证券研究报告 晨会 hyzqdatemark 2025 年 07 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年07月09日 华源晨会精粹 20250709 固定收益 美降息预期回落，国内债基久期继续上升——利率周报：中观高频数据： 经济修复呈现"弱复苏中的结构性亮点"的格局。消费市场复苏动能分化；货运量 保持韧性，出口指标承压；基建相关行业扩张，化工链阶段性调整；商品房成交量 分化；大宗商品价格承压。机构行为：截至 7 月 6 日，理财公司公募理财产品破净 率约为 0.86%，较年初下降 1.11pct，当前破净率的年内百分位已低于 10%。截至 7 月 4 日，本周债基久期继续上升，我们估算利率债中长期债基久期平均数自 4 月初 以来快速走高，7 月 4 日测算约 5.2 年，信用债中长期债基久期平均数自 5 月中旬以 来持续窄幅震荡，7 月 4 日测算约 2.2 年。三季度利率债预计窄幅震荡，继续看多收 益率 2%以上的长久期城投债及资本债。7 月理财规模预计大幅增长，看多长久期下 沉的城投及资本债，看多城投点心债及美元债，力推民生、渤海、恒丰银行永续债， 关注保险次级债机会。 ...

Core Viewpoint - The A-share market showed mixed performance in the morning session, with the Shanghai Composite Index surpassing 3500 points, indicating a positive trend in various sectors, particularly in diversified financial concepts and interactive gaming [1] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.29% to 3507.69 points, the Shenzhen Component Index increased by 0.36%, and the ChiNext Index gained 0.8% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 9.553 trillion yuan, an increase of approximately 823 billion yuan compared to the previous day, with a net outflow of main funds amounting to about 226 billion yuan [1] Sector Highlights - The diversified financial concept sector led the gains, with stocks such as Yuexiu Capital and Nanhua Futures hitting the daily limit [1] - The short drama interactive gaming concept saw a significant rise, with Zhongwen Online increasing by over 13% [1] - The engineering construction-related concept also performed well, with Sifang New Materials leading the sector [1] - The large pharmaceutical sector rebounded, along with gains in childcare services, banking, power equipment, and controllable nuclear fusion concepts [1] Sector Weaknesses - The rare earth permanent magnet concept experienced a pullback, while sectors such as precious metals, storage chips, insurance, and shipbuilding showed weakness in the morning session [1]

Core Viewpoint - Wanst's recent A-round financing of 31 million yuan is a significant milestone in the construction materials sector, highlighting its technological innovations and market potential [2][6]. Company Overview - Wanst is headquartered in Nantong, Jiangsu, known as the "hometown of architecture," providing a solid industrial foundation for the company [3]. - The company has production bases across multiple locations in China and a world-class R&D center in Hong Kong [3]. - Wanst focuses on the construction materials sector, utilizing a "Hong Kong R&D + local transformation" model to enhance concrete's compressive strength and significantly reduce carbonation rates [3]. - Additionally, Wanst has developed an AI damage identification platform that accurately analyzes the causes of cracks, offering a one-stop solution for construction [3]. Financing Purpose - The recent financing will primarily be used to strengthen R&D investment, enhance product technology, expand production capacity to meet market demand for high-quality construction materials, and increase brand promotion efforts to explore new market areas [4]. Investment Rationale - The lead investor, Guan Feng Business Investment, highlighted Wanst's significant advantages in technological innovation and market positioning within the construction materials sector [5]. - Wanst's "Hong Kong R&D + local transformation" model has led to technological breakthroughs and product upgrades, providing strong market competitiveness [5]. - The solid background of Wanst's team and the immense market potential make it a worthy long-term investment [5]. Industry Insights - The A-round financing of Wanst represents an important breakthrough in the construction materials sector, supported by recent government policies promoting the development of new materials [6]. - The rapid development of the industry is driven by active responses from industry practitioners to these supportive policies [6]. - Wanst's innovative technology and strong team have attracted capital, setting a benchmark for the industry and reminding fund managers of their responsibility to create greater value for investors [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.6.30-2025.7.4）国内权益市场涨势延续，沪深 300上涨1.54%，黄金价格大涨。行业方面，本周钢铁、建筑材料、银行行业涨幅居前，计算机、非银金 融、美容护理行业跌幅居前。基金市场方面，本周各类基金指数均实现正收益，权益类基金净值表现占 优，其中普通股票型基金上涨1.60%。 基金产品发行情况： 本周国内新基市场热度回落，新成立基金23只，合计发行份额为53.28亿份。其中股票型基金13只、债券型 基金4只、混合型基金5只、FOF基金1只。全市场新发行基金36只，从类型来看，股票型基金25只、债券 型基金6只、混合型基金5只。 基金产品表现跟踪 ...

