Group 1 - The core viewpoint of the article highlights the active leverage funds in the A-share market, with financing balances exceeding 1.8 trillion yuan for nine consecutive days as of June 19 [1][4][6] - The pharmaceutical and biological industry continues to attract financing, with a net buying amount exceeding 1.3 billion yuan in the week, while the power equipment, oil and petrochemical, and computer industries also saw significant net buying [2][10][11] - Brokerages are optimistic about the performance of Chinese equity assets in the second half of the year, with foreign capital predicting that these assets will outperform overseas markets [3][12][14] Group 2 - The financing balance in the A-share market has shown fluctuations this year, peaking at 1.9 trillion yuan in mid-March and dropping below 1.8 trillion yuan until June 9, when it rose again [6][8] - From June 9 to June 19, daily financing buying amounts exceeded 100 billion yuan, with June 10 reaching a peak of 126.75 billion yuan [7] - The pharmaceutical sector led the net buying amounts, with a total of 6.244 billion yuan in net buying this month, despite experiencing negative net buying in the last three days of the week [10][9] Group 3 - The power equipment sector recorded a net buying amount of 843 million yuan, while the oil and petrochemical and computer industries followed closely with net buying amounts of 610 million yuan and 603 million yuan, respectively [11] - Various brokerages have released strategies for the second half of 2025, suggesting that the A-share market's central oscillation is expected to gradually rise, driven by fiscal stimulus and improved liquidity [12][13] - Analysts emphasize the importance of domestic consumption and self-sufficiency as key themes for the A-share market in the second half of the year, with a focus on sectors less reliant on imports from the U.S. [14]

Group 1 - The report highlights that the A-share market has been experiencing narrow fluctuations within the range of 3300-3400 for nearly two months, with low volatility in broad-based indices. The DDM framework indicates that while profits are still bottoming out, valuation support is provided by government measures to maintain wide credit [2][10][11] - The report emphasizes that there has been no overall strong style or rapid rotation in the market this year, with leading sectors being diverse, including consumption, growth, finance, and cyclical industries. This is attributed to three main factors: ongoing profit declines, the presence of both strengths and weaknesses in each style, and persistent uncertainties from overseas [3][20][23] - The current investment strategy suggests a focus on more granular sectors within major categories to avoid over-concentration. Key areas of interest include Delta G consumption, self-controlled technology, stable dividends, and gold as long-term strategic assets [4][26][28] Group 2 - The report outlines specific investment themes, such as Delta G consumption focusing on apparel, automobiles, retail, personal care, food, beverages, and new retail. The emphasis is on the marginal changes in profit growth rather than absolute values [4][26][27] - In technology, the focus is on self-controlled sectors and military applications, including AI, robotics, semiconductors, and military technology. The investment approach requires sensitivity to catalysts and a focus on domestic replacements [4][27] - The report identifies gold as a strategic asset benefiting from global uncertainties and suggests that the beginning of the third quarter will be an optimal time for gold allocation due to several converging factors, including the maturity of US debt and expectations of US interest rate cuts [4][28][29]

Group 1 - The China Securities Regulatory Commission (CSRC) has adjusted the market closure arrangements, allowing cutting-edge technology companies in artificial intelligence, commercial aerospace, and low-altitude economy to list on the Sci-Tech Innovation Board under the fifth set of standards [1] - The IPO market is not a threat, as evidenced by the nearly HKD 100 billion in IPOs in Hong Kong this year, with Hong Kong's market performance being stronger than A-shares [1] - The policy is seen as beneficial for the overall technology sector, promoting a virtuous cycle of "technology-capital-industry" to enhance self-sufficiency amid intense Sino-U.S. tech competition [1] Group 2 - The recent market decline confirmed the failure to break through the 3400-point level, which is viewed as a positive development, as a drop can be beneficial [3] - The market continued to show weak fluctuations, with banks, insurance, and liquor stocks providing support, but ultimately the indices fell back [3] - The trading volume decreased to 670 billion, indicating a lack of liquidity that could hinder market activity [4] Group 3 - The banking sector experienced a significant rise, with an average increase of nearly 1% [5] Group 4 - The ChiNext index fell by 0.84%, while liquor and shipping stocks performed well against the trend [7] - The market showed narrow fluctuations with a low opening, and the trading volume significantly shrank, indicating uncertainty about a market bottom [7] - Future market movements will be closely monitored, particularly around the 3316-3324 point range, with potential for a rebound in the latter half of the upcoming week [7]

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要（2025/06/20） 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/06/20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（6 月 13 日-6 月 19 日），重要指数纷纷收跌；其中，上证综指收跌 1.19%，创业板指收跌 1.95%； 风格层面，沪深 300 收跌 1.26%，中证 500 收跌 2.12%。成交量方面小幅缩量，两市统计区间内成交 6.33 万亿元，日均成交额达到 1.27 万亿元 ...

