简评 机构：中信建投证券 研究员：崔世峰 核心观点 6 月26 日，小米召开人车家发布会，发布了小米YU7、首款AI 眼镜、MIX Flip2 小折叠等一系列产品。 核心亮点在于： 1） YU7 大爆：YU7 定价标准版/Pro 版/Max 版分别为25.35/27.9 9 /32.99 万元，基本贴合前期市场预 期，上线3 分钟大定突破2 0万台，一小时突破28.9 万台，18 小时锁单超24 万台， 相比su7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8万表现明显强劲。 2） 首款AI 眼镜：小米AI 眼镜集第一人称相机+耳机+随身AI 助手为一体，标准版/单色电致变色版/彩 色电致变色版售价分别为1999/2699/2999 元，对标竞品Ray-Ban Meta AI 眼镜（定价299 美元）优势在 于：更轻、续航更长、配置超级小爱。 YU7 上线3 分钟大定突破20 万台，1 小时突破28.9 万台，1 8小时锁单超24 万台，相比SU7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8 万表现明显强劲， 并且大幅超出此前市场预期，按照现有 大定&锁单，推 ...

Group 1: AI and Technology Sector - The CSI Artificial Intelligence Theme Index (930713) rose by 1.09%, with notable gains from component stocks such as Chipone Technology (688521) up 9.01% and Zhongji Xuchuang (300308) up 4.29% [1] - Xiaomi launched its first SUV, the Xiaomi Yu7, alongside AI glasses, which are positioned as a personal smart device with a starting price of 1999 yuan and a battery life of 8.6 hours, outperforming competitors [1] - The AI glasses are described as a combination of glasses, first-person camera, headphones, and a personal AI assistant, indicating a trend towards integrated smart devices [1] Group 2: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) increased by 1.49%, with Chipone Technology (688521) also performing well in this sector, up 9.01% [5] - The index includes companies involved in component production and consumer electronics design, reflecting the overall performance of the sector [13] Group 3: Online Consumption Sector - The CSI Hong Kong and Shanghai Online Consumption Theme Index (931481) rose by 0.96%, with significant increases from stocks like Ping An Good Doctor (01833) up 13.29% and Alibaba Health (00241) up 10.72% [8] - This index tracks companies engaged in online shopping, digital entertainment, online education, and telemedicine, highlighting the growth in online consumption [16]

Core Viewpoint - The company, Suzhou Huazhi Jie Electric Co., Ltd., has experienced significant stock price fluctuations and is focusing on expanding its research and development in automotive electronics and smart home products, benefiting from the depreciation of the RMB and increasing demand in these sectors [1][2][3]. Group 1: Company Overview - Suzhou Huazhi Jie Electric Co., Ltd. specializes in the research, production, and sales of key functional components for electric tools and consumer electronics [3][7]. - The company's main products include brushless motors (30.49%), smart switches (30.47%), and smart controllers (15.96%) [7]. - As of June 20, 2025, the company had a market capitalization of 5.88 billion yuan and a trading volume of 1 billion yuan [1][8]. Group 2: Recent Developments - The company has established an automotive electronics R&D department focusing on lithium battery power management and smart control technologies for electric vehicles [2]. - In the smart home sector, the company is expanding its product offerings to include kitchen smart products and vacuum cleaners, leveraging its core technologies in electronic circuit design and precision manufacturing [2][3]. Group 3: Financial Performance - For the first quarter of 2025, the company reported a revenue of 337 million yuan, representing a year-on-year growth of 30.05%, and a net profit of 44.31 million yuan, up 17.63% year-on-year [8]. - The company's overseas revenue accounted for 63.53% of total revenue, benefiting from the depreciation of the RMB [3]. Group 4: Market Activity - On June 26, the company's stock price dropped by 25.39%, with a trading volume of 1 billion yuan and a turnover rate of 78.74% [1]. - The stock has shown signs of accumulation, but the strength of this accumulation is weak, with an average trading cost of 65.96 yuan [6].

投资咨询业务资格:证监许可【2012】31号 ITG国贸期 权数据日报 主能介于品中心 =: F0251925 力史波动率链 醫小值 - 最大值 -- 10%分位值 30%分位值 -- 60%分位值 · 当前值 90%分位值 2025/6/25 数据来源: Wind,国贸期货研究院 | | | | | 行情回顾 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 张肤帽(%) | | 成交额(亿元) | | 成交里(亿) | | | 上证50 | 2715. 9216 | | 1.16 | | 890. 75 | | 49. 03 | | | 沪深300 | 3904. 0342 | | 1.20 | | 2942. 29 | | 163. 66 | | | 中证1000 | 6194. 666 | | 1.92 | | 3036. 58 | | 233. 45 | | | | | | | 中金所股指期权成交情况 | | | | | | 指数 | 期权成交望 | 认购期权 | 认沽期权 | 日成交里 ...

