□本报记者王宇露 "任何大的产业趋势，一定起源于主题，终结于价值。而真正的产业投资必须契合彼时最大的时代背 景，其中的边际变化往往酝酿着最大的投资机会。"华商基金权益投资副总监、华商致远回报混合拟任 基金经理张明昕近日接受中国证券报记者采访时表示。 多年的一线投研经历使张明昕深刻体会到，长期稳定的投资范式并不存在，任何一种策略一定要深刻分 析背后的经济社会及市场背景，因时而异、因势而异，保持谦虚、敬畏市场，不断地迭代和进化才能长 期存活于这个市场。 聚焦成长价值，寻找产业"星辰大海" "能够被广泛认可的投资机会，一定具备鲜明的时代背景，是那一个时期经济社会发展最重要的任务和 最主要的特征。"张明昕表示，回顾中国资本市场三十多年的历程，时代的变迁带来过很多系统性的投 资机会：2005年的工业化城镇化行情，智能手机发布后开启的2015年移动互联创新浪潮，2016年到2017 年供给侧改革带来的周期股猛涨，2019年到2021年消费升级潮流带来的核心资产"狂飙"，2020年到2022 年碳中和背景下波澜壮阔的新能源行情，再到2022年底GPT-3.5发布至今引发的AI浪潮。从近年来张明 昕的投资来看，正是基于对时代 ...

（原标题：揭秘涨停丨固态电池新龙头，7连板！） 龙头点睛：牛市旗手大幅上涨 1.券商 涨停个股：国盛金控、天风证券、湘财股份 今日（6月25日），上证指数报收3455.97点，上涨1.03%；深证成指收于10393.72点，上涨1.72%。不含未开板新股，今日可交易A股中，收盘封死 涨停的有79只，跌停的有7只。另外，31股封板未遂，整体封板率为71.82%。 涨停战场：固态电池新龙头7连板 据证券时报•数据宝统计，收盘涨停个股中，主板有64只，北交所3只，创业板11只，科创板1只。从所属行业来看，计算机、非银金融、国防军工 行业上榜个股分别有11只、9只、9只。 从连续涨停天数看，诺德股份已连收7个涨停板，连板数量最多，近日该股连发多条公告提示风险。公司表示，2025年推出了双面镀镍铜箔，目前 已适配半固态/固态电池技术；公司自主研发的材料已小批量送样到头部电池企业测试；铜箔业务应用于固态电池领域的收入占公司总营业收入不 足1%，对公司整体业绩的贡献较小。 以封单金额计算，新通联、天风证券、国盛金控等涨停板封资金最多，分别有6.05亿元、3.74亿元、2.77亿元。从封单力度来看，新通联、吉大正 元、瑞玛精 ...

请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 鲍威尔预计通胀压力显著上升，抵消了美股盘中特朗普称伊朗主动提出谈判带来的乐观情绪，鲍威尔新闻发布会后美股一度全线转跌，最终主要股指收盘涨 跌互现。 华见早安之声 潘功胜重磅发声，涉及货币政策框架转型，首次提及稳定币，宣布设立银行间市场交易报告库、设立数字人民币国际运营中心、设立个人征信机 构等8项重磅金融政策。 吴清：设置科创板成长层，支持优质未盈利创新企业上市，试点IPO预先审阅机制。 美股科技股领涨。美国拟放宽限制银行美债交易的资本规定，银行股涨势靠前。稳定币第一股Circle飙升超34%，隔夜美国参议院通过了稳定币法案。 美联储决议后，美债收益率一度刷新日低，但鹰派鲍威尔讲话后，美债收益率仅小幅收低。黄金盘中从日内高点一度跌超1%。铂金创十一年来最高水平。 原油宽幅震荡，特朗普称不希望美国下场中东局势，油价盘中走低。 亚洲时段，A股震荡收涨，半导体产业链午后爆发，港股收跌逾1%，新消费三宝分化，泡泡玛特涨超1%，蜜雪集团跌超2%。 6/21上海投资大师课报名｜中泰资管百亿投资经理徐志敏带你穿越牛熊的投资之道，了解详情>> 要闻 李云泽： ...

