2025 年 6 月 30 日 总量研究 中报季将至，关注业绩线索 ——2025 年 7 月 A 股及港股月度金股组合 要点 6 月 A 股港股市场有所回暖 6月A股主要指数普遍上涨，行业端涨跌分化。受市场情绪好转等因素影响，6月 （截至26日），A股主要指数普遍出现上涨，其中创业板指涨幅最大，6月份累 计上涨了6.1%。行业端涨跌分化，通信、非银金融、银行、有色金属等行业表 现较好，消费板块表现则较差，如食品饮料、美容护理、家用电器等行业。 6月港股市场震荡上行。6月受海外扰动缓和、国内风险偏好回暖等因素影响， 港股市场整体走势震荡上行。截至2025年6月26日，恒生香港35、恒生综合指数、 恒生指数、恒生中国企业指数、恒生科技的涨幅分别为5.0%、4.8%、4.4%、4.4%、 3.4%。 A股观点：关注业绩主线及稳定类资产 预计指数整体将维持震荡。短期外部风险扰动最严重的时候或许已经过去，但仍 需要对特朗普后续政策的反复保持警惕。近期国内政策仍积极发力，预计后续政 策仍将持续落地。随着中美两国为"对等关税"按下 90 天"暂停键"，短期内 出口或将保持高增，预计消费仍是经济修复的重要动能之一。内外因素交 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 野村将中国第二季度GDP同比增长预测从3.7%上调至4.8%，将全年GDP增长预测上调0.5个百分 点。野村中国研究 认为，日内瓦中美经贸会谈 取得实质性进展对中国经济而言是一大利好，尤其是对第二季度经济而言。 另外，6月23日，高盛中国股票策略分析师付思表示： 我们维持对 A股和港股的超配建议，预计沪深300目标点位为4600点，MSCI China目标 点位为84点，隐含约10%的上行空间。 那么，外资机构近1个月到底关注了哪些A股公司呢？又有哪些外资机构调研最为活跃呢？ （ 点此查看完整调研名单 ） 0 1 36 家公司被至少 3 家外资机构聚焦！ PCB 龙头涨近 40% 领衔 私募排排网根据Choice整理的数据显示，截至6月27日的近1个月，被外资机构调研的A股公司共有95家，其中 调研次数至少为3次的公司共有36 家 。 （ 点此查看完整名单 ） 近 1个月，高盛、摩根士丹利、 德意志银行等 多家外资机构集体发声，并调高了对 2025年中国经济的预期。 其中，6月5日发布报告，德意志银行将2025年中国GDP增长预测上调0.2个百分 ...

证券研究报告 点评报告 2025 年 6 月 30 日 晨会纪要 第一创业证券研究所 从行业上看，同比增速靠前的行业为：铁路、船舶、航空航天和其他运输设 备制造业、计算机、通讯和其它电子设备制造业、通用设备制造业和电力、 热力、燃气和水的生产和制造业；同比增速靠后的行业为：煤炭开采和洗选 业、家具制造业、纺织服装服饰业、化纤、造纸及纸制品业。具体各行业利 润同比增速如下表： 核[心Ta观bl点e_：Summary] 分析师：郭强 证书编号： S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 6 月 27 日早 9 点半国家统计局公布 5 月中国工业企业利润数据。 评论： 1-5 月份，全国规模以上工业企业实现利润总额 27204.3 亿元，同比下降 1.1%， 比 1-4 月回落 2.5 个百分点。5 月份，规模以上工业企业利润同比增长-9.1%， 比 4 月回落 12.1 个百分比。 其中，1-5 月制造业同比增长 5.4%，较 1-4 月回落 3.2 个百分点； 5 月同比 增长-4.0%，同样较 4 月回落 14.7 个百分点。 1-5 月，营业收 ...

Group 1 - The semiconductor ETF (159813.SZ) increased by 1.28% as of June 30, with key components such as Cambrian (up 3.79%), Northern Huachuang (up 2.37%), and others showing positive performance [1] - Longxin Technology launched the 3B6000M/2K3000 terminal and industrial control CPU, featuring 8 LA364E processor cores with a clock speed of 2.5GHz, achieving a SPEC CPU2006 single-core score of 30, and supporting 4K video processing at 60 frames per second [1] - The integration of the second-generation self-developed GPGPU core and independent hardware codec module enhances the 4K video processing capabilities of the new CPU [1] Group 2 - Guojin Securities noted that with the increase in domestic AI chip production capacity and the reintroduction of Nvidia's special edition chips for China, capital expenditure growth among internet companies is expected to continue, with domestic AI chip shipments projected to exceed 820,000 units in 2024, a year-on-year increase of 310% [2] - The semiconductor industry is experiencing a shift in supply-demand dynamics, particularly in the chip segment, as highlighted by Tianfeng Securities, which emphasized that chip costs account for the highest proportion (32%) in the switch industry, directly impacting data processing capabilities [2] - The technological upgrades of Ethernet switch chips are crucial for enhancing the efficiency of computing networks, indicating ongoing advancements in the semiconductor supply chain [2]

