证券研究报告 | 策略点评 指数涨跌情况：今日 A 股主要指数涨跌互现。截止收盘，沪指涨 0.39%，收报 3457.75 点；深证成指涨 0.11%，收报 10476.29 点；科创 50 跌 0.86%，收报 994.80 点；创业板指跌 0.24%，收报 2147.92 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2628 只个股上涨，2542 只个股下跌，247 只个股 收平。沪深两市今日成交额合计 14660 亿元，较上个交易日缩量 208.42 亿元。 2025 年 07 月 01 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250701 今日关注 行业涨跌情况：今日申万一级行业涨多跌少，综合、医药生物、银行、有色 金属、公用事业、建筑材料等行业领涨，计算机、商贸零售、通信、传媒、 电力设备、房地产等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为中船系、创新药、抗生素、维生素、 仿制药、创业板低价股、水电、生物科技等权、先进封装、超硬材料、宠物 经济、CRO、医疗物资出口 ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 综合 | 2.70 | 20.82 | 28.90 | 东阳光 | 8.68 | | 美容护理 | 1.92 | 54.65 | 23.43 | 锦波生物 | 8.52 | | 医药生物 | 1.55 | 943.98 | 36.63 | 前沿生物 | 20.02 | | 建筑材料 | 1.26 | 83.19 | 27.95 | 长海股份 | 13.85 | | 银行 | 1.24 | 242.86 | -6.32 | 苏州银行 | 4.78 | | 公用事业 | 1.04 | 250.89 | 71.39 | 华电辽能 | 10.17 | | 钢铁 | 0.88 | 52.77 | -4.54 | 柳钢股份 | 9.94 | | 有色金属 | 0.79 | 481.88 | -6.31 | 合金投资 | 10.08 | | 农林牧渔 | 0.61 | 103.28 | 11.67 | 晨光生物 | 5.78 | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600256 证券简称：广汇能源 公告编号：2025-053 广汇能源股份有限公司 关于转让控股子公司合金投资股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 广汇能源股份有限公司（简称"公司"）与九洲恒昌物流股份有限公司（简称"九洲恒昌"）签署了《股 份转让协议》，将公司所持新疆合金投资股份有限公司（简称"合金投资"）无限售流通股股份 79,879,575股（简称"标的股份"）予以转让，占合金投资总股本20.74%。经双方协商一致，本次股权转 让交易单价为人民币7.5元/股，交易总价为人民币599,096,812.50元。 ● 本次协议转让完成后，九洲恒昌将持有合金投资79,879,575股股份，占合金投资总股本20.74%，成为 合金投资控股股东；公司不再持有合金投资股份。 ● 本次交易公司旨在立足能源主业长期发展战略，剥离非主营业务资产以提升核心竞争力，九州恒昌旨 在整合物流产业链，联动合金投资协同发展。 ● 本次股权转让事项不存在 ...

Group 1 - The company is proposing to continue providing guarantees for loans applied by its subsidiaries, including Jilin Dayao Pharmacy Co., Ltd. and others, totaling 50 million yuan each for multiple entities [1][4] - The company is also seeking to provide a guarantee for a working capital loan of 10 million yuan for Jilin Dayao Pharmacy Co., Ltd. and Changchun Construction Material Co., Ltd. from Changchun Nanguan Huimin Village Bank [1][5] - Additionally, the company plans to provide a guarantee for a comprehensive credit line of 120 million yuan for Jilin Dayao Pharmacy Co., Ltd. from Guangfa Bank [4]

Group 1 - The core viewpoint of the news is that Jiangmen Development Group has achieved significant growth in total assets, surpassing 700 billion yuan, and has become the first AAA-rated state-owned enterprise platform in Jiangmen [1][4] - Jiangmen Development Group focuses on six major sectors, including industrial park development and operation, real estate, and urban renewal, following a strategic plan that integrates various initiatives for high-quality development [1][2] - The company aims to reach a total asset target of 1 trillion yuan by 2025, with a focus on industrial investment, management enhancement, market expansion, and mixed-ownership reform [2][4] Group 2 - As of mid-2025, Jiangmen Development Group's total assets have rapidly increased from 529.66 billion yuan in 2022 to over 700 billion yuan [4] - Each sector of Jiangmen Development Group has shown strong performance, with "Jiangmen Quality Products" achieving sales exceeding 10 million yuan, and "Jiangmen Culture and Tourism" launching new travel routes [4] - The group successfully issued 1 billion yuan in AAA-rated corporate bonds and completed significant investments in various projects, including a partnership with Shenzhen Tongchuan Technology for production expansion [4]

天眼查App显示，近日，河北万销资源循环有限公司成立，法定代表人为赵巍巍，注册资本300万人民 币，正和万汇资源循环（邯郸）有限公司、邯郸供销环境科技有限公司持股。 企业名称河北万销资源循环有限公司法定代表人赵巍巍注册资本300万人民币国标行业制造业>废弃资 源综合利用业>金属废料和碎屑加工处理地址河北省邯郸市邯山区中华南大街53号卓立商务大厦27层10 号企业类型其他有限责任公司营业期限2025-6-29至无固定期限登记机关邯山区市场监督管理局 来源：金融界 序号股东名称持股比例1正和万汇资源循环（邯郸）有限公司92%2邯郸供销环境科技有限公司8% 经营范围含再生资源回收（除生产性废旧金属）;再生资源加工;生产性废旧金属回收;资源再生利用技术 研发;建筑废弃物再生技术研发;能量回收系统研发;资源循环利用服务技术咨询;废旧沥青再生技术研发; 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;温室气体排放控制技术研发;新兴能 源技术研发;碳纤维再生利用技术研发;新能源汽车废旧动力蓄电池回收及梯次利用（不含危险废物经 营）;水资源管理;污水处理及其再生利用;蓄电池租赁;电池销售;电子产品销售;生活垃圾处 ...

