Market Performance - The Shanghai Composite Index closed at 3455.97 points, up 1.03%, with a trading volume of approximately 620.2 billion [2] - The Shenzhen Component Index closed at 10393.72 points, up 1.72%, with a trading volume of approximately 982.6 billion [2] - The ChiNext Index closed at 2128.39 points, up 3.11%, with a trading volume of approximately 518.4 billion [2] - The STAR Market Index closed at 1217.09 points, up 1.58%, with a trading volume of approximately 119.7 billion [2] - The North Securities 50 Index closed at 1437.63 points, up 1.38%, with a trading volume of approximately 37 billion [2] Sector Performance - The military trade concept and diversified financial sectors led the gains, with significant increases in sectors such as securities, software services, digital currency, cross-border payments, military information technology, aviation, MCU chips, AI, shipping, and mixed reality [1] - Conversely, sectors such as oil and gas extraction, port shipping, and lithium mining experienced notable declines [1] Investment Insights - The market's activity has increased following the Shanghai Composite Index surpassing 3400 points, with rapid sector rotation observed [2] - Long-term trends suggest that under policy stimulus, the A-share market is expected to align with economic growth, indicating potential upward turning points [2] - Recommended investment areas include high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, and robotics [2] Industry Developments - The military industry is experiencing a robust order backlog, with companies accelerating production and delivery, indicating sustained high demand in the second half of the year [2] - The military sector is preparing for the "14th Five-Year Plan" completion and the upcoming "15th Five-Year Plan," which is expected to usher in a new development phase for the industry [2] Technology Sector Updates - The DDR4 memory market has seen a price increase of 9%-37% month-on-month in May, with a further increase of 17%-37% in June [3] - Major storage manufacturers are expected to see revenue growth in the second quarter, with a potential profitability turning point for storage module manufacturers [3] - The approval of a license upgrade for Guotai Junan International allows it to provide comprehensive virtual asset trading services, making it the first Chinese broker in Hong Kong to offer such services [3]

3. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 1.66%报 3338.5 美元/盎司， COMEX 白银期货跌 0.88%报 35.87 美元/盎司。美联储主席鲍威尔表示没有降息 紧迫性，降低市场宽松预期，可能对黄金等避险资产构成压力。 4. 伦敦基本金属多数下跌，LME 期铝跌 0.79%报 2568.00 美元/吨，LME 期锡跌 0.71%报 32460.00 美元/吨，LME 期镍涨 0.68%报 14905.00 美元/吨。全球经济 增速放缓担忧持续影响市场，中国需求复苏力度成为关注焦点，铝库存攀升反 映终端消费疲软。 投资有风险，入市需谨慎。 地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/06/25 隔夜夜盘市场走势 1. 国内商品期货夜盘普跌，能源品领跌。原油跌 9.27%，燃油跌 6.05%，低硫 燃料油跌 3.50%，LPG 下跌 3.59%；贵金属方面，沪金跌 1.25%，沪银跌 1.06%。 宝城期货指出，由于伊朗和以色列达成暂时停火协议，中东地缘风险降温，能 化商品溢价出现回吐。 2. ...

与此同时，宽基ETF再迎新品，上证380ETF及其联接基金、上证580ETF及其联接基金集中上报，这标 志着上证旗舰宽基指数体系投资工具进一步丰富，将为中长期资金入市提供便利渠道。 资金涌入权益类ETF 在近日震荡行情中，大量资金涌入权益类ETF。6月15日以来，权益类ETF净申购额合计超过270亿元。 在业内人士看来，上证380ETF及其联接基金、上证580ETF及其联接基金的上报，将助力投资者布局沪 市中盘及小盘成长型企业，分享不同市值板块的发展红利。同时，将为中长期资金入市提供更丰富的渠 道。 据Choice测算，6月15日以来，截至6月23日，权益类ETF净申购额合计达到270亿元。其中，投向A股的 ETF净申购额超过180亿元。 具体来看，多只宽基ETF吸引资金涌入。其中，华泰柏瑞沪深300ETF净申购额为17.7亿元，华夏科创 50ETF净申购额为16.64亿元，华泰柏瑞中证A500ETF净申购额为15.56亿元。此外，华夏上证50ETF、 南方中证500ETF净申购额均超过10亿元。 多只行业主题ETF也强势吸金。华宝券商ETF净申购额为10.3亿元，华宝银行ETF净申购额为9.98亿元。 华泰 ...

