转自：新华财经 新华财经北京7月2日电（胡晨曦）A股三大指数7月2日集体震荡调整，创业板指领跌。盘面上，海洋经 济概念股集体大涨，神开股份、巨力索具、东方海洋等近20股涨停；光伏概念股震荡反弹，亚玛顿等涨 停；代糖概念股表现活跃，保龄宝、百龙创园涨停。下跌方面，多元金融板块走低，爱建集团跌停；芯 片概念股集体调整，台基股份等多股跌超5%。沪深两市半日成交额8497亿，较上个交易日缩量1109 亿。 中泰证券：一季度饮料在快消品中保持领先增长，销量景气、价格承压但好于其他品类，显示其需求韧 性。基本面支撑饮料在当前消费环境下防御属性强，年初以来软饮料子板块涨幅明显跑赢食饮板块。二 季度末到三季度软饮料行业迎来旺季催化，企业加大冰柜陈列、新品发布、终端促销等活动，即将进入 经营成色检验期，建议把握行业龙头。 中信证券：拥抱创新驱动和国际化+自主可控+院外营销模式改革将是下半年相对更有确定性的布局方 向。考虑到创新药板块除海外斩获外，新增国内政策大力支持，有望带动板块稳步向上。建议横向维度 上，下半年围绕创新驱动和国际化+自主可控+院外营销模式改革三个领域进行布局，尤其是最具贝塔 效应的创新药领域。 消息面上 国家 ...

Market Overview - The A-share market experienced a slight decline with over 3200 stocks in the red, as the Shanghai Composite Index fell by 0.04%, the Shenzhen Component Index by 0.42%, and the ChiNext Index by 0.84% [1] - Overall market sentiment remains weak, with a lack of strong fundamentals and fragmented capital expectations, leading to short-term speculative behavior [1][6] Sector Performance - **Banking Sector**: Strong performance with banks like China Construction Bank and Shanghai Pudong Development Bank reaching new highs [1] - **Marine Economy**: Stocks related to the marine economy surged, with companies like Giant Sway and ShenKong Co. hitting the daily limit [2] - **Aquaculture**: The aquaculture sector also showed strength, with stocks like China National Fisheries reaching the daily limit [1] - **Engineering Machinery**: The sector saw a rise, with Southern Road Machinery hitting the daily limit [1] - **Solar Energy**: The photovoltaic sector was active, led by glass and silicon materials, with Yamaton hitting the daily limit [1][3] - **Declining Sectors**: Multi-financial concept stocks fell sharply, with Aijian Group hitting the daily limit down, and the semiconductor industry chain also faced a pullback [1] Institutional Insights - **Shenwan Hongyuan**: Predicts that positive factors will accumulate between 2026-2027, indicating a potential bull market, but acknowledges the current market is still distant from a bull market initiation [4] - **Xinda Securities**: Anticipates possible market fluctuations in July, but believes the extent will be manageable. A shift towards optimism in earnings or policy could lead to a return to a bull market in late Q3 or Q4 [5] - **Orient Securities**: Emphasizes that the current market lacks a solid foundation for a broad rally, with short-term hotspots remaining speculative [6]

Market Overview - The market experienced a turbulent adjustment in the morning session, with the ChiNext Index leading the decline, down 0.84% [1] - The total trading volume in the Shanghai and Shenzhen markets was 849.7 billion, a decrease of 110.9 billion compared to the previous trading day [1] Sector Performance - Ocean economy concept stocks surged collectively, with over 10 stocks, including Jili Rigging, hitting the daily limit [1] - Solar energy concept stocks showed a rebound, with stocks like Yamaton also reaching the daily limit [1] - Sugar substitute concept stocks were active, with Baolingbao hitting the daily limit [1] - In contrast, semiconductor concept stocks faced a collective adjustment, with multiple stocks, including Taiji Co., dropping over 5% [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.04%, the Shenzhen Component Index decreased by 0.42%, and the ChiNext Index dropped by 0.84% [1][2]

