【导读】沪深北三大交易所6月30日新增受理41家IPO企业 见习记者 舍梨 A股IPO久违的"受理潮"又出现了。 6月30日，2025年上半年最后一天，沪深北三大交易所共新增受理41家IPO企业。其中，北 交所受理了32家公司的IPO，深交所受理了4家公司的IPO，上交所受理了5家公司的IPO，均 为科创板项目。这也成为今年以来受理数量最多的一天。 从单月来看，6月IPO新受理数量达到150家，占今年全年受理总数的85%，创下今年以来单 月新高。截至目前，2025年A股已受理177家企业，已超去年全年受理总数。 民生证券投行事业部保荐代表人吴超在接受记者采访时表示，从常规流程来看，6月份受理数 量集中增加有其合理性。企业以2024年年报作为财务基准日进行申报后，需依次完成财务核 查、审计、内核、辅导验收以及申请文件撰写等一系列IPO必要程序，完成这些流程通常需要 较长时间。此外，2024年IPO整体呈现阶段性收紧态势，数量处于较低水平，属于一种异常 状态。如今，IPO受理数量的增加，正是市场逐步恢复常态化的体现。 6月IPO受理迎来高峰 今年6月，沪深北三地交易所集中受理一批IPO企业，已超过前5个月的总和。 ...

器色盒属数据日报 | 2025/07/01 | | 国贸期货出品 ITG 国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宇慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 节子勖 | F03094002 | Z0020036 | | | 远月合约收盘价 (元/吨) | RB2601 | HC2601 | 12601 | J2601 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | 6月30日 | 3015.00 | 3128.00 | 690. 00 | 1442.50 | 861.00 | | | 涨跌值 | 18. 00 | 7.00 | 2. 00 | -8. 50 | -14.00 | | | 涨跌幅(%) | 0.60 7 | 0.22 | 0. 29 | -0. 59 | -1.60 - | | | 近月合约收盘价 | RB2510 ...

Core Viewpoint - The opening of the third set of standards for the ChiNext board and the fifth set for the Sci-Tech Innovation board has created a favorable environment for unprofitable companies to go public, but the actual number of such listings is expected to remain limited due to high standards and the preference for Hong Kong listings among many companies [1][4][9]. Group 1: Recent Developments - As of June 29, four unprofitable companies have had their IPO applications accepted in a short span, including DaPuWei on the ChiNext board and three others on the Sci-Tech Innovation board [2][4]. - Currently, there are 14 unprofitable companies in the queue for IPOs, with half of them having been accepted before the "827 new policy" in 2023 [2][5]. Group 2: Market Sentiment and Future Outlook - Despite the recent acceptance of unprofitable companies, industry insiders believe that a large influx of such listings is unrealistic in the short term due to stringent standards that require strong technological attributes [5][7]. - The four recently accepted companies are all in the semiconductor sector and are leaders in their respective niches, indicating a trend towards high-tech industries [6][7]. Group 3: Company Performance - DaPuWei, while unprofitable, has shown significant improvement in its financials, with net losses decreasing from 617 million yuan in 2023 to 191 million yuan in 2024, suggesting it may soon meet the profit requirements for the ChiNext board [6]. - Other companies like Zhaoxin Integrated and Shanghai Super Silicon have not shown similar financial improvements, but they are focused on breaking international monopolies in their fields [6][7]. Group 4: Hong Kong vs. A-Share Market - Many unprofitable companies that initially planned to list in Hong Kong are unlikely to switch back to the A-share market due to the perceived certainty of Hong Kong listings [8][9]. - Among the unprofitable companies that have applied for Hong Kong listings, several had previously failed in their A-share IPO attempts, indicating a trend of companies seeking more reliable listing options [8].