中国经济网北京7月8日讯晶雪节能（301010）(301010.SZ)昨日晚间发布关于控股股东、实际控制人的 一致行动人减持计划实施完成的公告。公司近日收到常州市同德投资管理中心(有限合伙)(以下简称"同 德投资")计发来的《关于股份减持计划实施完成告知函》，本次股份减持计划已实施完成。 晶雪节能募集资金总额为2.11亿元，扣除发行费用后，募集资金净额为1.57亿元。晶雪节能最终募集资 金净额比原计划少1.93亿元。晶雪节能2021年6月11日披露的招股说明书显示，公司拟募集资金3.50亿 元，其中，2.50亿元拟用于节能保温板材，3990.80万元拟用于围护系统结构及新材料研发中心， 6000.00万元拟用于补充流动资金及偿还银行贷款。 晶雪节能上市发行费用为5419.25万元，其中保荐及承销费用3500.00万元。 | 股东 | 减持方式 | 股份来源 | 减持期间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | (元) | (股) | (%) | | | 集中竞价交易 | 公司首次 公开发行 ...

Group 1 - The market sentiment score has further declined, with the current score at -0.9 as of July 4, down from -0.65 the previous week, indicating a bearish outlook [1][3] - The trading volatility between industries has decreased, suggesting a lack of active capital and increased uncertainty in short-term sentiment [3][11] - The overall trading volume in the A-share market has shown a slight increase compared to the previous week, but the daily trading volume has been on a downward trend, with the lowest daily trading volume recorded at 1.33 trillion RMB on Thursday [5][8] Group 2 - The short-term trend scores for industries such as steel, construction materials, and basic chemicals have significantly increased, with construction materials showing a rise of 90.91% [23][24] - The banking, communication, media, and comprehensive sectors are identified as the top five industries with the strongest short-term trends [23] - The value style is currently dominant, with the model indicating a preference for large-cap stocks over growth stocks [23][24]

| 农林牧渔 | | | | 国投中鲁 | | | --- | --- | --- | --- | --- | --- | | 交通运输 | 0.03 | 156.13 | 19.29 | 物产中大 | 5.32 | | 银行 | -0.03 | 238.08 | -1.71 | 浦发银行 | -2.74 | | 公用事业 | -0.49 | 394.04 | 2.86 | 迪森股份 | -5.50 | 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 建筑材料 | 2.66 | 153.70 | 22.59 | 国际复材 | 20.00 | | 电子 | 2.64 | 1560.52 | 35.42 | N屹唐 | 144.38 | | 电力设备 | 2.33 | 1155.48 | 50.93 | 欣灵电气 | 20.01 | | 通信 | 2.18 | 570.91 | 21.02 | 天孚通信 | 12.19 | | 传媒 ...

（原标题：今日沪指涨0.58% 建筑材料行业涨幅最大） 今日各行业表现（截至上午收盘） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 建筑材料 | 2.38 | 126.11 | 19.24 | 国际复材 | 20.00 | | 电子 | 2.36 | 1240.53 | 30.92 | N屹唐 | 148.52 | | 电力设备 | 2.28 | 877.93 | 47.89 | 首航新能 | 20.00 | | 通信 | 1.59 | 418.61 | 7.79 | 菲菱科思 | 8.93 | | 有色金属 | 1.32 | 354.01 | 54.63 | 屹通新材 | 19.99 | | 传媒 | 1.29 | 275.84 | 9.61 | 华媒控股 | 10.00 | | 计算机 | 1.20 | 820.46 | 0.49 | 天阳科技 | 15.21 | | 机械设备 | 1.12 | ...

