Core Viewpoint - The A-share market experienced fluctuations with mixed performance across major indices, driven by strong performance in the shipbuilding sector and cross-border payment stocks, while the power and rare earth sectors saw gains in the afternoon session [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.02%, while the Shenzhen Component and ChiNext Index fell by 0.7% and 1.21% respectively, with a total trading volume of approximately 1.23 trillion yuan and 3,255 stocks closing in the green [1] - The strong performance of the 2025 interim report pre-announcement sector indicates growth momentum in new economic fields, with expectations for the market's mid-term fluctuation center to continue rising [1] Group 2: Individual Stock Highlights - Power stocks saw significant gains, with Huaguang Huaneng (600475) hitting the daily limit for the third consecutive day, and leading controllable nuclear fusion stock Rongfa Nuclear Power also reaching the daily limit [2][4] - The cross-border payment concept stock Jingbeifang achieved two consecutive daily limits, while Qingdao Jinwang and Xinyada also hit the daily limit [2] Group 3: Investment Strategies - According to a report by China International Capital Corporation, three investment themes are highlighted: sectors benefiting from consumption upgrades, high-growth opportunities with low correlation to economic cycles, and industries that have achieved supply-side clearing in a recovering economy [2] - The report emphasizes the importance of focusing on sectors such as AI, white goods, engineering machinery, and industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail transit equipment [2] Group 4: Power Sector Insights - The power sector saw a collective surge, with biomass energy generation, grid equipment, and virtual power plants among the top gainers [4] - The National Energy Administration reported that the maximum national power load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June, marking a historical high [7] - China Galaxy Securities' mid-term strategy report for the power industry suggests focusing on investment opportunities in the power sector, driven by declining coal prices, attractive dividend yields for hydropower stocks, and clear revenue expectations for nuclear power [7]

Core Viewpoint - The company has officially launched its QDII business, with the first fund focusing on Hong Kong's technology assets, reflecting a strategic move to tap into the growing demand for diversified investment options among residents [1][2]. Group 1: QDII Business Launch - The company has become the 54th domestic public fund to obtain QDII qualifications, with a QDII quota of 50 million USD, and has implemented a comprehensive risk management framework for this business [1][2]. - The first QDII fund, the Western Li De Hang Seng Technology Index Fund, is set to be issued on July 9, aiming to capture the investment value of core quality technology assets represented by the Hang Seng Technology Index [1][3]. Group 2: Fund Management Team - The fund will be co-managed by Hu Chao and Tong Guolin, both seasoned professionals with extensive experience in international investment management [2]. - Hu Chao has over 9 years of experience in overseas securities market investment management, while Tong Guolin has 30 years of experience in the securities industry, including over 7 years managing public funds [2]. Group 3: Investment Strategy and Market Outlook - The company is optimistic about the investment value of Hong Kong stocks, particularly in the technology sector, due to the potential for valuation recovery and the growth of the AI industry [3][4]. - The company believes that China's strong national power, policy determination, and resilient economy will attract overseas investors to allocate more towards Chinese assets, with Hong Kong stocks being favored due to their liquidity and currency stability [3][4]. - The ongoing AI-driven industrial revolution presents significant opportunities, with many promising companies emerging in China's AI industry across various segments [4].

证券研究报告 | 行业定期报告 2025 年 07 月 06 日 海外推出股票 RWA，国内无人物流产业深化 计算机周观察 20250706 TMT 及中小盘/计算机 稳定币&RWA 海内外同步推进，无人物流产业化进展不断，AI 大模型、应用发 展持续推进。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.6 | | 总市值（十亿元） | 3465.4 | 3.9 | | 流通市值（十亿元） | 3049.4 | 3.7 | 行业指数 % 1m 6m 12m 绝对表现 5.8 16.1 64.0 相对表现 2.8 10.6 48.4 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 120 Jul/24 Oct/24 Feb/25 Jun/25 (%) 计算机 沪深300 1、《AI 及无人化聚焦落地，重视稳 定币及 RWA 金融创新——计算机行 业 2025 年 中 期 投 资 策 略 》 2025-06-30 2、《香港虚拟资产服务相关牌照梳 理——计算机周观察 20250629》 2025-06-29 ...

