每经编辑｜何小桃 美国对伊朗动手，全球资本市场埋单。 今天（6月23日）亚太股市开盘多数走低。 截至发稿，台湾加权指数跌1.58%，日经225指数跌0.3%，富时新加坡海峡时报指数跌0.35%，韩国KOSPI指数得0.39%，澳大利亚普通股指数得0.36%，印 度孟买SENSEX指数跌0.61%，印尼雅加达综合指数跌1.35%。 | 台湾加权 | 21698.01 | -1.58% | -347.73 | | --- | --- | --- | --- | | TWII | | | | | 日经 225 | 38287.21 | -0.30% | -116.02 | | N225 | | | | | 富时新加坡海峡时报 3869.86 | | -0.35% | -13.57 | | STI | | | | | 韩国 KOSPI | 3010.12 | -0.39% | -11.72 | | KS11 | | | | | 澳大利亚普通股 8685.90 | | -0.43% | -37.60 | | AORD | | | | | 韩国 KOSPI200 403.85 | | -0.36% | -1.47 | | ...

A股收评：三大股指午后走强集体收涨 两市超4200只个股收红 金十数据6月23日讯，A股三大股指早盘低开高走，午后强势冲高，沪指一度涨近0.8%，截至收盘，沪 指涨0.65%，深证成指涨0.43%，创业板指涨0.39%；沪深两市全天成交额超1.1万亿，沪深两市超4200只 个股飘红。盘面上，大市多数板块飘红，能源金属板块全天强势，跨境支付板块午后拉升冲高，四方精 创20CM涨停，月内累涨超90%。航运、军工板块表现亮眼。白酒板块延续低迷态势全天水下震荡，迎 驾贡酒、山西汾酒等跌幅居前。 ...

美国对伊朗三处核设施发动袭击后，6月22日，伊朗外长阿拉格齐表示，美国袭击伊朗核设施"令人发 指"，将会产生"持久后果"，同日，伊朗议会赞成关闭霍尔木兹海峡。本轮伊以冲突爆发进入第11天， 局势持续升级，而在资本市场上，6月23日，A股军工股再度活跃，航运股集体走高，截至午盘沪指报 3365.07点，涨0.15%，深成指报9988.66点，跌0.16%，创业板指数报2003.26点，跌0.33%。 高盛集团表示，美国打击伊朗之后， 石油和天然气价格可能上涨，但基线情境预测取决于该地区供应 是否受到严重干扰。分析师在报告指出，如果通过霍尔木兹海峡的石油运输量在一个月内下降一半，并 在接下来的11个月保持低10%的状态，布伦特油价将短暂飙升至每桶110美元。如果伊朗石油供应量减 少175万桶每日，布伦特将最高触及90美元。 6月22日，美国对伊朗福尔多、纳坦兹和伊斯法罕三处核设施发动袭击后，伊朗议会国家安全委员会委 员库萨里表示，伊朗议会已得出结论，认为应关闭霍尔木兹海峡，但最终决定权在伊朗最高国家安全委 员会手中。 战火延烧引市场担忧 预计油价将大幅上行 霍尔木兹海峡位于阿曼和伊朗之间，连接了东部的阿曼湾和西部 ...

Core Viewpoint - The coal sector experienced a significant rise in the A-share market, with various stocks showing notable gains, indicating a potential recovery in coal prices due to supply constraints and seasonal demand increases [9][10]. Market Overview - As of June 23, the A-share market showed mixed results, with the Shanghai Composite Index up by 0.15% and the Shenzhen Component down by 0.16% [2]. - The total market turnover was 683.87 billion CNY, slightly lower than the previous day, with 3,657 stocks rising and 1,577 falling [3]. Sector Performance - The coal, petrochemical, defense, and non-ferrous metal sectors led the gains, while consumer stocks, including liquor and gaming, faced declines [3][4]. - The coal sector specifically saw stocks like Baotailong, Shaanxi Black Cat, and China Coal Energy among the top gainers [9]. Shipping and Port Sector - The port and shipping sectors collectively surged, with stocks such as Ningbo Shipping and Ningbo Ocean reaching their daily limits [13]. - The global shipping market reacted to recent geopolitical tensions, particularly concerning the Strait of Hormuz, leading to increased shipping rates [15]. Defense Sector - The defense and military sector also saw gains, with stocks like Changcheng Military Industry and Aerospace Development hitting their limits [10]. - The Ministry of National Security emphasized the importance of technological security in national security, which may bolster investments in the defense sector [10]. Key Stock Movements - Notable stock performances included Huahong Semiconductor rising by 7.02% and SMIC increasing by 4.94% [7]. - In the coal sector, Baotailong rose by 4.78%, while Shaanxi Black Cat increased by 4.40% [9].

