证券研究报告 | 2025年06月29日 基金周报 年内多家公司对旗下 ETF 更名，科创板 ETF 纳入基金投顾配置范围 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线上涨，创业板指、中证 1000、中证 500 指数收益靠前，收益分别为 5.69%、4.62%、3.98%， 上证综指、沪深 300、中小板指指数收益靠后，收益分别为 1.91%、 1.95%、2.55%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 综合金融、计算机、综合收益靠前，收益分别为 14.48%、8.09%、7.55%， 石油石化、食品饮料、交通运输收益靠后，收益分别为-1.45%、0.02%、 0.25%。 截至上周五，央行逆回购净投放资金 10672 亿元，逆回购到期 9603 亿 元，净公开市场投放 20275 亿元。除 1 年期和 3 年期外，不同期限的国 债利率均有所上行，利差扩大 1.66BP。 上周共上报 28 只基金，较上上周申报数量有所减少。申报的产品包括 3 只FOF，2 只REITs，天弘国证港股通消费主题ETF、嘉实上证科创板人 工智能ETF、华宝港股通恒生消费ETF ...

Group 1 - The core viewpoint of the articles highlights the fundraising activities of companies listed on the STAR Market, with a total of 7 companies raising 7.901 billion yuan this year, averaging 1.129 billion yuan per company [1][2] - The company with the highest fundraising amount is Yitang Co., Ltd., which raised 2.497 billion yuan primarily for technology development and reserve funds [1] - Other notable companies include Yingshi Innovation, which raised 1.938 billion yuan for its R&D center and production base, and Xingfu Electronics, which raised 1.168 billion yuan [1] Group 2 - The average initial offering price for STAR Market stocks this year is 21.73 yuan, with Yingshi Innovation having the highest price at 47.27 yuan [1] - The issuance price of Yitang Co., Ltd. is the lowest at 8.45 yuan, while other companies like Sikan Technology and Hanbang Technology have initial prices of 33.46 yuan and 22.77 yuan respectively [1] - The issuance price-earnings ratio for the listed companies ranges from 6.14 to 51.55, with an average of 30.03 and a median of 26.35 [2] Group 3 - Geographically, the majority of the issued STAR Market companies are concentrated in Beijing, Jiangsu, and Hubei, with fundraising amounts led by Beijing at 3.359 billion yuan [2] - The companies with issuance price-earnings ratios above the industry average include Yitang Co., Ltd. and two others, while five companies fall below the industry average [2] - The detailed fundraising data for the listed companies includes their codes, names, issuance dates, prices, price-earnings ratios, and total funds raised [2]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 989.97 points, with a total trading volume of 3.251 billion shares and a turnover of 114.114 billion yuan, resulting in a weighted average turnover rate of 1.84% [1] - Among the tradable stocks on the STAR Market, 149 stocks closed higher, with 5 stocks rising over 10%, including Xinan Century and Huachuang Technology, which hit the daily limit [1] - A total of 429 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 19 stocks had rates between 10% and 20%, and 62 stocks had rates between 5% and 10% [1] - The highest turnover rate was for Huasheng Lithium Battery at 23.52%, closing up by 6.09%, with a transaction amount of 512 million yuan [1] - Other notable stocks with high turnover rates include Xinyu Ren at 22.71% (closing down 0.63%) and Shengke Nano at 19.29% [1] Sector Performance - Among stocks with turnover rates exceeding 5%, 46 stocks rose, with the highest increases from Xinan Century (20.02%), Huachuang Technology (19.99%), and Nanmo Biology (10.53%) [2] - The sectors with the most stocks exceeding a 5% turnover rate were electronics (20 stocks), followed by computer and defense industries with 17 and 11 stocks, respectively [2] Capital Flow - In terms of capital flow, 44 stocks with high turnover rates saw net inflows from main funds, with significant inflows into Xinan Century (78.4476 million yuan), Huachuang Technology (62.4199 million yuan), and Haooubo (62.1777 million yuan) [2] - Conversely, stocks with the largest net outflows included Guokai Military Industry (134 million yuan), Liyuanheng (127 million yuan), and Yingshi Innovation (124 million yuan) [2] Leverage Fund Movements - A total of 46 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for Juxin Technology (128 million yuan), Yingshi Innovation (84.5376 million yuan), and Huafeng Technology (70.1917 million yuan) [2] - Stocks with the largest decreases in financing balances included Zhongwu Drone (69.032 million yuan), Lais Information (49.6791 million yuan), and Changyang Technology (43.9972 million yuan) [2]

Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets experienced a net inflow of 7.138 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 323 million yuan [1] - A total of 233 stocks saw net inflows, while 355 stocks experienced net outflows [1] - On the Sci-Tech Innovation Board, 452 stocks rose, with one stock, Tai Lingwei, hitting the daily limit, while 126 stocks declined [1] Group 2 - The top three stocks with the highest net inflow of main funds are: Han's Laser with 362 million yuan, SMIC with 349 million yuan, and Tai Lingwei with 107 million yuan [2] - The stock with the highest net outflow was Guangda Special Materials, which saw a net outflow of 158 million yuan despite a price increase of 2.91% [1][2] - There are 62 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 10 consecutive days [2] Group 3 - The main funds' inflow ranking shows that Han's Laser had an inflow rate of 6.40% and a price increase of 0.64% [2] - Other notable stocks include Kingsoft Office with an inflow of 101 million yuan and a price increase of 3.87%, and Wealth Trend with an inflow of 100 million yuan and a price increase of 17.84% [2] - A total of 114 stocks experienced continuous net outflows, with Bohui Technology leading at 24 consecutive days of outflow [2]

Core Viewpoint - The article highlights the transformation of Shenyang, a city in Liaoning Province, from a traditional industrial base to a burgeoning hub for semiconductor equipment manufacturing, showcasing significant advancements in domestic production capabilities and a supportive ecosystem for innovation and investment [1][2][3]. Group 1: Industry Development - Shenyang has evolved from a steel manufacturing center to a key player in the semiconductor equipment industry, with five major companies listed in the capital market since 2019 [2][3]. - The semiconductor equipment industry in Liaoning is characterized by a "6+N" development system, with six leading companies supported by numerous ancillary firms [2][3]. - Companies like拓荆科技, 芯源微, and 富创精密 have achieved international standards in their respective technologies, contributing to the domestic semiconductor equipment landscape [3][4]. Group 2: Research and Education - Liaoning boasts a robust educational foundation with 114 higher education institutions, including 63 undergraduate colleges, which supports the semiconductor industry's growth [4][5]. - The province's scientific research institutions, particularly those affiliated with the Chinese Academy of Sciences, have played a crucial role in nurturing leading semiconductor companies [4][5]. Group 3: Financial Support and Policy - The development of the semiconductor industry in Liaoning has been significantly bolstered by national policies and financial support, including the establishment of the National Integrated Circuit Industry Investment Fund [6][7]. - The launch of the Sci-Tech Innovation Board has provided essential funding and resources for semiconductor companies, facilitating their growth and expansion [7][8]. - The local government has adopted a proactive approach to improve the business environment, offering tailored support to companies in the semiconductor sector [10][11]. Group 4: Future Prospects - The article emphasizes the need for continued investment in the semiconductor ecosystem, including enhancing local venture capital capabilities and filling gaps in the industrial chain [12][13]. - The goal is to position Shenyang as a globally competitive center for integrated circuit equipment, thereby elevating its status in the national and international markets [14].

科创50指数今日上涨1.79%，报收978.71点，科创板全日成交量30.49亿股，成交额1031.42亿元，加权平 均换手率为1.73%。 从杠杆资金动向看，高换手个股中，共39股近期获杠杆资金净买入，统计显示，截至6月23日，近5日融 资余额增加较多的有影石创新、华丰科技、容百科技等，分别增加7915.81万元、5121.31万元、4801.87 万元；融资余额减少金额较多的有精智达、海正生材、中邮科技等，分别减少7538.76万元、4497.57万 元、3775.10万元。 6月24日科创板换手率居前个股 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | 资金净流入（万元） | | --- | --- | --- | --- | --- | --- | | 688573 | 信宇人 | 32.98 | 5.07 | 36.43 | 3156.96 | | 688353 | 华盛锂电 | 31.02 | 20.00 | 24.55 | 3913.16 | | 688291 | 金橙子 | 30.36 | -2.69 | 24.47 | -184.42 | | 688552 | ...

