Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up by 0.48%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index up by 0.72% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.133 trillion yuan, a decrease of 26.5 billion yuan compared to the previous day [1] - Over 3,900 stocks in the market experienced gains [1] Sector Performance - The Hainan Free Trade Zone, energy metals, rare earth permanent magnets, hydropower, securities, and photolithography concept stocks saw significant gains, while precious metals, banking, CPO, and pork sectors faced declines [1][2] - The Hainan Free Trade Zone and duty-free shop sectors collectively surged, with stocks like Kangzhi Pharmaceutical and China Duty Free Group hitting the daily limit [2] - The lithium mining sector showed strong performance, with stocks like Zangcang Mining and Yongshan Lithium Industry reaching the daily limit [2] - The rare earth permanent magnet sector also performed well, with stocks such as Baotou Steel and Zhongke Sanhuan hitting the daily limit, and Longmag Technology reaching a historical high [2] Notable Stocks - Stocks with four consecutive daily limits include Poly United, Shanhai Intelligent, and China Power Construction [3] - Stocks with two consecutive daily limits include Tuoshan Heavy Industry and Rainbow Group [4] Hot Sectors - The Hainan Free Trade Zone is the top-performing sector, with 17 stocks hitting the daily limit and one stock with consecutive limits [5] - The e-commerce sector follows, with 13 stocks hitting the daily limit [6] - The Belt and Road sector also performed well, with 13 stocks hitting the daily limit [7] Key Developments - The Hainan Free Trade Port is set to officially launch on December 18, 2025, marking a significant milestone in its development [10] - The proportion of zero-tariff goods for "one-line" imports will increase from 21% to 74%, facilitating trade within the island [10] - China's exports of rare earth magnets to the U.S. surged to 352.8 tons in June, a 660% increase from May, indicating a rebound in key mineral exports following a trade agreement [11] - The world's largest hydropower project, the Yarlung Tsangpo River downstream hydropower project, officially commenced on July 19, with a total investment of approximately 1.2 trillion yuan [12]

Market Overview - A-shares experienced a volatile rise, with major indices collectively increasing, and the Shanghai Composite Index approaching 3600 points, driven by active sectors such as Hainan Free Trade Port and rare earths [1] - The Hang Seng Index and Hang Seng Tech Index both showed strength in early trading, with the Hang Seng Index up 0.56% and the Hang Seng Tech Index up 0.62% [2][3] A-shares Performance - As of the report, the Shanghai Composite Index rose by 0.41% to 3597.16, the Shenzhen Component Index increased by 0.48% to 11111.85, and the ChiNext Index gained 0.65% to 2325.64 [1] Bond Market - The bond market continued its downward trend, with the 30-year main contract down 0.53%, the 10-year contract down 0.18%, the 5-year contract down 0.17%, and the 2-year contract down 0.07% [3][4] Commodity Market - The domestic commodity futures market saw most contracts decline, with coking coal rising over 6%, lithium carbonate up over 3%, and several other commodities like polysilicon and industrial silicon dropping over 1% [5][17] Sector Highlights - The semiconductor industry chain in A-shares saw a rally, particularly in photolithography equipment, with stocks like Oriental Jiasen hitting the daily limit and others like Maolai Optics and Zhongying Electronics rising nearly 10% [8][9] - Hainan-related stocks surged, with duty-free store concept stocks like China Duty Free Group and Hainan Airport hitting the daily limit, alongside other related companies [10][11] - The PCB concept stocks also showed strength, with stocks like Tongguan Copper Foil and Dazhu CNC hitting the daily limit [12][13] - The rare earth permanent magnet sector saw early gains, with stocks like Longmag Technology rising over 10% [14][15]

Market Performance - The A-share market continued its upward trend, with the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, closing at 3559.79 points (up 0.72%) and 2296.88 points (up 0.87%) respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 172.71 billion yuan, an increase of 133.9 billion yuan compared to the previous trading day [1] Infrastructure Sector - The infrastructure sector, particularly water conservancy and hydropower, saw significant gains following the commencement of a national-level hydropower project, with stocks like Beikang Technology and Wuxin Tunnel Equipment hitting the daily limit of 30% [2] - The Yarlung Tsangpo River downstream hydropower project, which involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, is expected to stimulate demand across multiple industry chains [2] Robotics Sector - The humanoid robotics sector remained active, with stocks such as Changsheng Bearing and WanDa Bearing seeing gains of 20% and over 10% respectively [3] - The leading stock, Aowei New Materials, achieved a cumulative increase of 416.20% since July 9, marking its ninth consecutive trading day of gains [3] - The sector is experiencing multiple catalysts, including a significant procurement order for robot equipment from UBTECH Technology, which is the largest in the global humanoid robotics market [3] Industry Outlook - Wanlian Securities highlighted that the humanoid robotics industry is at a critical juncture for commercialization, with increasing policy support and technological advancements driving growth [4] - Huaxi Securities anticipates a new round of market uptrend, suggesting that the market's bullish sentiment is solidifying as the Shanghai Composite Index stabilizes above 3500 points [5] - Haitong Securities noted a shift in market style towards large-cap growth stocks, supported by low valuations in "anti-involution" sectors and strong financial data from June [6]