A股午评：创业板指半日跌0.84% 海洋经济概念股集体上扬 金十数据7月2日讯，A股三大指数早盘集体下跌，截至午间收盘，上证指数跌0.04%，深证成指跌 0.42%，创业板指跌0.84%；北证50跌0.94%。沪深两市成交额约8497.16亿元，较前一个交易日缩量约 1109.04亿元。截至午盘，全市场1939只股票上涨、3248只股票下跌，其中48只涨停、5只跌停。板块题 材上，海洋经济概念股集体大涨，巨力索具等10余股涨停。光伏概念股震荡反弹，亚玛顿等涨停。代糖 概念股表现活跃，保龄宝涨停。芯片概念股集体调整，台基股份等多股跌超5%。板块方面，海洋经 济、代糖概念、光伏、有色金属等板块涨幅居前，芯片、华为海思、CPO、脑机接口等板块跌幅居前。 ...

Group 1 - The central government emphasizes the need to regulate low-price disorderly competition among enterprises, guiding them to improve product quality and promote the orderly exit of backward production capacity [1] - The recent meetings highlighted the importance of strengthening product consistency checks and enforcing anti-unfair competition laws, as well as the need for government guidance, industry self-discipline, and corporate action to address "involution-style" competition [1] - The price of polysilicon futures surged over 5% to 34,490 yuan/ton, while industrial silicon futures rose by 3.32% to 8,090 yuan/ton, indicating a positive market reaction [1] Group 2 - The photovoltaic sector and steel sector showed significant gains, with the Kexin New Energy ETF (588830.SH) rising by 0.27% [2] - Major component stocks within the ETF, such as Daqo New Energy, JinkoSolar, and Trina Solar, experienced notable increases in their stock prices, with Daqo New Energy up by 9.45% [2] - The Kexin New Energy Index reflects the performance of 50 large-cap listed companies in the photovoltaic, wind power, and new energy vehicle sectors, with photovoltaic equipment accounting for 47.60% and batteries for 39.3% of the index [2]

消息面上，经历抢装潮短期提振后，光伏玻璃再次进入价格下行区间，头部企业或将发起新一轮联合减 产以稳定市场价格。据业内人士透露，由于目前需求低迷及持续亏损情况下，部分光伏玻璃企业采取减 产或者冷修工作，整体产能呈现下降趋势。 新能源车方面，车企集中公布了6月成绩单，比亚迪继续雄踞榜首，6月销量超38万辆；小鹏汽车交付量 同比增224%，连续8个月超3万台。鸿蒙智行全系交付5.3万辆，零跑汽车交付4.8万辆，均再创新高。理 想汽车交付3.6万辆，同比下降24%。极氪连续四个月销量超4万台；小米汽车交付超2.5万台；蔚来交付 2.5万辆。 华泰证券指出，25年1-5月主流整车企业销量目标完成率普遍在25-45%之间，比亚迪、吉利、赛力斯完 成度高，Q3预计"淡季不淡"。对多品牌的全年销量目标进行统计，国内传统车企和新势力车企平均目 标达成率为35%/30%。比亚迪、吉利、小鹏、零跑达成率超越24年同期，其中吉利、小鹏目标达成率较 高，在40%以上。该机构认为，补贴政策和新能源车优质供给周期（银河A7、方程豹钛7、小鹏G7、理 想i8、零跑B01等）共振，预计Q3-Q4自主品牌销量趋势及市占率持续向上。 截至2025 ...

这几只票暗盘资金正在偷偷流入，立即查看>> 光伏设备板块盘初活跃，亚玛顿（002623）涨停，大全能源、凯盛新能（600876）、通威股份 （600438）、东方日升（300118）多股高开。据智通财经报道，由于目前需求低迷及持续亏损情况下， 部分光伏玻璃企业采取减产或者冷修工作，整体产能呈现下降趋势。 ...

