6月10日上午，申万宏源2025资本市场夏季策略会揭开序幕。申万宏源证券执委会成员、申万宏源研 究董事长周海晨在主论坛致开幕辞，申万宏源研究总经理王胜主持主论坛。 本次会议以"沧海横流方显英雄本色"为主题，设置了1场主论坛及12个分论坛，涵盖资产配置、人工 智能与芯片、金融创新、投行赋能硬核科技、能源与材料、金融地产、高端制造、新消费、量化、港 股等市场关注焦点。近500家上市公司高管与2200余名投资者齐聚一堂，会议期间将进行700余场线下 交流。 周海晨：全球去美元化加速 中国科技力量崛起 申万宏源证券执委会成员、研究所董事长周海晨在致辞时表示，当前正处在全球政治经济格局重塑的 关键时点。受美国政策稳定性下降和美国经济增长承压的双重影响，去美元化成为当前全球投资者关 注的焦点，国际资本快速从美国流向其它市场，其中德国、中国香港市场成为跨境资金净流入的主要 区域。年初以来，恒生科技指数已累计上涨超20%，是全球表现最强劲的指数之一。2020年以来全球 资本加速向美国市场聚集的趋势正呈现出明显的扭转态势。 聚焦国内，周海晨认为，当前正处在"十四五"规划收官和"十五五"规划制定的重要衔接点，经济增长 动能持续夯 ...

09:57 6月12日周四，A股震荡盘整，沪指小幅下跌，创业板拉升走高，光模块（CPO）、光芯片等活跃，多元金融拉升。 港股恒指、恒科指低开低走，生物医药股反弹，新消费三宝走高，地平线机器人跌超4%。债市方面，国债期货早盘 集体下跌。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | M | 3398.94 | -3.38 | -0.10% | | 399001 | 深证成指 | | 10223.73 | -22.29 | -0.22% | | 399006 | 创业板指 | my | 2064.82 | 2.95 | 0.14% | | 000300 | 沪深300 | | 3885.09 | -9.53 | -0.24% | | 000016 | FJF50 | | 2685.06 | -7.07 | -0.26% | | 000680 | 科创综指 | My | 1188.78 | 0.47 | 0.04% | | 000688 | 科 원 20 | | 977 ...

金 融 期 货 研 究 2025 年 6 月 12 日 期指：靴子落地，或转震荡整理走势 | maolei@gtht.com | | --- | | 投资咨询从业资格号：Z0011222 | | 毛磊 | 【期指期现数据跟踪】 期指数据 | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3894.63 | ↑0.75 | | 2572.2 | | | | | | IF2506 | 3878.8 | ↑0.89 | -15.83 | 803.8 | 69002 | ↑4507 | 115340 | ↑3257 | | IF2507 | 3839.4 | ↑0.87 | -55.23 | 120 | 10407 | ↑4340 | 22692 | ↑3889 | | IF2509 | 3812.2 | ↑0.94 | -82.43 | 292.3 | 25538 | ↑3425 | 88500 | ↑3143 | | IF2 ...

6月12日，A股早盘弱势震荡，截至9:36，沪指跌0.33%，深证成指跌0.45%，创业板指跌0.15%。 东方证券认为，综合来看，尽管中美贸易关系趋于缓和，但仍难言终局，反复震荡仍是主基调。同时行情主线轮换较快，投资者还需以轮动思维来博弈热点 行情。 盘面上，量子科技板块走高，格尔软件、吉大正元涨停；油气板块拉升，准油股份涨停；AI眼镜概念走强，比依股份涨停；多元金融板块冲高，南华期货 涨停。下跌方面，港口航运、养殖、保险、军工等板块跌幅居前。 展望后市，银河证券表示，短期来看外贸环境压力缓解，市场风险偏好有望延续回暖。当前处于A股上市公司业绩空窗期，关注政策落地节奏与外部环境边 际变化的影响。 热门板块 1、油气板块震荡拉升 油气板块震荡拉升，准油股份涨停，潜能恒信、科力股份、洲际油气、通源石油、贝肯能源、中海油服等跟涨。 点评：消息面上，中东局势一夜升级，伊朗威胁说如果核计划谈判失败将袭击美国基地，北京时间今日凌晨，美国命令一些工作人员离开驻巴格达大使馆， 并允许军人家属离开中东。隔夜WTI原油期货大涨5.2%，最终收于68美元/桶上方，创下去年10月份以来的最大涨幅。 | | 油气设备服务(02003 ...

