Market Overview - On July 3, the Shanghai Composite Index rose by 0.18%, with the total margin trading balance reaching 1,859.13 billion yuan, an increase of 3.54 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 937.85 billion yuan, up by 0.91 billion yuan; in the Shenzhen market, it was 915.36 billion yuan, up by 2.61 billion yuan; and in the Beijing Stock Exchange, it was 5.92 billion yuan, up by 0.19 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 20 sectors saw an increase in margin trading balances, with the power equipment sector leading with an increase of 0.642 billion yuan, followed by the computer and non-bank financial sectors with increases of 0.538 billion yuan and 0.465 billion yuan, respectively [1] Stock Performance - A total of 1,938 stocks experienced an increase in margin trading balances, accounting for 52.63% of the total, with 313 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Xinling Electric, which had a latest balance of 60.58 million yuan, reflecting an increase of 81.43%, although its stock price fell by 5.00% on the same day [1] - Other notable stocks with significant increases in margin trading balances included Jiama Clothing and Huayang Racing, with increases of 65.73% and 63.79%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average stock price rose by 3.34%, with notable gainers including Shenzhou Cell, Craft Home, and Yamaton, which saw increases of 19.99%, 14.79%, and 10.02%, respectively [2] - Conversely, the stocks with the largest declines included Zai Sheng Technology, Xinling Electric, and C Xintong, with declines of 6.50%, 5.00%, and 3.71%, respectively [2] Margin Trading Balance Changes - A total of 1,744 stocks saw a decrease in margin trading balances, with 177 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease was Xun'an Technology, with a latest balance of 2.36 million yuan, reflecting a decrease of 36.08% [4] - Other stocks with significant declines included Jingjin Equipment and Kelaite, with decreases of 34.83% and 30.67%, respectively [4]

Core Points - As of July 3, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.921 billion yuan, an increase of 18.9934 million yuan from the previous trading day, marking the ninth consecutive day of increase in financing balance [1] - The stocks with the highest financing balances include Jinbo Biological, Airong Software, and Better Ray, with financing balances of 356 million yuan, 170 million yuan, and 155 million yuan respectively [1] - A total of 135 stocks had net financing purchases on July 3, with 39 stocks having net purchases exceeding 1 million yuan, led by Jinbo Biological with a net purchase of 21.4285 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks with net financing purchases exceeding 1 million yuan are machinery equipment, electronics, and computers, with 8, 5, and 4 stocks respectively [2] - On July 3, the average decline for stocks with net financing purchases over 1 million yuan was 0.04%, with notable gainers including Huayang Racing, Zhuozhao Point Glue, and Yuanhang Precision, which rose by 7.80%, 5.96%, and 3.55% respectively [2] - The average turnover rate for stocks with net financing purchases over 1 million yuan was 6.54%, with the highest turnover rates seen in Keli Co., Gaisi Food, and Knight Dairy, at 26.52%, 19.44%, and 17.87% respectively [2]

证 券 研 究 报 告 参与升温压低折扣，行业上行推高收益 ——2025H1定增市场回顾暨2025H2展望 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 朱敏 A0230524050004 2025.07.03 摘要 www.swsresearch.com 证券研究报告 2 ◼ 上市节奏稳健、投资者参与升温，折扣降至近一年低位。25H1沪深A股上市定增项目76个，同比下滑7%、 环比增长23%，受超千亿定价项目拉动，募资额达6959.19亿元，同比、环比均翻六倍以上，占股权融资比 重升至91%。其中，竞价项目上市42个，募资493.02亿元，同比下降31%、11%；单个项目平均参与家数 环比增加5家至23家，导致申报入围率降至57.99%，申报溢价率中枢上移。参与热度回升带动竞价募足率 同比回升27pct至71.43%，而基准折价率、市价折价率创近一年新低，均值分别为11.17%、11.68%。 其中，16.67%竞价项目底价定价，为24H1至今谷值；45.24%竞价项目市价折价率不足10%，环比翻倍。 ◼ 行业β及个股α ...