证券研究报告——市场日报 市场风格转向 沪指再攀高峰 证券研究报告——市场日报 2025.07.18 （预计发布时间：2025.07.21） 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号山西世贸中心 A 座 F12、F13 网址: http://www.dtsbc.com.cn 行情回顾 周五（7 月 18 日），A 股三大指数集体收 涨。沪指早盘波动上扬，午盘回落后再度震荡 上行，收报 3534.48 点，涨幅 0.50%，创年内 收盘新高。深指、创指高开后震荡走低，午后 触底反弹，尾盘收红，深指收报 10913.84 点， 涨 0.37%；创业板指报 2277.15 点，涨 0.34%。 当日两市成交额 1.57 万亿，两市量能仍维持 较高区间。板块方面，小金属、能源金属等周 期资源板块领涨，稀土永磁概念爆发。而 CPO 概念回调，计算机、光伏等板块走弱。个股涨 跌互现，近 2600 只个股上涨。 风险提示 中报业绩存雷，追高需谨慎 当日要闻 TDI 全球市场震荡 有工厂单日涨价 30% 国内龙 ...

Group 1 - The rare earth permanent magnet sector has shown strong market performance recently, with Huahong Technology being a standout stock, achieving a remarkable 7-day surge of 6 consecutive limits [1] - Shenghe Resources also recorded a limit increase, indicating ongoing market interest in the rare earth permanent magnet concept [1] - Traditional rare earth companies such as China Northern Rare Earth Group, Jiaozuo Wanfang, and Baotou Steel have also seen stock price increases, reflecting the active state of the entire sector [1] Group 2 - The supply-demand dynamics are providing foundational support for the sector's strength, with projections indicating a tight supply situation for global praseodymium and neodymium oxide over the next three years [1] - The supply-demand gap for praseodymium and neodymium oxide is expected to be 28 tons, 1525 tons, and 1018 tons from 2025 to 2027, representing 0.02%, 1.24%, and 0.78% of annual demand respectively [1] - The continuous tight supply situation is likely to drive moderate price increases for rare earths, with improved market expectations providing upward momentum for related companies' stock prices [1] Group 3 - Huahong Technology, as the sector leader, is expected to see a significant increase in net profit for the first half of the year, with a year-on-year growth rate projected between 3047% and 3722% [1] - The recovery and stabilization of rare earth prices, along with growth in high-performance magnetic material production and sales, are the main drivers behind the substantial improvement in performance [1] Group 4 - Huahong Technology has an annual production capacity of 15,000 tons in the rare earth permanent magnet materials sector and is advancing the construction of a 10,000-ton high-performance rare earth permanent magnet materials project in Baotou, expected to be completed by the end of the year [2] - The discovery of a new mineral, "Neodymium Yellow River Mineral," approved by the International Mineralogical Association, enriches the theoretical framework of rare earth mineralogy and provides new avenues for independent development and utilization of neodymium resources [2] - Neodymium, as a core component of high-performance permanent magnetic materials, is in high demand in sectors such as new energy vehicles, wind power generation, and electronic information [2]

A股稀土永磁板块拉升，华宏科技触及涨停，盛和资源涨超8%，北方稀土、包钢股份、焦作万方跟 涨。消息面上，据环球网报道，外媒关注中国稀土磁体6月出口激增。 ...