2025年6月30日讯，豪威集成电路（集团）股份有限公司（以下简称"豪威集团"，证券代码： 603501.SH）于2025年6月27日正式向香港联合交易所有限公司递交发行境外上市股份（H股）并在香港 联交所主板挂牌上市的申请 ，并于同日在香港联交所网站刊登本次发行上市的申请资料。本次联席保 荐人为瑞银证券、中金公司、中国平安资本、广发融资。 根据弗若斯特沙利文的资料，按2024年图像传感器解决方案收入计算，豪威集团是全球第三大数字图像 传感器供应商。同时，在智能手机CMOS图像传感器（CIS）领域，豪威集团同样位居全球第三，2024 年市场份额达10.5%。值得一提的是，豪威集团在汽车CIS领域独占鳌头，是全球最大的汽车CIS供应 商，2024年市场份额高达32.9% 。 豪威集团主要从事三大产品线业务，分别为图像传感器解决方案、显示解决方案以及模拟解决方案。近 年来，豪威集团不断加大研发投入，积极拓展市场，业绩表现亮眼。2024年度，公司收入约257.07亿人 民币，同比增长22.51%；毛利约72.39亿人民币，同比增长73.04%；净利润约为32.79亿人民币，同比增 长502.75% 。 此前，上海韦 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 4.28% and a transaction volume of 1.171 billion yuan [3] - Over the past week, the ETF's scale increased by 1.071 billion yuan, ranking first among comparable funds [3] - The ETF's share increased by 177 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, the ETF saw net inflows on four days, totaling 309 million yuan [3] - The ETF's net value has risen by 63.15% over the past year, ranking first among comparable funds [3] - The ETF has achieved a maximum single-month return of 25.18% since its inception, with an average monthly return of 8.58% [3] Group 2: Semiconductor Market Trends - The global semiconductor market is expected to grow by 22.7% year-on-year by April 2025, reaching a market size of 700.874 billion dollars [4] - The growth is primarily driven by logic chips and memory chips, with AI applications accelerating penetration [4] - The industry is experiencing a wave of mergers and acquisitions across various sectors, including materials, equipment, and packaging [4] - The evolution of global trade dynamics has made semiconductor self-sufficiency a key strategic focus for China's industrial development [4] - The semiconductor industry is entering a new upward cycle, supported by government policies and the AI innovation cycle [4] Group 3: Top Holdings in Chip Index - The top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.93% of the index [4] - The individual weightings of the top stocks are as follows: SMIC (10.08%), Haiguang Information (9.35%), and Cambricon (8.61%) [6] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

Core Viewpoint - The A-share Sci-Tech Innovation Board is experiencing a strong performance, particularly in the semiconductor sector, driven by policy support, AI catalysis, and the trend towards domestic production [1][6]. Industry Summary - The Sci-Tech Innovation Board is seeing a resurgence in activity, with the Sci-Tech Chip 50 ETF (588750) rising over 2% and trading volume increasing significantly [1]. - Key stocks in the semiconductor sector, such as Stmicroelectronics and Cambricon, are leading the gains, with Stmicroelectronics up over 7% and Cambricon up 4% at one point [5]. - The government is emphasizing the importance of technological innovation, aiming to strengthen the position of enterprises in this area and accelerate breakthroughs in key technologies [3]. - Recent policies, including the "6+1" measures proposed at the Lujiazui Forum, aim to deepen reforms in the Sci-Tech Innovation Board [4]. Company Summary - Stmicroelectronics announced a cash dividend of 60.2 million yuan, distributing 1.5 yuan for every 10 shares [2]. - Cambricon has stated that its general-purpose AI chips are highly adaptable, supporting mainstream open-source AI models, which enhances its competitive edge in AI computing power [2]. - The semiconductor sector is expected to see an increase in IPOs for domestic computing chip companies, with companies like Suiruan Technology and Biran Technology likely to go public in the second half of the year [6]. Market Trends - The semiconductor sector is benefiting from a combination of policy support, AI-driven demand, and a strong push for domestic production capabilities [6]. - The demand for AI chips is expected to remain robust, driven by the need for pre-training and inference capabilities in AI models [6]. - The domestic semiconductor industry is poised for growth, with significant potential for expansion in computing power and advanced manufacturing processes [6].