Group 1 - The report emphasizes the importance of abandoning illusions and tackling challenges head-on, highlighting the transition between old and new economic drivers, with a focus on domestic demand and technological innovation in sectors like AI, robotics, and semiconductors [3][13][36] - The report notes that while there are short-term risks, the long-term competitive advantages of Chinese exports are significant, with a record trade surplus of $1,127.1 billion as of May 2025, indicating a strong export trend [36][40] - The report discusses the increasing significance of the capital market, with expectations of a shift from a focus on liquidity to encouraging credit expansion, supported by recent policy changes aimed at stabilizing and activating the capital market [3][62][70] Group 2 - The report identifies key investment themes, including domestic consumption driven by policy support and the emergence of autonomous and controllable sectors, which are seen as vital for national strategy and economic resilience [4][5][30] - The report highlights the rapid growth potential of the marine economy, which is projected to contribute significantly to GDP, with a focus on deep-sea technology and green transformation initiatives [5][30] - The report outlines the expected growth in the humanoid robotics market, with a projected CAGR of over 80% from 2023 to 2028, indicating a strong investment opportunity in this sector [30][32]

Group 1 - The core point of the news is the acquisition of control over Haimer Technology by Fan Zhonghua, who invested 202 million yuan for a 5% stake and additional voting rights, totaling 28.02% of the voting rights [2][4][6] - The acquisition price was set at 7.9 yuan per share, which is the latest closing price before the suspension, indicating no premium was paid [4][12] - Fan Zhonghua's background includes a significant family enterprise, Yinghai Group, which has a strong presence in the cement industry, and he has transitioned from family business management to equity investment [12][13] Group 2 - Haimer Technology reported a revenue of approximately 600 million yuan in 2024, with a net loss of about 228 million yuan, indicating a significant decline in profitability [13][14] - The company aims to expand through mergers and acquisitions to seek new growth avenues, although there are currently no plans for asset injection from Fan Zhonghua [13][14] - The oil and gas equipment service industry is experiencing a shift from being driven by cycles to being driven by structural changes, presenting new growth opportunities [14]

Core Viewpoint - The recent policies introduced in Guangzhou, Zhuhai, and Shanghai reflect China's determination and action to accelerate breakthroughs in the semiconductor industry, emphasizing the importance of the integrated circuit sector for national technological self-reliance and competitiveness [1][9]. Guangzhou - Guangzhou aims to establish itself as a core area for China's integrated circuit industry, focusing on high-quality development through various measures, including enhancing chip design capabilities and supporting domestic production of core design tools [2][5]. - The policy includes financial support for companies developing high-end chips, with subsidies up to 5 million yuan for specific design projects [3]. - Measures also promote the localization of essential semiconductor materials and equipment, with subsidies for fixed asset investments exceeding 10 million yuan [4]. Zhuhai - Zhuhai has introduced ten measures to support the high-quality development of the semiconductor and integrated circuit industry, focusing on areas such as factory acquisition and advanced packaging [6][7]. - The policies encourage the development of the RISC-V ecosystem, with financial rewards for product development and sales achievements, aiming to foster innovation in key technology areas [6][7]. - The establishment of the RDSA industry alliance and the RISC-V application innovation center in Zhuhai highlights the city's commitment to building a robust RISC-V ecosystem [7]. Shanghai - Shanghai is enhancing its semiconductor industry by implementing a comprehensive strategy that focuses on the entire supply chain, from design to manufacturing and testing [8]. - The city plans to leverage a 100 billion yuan fund to support the development of the semiconductor sector, with a projected industry scale exceeding 390 billion yuan by 2024, marking a growth of over 20% [8]. - Recent initiatives include the establishment of a semiconductor materials laboratory and policies to support wide-bandgap semiconductor development, aiming to create a conducive environment for innovation and industry growth [9]. Overall Implications - The coordinated policies from Guangzhou, Zhuhai, and Shanghai collectively aim to enhance China's self-sufficiency and advancement in the semiconductor industry, fostering a competitive edge in the global market [9].

Core Viewpoint - The company reported a decline in revenue and an increase in losses for the year 2024, attributed to various factors including industry demand fluctuations, high costs, and asset impairment provisions [1][3][13]. Financial Performance - The company achieved operating revenue of 235.38 million yuan in 2024, a year-on-year decrease of 0.39% [1][3]. - The net profit attributable to shareholders was -26.8 million yuan, compared to -20.3 million yuan in the previous year, indicating a worsening loss situation [1][13]. - The non-recurring net profit was -29.2 million yuan, compared to -22.7 million yuan in the previous year [1]. Product Segmentation - The company's A product segment generated revenue of 98.28 million yuan, a significant year-on-year decrease of 42.28% [1][3]. - The B product segment reported revenue of 136.02 million yuan, showing an increase due to market expansion and increased deliveries of other information processing products [1][13]. - The main product categories include command control information processing systems, software radar information processing systems, and intelligent unmanned systems [2][5][6]. Cost Structure - The company reported a gross margin of 45.78% for 2024, a slight decline of 0.34 percentage points from the previous year [13]. - Sales expenses increased by 29.19% to 22.74 million yuan, driven by higher employee compensation, travel, and promotional expenses [14][15]. - R&D expenses totaled 266.06 million yuan, up 7.98% year-on-year, reflecting increased investment in innovation and product development [18]. Market and Industry Trends - The company is focusing on the development of intelligent unmanned systems and smart wireless communication technologies, aligning with national strategic initiatives [6][18]. - The demand for autonomous and core component localization in the electronic information industry is increasing due to geopolitical tensions and trade frictions [1][6]. - The company is actively expanding its market presence in the intelligent unmanned equipment sector, which is expected to grow rapidly [2][6].

