a year-on-year growth of 4.2% [1] - Tax revenue, which is a key component of public budget revenue, totaled 79,156 billion yuan, reflecting a year-on-year decline of 1.6%, with the decline narrowing by 0.5 percentage points compared to the previous four months [1] Group 2: Tax Revenue Performance - Domestic value-added tax, domestic consumption tax, and individual income tax all experienced year-on-year growth in the first five months [1] - The equipment manufacturing sector showed strong tax revenue growth, with railway, shipbuilding, and aerospace equipment manufacturing tax revenue increasing by 28.8%, and computer and communication equipment manufacturing tax revenue rising by 11.9% [1] - The cultural, sports, and entertainment industry saw a tax revenue increase of 7.8%, driven by the expansion of the old-for-new consumption policy and the release of cultural tourism demand [1] Group 3: Non-Tax Revenue and Expenditure Structure - Non-tax revenue for the first five months was 17,467 billion yuan, marking a year-on-year increase of 6.2%, primarily driven by asset revitalization [2] - Social security and employment expenditure reached 20,054 billion yuan, growing by 9.2% year-on-year, while education expenditure was 17,455 billion yuan, up by 6.7% [2] - Government fund budget expenditure totaled 32,125 billion yuan, reflecting a significant year-on-year growth of 16% [2]

来源：科技日报 ◎本报记者 夏 凡 通讯员 景士杰 2024年，宁波市奉化区数字经济促进会正式成立。这一区级社会团体致力于整合信息化、智能化资源和 企业力量，动员社会力量参与数字经济发展，以产业数字化、数字产业化为主线，促进资源共享、凝聚 创新合力。目前，其已集结区内近百家工业互联网、人工智能、智能制造、信息技术等数字经济领域企 业。 近年来，奉化重点推进数字经济核心产业项目招引培育，新增联河光子、申贝电器等入库企业，全区数 字经济核心制造业企业达125家。今年1月至4月，奉化实现数字经济核心制造业产值62.5亿元，同比增 长11.5%；增加值11.4亿元，增速达14.4%。 在创非凡iloboke足球赛场地，看似"蠢萌"的机器人化身"绿茵健将"，在赛场上灵活地寻找角度传球、踢 球，精准完成各项操作任务。"我们聚焦传球速度优化，经过赛前一个多月对运动算法的持续调试，使 机器人能精准识别位置并高速传递。"来自浙江师范大学的参赛选手谢杨惠说。 机器人任务挑战赛目标射击项目的比赛区域，分别设置了固定靶、旋转靶和移动靶。"目标射击项目聚 焦机器人对多类型目标靶的识别与射击精度，要求机器人根据语音识别结果完成任务点定位 ...