6月18日，A股午后拉升翻红，科创50指数表现强势；港股走势疲弱，两大股指均跌超1%。 具体来看，A股主要股指早盘窄幅震荡，午后发力上扬，科创50指数一度涨近1%。截至收盘，沪指微涨0.04%报3388.81点，深证成指涨0.24%报10175.59点，创 业板指涨0.23%报2054.73点，科创50指数涨0.53%，沪深北三市合计成交12219亿元，较此前一日减少约150亿元。 场内近3500股飘绿，地产、医药、券商、保险等板块走低；稀土概念回落，中科磁业跌超12%，宁波韵升跌停；半导体板块拉升，大为股份涨停，源杰科技涨近 10%；银行板块上扬，成都银行、北京银行、浦发银行等创出新高；PCB概念爆发，逸豪新材、科翔股份20%涨停，则成电子、生益电子创出新高；军贸概念活 跃，长城军工涨停，中航成飞等涨逾4%。 PCB概念爆发 PCB概念盘中走势强劲，截至收盘，逸豪新材、科翔股份20%涨停，则成电子涨超19%，生益电子涨超16%，大为股份、沪电股份等亦涨停。值得注意的是，则成 电子、生益电子盘中均创出新高。 | 代码 | 名称 | · 张幅% | 现价 | 涨跌 | 头价 | 卖价 | 总量 | | --- ...

国际局势持续动荡下武器装备需求有望扩 大，继续关注军贸与上游 核心观点 投资建议与投资标的 风险提示 军品订单和收入确认不及预期；研发进度及产业化不及预期；竞争格局及份额波动风 险；产品价格下降风险等。 国防军工行业 行业研究 | 行业周报 国家/地区 中国 行业 国防军工行业 报告发布日期 2025 年 06 月 16 日 看好（维持） | 罗楠 | 021-63325888*4036 | | --- | --- | | | luonan@orientsec.com.cn | | | 执业证书编号：S0860518100001 | | 冯函 | 021-63325888*2900 | | | fenghan@orientsec.com.cn | | | 执业证书编号：S0860520070002 | 鲍丙文 baobingwen@orientsec.com.cn 军工上游进入配置区间，关注军贸和航发 产业链等：—军工行业周报（6/2~6/6） 2025-06-09 OC 证落地，载人 eVTOL 迎来商业化元年 2025-03-30 全力推进"十四五"规划圆满收官，新一 轮景气上行周期已开启 2025-03 ...

