分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 ——中东局势按下停止键 1、中东局势按下停止键。美国总统特朗普于美国东部时间6月23日在社交媒体上表示， 以色列和伊朗已就"全面彻底停火"达成一致。伊朗和以色列24日均表示接受停火。尽管 此前美国轰炸伊朗核设施，但冲突并未进一步升级，而是在特朗普声称破坏伊朗核设施 后迅速转向挺火。 分析师：郝一凡 登记编号：S0890524080002 2、6月24-25日，美联储主席鲍威尔在众议院发表半年度货币政策证词。重申不急于降 息，强调高关税带来很大的不确定性，指出美国经济很强劲，在不确定形势下有理由缓 慢行动，同时提到了可能推动降息的一些因素。 3、6月27日，美财长贝森特暗示，关税谈判期有望延后至9月1日。贝森特表示，如果能 和18个重要贸易伙伴中的10个或12个签署，后面还有20个重要贸易伙伴，他认为可能在 9月1日美国劳动节前完成贸易协议。 总体来看，中东冲突已经"翻篇"，且美国贸易谈判期有望延后，短期内市场不确定性减 弱。国内市场预计仍相对偏稳健。 (6.23-6.29) 02 周度行情回顾 债市震荡为主 权益市场表现较好叠加季末因 ...

Group 1 - The A-share market has shown strong recovery, with the Shanghai Composite Index regaining 3400 points and the ChiNext Index rising over 2%, indicating increased investor confidence in the Chinese economy [1] - International investment banks have raised their forecasts for China's economic growth, with Morgan Stanley, Deutsche Bank, Nomura, and Goldman Sachs adjusting their 2025 GDP growth predictions upwards by 0.3 to 0.6 percentage points, reflecting better-than-expected economic performance [1][2] - The Chinese economy has demonstrated resilience in exports despite external pressures, supported by a robust manufacturing base and supply chain, which positions it favorably against global economic challenges [1] Group 2 - The Chinese government's focus on economic stability and technological innovation is expected to enhance market optimism regarding economic growth, with increased financial and fiscal support for tech innovation [2] - Global asset allocation perspectives are shifting, with Chinese assets becoming more attractive; Goldman Sachs maintains an overweight recommendation for A-shares and Hong Kong stocks, projecting significant upside potential [2] - The valuation levels of A+H listed companies have narrowed, and the Hong Kong IPO market has regained its position as the largest globally, indicating a resurgence in market activity [3] Group 3 - China's macroeconomic improvements and the innovation capabilities of tech companies are driving capital inflows, with the A-share market showing valuations near historical medians while U.S. indices are above theirs [3] - New technologies are being rapidly commercialized in China, with sectors like solid-state batteries, robotics, and autonomous driving gaining traction, reflecting a growing interest from investors [3][4] - The combination of sustained economic growth, improved asset valuations, and accelerated innovation is creating a favorable environment for future economic expansion in China [4]

Core Viewpoint - The A-share market experienced a significant increase, with the Shanghai Composite Index rising 1.15% to reclaim the 3400-point level, driven by strong performance in the autonomous driving sector and other technology-related industries [1] Market Performance - All three major A-share indices saw substantial gains, with the Shanghai Composite Index up 1.15%, the Shenzhen Component Index up 1.68%, and the ChiNext Index up 2.3% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.4 trillion yuan, indicating robust market activity [1] Sector Performance - The autonomous driving sector saw a collective surge, with multiple stocks hitting the daily limit-up, indicating strong investor interest [1] - Other sectors that performed well included solid-state batteries, robotics, and gaming, which also recorded significant gains [1] - In contrast, the oil and gas extraction sector and nuclear pollution prevention sector remained weak throughout the trading day, influenced by the easing geopolitical tensions in the Middle East [1]

Group 1 - The core point of the article is that Muxi Integration has completed its listing guidance and plans to go public on the Sci-Tech Innovation Board [1][3] - Muxi Integration's guidance took approximately 4.5 months, starting from the filing date of January 15, 2025, to the completion report submitted on May 29, 2025 [3] - The company has established a solid governance structure, accounting practices, and internal control systems, and its key personnel are well-versed in the legal responsibilities and obligations related to public offerings [3] Group 2 - Muxi Integration was founded in September 2020 in Shanghai, with core members averaging nearly 20 years of experience in high-performance GPU product development [4] - The company offers three main series of GPU products: Xisi N series for cloud applications, Xiyun C series for general-purpose computing, and Xicai G series for graphics rendering acceleration [4][5] - Muxi Integration's GPUs are positioned for both artificial intelligence and gaming markets, similar to another GPU company, Moore Threads [5][8] Group 3 - Muxi Integration completed its listing guidance slightly ahead of Moore Threads, which finished on June 10, 2025 [8] - Moore Threads has established a presence in the gaming market with its GPUs already compatible with popular games, while Muxi Integration's specific advancements in the gaming sector remain unclear [8]

A股午评：三大股指走势分化 白酒股领跌大盘 金十数据6月23日讯，A股三大股指早盘集体低开，盘初一度冲高随后走势分化，沪指维持涨势，深证 成指、创业板指回落转跌，截至中午收盘，沪指涨0.15%，深证成指跌0.16%，创业板指跌0.33%；沪深 两市半日成交额超6700亿，超3400只个股飘红。盘面上，石油股、军工股、能源金属板块领涨大盘，银 行股反弹，工商银行等多股再创新高，白酒股领跌大盘，贵州茅台午盘收跌0.46%，CPO概念、游戏、 减肥药等板块跌幅居前。 ...