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 能辅导哪些会议和期刊？ 收到了许多同学在论文发表上的求助，学校绕不开一篇三区论文硕士毕业，没有三篇CCF-A博士都毕不了 业，老师对这个新的方向不熟悉，开展不了工作。一直在为论文选题绞尽脑汁，实验设计总遇瓶颈，写作 逻辑混乱不清，投稿屡屡被拒！ 尤其是在前沿且复杂的自动驾驶、具身智能、机器人领域，真的有点力不 从心！ 一篇论文往往需要1-2年的时间筹备发出，对硕士来说，基本上贯穿了整个学术生涯。方法错误、走弯路、 无人指点是最消耗时间的！论文发表难，但也不是没有办法，有大佬带队，一年发几篇都很正常。筹备了 好久，我们服务大家的论文辅导正式推出了，面向自动驾驶/具身智能/机器人领域。 我们是谁？ 国内最大的AI类技术自媒体平台，IP包含自动驾驶之心/具身智能之心/3D视觉之心等平台，拥有国内最顶 尖的学术资源。深耕 自动驾驶、具身智能、机器人 方向多年。我们深刻理解这些交叉学科的挑战与机遇， 更明白一篇高质量论文对于学生（尤其是硕博生）学业和未来发展的重要性。 我们300+专职于自动驾驶/具身智能方向的老师。来 ...

Group 1 - The brokerage sector experienced a significant rally, with Guosheng Financial (002670) hitting the daily limit up and KGI International in Hong Kong surging over 80% [1][9] - The three major indices opened mixed, with the Shanghai Composite Index down 0.04%, Shenzhen Component up 0.22%, and ChiNext up 0.44%. By the time of reporting, the Shanghai index turned positive, and ChiNext's gains expanded to over 1% [1] - The Hong Kong Hang Seng Index opened up 0.62%, and the Hang Seng Tech Index rose by 0.9%. By the time of reporting, the Hang Seng Index's gains increased to 0.9%, and the Hang Seng Tech Index rose over 1.2% [3][4] Group 2 - The securities sector saw initial gains, with Xiangcai Securities (600095) rising over 7%, and other firms like Xinda Securities (601059) and Bank of China Securities (601696) also following suit [5] - The People's Bank of China and six other departments issued guidelines to support consumption, emphasizing the need for a coordinated capital market to promote long-term funds entering the market [7] Group 3 - KGI International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly on its platform [10] - The autonomous driving sector was active, with companies like Ruima Precision (002976) and Yong'an Xing (603776) hitting the daily limit up, driven by recent developments in L4 autonomous driving technology [11]

Core Viewpoint - Kaite Co., Ltd. is establishing a joint venture to expand into the robotics and automotive sectors, reflecting its strategic growth and business development needs [1][3]. Group 1: Joint Venture Establishment - The company plans to collaborate with multiple entities, including Xi'an Xutong Electronics Technology Co., Ltd., to set up Wuhan Kaite Embodied Intelligent Equipment Co., Ltd. with a registered capital of RMB 5 million [2][3]. - Kaite Co., Ltd. will invest RMB 1.25 million for a 25% stake, while other partners will contribute varying amounts for their respective shares [2]. Group 2: Market Growth Potential - The robotics market in China is projected to grow at a compound annual growth rate (CAGR) of approximately 21% from 2024 to 2029, potentially exceeding RMB 410 billion by 2029 [3]. Group 3: Financial Performance - From 2018 to 2022, the company's revenue CAGR was 17.91%, and net profit CAGR was 45.38% [4]. - In 2023, the company reported revenue of RMB 655 million, a year-on-year increase of 27.22%, and a net profit of RMB 113 million, up 45.51% [4]. - For 2024, projected revenue is RMB 826 million, a 26.49% increase, with net profit expected to reach RMB 147 million, growing by 28.99% [4]. Group 4: Investment in Private Equity - The company plans to invest RMB 20 million in a private equity fund focused on automotive electronics, robotics, and low-altitude economy sectors, with a total fund commitment of RMB 51.01 million [5]. - This investment aims to leverage professional investment capabilities to enhance the company's strategic positioning in competitive automotive and technology markets [5].