Market Overview - On June 13, stock indices in China experienced a downward trend, with the Shanghai Composite Index falling below 3400 points, closing down 0.75% at 3377 points, while the Shenzhen Component Index and ChiNext Index dropped over 1% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 150.41 billion yuan, an increase of approximately 20 billion yuan compared to the previous day [1] - Sectors such as media, retail, liquor, automotive, pharmaceuticals, and real estate declined, while the oil sector surged [1] Military Trade Opportunities - The recent escalation of tensions in the Middle East, particularly Israel's airstrikes on Iran, has created new opportunities in the military trade market [2] - Global military spending is projected to increase for the tenth consecutive year in 2024, with the highest growth rates seen in Europe and the Middle East [2] - China's military exports are transitioning from low-end to high-end weaponry, with increasing international recognition of domestic military products [2] Oil Price Volatility - Current geopolitical tensions, particularly in the Middle East and Ukraine, are driving significant fluctuations in oil prices [3] - The next OPEC+ meeting on July 6 is crucial, as the group's production strategy may change in response to high oil prices [3] - Brent crude oil prices are expected to fluctuate between $70 and $100 per barrel in the short term, depending on demand and OPEC+ production levels [3] AI Industry Growth - As of May 2025, the daily usage of tokens for the Doubao large model exceeded 16.4 trillion, a growth of over 137 times since its launch last year [4] - Oracle anticipates a growth rate of over 40% for its overall cloud business in the 2026 fiscal year, with IaaS growth exceeding 70% [4] - The surge in AI-related activities indicates a high level of industry vitality, suggesting continued investment in the computing power supply chain [4] Medical Supplies Procurement Optimization - The State Council meeting on June 13 discussed optimizing drug and medical supplies procurement policies to enhance collaboration in the healthcare sector [5] - The meeting emphasized the need for better evaluation of procurement policies and improving the quality control of drugs and medical supplies [5][6] - Optimizing procurement rules is expected to benefit the medical supplies industry, particularly high-value supplies, by stabilizing market confidence [6] Real Estate Market Stabilization - The State Council meeting also focused on strategies to stabilize the real estate market, emphasizing the importance of a new development model [7] - Policies will be implemented to support the construction of quality housing and improve the overall effectiveness of existing policies [7] - The aim is to activate demand and optimize supply in the real estate sector to prevent further declines [7] Infrastructure Development - The "Two Heavy" construction projects are accelerating, focusing on national strategic implementation and safety capabilities [8] - Significant progress is being made in the construction of key railway and port projects, supported by various facilitation measures [8] Brain-Computer Interface Clinical Trials - China has successfully conducted its first prospective clinical trial of an invasive brain-computer interface, becoming the second country after the U.S. to enter this phase [9] Red-Chip Stock Listing in Shenzhen - New policies allow companies listed in Hong Kong to also list in Shenzhen, which is expected to enhance financial collaboration in the Guangdong-Hong Kong-Macau Greater Bay Area [10] - This initiative is anticipated to boost investor confidence in China's capital markets and facilitate the return of quality tech companies to the A-share market [10]

全球股市巨震。 6月13日，亚太主要股指集体走低，日经225指数收盘跌0.89%报37834.25点，韩国综合指数跌0.87%报2894.62点，新西兰标普50指数跌0.76%报12552.87点。 受中东地缘局势急剧升温影响，国际油价大幅拉升，WTI原油主力合约盘中一度涨超14%，最高升至77.62美元/桶；布伦特原油主力合约一度涨超13%，最高升至 78.5美元/桶。国内方面，上海原油主力合约一度涨停。 消息面上，据央视新闻报道，当地时间12日凌晨，以色列对伊朗发动袭击。13日早间，以色列国防军发言人埃菲·戴弗林发布视频声明称，当天凌晨以军共出动超过 200架战机参与对伊朗的首轮空袭，其间共投下330多枚弹药，打死了伊朗高级军事领导人以及其他指挥官。他同时称，过去几小时内，伊朗方面向以色列发射了 100多架无人机，目前以军正在努力拦截这些无人机。 A股市场全线回调，深证成指、创业板指跌逾1%；港股亦走弱，恒生科技指数跌近2%。截至收盘，沪指放量跌0.75%报3377点，深证成指跌1.1%报10122.11点，创 业板指跌1.13%报2043.82点，北证50指数跌2.92%，沪深北三市合计成交15041亿 ...

2025.6.9 市场逻辑精选 特别提示:下文涉及的题材或公司,内容罗列和篇幅长短,与后续涨跌无关,亦 均非进行推荐,仅作研究辅助。投资者应自主决策,注意风险。 一、机会前瞻 人形机器人:Figure Al 发布演示视频,华为将举办开发者大会 �事件: 1）2025 年 6 月 7 日，Figure Al 展示了其 Helix 神经网络在物流作业 中实现了 60 分钟连续工作；Helix 如今能够处理更多样化、更复杂的包裹类型， 其操作速度和灵活性已开始接近人类水平。 2）2025年 6 月 20 日,华为将举办开发者大会,或将公布其具身智能领域最新 进展。 3) 据网络调研信息, 2025 年 6 月 16 日, 华为将公布其人形机器人 Demo（未 证实)。 ◇Figure Al: Helix 神经网络集成了触觉和短期记忆, System1 引入了隐式立体 视觉（相比非立体基线吞吐量提高 60%），提供了丰富的 3D 理解和精确的深度 感知运动。多尺度视觉表示使其能够处理细粒度细节和场景级理解。学习型视觉 本体感知允许机器人进行自我校准,从而实现无缝跨机器人转移。 ◇华为机器人：2024年11月，华为（深 ...