【紫金矿业12亿美元收购金矿，"收购—盈利—再收购"模式持续】6月30日早盘，紫金矿业公告，计划 12亿美元收购哈萨克斯坦Raygorodok大型金矿。这是其年内继加纳Akyem金矿后的又一笔黄金矿产资源 并购。 今年3月业绩说明会上，董事长陈景河指出黄金是未来投资并购重要方向。加上收购藏格矿业控 股权，上半年外部并购金额超220亿元。 上半年，在股权激励、分拆黄金资产港股上市等运作下，紫金 矿业股价创新高。截至半年度收官，其涨幅达30.85%，总市值超5000亿。 6月29日，旗下新加坡子公司 金哈矿业与Cantech签约，收购RG金矿100%权益。该矿位于哈北部，是在产矿山，基础设施完备。 2022 - 2024年，RG金矿产金分别为2吨、5.9吨和6吨，2024年现金成本796美元/盎司。紫金矿业称其盈 利能力强，并购当年可贡献产量和利润。 通过改进措施，RG金矿产量及效益有望提高。4月公司刚完 成加纳Akyem金矿并购，两矿年产量超5吨，排公司金矿前五位。 两矿收购短期内为紫金矿业带来12吨 黄金增量，助力实现年度目标。中期也为"2028年矿产金100 - 110吨"目标提供支撑。 受益于铜、金价格 ...

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views of the Report - The stock market sentiment is warm, and the bond market continues to fluctuate. For stock index futures, sentiment is positive with healthy long - short position changes; for stock index options, a covered defense strategy is recommended; for treasury bond futures, the bond market is expected to continue to fluctuate in the short term [1]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Market Conditions**: IF, IH, IC, and IM's current - month basis, inter - period spreads, and positions changed. The Shanghai Composite Index fluctuated higher on Monday, with small - cap sentiment remaining active. Large - cap stocks retreated after capital congestion, and funds flowed to small - cap stocks. IM saw healthy long - short position changes, with a significant decrease in positions and wider intraday discounts [7]. - **Logic**: Geopolitical risks eased, the tariff deadline was postponed, and the market shifted its focus to internal profit improvement as the interim report announcements approached. - **Operation Suggestion**: Continue to allocate long IM contracts [7]. - **Outlook**: Oscillating upward 3.1.2 Stock Index Options - **Market Conditions**: The equity market oscillated upward with sectoral divergence. Although sentiment indicators rose with the underlying assets, the trading volume in the options market declined significantly, and trading liquidity was lower than expected [7]. - **Logic**: In a low - liquidity derivatives market, sentiment indicators showed synchronicity but no guiding effect. Implied volatility only corresponded to daily market fluctuations, and all varieties showed a decline in volatility in the morning. - **Operation Suggestion**: Adopt a covered defense strategy [7]. - **Outlook**: Oscillating 3.1.3 Treasury Bond Futures - **Market Conditions**: Treasury bond futures closed down across the board. T, TF, TS, and TL's main contracts changed by - 0.16%, - 0.10%, - 0.05%, and - 0.43% respectively. Trading volume, positions, inter - period spreads, cross - variety spreads, and basis all had corresponding changes [3][8][9]. - **Logic**: The central bank's second - quarter policy statement was positive, the end - of - month capital tightened, the June PMI was better than expected, and the stock - bond seesaw effect was evident. At the beginning of the month, the capital may seasonally loosen, but the central bank may be cautious in liquidity injection, and the supply of new local bonds in July may remain high [3][9][10]. - **Operation Suggestion**: For trend strategies, maintain an oscillating view; for hedging strategies, focus on short - hedging at low basis levels; for basis strategies, appropriately focus on basis widening; for curve strategies, steepening the curve in the medium term has higher odds [10]. - **Outlook**: Oscillating 3.2 Economic Calendar - The official manufacturing PMI in China in June was 49.7, better than the previous value of 49.5. The US will release the June ISM manufacturing index on July 1st, the June unemployment rate and non - farm payrolls change on July 3rd [11]. 3.3 Important Information and News Tracking - **Domestic Bond Market**: As of the end of May, overseas institutions' custodial balance in the Chinese bond market was 4.4 trillion yuan, accounting for 2.3% of the total. In the inter - bank bond market, the balance was 4.3 trillion yuan. Overseas institutions held 2.1 trillion yuan of treasury bonds, 1.2 trillion yuan of negotiable certificates of deposit, and 0.8 trillion yuan of policy - bank bonds [11]. - **Overseas Macroeconomy**: The US Senate procedurally voted to pass the "Great Beauty" tax and spending bill pushed by President Trump. The bill is estimated to increase the US federal government's debt by about $3.8 trillion in the next 10 years [12]. 3.4 Derivatives Market Monitoring - The report mentions data on stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided text.

