2025 年 07 月 13 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250705-20250711） - 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 研 究 证 券 研 究 报 告 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 行 业 比 较 相关研究 一、A 股本周估值（截至 2025 年 7 月 11 日） ✓ 1）指数及板块估值比较： ✓ 中证 A 股整体 PE 为 19.7 倍，处于历史 78%分位； ✓ 上证 50 指数 PE 为 ...

中美股汇共振走强，资本回报的十字路口 历史上看无论是A股还是美股，市场走势基本都会领先ROE的趋势。而近期中美股市和汇率同时走强的 背后，我们认为体现了各自市场的投资者对未来企业资本回报的乐观预期。只不过这一次的不同之处在 于：A股定价的是处于历史低位的ROE企稳见底，而美股定价的是本就在历史高位的ROE能够继续像过 去一样继续上行。2021年Q4以来，A股在"去金融化、去地产化"和制造业不断升级、再投资的大趋势 下，激烈的竞争导致资本回报不断下降；相反，美股在政府不断债务扩张去刺激需求但供给和杠杆率低 位的背景下，享受到了比较高的ROE。未来上述两个趋势都将发生转变：对于美股而言，无论是减税政 策鼓励制造业投资还是跨国企业实现资本回流，中短期会对美国经济基本面形成支撑，但实际上长期反 而构成了对高ROE的压制，不过市场短期定价将聚焦在前端的总量回升。而对于A股而言，反内卷、海 外制造业活动＞服务业以及债务停止收缩这三个因素有可能成为资本回报企稳回升的来源，尽管短期国 内需求较弱，但中期上升趋势反而明确。历史上看，美股和A股的PB估值差和ROE的差距存在8个月左 右的时滞，在ROE差距收敛的趋势下中美股票市场 ...

富时中国A50指数连续 光大银行 2564.31亿市值 12.56亿成交额 4.34 -0.10(-2.25%) 保险 中国太保 中国人保 中国平安 明 3750.19亿市值 3699.98亿市值 10509.13亿市值 23.20亿成交额 62.69亿成交额 14.31亿成交额 57.71 8.48 38.46 +0.84(+2.23%) +0.58(+1.02%) -0.11(-1.28%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17925.94亿市值 2165.31亿市值 4824.84亿市值 82.39亿成交额 15.79亿成交额 35.63亿成交额 1427.00 177.49 124.30 -1.05(-0.59%) +0.50(+0.04%) +1.72(+1.40%) 米含体 海光信息 北方华创 寒武纪-U HYGON 2387.28亿市值 2317.58亿市值 3194.34亿市值 12.33亿成交额 28.81亿成交额 63.59亿成交额 330.83 553.98 137.43 +1.00(+0.30%) +30.48(+5.82%) +2.32(+1.72%) 铁路公路 石油行业 中国 ...

星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 东方财富 | 14.51 | 6.35 | | 2 | 包钢股份 | 6.57 | 23.68 | | 3 | 同花顺 | 5.66 | 9.10 | | ব | 长江电力 | 5.65 | 14.35 | | 5 | 中信证券 | 5.03 | 8.20 | | 6 | 寒武纪-U | 4.55 | 8.06 | | 1 | 中芯国际 | 4.51 | 12.86 | | 8 | 北方稀土 | 4.27 | 4.30 | | g | 大智慧 | 4.24 | 7.61 | | 10 | 指南针 | 4.23 | 5.43 | 星矿主力资金监控:午后卖出前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | 1 | 塞力斯 | -15.68 | -27.29 | | 2 ...

金十图示：2025年07月11日（周五）富时中国A50指数成分股午盘收盘行情一览：成分股多数飘红，银行板块涨跌不一 2391.62亿市值 7 1939.56亿市值 7462.81亿市值 25.60亿成交额 4.51亿成交额 7.31亿成交额 15.44 30.50 9.43 +0.60(+2.01%) +0.22(+1.45%) +0.02(+0.21%) 证券 电池 中信证券 宁德时代 国泰海通 CATL 4317.23亿市值 3577.07亿市值 12431.42亿市值 40.76亿成交额 33.75亿成交额 30.56亿成交额 272.66 20.29 29.13 +0.90(+3.19%) +0.66(+0.24%) +0.90(+4.64%) 消费电子 互联网服务 东方财富 工业富联 立讯精密 5173.39亿市值 2601.30亿市值 3841.96亿市值 20.54亿成交额 152.25亿成交额 14.87亿成交额 35.87 24.31 26.05 -0.11(-0.42%) +0.11(+0.31%) +1.16(+5.01%) 家电行业 食品饮料 格力电器 海尔智家 海天味业 油气电子 2 ...

