6月25日早盘，港股三大指数集体高开，恒生指数涨0.62%，报24327.82点；恒生科指涨0.9%，国企指数 涨0.74%。盘面上，科网股普涨，券商股大涨，新能源车企多股上涨，新消费概念活跃。近期热度较高 的恒生科技指数ETF（513180）跟随指数上涨，持仓股中，蔚来、中芯国际、地平线机器人、华虹半导 体、阿里巴巴等涨幅居前。 公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。其标的指数软硬科技兼备，囊括相较于A股更为稀缺的中国核心科技资产。当前指数处于历 史低估区间，而高弹性、高成长等特性使其具备更大的向上动能。没有港股通账户的投资者或可通过恒 生科技指数ETF（513180）一键布局港股科技龙头。（场外联接A/C：013402/013403） 数据显示，截至6月24日，恒生科技指数ETF（513180）近10个交易日合计获资金净流入16.47亿元，资 金抢筹特征显著，最新规模达285.81亿元，创成立以来新高。 长江证券在周度策略中指出，近期恒生科技指数呈现"上有顶、下有底"的震荡格局，消费提振政策与科 技自立自强战略形成合力，恒生科技成 ...

Group 1 - The "14th Five-Year Plan" period is crucial for the construction of Beijing as an international science and technology innovation center, focusing on enhancing innovation capabilities and efficiency [1] - Beijing is establishing a coordinated development mechanism and an innovation linkage system to promote collaborative innovation, with a focus on key areas such as artificial intelligence and integrated circuits [1] - The city aims to build a high-precision industrial system with a focus on high-end, intelligent, and green development, while fostering 20 future industries and creating 30 innovation platforms across 17 fields [1] Group 2 - Beijing has developed a talent support action plan to build a high-level talent base, including a multi-dimensional talent cultivation system to attract and retain high-level professionals [2] - The city is enhancing the service guarantee level for technological innovation by improving the technology transfer service system and establishing a financial reform pilot zone for innovation [2] - A world-class cluster of major scientific and technological infrastructure is being constructed, with plans for eight new facilities and a focus on advanced infrastructure development [2] Group 3 - Beijing is actively integrating into the global technology innovation network by forming alliances and promoting industrial collaboration in the Beijing-Tianjin-Hebei region [3] - The construction of the international science and technology innovation center will focus on original innovation, industry clusters with technological leadership, and high-level talent [3]

Group 1: Instant Retail Expansion - Meituan announced a comprehensive expansion of its instant retail business, with plans for the Xiaoxiang supermarket to cover all first and second-tier cities [1] - The flash purchase business will continue to expand its product categories and collaborate with retail brand partners to increase store and lightning warehouse coverage [1] - Meituan Youxuan will focus resources on advantageous areas, exploring "next-day delivery + self-pickup" models and new community retail formats [1] Group 2: Real Estate Market in Shanghai - A new batch of residential projects in Shanghai is set to enter the market, with all projects having a record average price below 100,000 yuan per square meter [3] - This batch includes 7 projects with a total of 961 units and a total area of 100,900 square meters [3] - Cumulatively, Shanghai has supplied 24 batches of new homes by 2025, totaling 19,560 units [3] Group 3: Pharmaceutical Development - Xiansheng Pharmaceutical has halted the development of its Alzheimer's disease drug, which was previously in collaboration with Vivoryon [4] - The partnership, established in June 2021, involved over 500 million USD for development and commercialization rights in Greater China [4] Group 4: Corporate Leadership Changes - Du Chao has joined XPeng Huitian as Chief Financial Officer and Vice President, bringing extensive experience from Deutsche Bank and a previous CFO role in an education technology group [5] Group 5: Robotaxi Business Development - Hello announced its entry into the Robotaxi sector, completing over 3 billion yuan in financing with strategic investments from Ant Group and CATL [9] - A new company, Shanghai Zaofu Intelligent Technology Co., Ltd., has been established to focus on L4 autonomous driving technology [9] Group 6: Housing Fund Policy in Hangzhou - Hangzhou's housing fund management center has introduced a policy allowing employees to use their housing fund for direct payment of home down payments, supporting online processing [10] Group 7: Retail Market Exit - Sa Sa International announced the closure of all its 18 remaining offline stores in mainland China by June 30, marking its exit from the mainland retail market [12] - The company reported a 9.7% year-on-year decline in annual revenue to 3.942 billion HKD and a significant 64.8% drop in net profit to 76.97 million HKD for the fiscal year ending March 31, 2025 [12]