Group 1 - Over 90% of billion-level private equity funds have achieved positive returns this year, with an average return exceeding 7% as of May 31 [1] - Quantitative private equity funds have shown exceptional performance, with a 100% positive return rate [1] - The average return for 50 billion-level private equity funds in May was 2.73%, with 96% of these funds achieving positive returns [1] Group 2 - The issuance of asset-backed securities (ABS) by insurance asset management companies has exceeded 150 billion yuan, marking a year-on-year growth of over 40% [2] - The ABS covers various asset types, including consumer finance, microloans, and supply chain assets, aligning with the long-term investment needs of insurance funds [2] - The growth of this business is expected to accelerate, providing funding support for real economy development [2] Group 3 - Over 40 trillion yuan of interbank certificates of deposit are set to mature in June, putting pressure on banks' liabilities [3] - Despite short-term disturbances, the liquidity situation remains controllable, with the central bank's actions stabilizing market expectations [3] - The overall liquidity is expected to maintain a "stable yet disturbed" trend [3] Group 4 - The issuance of special bonds for land reserves has surpassed 100 billion yuan this year, reaching 108.35 billion yuan [3] - This increase in bond issuance is aimed at stabilizing the real estate market and optimizing land resource allocation [3] Group 5 - The price of glyphosate has been rising, with the average market price reaching 23,700 yuan per ton, a 2.6% increase from early May [4] - The industry gross profit margin has improved significantly, indicating a positive outlook for leading companies in the glyphosate sector [4] - The demand for glyphosate is expected to grow due to seasonal exports and increasing planting areas of genetically modified crops [4] Group 6 - XPeng Motors' CEO expressed that competition in the automotive industry will become increasingly fierce over the next five years, emphasizing the need for significant R&D investment [4] - The company plans to allocate approximately 4.5 billion yuan for AI-related R&D this year, with total R&D expenses nearing 10 billion yuan [4] - XPeng aims for profitability in the fourth quarter despite high R&D costs, indicating confidence in its financial performance [4] Group 7 - Jinzhongzi Wine has removed "liquor" from its business scope, leading to speculation about a potential diversification into other alcoholic beverages [7] - The company clarified that this change is merely a standardization of expression and does not indicate a shift in its business focus [7] Group 8 - Kingsoft Cloud announced the departure of its CFO, with plans to appoint a new CFO to ensure a smooth transition in financial management [8] - This change may be related to the company's strategic adjustments, although specific reasons have not been disclosed [8] Group 9 - Jia Bi You is undergoing a high-premium acquisition of Ou Yi Biological, with the transaction plan being modified twice, raising concerns about goodwill impairment [9] - The company has issued multiple announcements regarding the acquisition, indicating ongoing scrutiny from regulatory bodies [9]

Core Viewpoint - The quantum technology sector is experiencing a strong upward trend, with companies like Jida Zhengyuan and Geer Software hitting their daily price limits, indicating significant investor interest and market momentum [1] Group 1: Market Performance - Quantum technology stocks showed strong performance in early trading, with Jida Zhengyuan and Geer Software both reaching their daily limit up [1] - Other companies in the sector, such as Keda Guokuan, Shenzhou Information, Dahua Intelligent, and Guodun Quantum, also experienced price increases, reflecting a broader market enthusiasm for quantum technology [1] Group 2: Industry Developments - On June 11, during the VivaTech 2025 event, NVIDIA CEO Jensen Huang stated that quantum computing is at a turning point, suggesting a pivotal moment for the industry [1] - NVIDIA plans to collaborate with various quantum computing companies worldwide, indicating a strategic move to enhance its position in the quantum technology landscape [1]

Core Viewpoint - The quantum technology sector is experiencing significant stock price increases, driven by positive developments in quantum computing and strategic partnerships announced by industry leaders [1] Group 1: Stock Performance - Companies such as Geer Software (603232) and Jida Zhengyuan (003029) have reached their daily price limits, indicating strong investor interest [1] - Other companies in the sector, including Shenzhou Information (000555), Keda Technology (300520), Xiongdi Technology (300546), and Xin'an Century, have also seen notable price increases [1] Group 2: Market Drivers - Nvidia CEO Jensen Huang highlighted that quantum computing is reaching a turning point during his speech at GTC Paris, suggesting a pivotal moment for the industry [1] - Nvidia plans to collaborate with various quantum computing companies globally, which may enhance innovation and investment in the sector [1] Group 3: Investment Trends - There is a noticeable influx of dark pool capital into quantum technology stocks, indicating growing institutional interest and potential for further price appreciation [1]

