Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.39% to close at 3457.75 points, while the Shenzhen Component Index increased by 0.11% to 10476.29 points. However, the Sci-Tech Innovation 50 Index fell by 0.86% to 994.80 points, and the ChiNext Index decreased by 0.24% to 2147.92 points. Overall, 2628 stocks rose, 2542 fell, and 247 remained unchanged across the market [1]. - The total trading volume in the Shanghai and Shenzhen markets was 14660 billion, a decrease of 208.42 billion compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive, pharmaceutical biology, banking, non-ferrous metals, public utilities, and building materials led the gains, while computer, retail, telecommunications, media, power equipment, and real estate sectors experienced declines [1]. Sector Highlights - The top-performing concept sectors today included China Shipbuilding System, innovative drugs, antibiotics, vitamins, generic drugs, low-priced stocks in the ChiNext, hydropower, biotechnology, advanced packaging, superhard materials, pet economy, CRO, medical material exports, selected banks, and brain-computer interfaces [1].

证券研究报告·金融工程·金工定期报告 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 金工定期报告 20250701 从微观出发的五维行业轮动月度跟踪 202507 2025 年 07 月 01 日 《从微观出发的五维行业轮动 月度跟踪 202506》 2025-06-03 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效：以 2015/01/01-2025/06/30 为回测区间，五维行业轮 动模型在申万一级行业中，六分组多空对冲的年化收益率为 21.59%，年 化波动率为 10.77%，信息比率为 2.00，月度胜率为 73.33%，历史最大 回撤为 13.30%；多头对冲全市场行业等权组合的年化收益率为 10.52%， 年化波动率为 6.59%，信息比率为 1.60，月度胜率 70.83%，历史最大回 撤为 9.36%。 ◼ ...

Core Viewpoint - Weifang City is actively promoting the integration of the real economy and digital economy through a comprehensive digital transformation initiative, which has been recognized as a national model for manufacturing digital transformation [1][2]. Group 1: Digital Transformation Initiatives - Weifang has implemented a three-year action plan and ten policies for industrial digital transformation, establishing a service alliance and a four-level specialist system to support enterprises [1]. - The city has achieved a significant increase in the coverage rate of digital transformation among industrial enterprises, ranking among the top in the province [1]. Group 2: Benchmarking and Demonstration - The "Artificial Intelligence + Manufacturing" initiative has led to the establishment of lighthouse factories and the creation of national digital leading enterprises, with 14 national 5G factories and 444 provincial "Morning Star" factories [2]. - A total of 20 demonstration projects and 10 empowering enterprises have been recognized, with 35 projects initiated under the provincial and municipal "listing and challenging" program [2]. Group 3: Infrastructure and Support - Weifang has focused on enhancing digital infrastructure, achieving over 20,000 5G base stations and establishing 28 provincial industrial internet platforms [2]. - The city has created a digital industry park and an online service supermarket for digital transformation, forming a comprehensive support matrix [2]. Group 4: Industry-Specific Benchmarking - The city has identified 83 benchmark demonstration enterprises across various key industries, promoting effective digital transformation models that can be replicated [3]. - A case collection has been published, covering 14 industries and highlighting successful practices in digital transformation, providing a reference for small and medium-sized enterprises [3]. Group 5: Continuous Improvement and Outreach - Weifang's industrial department plans to deepen the dissemination of digital transformation examples through various formats, encouraging benchmark enterprises to share their experiences [4]. - The goal is to transition from beneficiaries of digital transformation to leaders and service providers, fostering a chain transformation within the industry [4].