Core Viewpoint - The article emphasizes the importance of technological innovation as a driving force for China's development and the goal of becoming a technological powerhouse by 2035, highlighting the need for self-reliance and strategic planning in achieving this objective [2][3][32]. Group 1: Innovation as a Driving Force - Innovation is identified as the primary driving force for development and a strategic support for building a modern economic system [2][3]. - The Chinese government has prioritized innovation-driven development as a core strategy since the 18th National Congress of the Communist Party [2][3]. - The goal is to achieve high-level technological self-reliance and to be at the forefront of innovative countries by 2035 [2][3]. Group 2: Achievements and Future Goals - Significant achievements in technological innovation have been made, with a focus on overcoming key core technology challenges through self-reliance [5][13]. - By 2024, China's R&D expenditure is expected to exceed 3.6 trillion yuan, maintaining its position as the second-largest in the world [33]. - The country aims to enhance its original innovation capabilities and address weaknesses in key technologies and talent shortages [36]. Group 3: Reform and Systematic Changes - The article discusses the need for continuous reform in the technology sector to enhance innovation and address fragmentation in resources [14][15]. - A new system for technology management has been established, including the formation of a Central Science and Technology Committee [18][19]. - The reforms aim to integrate technology innovation with industrial innovation, promoting the transformation of scientific achievements into practical applications [20][21]. Group 4: International Cooperation - China emphasizes the importance of international cooperation in technology, establishing partnerships with over 160 countries and regions [26][27]. - The country is committed to open collaboration, believing that innovation should not be isolated but rather integrated with global efforts [27][28]. - China's technological advancements are increasingly recognized globally, with significant contributions to various fields, including space exploration and agricultural technology [28][29]. Group 5: Call to Action - The article concludes with a strong call to action for continued efforts towards achieving the goal of becoming a technological powerhouse, emphasizing the urgency and importance of this mission [32][40]. - It highlights the collective responsibility of the current generation to advance China's technological capabilities and maintain momentum in innovation [37][39].

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 23 日 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度 活跃 报告要点： 2025 年 6 月 23 日市场全天低开高走，稳定币概念股再度活跃。上证指 数上涨 0.65%，深证成指上涨 0.43%，创业板指上涨 0.39%。市场成交额 11224.57 亿元，较上一交易日增加 548.70 亿元。全市场 4501 只个股上涨， 862 只个股下跌。 风格上看，各指数涨跌幅排序为：成长>金融>周期>稳定>消费>0；小盘 成长>大盘价值>小盘价值>中盘价值>中盘成长>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合金融 （5.03%），综合（3.22%），计算机（2.21%）；表现相对靠后的是：食品饮料 （-0.78%），家电（-0.43%），钢铁（0.02%）。概念板块方面，多数概念板块 上涨，昨日连板、昨日连板_含一字、数字货币等大幅上涨；低碳冶金、白 酒、啤酒等板块走低。 资金筹码方面，主力资金 6 月 23 日净流入 86.96 亿元。其中超大单净流 入 9 ...

Core Insights - The establishment of research institutes in Zhengzhou, such as those from top universities, is driving innovation and talent attraction in the region [5][6][15] - The collaboration between universities and local governments aims to enhance regional economic development and create a high-level innovation ecosystem [10][14] Group 1: Research Institutes Development - The Zhengzhou Research Institute of Beijing Institute of Technology was established to serve regional development strategies, focusing on engineering research, results transformation, and graduate training [6][11] - The research institute has built a team of over 170 researchers and aims to cultivate 1,000 graduate students and 200 postdoctoral researchers within five years [8][10] Group 2: Talent Attraction and Retention - The "brain drain" effect is being reversed as many talented individuals return to Zhengzhou to contribute to local innovation [10][12] - Policies and infrastructure, such as talent apartments, are being implemented to support researchers relocating to Zhengzhou [11][12] Group 3: Industry Collaboration and Innovation - The collaboration between Shanghai Jiao Tong University and Pingmei Shenma Group has led to breakthroughs in silicon material technology, enhancing the local semiconductor industry [13][14] - Various research institutes are engaging in projects that span multiple fields, including artificial intelligence, biomedicine, and new materials, to foster innovation and economic growth [9][14] Group 4: Regional Economic Impact - The establishment of these research institutes is expected to significantly boost the local economy, with the Central Technology City ranking 15th in a national competitiveness assessment [14][15] - The integration of academic research with local industry is creating a robust innovation ecosystem that supports high-quality economic development in Henan [15]

Market Overview - The average daily trading volume of the entire A-share market was 12.2 trillion CNY, a decrease of over 150 billion CNY compared to the previous week[8] - The Shanghai Composite Index fell by 0.51% during the week, with a year-to-date increase of 0.2%[11] Index Performance - The large-cap value index rose by 1.07%, while the ChiNext index dropped by 1.66%[11] - The market sentiment index decreased by 2.63%, reflecting a decline in market enthusiasm[21] Participant Performance - The "national team" index showed the best performance with a weekly increase of 0.18%[21] - The private equity heavy index fell by 2.23%, but it has increased by 46.32% since the beginning of 2025[21] Sector Trends - The semiconductor sector is highlighted as a strong direction, with significant developments in AI custom chips and solid-state batteries[41] - The report emphasizes the importance of technology self-reliance and expanding domestic demand in the context of geopolitical tensions[49] Risk Factors - The pace of domestic economic recovery may not meet expectations, potentially increasing market uncertainty[52] - Geopolitical events could lead to heightened tensions, impacting market stability[52]

