（原标题：和讯投顾阮军：3600点可能还需磨一磨，建议关注两点） 本周最热话题是水电板块，周一和周二涨幅不错，周三开始分化，周四套人，今天水泥、工程建筑等跌 幅靠前，很多个股三个板没封住就回吐了两个板，短期水电利好政策可能告一段落。今天下午带动市场 人气稍有回笼的是半导体板块，半导体芯片突然拉升，与之相关的电子产品、消费电子、电子光学仪器 等行业或多或少都有所上涨。今天涨跌家数对半开，约2500家涨、2500家跌。 从趋势看，整体趋势并不坏。下周建议大家关注两点，一是成交量，成交量可略有萎缩但不能大缩，若 突破3600点时成交量萎缩到1.5 - 1.6万亿，会有问题；二是若下周成交量能稳定在1.9 - 2万亿之间，仍可 放心看待指数震荡。目前拉升指数最强的银行、保险不在低位，证券拉升动力或弹性也不足，影响指数 权重最大的股票空间不大。本周水电利好突出，指数不会这么快冲击3600点。理论上，下周权重指数若 稳定或不冲击，指数可能在3550点 - 3600点之间来回震荡，3600点可能还需磨一磨、等一等。不过，目 前处于中线区域。 7月27日，和讯投顾阮军称，当前指数每50点左右会有一个震荡区间。理论上3600点 ...

7月25日，上海市统计局公布今年上半年经济运行情况，经济总量位居全国前10的省市至此全部亮出2025"半年报"，有8省跑赢全国增速。近年 来，党中央多次强调"经济大省挑大梁"，要求更好发挥经济大省对区域乃至全国发展的辐射带动力。川观智库·省情研究所梳理发现，今年上半年，经 济十强省市实现GDP40.44万亿元，占全国比重61.21%，比去年同期有所提升，全国经济"压舱石"的作用进一步凸显。 多数省份工业经济提质"快跑"，消费市场活力释放，进出口贸易创历史新高……在外部环境急剧变化的情况下，经济十强省市的表现超出预期， 展现出中国经济发展的底气与韧性，不断积蓄高质量发展的强劲势能。 广东湖南有"三好"特征 浙豫鄂沪川闽实现"双优" 整体看，十大经济省市的半年增速，普遍高于全国5.3%的增长水平，其中湖北增长6.2%，是十强中唯一增速超过6%的省份；浙江增长5.8%，江 苏、河南、福建增长5.7%，山东、四川、湖南均增长5.6%。 GDP增速直观展示经济总量的变动，拿今年上半年的经济增速，与去年同期比、与去年全年比、与今年一季度比，更能看出经济发展的趋势与潜 力。 广东经济体量占全国十分之一，今年上半年实现GDP ...

长江商报消息 ●长江商报记者 潘瑞冬 东山精密（002384.SZ）加码高端印制电路板（PCB）领域。 7月25日晚间，东山精密公告称，公司全资子公司超毅集团（香港）有限公司（下称"香港超毅"）或其 子公司将投资不超过10亿美元建设高端PCB项目，聚焦高速运算服务器、人工智能（AI）等新兴场景的 中长期需求。本次资金来源为公司自有或自筹资金。 长江商报记者注意到，7月以来，东山精密动作频频。7月12日，东山精密公告称，公司子公司计划以不 超过3000万美元认购基金份额，旨在通过投资光伏、风电等新能源资产，在取得财务回报的同时，助力 公司实现可持续发展目标。 近十年以来，东山精密的外销营业收入连续10年增长，2023年和2024年，公司的外销营业收入占总营业 收入的比例均超83%，处于历史高点。 东山精密称，公司投资CRPIF基金旨在通过投资光伏、风电等新能源资产，在取得财务回报的同时，助 力公司实现可持续发展目标。 第一季营收净利双增 2023—2024年，东山精密净利润连续两年下滑。2025年一季度，东山精密销量显著提升，带动经营业绩 提升。财报显示，当季公司营业收入86.02亿元，同比增长11.07%；净 ...

