今年上半年，美股市场股权融资重新回暖。 Wind数据显示，上半年美股三大市场股权融资（包含IPO与再融资）规模总计950亿美元，较去年同期 823亿美元增加127亿美元，增幅15.46%。 在IPO市场，上半年共198家企业成功上市，较去年同期增加84家；融资金额总计259亿美元，较去年同 期增长33.72%。上半年再融资事件数为429起，较去年同期减少17起；再融资规模总计691亿美元，较去 年同期增加9.83%。 从各个行业的融资情况分布来看，非银金融行业居第一位，融资规模总计329亿美元；软件服务行业排名 第二，融资规模总计97亿美元；医药生物行业则以75亿美元的融资规模排名第三。 从IPO市场分布来看，上半年，美股实现IPO上市家数最多的市场依旧为纳斯达克，共157家企业上市，募 资规模总计176.32亿美元，占美股市场总规模的68.05%；纽交所有29家企业IPO，募资总额为81.79亿美 元，占美股市场总规模的31.57%；美国证券交易所（AMEX）实现12家企业IPO，募资额为0.98亿美元。 责编：万健祎 校对：王朝全 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载 ...

Group 1: Overall Market Performance - In the first half of the year, US equity financing saw a rebound, totaling $95 billion, an increase of $12.7 billion or 15.46% compared to the same period last year [1] - A total of 198 companies went public through IPOs, raising $25.9 billion, which is a 33.72% increase year-over-year [1] - There were 429 refinancing events, a decrease of 17 from the previous year, with a total refinancing amount of $69.1 billion, up 9.83% year-over-year [1] Group 2: Sector Performance - The non-bank financial sector led in financing, raising a total of $32.9 billion [1] - The software services sector ranked second with $9.7 billion raised [1] - The pharmaceutical and biotechnology sector came in third, raising $7.5 billion [1] Group 3: IPO Market Distribution - Nasdaq remained the leading market for IPOs with 157 companies listed, raising $17.632 billion, accounting for 68.05% of the total IPO market [1] - The New York Stock Exchange had 29 IPOs, raising $8.179 billion, which is 31.57% of the total [1] - The American Stock Exchange (AMEX) had 12 IPOs, raising $0.098 billion [1] Group 4: Top IPOs - Venture Global, the second-largest LNG producer in the US, was the top IPO fundraiser with $1.75 billion [2] - CoreWeave and SailPoint Parent followed with $1.5 billion and $1.38 billion, respectively [2] - The top ten IPOs raised a total of $9.7 billion, representing 37.62% of the total IPO fundraising [2] Group 5: SPAC Performance - The number of SPAC IPOs significantly increased, with 52 SPACs listed, up 40 from the previous year, raising $9.4 billion, a substantial increase of 338.60% [2] Group 6: Chinese Companies in the US Market - In the first half of the year, 40 Chinese companies went public in the US, raising only $0.9 billion, a decrease of 61.12% year-over-year [3] - Only two companies, Bawang Tea and Ascentage Pharma, raised over $100 million, with amounts of $0.411 billion and $0.126 billion, respectively [3] Group 7: Underwriting Performance - Cantor Fitzgerald led the IPO underwriting with $2.828 billion across 15 deals [3] - JPMorgan Chase followed with $2.234 billion from 13 deals, while Goldman Sachs was third with $2.213 billion from 15 deals [3] - In refinancing, JPMorgan Chase also led with $10.398 billion from 39 deals, followed closely by Goldman Sachs with $9.913 billion from 32 deals [3]

