7月23日，上证指数午前突破3600点整数关口，为2024年10月8日以来首次。银行、券商带领大金融短线拉升，国盛金控涨停。 港股市场今天上午盘中明显走强，恒生指数 盘中涨幅超过0.8%。 沪指盘中再创年内新高 券商板块盘中拉升 A股市场今天上午整体涨跌互现，上证指数盘中继续走高，再度刷新年内新高，北证50指数盘中走弱。 行业板块和赛道方面，若按照申万一级行业划分，非银金融、钢铁、银行等板块盘中涨幅居前，国防军工等板块盘中走弱。 概念板块方面，雅江水电概念板块继续走强，再掀涨停潮，铁建重工、深水规院盘中继续"20cm"涨停，浙富控股、中国电建等十多只股票盘中继续涨停。 值得注意的是，临近上午收盘，被坊间称为"牛市旗手""行情风向标"的券商板块出现一波明显拉升。国盛金控拉升，并于盘中触及涨停。国信证券、哈投股份、广 发证券等股票跟涨。券商龙头中信证券临近上午收盘也出现拉升，盘中涨幅超过2%。 两只新股悉数大涨 今天A股市场有两只新股上市，上午盘中悉数大涨。 新股山大电力上午盘中涨幅一度超过500%，后涨幅收窄。 招股资料显示，山大电力是一家致力于电力系统相关智能产品技术研发与产业化的高新技术企业，基于在智能电网 ...

Group 1 - The concept stocks related to the Yarlung Tsangpo River hydropower project continue to gain popularity, with over twenty stocks hitting the daily limit up, including Tiedao Heavy Industry and Deepwater Survey Institute, both reaching a 20% increase [4][6] - The total investment for the Yarlung Tsangpo River downstream hydropower project is approximately six times that of the Three Gorges Project, with an expected annual investment of 60 billion to 80 billion yuan over a construction period of 15 to 20 years [7] - Major players in the steel sector, such as China Electric Power Construction and China Energy Engineering, have seen their stock prices rise significantly, with total market values reaching 116.6 billion yuan and 128.8 billion yuan respectively [6][7] Group 2 - The steel sector experienced a sharp increase, with stocks like Shengde Xintai and Liugang Co. hitting the daily limit up, while the overall steel prices have risen week-on-week [8] - The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including steel, aimed at optimizing supply and eliminating outdated production capacity [8] - Meibang Co. saw a dramatic drop in stock price, falling from a limit up of 31.1 yuan to a limit down of 25.86 yuan, reflecting volatility in high-position stocks [9]

2025 年 7 月 23 日 1 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 行业点评 中国装备制造行业- 农村公路升级改造或将催生万亿市场 事件: 国务院昨日（7 月 22 日）正式发布《农村公路条例》。该条例于 6 月 底获国务院通过，并将于 9 月 15 日起施行。条例强调农村公路建设应以提 升路网质量为目标，促进城乡交通一体化发展。我们认为最重要的是，新建 招银国际研究部 邮件：research@cmbi.com.hk 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 中国股市上涨，雅江水电概念和预期去产能行业大涨。港股材料、综合与能 源板块领涨，医疗、金融与电讯跑输，南向资金净流入 27.17 亿港元。A 股 煤炭、建材、钢铁、有色涨幅居前，银行、计算机、通信、电子下跌。中国 能源局近日通知核查各地煤矿生产以保障供应有序，市场预期可能出台限产、 产能优化、限制低价倾销等政策，改变行业低价竞争困境。高层誓言反内卷 令投资者对中国去产能和走出通缩产生憧憬，商品期货大涨，国债期 ...

Group 1 - The A-share market showed strong momentum with the Shanghai Composite Index aiming for a five-day winning streak, reaching a new high for the year, driven by the popularity of the Yajiang Hydropower Station concept stocks [1] - As of July 22, the total margin balance in the A-share market reached 19,196.13 billion yuan, an increase of 150.48 billion yuan from the previous trading day, indicating a recovery in trading sentiment [1] - Central Huijin significantly increased its holdings in exchange-traded funds (ETFs) in Q2 2025, with a total purchase exceeding 190 billion yuan, highlighting its role in stabilizing the market and boosting investor confidence [1] Group 2 - The A500 ETF (512050) allows investors to easily invest in leading companies across various sectors, tracking the CSI A500 Index with a balanced industry allocation and a focus on leading firms [2] - The A500 ETF covers all 35 sub-sectors of the market, combining value and growth attributes, and is overweight in emerging sectors such as AI, pharmaceuticals, and renewable energy compared to the CSI 300 Index [2]

7月19日，全球最大的水电项目——雅鲁藏布江下游水电工程开工仪式在西藏自治区林芝市举行。该工 程主要采取截弯取直、隧洞引水的开发方式，规划建设5座梯级电站，总投资约1.2万亿元，预计装机规 模约6000万千瓦。 综上所述，雅江水电工程为市场提供了新的突破口，推动板块高低切换，通过盘中震荡完成行情深化， 并持续向新题材、新板块扩散。另外，"慢牛"节奏的加速更有助于吸引场外资金入市，进而支撑市场进 一步上行。 7月中旬前，银行股"一骑绝尘"，CPO、创新药等板块也曾走出趋势性行情。但随着行情的推进，相关 板块涨幅已较大，估值吸引力有所回落。雅江水电概念的出现，吸引大量资金加速流入该领域。 （文章来源：期货日报） 此次雅江工程的事件驱动与以往有显著差异。"十四五"规划和2035年远景目标纲要明确提出"实施雅鲁 藏布江下游水电开发"，2024年12月25日亦有官方报道确认中国政府核准该工程的消息。因此，资金提 前布局雅江工程概念股具备合理性。 不过，由于工程分年投资，且钢筋、水泥、炸药、混凝土等原材料消耗量占当前年度产销量的比例较 低，概念公司股价快速上涨或已部分透支业绩。市场情绪被激活后，煤炭、碳酸锂等低迷板块及海 ...