中材科技 20250701 摘要 光伏板块受益于 LDK 电子部带来的紧急度和扩圈效应，以及下游 AV 链 条的推动，电子属性是热度高涨的关键因素，下游市场变化迅速，新规 划频繁出台。 高端光伏产品市场由中材科技、红核及部分国际公司主导，凭借技术、 成本和客户关系优势占据重要地位，其他公司多处于测试或未供货阶段。 光伏板块价格相对稳定，上下游企业有长期合作关系，不会因短期紧缺 而大幅提价，更关注新产品进入主流供应链及全体系打法。 中材科技在光伏行业占据绝对龙头地位，是唯一一家拥有完整技术路径 并得到下游高度认可的企业，其二代产品已进入主流供应链。 技术路线不确定性导致供应链对未来放量情况存在不确定性，过度宣传 提价不合理，但目前价格相对稳定，放量趋势明显，去年上半年价格达 到峰值，今年上半年价格保持稳定。 二代产品目前行业规模较小，仍处于备货状态，但对未来渗透率提升持 乐观态度；三代产品仍在送样过程中，技术路线尚未完全确定。 需求展望方面，行业每月出货量快速增长，预计到 2025 年底可能达到 1,000-1,200 万米/月，到 2026 年底有望达到 3,000-4,000 万米/月， 根本驱动因素是新需 ...

Group 1: IPO Activity - A-share IPO activity has surged in the first half of 2025, with a total of 177 companies accepted for listing, marking a significant increase compared to previous years [1] - In June alone, 150 companies were accepted, accounting for over 80% of the total for the first half of the year, setting a new monthly record [1] - The increase is attributed to the gradual easing of the "phase tightening IPO" policy and the withdrawal of non-compliant applications, which has reduced pressure on exchanges and improved acceptance and review efficiency [1] Group 2: Federal Reserve Signals - Federal Reserve Chairman Jerome Powell indicated that most committee members expect a rate cut later this year, depending on economic data [3] - Following Powell's comments, the probability of a rate cut in July rose to approximately 25%, up from less than 20% previously [3] - Goldman Sachs predicts that the Fed will restart rate cuts in September, with expected cuts of 25 basis points in September, October, and December [3] Group 3: Automotive Industry Performance - BYD reported June sales of 382,500 new energy vehicles, up from 341,700 in the same month last year, with a cumulative sales increase of 33.04% year-on-year [8] - Great Wall Motors sold 110,700 vehicles in June, a year-on-year increase of 12.86%, with a total of 197,700 vehicles sold in the first half of the year [8] - Xiaomi's automotive division delivered over 25,000 vehicles in June [8] Group 4: Innovation in Pharmaceuticals - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data for drug research [10] - The measures aim to enhance collaboration among healthcare, insurance, and pharmaceutical sectors to facilitate innovative drug development [10] Group 5: Corporate Developments - He Yuan Bio's IPO application has been approved, marking the first company to pass under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [14] - The company plans to raise 2.4 billion yuan for projects including the construction of a human albumin industrialization base and new drug research [14] - Zhongke Environmental announced the acquisition of 100% equity in two environmental companies for a total of 354 million yuan, expanding its waste treatment capabilities [19]

Core Viewpoint - The photovoltaic glass industry is facing significant challenges due to oversupply and declining prices, prompting major manufacturers to collectively reduce production by 30% to address supply-demand imbalances [1][2]. Industry Overview - The photovoltaic glass sector is experiencing a continuous increase in production capacity, but demand is weak due to reduced component orders, leading to inventory accumulation [2]. - The average net profit for the photovoltaic glass industry has dropped to a historical low of negative 362 yuan per ton, indicating severe profitability issues [1]. Production Adjustments - Major photovoltaic glass manufacturers have decided to implement a collective production cut of 30% to improve the supply-demand balance, with expectations that this adjustment will take time to stabilize the industry [1][2]. - Some companies, such as 福莱特 and 旗滨集团, have indicated that they are currently operating normally and have not yet received formal reduction notices, suggesting variability in production responses among firms [2]. Future Projections - Analysts predict that the photovoltaic industry may see a significant reduction in production in the second half of the year, with potential cuts of 10% to 15% expected, and daily melting capacity could decrease to around 90,000 tons by year-end [3]. - The industry is anticipated to improve by 2025, driven by supportive policies from both supply and demand sides [3]. Related Companies - 凯盛新能 is investing approximately 1.399 billion yuan in a new project to build a 2000t/d photovoltaic component ultra-thin packaging material production line [4]. - 信义光能 is expected to benefit from potential supply-side reforms in the solar energy sector, particularly regarding polysilicon pricing [4]. - 福莱特玻璃 has had its earnings forecasts downgraded by 15%, 10%, and 9% for 2025-2027 due to unexpected production from second and third-tier companies, but is still expected to see significant quarterly earnings increases due to rising product prices [5][6].