A股多个指数创阶段新高 成交额也"水涨船高" A股市场主要指数近期连续上行，并不断创出阶段新高。 具体来看，7月23日盘中，上证指数、深证成指、创业板指均刷新年内高点，其中，上证指数一度突破 3600点整数关口，创出2024年10月8日以来9个多月新高；深证成指创出2024年11月14日以来8个多月新 高；创业板指数则创出2024年12月10日之后最近7个多月新高。 近期，A股市场多个积极信号频现。 7月23日，尽管A股市场尾盘出现一定波动，但当天盘中多个主要指数仍然创出阶段新高。这也是近期A股 市场整体强势的一个缩影。 事实上，除了主要市场指数频创阶段新高以外，市场成交额也在"水涨船高"， 两融交易趋向活跃。 不过值得注意的是，在整体上行的同时，A股市场的结构性分化也比较明显。 有专家在接受证券时报记者采访时表示，2024年以来A股市场个股呈现激烈波动、趋势收敛的特征，显示 资金博弈激烈，市场情绪主导短期定价。从中期的维度看，A股定价的有效性逐步显现。展望后市，受访 专家认为，市场乐观趋势预计仍将延续。 | 上证指数 | 创2024年10月8日之后最近9个多月新高 | | --- | --- | | 深证成 ...

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the **Hong Kong retail market** and the **Chinese land market** in 2025, highlighting recovery trends and structural characteristics in both sectors [1][5]. Hong Kong Retail Market - In June 2024, Hong Kong's retail sales achieved positive growth for the first time since February, with a year-on-year increase of **4.5%**. Non-essential goods consumption grew by **3.5%**, outpacing essential goods consumption by **2.6 percentage points** [1][2]. - The retail market showed signs of recovery, with May 2025 retail sales reaching **31.3 billion HKD**, a **2.4%** year-on-year increase, marking a **4.5 percentage point** improvement in month-on-month growth [2]. - Despite a low rental index for shops, increased leasing activities by overseas funds suggest that core office spaces may be nearing a bottom, presenting potential investment opportunities [1][2]. - Local consumption behavior in Hong Kong has not been permanently affected by residents shopping in mainland cities, indicating resilience in the local market for essential goods [4]. Chinese Land Market - The Chinese land market saw a **20%** year-on-year increase in transaction value in the first half of 2025, following three years of decline, driven by the release of quality land in core cities and active land acquisition by real estate companies [1][5]. - The average land price reached a new high since 2014, increasing by **33%** year-on-year, with a premium rate of **10%**, up **6 percentage points** from the previous year, indicating intense competition for quality land [1][5]. - The land market exhibited structural characteristics, with significant differences between first/second-tier cities and third-tier cities. The latter still faced high auction failure rates [3][6]. - The top 100 real estate companies showed a recovery in land acquisition, with state-owned enterprises dominating the market, accounting for **83%** of land purchases among the top firms [11]. Investment Strategies and Trends - Real estate companies are focusing on core first and second-tier cities, with significant investments in cities like Beijing and Shanghai, where the top 10 firms secured **1.6 trillion CNY** in land [13]. - There is a notable trend of companies seeking opportunities in non-core cities due to intense competition in major markets, with some firms exploring structural opportunities in cities like Foshan and Dongguan [13]. - The land market is currently in a state of structural recovery, with improved land quality and increased government willingness to attract investments. However, competition remains fierce for quality land, leading to a "stronger getting stronger" dynamic [14]. Additional Insights - The land auction failure rate has significantly decreased in first and second-tier cities, while third-tier cities continue to struggle with high failure rates [6]. - The average land plot size is decreasing, and the floor area ratio is gradually declining, reflecting a shift towards more sustainable urban development practices [6]. - The premium rates for land in key cities have surged, with some areas seeing rates increase from **1%** to **31%** for the highest premium plots [5]. This summary encapsulates the key insights and trends from the conference call records, providing a comprehensive overview of the current state and future outlook of the Hong Kong retail and Chinese land markets.

Core Viewpoint - The mobile panel market continues to exhibit structural differentiation as of the end of Q2, with varying performance across different panel types [1] Group 1: Market Performance - a-Si panels benefit from stable demand in the mid-to-low-end market, maintaining high production line utilization [1] - LTPS panels are driven by applications in automotive displays, leading to sustained full operation of main production lines [1] - Flexible AMOLED panels, after a period of rapid growth, experience a slight decline in demand due to adjustments in terminal brand procurement schedules [1] Group 2: Price Forecast - a-Si panel prices are expected to remain stable in June and July [1] - LTPS panel prices are anticipated to stay stable in the short term [1] - Rigid AMOLED panel prices are also projected to remain stable in the short term [1] - After a slight decline in June, flexible AMOLED panel prices are expected to stabilize in Q3 [1]

