商 品 研 究 研 究 所 晨 会 观 投资咨询业务资格： 证监许可[2011]1771号 分[析Ta师ble_Report] 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com. ...

热门科技股涨跌不一，英伟达涨超2%，博通涨超1%，苹果跌超1%。贵金属、金属铜概念跌幅居前，麦 克莫兰铜金跌超9%，美国黄金公司跌超7%，南方铜业跌超6%，美洲白银公司跌超5%，科尔黛伦矿业 跌超4%，泛美白银跌超3%。 热门中概股普跌，纳斯达克中国金龙指数跌1.82%，阿里巴巴跌1.66%，京东跌1.46%，拼多多跌 2.16%，蔚来汽车跌4.25%，小鹏汽车跌2.01%，理想汽车跌3.40%，哔哩哔哩跌0.71%，百度跌0.99%， 网易跌0.92%，腾讯音乐跌2.99%。 纽约商品交易所9月交割的西得州中质原油（WTI）合约上涨0.79美元，涨幅为1.1%，收于每桶70美 元。 COMEX黄金期货收跌1.58%，报3327.9美元/盎司。COMEX白银期货收跌2.9%，报37.175美元/盎司。 美股周三收盘涨跌不一。美联储维持利率不变，但自1993年末以来首次出现多位理事投反对票利率决议 的情况。美联储主席鲍威尔称央行尚未就9月可能的政策调整"作出任何决定"，令降息预期降温。截至 收盘，道指跌0.38%，纳指涨0.15%，标普500指数跌0.12%。 ...

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.65% to 3605 points, the Shenzhen Component Index up 1.21%, and the ChiNext Index up 1.5% [1][2]. Sector Performance Hainan Free Trade Port - The Hainan sector surged as the Hainan Free Trade Port is set to officially "close" on December 18, leading to significant gains in nearly 20 stocks, including Hainan Airport and others [2][4]. - The "zero tariff" product ratio in Hainan will increase from 21% to 74% post-closure, with 85 countries' personnel eligible for visa-free entry [7]. Duty-Free Concept Stocks - Duty-free concept stocks performed strongly, with companies like Hainan Development and China Duty Free Group hitting the daily limit [6][7]. Film and Entertainment Sector - The film and entertainment sector saw significant gains, with Happiness Blue Sea hitting the daily limit and other companies like China Film and Huayi Brothers also rising [8][9]. - The total box office for the summer season reached 4.363 billion yuan, indicating a recovery in the industry [9]. Vaccine Stocks - Vaccine stocks experienced a collective surge, with companies like Zhifei Biological Products and Watson Bio hitting the daily limit [10][11]. - The rise is attributed to recent health alerts regarding the spread of diseases, increasing demand for vaccines [11]. Precious Metals - The precious metals sector faced declines, with Zhongjin Gold dropping over 4% amid reports of potential tariff agreements between the US and EU, impacting gold's safe-haven demand [12][13]. Banking Sector - The banking sector showed weakness, with several banks including Qilu Bank and Minsheng Bank experiencing declines [14][15]. Individual Stock Movements - Zhongjin Gold's stock fell to 15.19 yuan, with a market capitalization of 736.31 billion yuan [16][17]. - The stock's recent performance reflects broader market trends and individual company news impacting investor sentiment [19].

