分析师：张刚 登记编码：S0730511010001 国际市场表现 资料来源：聚源，中原证券研究所 -11% -5% 1% 6% 12% 18% 23% 29% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | | 涨跌幅(%) | | 上证指数 | | | 3,359.90 | -0.07 | | 深证成指 | | 10,005.03 | | -0.47 | | 创业板指 | | | 2,022.77 | -0.47 | | 沪深 | 300 | | 3,846.64 | 0.09 | | 上证 | 50 | | 2,443.97 | -0.52 | | 科创 | 50 | | 891.46 | 0.14 | | 创业板 | 50 | | 1,924.26 | -0.67 | | 中证 | 100 | | 3,656.35 | 0.03 | | 中证 | 500 | | 5,639.51 | -0.66 | | 中证 | 1000 | ...

2025 年 06 月 22 日 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20250614-20250620） 本期投资提示： 比 较 相关研究 - 证 券 研 究 报 告 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 冯彧 (8621)23297818× fengyu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 究 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 行 业 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共5页 简单金融 成就梦想 本研究报告仅通过邮件提供给 中庚基金 使用。2 ✓ 房地产：2025 年 1-5 月全国商品房销售面积同比下降 ...

Technical Analysis - The Shanghai Composite Index fell below 3400 points, closing around 3360 points, with trading volume shrinking to around 1 trillion [3] - The support level is strong at 3340-3360 points, which corresponds to the lower boundary of a previous consolidation range and the 60-day moving average [3] - The ChiNext Index nearly breached 2000 points, indicating a growing demand for a rebound due to overselling [3] News Impact - The Middle East conflict, particularly between Iran and Israel, has led to rising oil prices, with Brent crude oil experiencing significant increases, potentially exceeding $100 according to Goldman Sachs [4] - This situation presents a dual impact on A-shares: sectors like oil, gas, and gold may benefit, while export-reliant sectors such as electronics and home appliances could face challenges [4] - Domestic policies are supportive, with the launch of cross-border payment services and various financial opening measures announced by the central bank, which could benefit banks and digital currency sectors [4] Policy Environment - The central bank injected 1.4 trillion in liquidity but did not adjust the Loan Prime Rate (LPR), indicating a focus on targeted support rather than broad stimulus [5] - Policy easing in the real estate sector, such as the removal of purchase restrictions in Guangzhou, may provide some stimulus to building materials and home furnishings, but expectations for a significant sector rally should be tempered [5] - Key sectors like semiconductors and AI computing are receiving clear policy support, presenting opportunities during market pullbacks [5] Capital Flow - Northbound capital saw a net outflow of over 20 billion, while domestic institutional investors withdrew more than 60 billion, indicating a cautious market sentiment [6] - Despite the outflows, sectors such as semiconductors and pharmaceuticals attracted investment, with banks and utilities serving as safe havens [6] - The valuation advantage of A-shares remains, suggesting that capital may return once geopolitical tensions ease [6] Strategy for Next Week - A cautious approach is recommended, maintaining a position of around 50% to allow for flexibility [7] - Key focus areas include cross-border payment initiatives, oversold technology sectors, and defensive assets like oil and gold [7] - Monitoring trading volume and sector performance will be crucial for potential adjustments in positions [7]

6月18日，雨后的北龙湖霞光满天。远处的高楼和彩霞倒映湖面，一幅城市美景浮现眼前。张红 摄 何言 这段时间，来自河南的一个场景、一群人，令人耳目一新，津津乐道。 千年石像生与金黄麦田同框，框出了韵味与况味；从胖东来的于东来、蜜雪冰城的"雪王"兄弟，到新近爆火 的泡泡玛特王宁，一群新豫商的崛起，引人瞩目。 为什么是河南？中原，这片古老的大地上，嬗变是悄然的，却也是长久的。 （一） 今天，省委十一届九次全会召开，深入学习贯彻习近平总书记在河南考察时重要讲话精神，奋力谱写中原大 地推进中国式现代化新篇章。 "着力建设现代化产业体系和农业强省，着力改善民生、加强社会治理，着力加强生态环境保护，着力推动文 化繁荣兴盛，以高质量发展和高效能治理奋力谱写中原大地推进中国式现代化新篇章。" 习近平总书记的话语响彻中原大地。 在"十四五"规划实施收官、"十五五"发展谋篇布局的关键时期，习近平总书记再次亲临河南考察，深刻阐明 新时代新征程上河南发展的全局性、根本性、战略性问题，提出"两高四着力"重大要求，为进一步做好河南 工作指明了前进方向、提供了根本遵循。 情系中原大地，党的十八大以来，习近平总书记多次亲临河南考察调研并发表重 ...

2024年，太行算力中心项目提速。同年5月15日，火山云大同公司曾以3285万元拿下大同市广灵县成交1宗工业用地。 中指土地数据显示，该地块为工业用地，位于大同市广灵县，建设用地面积73964㎡，规划建筑面积73964㎡，起拍价 3215万元，起拍楼面价435元/㎡。 同年7月，大同市广灵县人民政府网站发布抖音火山云太行算力中心二期项目建设项目规划许可公示牌。同月，抖音大 同电商直播基地也获得授牌，将以电商为媒介，将企业、高校、个体进行资源整合，培养地方示范性标杆直播企业， 并赋能更多当地传统企业。11月，抖音集团对火山云大同公司进行了注资增加，由1.6亿元增至23.6亿元，增幅1375%， 此举再一次推进了太行算力中心项目二期建设进度。 今年1月，火山云太行算力中心二期项目建设用地规划许可证正式获批。二期项目建设用地规划许可证便已正式获批。 据悉，该项目分两期建设，其中，一期投资总额约28亿元，占地220亩。项目二期投资总额达到45亿元，占地307.5亩， 相比一期投资规模明显增大。 在火山云太行算力中心项目得到新进展后，大同市委市政府领导便迅速与抖音集团高层座谈，并探索推进新项目。 算力作为新型生产力，已 ...