证券研究报告 受理开闸启升势，量升价稳保增厚 ——25H1新股市场回顾暨25H2展望 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.07.03 摘要 www.swsresearch.com 2 ◼ 发行节奏环比放缓，6月新受理破百，未盈利企业加速入场。25H1，A股发行新股48只（环比-5只），大多属于制造 业企业，首发募资额380亿元（环比+5.5%）；A股新增受理150个IPO项目，其中6月份A股集中受理123家。科创板 深改"1+6"政策发布后，未盈利企业上市通道正式打开，创业板首单未盈利IPO大普微于6月27日获得受理。截止 2025/6/30，A股存量IPO项目共298个，合计拟募资2814亿元。其中，沪深市场排队项目136个，拟募资2206亿元， 双创在审未盈利企业11家，其中2家过会；北交所1家未盈利企业在排。 ◼ 超募情形增多，首日涨幅收窄。 25H1，沪深新股首发PE仍处于低位，平均仅20倍，相对可比公司折价扩大至41%； 4-6月，首发超募情形逐渐增多，单 ...

7月3日，A股市场整体上涨。 今日沪深两市主力资金开盘净流出48.18亿元，尾盘净流入4.1亿元，全天净流出24.75亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 人提供随圆 | 超大单净买入 | | 2025-7-3 | -24. 75 | -48. 18 | 4. 10 | 36. 21 | | 2025-7-2 | -331.90 | -120. 22 | -18.91 | -157.53 | | 2025-7-1 | -231. 12 | -105.84 | -1.95 | -90. 80 | | 2025-6-30 | -39.95 | -29.38 | 12. 66 | 17.18 | | 2025-6-27 | -154. 13 | -87.80 | -22.52 | -36. 69 | 2. 沪深300主力资金净流出超60亿元 沪深300今日主力资金净流出66.99亿元，创业板净流出12.37亿元。 | | | 各板块最近五个交易日主力资金净流入数据( ...

【大河财立方 记者 王磊彬】7月3日，由郑州市总工会联合二七区总工会举办的"助力企业出海能力提升交流会"在郑州举行。本次交流会以"赋能企业出海・ 拓展国际市场"为主题，旨在为本地企业打通政策理解、战略规划与实践落地的全链条支持通道，助力郑州企业出海。 来自华泰证券、能派会展、海一云商、河南尼罗河机械设备有限公司及郑州市100余名有出海意愿的企业代表汇聚一堂，共谋企业出海之路。 华泰证券研究所宏观固收首席研究员何欣深入剖析了当前企业出海新趋势及战略选择，从宏观视角解读全球经济格局与产业转移规律，为企业研判出海时 机、选择目标市场提供专业参考。她表示，中国企业出海要考虑地缘政治、经济成本、文化适配、资源禀赋等多种因素。 此外，何欣还从政策、市场、劳动力、基础设施等方面分析了拉美、非洲、欧洲、中东、东南亚等地区的情况，帮助拟出海企业制定合理的出海策略。 交流会上，与会专家围绕企业出海核心需求展开深度分享。 河南能派会展科技有限公司副总经理赵斌围绕河南省支持外贸企业开拓国际市场政策进行分享。详细解读中小企业开拓国际市场的外贸政策，梳理国家及地 方层面的参展补贴等扶持举措，助力企业精准把握政策红利。 在资金支持方面，河 ...

