Market Overview - A-shares experienced narrow fluctuations on Wednesday, with major indices showing slight increases, while most individual stocks declined. The Shanghai Composite Index rose by 0.04% to 3388.81 points, and the Shenzhen Composite Index increased by 0.03% [1] - The total trading volume across A-shares was 12.218 trillion yuan, a slight decrease from 12.371 trillion yuan on Tuesday [1] Sector Performance - Bank stocks saw a broad increase, providing some support to the indices despite the decline in most individual stocks. Other sectors that performed relatively well included electronic components, consumer electronics, and wind power [1] - Conversely, sectors with significant declines included pesticides and veterinary drugs, beauty care, small metals, medical services, and household light industry [1] Financial Policy Announcements - The Lujiazui Forum opened on Wednesday, where the central bank governor announced eight financial opening measures, which likely contributed to the rise in bank stocks. The measures include establishing a trading report database for the interbank market and setting up a digital RMB international operation center [1] Market Sentiment and Future Outlook - The chairman of the China Securities Regulatory Commission discussed the Sci-Tech Innovation Board and the ChiNext at the Lujiazui Forum [2] - The U.S. stock market saw a slight decline overnight, with all three major indices dropping by less than 1%. The Hong Kong market experienced a general increase, although the Hang Seng Index fell by 1.12% [2] - The Federal Reserve's two-day interest rate meeting is ongoing, with expectations that there will be no interest rate cuts. Market focus is primarily on the Fed's statements [2] - Many institutions are adopting a defensive stance in their stock recommendations, indicating a cautious market sentiment. The A-share market is expected to continue its sideways trend until there is a noticeable improvement in the economic situation [2]

【博时市场点评6月18日】沪深两市反弹，电子涨幅领先 每日观点 6月18日，A股三大指数上涨。截至收盘，上证指数报3388.81点，上涨0.04%；深证成指报10175.59点， 上涨0.24%；创业板指报2054.73点，上涨0.23%；科创100报1026.85点，上涨0.87%。申万一级行业中， 电子、通信、国防军工涨幅靠前，分别上涨1.50%、1.39%、0.95%；美容护理、房地产、建筑材料跌幅 靠前，分别下跌1.73%、1.35%、1.22%。1758只个股上涨，3327只个股下跌。 资金追踪 市场成交额为12219.26亿元，较前一交易日下跌。两融余额昨日收报18273.39亿元，较前一交易日上 涨。 6月18日2025陆家嘴论坛上，中国人民银行行长潘功胜宣布8项重磅金融政策，包括：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、在上海临港新片区开展离岸贸易金融服 务综合改革试点、发展自贸离岸债、优化升级自由贸易账户功能、在上海"先行先试"结构性货币政策工 具创新、会同证监会研究推进人民币外汇期货交易等。 简评：陆家嘴论坛已经成为国家金融管理部门释放重要信号、对外发声的 ...

同时，对一些常见项目进行细分明确。针对大众熟知的"植发"等项目，立项指南在设立项目时细分不同 部位，例如分为头发、睫毛等毛发移植类项目，计价上采取"起步加数量"的"出租车式计价方案"， 以"次"为基础计价单位，超出基础部分按毛囊单位计价。 此外，立项指南明确规定，有条件的医疗机构可自行设立加收项、扩展项，并报当地医保部门备案。 为精细缝合减疤统一新增价格项目 新京报讯据国家医保局消息，近期，国家医保局在出台体被系统医疗服务价格项目立项指南的同时，同 步编制印发美容整形类医疗服务价格项目立项指南，着力统一规范美容整形项目，引导医疗机构自主合 理定价，助力构建更加规范、更加透明、更加有序的美容整形市场环境，促进行业高质量发展。 统一规范常用美容整形类价格项目 本次立项指南不改变美容整形类价格市场调节价的管理方式，旨在统一价格项目，规范医疗机构定价行 为。 针对技术相对成熟、临床广泛开展的美容整形项目，国家医保局立项指南根据服务产出进行统一命名， 以"填充注射"为例，此价格项目不仅包括常见的玻尿酸注射，临床新出现的聚乳酸、聚己内酯、羟基磷 灰石等新材料填充注射也可按此进行收费。针对"面部精雕""韩式焕颜"等相对"抽 ...

2025.06. 18 | 板块名称 | 涨幅 | 主力净量 | 主力金额 | 板块名称 | 涨幅备 | 主力净量 | 主力金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 兵装重组概念 | 43.53% | 1.49 | +2.7617. | 美容护理 | -2.91% | -1.46 | -2.04亿 | | 元件 | +2.70% | 1.94 | +11.89 7. | 稀土永磁 | -2.76% | -1.20 | -18.11 乙 | | 军工装备 | +2.19% | 0.44 | +9.6917. | 金属新材料 | -2.30% | -3.59 | -8.13亿 | | 军工电子 | +1.56% | 1.18 | +3.96 7 | CRO概念 | -2.23% | -2.09 | -10.29亿 | | 科创次新股 | +1.49% | 0.73 | +81347 | 医疗服务 | -2.20% | -1.36 | -8.63 乙 | | 白酒 | +1.29% | 0.15 | +2.27 7. | 影视院线 | -2.1 ...