Core Viewpoint - The mobile display panel market continues to show structural differentiation, with a-Si panels benefiting from stable demand in the mid-to-low-end market, LTPS panels driven by automotive display applications, and flexible AMOLED panels experiencing a slight decline in demand due to adjustments in terminal brand procurement rhythms [2][3][4]. Group 1: a-Si Panels - The demand for a-Si panels remains strong, driven by the "6.18" mid-year promotional stocking needs, leading to full-capacity operation of main production lines [4]. - After a brief price increase due to supply-demand tightness in the South China market, prices have stabilized, and module prices for brand customers remain steady [4]. Group 2: LTPS Panels - LTPS panels are benefiting from rapid growth in the automotive display market, with major manufacturers like BOE and Tianma maintaining full production capacity, expected to continue until the end of 2025 [4]. - However, in the smartphone sector, the trend of mid-to-high-end models shifting towards AMOLED has resulted in weaker demand for LTPS panels, keeping prices at low and stable levels [4]. Group 3: AMOLED Panels - As domestic smartphone manufacturers accelerate their shift to flexible AMOLED, demand for rigid AMOLED is contracting. Samsung Display has implemented price cuts to stimulate demand, but market feedback has been lukewarm, limiting the effectiveness of these price reductions [4]. - Some flexible AMOLED production lines have slightly reduced from full capacity, with expectations of minor price adjustments in June to maintain operational levels. However, a stable price floor will be upheld, and with the traditional peak season approaching in Q3, production rates are expected to rebound, with potential slight price increases for certain scarce specifications [4][5]. Group 4: Price Forecast - CINNO Research predicts that a-Si panel prices will remain stable in June and July 2025, while LTPS panel prices are expected to stay stable in the short term. Rigid AMOLED panel prices are also anticipated to remain stable, with flexible AMOLED panel prices expected to stabilize after a slight decline in June [5].

Core Viewpoint - The mobile display panel market is experiencing structural differentiation, with a-Si panels benefiting from stable demand in the mid-to-low-end market, LTPS panels driven by automotive display applications, and flexible AMOLED panels facing a slight decline in demand due to adjustments in terminal brand procurement rhythms [2][3]. Group 1: a-Si Panels - a-Si panels are seeing strong market demand driven by pre-sale preparations for the "6.18" mid-year promotion, maintaining high production capacity [3]. - The market in South China has stabilized after a brief price increase due to supply-demand tightness, with module prices for brand customers remaining stable [3]. Group 2: LTPS Panels - LTPS panels are benefiting from rapid growth in the automotive display market, with major manufacturers like BOE and Tianma maintaining full production capacity, expected to continue until the end of 2025 [3]. - However, in the smartphone sector, the trend of mid-to-high-end models shifting towards AMOLED is leading to weaker demand for LTPS panels, keeping prices at low and stable levels [3]. Group 3: AMOLED Panels - Domestic smartphone manufacturers are accelerating the shift to flexible AMOLED, resulting in a contraction in demand for rigid AMOLED [3]. - Samsung Display is implementing a proactive price reduction strategy to stimulate demand, but market feedback has been lukewarm, limiting the effectiveness of these price cuts [3]. - Some flexible AMOLED production lines have slightly reduced from full capacity, with expectations of moderate price adjustments in June to maintain operational levels, while a return to high capacity is anticipated in the third quarter as the traditional peak season approaches [3][4]. Group 4: Price Forecasts - CINNO Research predicts that a-Si panel prices will remain stable in June and July 2025, with LTPS and rigid AMOLED panel prices also expected to hold steady in the short term [4]. - Flexible AMOLED panel prices are anticipated to slightly decline in June but stabilize in the third quarter [4].

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 上个月一系列关税措施发布后，华强北现货市场热闹了好一阵子。从刚开始的大面积停止报价，再 到之后美系品牌的全线涨价，有些芯片分销商在这期间接到了不少订单，有些则期待着这次波动能 让平淡的芯片市场增加点活力。 现在，关税风暴已过， 那些暴涨过的芯片现在如何了，芯片现货市场整体又是什么情况？关税虽 然已经结束后，给芯片市场带来了哪些变化？ 01 芯片现货市场现在怎么样了？ 不少芯片分销商觉得，现在芯片市场又变淡了。 而现在， TI 和 ADI 在关税风波后有了不同的表现。 总体来看， ADI 目前在现货市场的需求比 TI 更好一些。 对于 TI ，目前在市场上需求再次平淡萎靡 。有主做 TI 的芯片分销商表示，之前 " 1分钟要当 10 分钟用 " ，而现在的行情简直 " 惨不忍睹 " 。价格方面，关税期间即便翻倍也能很快成交， 而现在又回到了得主动出击、努力跑客户开发终端的阶段。 以 TL074IDR 为例，今年 2 、 3 月价格稳定在 0.4 元左右， ...

Core Insights - The central government emphasizes the need to implement urban renewal actions and improve the real estate market stability through various measures, including enhancing high-quality housing supply and optimizing existing property acquisition policies [1] Group 1: Positive Changes in the Real Estate Market - Since September 2024, a series of monetary policy tools have been introduced to stabilize the real estate market, leading to a noticeable increase in market activity, with a total of 3.83 million residential transactions in Q1 2025, a year-on-year increase of 10% [1] - The goal of stabilizing the real estate market has been initially achieved, although the foundation remains fragile [1] Group 2: Structural Changes in the Market - There is a significant divergence in the real estate market across different cities, with core cities experiencing a higher proportion of residential transactions, particularly in first-tier cities, while third-tier cities see minimal activity [2] - The mismatch between land resources and population distribution over the past two decades has led to a tight supply-demand relationship in major cities, while many smaller cities face oversupply issues [2] Group 3: Changes in Transaction Types - The proportion of second-hand housing transactions has increased, while new housing transactions have decreased, with new commodity housing transfer registrations down by 12.1% year-on-year in Q1 2025 [4] - The implementation of the "mortgage transfer" system has stimulated second-hand housing transactions, with 71,000 cases processed in Q1 2025, involving an amount of 71.7 billion yuan, reflecting a 163% increase in monthly average processing volume [4] Group 4: Divergence Between Residential and Commercial Properties - While the residential market shows signs of stabilization, the office and commercial property sectors continue to struggle, with average rental prices for office spaces in major cities declining by 0.73% in Q1 2025 [5][6] - The oversupply of office spaces is linked to local governments prioritizing industrial and commercial land use over residential land, exacerbating the mismatch in land resources across different industries [6]