Core Viewpoint - The A-share market has reached new highs in 2023, with all three major indices showing positive growth, indicating a strong market sentiment and potential for continued upward movement [1][2]. Market Performance - As of July 22, 2023, the Shanghai Composite Index rose by 0.62% to 3581.86, the Shenzhen Component Index increased by 0.84% to 11099.83, and the ChiNext Index gained 0.61% to 2310.86 [2]. - The total trading volume in the Shanghai and Shenzhen markets was 1.89 trillion yuan, an increase of 193.1 billion yuan compared to the previous trading day, with over 2500 stocks rising and more than a hundred stocks hitting the daily limit [2]. Sector Performance - The infrastructure sector showed strong performance, particularly in cement stocks, which experienced a surge in limit-up stocks. Other sectors such as coal, organic silicon, pork, liquor, precious metals, and Hainan Free Trade Zone also saw significant gains [4]. - Specific stocks in the hydropower sector, including Poly Union, China Power Construction, and Jiangnan Chemical, saw nearly 20 stocks hit the daily limit [5]. - The coal sector experienced a notable afternoon rally, with companies like Lu'an Environmental Energy, Jinkong Coal Industry, and Shanmei International seeing eight stocks hit the daily limit [6]. Capital Flow - Main capital inflows were observed in the coal, machinery equipment, and precious metals sectors, while outflows were noted in pharmaceuticals, public utilities, and education sectors [7]. - Individual stocks such as Great Wall Military Industry, Kweichow Moutai, and Tebian Electric Apparatus received net inflows of 929 million yuan, 782 million yuan, and 578 million yuan, respectively [8]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Construction Industry faced net outflows of 883 million yuan, 701 million yuan, and 676 million yuan, respectively [9]. Institutional Insights - Guorong Securities suggests that the market's upward trend is likely to continue [10]. - Dexun Securities notes that the indices are steadily rising, showcasing a healthy structure of price increase and volume growth, with strong bullish momentum and improved market sentiment [11]. - Zhongtai Securities indicates that the current market sentiment is high, fueled by recent large-scale infrastructure announcements, and suggests maintaining a relatively optimistic outlook while focusing on sectors like robotics and low-altitude economy [11].

Core Viewpoint - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing down by 0.08%, while the biotech sector showed strong performance throughout the day [1] Market Performance - The Hang Seng Index opened at 24,547 points, reaching a high of 24,672 points, but faced selling pressure leading to a decline [1] - The market's trading volume was 236.41 billion HKD [1] - The ChiNext Index rose by 0.56% [1] Sector Performance - Strong performances were noted in the film, automotive parts, and semiconductor sectors [1] - The biotech sector continued its strong momentum, showing significant gains [1] - The rare earth and precious metals sectors experienced a pullback for two consecutive days, while new consumption concept stocks saw a sharp decline [1] Notable Stocks - Li Auto (02015.HK) increased by over 9% [1] - China Biologic Products (01177.HK) rose by over 6% [1] - Horizon Robotics (09660.HK) gained nearly 5% [1] - Chow Tai Fook (01929.HK) fell by over 3.5% [1] - Baidu (09888.HK) dropped by over 3% [1]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, highlighting a divergence in sector performance [1] - The robotics sector saw significant gains, while financial technology and gaming sectors faced declines [1] Sector Performance Robotics Sector - The robotics concept stocks collectively surged, with the human-shaped robot industry rapidly developing and outperforming the CSI 300 index since October 2024 [3] - The demand for human-shaped robots in consumer applications is expected to grow significantly, transitioning from laboratory settings to complex real-world applications [3] Financial Technology and Gaming Sectors - Financial technology and gaming-related ETFs dropped over 2%, indicating a downturn in these sectors [3] - Despite the recent decline, the financial IT sector is anticipated to benefit from improving macroeconomic conditions and ongoing capital market reforms [5] - The gaming market is projected to remain in an upward cycle globally, with increasing revenue and player numbers expected in the long term [5] ETF Performance - The Guozheng 2000 ETF fund rose over 6%, while various robotics and Hong Kong innovative drug-related ETFs increased by more than 2% [2] - The financial technology and gaming ETFs showed declines, with specific ETFs like the Huaxia Financial Technology ETF and the Gaming ETF experiencing drops of 2.81% and 2.76% respectively [4][5]

Group 1: Market Performance - The Hong Kong stock market indices opened high but closed lower, with the Hang Seng Index down by 0.08%, the Hang Seng China Enterprises Index down by 0.15%, and the Hang Seng Tech Index down by 0.76% [1] - Coal stocks showed active performance, with Yancoal Australia up by 4.88%, China Coal Energy up by 3.57%, and South Gobi Resources up by 4.66% [2] - The pharmaceutical sector saw a broad increase, with Kangfang Biotech rising by 10.43% and Junshi Biosciences up by 8.85% [2] Group 2: Sector Highlights - Rare earth stocks led the gains, with China Rare Earth up by 13.24% and Jinli Permanent Magnet up by 3.41% following the Ministry of Commerce's approval of rare earth export licenses [1] - Precious metals stocks also surged, with China Silver Group leading at 17.65% increase, and Zijin Mining up by 2% [1] - The lithium battery and Tesla-related stocks experienced varying degrees of increase, while chip stocks faced declines, with Shanghai Fudan down by 4.36% [3] Group 3: Policy Impact - The State Council's recent policy aimed at improving basic medical insurance and drug access is expected to significantly impact the pharmaceutical sector, with 2025 projected as a pivotal year for innovative drug policies [2] - The coal industry is anticipated to see a turnaround as some production capacities are facing losses, indicating potential for recovery with supportive policies [2]

