Market Overview - The US stock market has shown positive performance recently, with all three major indices rising over 1%, and the Dow Jones reaching its highest level since early March [3] - The Nasdaq China Golden Dragon Index surged by 3.31%, marking its largest single-day gain since May 13, driven by expectations of liquidity easing following signals from Federal Reserve Chairman Jerome Powell [3] Technical Analysis - The Shanghai Composite Index broke through the 3400-point level on June 24, with a trading volume of 1.41 trillion yuan, indicating a positive market signal [3] - Technical indicators such as RSI rising above 50, narrowing MACD bars, and KDJ golden cross suggest improving market sentiment [3] - However, significant selling pressure exists around the 3400-point mark, with historical failures to break through due to insufficient volume and trapped positions [3] Capital Flow - Northbound capital recorded a net sell of 6.304 billion yuan on June 24, with significant sell-offs in electronics, utilities, and home appliances, while sectors like non-ferrous metals, pharmaceuticals, and food and beverage saw net inflows [4] - Main capital flows indicate net inflows in banking, industrial metals, and real estate development, while sectors like semiconductors and computer applications experienced net outflows, reflecting a shift in capital between high and low-performing sectors [4] Policy Support - The People's Bank of China conducted a reverse repurchase operation of 406.5 billion yuan on June 24, releasing liquidity into the market [4] - A joint initiative from six departments introduced a 500 billion yuan loan program to support service consumption and the elderly care industry, which is expected to benefit related sectors in the long term [4] - The China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board in supporting technological innovation, potentially boosting confidence in the tech sector [4] Geopolitical Context - High-level trade talks between China and the US have resumed, which may help ease trade tensions [4] - The ceasefire agreement in the Middle East is in effect, but ongoing conflicts warrant attention to geopolitical risks that could impact the market [4] Investment Strategy - A-shares are expected to continue an upward trend on June 25, but attention is needed around the 3400-point resistance level [5] - Long-term investors are advised to focus on sectors supported by policy, such as consumption, technology, and elderly care, which have strong growth potential [5] - Short-term investors should monitor volume changes, with a sustained increase to 1.5 trillion yuan or more indicating potential for further market breakthroughs [5]

01 大盘 昨夜美股三大股指集体收涨。截至收盘，标普500指数、纳指均创超4个月以来收盘新高。道指涨 1.19%，纳指涨 1.43%，标普涨 1.11%。恐慌指数VIX跌11.85%至17.48。美元指数昨日跌 0.42%，报 97.97。美国十年国债收益率跌1.173%，收报4.297%，相较两年期国债收益率差47.4个基点。现货黄金 昨日跌 1.37%，报3322.93美元/盎司。布伦特原油收跌3.41%至66.81。 02 行业&个股 行业板块方面，除能源和日常消费分别收跌1.3%和0.09%%外，标普其他8大板块悉数收涨：半导体、科 技、通讯、医疗、工业、原料、房地产和公用事业分别收涨3.79%、1.8%、1.29%、1.23%、0.83%、 0.83%、0.48%和0.43%。 中概股多数收涨，台积电涨 4.65%，阿里涨 3.47%，拼多多涨 5.11%，京东涨 3.13%，理想涨 1.6%，小 鹏涨 3.55%， 富途涨 4.04%，蔚来涨 2.04%，小马智行涨 16.73%，广州称到2027年L2以上级别智能网 联车新车占比超90%。 大型科技股多数收涨。微软涨 0.85%，英伟达涨 2.5 ...

