6月21日，汇正财经2025年中策略会在上海圆满落幕，本次策略会以"智启创新，投领未来"为核心主题，聚焦半导体、人形机器人、新消费等细分场景， 汇聚了一众经济学家、产业专家及投资界领军人物，共同探讨全球宏观经济趋势、科技创新驱动下的产业变革及资本市场投资机遇。活动通过线上线下同 步直播，吸引了超36.5万人次观看，在当前经济发展的重要窗口期，为投资者锚定全景式的投资策略。 汇正财经联席所长虞瑞捷在开场致辞中强调，中国经济有强大的韧劲，民众有巨大的信心，值此重要节点上，我们要更有勇立潮头的勇气，汇正财经将以 专业研究视角携手广大投资者共同进退。 著名经济学家洪灏：2025年中期宏观经济与展望 洪灏表示，中国的A股市场在全球贸易战及美股市场历史性下跌中保持了坚挺态势，同时内地的投资者对港股的配置需求不断提升，全球经济市场进入了 模式的转换，中国市场等新兴市场将明显受益于市场轮动，资金将释放更多的可能性，尤其是港股市场可能会引来再创新高的表现。 从去年的政府工作报告重点提到了大力提升消费，提高投资效益，全面扩大内需，今年来政策更是把扩大内需放到了首位。超长期特别国债、国补、消费 券等政策真金白银的在刺激消费，使得上 ...

Group 1: Key Insights on Energy Storage and Hydrogen - Tesla has signed its first GWh project, indicating a significant move in the energy storage sector [3] - Sichuan province is encouraging the construction of industrial and commercial energy storage for self-consumption, which may enhance economic viability [3] - Europe continues to see strong demand for large-scale energy storage, with tender data exceeding expectations and rising electricity prices during the gas replenishment cycle [3] - The demand for household energy storage in Europe is recovering, and the US market may experience a surge in installations due to the expiration of tariff exemptions [3] - The hydrogen energy industry is developing positively, with significant breakthroughs in hydrogen fuel cell vehicles and the establishment of long-term development goals in regions like Fujian and Chongqing [3] Group 2: Insights on Wind and Solar Energy - The demand in the photovoltaic industry remains weak, with prices for silicon materials and battery cells declining, leading to uncertainty in terminal orders [2] - Wind energy projects are progressing, with recent announcements of successful bids for offshore wind projects in Guangdong and Zhejiang [2] - The construction of offshore wind projects is entering a more favorable phase, with a focus on the tower and foundation segments [2] Group 3: Insights on Electric Vehicles and Battery Technology - There has been a significant increase in demand for energy storage batteries in the first half of the year, with companies like Audi pausing their full electrification plans [4][5] - Nissan has confirmed plans to launch solid-state battery models by 2028, indicating advancements in battery technology [5] - Companies are advised to continue investing in stable profit-generating sectors within lithium batteries and related components, particularly those expected to improve [5] Group 4: Insights on Robotics and AI - Yuzhu Technology has completed a Series C financing round, indicating solid growth in the humanoid robotics sector [6] - The development of humanoid robots is seen as a crucial application of AI technology, with significant future potential [6] - Companies involved in key components that may enter the Tesla robotics supply chain are recommended for investment [6]

（原标题：和讯投顾任凌康：人形机器人+固态电池赛道够宽购直 成功突破3400点这回不会在下来了吧） 6月24日，今天盘面大家都已经看到了，会出现了非常大的一个反弹，对于上涨的原因，和讯投顾任凌康分析，因为前一段时间大盘的下跌是外围 的地缘政治导致的指数的这种下跌，那么今天大家可以看到，那么消息面上面说就是已经停火了，达成了意见的这个意见。那么这个可能是这个 今天大涨的一个主要的原因，首先来什么？拉升的主要原因就是停火，对吧？那么其实本身和我们没有太大的一个关系，主要呢是上周我们市场 的这种嫁接也是由于这个原因导致的这个下跌，所以说现在停火了跟我们也没有关系，所以说今天市场呢又把之前下跌的这种这个指数呢又给拉 回来了。 那么到目前为止呢指数呢平稳了，上涨了30多个点，那么全市场应该说它是非常大的这种土壤，对吧？那么现在为止呢这个上涨家数已经超过了 4600多家，而且上证指数也是创出了前面的两个高点，对吧？一次性把两个高点过了，目前这个点数已经达到了3418点。那么这个对于后期的一 个行情，我们一直认为呢这个今年指数嗯还是会震荡上行，那么以及对后期的这个保持一个乐观的态度，对吧？呃那么我们说这个板块当中啊大 家也 ...