Group 1 - Hubei's industrial economy showed a steady growth with a 7.9% year-on-year increase in industrial added value from January to June, surpassing the national average by 1.5 percentage points, ranking 4th among major industrial provinces [1] - The five pillar industries of Hubei, including optoelectronic information, automotive manufacturing and services, modern chemicals, health care, and modern agricultural product processing, all achieved significant growth [1][2] - Hubei aims to establish a modern industrial system with five trillion-level pillar industries, ten five-hundred-billion-level advantageous industries, and twenty one-hundred-billion-level characteristic industrial clusters by 2025 [2][3] Group 2 - Hubei's strategy includes upgrading traditional industries, expanding emerging industries, and nurturing future industries, with a focus on achieving trillion-level scales for key sectors by 2025 [3][4] - The automotive industry has set ambitious targets, including producing 1 million new energy vehicles by 2025, with Dongfeng Motor leading the charge in technological innovation [4][5] - The high-tech manufacturing sector reported a 14.4% increase in added value, contributing 27.5% to the overall industrial growth in Hubei [5] Group 3 - Hubei is prioritizing the health industry as a key pillar, aiming to develop high-end medical equipment and biopharmaceuticals, with plans to introduce ten innovative medical devices and ten new national class I drugs by 2025 [5][6] - The province is also focusing on modern agricultural processing, with initiatives to strengthen key agricultural industry chains and promote regional public brands [6][7] - Hubei's government emphasizes the importance of monitoring industrial operations and fostering innovation to ensure steady economic growth [7]

广发证券 资深宏观分析师 王丹 bjwangdan@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 2025年上半年规上工业企业营收同比增长 2.5% ，与 2024 年的 2.1% 相比小幅提升。从月度增速的边际变化来看， 1-2 月同比 2.8% ， 3 月升至同 比 4.2% 的上半年高点， 4 月同比降至 2.6% ， 5-6 月同比则均为 1.0% ，上半年营收呈现"先加速、后放缓"的窄幅波动特征。 第二， 上半年规上工业企业利润同比下降 1.8% ； 2022-2024 年利润年度同比分别为 -4.0% 、 -2.3% 、 -3.3% ，今年上半年利润降幅略有收窄，但仍然 偏低。变化节奏上似乎是略滞后于营收， 4 月为上半年同比增速高点， 5 月大幅下滑， 6 月降幅收窄。 第三， 拆解利润，"量增、价跌、利润率下降"是上半年的结构特征。"量"的角度看， 1-6 月工增同比 6.4% ，好于 2024 年的 5.8% ；"价"的角度看， PPI 累计同比降幅为 2.8% ，较 2024 年全年 2.2% 的降幅扩大；受价格影响， 1-6 月营收利润率 5.15% ，低于去年同期的 5.41% ...

Economic Overview - Wuhan's GDP reached 1,059.28 billion yuan in the first half of the year, marking a 5.5% year-on-year growth, surpassing the 1 trillion yuan milestone for the first time in the first half of the year [1][2] - Key drivers include rapid growth of new productivity, strong recovery of the consumer market, and high-level openness to foreign trade [1] Industry Performance - The primary industry added value was 19.33 billion yuan, growing by 3.8%; the secondary industry added value was 348.80 billion yuan, growing by 4.0%; and the tertiary industry added value was 691.14 billion yuan, growing by 6.3% [2] - Industrial economy showed a continued recovery with a 5.1% year-on-year growth in industrial added value, accelerating by 1.6 percentage points compared to the first quarter [2] - Among 35 major industries, 23 saw year-on-year growth, with the computer, communication, and other electronic equipment manufacturing industry growing by 15.4% and electrical machinery and equipment manufacturing by 11.1% [2] - High-tech manufacturing added value grew by 15.7%, accounting for 24.6% of the total industrial added value [2] - Notable growth in lithium-ion batteries (98.9%), industrial robots (84.3%), and medical instruments (77.3%) [2] - Profits of large-scale industrial enterprises increased by 26.4% year-on-year from January to May [2] Investment Trends - Fixed asset investment in Wuhan grew by 2.0% year-on-year, with industrial investment increasing by 12.1% and infrastructure investment by 8.5% [3] - High-tech service industry investment surged by 28.5%, while private investment (excluding real estate) rose by 13.0% [3] Consumer Market and Trade - The service industry maintained rapid growth with a 6.3% year-on-year increase in added value [4] - From January to May, revenue of large-scale service enterprises grew by 10.4%, with leasing and business services up by 17.4% and information technology services by 9.6% [4] - Retail sales of consumer goods reached 427.99 billion yuan, growing by 7.3% year-on-year, with significant increases in sales of upgraded goods [4] - Notable growth in retail sales included food (8.1%), cosmetics (14.5%), jewelry (19.2%), and sports and entertainment products (91.5%) [4] - The per capita disposable income of residents was 32,566 yuan, a 4.8% increase year-on-year, with urban residents at 34,947 yuan (4.6% growth) and rural residents at 18,639 yuan (6.0% growth) [4]