以最新收盘价计算，科创板平均股价为30.30元，其中股价超100元的有38只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有527只，下跌的有59只，以收盘价为基准测算，科创 板平均股价为30.30元，其中，收盘价超过100元的有38只，股价在50元至100元之间的有100只，股价在 30元至50元的有157只。 科创板股中，收盘价最高的是寒武纪，今日报收607.25元，上涨6.91%，其次是恒玄科技、百利天恒 等，最新收盘价分别为351.13元、293.29元。 科创板百元股中，今日平均上涨1.56%，具体来看，今日上涨的有29只，涨幅居前的有寒武纪、财富趋 势、峰岹科技等。下跌的有9只，跌幅居前的有浩欧博、源杰科技、柏楚电子等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价334.29%，溢价幅度居前的有百利天恒、 安集科技、寒武纪等，溢价幅度分别为1087.41%、1036.60%、843.08%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有19只、8 只、6只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流入6.12亿元， ...

今天为什么要说寒武纪这个回购呢? 我觉得寒武纪的重要性并非公司本身，而是科创板指数的成分股，尤其是科创50指数，只要寒武纪的股价出现波动，那么不仅仅是科创50指数，整个科创板 的走势都会跟着变化，寒武纪这次维护股价，一方面会逐步的化解股价的高位风险，另一方面或许会对科创板指数带来新的突破。 因为从过去一段时间的科创板指数的走势看，多少跟寒武纪有些相像，持续维持在一个箱体震荡，而没有出现积极的向上突破，如果寒武纪的股价未来能够 走出趋势性的多头氛围，那必然会对科创板指数带来重大突破，从而会激活整个市场的赚钱效应。 寒武纪昨晚发布了一个公告，是说鉴于公司股票价格已超出回购股份方案拟定的回购价格297.77元每股，为了保障这次回购股份事项的顺利实施，公司将回 购价格上限由不超过297.77元调整为不超过818.87元。 什么意思呢？就是说上一次的回购价格的最高是297.77元，这次将回购价格调整到了最高不超过818.87元，而目前的这个回购价格的上限也是寒武纪的历史 最高价，而当前寒武纪的最新收盘价为568元，从走势上看寒武纪已经在533元到800元左右的箱体整理了相当长的时间，这是典型的高位震荡。 实际这个现象最 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.38%, closing at 961.49 points, with a total trading volume of 2.548 billion shares and a turnover of 88.589 billion yuan, resulting in a weighted average turnover rate of 1.45% [1] - Among the tradable stocks on the STAR Market, 502 stocks closed higher, with 6 stocks rising over 10% and 31 stocks rising between 5% and 10%. Conversely, 84 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 7 stocks had rates between 10% and 20%, 49 stocks had rates between 5% and 10%, 74 stocks had rates between 3% and 5%, 272 stocks had rates between 1% and 3%, and 184 stocks had rates below 1% [1] - The stock with the highest turnover rate was Jin Chengzi, which closed down by 3.50% with a turnover rate of 32.81% and a transaction amount of 345 million yuan. In contrast, Xinyu Ren closed up by 14.35% with a turnover rate of 29.19% and a transaction amount of 438 million yuan [1] Sector Performance - Among the stocks with a turnover rate exceeding 5%, the electronics sector had the most stocks, with 17 stocks listed. The power equipment and pharmaceutical sectors followed with 9 and 7 stocks, respectively [2] - The stocks with the highest net inflow of funds included Shijia Photon, Rongchang Biology, and Juguang Technology, with net inflows of 75.1878 million yuan, 33.8732 million yuan, and 33.8527 million yuan, respectively [2] Leverage Fund Movements - A total of 28 stocks with high turnover rates recently received net purchases from leveraged funds. The stocks with the largest increases in financing balances over the past five days included Ying Shi Innovation, Hui Chen Shares, and Shijia Photon, with increases of 71.9374 million yuan, 63.8392 million yuan, and 56.3227 million yuan, respectively [2] Notable Stocks - The top stocks by turnover rate on June 23 included Jin Chengzi, Xinyu Ren, and Qilin Xinan, with respective closing prices of 31.20 yuan, 31.39 yuan, and 45.90 yuan, and daily changes of -3.50%, +14.35%, and +13.50% [3][4]

科创半导体ETF(588170)涨超3%，连涨3天，最新价创20日新高，成交额2405.77万元，较昨日此时放量 161.32%。 无需50万，A股账户就能直接买科创板>> ...