Market Overview - On July 1, 2025, the A-share market exhibited a mixed performance with significant differentiation among the three major indices. The Shanghai Composite Index closed at 3457.75 points, up 13.32 points or 0.39%, with a trading volume of 553.6 billion yuan, indicating strong support from large-cap blue-chip stocks [2][3] - The Shenzhen Component Index closed at 10476.29 points, up 11.17 points or 0.11%, with a trading volume of 912.5 billion yuan, reflecting the overall performance of various enterprises in the Shenzhen market [2][3] - The ChiNext Index fell by 5.09 points or 0.24%, closing at 2147.92 points, with a trading volume of 444.4 billion yuan, showing relative weakness influenced by fluctuations in technology growth stocks [2][3] Sector Performance - The pharmaceutical and biotechnology sector emerged as the biggest highlight of the day, surging after the National Healthcare Security Administration introduced measures to support the high-quality development of innovative drugs. Notable stocks included Yangpu Medical, which hit a 20% limit up within 8 minutes, and several others like Seli Medical and Guizhou Bai Ling also reached their limit up [4][5] - The semiconductor sector also showed strong performance, particularly in the photolithography machine segment, with the sector index rising nearly 3% and reaching a historical high. Stocks like Blue Ying Equipment and Changqing Technology saw significant gains [6][7] Market Dynamics - Despite the strong performance in certain sectors, others such as diversified finance, software development, and communication services faced declines. The previously popular digital currency and solid-state battery sectors also experienced corrections as market enthusiasm waned, leading to profit-taking and valuation adjustments [8] - The total trading volume in the Shanghai and Shenzhen markets was 1.49657 trillion yuan, a decrease of 20.5 billion yuan from the previous trading day, indicating a cautious stance from market participants as they navigate the beginning of the second half of the year [8] Capital Flow - There was a noticeable shift in capital flow, with main funds moving away from previously high-performing sectors to those with high earnings certainty and strong policy support, such as pharmaceuticals and technology [10] - The market is expected to continue presenting structural opportunities amid fluctuations, supported by macro-level policy benefits and potential liquidity measures from the central bank [10] Investment Opportunities - The technology sector remains a key focus, particularly in AI and semiconductor industries, which are expected to benefit from increasing penetration and domestic substitution trends. Companies like SMIC and Cambrian are positioned for growth [12] - The consumer sector, especially in electric vehicles and smart home appliances, is also highlighted for potential growth, with companies like BYD and Midea Group expected to capitalize on market demand [12]

Group 1: Semiconductor Industry - The semiconductor sector is experiencing significant growth, with companies like Moer Thread and Muxi Integrated Circuit having their IPO applications accepted, indicating a strong focus on domestic substitution [3] - The National Big Fund has invested 114 billion in the semiconductor industry, and predictions suggest that by 2030, mainland China will become the largest wafer foundry center globally, highlighting a substantial industry upgrade [3] - Companies with high technical barriers and clear orders, such as Xuanji Information, which has produced AI inference chips supporting 130 billion parameters, are positioned well for long-term growth [3] Group 2: Nuclear Power Sector - Google has made a historic purchase of 200 megawatts of fusion power, marking a significant step towards commercializing fusion energy [4] - State-owned enterprises like China National Petroleum and China National Nuclear Corporation are heavily investing in this area, ensuring a high level of order certainty for components under the new infrastructure logic [4] - Companies like Great Wall Electric and Sichuan Electronics, which are core suppliers of nuclear power equipment, have secured substantial orders, with one Shanghai nuclear enterprise recently obtaining over 50 billion in orders [4] Group 3: Military Industry - The military sector is seeing increased activity, with companies like Great Wall Military experiencing significant stock price increases, driven by government support for strategic emerging industries [4] - The demand for marine engineering and underwater intelligent equipment is rising, as evidenced by the surge in orders for companies like China Shipbuilding [4] - A dual strategy of "event-driven + performance verification" is recommended for investing in military stocks, particularly those with expected asset injections [4] Group 4: Innovative Pharmaceuticals - The innovative pharmaceutical sector is revitalizing, with companies like Anglikang and Shutaishen reaching historical highs following new policies from the Medical Insurance Bureau that support R&D and payment pathways [4] - Companies with significant clinical value, such as Frontline Bio's anti-HIV drug and Rongchang Bio's ADC drug, are highlighted as worthy of long-term tracking [4] - Caution is advised against companies that are merely concept-driven, emphasizing the importance of those with substantial pipelines entering Phase III clinical trials [4] Group 5: Market Trends and Strategies - Key investment themes include domestic substitution in semiconductors, commercialization breakthroughs in nuclear power, policy benefits in the military sector, and payment reforms in innovative pharmaceuticals [5] - The strategy emphasizes low-position entry over chasing high prices, the importance of technical barriers in determining holding periods, and the need for policy catalysts to align with performance verification [5]