证券研究报告 2025 年 7 月 28 日 星期一 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 | 3593.66 | -0.33% | -12.07 | | | 深证成指 | 11168.14 | -0.22% | -24.92 | | | 沪深 300 | 4127.16 | -0.53% | -21.87 | | | 创业板 | 2340.06 | -0.23% | -5.31 | | | 科创 50 | 1054.20 | 2.07% | 21.36 | | | 北证 50 | 1458.98 | 0.52% | 7.51 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子 | 1.37% | 建筑装饰 | -2.06% | Sora 概念(文 生视频 ...

Group 1 - The core viewpoint of the articles emphasizes the integration of AI technology in consumer electronics, enhancing user experience and driving consumption [1][2][3] - Samsung is actively investing in AI and green technology, with 11 R&D centers established in China and over 5,000 researchers focusing on innovations across the entire supply chain [1][2] - The company is promoting green low-carbon products, utilizing AI for energy management in home appliances, which aligns with national goals for carbon neutrality [2] Group 2 - Following the issuance of the "Consumption Promotion Special Action Plan," Samsung has expanded its trade-in subsidy program to include tablets and home appliances, providing consumers with economic benefits [3] - The company has introduced a "cross-brand recycling + smart valuation" model in collaboration with third-party platforms, facilitating the recycling of old devices and reducing electronic waste [3]

每经编辑｜陈鹏程 袁东 ０中国今日有１７０７亿元７天期逆回购到期 2国务院新闻办公室将于7月28日举行"高质量完 成'十四五'规划"系列主题新闻发布会 ◇ 3 生态环境部举行7月28日例行新闻发布会 4 美国7月达拉斯联储商业活动指数公布 5 2025纳米材料与器件创新发展大会暨八角湾创 新大会将于7月28日至30日举行 7月27日，外交部发言人就柬泰边境冲突答记者问。问：在国际社会调停下，柬埔寨和泰国近日均表达了停火止战的积极意愿，但现地交火目前仍在持续。 中方对此有何立场？答：柬埔寨和泰国是搬不走的邻居，也都是中国的友好邻邦。坚持睦邻互信、妥善管控分歧，符合柬泰双方根本和长远利益，有利于地 区和平与稳定。中方对冲突造成柬、泰两国民众伤亡深感痛心，并表示诚挚慰问。希望双方从两国人民的共同利益出发，秉持以和为贵、与邻为善的精神， 保持冷静克制，尽快停火止战，通过对话协商和平解决分歧，早日恢复边境地区和平稳定。柬、泰都是东盟重要成员。连日来，东盟方面积极推动柬泰停 火，中方对此表示赞赏，欢迎一切有利于缓局降温的努力。中方将秉持公道公允立场，继续同柬、泰保持密切沟通，积极劝和促谈，为推动停火止战发挥建 设性作用。 ...

（文章来源：经济日报） "这15天不仅是技术提升之旅，更是职业发展的启蒙。"在"小米工程师训练营"结营仪式上，软件工程专 业2022级本科生李泽智分享说："从遇到挫折，到最后攻克实践难题，我们在实践中深刻体会了'边做边 学'的重要性。" 结营并非终点。优秀学员通过考核，可直接进入合肥工业大学在小米集团南京区域总部的就业实习基地 开展实习实践。 近年来，合肥工业大学立足学生实际和软件人才市场培养需求，整合行业重点企业、龙头企业与学院优 势资源，着力打造校企实践育人共同体。围绕"深化产教融合，全面提升人才培养质量，促进学生高质 量就业"主题，构建"专业认知—职业规划—能力培养—求职实训—实习就业"全链条人才培养体系，形 成校企协同育人新范式。 为破解高校人才培养与产业需求存在一定脱节的困境，合肥工业大学软件学院、计算机与信息学院（人 工智能学院）与小米集团连续两年联合开设工程师训练营，探索校企协同育人新模式。 训练营中，小米集团选派经验丰富、行业技术领先的资深研发工程师组建金牌讲师团队，轮流入驻校 园，开展为期15天的"白加黑"式实训。课程内容涵盖专业理论、职业生涯规划、技术实操、项目作业 等，不仅提升了学生的专 ...