ESG Policies - The Ministry of Finance released a draft application guide for the "Corporate Sustainable Disclosure Standards," detailing nine key areas for corporate sustainability information disclosure [1] - The guide aims to enhance the quality of sustainability disclosures and promote high-quality corporate development [1] Climate Change Reports - The China Meteorological Administration published the "China Climate Change Blue Book (2025)," highlighting ongoing global warming trends and significant climate changes in China [2] - The report indicates that China is experiencing a higher warming rate than the global average, with extreme weather events becoming more frequent and severe [2] - Monitoring indicators for 2024 are expected to reach new highs, emphasizing the urgency of climate change response measures [2] Global Energy Standards - The Global Energy Interconnection Development and Cooperation Organization announced the release of the first seven global energy interconnection standards, developed by nearly 160 experts from nine countries [3] - These standards cover various areas, including new power system planning and clean energy resource assessment, filling international standard gaps [3] ESG Events - The second China-Europe Enterprise ESG Best Practices Conference was held in Stuttgart, Germany, focusing on enhancing cooperation in the ESG field [4] - The conference highlighted the strategic consensus and practical alignment between China and Europe in ESG, aiming to reshape sustainable economic and trade paradigms [4] ESG Initiatives - The China Building Materials Federation released a report promoting sustainable development in the building materials industry and launched a public service platform for ESG practices [5] - This initiative aims to integrate key aspects such as information disclosure and financial support, establishing a closed-loop management system [5] Carbon Footprint Management - The Ministry of Ecology and Environment published China's first "Product Carbon Footprint Management System Progress Report 2025," indicating a strong start in carbon footprint management system construction [6] - The report states that over 70 national standards for carbon footprint accounting are in development, showcasing China's commitment to standardized carbon management [6] Green Energy Initiatives - The State Grid announced that the 2025 Summer Davos Forum will achieve 100% green energy supply, reducing carbon emissions significantly [7] - This initiative demonstrates a market-driven approach to clean energy consumption and provides a replicable model for green energy use in large events [7]

Core Viewpoint - The event highlighted the implementation of new energy-saving standards for public buildings in Shandong, aiming for a 78% energy efficiency improvement, alongside the existing 83% standard for residential buildings, reflecting a significant push towards energy conservation and carbon reduction in the construction industry [3][4]. Group 1: Energy Efficiency Standards - Shandong is set to implement a new public building energy-saving standard of 78%, which is the first of its kind in the country, effective from August 1, 2023 [4]. - The residential building energy-saving standard of 83% was already implemented on May 1, 2023, marking a significant advancement in energy efficiency requirements [4]. - The new standards emphasize the use of all-electric designs for energy systems, excluding centralized heating, and aim to enhance the thermal performance of building envelopes [4][5]. Group 2: Green Building Promotion - The promotion of green buildings is a key focus, with requirements for new urban residential buildings to comply with green building standards, and public buildings funded by government or state-owned investments to meet at least two-star green building standards [3][4]. - The application of green building materials is mandated, with specific percentages required for different star ratings of green buildings: 10% for one-star, 20% for two-star, and 30% for three-star buildings [3][4]. Group 3: Market Opportunities and Innovations - The new energy-saving standards are expected to drive the adoption of high-efficiency insulation materials and innovative construction methods, creating new market opportunities for the construction industry [5][7]. - The introduction of advanced materials, such as composite insulation boards, is gaining traction, with benefits including reduced thickness and improved thermal performance, leading to cost reductions for developers and buyers [7][9]. - The event showcased new technologies and products, including integrated photovoltaic materials that serve both decorative and energy-generating purposes, indicating a trend towards multifunctional building materials [9].

Group 1 - The company, Hubei Guochuang High-tech Materials Co., Ltd., has provided a guarantee for its wholly-owned subsidiary, Guangxi Guochuang Road Materials Co., Ltd., for a credit limit of 80 million RMB from Guangxi Beibu Gulf Bank [2][3] - The board of directors approved a guarantee limit of up to 240 million RMB for the year 2025, which is valid for 12 months from the date of the shareholders' meeting [3] - The company has a total external guarantee balance of 90 million RMB, which accounts for 19.19% of its latest audited net assets, with no overdue guarantees or litigation related to guarantees [8][9] Group 2 - Guangxi Guochuang Road Materials Co., Ltd. was established on October 8, 2005, with a registered capital of 90 million RMB and is fully owned by the company [5] - The company specializes in the research, production, and sales of modified asphalt and related materials, as well as road construction services [5] - The guarantee provided by the company includes coverage for principal, interest, penalties, and various costs associated with enforcing the guarantee [7][12]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [2] - The company was approved by the State Reform Commission and registered in Beijing, with a registered capital of RMB 1,689,507,842 [2][6] - The company was listed on the Shenzhen Stock Exchange on June 6, 1997, with an initial public offering of 45 million shares [2][3] Business Objectives and Scope - The company's business objective is to adapt to the development of the socialist market economy, focusing on new building materials and economic benefits [4][5] - The company is engaged in the manufacturing and sales of various building materials, including new wall materials, chemical products, and construction machinery [5] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares totaling 1,689,507,842 [6][21] - The company adheres to principles of public, fair, and just issuance of shares, ensuring equal rights for all shareholders [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise the company, and request information [10][11] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [14][15] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [20][21] - Shareholder meetings are the authority of the company, with the power to approve profit distribution, capital changes, and other significant decisions [17][31] Decision-Making and Voting - Resolutions at shareholder meetings can be ordinary or special, with different voting thresholds required for each type [81][82] - Ordinary resolutions require a simple majority, while special resolutions require a two-thirds majority of the voting rights present [81][82]