17日，三大股指盘中窄幅震荡整理，科创50指数一度跌超1%。截至收盘，沪指微跌0.04%报3387.4点， 深证成指跌0.12%报10151.43点，创业板指跌0.36%报2049.94点，科创50指数跌0.8%，沪深北三市合计 成交12373亿元，成交额较此前一日小幅萎缩。行业方面，医药、传媒、纺织服装、汽车等板块走低， 石油、航运板块强势，电力、家电、半导体、券商等板块上扬，人脑工程概念爆发，核污染防治、农 药、AI眼镜概念等活跃。 东莞证券表示，指数3400点上方仍有较大压力，多空双方存在分歧，区间震荡或成主基调，但市场整体 仍属良性范畴，回调或带来布局机会。中期受益于经济韧性与潜在政策支持，市场有望重拾升势。中长 期看，预计市场将呈现渐进式修复向上态势，配置上可聚焦科技、内需等主线，并适度配置高股息资产 以平滑波动。 今日投资机会解析 多因素拉动风电行业景气度 根据风芒能源公众号，近日，国家电投2025年第二批陆上风电机组规模化采购开标，本次竞标除标段 5、6外，标段平均价格均超2000元/kW。根据风电头条公众号，该价格相对2024年8月风机中标价低点 涨幅超过15%，再次佐证了国内风机板块自202 ...

华东医药的整体情况和业务布局如何？ 华东医药是医药工商业的龙头企业，渠道优势突出，尤其在代谢和自免领域具 有显著优势。公司前身为 1993 年成立的杭州医药站，1999 年更名为华东医 药，并于 2000 年在深交所上市。目前业务涵盖医药工业、医药商业及医美板 块，其中以医药工业占比最大。2024 年，公司工业收入约 140 亿元，商业收 入约 280 亿元，医美业务约 20 亿元。 华东医药近年来的发展情况如何？ 2019 年以来，由于受到集采试点及医保谈判降价等因素影响，公司一些大单 品如阿卡波糖销售出现下滑。但公司迅速推进业务转型，在传统糖尿病和减重 领域布局外，还深入发展创新药及医美板块。2024 年，公司收入达 400 多亿 元，同比增长 3%，归母净利润增长超过 20%。公司负面因素基本出清，未来 公司在 ADC 领域进行大量创新布局，包括自研与外延式并购或收购，重 磅产品 HDM1,022,005 针对晚期恶性肿瘤，研发进度全球领先，有望 实现海外权益授权。 2024 年底上市索米妥昔单抗、利达西普和乌司奴单抗等生物类新药， 预计今年带来约 10 亿元收入增量，公司创新转型推进显著。工业微生 物 ...

Core Insights - Metoday's "Day and Night Whitening Kit" has successfully passed rigorous testing by the prominent evaluation platform "Dad Evaluation," establishing itself as the only orally ingested whitening product to achieve this certification [1][2]. Group 1: Product Testing and Validation - The oral beauty market is expanding, yet consumer concerns regarding product safety and efficacy persist. Metoday proactively submitted its product for scientific validation to build market trust [2]. - The testing process adhered to newly established industry standards, which were released on March 22, 2024, after Metoday initiated the testing on March 6, 2024. A "three-tier verification system" was implemented, including a 28-day washout period, double-blind trials, and independent third-party laboratory screening [2][3]. - The 28-day washout period required participants to refrain from using any whitening products to eliminate residual effects from previous skincare routines [2]. Group 2: Testing Methodology - A total of 70 volunteers participated in the double-blind experiment, divided into a test group using the Metoday kit and a control group using a placebo. Both groups underwent a four-week and eight-week trial, followed by a ten-day data analysis period [3]. - The independent third-party laboratory conducted extensive safety tests covering 50 hormone tests, 4 heavy metals, 3 preservatives, 7 artificial colorants, and 6 microbiological indicators, all of which met the required safety standards [3]. Group 3: Research and Development Philosophy - The development of the "Day and Night Whitening Kit" is based on the Nobel Prize-winning theory of "circadian rhythms," which was awarded in 2017. Metoday has researched the relationship between skin metabolism and whitening pathways, leading to the creation of the "Morning Protection + Night Recovery" model [4]. - The kit consists of two products: the daytime small white bottle focusing on protection and the nighttime small purple bottle focusing on recovery, providing a targeted whitening solution [4][5][7]. Group 4: Key Ingredients - The daytime small white bottle targets melanin production through five key pathways, featuring star ingredients such as patented white tomato extract, root skin extract, cherry extract, and niacinamide [5][6]. - The nighttime small purple bottle emphasizes cellular repair and regeneration, containing key ingredients like GABA, high-concentration hyaluronic acid, rice bran extract, patented PQQ, and wheat germ extract [7]. Group 5: Market Implications - Metoday's founder, Michael Kerr, emphasizes the importance of combining natural gifts with scientific rigor in health products. The rigorous testing process and adherence to the latest standards provide a practical example of validating the safety and efficacy of oral beauty products [11]. - As the oral beauty market continues to grow, consumer demand for efficacy and safety is increasing. Brands like Metoday that prioritize scientific development may inject more scientific momentum into the future health consumption market [11].

