证券研究报告 A股策略周报： 关注中报业绩指引 证券分析师 魏 伟 投资咨询资格编号：S1060513060001 陈 骁 投资咨询资格编号：S1060516070001 研究助理 靳旭媛 一般从业资格编号：S1060124070018 2025年8月17日 请务必阅读正文后免责条款 1 ※ 核心观点|慢牛在途，中报指引 1 近期动态|金融数据：M1同比持续回升 | 近六个月 | 上年同期 | 新增规模（亿元） | 同比变化 | 25/07 | 25/06 | 25/05 | 25/04 | 25/03 | 25/02 | 24/07 | 24/06 | 24/05 | 24/04 | 24/03 | 24/02 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

恒指报收24858.82点，跌0.89%，恒生科技指数报收5460.3点，跌1.56%。半导体板块走弱，中芯国际跌 逾8%；消费电子、机器人题材表现低迷，有色金属、建材等板块活跃。（第一财经AI快讯） ...

分析师： 蔡梦苑 登记编号：S0890521120001 分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 宏观主线梳理 宏观主线梳理 | | 美国劳动力市场需提现,经济边际走弱 | | --- | --- | | | > 美国劳动力市场疲态显现, 经济边际走弱 | | | ◆ 美国非农就业连续两月增长表近停滞,这在历史上通常是经济表迷或救援的先兆。目前,初次及连续申请失业金人数、巩位空缺 | | | 率、平均每周工时等指标尚未明显回落,袁明劳动力市场未现全面恶化。但边际走弱趋势已是容观事实。 | | | ◆ 美国二季度GD显示实际需求波缓。在关国居民超频储蓄耗尽、高利率环境以及关税政策不确定性高企下,美国消费和投资均趋缓 | | 海外宏观 | 不过当前来看,美国表退概率(纽约联储7月最新预测未来12个月约28.71%)仍可控。 | | | ◆ 尽管美联储7月会议维持利率不变且主席鲍威尔表态偏鹰派,但鉴于5-6月非农数据疲弱,9月降息仍是大概率事件。 | | | > 关税不确定性有所下降 | | | > 美国8月关税税率将再度上升。2025年7月3 ...

Macro Dynamics - Hong Kong Monetary Authority announced optimization of offshore RMB bond repurchase business to facilitate "Bond Connect" investors, allowing multi-currency settlements including HKD, USD, and EUR, effective from August 25, 2025 [1] Industry Developments - The first complete low-altitude new infrastructure solution was unveiled at the 2025 Aerospace Information Conference, covering satellite internet, low-altitude cloud, low-altitude meteorological applications, and space AI models [2] - Hangzhou is accelerating the industrialization of brain-like intelligence projects, supporting enterprises to strengthen their innovation capabilities and scale [4][5] Market Data - In June, domestic retail sales of new energy passenger vehicles reached 1.111 million units, a year-on-year increase of 29.7%, with total sales for the first half of the year at 5.468 million units, up 33.3% [3] - A-share indices closed higher on July 8, with the Shanghai Composite Index rising by 0.7%, driven by significant gains in photovoltaic-related stocks [10] - The financing balance of the two markets increased by 6.313 billion yuan as of July 7, with the Shanghai Stock Exchange reporting a balance of 928.828 billion yuan and the Shenzhen Stock Exchange at 911.667 billion yuan [11] Company Developments - Spain's Santander Bank has been approved to establish a branch in Shenzhen, marking its third branch in mainland China [8] - New automotive central enterprise headquarters may be established in Chongqing, closely related to Changan Automobile [13] - JD.com announced the launch of the "Double Hundred Plan," investing over 10 billion yuan to support more brands in achieving sales of over 1 million [14] - Huayin Electric Power's stock has seen a significant trading volume with a cumulative turnover rate of 80.95% over the past six trading days, with a price increase of 63.41% during the same period [15]