Market Overview - As of the midday close, the Shanghai Composite Index rose by 0.15%, while the Shenzhen Component Index and the ChiNext Index fell by 0.16% and 0.33% respectively. Over 3,600 stocks in the market increased, while more than 1,500 stocks declined [1][2]. Sector Performance - The oil and gas, shipping, port, semiconductor, and military industries showed the highest gains, while sectors such as stablecoins, solid-state batteries continued to gain traction. Conversely, computing power, liquor, pharmaceuticals, and IP economy stocks weakened [2]. Capital Flow - Major capital inflows were observed in sectors including electronics, electrical equipment, basic chemicals, computers, machinery, and transportation. In contrast, there were net outflows from telecommunications, food and beverage, biomedicine, public utilities, steel, and building materials [3]. Individual Stock Performance - Notable net inflows were recorded for stocks such as SMIC, Jingfang Technology, and Northern Huachuang, with inflows of 648 million, 638 million, and 628 million respectively. On the other hand, stocks like Zhongji Xuchuang, Hengbao Co., and Cambrian Technologies faced net outflows of 444 million, 262 million, and 192 million respectively [4][5]. Institutional Insights - China Galaxy Securities anticipates a volatile upward trend in the A-share market for the second half of 2025, driven by a new round of supply-side reforms. The ongoing deepening of capital market reforms is expected to provide solid support for a stable foundation in the A-share market. The transformation of emerging industries and institutional innovation are seen as core drivers for market value reconstruction [7]. - Wang Zhangliang, a fund manager at Qianhai Rongyue Asset Management, noted that recent national policies have been unprecedented in their intensity. The acceleration of AI commercialization and the semiconductor industry's upward cycle present dual benefits. Focus is recommended on semiconductor equipment and materials, AI computing infrastructure, trusted computing industries, and humanoid robots [8].

6月23日，A股早盘震荡分化，三大指数涨跌不一，半日成交额6706亿，较上个交易日缩量4.92亿。截至 午间收盘，沪指涨0.15%，深成指跌0.16%，创业板指跌0.33%。 消息面上，地缘局势继续升级，美国轰炸伊核设施，伊朗议会赞成关闭霍尔木兹海峡，原油一度涨近 6%。东方证券认为，整体来看，近期市场明显受到外部地缘政治利空扰动，但下跌幅度有限，显示场 内护盘力量实力不俗，预计短期市场仍将维持类似局面，市场或将转向科技成长风格。 盘面上，市场热点聚焦中东局势相关概念，其中，港口航运股卷土重来，宁波海运、连云港等多股涨 停；军工板块表现亮眼，长城军工斩获4连板；油气股持续走强，带动化工板块大面积补涨，兴化股份 走出7天3板，中毅达等多股涨停；核污染防治概念走高，中电环保涨超10%。其他热点方面，银行板块 探底回升，工行、农行、建行等多股续创历史新高；芯片股强势，大为股份等涨停；跨境支付概念拉 升，吉大正元涨停；此外，有色钴、固态电池等板块均有所表现。下跌方面，大消费、地产、汽车等方 向跌幅居前。 展望后市，国泰海通认为，短期风险释放后，中国股市的核心矛盾仍在内而不在外，对行情的看法仍比 共识更乐观。 热门板块 ...