Market Overview - The A-share market experienced a decline on Thursday, with the Shanghai Composite Index falling by 0.79%, the Shenzhen Component Index down by 1.21%, and the ChiNext Index decreasing by 1.36%. The total market turnover reached 12,808 billion yuan, an increase of 591 billion yuan compared to the previous day, with over 4,600 stocks declining across the market. Sectors such as oil and gas, short drama games, and the China Shipbuilding Industry Group saw gains, while nuclear fusion and weight loss drug sectors faced losses [2][6]. Important News - The Ministry of Commerce announced on June 19 that it is expediting the review of export license applications related to rare earths, emphasizing the importance of maintaining global supply chain stability and security. The ministry has approved a certain number of compliant applications and will continue to strengthen the approval process for compliance applications [3][7]. Industry Insights - The report highlights the launch of 14 key new mobile games in May 2025, with titles such as "杖剑传说" and "胜利女神：新的希望" performing notably well. The gaming industry is expected to benefit from a stable issuance of game licenses and a favorable market environment, suggesting a positive outlook for new game performances [12][14]. Investment Recommendations - The report suggests focusing on the deepening reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance the institutional inclusiveness and adaptability for high-quality technology enterprises. The establishment of the "Sci-Tech Growth Layer" aims to support technology companies that are not yet profitable but have significant breakthroughs and commercial prospects. This initiative is seen as a crucial step in building a multi-tiered capital market system [8][11]. - The report emphasizes the importance of nurturing emerging and future industries, with a focus on high-level technological self-reliance. It suggests leveraging financial innovation tools and policies to support technology innovation and accelerate the growth of new industries [10][11].

Core Viewpoint - The article emphasizes the importance of technological modernization as a foundation for achieving high-quality development in China, highlighting the role of state-owned enterprises (SOEs) in driving technological innovation and addressing major national strategic needs [1][5]. Group 1: Technological Innovation and Investment - Central enterprises are expected to invest over 1 trillion yuan annually in R&D from 2022 to 2024, with a target R&D intensity of 2.79% in 2024, and 8.8% of R&D spending allocated to basic and applied research [1][2]. - By the end of 2024, central enterprises aim to establish 474 national-level R&D platforms and employ 1.443 million researchers, reflecting a 5.5% year-on-year increase [1]. Group 2: Major Technological Achievements - Central enterprises lead 3 and participate in 19 national major science and technology projects, achieving a record high in national science and technology awards in 2023, winning 54% of similar awards [2]. - Significant breakthroughs have been made in fields such as quantum information, controlled nuclear fusion, and 6G network architecture, with 121 landmark achievements from the first batch of 45 innovation sources [2]. Group 3: Innovation Ecosystem and Collaboration - Central enterprises have established 479 national and local industry technology innovation strategic alliances and 155 incubator platforms and technology parks by the end of 2024 [4]. - A total of 2.5 million collaborative projects have been initiated, with actual expenditures reaching 27.42 billion yuan [4]. Group 4: Industrial Transformation and New Industries - Central enterprises are focusing on upgrading traditional industries through various methods, with a 2.8% decrease in energy consumption and a 2.4% reduction in carbon emissions per unit of output in 2024 [6][7]. - Investment in strategic emerging industries reached 2.7 trillion yuan in 2024, a year-on-year increase of 21.8%, accounting for over 40% of total investments [7]. Group 5: Future Industry Development - Central enterprises have established 79 future industry-related companies and made significant advancements in technologies such as quantum gravity measurement and artificial sun projects [7]. - The focus is on creating competitive products and services to seize future development opportunities [7]. Group 6: Strategic Direction and Leadership - The State-owned Assets Supervision and Administration Commission (SASAC) and central enterprises will continue to strengthen the leadership of the Communist Party in technological work, aiming for a high-level innovation ecosystem and breakthroughs in core technologies [8].

截至2025年6月18日 09:59，上证科创板人工智能指数(950180)下跌0.04%。成分股方面涨跌互现，奥比中光(688322)领涨1.80%，有方科技(688159)上涨 1.73%，复旦微电(688385)上涨1.57%；优刻得(688158)领跌2.76%，当虹科技(688039)下跌1.46%，萤石网络(688475)下跌1.34%。科创AIETF(588790)上涨 0.18%，最新价报0.56元。流动性方面，科创AIETF盘中换手0.72%，成交2489.79万元。拉长时间看，截至6月17日，科创AIETF近1年日均成交2.64亿元，居 可比基金第一。 6月17日，MiniMax宣布将连续五天发布重要更新，第一弹是开源首个推理模型MiniMax-M1，其多项基准测试比肩DeepSeek-R1、Qwen3等开源模型，接近 海外的最领先模型，但算力成本仅约53万美元。 海通国际持续强调之前的观点，即"科技自立自强已经成为目前我国科技的主旋律"，而从AI的发展来看，我国AI研发能力和应用落地能力均达到世界先进水 平，未来对计算机板块促进作用或持续加大。持续看好计算机板块。 从收益能力看，截至20 ...