6月26日港股市场，北水成交净买入52.86亿港元，其中港股通(沪)成交净买入32.41亿港元，港股通(深) 成交净买入20.45亿港元。 中芯国际(00981)获净买入8.96亿港元。消息面上，美拟收紧半导体技术豁免。东方证券指出，台积电、 三星电子和SK海力士等半导体制造商在中国大陆的工厂在其全球供应链中具有重要地位。这些工厂同 时具有中国大陆的市场、政策、资源和人才等成本优势，及母公司的技术和设备优势。若豁免权取消， 其相较本土晶圆厂竞争设备和技术优势将受削弱，利好本土晶圆厂。 | 港股通(沪)活跃成交股 | | --- | | 荣昌生物 | 6.88亿 | 5.75亿 | 12.64亿 | | --- | --- | --- | --- | | HK 09995 | | | +1.13 亿 | | 腾讯控股 | 2.91亿 | 8.62亿 | 11.54亿 | | HK 00700 | | | -5.71亿 | | 信达生物 | 8.95亿 | 2.20亿 | 11.15亿 | | HK 01801 | | | +6.75亿 | 港股通(深)活跃成交股 北水净买入最多的个股是中芯国际(00981)、信 ...

6 月 26 日早盘， A 股市场震荡调整，三大指数涨跌不一，截至发稿，沪指跌 0.11% ，深 成指涨 0.23% ，创业板指涨 0.33% 。 板块上来看，航天军工板块延续强势，固态电池、石油化工、多元金融等板块表现活跃；汽 车、生物科技、创新药等板块跌幅居前。 【导读】航天军工板块延续强势，多元金融概念股表现活跃 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 消息面上， 9 月 3 日将举行阅兵，参阅的所有装备均为国产现役主战装备，在展示新一代传 统武器装备的基础上，还安排部分无人智能、水下作战、网电攻防、高超声速等新型作战力 量参阅。 长江证券研报指出，近年来世界军贸总体需求或将显著增加，中国军贸或将迎来高速增长 期，相应企业盈利能力及盈利质量或将迎来快速改善期。 国泰君安国际一度涨超 89% | | | Wind热门概念指数 | | | | Wind中国行业指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 锂电电解液 | 航母 | 电路板 | 中船系 | 航天军工 | 石油化工 | 精细化工 | 电脑硬件 | | 2.85 ...

Market Overview - On June 26, A-shares showed mixed performance with major indices fluctuating [1] - The trading volume in Shanghai and Shenzhen exceeded 500 billion yuan, an increase of over 60 billion yuan compared to the previous day [1] Sector Performance - The chemical and chemical engineering sector experienced a strong rally, with Youfu Co., Ltd. (002427) hitting the daily limit, and Suzhou Longjie (603332) rising over 5% [1] - Chip stocks also saw gains, with companies like Haoshanghao (001298) and Bocheng Co. (601133) achieving consecutive limit-ups [2] - The storage market is recovering rapidly, particularly for DDR4 memory, which has seen price increases amid production cuts from manufacturers [2] Individual Stock Highlights - Youfu Co., Ltd. (002427) is part of the chemical fiber industry, with a recent increase of 10.06% [2] - Haoshanghao (001298) is in the electronic components sector, showing a rise of 10.01% [3] - Cathay International (01788) in Hong Kong saw a significant price increase, initially rising nearly 90% before stabilizing at a 24% gain [4][5] Regulatory Developments - Cathay International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services [6] - This regulatory change allows investors to trade cryptocurrencies and stablecoins directly on the Cathay platform, enhancing the market's service ecosystem [6]