Market Overview - On June 26, the Shanghai Composite Index fell by 0.22%, while the total margin balance in the market reached 1.838493 trillion yuan, an increase of 9.259 billion yuan compared to the previous trading day [1] Margin Balance by Market - As of June 26, the margin balance in the Shanghai market was 928.631 billion yuan, up by 3.383 billion yuan; in the Shenzhen market, it was 904.095 billion yuan, up by 5.695 billion yuan; and in the Beijing Stock Exchange, it was 5.767 billion yuan, up by 0.181 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 27 industries saw an increase in margin balance, with the electronics sector leading with an increase of 1.703 billion yuan, followed by the computer and communication sectors with increases of 1.339 billion yuan and 1.260 billion yuan, respectively [1] Individual Stock Performance - A total of 2,094 stocks experienced an increase in margin balance, accounting for 56.90% of the total. Among these, 413 stocks had a margin balance increase of over 5% [1] - The stock with the largest increase in margin balance was Tonghui Information, with a latest margin balance of 7.3965 million yuan, reflecting an increase of 87.58% from the previous trading day, and its stock price rose by 13.79% [1] - Other notable stocks with significant margin balance increases included Keshine New Materials and Honghai Technology, with increases of 60.29% and 52.59%, respectively [1] Top 20 Stocks by Margin Balance Increase - The average increase in stock prices among the top 20 stocks by margin balance increase was 4.94%, with notable gainers including Patel and Youji Co., with increases of 30.00% and 28.96%, respectively [2][3] Stocks with Decreased Margin Balance - In contrast, 1,586 stocks saw a decrease in margin balance, with 188 stocks experiencing a decline of over 5%. The stock with the largest decrease was Ruixing Co., with a margin balance of 1.5274 million yuan, down by 34.44% [4][5]

Group 1: Industrial Production - Industrial production shows signs of seasonal weakness, with blast furnace operating rates slightly down by 0.3 percentage points year-on-year to 1%[4] - Midstream production is mixed, with soda ash operating rates up by 0.4 percentage points to -3% and polyester filament operating rates up by 0.4 percentage points to 3.8%[4] - Cement grinding rates decreased by 3.6 percentage points year-on-year to 4.6%, indicating weak construction activity[4] Group 2: Downstream Demand - Port cargo throughput increased by 5.7 percentage points year-on-year to 3.6%, while container throughput rose by 4.1 percentage points to 5.3%[5] - Daily average transaction area of new homes in 30 major cities fell significantly, down by 38.3 percentage points year-on-year to 14.2%[5] - Shipping prices saw a substantial increase, with the CCFI composite index rising by 8% week-on-week, particularly on the US West Coast where rates surged by 14.8%[5] Group 3: Price Trends - Agricultural product prices declined, with egg prices down by 1.5%, fruit prices down by 1.3%, and pork prices down by 0.4%[5] - Industrial product prices showed a rebound, with the Nanhua Industrial Price Index increasing by 3.1% week-on-week, and the energy chemical price index rising by 5.6%[5] - The metal price index decreased slightly by 0.2% week-on-week, indicating mixed trends in industrial commodities[5] Group 4: Risks - Potential risks include unexpected changes in trade conditions, uncertainties in policy responses, and the effectiveness of policy transmission mechanisms[6]

【策略】中观数据与盈利预测指向哪些行业景气？——20250623 【固定收益】高频工业品价格底部反弹——基本面高频数据跟踪—— 20250623 ◼ 研究视点 【环保】监测门槛抬高，科创板专层赋能——20250623 证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 24 年 月 日 朝闻国盛 中观数据与盈利预测指向哪些行业景气？ 今日概览 ◼ 重磅研报 作者 | 分析师 杨义韬 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680522080002 | | | | | 邮箱：yangyitao@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 7.9% | 0.3% | 28.0% | | 银行 | 6.0% | 11.2% | 33.4% | | 石油石化 | 4.9% | 2.6% | -2.0% | | 传媒 | 4.6% | 0.2% | 42.6% | | 国防军工 | 3.5% | 0.8% | 25.9% | | 行业表现后五名 | | | | | ...