但咱得拎清楚啊，高换手率就像火锅店里的热闹劲儿：看着红火，得看是真材实料还是营销噱头。有些票是因为行业政策出利好，机构和游资抢筹；可也不 排除个别小票靠概念炒作拉人气，就跟路边摊喊麦似的，看着热闹但没啥真东西。就说这涨幅居前的诚邦股份，做生态修复的，突然放量大涨，您得看看是 不是业绩真有拐点，还是纯靠市场情绪推着走。 作为熬了20年的老江湖，我送大伙儿两句实在话：第一，中长线投资咱得看"地基"，别被短期换手率晃花眼。就像盖房子，热闹的施工场面重要，但钢筋水 泥的质量更关键，得盯着公司的护城河、现金流和行业地位。第二，高换手的板块里确实藏着机会，但得学会"沙里淘金"。比如电力设备里的储能细分赛 道，既有政策托底又有业绩增长，这就比纯炒概念的靠谱多了。 最后提醒一句：换手率就像股市的"体温表"，高烧不退时得警惕是不是"虚火"。咱宁可错过一波短期热闹，也别在概念炒作里当了接盘侠。投资这事儿，跟 煲汤似的，得耐住性子等火候，您说对吧？ 大伙儿周末好啊，我是帮主郑重。这礼拜A股有个事儿挺惹眼——97只股票换手率齐刷刷超过100%，北方长龙更是飙到257%，这量能放得跟开闸放水似 的。好多朋友私信问：这热闹背后到底藏着啥 ...

计算机 2025 年 07 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -22% 0% 22% 43% 65% 86% 108% 2024-07 2024-11 2025-03 计算机 沪深300 相关研究报告 《稳定币迎来"奇点"时刻，产业大 趋势已至—行业深度报告》-2025.6.30 《重视稳定币和AI两大产业趋势—行 业周报》-2025.6.29 《跨境通上线，重视跨境支付机会— 行业点评报告》-2025.6.22 稳定币和 AI 产业持续催化 ——行业周报 | 陈宝健（分析师） | 李海强（分析师） | | --- | --- | | chenbaojian@kysec.cn | lihaiqiang@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790524070003 | 市场回顾： 本周（2025.6.30-2025.7.4），沪深 300 指数上涨 1.54%，计算机指数下跌 1.28%。 周观点：稳定币和 AI 产业持续催化 巨头积极布局，政策持续加码，稳定币迎来"奇点"时刻 7 月 4 日，央行有关负责同志参加国务院政策例行吹风 ...

Group 1: Tariff Policy and Trade Relations - The Trump administration's tariff policy is characterized by unpredictability, with plans to impose tariffs of up to 50% on the EU and 35% on Japan, significantly higher than previously announced rates, increasing global trade uncertainty [1] - The tariff negotiations with India have stalled, with India planning retaliatory tariffs against the U.S. due to the impact of U.S. tariffs on its exports, indicating a breakdown in talks [1][2] - The contrasting outcomes of U.S.-China trade relations and the U.S.-Vietnam trade agreement highlight the chaotic nature of the Trump administration's tariff strategy [2] Group 2: Economic Impact and Forecasts - Goldman Sachs reported that while the tariff policies have disrupted global trade, they have not yet severely impacted the global economy, with economic growth in major developed and emerging markets exceeding expectations [3] - However, Goldman Sachs predicts that the direct effects of tariffs may slow economic activity later in the year, despite a rebound in economic activity and investment expectations due to improved global liquidity [3] Group 3: Energy Policy Changes - The passage of the "Big and Beautiful Act" by the U.S. Congress will eliminate tax subsidies for clean energy projects not operational by the end of 2027, potentially leading to a 20% decline in clean energy capacity over the next decade and increasing electricity prices [4] - This legislation may undermine the competitiveness of the U.S. in the clean energy sector and pose risks to the development of the AI industry, contradicting the projected growth in electricity demand [4] Group 4: Labor Market and Monetary Policy - The U.S. non-farm payroll data for June exceeded expectations with an addition of 147,000 jobs and a drop in the unemployment rate to 4.1%, increasing the likelihood that the Federal Reserve will maintain interest rates in July [5] - The probability of the Fed keeping rates unchanged is as high as 94.8%, while the chance of a rate cut is only 5.2%, indicating a cautious stance from the Fed amid signs of a cooling labor market [5][7] Group 5: Overall Economic Outlook - The U.S. economy is currently in a period of uncertainty, influenced by the erratic tariff policies, adjustments in energy policy, and the Federal Reserve's cautious approach, all of which heighten economic risks [11] - The impending tariff deadline and potential implementation of "reciprocal tariffs" are expected to further increase market volatility and impact the Fed's monetary policy direction [11]

2025 年 7 月 5 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 构建跑赢中证 500 的分析师组合 ——开源量化评论（110） 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 券商十大金股与业绩超预期的选股信息 何申昊（分析师） 证书编号：S0790524070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股 ...