Core Insights - The article highlights the rapid development of the domestic analog chip industry in China, driven by the transition from a "demographic dividend" to an "engineer dividend" in the economy [1] - Texas Instruments (TI) has established itself as a leader in the analog chip market, with a significant market share following its acquisition of National Semiconductor [1] - The analog chip sector is characterized by high technical and talent barriers, making it a challenging field for new entrants [1][6] Group 1: Analog Chip Overview - Analog integrated circuits (ICs) are essential for processing continuous signals and are widely used across various industries, including consumer electronics, automotive, and 5G [2] - The analog chip market can be divided into application-specific standard products (ASSPs) and general-purpose chips, with ASSPs accounting for approximately 50% of the market [3] - The market for power management chips is larger than that for general signal chain chips, with power management chips crucial for voltage regulation in electronic devices [4] Group 2: Challenges in the Analog Chip Industry - The analog chip market is fragmented with a vast array of product types, making it difficult for new entrants to meet diverse customer needs [6] - The lengthy R&D cycle and significant talent barriers pose challenges for companies looking to innovate in the analog chip space [7] - Companies must develop core competencies in technology breakthroughs, product development, and international market strategies to succeed [7] Group 3: Domestic Advancements in Analog Chips - Chinese companies have made significant strides in the analog chip sector, particularly in the ADC (Analog-to-Digital Converter) market, which has been dominated by TI and ADI [8][9] - Domestic firms like Xinwei Microelectronics and HiSilicon have launched competitive ADC products, narrowing the gap with international leaders [8][9] - The establishment of collaborative platforms and laboratories is further promoting the development of domestic analog chip technology [9] Group 4: Mergers and Acquisitions in the Industry - Domestic analog chip companies are pursuing mergers and acquisitions to enhance product lines and market presence [10][11] - Recent acquisitions, such as those by Sireen and Naxin Micro, indicate a trend towards platform-based strategies in the industry [11][12] - The consolidation of smaller firms through M&A is seen as a viable path for growth and competitiveness in the analog chip market [13]

Core Insights - The Chinese medical device industry is projected to reach a market size of 1.2 trillion yuan by 2024, with logistics warehouse space totaling 23.58 million square meters and over 40,000 vehicles for medical logistics transportation [1] - The government is enhancing policy support for the medical device industry, focusing on expediting clinical trials and approvals for innovative medical devices [2][3] - Companies are actively expanding their market presence and capabilities in response to policy incentives and growing market demand [4][5] Industry Growth and Policy Support - The State Council has issued opinions to reform drug and medical device regulation, aiming to shorten clinical trial and registration timelines, particularly for high-end devices like medical robots and brain-computer interfaces [2] - Local governments, such as Zhejiang and Shanxi, are implementing measures to support innovation in medical devices, including expedited approval processes and enhanced healthcare coverage for innovative products [2][3] Company Strategies and Market Expansion - Companies like Di'an Diagnostics are leveraging AI and data to enhance their product offerings, with their AI pathology model achieving clinical-grade standards [4] - Kangji Medical's surgical robot has been approved for market release, marking a significant step in domestic production capabilities and reducing reliance on imports [4] - Yingte Group is investing in a modern pharmaceutical supply chain park to improve logistics capabilities, indicating a trend towards digital and intelligent solutions in the medical supply chain [5] - The medical device sector is becoming a key area for diversified growth among listed companies, driven by aging populations and supportive policies [5]