①美国5月CPI低于预期通胀压力缓解 美国5月消费者价格指数（CPI）环比上涨0.1%，低于预期的0.2%，同比上涨2.4%，低于预期的2.5%。 核心CPI环比上涨0.1%，低于预期的0.3%，同比上涨2.8%，与前值持平。核心CPI升幅连续第四个月低 于预期，显示企业努力限制将关税成本转嫁给消费者。这一数据表明美国通胀压力有所缓解，可能为美 联储货币政策调整提供空间。交易员加码押注美联储9月启动降息，特朗普再次敦促美联储降息。 评论员徐广语：美国5月CPI低于预期的关键驱动因素包括能源价格环比下跌1%，以及汽车、服装等商 品价格下滑，抵消了住房成本上涨的贡献；特朗普政府关税政策尚未对通胀产生显著影响，显示当前通 胀回落主要受需求疲软和供应链改善推动。数据公布后，市场加大了对美联储9月降息的押注，可能降 息两次；这强化了通胀趋缓下货币政策转向宽松的预期，但核心通胀仍高于2%目标，美联储或维持谨 慎立场。展望未来，若能源和关税冲击持续弱化，通胀可能延续下行趋势，为降息创造空间。 国都证券投资顾问陈兆凌：美国近期经济数据波动较大，投资者对美联储降息预期不断摇摆。由于美元 信用减弱，近几个月来看，相关消息对A股市 ...

Industry Overview - The global multiphysics software industry is at the intersection of technological innovation and industrial transformation, with a market size projected to reach approximately $4.1 billion in 2024, representing a year-on-year growth of 7.89% [1][13] - The integration of cloud computing, artificial intelligence, and quantum computing is emerging as a major trend in the technology sector [1][13] - ANSYS Cloud has reduced fluid-structure coupling simulation time by 40% through GPU acceleration technology, while Siemens Simcenter has achieved a 50% reduction in design iteration cycles for wind turbine blades by leveraging digital twin technology [1][13] Industry Development History - The Chinese multiphysics software industry has undergone four main stages: 1. The initial stage before 2010, where core technologies relied on international vendors, and domestic applications were limited to high-end manufacturing [4] 2. The technology accumulation period from 2010 to 2015, marked by national emphasis on industrial software and the establishment of special funds to support simulation software development [4] 3. The self-innovation breakthrough period from 2016 to 2020, where domestic platforms achieved commercial viability and expanded applications beyond the power equipment sector [5] 4. The ecosystem construction period from 2021 to present, characterized by explosive market growth and a focus on technological innovation and ecosystem collaboration [6] Industry Chain - The upstream of the multiphysics software industry includes hardware devices, basic software, and technical resources, while the midstream involves software development and solution integration [8] - The downstream applications span various sectors, including industrial manufacturing, energy, electronics, academia, and research institutions [9] Market Size - The global multiphysics software market is projected to reach approximately $4.1 billion in 2024, with a year-on-year growth of 7.89% [1][13] - The industry is witnessing significant advancements in technology, with ANSYS Cloud experiencing a 47% annual growth rate [15] Key Companies' Performance - Domestic companies like Cloud Road Intelligent Manufacturing and Chipray Microelectronics are breaking through technological barriers through independent research and development [15] - ANSYS and COMSOL dominate the high-end market, with ANSYS holding over 60% market share in automotive collision safety after acquiring LS-DYNA [15][17] - The market is seeing a shift towards cloud-based solutions, with ANSYS Cloud's subscription model lowering the entry barrier for small and medium enterprises [15] Industry Development Trends 1. Accelerated technological integration is driving breakthroughs in simulation accuracy and efficiency, with cloud computing and edge computing reshaping simulation paradigms [21] 2. The renewable energy revolution is becoming the largest incremental market, with significant applications in battery thermal management and wind turbine design [22] 3. The restructuring of ecosystems is accelerating, with policies supporting the development of domestic software and increasing the procurement ratio of domestic software in leading enterprises [23]

【观网财经丨智能早报 6月12日】 马斯克后悔发布涉特朗普贴文，后者回应 当地时间10日，美国企业家、政府效率部前负责人马斯克在其社交平台表示，他对上周发表的一些关于 美国总统特朗普的帖子感到后悔，称"内容说得太过了"。"我对上周（发布的）关于特朗普总统的一些 帖子感到后悔。太过了。"马斯克在最新帖文中说。 对此，特朗普回应称，"我认为他这样做非常好。"（央视新闻） 钉钉产研负责人离职时发万字长文谈阿里，马云回应 6月11日消息，近日钉钉产研负责人元安（花名）离职时在阿里内网发表了近万字长文，谈及阿里的发 展历程、现存问题及相关建议。阿里创始人马云对该帖作了回复。 元安提到，阿里的使命是让天下没有难做的生意，愿景是成为一家活102年的好公司。自己当初也是受 这一使命感召加入阿里。但他十五年走下来，发现外部社会舆论和阿里内部员工心态，都发生了巨大改 变，已经失去了以前那种要为社会带来美好改变的梦想。 对于元安的分析与建议，马云在阿里内网回复称，"元安同学好，谢谢你那么长的信，写得很好。好像 人的成长，阿里的发展也有很多必然要走的路和过程，阿里巴巴在发生变化之中。祝福你，也希望经常 回来看看。"（智通财经） 喜马 ...