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

Group 1 - The report highlights the focus on "anti-involution" policies, which aim to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to targeted measures [3][13] - The A-share market experienced fluctuations with the CSI 300 index rising by 1.54% and the CSI 1000 index increasing by 0.56% during the week of June 30 to July 4, 2025 [12] - Traditional cyclical industries such as steel, coal, and construction materials led the market rally, influenced by the recent policy announcements [12][13] Group 2 - The deep-sea technology sector is identified as a multidisciplinary industry with potential for growth as policies are released, covering a wide range of activities from raw materials to deep-sea resource development [14] - The semiconductor sector is experiencing a shift with the easing of restrictions on EDA tool exports to China, highlighting the importance of domestic EDA tool development and the need for a complete industrial chain [14] - The launch of the Beijing Stock Exchange's specialized index reflects a growing focus on high-quality, specialized small and medium enterprises, which may enhance market activity [15][17] Group 3 - The report provides performance statistics for various equity fund indices, indicating that the medical stock fund index rose by 6.88% last week, while the growth stock fund index increased by 1.15% [18] - The active equity fund indices are categorized by investment style, with the balanced stock fund index showing a weekly increase of 1.85% and the value stock fund index rising by 0.56% [18] - The report emphasizes the importance of evaluating fund performance based on various metrics, including relative benchmark performance and overall competitiveness [30][31]

证券投资基金研究报告/基金周报 报告日期：2025年07月07日 本期（2025.6.30-2025.7.4）上证指数上涨 1.40%，深证成指上涨 1.25%。申万一级行业涨多跌少，其中钢铁和建筑材料行业表现较好。 海外权益市场重要指数涨多跌少，国际黄金价格上涨。本期各类型基金 均上涨。主动投资股票基金较上期上涨 1.82%，主动投资混合基金上涨 1.25%，主动投资债券基金上涨 0.17%；QDII 基金较上期上涨 0.63%。 图 1、基金指数近一年收益率走势 数据来源：wind，上海证券基金评价研究中心； 起止时间：2024 年 7 月 5 日——2025 年 7 月 4 日 图 2、各类型基金本期收益率（%） 数据来源：wind，上海证券基金评价研究中心；数据截至 2025 年 7 月 4 日 注：主动投资股票基金、混合基金及债券基金平均收益率采用中国开放式主动管理基 金系列指数收益率；其他类型基金平均收益率采用样本基金收益率算术平均值 分析师：池云飞 执业证书编号：S0870521090001 电话：021-53686397 E-mail: chiyunfei@shzq.com 研究助理：汪雪凝 ...

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.06.30-2025.07.04）A股震荡上涨，全周累计看，沪深300上涨1.54%，中证1000上 涨0.56%。"反内卷"为上周市场博弈的焦点，钢铁、煤炭和建筑材料等传统周期类行业领涨 A 股。 权益市场观察： "反内卷"： 中央财经委员会第六次会议提出治理"内卷式"竞争、推动落后产能有序退出。政策导向正从总量刺 激转向压减无效供给、遏制低效内卷、推动产业升级。一方面，行业层面落地政策尚未全面出台，另一方 面，"反内卷"是为科技和产业升级提供宏观环境，短期相关板块上涨属于交易预期，后续可能面临反复。 深海科技： 深海科技是一个多学科交叉融合的产业，后续随着政策的不断释放，板块可能迎来反复催化。 半导体限制暂缓： 提升国内 EDA 工具国产替代率，除了攻克技术瓶颈，建设完备的产业链协同体系同样重 要。在半导体自主可控领域，制造设备和材料环节的核心设备突破仍然是市场博弈的焦点。 公募基金市场动态： 6月30日，北证专精特新指数正式发布，成为继北证50指数之后， ...

2025 年 07 月 07 日 一周市场回顾 证券研究报告-一周市场回顾 分析师：马遥识途 资格证书：S1330524050001 联系邮箱：mayst@hxzb.cn 联系电话：15201282186 相关研究 一周市场回顾 （ 2025.06.16 — 2025.06.20） 2025.06.23 一周市场回顾 （ 2025.06.09 — 2025.06.13） 2025.06.16 一周市场回顾 （ 2025.06.03 — 2025.06.06） 2025.06.09 本周 A 股上证指数上涨 1.40%，收于 3472.32 点，深证成指上涨 1.25%，收于 10508.76 点，创业板指上涨 1.50%，收于 2156.23 点。 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 1.21%、上涨 1.48%、上涨 1.54%，成长风格类板块代表指数中小 100、中证 500、中证 1000 分别上涨 1.83%、上涨 0.81%、上涨 0.56%。 融资融券： 市 场 研 究 · 一 周 市 场 回 顾 · 证 券 研 究 报 告 请务必阅读报告正文后各项声明 1 / ...