Core Insights - OpenAI has begun utilizing Google-made AI chips, specifically Tensor Processing Units (TPUs), for its products including ChatGPT, marking a significant shift from its previous reliance on NVIDIA chips [1][2] - This collaboration indicates OpenAI's strategy to diversify its suppliers, as it has historically depended on NVIDIA for both training AI models and executing inference calculations [1] - OpenAI anticipates that leasing TPUs from Google Cloud will help reduce inference-related costs, potentially positioning TPUs as a cheaper alternative to NVIDIA GPUs [1] Group 1 - The partnership between OpenAI and Google represents a surprising collaboration between two major competitors in the AI field, aimed at addressing OpenAI's growing computational needs [1] - Morgan Stanley has released a report supporting Google, suggesting that if the agreement is confirmed, it would reflect Google's confidence in its long-term search business and accelerate the growth of Google Cloud, with a valuation exceeding 18 times [1] Group 2 - For Google, this collaboration coincides with its efforts to expand the external availability of its self-developed TPUs, which were previously used mainly for internal projects [2] - The partnership has attracted interest from other tech giants like Apple and competitors of ChatGPT, indicating a broader market interest in Google's TPU technology [2] - However, Google has reportedly not leased its most powerful TPU models to OpenAI, indicating a strategy to reserve its advanced versions for internal projects, including its own Gemini large language model [2]

Core Insights - The report highlights the recent developments in the financial market, including the performance of major indices and sector trends [4][12]. - It emphasizes the impact of government policies on various industries, particularly in the context of digital assets and environmental initiatives [6][8]. Financial Market Overview - The Shanghai Composite Index closed at 3424.23, down 0.7%, while the Shenzhen Component Index rose by 0.34% to 10378.55 [4]. - The report notes a total trading volume of 15,411 billion, with 3,227 stocks rising and 1,662 falling, indicating a slight contraction in market activity [12]. Industry Developments - Hong Kong has introduced a new digital asset policy, accelerating the ecosystem for stablecoin applications, with related stocks including Jingbeifang (002987) and Sifang Jingchuang (300468) [8]. - The offshore engineering equipment industry is being catalyzed by new policies, with companies like Hailanxin (300065) and Yaxing Maolian (601890) positioned to benefit [8]. - Platinum prices have surged to a 10-year high, significantly outpacing gold, with related stocks such as Gebijia (835438) and Guiyan Platinum (600459) highlighted [8]. Company Focus - Wenkang New Energy (688779) is focusing on the development of solid-state battery materials, achieving cumulative shipments of over 100 kilograms for some products [10]. - Zhongji Renjian (301508) has established a testing facility for new energy batteries, capable of meeting the demands for solid-state battery testing [10]. - Changliang Technology (300348) is actively researching digital solutions related to stablecoins [10]. Market Review and Outlook - The report indicates that the market is experiencing a slight contraction, with a notable performance in industrial metals and technology sectors, while banking and oil sectors are facing declines [12][13]. - The report suggests that the market is showing resilience, with strong support levels for the Shanghai Composite Index, indicating a lower probability of significant downturns in the short term [12]. - There is a strong interest in technology sectors such as chips and lithium batteries, suggesting a continued aggressive investment approach in these areas [13].

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自techxplore 。 纽约大学坦登工程学院的研究人员创建了 VeriGen，这是第一个成功训练生成 Verilog 代码的专用人 工智能模型，Verilog 代码是一种描述芯片电路如何运作的编程语言。 该研究刚刚获得了 ACM 电子系统设计自动化学报 2024 年度最佳论文奖，肯定了它在自动化创建传 统上需要深厚技术专业知识的硬件描述语言方面的重大进步。 "通用人工智能模型不太擅长生成 Verilog 代码，因为互联网上可供训练的 Verilog 代码非常少，"该 研究的主要作者、纽约大学坦顿分校电气与计算机工程系 (ECE) 教授 Siddharth Garg 表示。Garg 教授同时还在纽约大学无线项目和纽约大学网络安全中心 (CCS) 任教。"这些模型在 GitHub 上表现 良好的编程语言（例如 C 和 Python）上往往表现良好，但在 Verilog 等表现较差的语言上表现往往 要差得多。" 与Garg一起，由纽约大学坦顿分校博士生、博士后研究员以及教员Ramesh Karri和Brendan Dolan- Gavitt组成的团 ...