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港股板块轮动加速,行情是否延续?
Yin He Zheng Quan· 2025-07-06 07:09
策略研究 · 周度报告 2025 年 07 月 06 日 核心观点: 分析师 杨超 ☎:010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码:S0130522030004 研究助理:周美丽 相关研究 港股板块轮动加速,行情是否延续? 中国银河证券|CGS 策略研究 · 周度报告 目录 Catalog | 一、 本周港股市场回顾 | | --- | | (一) 指数涨跌幅. | | (二) 资金流动 . | | (三) 估值与风险溢价 | | 1 í 港股市场投资展望 . | | 三、 风险提示… | 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29,上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会:一揽子金融政策 稳市场稳预期 2025-04-25,4 月中央政治局会议解读:"持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23,公募基金一季度持仓释放哪些信号? 2 ...
高频经济跟踪周报20250705:基建施工加速,对美航运价格回落-20250705
Tianfeng Securities· 2025-07-05 11:09
固定收益 | 固定收益定期 高频经济跟踪周报 20250705 需求:新房成交同比回落,汽车消费持续回暖 (1)地产方面,本周 20 城商品房成交面积环比小幅上升,但同比下降, 明显低于季节性水平,高能级城市新房成交同比跌幅收窄,低能级城市新 房成交同比跌幅加大。此外,重点城市二手房成交面积环比大多下降。 (2)消费方面,乘用车零售日均销量和批发日均销量环比上升,观影消费 低于季节性,出行表现有所分化,全国迁徙规模指数环周上升,一线城市 地铁客运量环周回落。 生产:工业生产运行平稳,基建开工维持偏强 (1)中上游方面,唐山高炉开工率小幅下降,螺纹钢开工率下降,PTA 开 工率环周上升,涤纶长丝开工率与石油沥青装置开工率环周上升,指向基 建开工或边际改善。 (2)下游方面,汽车全钢胎开工率和半钢胎开工率较上周下降,半钢胎绝 对值仍高于历年同期水平,以旧换新补贴政策支持下短期内对生产端或有 一定支撑。 基建施工加速,对美航运价格回落 证券研究报告 投资:螺纹钢表观消费回暖,水泥价格有所下降 螺纹钢表观消费表现回暖,螺纹钢价格环周上升;水泥发运率与水泥库容 比下降,水泥价格有所下降。 贸易:港口吞吐量下降,出口集运 ...
投资策略专题:深海科技:贯穿下半年的强主题机会
KAIYUAN SECURITIES· 2025-07-05 07:12
2025 年 07 月 05 日 深海科技——贯穿下半年的强主题机会 策略研究团队 ——投资策略专题 | 韦冀星(分析师) | 耿驰政(联系人) | 曹晋(联系人) | | --- | --- | --- | | weijixing@kysec.cn | gengchizheng@kysec.cn | caojin1@kysec.cn | | 证书编号:S0790524030002 | 证书编号:S0790125050007 | 证书编号:S0790124080011 | 深海科技是"底线思维"下政策确定性的交集 "集中精力办好自己的事"和"底线思维"是本轮政策应对"外部冲击"的核 心思路,而"深海科技"正是"底线思维"下政策确定性的交集。 什么是"底线思维"?假设对美出口全面归零,对应的,我们需要有类似级别的对 冲,这对冲可以由三个维度提供:(1)国内扩大内需以及财政刺激等政策;(2)科 技创新下的全要素生产力提振、(3)对其他国家的出口和出海。而这三个维度其实 就是"办好自己的事",它们也刚好就对应了接下来确定性最高的方向。而在今年政 府工作报告当中被首次提及的"深海科技",正是这三大确定性的交集。在当前 ...
中国船舶吸收合并中国重工获准,“全球最大上市船企 ”来了
Guan Cha Zhe Wang· 2025-07-05 04:03
据微信公众号"中国船舶报"消息,2025年7月4日,中国船舶工业股份有限公司(600150.SH,以下简称"中国船舶")公告称,公司发行股份吸收合并中国 船舶重工股份有限公司(601989.SH,以下简称"中国重工")的重大资产重组事项,获上海证券交易所并购重组审核委员会审议通过。这标志着中船集团 旗下两大船舶总装核心上市平台整合迎来重大进展。 关于换股比例与定价,中国船舶换股价格为37.84元/股,中国重工换股价格为5.05元/股,换股比例为1:0.1335。2024年度利润分配实施后,中国船舶换股 价格调整为37.59元/股,中国重工换股价格调整为5.032元/股,换股比例调整为1:0.1339。 1999年,原中国船舶工业总公司分拆,成立了中船集团和中船重工,在业内分别被称为"南船"和"北船",此后二十年,"南船""北船"通过市场良性竞争提 升影响力,不断推进中国造船行业一步步走到世界第一的位置。 上交所公告截图 本次交易是我国船舶工业领域的国家队、主力军之间的整合升级,也被业内认为是积极响应国家发展战略性新兴产业"深海科技"号召,落实中央财经委 员会关于推动"海洋经济"高质量发展的战略部署,将军工、海 ...