Report Industry Investment Rating - The report predicts that stock index futures will show a moderately strong oscillatory trend [3] Core Viewpoints - On July 18, all current-month contracts of the four major stock index futures rose. IF increased by 0.55%, IH by 0.65%, IC by 0.14%, and IM by 0.15% [1] - On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 8,649 contracts, IH by 13,531 contracts, while IC decreased by 4,511 contracts and IM by 10,644 contracts. In terms of positions, the total positions of IF decreased by 9,992 contracts, IH by 1,084 contracts, IC by 8,166 contracts, and IM by 18,902 contracts [2] Summary by Relevant Catalogs Stock Index Futures Data - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 were 4,050.6, 4,054, 4,041.8, and 4,005.8 respectively, with increases of 0.55%, 0.89%, 0.91%, and 0.90%. The trading volumes were 16,595, 27,038, 59,958, and 10,689 contracts respectively, with changes of -10,517, +6,124, +10,086, and +2,956 contracts. The positions were 0, 44,062, 157,186, and 51,932 contracts respectively, with changes of -23,303, +7,462, +3,905, and +1,944 contracts [1] - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 were 2,758.8, 2,768.2, 2,767, and 2,769.2 respectively, with increases of 0.65%, 1.08%, 1.05%, and 1.05%. The trading volumes were 10,204, 15,113, 35,272, and 5,000 contracts respectively, with changes of -1,328, +4,439, +8,696, and +1,724 contracts. The positions were 0, 19,280, 61,598, and 12,583 contracts respectively, with changes of -12,236, +6,015, +4,237, and +900 contracts [1] - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 were 6,086.2, 6,054, 6,000.8, and 5,872.4 respectively, with increases of 0.14%, 0.48%, 0.48%, and 0.47%. The trading volumes were 15,641, 27,118, 41,183, and 10,563 contracts respectively, with changes of -11,485, +1,873, +2,879, and +2,222 contracts. The positions were 0, 52,897, 104,430, and 58,268 contracts respectively, with changes of -19,812, +7,450, +2,135, and +2,061 contracts [1] - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 were 6,534.6, 6,490, 6,413.6, and 6,227.4 respectively, with increases of 0.15%, 0.50%, 0.47%, and 0.49%. The trading volumes were 21,453, 36,736, 104,691, and 22,446 contracts respectively, with changes of -14,388, +8,419, -4,685, and +10 contracts. The positions were 0, 60,327, 175,267, and 76,869 contracts respectively, with changes of -28,897, +14,880, -2,201, and +551 contracts [1] Trading and Position Analysis - Total trading volume rebounded, indicating increased trading enthusiasm. IF and IH increased, while IC and IM decreased. Total positions of all decreased [2] Trend Intensity - IF and IH trend intensity is 1; IC and IM trend intensity is 1. The range of trend intensity is an integer in the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [6] Important Drivers - Four ministries including the Ministry of Industry and Information Technology deployed work to further standardize the competition order in the new energy vehicle industry, requiring in-depth product price monitoring, product consistency supervision, and shortening the payment period for suppliers. They also strengthened industry self - discipline and抵制 online chaos [6] - The State Administration for Market Regulation约谈ed Ele.me, Meituan, and JD.com, requiring them to standardize promotional activities and promote the healthy development of the catering service industry [6] - A symposium on the situation and policies for private entrepreneurs was held in Beijing, emphasizing that private entrepreneurs should enhance their development confidence and stay in line with the Party Central Committee [6] - The China Iron and Steel Industry Association held a meeting of planning department heads, suggesting strict control of new capacity, establishment of a new capacity governance mechanism, and implementation of crude steel production control [7] Market Performance - The three major stock indexes fluctuated upwards. The Shanghai Composite Index rose 0.5%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 0.34%. A - share trading volume was 1.59 trillion yuan, up from 1.56 trillion yuan the previous day. Concepts such as rare earth permanent magnets, lithium mines, innovative drugs, solid - state batteries, and power stocks performed strongly [7]

Group 1: Fund Performance and Trends - The Dachen Insight Advantage Mixed Fund announced a successful launch with a total issuance scale of 2.46 billion, making it the largest actively managed equity fund launched in 2023 [1] - The Huashang Zhiyuan Return Mixed Fund also launched with a scale of 2.082 billion, setting a record for similar products this year [1] - The total issuance scale of actively managed equity funds reached 56.964 billion, reflecting a year-on-year growth of 28.01% compared to the same period in 2024 [1] Group 2: ETF Market Developments - The first batch of Sci-Tech Bond ETFs saw significant inflows, with the Huaxia ETF surpassing 14.2 billion in scale and experiencing a net inflow of approximately 11.1 billion on its first trading day, marking a 378% increase [2] - The Penghua Sci-Tech Bond ETF also reported a trading volume of 18.361 billion, with a turnover rate of 612.17%, bringing its scale to over 10.9 billion [2] - Among the four Sci-Tech Bond ETFs listed on the Shenzhen Stock Exchange, two have exceeded 10 billion in scale, namely the Jiashi and Fuguo Sci-Tech Bond ETFs [2] Group 3: Fund Liquidation - A total of 50 actively managed equity funds have been liquidated this year, including several initiated funds [3] - In July alone, six actively managed equity funds entered liquidation, triggered by the automatic termination of fund contracts without the need for a shareholder meeting [3] - Notable liquidated funds include those focused on popular sectors such as artificial intelligence and healthcare [3] Group 4: Floating Fee Rate Funds - The first batch of floating management fee funds has seen a total issuance scale of 24.762 billion, with 25 products announced as established [4] - A second batch of 11 floating fee rate funds has been submitted for approval, focusing on sectors like high-end equipment and healthcare [4] Group 5: Fund Manager Adjustments - Fund manager Liu Gesong has made significant adjustments in the second quarter, reducing holdings in the new energy vehicle supply chain and semiconductor equipment companies while increasing positions in new consumption, internet, and military industries [5] - Liu emphasized the importance of monitoring domestic and international economic developments and policy impacts on industries [5] Group 6: Portfolio Insights - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated investments in TMT and innovative pharmaceutical sectors in his second-quarter report [6] - The top ten holdings of Gao's flagship fund include companies like Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with notable new additions and increased stakes in several stocks [7] Group 7: Market Overview - On July 18, the market showed mixed performance, with the Shanghai Composite Index rising by 0.5% and total trading volume reaching 1.57 trillion, an increase of 31.7 billion from the previous trading day [8] - Sectors such as rare metals and energy metals performed well, while gaming and consumer electronics sectors experienced declines [8]