Group 1 - The core focus of the market is on direction rather than the index level, emphasizing that even if the index rises, the wrong direction can lead to losses [1][5] - The market is currently experiencing a strong upward trend, with the Shanghai Composite Index closing above 3400 points, but it is expected to face resistance and may continue to oscillate within a range [1][2] - The strongest sectors today include battery technology, particularly solid-state and lithium batteries, which are showing signs of a breakout [2][3] Group 2 - Digital currency is gaining traction due to supportive policies, with the People's Bank of China indicating plans to develop a new stage for financial technology, positively impacting sectors like brokerage and fintech [3][4] - The market is advised to focus on strong themes and sectors, with an emphasis on observing the performance of new and old hot sectors to gauge market momentum [4][5] - The financial sector, particularly securities and internet finance, is highlighted as having significant potential, but it is suggested to wait for confirmation of strength before making investment decisions [5]

今天，A股三大指数集体走强，上证指数站上3400点关口。截至收盘，上证指数、深证成指分别上涨 1.15%、1.68%，创业板指数上涨2.30%。 自昨天小波段见底以来，上证指数才反弹两天，在时间上和上述三个小波段差距甚大。因此，达哥认 为，大盘的反弹行情还没有结束，同时整个反弹周期也还没有结束。 今天整个市场放量近3000亿元，这意味着上证指数还有冲刺3月高点的动能。 板块方面，保险、证券两大板块指数今天的涨幅分别为3.19%、2.60%，分别位居行业板块涨幅榜的第 二、第七位。银行板块继续走高，板块指数上涨0.68%。 综上，无论是反弹时间，还是上方空间，上证指数都还有空间，因此，继续按照轻指数、重板块个股的 思路来进行操作。 关于A股未来两年的行情，最近半年多以来，达哥从政策、资金、技术分析等角度分享得比较多，用四 个字总结就是：坚决看多。 沪深两市成交额达到14146亿元，较昨日大幅放量2920亿元。整个市场有4771只个股上涨，578只个股下 跌，个股涨跌幅的中位数为上涨1.89%。 上周末，市场对以伊冲突担心之时，达哥明确指出，不用忧虑，大盘至少会走出类似于2024年三四月份 的横盘震荡态势。从本周 ...

Market Performance - A-shares experienced a significant increase on June 24, with the Shanghai Composite Index rising over 1% to above 3400 points, and the ChiNext Index increasing over 2% [1] - The Shanghai Composite Index closed at 3420.57 points, up 1.15%, while the Shenzhen Component Index rose 1.68% to 10217.63 points, and the ChiNext Index gained 2.3% to 2064.13 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.4484 trillion yuan, an increase of over 300 billion yuan compared to the previous day [1] Sector Performance - The insurance and brokerage sectors saw strong performance, with stocks like Xiangcai Securities and Guosheng Financial hitting the daily limit, and Dongfang Caifu rising over 4% [2][4] - The insurance sector is expected to improve overall quality by 2025, with life insurance business quality enhancing and non-life insurance operations optimizing [5] Emerging Concepts - The autonomous driving sector saw a surge, with stocks like Sanyou Technology and Wanma Technology hitting the daily limit, reflecting strong market interest [6] - Tesla's launch of Robotaxi services in Austin, Texas, indicates a significant step towards the commercialization of autonomous driving technology [7][8] - The humanoid robot sector is also gaining traction, with companies like Liyuanheng and Zhaofeng Technology seeing substantial stock increases [9][11] Investment Opportunities - The rapid development of Tesla's humanoid robots presents significant opportunities for the supply chain, particularly for companies producing high-precision components and automation solutions [12]

A股今日（6月24日）放量大涨，沪指涨超1%重返3400点上方，创业板指涨超2%；港股亦走高，恒生指数、恒生科技指数均涨超2%。 具体来看，两市主要股指盘中强势拉升，三大股指全线走高。截至收盘，沪指涨1.15%报3420.57点，深证成指涨1.68%报10217.63点，创业板指涨2.3%报2064.13 点，北证50指数涨3.65%，沪深北三市合计成交14484亿元，较此前一日增加逾3000亿元。 场内超4700股飘红，保险、券商板块联袂拉升，湘财股份、国盛金控涨停，东方财富涨超4%，成交额位居A股首位；中国人寿、中国平安涨超3%；无人驾驶概念爆 发，三友科技、万马科技、恒帅股份、星源卓镁等涨停；人形机器人概念活跃，利元亨、兆丰股份等涨停；固态电池概念拉升，信德新材、泰和科技、华盛锂电等 均涨停。石油、航运概念大幅回落，科力股份跌近20%，通源石油、茂化实华、招商南油等跌停。 东方财富成交超百亿元 被称为"牛市旗手"的券商板块 盘中强势拉升，截至收盘，湘财股份、国盛金控涨停，锦龙股份涨近7%，中国银河、东方财富超4%。值得注意的是，东方财富全日 成交132.2亿元，位居A股成交额首位。 | 代码 名称 | ...