ETF Industry News - Major indices collectively rose, with several communication sector ETFs leading the gains. The Communication ETF (515880.SH) increased by 2.08%, 5G50ETF (159811.SZ) rose by 1.87%, and Communication Equipment ETF (159583.SZ) gained 1.79% [1] - The construction materials sector saw declines, with the Construction Materials ETF (516750.SH) down by 1.30% and another Construction Materials ETF (159745.SZ) down by 1.25% [1] Communication Industry Insights - A recent report from Western Securities highlighted that AMD and NVIDIA mentioned that agent-based AI is expected to drive exponential growth in inference workloads. Collaboration with leading AI companies and cloud providers is anticipated [2] - The report emphasizes that computing power remains a major bottleneck for AI innovation, and self-developed ASIC chips from large companies are becoming an important supplement to computing power supply [2] - Key areas to focus on include overseas computing chain growth, domestic computing demand, and the importance of self-controllable technology in the industry [2] Dividend Asset Allocation - Dividend-themed funds are gaining traction as core investment targets due to their stable cash flow and defensive attributes. Several dividend-themed ETFs have recently reached record high shares [3] - As of June 17, the E Fund CSI Dividend Low Volatility ETF reached 1.576 billion shares, up 85% year-to-date, while the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF reached 6.564 billion shares, a 75% increase [4] Sci-Tech Board ETF Developments - Following the implementation of the "Sci-Tech Board Eight Measures," the number and scale of Sci-Tech Board ETFs have both seen significant growth, with a total of 88 ETFs and a combined scale exceeding 250 billion yuan [5] Market Overview - The A-share market saw all major indices rise, with the Shanghai Composite Index up 0.04% to 3388.81 points, the Shenzhen Component Index up 0.24% to 10175.59 points, and the ChiNext Index up 0.23% to 2054.73 points [6][7] - The electronic, communication, and defense industries performed well, with daily increases of 1.5%, 1.39%, and 0.95%, respectively [9] ETF Market Performance - Stock-style ETFs showed the best performance today, with an average increase of 0.27%, while cross-border ETFs had the worst performance with an average decrease of 0.57% [12] - The top-performing stock ETFs included 5G Communication ETF (515050.SH) with a 2.37% increase, 5GETF (159994.SZ) with a 2.22% increase, and Communication ETF (515880.SH) with a 2.08% increase [14][15] Trading Volume Insights - The top three stock ETFs by trading volume were A500 ETF (159351.SZ) with 2.862 billion yuan, A500 ETF Fund (512050.SH) with 2.770 billion yuan, and Sci-Tech 50 ETF (588000.SH) with 2.175 billion yuan [17][19]

Core Viewpoint - The company, Shanghai Zhaoxin Integrated Circuit Co., Ltd., has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, marking its entry as a "hard technology" enterprise in the market [1] Company Overview - Zhaoxin Integrated has been deeply engaged in the industry for many years, mastering core technologies in the design and development of general-purpose processors and supporting chips, positioning itself as a leading CPU design company in China that is compatible with multiple fields including desktop PCs, servers, workstations, and embedded systems [1] - The company has established a comprehensive and professional R&D team focused on the key core technologies of general-purpose processor chip development, with a fully autonomous design process and environment [1] - Zhaoxin has achieved the definition, expansion, and innovation of its own instruction set, fully mastering CPU core design methods and independently developing CPU core microarchitectures [1] Market Position and Achievements - In 2024, Zhaoxin's CPUs are expected to lead in market share among domestic desktop PC manufacturers, including Lenovo, Softcom, Unisoc, Ascend, and Vision Source, establishing a leading market position in the domestic desktop PC market [2] - The company has made significant progress in market expansion across various sectors such as government, finance, education, energy, communication, transportation, industry, and healthcare [2] Ecosystem Development - Zhaoxin's processors currently support various operating systems including Tongxin, Kirin, Zhongke Fangde, Euler, and Longxi, and have achieved compatibility and optimization with over 3,000 partners across databases, middleware, application software, security software, and cloud platforms [2] - The company has formed over 200,000 software and hardware adaptation and optimization projects, maintaining industry-leading ecosystem compatibility [2] Fundraising and Future Plans - The funds raised from the IPO will primarily be directed towards new generation server processors, new generation desktop processors, advanced process processor R&D projects, and R&D center projects [2] - The completion of these fundraising projects is expected to further solidify the company's market leadership in key desktop PC industries, enhance product competitiveness across the market, and support national information security strategies while improving domestic CPU self-sufficiency [2]