重磅!“中字头”千亿资产重组,审核通过
21世纪经济报道· 2025-07-05 03:42
A股近十年最大规模的吸收合并交易完成证监会注册前全部程序! 7月4日晚间,中国船舶公告称,当天,公司吸收合并中国重工事项获上交所审核通过。此次交易尚需中国证监会予以注册以及其他可能涉及的 必要批准、核准、备案或许可(如需)后方可正式实施。 此次重组完成后,存续公司中国船舶将成为全球最大造船上市公司 ,资产规模、营业收入规模、手持订单数均领跑全球。 截至7月4日收盘,中国船舶市值达到1467亿元,中国重工市值为1056亿元。 2025年5月8日晚,中国船舶公告称,对于公司拟向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工,上交所决定予以受理并 依法进行审核。本次交易的具体方式为:中国船舶以向中国重工全体换股股东发行A股股票的方式换股吸收合并中国重工。 中国船舶为吸收合 并方,中国重工为被吸收合并方,即中国船舶向中国重工的全体换股股东发行A股股票,交换该等股东所持有的中国重工股票 。 "两船"合并的影响有多大? 据悉,重组完成后,新的中国船舶将成为手持船舶订单规模领跑全球的世界第一大旗舰型造船上市公司。 根据克拉克森数据统计,截至2024年9月14日,中国船舶和中国重工的总手持订单规模达6263万载重 ...
冰轮环境分析师会议-20250704
Dong Jian Yan Bao· 2025-07-04 15:36
Report Overview - Report Date: July 4, 2025 - Industry: General Equipment - Company: Icewheel Environment - Participating Institutions: Rongtong Fund, GF Securities, etc. Core Viewpoints - The company focuses on providing advanced system solutions and full - lifecycle services in the energy and power fields, with a wide range of products and significant technological advantages [13]. - It has products applicable to multiple high - end fields such as controllable nuclear fusion, data centers, nuclear power, etc., and has achieved certain successes in these areas [14][15][17]. - The company's continuous technological innovation is its greatest competitive advantage, which consolidates its leading position in the industry [25]. Key Points by Discussion Topic Company Business and Product Portfolio - The company's main products include various types of compressors and heat exchange devices, covering a temperature range of - 271°C - 200°C, and serving multiple customer industries [13][14]. - It has built a full - series magnetic levitation compressor product matrix, which performed well in the Beijing Winter Olympic Village project [13]. Products for Controllable Nuclear Fusion - Helium compressors are key equipment for superconducting magnet cooling systems in magnetic - confinement controllable nuclear fusion devices [14]. - In 2016, the company successfully developed ultra - low - temperature helium compressors, filling a domestic gap, and has supplied them to many scientific research institutes for major national frontier science and technology research projects [15]. Products for Data Centers - The company's subsidiaries provide cooling equipment for data centers. Some products have been included in relevant national catalogs [15][17]. - It has served many domestic and overseas data center projects, and the overseas manufacturing base is expanding tactically [16]. New products were launched in 2024 to enhance competitiveness [17]. Products for the Nuclear Power Industry - With the acceleration of national nuclear power construction, the company has developed a series of innovative technologies for nuclear power, covering core scenarios such as nuclear island cooling and nuclear energy heating [17]. - It has served many domestic nuclear power plants and achieved certain results in nuclear energy heating projects [18]. Industrial Thermal Management Business - The company launched the "Industrial Global Thermal Control Comprehensive Solution", focusing on the industrial thermal control market and realizing efficient energy utilization [19]. - Beijing Huayuan Taimeng Energy - Saving Equipment Co., Ltd., a key subsidiary, has multiple core technologies and a large number of patents and has won many national honors [20]. Products for the Marine Economy - The company provides full - scenario intelligent solutions for the marine economy, including traditional ship refrigeration systems and new green energy system solutions [23]. - It has provided equipment for the "Dream" research vessel and won a provincial - level science and technology progress award [24][25]. Competitive Advantages - The company's greatest competitive advantage is continuous technological innovation. It has many national - level certifications and honors, and has established a central research institute this year to strengthen R & D [25][27].