证券代码：300870 证券简称：欧陆通 债券代码：123241 债券简称：欧通转债 深圳欧陆通电子股份有限公司 2、公司三大业务经营进展情况？ 电源适配器业务方面，公司 2024 年实现营业收入 16.73 亿元，同比增长 4.96%。2024 年全球消费电子市场整体仍处 于需求相对偏弱状态，公司积极拓展新市场和新客户，电源 适配器营收实现正增长。电源适配器业务毛利率为 18.26%， 同比下降 1.84 个百分点，主要系行业景气度低迷，部分产 品价值量及毛利率水平有所下降影响。 数据中心电源业务方面，公司 2024 年实现营业收入 14.59 亿元，同比增长 79.95%，对营业收入贡献的比例继续 提高，成为推动公司营收增长的主要因素。其中，高功率数 据中心电源业务实现营收 7.80 亿元，较去年同期大幅增长 536.88%，占数据中心电源业务整体收入的比例提升至 53.48%，保持强劲增长势头。数据中心电源业务毛利率为 25.04%，同比增加 5.49 个百分点，主要系高功率服务器电 源产品出货占比提升，产品结构改善，盈利能力优化。 投资者关系活动记录表 编号：（2025-07） | | 特定对象调研 ...

"（之前）要是囤货了，我就发财了。"深圳华强北一名销售内存条的商家说，在近一个月时间里，用 DDR4颗粒制成的内存条价格涨了近一倍，市场上有不少人提前得到原厂停产的消息，于是提前囤货。 DDR4是第四代双倍数据速率SDRAM。DRAM则是动态随机存取存储器，属于当前最主要的两种存储颗 粒之一。DDR4制成的内存条目前主要的应用场景包括电脑、服务器等。大约两个月前，市场上有原厂停 产DDR4的传闻，当时DDR4的价格已在波动上涨。随着6月美光确认DDR4/LPDDR4X停产计划，DDR4 价格又迎来一波迅猛上涨。 不过，记者近日在深圳华强北走访了解到，当前，在经历了价格翻倍后，DDR4价格出现了"高位横盘"的 现象，价格波动已经不大，但也没有出现大幅度回调的迹象。如今DDR4的价格已经与第五代DDR5的价 格相近。 迅猛涨价 DDR4涨价持续近两个月。据TrendForce集邦咨询数据，4月初，DDR4 16G 3200现货均价为3.97美 元。从价格变化曲线看，5月底，该产品价格开始超过6美元，6月12日起，价格曲线开始"冲天"。最新报 价对比4月初的报价，该产品在不到一个季度的时间里价格涨幅超200%。 2 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in the convertible bond market, with the China Convertible Bond Index reaching a ten-year high, driven by strong performance in the A-share market and a favorable investment environment for convertible bonds [1][2][3]. - The China Convertible Bond Index has seen a year-to-date increase of 7.18%, with a notable rise of over 22% since September 24, 2024, indicating strong market momentum [2]. - The convertible bond market is characterized by low volatility and low drawdown, attracting continuous inflow of new capital, which is expected to further enhance investment experiences [2][3]. Group 2 - Several funds tracking convertible bonds have reported positive returns this year, with the top-performing fund, China Europe Convertible Bond A, achieving a return of 13.11% [4][5]. - A total of 14 convertible bond funds have recorded returns exceeding 10%, showcasing the strong performance of this asset class [4][5]. - The performance of convertible bond ETFs has also been commendable, with returns exceeding 7% for the Bosera China Convertible Bond ETF and over 5% for the Haifutong Shanghai Investment Grade Convertible Bond ETF [5]. Group 3 - The supply-demand imbalance in the convertible bond market is a key factor supporting the rising valuations, with supply expected to contract while demand continues to grow [2][3]. - Historical data indicates that most convertible bonds exit through conversion to equity rather than actual repayment, suggesting manageable credit risk in the current market environment [3]. - The market's confidence in convertible bonds has strengthened due to reduced risks of delisting or default, further enhancing investor sentiment [3].