Market Performance - The Shanghai Composite Index closed at 3534.48, up by 0.50% with an increase of 17.66 points [2] - The Shenzhen Component Index closed at 10913.84, up by 0.37% with an increase of 40.22 points [2] - The CSI 300 Index closed at 4058.55, up by 0.60% with an increase of 24.06 points [2] - The ChiNext Index closed at 2277.15, up by 0.34% with an increase of 7.83 points [2] - The STAR 50 Index closed at 1007.53, up by 0.19% with an increase of 1.88 points [2] - The Beijing Stock Exchange 50 Index closed at 1418.61, down by 0.67% with a decrease of 9.50 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.10%), Basic Chemicals (up 1.36%), Steel (up 1.34%), Coal (up 0.94%), and Transportation (up 0.90%) [3] - The underperforming sectors included Media (down 0.98%), Electronics (down 0.49%), Light Industry Manufacturing (down 0.41%), Utilities (down 0.35%), and Communication (down 0.31%) [3] - Concept sectors with notable gains included Lithium Extraction from Salt Lakes (up 3.30%), Rare Earth Permanent Magnets (up 3.15%), Acrylic Acid (up 2.35%), Cobalt (up 2.29%), and Metal Recycling (up 2.08%) [3] - Concept sectors with notable declines included Animal Vaccines (down 0.96%), Avian Influenza (down 0.90%), Low-E Glass (down 0.89%), E-sports (down 0.86%), and Digital Watermarking (down 0.76%) [3] Future Outlook - The report indicates that the A-share market is showing resilience with a GDP growth of 5.3% year-on-year in the first half of the year, suggesting potential for further policy support in the second half [6] - The market is expected to focus on the upcoming Politburo meeting at the end of July, the Federal Reserve's interest rate decisions, and developments in US tariffs [6] - The report suggests that there are still opportunities for upward momentum in the market, but caution is advised due to potential volatility from previous high rebounds [6] - It is recommended to identify long-term trends in high-growth sectors and short-term speculative opportunities, particularly during the mid-year earnings forecast disclosure window [6]

Market Performance - On July 18, 2025, the Shanghai Composite Index reached a new closing high for the year, rising by 0.50% to 3,534.48 points[15] - The Shenzhen Component Index increased by 0.37% to 10,913.84 points, while the ChiNext Index rose by 0.34% to 2,277.15 points[15] - The total market turnover was 15,708.56 billion yuan, an increase of 317.40 billion yuan from the previous trading day[15] Sector and Style Analysis - The top-performing sectors included non-ferrous metals (up 2.17%), steel (up 1.34%), and basic chemicals (up 1.14%)[20] - The weakest sectors were media (down 0.78%), comprehensive finance (down 0.69%), and electronics (down 0.47%)[20] - In terms of investment style, consumer stocks outperformed, followed by cyclical and financial stocks[20] Fund Flow - On July 18, 2025, the net outflow of main funds was 296.24 billion yuan, with large orders contributing to the outflow of 179.36 billion yuan[24] - Small orders saw a continuous net inflow of 289.27 billion yuan, indicating retail investor interest[24] Global Market Trends - On July 18, 2025, the Hang Seng Index rose by 1.33% to 24,825.66 points, while the Nikkei 225 fell by 0.21% to 39,819.11 points[32] - European markets also showed positive performance, with the DAX Index up 1.51% and the CAC40 Index up 1.29%[33] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +8.59 billion yuan and +4.98 billion yuan respectively[29] - The inflow into the SSE 50 ETF on July 17 was 3.09 billion yuan, indicating strong institutional interest[29]