Core Viewpoint - The A-share market has shown signs of correction after reaching new highs, with micro-cap stocks performing well, indicating potential investment opportunities and risks in the upcoming weeks [1][4]. Market Performance - The Shanghai Composite Index has rebounded 25 trading days since the low on April 7, with the Shanghai 50 Index reaching a new high since November last year, which is seen as a significant market highlight [1][4]. - The rebound percentages for major indices are approximately 12% for the Shanghai Composite, Shanghai 50, and CSI 300, while micro-cap indices like CSI 1000 and CSI 2000 have rebounded around 20% and 33% respectively [4]. Market Outlook - Two scenarios are anticipated for the upcoming week: 1. If the market reaches a new high and breaks the March peak, it would indicate a continuation of the upward trend [3]. 2. If it fails to reach a new high, a normal correction of about 38.2% is expected, with a critical support level around 3273 points [3][11]. Regulatory Changes - The recent amendments to the Major Asset Restructuring Management Measures by the CSRC are expected to boost market confidence and enhance the enthusiasm for mergers and acquisitions among listed companies [8]. - Key changes include the establishment of a phased payment mechanism for restructuring shares and the introduction of a simplified review process [8]. Upcoming Events - Significant economic data releases, including retail sales and industrial output for April, are expected next week, which could influence market sentiment [5]. - The 2025 Global Investor Conference will be held on May 19-20, focusing on active mergers and acquisitions, which may present investment opportunities [8][10]. Sector Focus - The market is currently characterized by short-lived hot sectors, with a focus on sectors such as military, textiles, logistics, and AI technologies [6][10]. - The shipping sector has shown a breakthrough in its index, indicating potential for further activity [10]. Investment Strategy - Given the current market conditions, a cautious approach is recommended, focusing on short-term trading rather than chasing already heated sectors [11]. - Investors are advised to monitor the performance of the Shanghai Composite Index closely, particularly the support levels around the recent lows [11].

A股今日全线走高，沪指涨近1%，创业板指涨近3%；港股尾盘飙升，恒生指数目前涨超3%，恒生科技指数暴涨约6%。富时中国A50指数期货直线拉升一度涨 超2%。 具体来看，两市主要股指盘中单边上行，深证成指、创业板指尤为强势。截至收盘，沪指涨0.82%报3369.24点，深证成指涨1.72%报10301.16点，创业板指涨2.63% 报2064.71点，北证50指数涨2.89%，沪深北三市合计成交13410亿元，较此前一日增加近1200亿元。 场内超4100股飘红，券商板块拉升，锦龙股份盘中一度涨停，东方财富、中国银河等涨超4%；军贸概念再度爆发，中航成飞、航天南湖、华如科技等20%涨停；人 形机器人概念活跃，拓斯达20%涨停，埃夫特涨超13%；苹果概念崛起，东尼电子、朝阳科技等涨停。 港股方面，截至发稿，舜宇光学科技、比亚迪电子涨超15%，联想集团涨超10%，京东集团、快手、阿里巴巴、招商银行、中国人寿等涨超5%。 消息面上，今日午后，中美日内瓦经贸会谈联合声明发布，双方承诺将于2025年5月14日前采取修改加征的从价关税等系列举措。 券商板块拉升 军贸概念爆发 军贸概念盘中大幅拉升，截至收盘，中航成飞、航天南 ...