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]

证券研究报告 | 2025年06月24日 金融工程日报 A 股放量上涨收复 3400 点，固态电池、机器人概念拉升 核心观点 金融工程日报 市场表现：今日(20250624) 市场全线上涨，规模指数中中证 2000 指数表现 较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 成长指数表 现较好。综合、非银、汽车、电新、计算机行业表现较好，石油石化、煤炭、 国防军工、交通运输、银行行业表现较差。锂电负极、炒股软件、ETC、宇 树机器人、锂电电解液等概念表现较好，油气开采、页岩气、天然气、油气 改革、航运精选等概念表现较差。 市场情绪：今日收盘时有 85 只股票涨停，有 19 只股票跌停。昨日涨停股票 今日收盘收益为 1.64%，昨日跌停股票今日收盘收益为 2.14%。今日封板率 77%，较前日下降 0%，连板率 23%，较前日下降 16%。 市场资金流向：截至 20250623 两融余额为 18169 亿元，其中融资余额 18052 亿元，融券余额 117 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 8.5%。 折溢价：20250623 当日 ETF 溢价较多的是智能 ...

Group 1 - The global capital flow is shifting, with a focus on regions beyond Asia, Europe, and the US, presenting market opportunities despite a fragmented environment [1] - Hong Kong Stock Exchange (HKEX) can play a crucial role in facilitating cross-border investments between Chinese and overseas investors [1] - Maintaining liquidity in the market relies on integrity and trust, supported by high regulatory standards and enhanced corporate governance [1] Group 2 - China is experiencing significant investment opportunities, highlighted by the largest IPO globally this year, aiming to raise $5.3 billion, attracting investors from Europe, the Middle East, and the US [2] - The trend of capital flow is shifting towards innovation, particularly in biotechnology, green transformation, and innovative technology sectors [2] - HKEX is actively connecting with global markets to attract companies focused on AI and biotechnology, which are seen as future growth areas [2]

Core Viewpoint - The article discusses the current state of the A-share market, the impact of geopolitical events, and the financial policies aimed at boosting consumption in China. Market Overview - The A-share market showed a significant increase, with the Shanghai Composite Index rising by 1.15%, the Shenzhen Component by 1.68%, and the ChiNext Index by 2.3% [6] - The total market turnover reached 14,483 billion, an increase of 3,013 billion from the previous day, with over 4,700 stocks rising [6] - 86 stocks hit the daily limit up, indicating strong market sentiment [6] Geopolitical Impact - The article highlights the ongoing situation in the Middle East, particularly the ceasefire between Israel and Iran, which has led to a reshuffling of current market hotspots [2][5] - The ceasefire has resulted in a decline in oil and gas stocks, while sectors like solid-state batteries and robotics have seen gains [6][7] Financial Policies - The People's Bank of China and six other departments issued guidelines to support consumption, aiming to increase disposable income for households [14] - A 3,000 billion MLF operation was announced, with a one-year term, to enhance liquidity in the market [14] - The guidelines also include measures to promote the issuance of financial products that meet household wealth management needs [14][16] Industry Performance - The solid-state battery sector has shown remarkable performance, with multiple stocks hitting the daily limit up [6][8] - The robotics sector rebounded after a period of decline, indicating a recovery in investor sentiment [6] - The gaming sector also saw activity, driven by the popularity of a newly renamed game [7] Investment Trends - The article notes a significant net inflow of 636.72 billion into the power equipment, non-bank financial, automotive, electronics, and computer sectors [21] - Conversely, there was a net outflow from the oil and petrochemical, transportation, defense, public utilities, and coal sectors [21] Company Insights - Huawei's MateBook Fold laptop utilizes a chip produced by SMIC, highlighting the challenges posed by U.S. export restrictions on China's semiconductor industry [11][12] - The laptop's use of older technology indicates that SMIC has not yet achieved mass production of more advanced chips [11][12]