Market Overview - The Hang Seng Index experienced a decline of 0.87% on June 30, with a cumulative increase of 20% in the first half of the year [2][3] - Southbound capital recorded a net inflow of HKD 52.20 billion on the same day, contributing to a total net inflow of HKD 7449.86 billion in the first half of the year [2][3] Stock Performance - Xiaomi Group-W saw a trading volume exceeding HKD 15 billion, with a stock price increase of 1.70% [4] - Hua Oil Energy surged by 158.46% upon resuming trading, closing at HKD 0.168 per share, despite reporting a revenue decline of 13% year-on-year [6] - Lao Pu Gold's stock price reached a historical high, closing up 14.94% at over HKD 1000 per share, with a market capitalization of HKD 1740.58 billion [10][12] Sector Trends - Financial and real estate sectors showed weakness, while photovoltaic and pharmaceutical stocks were active [3] - Lao Pu Gold's recent store openings in Shanghai and Singapore contributed to its stock performance, with significant sales reported [12] Analyst Insights - UBS analyst Meng Lei indicated that southbound capital may continue to flow into Hong Kong stocks in the second half of the year, driven by structural reforms and favorable policies [12][13] - The analyst highlighted five types of capital crucial for A-share market trends, including long-term institutional investors and southbound funds [13]

Core Viewpoint - The Hong Kong stock market showed a cumulative increase of 20% in the first half of the year, with significant net inflows from southbound funds amounting to 744.99 billion HKD [2][3]. Market Performance - On June 30, the Hang Seng Index fell by 0.87%, the Hang Seng Tech Index decreased by 0.72%, and the Hang Seng China Enterprises Index dropped by 0.96% [2][3]. - The total market turnover for the day was 242.23 billion HKD, reflecting a decrease compared to the previous trading day [2][3]. - Southbound funds recorded a net buying amount of 5.22 billion HKD on the same day [2][3]. Sector Performance - Financial and real estate sectors weakened, while solar energy and pharmaceutical stocks were active [4]. - Notable individual stock performances included: - Lao Pu Gold surged by 14.94%, breaking the 1000 HKD mark, reaching a historical high [4][12][14]. - Xiaomi Group-W saw a trading volume exceeding 15 billion HKD, with a stock price increase of 1.70% [6]. - Hua You Energy experienced a dramatic rise of 158.46% upon resuming trading [8]. Investment Insights - UBS analyst Meng Lei indicated that southbound funds may continue to flow into Hong Kong stocks in the second half of the year, driven by structural reforms and favorable market conditions [15]. - The cumulative net buying of southbound funds exceeded 700 billion HKD from early 2025 to June 30, showing a year-on-year growth of over 100% [15].

证券研究报告—公募基金周报 撰写日期：2025 年 06 月 30 日 公募基金周报（20250623-20250627） 投资要点 本周 A 股市场迎来强势反弹，上证指数一举突破年内高点，交投热情 显著升温。受地缘政治局势缓和影响，市场风险偏好明显提升，叠加国内稳 增长政策密集出台，共同推动股指震荡上行。全周来看，日均成交额环比大 幅增加 22.36%。降息预期提升，美元指数持续下行，COMEX 黄金下跌 2.94%， 中债市场维持窄幅震荡。本周贝塔因子和流动性因子涨幅居前，市值因子跌 幅较大。股指期货合约基差整体上行，股票对冲策略净值持续回撤，中性对 冲基金本周收益的平均值和中位数分别为-0.10%和-0.03%。 主动权益产品根据本周涨幅排序：深度低估策略中排名前三的分别为 东方互联网嘉（9.65%）、前海开源事件驱动 A（7.31%）、广发沪港深价值成 长 A（6.88%）；高成长策略中排名前三的分别为中欧景气前瞻一年持有 A （10.31%）、圆信永丰高端制造（7.93%）、华富国泰民安 A（7.35%）；高质 量策略中排名前三的分别为富荣福锦 A（7.09%）、长城久鑫 A（6.43%）、易 方达 ...

理性投资，风险自担 股指月报：美国关税豁免将到期，关注特朗普极限施压风险 正信期货股指期货周报 202507 研究员：蒲祖林 投资咨询证号：Z0017203 Email：puzl@zxqh.net 核心观点 宏观：中美第二次会谈成果不显著，美国再次发起家电关税政策和芯片关键设备限制，美国对各国90天豁免期即将结 束，未来两周关税对市场的冲击仍有卷土重来的风险，参考2018年的路径，需谨防特朗普再次极限施压的压力。国内 经济各领域步入季节性回升转折窗口，关注6-7月底政治局会议释放的潜在宏观利多。 中观：地产销售低位季节性回升，旺季总体不旺，服务业结构分化且高位小幅降温，5月实体经济中生产和投资退坡， 消费在财政补贴提振下扛起大旗，制造业抢出口逻辑仍在反复延续，国内供需矛盾边际降温，物价有望震荡回升，关注 下半年财政是否进一步发力托底经济重心。 资金：国内流动性总体宽松，海外流动性在美联储偏鸽指引和经济数据下滑背景下趋于宽松，金融条件显著改善，叠加 美元指数有望超跌反弹，国内股市将获得增量资金，被动ETF和两融资金流入，IPO等股权融资和解禁压力维持。 估值：各指数短期反弹后估值仍位于历史中性偏高水平，国内外股 ...