消息面上，据央视新闻报道，伊朗议会国家安全委员会委员库萨里表示，伊朗议会已得出结 论， 认为应关闭霍尔木兹海峡 ，但最终决定权在伊朗最高国家安全委员会手中。 早盘WTI 原油主力期货一度涨超6%。 摩根大通预测，若霍尔木兹海峡被封锁，油价可能飙升至120— 130美元区间。 （→ 美国打击伊朗核设施，卫星图曝光！原油大涨，黄金高开 ） 申万宏源认为，短期A股风险偏好回落，自上而下的叙事有所弱化，短期有休整需要，但跌不 深是一致预期，对应短期防御类资产有绝对收益。 国泰海通证券表示，全球地缘政治格局加速演变，外贸有望打开军工行业新的增长极，推荐 产品或业务与出口密切相关企业。分析认为，在大国博弈加剧的背景下，加大国防投入是当 今时代的必选项，内需和外贸有望驱动军工行业高景气度，保持发展趋势长期向好。 信达证券认为，市场在6—7月可能还会有震荡回撤，不过幅度可控。三季度后期或四季度， 盈利、政策和居民资金三个因素中，只要有一个往乐观方向转变，市场有望回归牛市状态。 现货黄金失守3 3 6 0美元/盎司 6月23日，A股指数低开，三大股指一度飘红。截至10:40，约3500股上涨。 板块上，油气、航运、军工涨幅居前 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the Chinese stock market, particularly A-shares and Hong Kong stocks, with emphasis on technology and emerging industries [1][4][5] Core Insights and Arguments - **De-dollarization Trend**: Global funds are shifting away from the US dollar, leading to increased investment in Chinese markets, including A-shares and Hong Kong stocks [1][4] - **Policy Reforms**: Since September 2024, China's policy reforms and collaboration with the Hong Kong Stock Exchange have accelerated capital market reforms, particularly benefiting technology and emerging industries [1][4] - **Investment Opportunities**: PCB (Printed Circuit Board) and overseas computing power are highlighted as key investment areas, with a focus on "leading, localization, and globalization" as future development directions [1][5] - **Economic Challenges and Opportunities**: Current economic challenges include macroeconomic pressures and poor trade data, but long-term opportunities exist in new consumption and technology sectors [2] - **Profitability Concentration**: The trend of leading companies gaining market share is evident, especially in industries like machinery, public utilities, and transportation, where capacity utilization is high [3][17] - **Domestic and Foreign Capital**: Both foreign and domestic capital are crucial for driving equity asset growth, with foreign capital holdings exceeding 3 trillion yuan and domestic capital increasingly influencing pricing in Hong Kong stocks [12][13] Other Important but Possibly Overlooked Content - **Globalization Impact**: Young leaders (born in the 80s and 90s) are more inclined to implement globalization strategies, leading to sustained growth in overseas revenues for their companies [3][30][31] - **Sector-Specific Trends**: Significant progress in domestic substitution rates in sectors like carbon fiber, special gases, and industrial robots, indicating a steady advancement in localization efforts [8][23] - **Emerging Market Influence**: Emerging markets are becoming significant drivers of Chinese exports, with countries like Indonesia and Saudi Arabia increasing their reliance on Chinese imports [26] - **ETF Influence**: ETFs have become a major source of incremental funds in the A-share market, with significant purchases observed since September 2024 [15][16] - **Traditional vs. New Materials**: Traditional industries and new material sectors are both showing strong potential for overseas expansion, with specific companies highlighted for their performance [28][29] This summary encapsulates the key points from the conference call records, focusing on the Chinese stock market's dynamics, investment opportunities, and the impact of globalization and domestic policies.

军工股再度活跃 长城军工4连板 智通财经6月23日电，军工股盘中再度走强，长城军工4连板，观想科技涨超10%，航天发展、航天长 峰、中光学涨超5%，雷科防务、航天宏图、北方导航、中兵红箭等跟涨。 ...

Group 1 - The A-share military industry sector is experiencing a strong upward trend, with significant gains in various companies [1] - Great Wall Military Industry has reached its daily limit increase, indicating strong investor interest [1] - Guankong Technology has risen over 10%, showcasing robust performance in the sector [1] Group 2 - Aerospace Development has increased by more than 8%, reflecting positive market sentiment [1] - Other companies such as Aerospace Changfeng and Leike Defense are also seeing gains, contributing to the overall strength of the military sector [1]