Group 1 - The 2025 New Fortune 500 Rich List highlights that the TMT sector has seen a significant increase, with 110 individuals listed, an increase of 22 from last year, and their total wealth reaching 3.34 trillion yuan, accounting for one-fourth of the total wealth of all listed individuals. The wealth creation is primarily driven by three sectors: chips, artificial intelligence (AI), and consumer electronics. Notably, 36 entrepreneurs from the chip industry are on the list, representing 7% of the total [1] - The "Super EID Factory," the world's largest embodied intelligence data factory, has officially opened in Tianjin. This facility, covering 12,000 square meters, aims to address the critical bottleneck of high-quality data scarcity in the development of embodied intelligence, providing substantial data support for the domestic robotics industry [1] - SK Hynix plans to build its seventh semiconductor packaging and testing factory in central South Korea to enhance its packaging competitiveness. The construction will take place on the site of a previously acquired LG factory, with demolition expected to be completed by September [1] - According to Counterpoint Research, 3nm and 2nm technologies are projected to account for approximately one-third of smartphone SoC shipments by 2026. Apple is the first smartphone OEM to adopt TSMC's 3nm process, which was used for the A17 Pro SoC in the 2023 iPhone 15 Pro series. By 2025, 3nm is expected to dominate all new flagship SoCs [1]

Core Insights - The 2025 "New Fortune" magazine "500 Wealth Creation List" highlights AI as the core engine driving wealth changes, with ByteDance founder Zhang Yiming topping the list due to a 21% stake in the company [1] - AI applications from ByteDance, including Doubao, Jimeng, and Doubao Aixue, have entered the top ten native AI applications in China, contributing to the company's rising valuation [1] - The wealth effect of AI is also evident in Liang Wenfeng, founder of DeepSeek, who made his debut in the top ten [1] - Major internet giants like Tencent's Ma Huateng, Alibaba's Jack Ma, and NetEase's Ding Lei have seen significant increases in their wealth, ranking third, seventh, and ninth respectively, driven by AI narratives [1] Industry Distribution - The top three wealth creation sectors are TMT (Digital New Media), Pharmaceuticals & Biotechnology, and Daily Consumer Goods [2] - The TMT sector leads with 110 individuals on the list and a total wealth of 3.34 trillion yuan, showing a year-on-year increase of 22 individuals [2] - The wealth creation in TMT is primarily driven by three industries: chips, artificial intelligence, and consumer electronics, which mutually promote each other [2] - The chip industry is identified as the main wealth creation "pool," with 36 entrepreneurs from the chip supply chain making it onto the list, accounting for 7% of the total [2]

Group 1 - The 2025 New Wealth 500 list shows a total market value of 13.7 trillion yuan for the 500 entrepreneurs, an 11% increase year-on-year, with 341 individuals having a market value exceeding 10 billion yuan [1] - The number of entrepreneurs with assets exceeding 100 billion yuan increased from 15 to 22, a 50% rise, primarily benefiting from the recovery in valuations of leading private enterprises in AI, consumer electronics, and new energy vehicles [1] - In Shenzhen, 58 entrepreneurs made the list, with a total market value of 1.9 trillion yuan, reflecting a nearly 20% increase year-on-year [1][4] Group 2 - AI emerged as a dominant theme in the top ten of the wealth list, with ByteDance's founder Zhang Yiming becoming the richest for the first time with a holding valuation of 481.57 billion yuan [2] - The TMT sector saw a significant expansion, with 110 individuals listed, an increase of 22 from the previous year, and their total wealth reaching 3.34 trillion yuan, accounting for a quarter of the total wealth on the list [2] - The chip industry had 36 entrepreneurs listed, making up 7% of the total, driven by the rise of AI, which has revitalized sectors like smart driving and high-speed communication [3] Group 3 - The automotive sector, particularly new energy vehicles, showed remarkable performance, with at least six industry leaders linked to this growth [5] - BYD's founder Wang Chuanfu ranked second in Shenzhen with a holding value of 1.14514 trillion yuan, while the family of Wang Mingwang from Xinwangda saw a significant rise in ranking due to their energy storage and battery business [5] - The consumer sector is evolving, with traditional products being overshadowed by coffee, tea, and energy drinks, as seen with Dongpeng Beverage's Lin Muqin family ranking in the top ten in Shenzhen [5]