Group 1 - Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, leading to a significant market reaction with its stock price surging by 198.4% on June 25 [1] - The approval has sparked interest in the virtual asset trading market, with 40 institutions now authorized to offer such services, including Tianfeng International and Huafu Securities, indicating a growing recognition of virtual asset trading services in the market [1] - The event has created a ripple effect in the brokerage sector, with several Chinese brokerage stocks experiencing price changes, reflecting investor optimism about the expansion of virtual asset trading services [1] Group 2 - CITIC Securities announced plans to issue the first broker-dealer technology innovation bond in the interbank market, with an initial issuance size of 500 million yuan, marking a significant expansion of financing channels for brokerages [2] - The total issuance of technology innovation bonds by brokerages in the exchange market has surpassed 100 billion yuan, with major players like CITIC Securities and Guotai Haitong leading the way [2] - The issuance of these bonds is expected to bolster the capital strength and market confidence of the issuing brokerages, while also reflecting the industry's support for technology innovation [3] Group 3 - In June, the new fund issuance scale exceeded 90 billion yuan, with bond funds becoming particularly popular, indicating a shift in investor preference towards more stable investment strategies amid market volatility [4] - Mixed-asset FOF funds emerged as the top fund-raising category in June, while passive index products saw a decline in issuance, suggesting a cautious market sentiment among investors [4] - The changes in fund flows reflect an adaptive response to the current market conditions, with a trend towards conservative investment approaches [4] Group 4 - The first batch of 15 floating-rate funds has been established, attracting over 150 billion yuan in total subscriptions and more than 180,000 effective subscriptions, indicating strong market acceptance of these products [5] - The establishment of these floating-rate funds is expected to alleviate the decline in active equity fund issuance, thereby boosting investor confidence [5] - The successful launch of these funds may enhance the long-term development prospects for fund companies and increase interest in related sectors such as financial technology and fund distribution [6]

报告类型 股指日评 日期 2025 年 6 月 26 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 6 月 25 日，万得全 A 再次放量上涨，开盘震荡运行后一路走高，超 7 成个股 飘红，指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.44%、 1.17%、1.68%、1.32%，大盘蓝筹股表现更优。指数期货表现强于现货，IF、IH、 IC、IM 主力合约分别收涨 1.83%、1.51%、2.26%、2.08%（按前一交易日收盘价为 基准计算）。 | 表1:股指期货、 ...

Group 1 - Chinese Premier Li Qiang expressed the expectation for foreign companies to provide more quality products and services to the Chinese market and emphasized the importance of cooperation in technology and industry to achieve mutual benefits and enhance competitiveness [1] - The People's Bank of China conducted a 300 billion yuan MLF operation, marking the fourth consecutive month of increased liquidity, with a total net liquidity injection of 318 billion yuan in June [1] - The Ministry of Finance reported that national lottery sales in May reached 57.036 billion yuan, a year-on-year increase of 19.8%, driven by increased sports events and a low base from the previous year [1] Group 2 - The China Securities Regulatory Commission noted that since the release of the reform opinions on mergers and acquisitions, the Shenzhen market has seen 903 new disclosures of mergers and acquisitions totaling 423.5 billion yuan, with significant growth in major asset restructurings [1] - The Shanghai Municipal Government is soliciting opinions on the development plan for the marine industry, aiming to build a world-class shipbuilding and marine engineering equipment industry cluster by 2030 [1] - The Shenzhen Municipal Bureau of Commerce issued measures to promote high-quality development in service consumption, including expanding openness in the biotechnology and medical sectors [1] Group 3 - Guotai Junan International Holdings received approval from the Hong Kong Securities and Futures Commission to upgrade its securities trading license to include virtual asset trading services, leading to a significant increase in its stock price [1] - China Construction Bank announced a specific issuance of A-shares totaling 11.589 billion shares at a price of 9.06 yuan per share, raising a total of 105 billion yuan [1] - Xiaomi is set to launch its first SUV, the Xiaomi YU7, along with other products, indicating a strong push into the automotive and technology markets [1]

Core Viewpoint - The approval of Guotai Junan International by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services has sparked significant market activity, marking it as the first Chinese-funded brokerage in Hong Kong to offer comprehensive virtual asset-related trading services [1][3]. Market Reaction - Following the announcement, Guotai Junan International's stock surged nearly 200% on June 25, contributing to an 11.75% increase in the Hong Kong Chinese brokerage index and a 5.52% rise in the Wind brokerage index [2][4]. - The approval has led to a broader rally in the market, with several other brokerage stocks, including Tianfeng Securities and Dongfang Caifu, also experiencing significant gains [2][5]. Virtual Asset Trading Services - Guotai Junan International can now directly facilitate trading in cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, and provide advisory services related to virtual asset trading [3][5]. - The company has been proactive in the virtual asset space, having launched a virtual asset spot ETF-based structured product in 2024 and obtaining licenses for tokenized securities distribution and digital bond issuance in 2025 [3]. Regulatory Landscape - As of June 24, 2025, a total of 40 institutions have upgraded their licenses to provide virtual asset trading services, including 38 brokerages, one bank, and one internet company [6][8]. - Notably, ZA Bank has become the first licensed bank in Asia to offer cryptocurrency trading services to retail investors, with promotional offers to attract new clients [6]. Future Developments - The Hong Kong Securities and Futures Commission has outlined a regulatory roadmap for the virtual asset market, focusing on ensuring investor asset safety, introducing diverse products like ETFs and tokenized assets, and enhancing infrastructure for trading stability [9]. - Several other Chinese-funded brokerages, including Huatai International and China Merchants Securities International, are actively preparing to enter the virtual asset trading space, indicating a strategic shift in the industry [10].