伦敦现货价白银美 元_20250113_173521.xlsx 周期组："反内卷"政策对周期子行业的 影响探讨 2025 年 7 月 11 日 看好/维持 有色金属 行业报告 | 分析师 | 张天丰 电话：021-25102914 邮箱：zhang_tf@dxzq.net.cn | 执业证书编号：S1480520100001 | | --- | --- | --- | | 分析师 | 曹奕丰 电话：021-25102904 邮箱：caoyf_yjs@dxzq.net.cn | 执业证书编号：S1480519050005 | | 分析师 | 赵军胜 电话：010-66554088 邮箱：zhaojs@dxzq.net.cn | 执业证书编号：S1480512070003 | | 分析师 | 刘宇卓 电话：010-66554030 邮箱：liuyuzhuo@dxzq.net.cn | 执业证书编号：S1480516110002 | | 分析师 | 莫文娟 电话：010-66555574 邮箱：mowj@dxzq.net.cn | 执业证书编号：S1480524070001 | | 研究助理 | 闵泓朴 电话：02 ...

+0.03(+0.52%) +0.09(+0.74%) -0.05(-0.57%) 光大银行 2623.40亿市值 9.22亿成交额 4.44 +0.01(+0.23%) 得經 中国平安 中国太保 中国人保 明 3798.84亿市值 3619.17亿市值 10403.51亿市值 47.27亿成交额 8.03亿成交额 15.55亿成交额 57.13 8.59 37.62 +0.52(+1.40%) +1.23(+2.20%) +0.07(+0.82%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17919.66亿市值 2178.12亿市值 4758.08亿市值 55.03亿成交额 19.84亿成交额 12.73亿成交额 1426.50 178.54 122.58 +7.62(+0.54%) +0.26(+0.15%) +0.98(+0.81%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2380.06亿市值 2190.06亿市值 3140.41亿市值 15.03亿成交额 45.22亿成交额 14.81亿成交额 135.11 523.50 329.83 -1.32(-0.40%) -11.50(-2.15% ...

智通财经7月10日电，智通财经星矿数据显示，今日主力资金净流入非银金融、房地产、证券等板块，净流出电子、机械设备、交运 设备等板块，其中电子板块净流出超58亿元。个股方面，北方稀土涨停，主力资金净买入9.60亿元位居首位，中油资本、N同宇、阳 光电源主力资金净流入居前；比亚迪遭净卖出超9亿元位居首位，胜宏科技、ST华通、新易盛主力资金净流出额居前。 主力资金监控：北方稀土净买入超9亿 | 排名 | 股票名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | 1 | 比亚迪 | -9.88 | -16.50 | | 2 | 胜宏科技 | -6.62 | -7.50 | | 3 | ST华演 | -6.55 | -21.07 | | ব | 新易盛 | -6.48 | -10.39 | | 5 | 大智慧 | -4.61 | -9.24 | | 6 | 先达股份 | -4.53 | -25.60 | | 7 | 华银电力 | -4.33 | -11.91 | | 8 | 寒武纪-U | -3.28 | -8.98 | | g | 跨境通 | -3. ...

Group 1: Market Overview - The FTSE China A50 Index components showed a positive trend with insurance, oil, and securities sectors rising significantly, while the banking sector also performed well [1][6]. Group 2: Sector Performance - The insurance sector, including companies like China Life and Ping An, saw increases in market capitalization, with China Life at 1,387.12 billion and Ping An at 1,036.22 billion, reflecting gains of 2.05% and 2.04% respectively [3]. - The oil sector, represented by Sinopec and PetroChina, also experienced growth, with Sinopec's market cap at 698.73 billion and PetroChina at 1,588.62 billion, both showing positive changes of 1.17% and 1.41% respectively [3]. - The semiconductor industry, including Northern Huachuang and Cambrian, faced slight declines, with Northern Huachuang down by 1.43% [3]. - The beverage sector, particularly Kweichow Moutai, reported a market cap of 1,780.16 billion, with a minor decrease of 0.13% [3]. Group 3: Trading Volume - Trading volumes varied across sectors, with the insurance sector leading with a total trading volume of 24.01 billion for Ping An, while the semiconductor sector had lower volumes, with Northern Huachuang at 9.73 billion [3][4]. - The automotive sector, represented by BYD, had a significant trading volume of 47.62 billion, indicating strong investor interest [3].

Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]