证券分析师：王艺熹 021-60893204 wangyixi@guosen.com.cn S0980522100006 证券研究报告 | 2025年7月1日 转债市场研判及"十强转债"组合 2025年7月 投资策略 · 固定收益 国信宏观固收 证券分析师：赵婧 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 02 2025年7月转债配置策略 联系人：吴越 021-60375496 wuyue8@guosen.com.cn 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 2025年6月转债市场回顾 03 2025年7月"十强转债"组合 请务必阅读正文之后的免责声明及其项下所有内容 • 股市方面，6月权益市场震荡上涨，尤其下旬在中东局势缓和、以及稳定币、小米汽车、军 贸等多项热点题材的催化之下，沪指再次站上3400点，截至6月27日沪指收于3424.2，全月 涨1.85%。申万一级行业多数收涨，受产业订单预期向好拉动的通信（+12 ...

Group 1 - The A-share technology sector experienced a strong opening on July 1, with the semiconductor industry chain leading the gains, particularly in areas such as photolithography machines and advanced packaging [1][7] - Several stocks, including Kai Mei Te Qi and Hai Li Shares, reached their daily limit, while Blue Ying Equipment surged over 16% and Jiu Ri New Materials increased by over 5% [2][3] - The semiconductor and chip concepts have seen a wave of limit-up stocks, with significant gains in the photolithography machine sector, which has risen over 11% in the last seven trading days [4][5] Group 2 - Recent market rumors suggest a major breakthrough in domestic EUV photolithography machines, with reports indicating that the National Integrated Circuit Industry Investment Fund is adjusting its focus to address key shortcomings in photolithography machines and EDA software [7] - The Chinese government emphasizes the importance of technological self-reliance, with recent meetings highlighting the need to accelerate breakthroughs in core technologies and enhance national security [8][9] - The semiconductor wafer manufacturing equipment market in mainland China is projected to reach over 230 billion yuan in 2024, with a year-on-year growth of 19.4% [9] Group 3 - SEMI forecasts that by 2025, the self-sufficiency rate of domestic chip equipment will reach 50%, with full coverage of 14nm processes, reducing dependence on equipment from the US, Japan, and Europe [10] - The outlook for domestic substitution is promising, with strong momentum in the artificial intelligence sector, and J.P. Morgan predicts a potential 15%-20% increase in Asian tech stocks this year [11] - Minsheng Securities notes that the high-end photolithography machine market is currently dominated by ASML, Nikon, and Canon, indicating a significant market opportunity for domestic breakthroughs in certain categories [13] Group 4 - The domestic semiconductor industry is experiencing a wave of mergers and acquisitions, with companies across various sectors, including materials, equipment, and chip design, actively pursuing consolidation strategies [14] - Mergers are seen as a core strategy for companies to quickly acquire key technologies and maintain market competitiveness, especially in the context of accelerating domestic substitution [15]

Group 1 - The core index, the CSI Semiconductor Materials and Equipment Theme Index, rose by 0.78% as of July 1, 2025, with notable increases in constituent stocks such as LianTong Technology (up 5.79%) and ZhongChuan Special Gas (up 5.19%) [1] - The Semiconductor Materials ETF (562590) also saw a rise of 0.72%, with the latest price reported at 1.12 yuan, and a cumulative increase of 2.69% over the past week [1] - Moer Thread Intelligent Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise approximately 8 billion yuan, marking the largest IPO of the year [1] Group 2 - The Semiconductor Materials ETF closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies deeply involved in the semiconductor materials and equipment sectors [2] - The index features leading companies that have made significant breakthroughs in domestic substitution processes, such as North Huachuang and Zhongwei Company in etching equipment, and Hu Silicon Industry and Nanda Optoelectronics in key materials [2] - The ETF reflects the overall performance of listed companies in the semiconductor materials and equipment sectors, highlighting the trend of self-sufficiency and upgrading within the semiconductor industry [2]