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results related to quantitative models or factors. The documents primarily focus on market performance, sector analysis, investor sentiment, ETF premiums/discounts, institutional activity, and other market-related data. There is no relevant content to summarize under the requested structure.

Group 1: Stock Market Highlights - A total of 52 stocks had closing orders exceeding 100 million yuan, with China Electric Power Construction leading at 5.305 billion yuan [1] - China Electric Power Construction, China Energy Construction, Tibet Tianlu, and China Railway Construction all had order volumes exceeding 1 million shares, with respective volumes of 8.6263 million, 4.4045 million, 3.1247 million, and 1.5808 million shares [1] - The stock Upwind New Materials achieved a remarkable 10 consecutive trading limit increases, with a cumulative increase of nearly 520% since July 9 [1] Group 2: Hydropower Sector - The hydropower sector saw a surge in stocks such as Poly United, China Electric Power Construction, and Tibet Tianlu, driven by the construction of hydropower projects [2] - China Electric Power Construction is the leading enterprise in hydropower, responsible for over 65% of large and medium-sized hydropower station construction tasks in China [2] - The opening of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost cement demand in Tibet and surrounding areas, benefiting companies like Huaxin Cement [2] Group 3: Coal Industry - The coal sector experienced gains with stocks like Shanxi Coking Coal and Lu'an Environmental Energy, focusing on enhancing their coking coal operations and safety measures [3] - Shanxi Coking Coal has a power generation capacity of 4.47 million kilowatts and a coking capacity of 3.82 million tons per year [3] - Lu'an Environmental Energy has expanded its mining operations from 4 to 23 mines, increasing raw coal production from under 10 million tons to over 50 million tons [3] Group 4: Supercritical Power Generation - Stocks in the supercritical power generation sector, including Guandong Electric and Dongfang Electric, have also seen positive movements [4] - Guandong Electric is involved in DCS and DEH control systems for supercritical units, projecting a significant increase in net profit for the first half of 2025 [5] - Dongfang Electric's development of the world's first 700 MW supercritical circulating fluidized bed coal-fired generator marks a significant advancement in clean coal technology [5]

金盾股份（300411）股票交易异常波动暨风险提示公告，公司关注到近期市场对雅江水电概念关注度较 高，虽然雅鲁藏布江下游水电工程项目已举行了开工仪式，但项目招投标流程尚未启动。 ...

Market Overview - A-shares continued to show strength, with major indices reaching new highs for the year, driven by infrastructure and resource sectors [1][2] - The Shanghai Composite Index rose by 0.62% to 3581.86 points, while the Shenzhen Component increased by 0.84% to 11099.83 points [1] Infrastructure Sector - The Yajiang hydropower concept saw a significant surge, with companies like Wuxin Tunnel Equipment, Bikon Technology, and Iron Tuo Machinery hitting the daily limit for two consecutive days [3][5] - The Yarlung Tsangpo River downstream hydropower project in Tibet has a total investment of approximately 1.2 trillion yuan, with an installed capacity of 60-81 million kilowatts and an annual power generation of 300 billion kilowatt-hours, equivalent to three Three Gorges projects [5][6] Resource Sector - The coal sector experienced a substantial rise, with companies such as Shanxi Coking Coal, Haohua Energy, and Lu'an Environmental Energy hitting the daily limit [7][8] - A rumor regarding the National Energy Administration's inspection of coal mine production has circulated, potentially impacting coal supply stability [9] Steel Sector - The steel sector also showed strength, with companies like Fangda Special Steel and Xining Special Steel reaching the daily limit, and Liugang Co. achieving a four-day consecutive limit [10][11] - The steel industry is expected to benefit from supply-side reforms and improved demand dynamics, despite current profit pressures [11] Alcohol Sector - Alcohol stocks rebounded, with Shanxi Fenjiu and Yingjia Gongjiu rising over 5% [12][13] - The sector is seeing a recovery in valuations, driven by attractive dividend yields and positive sentiment from policy expectations [13]

港股方面，恒生指数、恒生科技指数盘中均一度翻绿，截至收盘，恒生指数涨0.54%，恒生科技指数涨 0.38%。海螺材料科技涨近14%，赣锋锂业、兖矿能源涨约9%；华新水泥跌逾15%，东北电气跌逾7%。 雅江水电概念火爆 雅江水电概念今日再度爆发，截至收盘，五新隧装、基康技术、铁拓机械等连续两日涨停，续创历史新 高；铁建重工、筑博设计、冠龙节能、中国电建、中国能建、海螺水泥等均涨停。 | 代码 | 名称 | � | 涨幅% | 现价 | 涨跌 | 采价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 835174 THE S | | R | 66'62 | 82.27 | 18.98 | 82.27 | - | 174099 | | 830879 | 基康技术 | R | 66'62 | 35.33 | 8.15 | 35.33 | - | 219830 | | 688425 | 铁建重工 | K | 20.04 | 5.93 | 0.99 | 5.93 | - | 516128 | | 300564 筑博设计 | | | ...