Group 1 - The core viewpoint of the article is that the recent rebound in the US stock market is supported by fundamental improvements, driven by three key factors: earnings expectations revision, a shift in Federal Reserve policy expectations, and a reduction in geopolitical and policy risks [1][10][12] Group 2 - Earnings expectations have significantly improved, with the breadth of earnings revisions rising from a low of -25% in mid-April to -5%, indicating a strong recovery in corporate earnings outlook [3][5] - Historical data suggests that similar V-shaped recoveries in earnings revisions often lead to strong market returns over the following 12 months [5] - The preference for large-cap quality stocks, represented by the "Magnificent Seven," continues to lead in earnings revisions and stock performance, while small-cap stocks lag behind historical highs [7][14] Group 3 - The market is increasingly pricing in potential interest rate cuts by the Federal Reserve, with Morgan Stanley predicting up to seven rate cuts by the end of next year, which could support stock valuations in the second half of this year [10][11] - Employment market data will be a key trigger for the Fed's policy shift, with significant private sector job growth below expectations potentially prompting earlier rate cuts [11] Group 4 - Geopolitical risks have eased, with oil prices dropping 14% since June 19, reducing inflationary pressures and potential threats to the business cycle [13] - The removal of concerns regarding the "capital tax" clause from the "Big Beautiful" plan alleviates risks related to foreign direct investment in the US [13] Group 5 - The current stock risk premium is at a 20-year low, while earnings risk is at a 20-year high, indicating a notable contradiction that warrants attention [14] - Long-term prospects remain optimistic, with AI-driven productivity improvements expected to contribute an additional 30 basis points to S&P 500 net profit margins by 2025-2026, expanding to 50 basis points by 2027 [16]

Core Viewpoint - The company's FY25 earnings fell below expectations, with a revenue of HKD 79.3 billion, a year-on-year decrease of 3%, and a net profit of HKD 3.25 billion, a year-on-year increase of 2% [1] Financial Performance - FY25 revenue was HKD 79.3 billion, down 3% year-on-year - FY25 net profit was HKD 3.25 billion, up 2% year-on-year, but below expectations - The decline in performance was primarily due to underperformance in joint venture earnings, which fell 37% year-on-year to HKD 441 million, and a 31% increase in income tax expenses to HKD 993 million due to reduced tax refunds [1] - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the same level as the previous year, with a total annual dividend of HKD 0.50 per share [1] Sales and Margins - FY25 urban gas sales were 23.52 billion cubic meters, remaining stable year-on-year - Residential gas sales decreased by 2.1%, while commercial and industrial gas sales increased by 3.7% and 1.0%, respectively - The gross margin was HKD 0.537 per cubic meter, an increase of HKD 0.036 year-on-year - The company added 1.4 million residential connections, a decrease of 16.5% year-on-year [1] Cash Flow and Investments - FY25 investment cash outflow was HKD 1.78 billion, down 74.8% year-on-year, mainly due to the recovery of loans from joint ventures and a reduction in capital expenditures by approximately HKD 1.4 billion [1] Future Outlook - The trend of improving gross margins is expected to continue until FY27 - For FY26, the company anticipates a 2% year-on-year increase in urban gas sales and a gross margin of HKD 0.55 per cubic meter, driven by an increase in residential pricing ratios [1] Debt and Financial Management - As of the end of FY25, the company's net debt (excluding trade-related financing) was approximately HKD 47.8 billion, showing a slight decrease from FY24 - The company is expected to maintain control over capital expenditures, indicating that the debt level has likely peaked [2] - FY25 saw an increase in receivables provision of HKD 568 million, with ongoing pressure expected in FY26 due to uncertainties in the real estate sector [2] Dividend and Valuation - The company maintained a dividend payout ratio of 83.3% in 2024, with expectations for stable dividends of HKD 0.50 per share over the next 2-3 years, translating to a dividend yield of approximately 6.8% based on the closing price on June 27 [2] - Earnings forecasts for FY26 have been revised down by 32% to HKD 3.285 billion, with FY27 earnings projected at HKD 3.449 billion [2] - The current stock price corresponds to a P/E ratio of 12.2x for FY26 and 11.6x for FY27, with a target price adjustment of 9.1% down to HKD 8, indicating an upside potential of 8.8% [2]