半导体作为现代电子技术的核心材料，一直是战略新兴产业的代表，国内半导体面临美国的围追堵截，但在政策扶持下持续攻坚。 不少国产半导体龙头先后登陆科创板上市，用高研发投入驱动业绩增长。 科创半导体ETF(588170)正是聚焦于科创板半导体龙头的指数投资工具，自今年4月上市以来，持续受到市场关注。 01 半导体行业是什么？ 在A股里，半导体一直是一个热度居高不下的板块。 在2019-2021那波大行情里，吃药喝酒半导体就被称为股市的三驾马车，一时风头无两。 投资时间稍微长一些的朋友应该还有印象：国产替代和自主可控就是在这一轮行情里成为了驱动半导体板块的长期逻辑。 而在2023年后，伴随着人工智能的强势崛起，算力需求驱动半导体板块再次升温。同时，海外供应时不时的受限也成为了半导体板块的"例行"催化剂，比 如一条深夜的推特发言。 （来源：中商产业研究院，民生证券） 设备方面，主要环节国产化率不足30%，其中光刻机更是不到1%。 尽管半导体板块一直都很"热闹"，但由于这个行业门槛较高，又离生活比较远，很多朋友可能并不是特别熟悉。 其实，半导体指室温下导电性能介于导体与绝缘体之间的材料。正是由于这种可导可不导的可控导电性 ...

Core Insights - Shanghai Jier New Materials Technology Co., Ltd. is positioned as a leader in the modified engineering plastics sector, focusing on innovation to break international technology monopolies and reshape the automotive parts industry [1][2] - The company has achieved significant advancements in modified nylon 66 materials, enhancing performance in extreme temperatures and high humidity, thus improving production efficiency and reliability [2][3] - Jier New Materials emphasizes a complete closed-loop system in R&D, production, certification, and standard formulation, achieving international quality standards and gradually replacing imported materials [3] Company Overview - Established in 2010, Jier New Materials specializes in high-performance structural safety materials for the automotive industry, targeting the mid-to-high-end market with core products including modified PA6, PA66, PP, and PPO [2] - The company has gained recognition from major automotive manufacturers such as Mercedes-Benz, Volvo, Volkswagen, and BYD, establishing a strong market reputation [2] Innovation and Development - The company has developed high-temperature, corrosion-resistant, and high-toughness materials for new applications in electric vehicles, 5G communication modules, and autonomous driving components [3] - Jier New Materials has set a new industry benchmark with a 98% qualification rate in early projects, gaining the trust of major automotive players [3] Social Responsibility and Future Plans - The company integrates social responsibility into its development strategy, collaborating with universities for joint R&D and establishing a clean production system [4] - Looking ahead, Jier New Materials aims to focus on the new energy industry chain, including battery materials and 5G base station components, contributing to the evolution of China's manufacturing from import substitution to standard definition [4]

Core Insights - The development of dexterous hands is crucial for humanoid robots, serving as the "last centimeter" in their transition from rigid execution to intelligent interaction [1] - Tesla's Optimus humanoid robot, equipped with a 22-degree-of-freedom dexterous hand, is entering trial production, aiming for mass production of thousands by 2025, marking a significant milestone in the commercialization of this technology [1][3] Industry Overview - The global market for dexterous hands is projected to exceed $1.7 billion in 2024 and approach $2 billion in 2025, driven by the demand for humanoid robots [3] - The cost of dexterous hands currently accounts for approximately 17% of the total cost of humanoid robots, highlighting its role as a critical bottleneck for performance breakthroughs [3] Technological Advancements - The transition from simple two-finger grippers to humanoid multi-finger structures is being driven by increasing industrial demands for precision [3] - Innovations in drive solutions, such as the use of brushless gear motors and hybrid designs, are being explored to balance cost and torque requirements [7] - The integration of multi-modal sensors, including six-dimensional force sensors and flexible electronic skin, is enhancing the sensory capabilities of dexterous hands, allowing for near-human-level performance in tasks like assembly and adaptive grasping [8] Material Innovations - The use of ultra-high molecular weight polyethylene (UHMWPE) fibers is becoming mainstream for tendon systems, offering significant strength and durability advantages [10] - Chinese companies are rapidly advancing in the development of tendon systems, with innovations in anti-creep technology and self-lubricating coatings [11] Competitive Landscape - The supply chain for dexterous hands is evolving, with companies like Nanshan Zhishang and Tongyizhong entering the market with competitive products [11][14] - The upcoming mass production of Tesla's Optimus will serve as a critical test for the durability and reliability of these technologies in real-world applications [12]