Market Overview - A-shares opened positively in the first trading week of June, with the Shanghai Composite Index approaching 3400 points and the Shenzhen Component Index showing support near 10,000 points [1] - The ChiNext Index stabilized above the 2000-point mark [1] - Margin trading saw a net purchase of over 10.2 billion yuan, with a total margin balance of 1.8 trillion yuan, marking a new high in nearly two weeks [1] Sector Performance - The pharmaceutical and biotechnology sector received over 2.4 billion yuan in net purchases, while the computer, automotive, and machinery equipment sectors each saw net purchases exceeding 1 billion yuan [1] - Non-bank financials experienced a net sell-off of over 1.1 billion yuan, with slight net selling in electronics, agriculture, forestry, animal husbandry, and communications sectors [1] - Major funds saw a net inflow of over 10 billion yuan in sectors like pharmaceuticals, computers, basic chemicals, and non-ferrous metals, while the automotive sector faced a net outflow exceeding 2.9 billion yuan [1] Precious Metals Market - International silver prices surged recently, reaching a 13-year high, with domestic silver futures also breaking multiple key levels, closing at 8855 yuan per kilogram [2] - The gold-silver ratio has risen to approximately 1:100, significantly above the historical average, indicating a high probability of silver price increases when the ratio exceeds 1:80 [2] - The photovoltaic industry has become a key driver of silver demand, with industrial silver usage exceeding 40%, and the transition to N-type batteries increasing silver consumption by 40%-100% per unit [2] Supply and Demand Dynamics - Global silver supply is expected to maintain a long-term shortage due to stagnant primary mineral growth and the accelerated penetration of N-type batteries [3] - The total global silver supply is projected to reach 31,700 tons in 2024, with a demand of 36,700 tons, resulting in a supply-demand gap of approximately 5,000 tons [2]

Core Viewpoint - The article discusses the performance of various sectors in the A-share market, highlighting the fluctuations in stock indices and the contrasting performances of different industry sectors [1][2][4]. Market Overview - As of June 6, the A-share market showed a slight decline with the Shanghai Composite Index down by 0.04%, the Shenzhen Component down by 0.13%, and the ChiNext Index down by 0.40% [1]. - The Hong Kong stock market indices also experienced declines, with notable drops in electric vehicle manufacturers such as NIO, XPeng, and Li Auto, all falling over 2% [4][5]. Sector Performance - The chemical sector performed well, with several stocks reaching their daily limit up, including Danhua Technology, Poly United, and Yonghe Shares [7][8]. - The innovation drug sector was active, with stocks like Haichen Pharmaceutical hitting the daily limit up, and other companies like Changshan Pharmaceutical and Wanbangde also showing significant gains [6]. - The precious metals sector saw a rise, particularly in silver, with companies like Hunan Silver and Zhongrun Resources reaching their daily limit up [12][13]. Notable Stocks - In the chemical sector, Danhua Technology rose by 10.16%, Poly United by 10.05%, and Yonghe Shares by 10.01% [9]. - In the agricultural chemicals sector, stocks such as Sulihua Shares and Xianda Shares also reached their daily limit up, indicating strong market interest [10]. - The silver price surged recently, with spot silver rising by 3.4%, reaching a peak of $36 per ounce, the highest level since February 2012 [14].

Group 1 - The A-share market opened with the Shanghai Composite Index down by 0.14% [1] - The Shenzhen Component Index opened down by 0.36% [1] - The ChiNext Index opened down by 0.49% [1] Group 2 - Digital currencies, mobile payments, and precious metals concept stocks showed strength [1]