Group 1 - The ETF market showed mixed performance with the online consumption ETF (159793) leading gains at 4.61% [1] - The Hong Kong Stock Connect Dividend ETF (159220) increased by 4.13%, while the medical device ETF (159797) rose by 3.77% [1] - Conversely, the ChiNext AI ETF (159381) experienced the largest decline at 3.16%, followed by the Sino-Korean Semiconductor ETF (513310) down 1.69%, and the gaming ETF (516770) down 1.64% [1] Group 2 - The market is undergoing adjustments, suggesting that investors may consider broad-based index funds for bottom-fishing opportunities [1]

沪指跌0.07%，深成指跌0.47%，创业板指跌0.84%。 6月20日，截至收盘，沪指跌0.07%，深成指跌0.47%，创业板指跌0.84%。 | | A股重要指数 | | 中文 | | --- | --- | --- | --- | | 名称 | 最新 | 涨跌 | 涨幅 | | 上证指数 | 3359.90 | -2.21 | -0.07% | | 深证成指 | 10005.03 | -46.94 | -0.47% | | 北证50 | 1347.46 | -18.33 | -1.34% | | 创业板指 | 2009.89 | -16.93 | -0.84% | | 科创综指 | 1160.80 | -8.03 | -0.69% | 沪深两市全天成交额1.07万亿。 个股跌多涨少，全市场超3600只个股下跌。 | 27 全A 1 231 跌 364 4 1 | | --- | | F 200 | 盘面上看，白酒、港口航运、银行、电池等板块涨幅居前，油气、脑机接口、短剧、游戏等板块跌幅居 前。 具体来看，白酒板块表现强势，皇台酒业涨停，迎驾贡酒涨逾7%，金种子酒涨5%，泸州老窖、水井坊 等跟涨。 港口航 ...

Summary of Key Points Core Viewpoint - The announcement reveals that Yonyou Network Technology Co., Ltd. has won the bid for the database procurement project of Hunan Construction Investment Group, with a final bid amount of 1,390,000.00 yuan [1]. Procurement Project Details - The procurement project is titled "Hunan Construction Investment Group Database Procurement Project" with a budget of 1,500,000.00 yuan [1]. - The competitive negotiation for the procurement project concluded on June 17, 2025 [1]. Bidder Information - Yonyou Network Technology Co., Ltd. was awarded the contract with a score of 91.22, while the second and third bidders, Zhongshu Online (Beijing) Information Technology Co., Ltd. and Zhongke Yunji (Beijing) Information Technology Co., Ltd., scored 81.46 and 70.5 respectively [1]. - The final bid amounts were 1,390,000.00 yuan for Yonyou, 1,420,000.00 yuan for Zhongshu Online, and 1,410,000.00 yuan for Zhongke Yunji [1]. Contact Information - The procurement project contact is Zou Chunbiao, with a phone number provided for inquiries [3]. - The procurement agency is Hunan Provincial Tendering Co., Ltd., located in Changsha, Hunan [3].

Market Overview - On June 16, the A-share market saw all three major indices rise, with over 3,500 stocks increasing in value. Market focus was on sectors such as Ant Financial concepts, gaming, film and television, and cross-border payment [1] - A total of 55 stocks hit the daily limit up, with 17 stocks achieving consecutive limit ups. The limit up rate was 72% (excluding ST and delisted stocks) [2] Key Stocks - The stock of Jiekang Equipment (300875) rose by 20.01% to 37.72, marking its second consecutive limit up [3] - Dongshan Precision (002384) announced plans to acquire 100% of Solstice Optoelectronics, leading to a 10.02% increase in its stock price to 34.60 [12][16] - Tianyang Technology (300872) experienced a 20.00% increase to 22.68, driven by its focus on stablecoins and cross-border payments [17] Trading Volume and Turnover - The trading volume for Light Media (300251) reached 57.64 billion, with a price increase of 19.98% [4][8] - Dongshan Precision had a trading volume of 81.39 billion, with a 10.02% increase [12] - Tianyang Technology's trading volume was 30.77 billion, with a 20.00% increase [17] Institutional Activity - The top three net purchases by institutions included Light Media (2.1 billion), Dongshan Precision (1.25 billion), and Yuyuan Technology (1.19 billion) [27] - The top three net sales by institutions were Aoyang Health (-1.21 billion), Tongyuan Oil (-1.07 billion), and Qianhong Pharmaceutical (-846.77 million) [5][23] Industry Insights - The Shanghai International Film Festival highlighted the economic impact of films like "Nezha," with projections of over 200 billion RMB in GDP contribution and over 1 billion USD in overseas box office potential [11] - The summer film season has seen a total box office of 860 million RMB, with 78 films scheduled for release, indicating a strong pipeline of both domestic and international films [11]

Group 1: Company Strategy and Market Focus - The company focuses on new consumer trends and the iteration of consumer electronics, particularly in the esports and gaming sectors, aiming to develop high-difficulty products for leading clients [2] - The company is also exploring new display fields with growth potential, such as automotive and AI products [3] Group 2: Product Development and Market Opportunities - The company’s entry into handheld gaming products is driven by high production standards from clients like Nintendo, a strong sales base from the Nintendo Switch, and the high profit margins in the esports and gaming segments [4] - The Nintendo Switch 2 has shown promising pre-sale performance, with the company meeting stringent requirements for its backlight module products [5] Group 3: Financial Performance and Projections - Despite a revenue decline in 2024, the company turned a profit due to increased production volumes and cost-reduction measures, with significant growth observed in Q1 2025 [7] - The company’s profit margins are expected to improve further due to a higher proportion of high-end clients and products, alongside the scale effects from increased production [7] Group 4: Supply Chain and Client Relationships - The company emphasizes technological iteration to maintain stable partnerships with key clients, ensuring reasonable profit levels and a solid supply chain position [6] - The company has established a strong influence in the industry through its long-term cooperation with major clients and the successful development of ultra-thin technology [5]