二 〇 二 五 年 度 2025 年 7 月 7 日 股指期货：震荡偏多格局 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 报告导读： 1、 市场回顾与展望：上周市场重心继续上行，尾盘冲高回落。板块方面，钢铁、建筑材料、银行涨 幅居前，计算机、非银金融、美容护理跌幅居前。上周行情核心驱动在于 1 日召开的中财委会议，通过统 一大市场建设强调"反内卷"，叠加当天刊发的《求是》杂志亦提及"反内卷"，使得市场对于新一轮供给 侧改革预期急速升温。前期调整明显的新能源、建材期货出现可类比于 9•24 的反转行情，也带动了股票 市场相关题材的活跃。从四大指数表现来看，上周价值风格表现更强，IH、IF 强于 IC、IM，主要也受到 了周期品上涨的贡献。从海外市场来看，上周美国大美丽法案通过，非农数据好于预期，关税大限将至下 陆续展开谈判，美股标普 500 和纳斯达克指数也同步创下历史新高。 后期展望方面，当前外部地缘局势平静，全球风险资产表现强势。国内经济预期从悲观转为平稳，结 构性改革开始发力。股市风险偏好持续回升，成为当前期指多头格局运行的重要基础。不过边际上利多超 预期动能不足，故指数以 ...

Group 1 - The current A-share market is experiencing increased volatility, with significant fluctuations occurring within short time frames [1] - Historical analysis shows that the average gain during "valuation expansion" phases since 2005 is 21.9%, lasting an average of 53 trading days [1] - Factors leading to the end of valuation expansion include policy tightening, external negative shocks, and excessive valuation and sentiment [1] Group 2 - The recent "Big Beautiful Bill" signed by the US government aims to boost AI subsidies and promote domestic chip manufacturing, with a projected economic growth impact of 0%-0.6% by 2026 [8] - The bill's long-term effects may lead to a decrease in economic growth rates after 2028 [8] Group 3 - The Chinese government is focusing on stabilizing the real estate market by promoting the construction of safe, comfortable, and green housing [16] - Recent data indicates that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts on July 4, 2025, driven by extreme heat [11] Group 4 - The semiconductor industry in Shenzhen is being promoted through ten measures aimed at high-quality development [15] - The aviation sector is seeing regulatory changes with the establishment of a leadership group to develop general aviation and low-altitude economy [12] Group 5 - The food delivery market is witnessing intense competition, with Meituan reporting over 1.2 billion orders in a single day [5][34] - The e-commerce platform Taobao is launching a significant subsidy campaign, aiming for a substantial increase in order volume [34] Group 6 - The latest industry trends indicate that the textile, light manufacturing, and media sectors are in a recession phase, while the computer, communication, and defense industries are expanding [27] - The pharmaceutical and food and beverage sectors are expected to see an increase in their economic outlook, while the construction materials and steel industries may experience a decline [28]

宏观经济 | 证券研究报告 — 总量周报 2025 年 7 月 6 日 周度金融市场跟踪 财经委会议"反内卷"，钢铁建材领涨 A 股；债 券市场收益率整体小幅震荡下行 （ 6 月 30 日 -7 月 4 日） 股票方面，本周 A 股震荡上涨，全周累计看，沪深 300 上涨 1.5%，中证 2000 上涨 0.6%。本周港股走势弱于 A 股，恒生指数下跌 1.5%，恒生科技指数下跌 2.3%。行业方面，本周钢铁、建筑材料和银行领涨，计算机、非银金融和美容 护理领跌。周内看，周一（6 月 30 日）上午，6 月制造业 PMI 指数发布，连续 2 个月回升。当天市场超 4000 只股票上涨。周二（7 月 1 日）市场震荡上涨。 周二盘后中央财经委第六次会议新闻发布，会议强调依法依规治理企业低价无 序竞争。受此影响，周三（7 月 2 日）钢铁、煤炭和建筑材料等传统周期类行业 领涨 A 股。周四（7 月 3 日）盘前美国解除对中国芯片设计类软件出口限制新 闻发出，当天市场超 3200 家公司上涨，创业板指数上涨 1.9%。周五（7 月 4 日） 市场有所分化，以沪深 300 为代表的大盘股上涨，但以中证 2000 为代 ...