Core Viewpoint - Enea, Poland's third-largest utility company, has signed a letter of intent with SGP Industria to collaborate on the implementation of small modular reactors (SMRs) as part of Poland's future energy structure [1] Group 1: Company Initiatives - Enea views small modular reactors as a crucial component of Poland's future energy landscape [1] - The company aims to actively participate in the introduction of SMRs in Poland, both as an investor and as a technical and operational partner [1] - Enea identifies the Polaniec Nuclear Power Plant as a potential site for the construction of SMRs [1]

| 全球航空业E ... | 22.64 | +0.65 (+2.96%) | 27.82万股 | | --- | --- | --- | --- | | us JETS | | | | | 半导体ETF --- | 269.08 | ↑ +7.16 (+2.73%) | 84.14万股 | | us SMH | | | | | 区域银行ET ... | 58.99 | +1.13 (+1.94%) 135.16万股 | | | us KRE | | | | | 全球科技股 ... | 89.48 | +1.42 (+1.61%) | 4942股 | | us IXN | | | | | 科技行业ET ... | 246.11 | ↑ +3.23 (+1.33%) 43.09万股 | | | us XLK | | | | | 金融业ETF --- | 51.47 | +0.65 (+1.27%) 273.02万股 | | | us XLF | | | | | 网络股指数E ... | 259.38 | +2.79 (+1.09%) | 2043股 | | us FDN | | | | | 可选消费ET ... ...

| | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人烧快雄 开盘争流入 | | 尾盘净流入 超大单净买入 | | 2025-6-24 | 63. 31 | -9.16 | 25. 32 | 89. 23 | | 2025-6-23 | 21. 17 | -20. 20 | 24. 08 | 51.96 | | 2025-6-20 | -223.42 | -81.44 | -30. 63 | -98. 58 | | 2025-6-19 | -393.92 | -77.50 | -56. 10 | -195.53 | | 2025-6-18 | -146. 58 | -73.99 | 0. 33 | -57. 46 | 2.沪深300今日主力资金净流入18.85亿元 1.A股市场全天资金净流入63.31亿元 今日A股市场主力资金开盘净流出9.16亿元，尾盘净流入25.32亿元，A股市场全天资金净流入63.31亿元。 沪深300今日主力资金净流入18.85亿元，创业板净流入29.77亿元，科创板净流出12.35亿元。 | ...

Group 1 - The main financing method for listed companies this year remains private placements, with 70 companies completing placements by June 22, raising a total of 580.95 billion yuan, a year-on-year increase of 529.39% [1] - The top five sectors for fundraising through private placements include banking, non-bank financials, public utilities, defense and military, and basic chemicals, with three banks raising a total of 415 billion yuan [1] - Major state-owned banks, such as Bank of China and Bank of Communications, have significantly contributed to the increase in private placement scale, with Bank of China raising 165 billion yuan and Bank of Communications raising 120 billion yuan [1] Group 2 - The majority of private placements are subscribed by institutional investors and natural persons, with nine companies having their entire placements subscribed by major shareholders this year [2] - The recovery of the private placement market is supported by policy initiatives, including the China Securities Regulatory Commission's merger guidelines released in September last year, which have revitalized the market [2] - The active period of mergers and acquisitions among A-share listed companies is becoming an important investment theme, allowing investors to participate in quality M&A transactions through private placements [2]

6月23日，A股市场整体上涨。 截至收盘，上证指数收报3381.58点，上涨0.65%，深证成指收报10048.39点，上涨0.43%，创业板指数收报2017.63 点，上涨0.39%，北证50指数上涨1.54%。A股市场合计成交11470.72亿元，较上一交易日增加552.33亿元。 2.沪深300今日主力资金净流出13.11亿元 沪深300今日主力资金净流出13.11亿元，创业板净流出3.33亿元，科创板净流出10.69亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-6-23 | -13. 11 | -3. 33 | -10. 69 | | 2025-6-20 | -29.60 | -118. 48 | -6. 41 | | 2025-6-19 | -56. 94 | -176. 85 | -4. 24 | | 2025-6-18 | 16. 90 | -81. 97 | -9. 47 | | 2025-6-17 | -8. 40 | -98. 43 | 5. ...