下半年资本市场机会增多，沉寂一个季度的人形 机器人 等科技板块有望再次活跃，前期受多 种因素影响的 白酒 板块或回升。指数方面，下半年市场在站上3400点后有望进一步向上拓 展空间。下半年应聚焦核心资产机会，核心资产包括传统消费白马股和代表经济转型方向的 科技龙头股。在发展新生产力的策略指导下，科技是经济转型方向，也是未来增长相对确定 的行业赛道。 免责声明 2025年上半年，A股市场在波动中稳步前行，交出了一份稳中有进的成绩单。整体来看，上 证指数、深证成指与创业板指分别实现不同幅度的上涨，市场总市值也有所提升，上市公司 数量稳步增长。 个股方面，剔除今年上市的 次新股 ， 东方财富 Choice显示，超过3700只个股上半年飘 红。其中，135只个股半年股价翻倍，15只个股半年涨幅超200%。 涨幅前10个股分别为 联合化学 、 舒泰神 、 *ST宇顺 、 九菱科技 、 *ST信通 、 中毅达 、 中洲特材 、 路桥信息 、 七丰精工 、 永安药业 ，其中， 联合化学 以437.83%涨幅拔得 头筹， 舒泰神 上涨403.10%位居次席。 从行业分布来看，135只翻倍个股中，机械设备就有21只。翻倍个股超 ...

7月3日，沪指上涨0.18%，深成指上涨1.17%，创业板指上涨1.90%，沪深300指数上涨0.62%。可交易A 股中，上涨的有3271只，占比60.54%，下跌的1866只。 主力资金净流出的行业有22个，机械设备行业主力资金净流出规模居首，今日上涨0.34%，全天净流出 资金23.17亿元，其次是基础化工行业，今日涨幅为0.22%，净流出资金为19.08亿元，净流出资金较多 的还有国防军工、传媒、电力设备等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 1.69 | 78.20 | 农林牧渔 | 0.61 | -3.82 | | 医药生物 | 1.35 | 13.82 | 轻工制造 | 0.52 | -3.92 | | 通信 | 1.32 | 13.04 | 商贸零售 | 0.00 | -3.99 | | 非银金融 | 0.39 | 2.50 | 房地产 | -0.01 | -4.37 | | 纺织服饰 | 0.82 | 1.6 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在经历了数月的箱体区间震荡之后，近期，上证指数再次来到箱体区间上沿附近，同时成交量也较往日有所放大。在反复震荡数月之后，投资者 对于指数向上突破期待已久。 那么， 7月份的A股市场行情是否值得期待呢？具体又有哪些板块和个股或有表现的机会呢？ 我们不妨参考下券商的观点和券商金股数据。 （券商金股是各家券商每月精挑细选出来的股票，是各家券商分析师的研究精华，颇受市场的关注。） （ 点此查看券商金股完整名单 ） 0 1 电子、电力设备关注度明显上升！ 展望7月的A股市场， 招商证券 表示， 市场可能会呈现指数突破上行，科技非银等进攻性板块占优的格局 。从基本面的角度来看，财政指数的 发力和消费的韧性，使得科技、消费、中游制造领域均存在业绩边际改善的可能，半年报披露窗口期成为A股有利的上行动力。 东吴证券 表示 ，市场整体进入多头思维，向后看年内沪指有较大可能性突破去年高点，但当 下指数处于3440-3500的筹码密集区，进一步突破 或需以时间换空间， 短期走势大概率偏震荡，以结构性行情为主 。本轮指数突破中，金融是上行突破的助推器，金融股带动指数搭台后 ...

Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board Composite Index (000680) increased by 0.25% as of July 3, 2025, with notable stock performances including ShenZhou Cell reaching the daily limit, Huiyu Pharmaceutical rising by 10.40%, and Nearshore Protein up by 8.83% [1] - The Huaxia Science and Technology Innovation Index ETF (589000) saw a 2.55% increase over the past two weeks, with a recent price of 0.97 yuan [1] - The Huaxia Science and Technology Innovation Index ETF experienced a significant growth in scale, increasing by 1.09 billion yuan over the past three months, ranking first among comparable funds [1] Group 2 - A total of 643 foreign institutions conducted research on 4,835 A-share companies as of July 2, with high interest in the electronics, pharmaceutical, and machinery sectors [2] - Key topics of interest for foreign investors this year include AI applications, humanoid robot development, innovative drug research, dividends, and merger plans [2] - The Huaxia Science and Technology Innovation Index ETF is positioned as a crucial tool for investors to capitalize on growth opportunities in cutting-edge fields such as artificial intelligence and commercial aerospace, supported by recent regulatory policies [2]