Group 1: Global Economic and Political Landscape - The current period is marked by a restructuring of the global political and economic landscape, coinciding with China's economic transformation and upgrading [1] - The joint statement from the China-U.S. Geneva Economic and Trade Talks in May indicates a temporary easing of bilateral trade relations, but deep-seated strategic competition is expected to persist, particularly in high-tech sectors [1] - China's "dual circulation" development strategy is being accelerated to address external challenges and stimulate domestic demand [1] Group 2: Monetary and Fiscal Policy Outlook - A significant turning point is anticipated in the global macro policy environment in the second half of 2025, with expectations of interest rate cuts from the Federal Reserve and European Central Bank [2] - China's fiscal policy will continue to play a crucial role in counter-cyclical adjustments, with plans for more robust fiscal measures, including increased special bond issuance and targeted support for housing and land reserves [3] - The People's Bank of China is expected to implement a moderately loose monetary policy, with potential further reductions in reserve requirements and loan prime rates [3] Group 3: Investment Opportunities and Market Dynamics - Structural investment opportunities in the second half of the year are expected to focus on technology, new consumption, stable dividend assets, and central government leverage [5] - The technology sector, particularly in areas like AI, semiconductors, and military applications, is highlighted as a key area for investment due to ongoing U.S.-China strategic competition [5] - The capital market is projected to exhibit resilience and vitality, with a focus on high-quality development and opportunities in autonomous innovation, consumption upgrades, and energy transition [6]

Market Overview - The stock market experienced a collective rise on June 24, with the Shanghai Composite Index closing at 3420.57 points, up 1.15%, the Shenzhen Component Index at 10217.63 points, up 1.68%, and the ChiNext Index at 2064.13 points, up 2.3% [1][2]. Sector Performance - Solid-state battery and humanoid robot concept stocks surged, while sectors such as oil and gas, shipping, and military industries showed significant pullbacks [3][5]. - The battery sector rose by 5.36%, with solid-state batteries increasing by 4.42% and humanoid robots by 4.29% [4]. - Notable stocks in the battery sector included Xinde New Materials, Liyuanheng, and Huasheng Lithium Battery, all reaching a 20% limit up [4]. - Humanoid robot stocks like Zhaofeng Co. also hit a 20% limit up, alongside other companies like Zhongjing Electronics and Zhejiang Rongtai [4]. Capital Flow - Main capital flows showed a net inflow into non-bank financials, power equipment, and computers, while there was a net outflow from oil and petrochemicals, transportation, and banking sectors [6]. - Specific stocks with significant net inflows included Dongfang Caifu, Dongxin Heping, and Guoxuan High-Tech, with inflows of 1.278 billion, 591 million, and 571 million respectively [6]. Institutional Insights - Guorong Securities indicated that the market's rebound is likely to continue, while Zhongtai Securities noted that although the Shanghai index has surpassed 3400 points, other major indices have not yet reached their upper limits [7]. - Recommendations include avoiding heavily institutional-held stocks and rotating into sectors with strong certainty such as military, pharmaceuticals, and photovoltaics, while being cautious of sectors with excessive short-term gains [7].

板块题材上，游戏、人形机器人、无人驾驶、保险证券板块涨幅居前。油气开采及服务、港口航运、贵金属、核污染防治板块跌幅居 前。 盘面上，网约车、无人驾驶概念股盘初大涨，三友科技、万马科技（300698）、恒帅股份（300969）等10余股涨停。人形机器人概念 股盘中拉升，杭齿前进（601177）、世运电路（603920）、中京电子（002579）涨停。保险、证券板块早盘活跃，湘财股份 （600095）、国盛金控（002670）涨停。石油、天然气板块盘初大跌，中曼石油（603619）、准油股份（002207）、贝肯能源 （002828）等多股跌停。港口航运板块亦表现落后，招商南油（601975）、兴通股份（603209）跌停。 涨停天梯榜： 【4连板】 湘潭电化（002125）、兴业股份（603928）。 A股三大指数早盘集体上涨，截至午盘，沪指涨1%，深成指涨1.45%，创业板指涨1.94%，北证50指数涨3.17%。全市场半日成交额 9251亿元，较上日放量2413亿元。全市场超4600只个股上涨。 今日市场炒什么： 【人形机器人】 【3连板】 浙江东日（600113）、新通联（603022）、建业股份（603 ...