证券研究报告 | 2025年06月23日 美元债双周报（25 年第 25 周） 中性 中东地缘冲突升级，美联储 6 月按兵不动 中东地缘局势不确定性加剧。美国总统特朗普发表全国讲话称，伊朗关键 核设施已被"彻底摧毁"，而伊朗议会批准关闭霍尔木兹海峡，此举被 视为美伊局势升级的重大拐点，引发中东地缘风险骤然升温。与此同时， 地缘局势的不确定性也加剧了对全球供应链、能源价格及风险溢价的重 新评估，若冲突扩大，可能对原油价格、通胀路径、央行政策形成新的 外生变量，全球资产重新定价的风险正逐步释放。 美联储 6 月按兵不动，利率维持高位释放观望信号，为年内降息保留余地。 美国 FOMC 6 月利率决议维持不变，符合市场预期。尽管点阵图显示年 内预期降息两次，但内部分歧明显，七位官员预计全年不降息，十人预 计至少两次降息，政策路径缺乏明确性。此次按兵不动表明，美联储在 通胀回落和经济增长放缓之间继续保持政策谨慎，避免过早释放宽松信 号。在缺乏超预期通胀或就业数据的背景下，维持利率稳定有助于进一 步压制通胀预期和观测政策滞后效应，亦为年内是否开启降息周期保留 空间。市场接下来将关注核心通胀、PCE 及就业成本指数等领先指 ...

中期策略：蓄力新高——聚焦龙头化、国产化、全球 20250622 摘要 全球资金呈现去美元化趋势，回流配置中国市场，包括港股和 A 股资产， 且自 2024 年 9 月以来，中国政策组合拳及与港交所联动，加速资本市 场制度改革，科创板、创业板制度变化积极拥抱科技新兴行业。 中国股票市场在基本面、产业、流动性、风险偏好和政策制度变化等多 重因素驱动下，有望迎来新的高点，行业配置方面，PCB、海外算力等 领域备受关注，同时"龙头化、国产化和全球化"成为未来发展的重要 方向。 弱美元周期下，美债需求下降，中日两国对美债和美股净流入减少，资 金流向黄金市场以规避地缘冲突风险。国内政策偏向稳定，宏观经济修 复需等待企业端贷款脉冲上行。 外资和国内资金是推动权益资产上行的重要增量，外资持有市值维持在 3 万亿以上，内资对港股定价权提升，南向资金成交占比维持高位，新 消费、新经济领域成为内资重点投资方向。 Q&A 当前中国经济面临哪些挑战和机遇？ 当前中国经济面临的挑战主要来自宏观经济基本面的压力，特别是贸易战之后， 地方消费数据、PMI 等指标表现不佳。短期内，传统经济层面仍处于摸底过程。 然而，从更长周期来看，中国的产 ...

中信证券：中报季的应对思路和准备 二是港股近期偏弱的原因是什么？后续是否还有机会？我们认为港元流动性收紧预期、配股以及减持的增加将 阶段性制约港股贝塔，但经历行业性动量的修正后，阿尔法机会在未来两个月将会更为凸显，尤其是在电车、 创新药和新消费领域。 三是国内价格信号相对偏弱，外资现在对中国资产的态度如何？我们认为今年迄今外资对中国资产最大的态度 变化在于关注度、耐心和长期认可度，但是短期受制于一系列因素，实际的资金流入不明显，趋势性回流需要 继续等待。 四是微盘股的下跌是否会引发系统性波动？我们认为概率很小，有了去年初的经验，不少量化产品已提前做了 风控准备，但在高估值、高拥挤度和弱基本面环境下，中报季还会继续下修估值。 五是中报季潜在的外部风险是什么？我们认为特朗普用"232调查"来替代行政令推动行业性关税落地，以及减 税法案落地后资金阶段性回流美元资产可能会对非美市场造成不利影响。 中信建投：港股调整拖累，A股赛道轮动 前期表现强势的港股新消费和创新药板块，近期出现较明显调整，带动A股相关板块也出现较大波动，目前港 股流动性和风险偏好均受到冲击，可能仍将持续一段时间。内部基本面延续内需偏弱+结构性景气的 ...