Market Overview - The market showed strong performance with all three major indices rising, particularly the ChiNext Index which surged by 2.25%, and over 3,900 stocks in the market increased in value, indicating heightened capital activity [1] Solar Energy Sector - The solar energy sector experienced significant gains with stocks like Shihang New Energy, Yijing Photovoltaic, and Tongwei Co. hitting the daily limit, driven by supportive policies from the Ministry of Industry and Information Technology aimed at promoting high-quality development in the solar industry [3] - New policies in regions like Yunnan are supporting the integration of solar manufacturing and power generation, leading to accelerated supply-side reforms and the exit of outdated production capacity, benefiting leading companies [3] - Technological innovations such as BC batteries and perovskite breakthroughs have greatly enhanced the competitiveness of solar companies [3] Computing Hardware Sector - The computing hardware sector saw notable performance with companies like Yihau New Materials and Xinyi Sheng reaching historical highs, driven by the explosive demand for AI computing power following the launch of NVIDIA's GB200 server [3] - The development of ASIC chips is accelerating, with expected shipments surpassing GPUs next year, which is a long-term positive for the entire computing supply chain [3] - Industrial Fulian, a leading global electronics manufacturer, is deeply tied to top clients like NVIDIA, showing strong performance in stock prices [3] Gaming Sector - The gaming sector also performed well, with companies like Ice Glacier Network and Giant Network seeing significant gains due to a substantial increase in the number of game licenses, reaching a 22-year high in June [4] - Supportive policies for the gaming industry are enhancing market expectations for profitability, while AI technology is improving development efficiency and user experience [4] Building Materials Sector - The building materials sector showed positive performance with companies like International Composite Materials and Shandong Fiberglass hitting the daily limit, driven by ongoing "anti-involution" policies aimed at improving industry fundamentals [4] - The central financial meeting emphasized the need to eliminate low-price disorderly competition, which is favorable for leading building material companies [4] Consumer Electronics and PCB Sectors - The consumer electronics sector benefited from increased tariffs on Vietnam by the U.S., highlighting the advantages of Chinese manufacturing, alongside domestic policies stimulating demand [4] - The PCB sector is experiencing growth due to surging demand for high-end products in AI servers and automotive electronics, with leading companies accelerating production [4] Underperforming Sectors - The banking sector saw declines, with major banks like Shanghai Pudong Development Bank dropping over 2%, attributed to tightening liquidity at month-end and institutional reallocation of funds [5] - The power sector also faced a pullback, influenced by changing demand expectations following high temperatures [5] - The insurance sector and controlled nuclear fusion sector underperformed due to regulatory impacts and previous overvaluation, respectively [5] Conclusion - Overall, the market displayed a clear structural trend with strong performances in solar, computing, and gaming sectors, while banking and power sectors lagged behind [5]

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.19%，A股成交量476.57亿股，成交金额5976.22亿 元，比上一个交易日减少1.44%。个股方面，3188只个股上涨，其中涨停39只，1914只个股下跌，其中 跌停7只。从申万行业来看，电子、建筑材料、传媒等涨幅最大，涨幅分别为2.11%、1.67%、1.17%； 公用事业、钢铁、农林牧渔等跌幅最大，跌幅分别为0.95%、0.44%、0.42%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今日各行业表现（截至上午10:28） （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.11 | 893.18 | 18.37 | N屹唐 | 144.38 | | 建筑材料 | 1.67 | 98.96 | 13.19 | 国际复材 | 20.00 | | 传媒 | 1.17 | 179.16 | -6.92 | 华媒控股 | 10.00 | | 通信 ...