Group 1 - The A-share market has seen a significant influx of capital, with major indices rising over 1%, and the Shanghai Composite Index reaching a new high for the year at 3455.97 points [1][2] - The multi-financial sector, including brokerage and banking stocks, has performed exceptionally well, with several stocks hitting their daily limit up [1][2] - Military equipment stocks have gained traction, driven by geopolitical factors and recent military successes, with multiple stocks experiencing substantial increases [2][3] Group 2 - Goldman Sachs maintains a bullish outlook on Chinese assets, projecting a target of 4600 points for the CSI 300 index, indicating a potential upside of approximately 10% [4] - The market sentiment has improved significantly, with trading volumes increasing, providing support for a potential rebound [4][5] - The recent policies aimed at stabilizing and activating capital markets are expected to benefit the securities sector, suggesting a positive trend for the industry [5]

Group 1: Market Overview - The stock market has seen a significant upward trend, with the Shanghai Composite Index breaking through resistance levels and reaching a year-to-date high, supported by increased trading volume of 1.6 trillion yuan, up by 188.2 billion yuan from the previous trading day [4][20]. - The bond market is expected to experience high-level fluctuations, influenced by the performance of the stock market, which may continue to suppress bond market performance if it remains strong [4][16]. - The US stock market is anticipated to challenge new highs as speculative sentiment returns, with reduced risks from rising oil prices and US Treasury yields [5][27]. Group 2: Sector Performance - In the A-share market, sectors such as military, securities, internet finance, and insurance have shown strong performance, while oil and gas, pesticides, and film sectors have lagged [20][21]. - The commodity market has seen a decline in the Wenhua Commodity Index by 0.5%, with energy sectors leading the downturn, while non-ferrous and ferrous metals recorded gains [6][35]. Group 3: Policy and Economic Developments - Domestic policies emphasize expanding domestic demand and boosting consumption to promote high-quality economic development, as highlighted by the Vice Premier's recent remarks [7][41]. - Internationally, the EU is preparing to implement additional tariff countermeasures against the US, indicating ongoing trade tensions [7][42].

6月25日，受A股"情绪晴雨表"券商板块领涨加持，沪指收盘强势站上3455.97点，刷新年内高点，创业 板指数大涨超3%。两市合计成交16028亿元，环比放大1882亿元。本周以来，沪指已走出久违的连续三 根实体中阳线。 在6月23日举行的媒体见面会上，高盛中国股票策略分析师付思指出，维持对A股和港股的超配建议， 预计沪深300目标点位为4600点，MSCI中国目标点位为84点，隐含约10%的上行空间（截至6月25日， 沪深300以3960.07点报收）。 此外，在近日举行的野村东方国际证券中期策略会上，其策略团队指出，"考虑到国内的强政策预期以 及亚太新兴市场在弱美元及国际资金关注下更好的流动性环境，我们仍认为，中国权益资产将在下半年 跑赢海外市场。" 与此同时，海外投资者对中国市场的看法也在朝持续改善的方向发展。 近日，瑞银投资银行中国股票策略研究主管王宗豪表示，从近期的路演反馈来看，外资机构对中国的投 资情绪有所改善，投资者认同中国相对处于更有利的地位。 具体而言，他表示，"在为期两周的欧洲和亚洲路演中，我们看到外资机构对中国股票的兴趣提高。在 欧洲投资者群体中，我们注意到更多投资者目前对中国持中性态度 ...