Core Viewpoint - The U.S. stock market is experiencing a significant rally, with the S&P 500 index rising nearly 24% since mid-April, prompting discussions about the sustainability of this bull market [1] Group 1: Corporate Earnings Improvement - The primary driver for the continued rise in U.S. stocks is the improvement in corporate earnings, with recent upward revisions in earnings forecasts for S&P 500 constituents [3] - The breadth of earnings improvement is expanding beyond just technology giants, as indicated by the ERB indicator, which has rebounded from -25% in mid-April to -5% currently [3] - Historical data suggests that such turning points often signal a strong return outlook for the market, with large-cap quality stocks benefiting first, followed by small-cap and lower-quality stocks [3] Group 2: Federal Reserve Monetary Policy Expectations - A shift in expectations regarding Federal Reserve monetary policy is the second catalyst supporting the rise in U.S. stocks, with predictions of up to seven interest rate cuts by 2026 [4] - The market tends to react proactively to anticipated changes in monetary policy rather than waiting for explicit signals [4] - While there are risks associated with rising unemployment potentially disrupting market optimism, this scenario is not included in Morgan Stanley's baseline forecast [4] Group 3: Market Resilience to External Shocks - The strong resilience of the U.S. stock market in absorbing external shocks is the third pillar supporting its future performance, mirroring historical trends following geopolitical conflicts [5] - The easing tensions between Iran and Israel and the subsequent decline in international oil prices have reduced energy cost threats to the economic cycle [5] - The potential removal of "retaliatory tariffs" from tax reform legislation is expected to boost market confidence, alongside a decrease in the yield premium on U.S. Treasuries, indicating alleviated concerns about U.S. fiscal health [5] - Morgan Stanley maintains a target of 6,500 points for the S&P 500 index over the next 12 months, provided that the 10-year Treasury yield remains below 4.5% [5]

Group 1 - The core viewpoint of the articles is that recent reforms by the China Securities Regulatory Commission (CSRC) are revitalizing the capital market, particularly for hard technology and unprofitable companies, by reintroducing listing standards that enhance inclusivity and adaptability [2][4][5] - The CSRC announced the reactivation of the fifth set of standards for the Sci-Tech Innovation Board (STAR Market) and the introduction of a third set of financial standards for the ChiNext board, aimed at supporting high-quality unprofitable tech companies to go public [2][3] - Market participants express renewed confidence in investing in previously overlooked sectors, with a consensus that the reintroduction of these rules sends a positive signal for the listing of hard tech and unprofitable companies in the A-share market [2][4] Group 2 - The first company to utilize the newly reintroduced fifth set of standards, He Yuan Biological, is set to have its IPO meeting on July 1, marking a significant milestone after a two-year hiatus [3] - Investment banks are actively adjusting their strategies to focus on emerging sectors, particularly in artificial intelligence, commercial aerospace, and low-altitude economy, as they anticipate a surge in IPO applications from tech companies that were previously hesitant [4][5] - The expansion of applicable standards is seen as a gradual process, with expectations that it will eventually encompass a broader range of emerging industries, thereby enhancing the growth trajectory of these companies [5][6] Group 3 - The reactivation of the fifth set of listing standards is viewed as a significant support for high-growth unprofitable tech companies, with expectations that it will improve exit channels and optimize the investment environment [8][9] - Investment firms are increasingly focusing on the market size, technological leadership, and future alignment of unprofitable companies with market demands as key criteria for evaluation [5][9] - The policy changes are expected to foster a positive ecosystem for investment in unprofitable tech companies, encouraging a new wave of listings and investments in innovative sectors [8][9]

Group 1 - The U.S. stock market is extending its strong spring performance into summer, with the S&P 500 index reaching a historical high of 6201 points, driven by expectations of Federal Reserve rate cuts, reduced tariff risks, and potential tax and fiscal stimulus plans from Congress [1] - Concerns are rising about whether corporate earnings can support the recent market gains, as the S&P 500 is currently trading at a high valuation with a price-to-earnings ratio of 22.8, which is considered expensive historically [1][2] - Nearly half of the 11 major sectors in the S&P 500 are expected to see flat or declining earnings, with significant growth concentrated in the communication services and information technology sectors [2] Group 2 - The total earnings for S&P 500 constituents in Q2 are projected to grow by 5.9% year-over-year, reaching approximately $529 billion, while the index itself has risen about 10% since the end of March, outpacing earnings growth [2] - The equity risk premium, which measures the compensation investors require for taking on risk, is currently at 2.4 percentage points, the lowest level since the early 2000s, indicating limited demand for risk compensation despite high valuations [3] - Market volatility is near its yearly low, with the Cboe VIX index at 16.62, suggesting traders expect lower daily fluctuations in the S&P 500 compared to earlier in the year [3]