和讯投顾高璐明:放量回落!还能涨吗?
He Xun Cai Jing· 2025-07-04 13:30
Market Overview - Over 4,100 stocks declined, and the three major indices experienced a volume surge followed by a pullback, raising questions about the market's ability to continue rising [1] - Despite the pullback, the market has not provided a clear signal indicating the end of the upward trend, as the Shanghai Composite Index remains above the recent breakout point of 3,460 [1] - The market has not breached the critical 5-day moving average, which is often a precursor to a market top, indicating that the current trend is still intact [1] Sector Performance - Key sectors such as banking, insurance, steel, and coal are still showing strength, suggesting that internal market funds are actively participating and pushing indices higher [1] - Digital currencies and other sectors are also performing strongly, indicating ongoing rotation and movement of funds within the market [2] Investment Strategy - For investors holding low-position stocks that have not experienced significant increases, it is advisable to hold and wait, especially if their positions are not heavily weighted [2] - Caution is advised for short-term positions that have seen substantial gains recently, such as solid-state batteries and marine economy stocks, as they may face short-term adjustment risks [2]
政策加码深蓝经济,关注风电、油气装备与船舶行业成长新机遇
Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]
“反内卷”信号释放,美国非农又超预期
Southwest Securities· 2025-07-04 10:41
Domestic Highlights - China's Caixin Manufacturing PMI for June recorded at 50.4, up 2.1 percentage points from the previous month, indicating a return to expansion[10] - The Ministry of Finance announced a tax credit policy for foreign investors reinvesting profits in China, effective from January 1, 2025, to December 31, 2028, allowing a 10% tax credit on eligible reinvestments[9] - The National Development and Reform Commission allocated over 300 billion yuan to support the third batch of "two重" construction projects, which are expected to stabilize domestic demand growth in the second half of 2025[14][15] International Highlights - The U.S. Senate passed the "Big and Beautiful" tax and spending bill, projected to increase the national debt by approximately $3.3 trillion over the next decade[19] - The U.S. non-farm payrolls increased by 147,000 in June, with the unemployment rate dropping to 4.1%, leading to reduced expectations for interest rate cuts in July[23][25] - The Hong Kong Monetary Authority purchased 20.02 billion HKD to defend the local currency as it hit the weak end of its peg against the U.S. dollar[21][22] Market Trends - Brent crude oil prices decreased by 2.13% week-on-week, while iron ore and copper prices increased by 1.73% and 1.95%, respectively[26] - Rebar prices rose by 0.72%, while cement prices fell by 1.37% week-on-week, indicating mixed trends in the construction materials market[32]
冰轮环境(000811) - 000811冰轮环境投资者关系管理信息20250704
2025-07-04 07:58
Group 1: Company Overview and Business Segments - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat management systems, showcasing significant technical advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Innovations in Nuclear Fusion and Low-Temperature Applications - The company developed a helium compressor for superconducting magnets used in nuclear fusion, filling a domestic gap and supplying to major national research projects [2] - The helium compressor is part of a large low-temperature refrigeration system capable of achieving near absolute zero temperatures (-273.15°C) [2] - The company’s helium compressors are recognized as significant technological equipment in the energy sector by the National Energy Administration [2] Group 3: Data Center Solutions - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, which have been recognized in the national green data center technology product directory [3] - Successful projects include major data centers for national supercomputing and telecommunications companies, with ongoing expansion in overseas markets [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios in nuclear power, developing innovative technologies for nuclear island cooling and heat recovery [4] - It has provided services to multiple nuclear power stations across China, enhancing safety and efficiency in energy utilization [4] Group 5: Industrial Heat Management Solutions - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [6] - Key subsidiary recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat management technologies [6] Group 6: Marine Economy and Green Energy Solutions - The company is committed to high-quality development in the marine economy, providing smart solutions for fishing and seafood processing industries [7] - Recent projects include providing ultra-low temperature laboratory equipment for China's first ultra-deepwater scientific research vessel [7] Group 7: Competitive Advantages - The company’s competitive edge lies in continuous technological innovation, with multiple national-level recognitions and a strong focus on research and development [7] - It has established a central research institute to enhance foundational and strategic technology development, further solidifying its industry leadership [7]