Group 1 - Zhang Yiming, at 42 years old, tops the list of China's richest with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [7][8] - The total market value of the 500 entrepreneurs listed in the "New Wealth" report is 13.7 trillion yuan, a 12% increase year-on-year, with an average holding value of 273.8 million yuan [1] - The rise of AI has significantly influenced the wealth rankings, with seven of the top ten entrepreneurs benefiting from this trend [6][10] Group 2 - The TMT sector leads the wealth creation, with 110 entrepreneurs listed, contributing a total wealth of 334.08 billion yuan, which is 24.4% of the total wealth on the list [23][25] - The chip industry is a major contributor to wealth, with 36 entrepreneurs from this sector, marking a significant increase in exports, surpassing 1 trillion yuan [25][28] - AI's emergence has revitalized the consumer electronics sector, with notable recoveries in stock values for companies like Luxshare Precision and Lens Technology [32] Group 3 - The geographical distribution of wealth has shifted, with Zhejiang province producing four of the top ten richest individuals, reflecting a transition from real estate to technology and AI [19][54] - The report highlights a significant increase in the number of entrepreneurs from the western regions of China, indicating a broader distribution of wealth creation [55] - The consumer sector is thriving, with new entrants in the beverage and coffee markets, showcasing a shift in consumer preferences and spending [36][37] Group 4 - The report indicates that at least six of the top industry leaders are directly or indirectly linked to the rise of the new energy vehicle sector, showcasing its impact on wealth creation [44][49] - The financial services sector has also seen significant contributions from investments in companies like BYD, reflecting the interconnectedness of various industries [46] - The report emphasizes the importance of innovation and openness in driving wealth creation, with a focus on AI, chips, and new consumer trends [59][60]

Market Overview - The stock market experienced a collective rise on June 24, with the Shanghai Composite Index closing at 3420.57 points, up 1.15%, the Shenzhen Component Index at 10217.63 points, up 1.68%, and the ChiNext Index at 2064.13 points, up 2.3% [1][2]. Sector Performance - Solid-state battery and humanoid robot concept stocks surged, while sectors such as oil and gas, shipping, and military industries showed significant pullbacks [3][5]. - The battery sector rose by 5.36%, with solid-state batteries increasing by 4.42% and humanoid robots by 4.29% [4]. - Notable stocks in the battery sector included Xinde New Materials, Liyuanheng, and Huasheng Lithium Battery, all reaching a 20% limit up [4]. - Humanoid robot stocks like Zhaofeng Co. also hit a 20% limit up, alongside other companies like Zhongjing Electronics and Zhejiang Rongtai [4]. Capital Flow - Main capital flows showed a net inflow into non-bank financials, power equipment, and computers, while there was a net outflow from oil and petrochemicals, transportation, and banking sectors [6]. - Specific stocks with significant net inflows included Dongfang Caifu, Dongxin Heping, and Guoxuan High-Tech, with inflows of 1.278 billion, 591 million, and 571 million respectively [6]. Institutional Insights - Guorong Securities indicated that the market's rebound is likely to continue, while Zhongtai Securities noted that although the Shanghai index has surpassed 3400 points, other major indices have not yet reached their upper limits [7]. - Recommendations include avoiding heavily institutional-held stocks and rotating into sectors with strong certainty such as military, pharmaceuticals, and photovoltaics, while being cautious of sectors with excessive short-term gains [7].

【导读】央行重磅，金融科技板块掀起涨停潮 中国基金报记者 安曼 A 股重返 3400 点！ 6 月 24 日， A 股主要股指普遍走高。截至午间收盘，上证指数报 3415.45 点，涨幅达 1% ；深证成指上涨 1.45% ，创业板指报涨幅达 1.94% 。 资金面上，全市场上涨个股超过 4660 只，两市成交额达 9251.68 亿元。 | 万得全A涨跌分布 | | | --- | --- | | 跌 660 | 涨 4667 | | 成交额 9251.68亿 | 预测成交额1.48万亿,增3330亿 | 盘面上，券商、保险等金融权重股成为拉升沪指的主力。从板块看，无人驾驶、机器人概念 股集体爆发，相关的算力、 AI 应用、稳定币、固态电池、消费电子题材表现活跃；油气、海 运板块出现调整。 央行重磅 突然掀起涨停潮 基建股异动 北方国际两分钟直线拉涨停 临近午间收盘，基建股盘中异动，北方国际两分钟直线拉涨停。 中工国际涨 9.80% ，山推股份、北新路桥、上海港湾等跟涨。 6 月 24 日上午，国家数据局举办 " 数据要素 ×" 系列第二场新闻发布会。中国人民银行科 技司副司长周祥昆介绍了中国人民银行在《 ...