Group 1: Industry Trends - The "2025 High-Quality Consumption Brand TOP 100" initiative aims to boost economic development and consumer confidence by focusing on nine key sectors, including beauty economy, sports and outdoor, food and health, smart consumer electronics, pet economy, experience economy, interest consumption, cross-border e-commerce, and consumer technology [1] - AI technology is reshaping the entire consumer experience and becoming a new tool for cost reduction and efficiency improvement, as evidenced by the success of AI-driven live streaming events [2][4] Group 2: AI in E-commerce - The first live stream featuring a digital avatar of influencer Luo Yonghao attracted over 13 million viewers and generated a GMV of over 55 million yuan, setting a new record for digital avatar live streaming [4][5] - AI tools are now enabling consumers to receive one-click shopping suggestions across multiple platforms, significantly enhancing the e-commerce shopping experience [2][9] - AI-driven virtual fitting and makeup applications are being adopted by platforms like Taobao, allowing users to upload their photos and generate virtual representations for trying on clothes and makeup [5][7] Group 3: AI Shopping Assistants - Major e-commerce platforms have launched AI shopping assistants that can provide product comparisons, gift suggestions, and summarize product reviews, enhancing the shopping experience [10][12] - OpenAI's ChatGPT Search has been upgraded to include shopping recommendations, showcasing a variety of products based on structured data from third-party websites [9] - AI shopping assistants are designed to improve transaction rates on platforms like Taobao and JD.com, although there are concerns about their effectiveness in understanding brand nuances [12] Group 4: AI Customer Service - AI customer service has been in use for over a decade, with platforms like JD.com developing sophisticated systems that can handle a high volume of inquiries, particularly related to government subsidies [13] - Despite the advancements, consumer feedback on AI customer service remains mixed, with many users preferring human interaction for complex issues [14] - A significant portion of consumers believe that a combination of AI and human customer service is the most satisfactory approach, highlighting the need for a balanced service model [14]

FICC日报 | 2025-06-17 地缘局势缓解，股指反弹 市场分析 中东局势暂未升级。国内方面，国家统计局发布最新经济数据显示，5月份，全国规模以上工业增加值同比增长5.8%， 社会消费品零售总额增长6.4%，前5个月，全国固定资产投资同比增长3.7%，高端制造、数字经济等发展新动能持 续壮大，5月份，规模以上高技术制造业增加值同比增长8.6%，数字产品制造业增加值同比增长9.1%。1-5月份， 全国新建商品房销售面积和销售额同比分别下降2.9%和3.8%，新开工降幅继续低位收窄，投资降幅略有扩大，商 品房库存已经连续三个月减少。海外方面，伊朗通过中间方传达愿意在美国不参与以色列袭击的前提下重启谈判 的意愿，同时伊朗向以色列传达信息，希望双方将攻击控制在有限范围内。 指数上行。现货市场，A股三大指数震荡上行，上证指数涨0.35%收于3388.73点，创业板指涨0.26%。行业方面， 板块指数涨多跌少，传媒、通信、计算机、房地产行业领涨，农林牧渔、美容护理、有色金属行业跌幅居前。当 日沪深两市成交金额为1.2万亿元。海外市场，美国三大股指全线收涨，纳指涨1.52%报19701.21点。 期指减仓。期货市场 ...

证券研究报告 2025 年 6 月 17 日 星期二 【A 股市场大势研判】 市场全天震荡反弹，创业板领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3388.73 | 0.35% | 11.73 | | | 深证成指 | 10163.55 | 0.41% | 41.43 | | | 沪深 300 | 3873.80 | 0.25% | 9.61 | | | 创业板 | 2057.32 | 0.66% | 13.50 | | | 科创 50 | 970.89 | -0.21% | -2.05 | | | 北证 50 | 1408.15 | 1.84% | 25.42 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 周一，市场全天震荡反弹，创业板领涨。早盘市场低开后震荡回升，盘面上看，IP 经济概念再度爆发，稳定币概念表现活跃，油气股表现活跃，创新药概念冲高回落。午后 指数横盘震荡，截至收盘，沪指、深成指和创业板指分别上涨 0.35%、0.41%和 0.66%。个 股涨多 ...