老铁们，这里是帮主郑重的盘前策略时间。接下来咱们来聊聊6月20日A股的走势，结合技术面、政策面、消息面和资金流向，看看市场到底在闹什么幺蛾 子。 先看技术面，昨天A股三大指数低开低走，沪指直接失守3370点，跌到3362点，深成指和创业板指更是跌超1%。这波调整力度不小，成交量倒是放大到1.28 万亿，不过主力资金净流出224亿，明显有恐慌盘在跑路。技术面上看，沪指下面的支撑位在3330点附近，也就是4月份反弹的起涨点，要是跌破这个位置， 可能会引发更多恐慌盘。创业板指则要关注2000点的支撑，这位置要是守不住，短期可能还得磨底。不过有一点得注意，平均股价的缺口已经补上了，其他 指数的缺口还在，等它们补完缺口，市场可能会有反弹机会。 综合来看，现在市场就是个大震荡的格局，中东的地缘风险、欧洲的经济疲软、美联储的政策摇摆，都是影响市场的关键因素。作为中长线投资者，咱们得 把眼光放长远，别被短期波动牵着走。策略上，我建议关注三个方向：一是政策支持的科技板块，尤其是半导体、AI算力这些，回调下来可能是布局机 会；二是能源板块，地缘风险溢价还在，油价上涨会直接利好相关企业；三是高股息的银行、电力股，防守反击，进可攻退 ...

Market Overview - The market experienced a significant decline today, with 716 stocks rising and 4646 stocks falling, indicating a bearish sentiment [1] - The main capital outflow reached 73.9 billion, with trading volume at 59.1 billion, reflecting a pattern of increased selling pressure [1] Sector Analysis - Key sectors such as CPU, PCB, computing power, semiconductors, consumer electronics showed adjustments, but the declines were relatively minor compared to other sectors [1] - The current phase is viewed as a consolidation period, with the mid-year report season just beginning, suggesting potential for recovery in the aforementioned sectors [1] Investment Strategy - Two sectors, rare earth permanent magnets and innovative pharmaceuticals, are identified as potential rebound opportunities, but should be approached with a short-term mindset [1] - If stocks do not show gains within two days of purchase, it is advised to exit positions to mitigate losses [1] Stock Selection - The focus is on stock selection rather than overall market performance, with an emphasis on identifying leading stocks in an upward trend [2] - The strategy involves buying during market dips to capitalize on potential rebounds, especially if no negative news emerges [2]

2025-06-19 18:21 连日来，湖南工商大学校园内涌动着一股蓬勃的创业热潮。18日，长沙市人力资源和社会保障局联合湖南工商大 学共同举办的"长沙创业服务进校园"活动在此火热开展。 长沙晚报全媒体记者 刘攀 "金种子"在长沙生根发芽 "创业正当时！"活动中，长沙市人力资源和社会保障局党组成员、副局长周学林激励大学生抓住思维活跃的黄金 期，勇担时代赋予的创新使命。 他描绘了长沙"低成本创业，高品质生活"的优越生态——从遍布全城的创业驿站、孵化基地，到坚实的创业基金 与精准补贴，长沙已织就一张全方位、多层次的扶持网络，用实实在在的政策红利为梦想扬帆护航。"创业靠大 家！"他呼吁学校、单位与社会各界携手，共同培育创业沃土，让每一粒创新的种子都能破土参天。 稿源：掌上长沙 "当初放弃20万年薪时，亲友都说我疯了。"郭泰彪的坦诚引发共鸣。他解密成功源于"延迟满足"下的长线布局： 在工商管理硕士课程中汲取商业智慧，依托湘江实验室尖端设备进行技术攻坚，更借力跨学科团队碰撞思维火 花。其核心产品"潮汐算力调度系统"可整合社会闲置算力，实现毫秒级响应与成本锐减90%的硬核突破。 政策赋能打造创业生态 "没有湖南'七个一 ...

二是市场继续聚焦算力产业链，中际旭创、潍柴重机、鸿博股份等龙头股上涨，新易盛盘中股价创历史 新高。 从市场过往走势看，板块间的高低切换，往往会给指数带来波动。同时，"高位股"巨震，也会压制市场 风险偏好。 这两个因素共振，A股上午调整，截至上午收盘，上证指数下跌0.86%，深证成指下跌 1.01%，创业板指下跌1.1%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3359.78 | 10072.42 | 2032.19 | | -29.03 -0.86% -- | -103.17 -1.01% -- 22.54 -1.10% | | 创新药板块调整 今天上午，创新药板块回调，常山药业迎来"20CM"跌停，翰宇药业等个股大跌。 | | | 创新药 1142.74 -2.11% | | € | | --- | --- | --- | --- | --- | | 成分股 | 基金 | 资金 | 板块分析 | 新闻 | | C展开分析 | | 最新 | 涨幅 ◆ | 流通市值 | | 常山药业 融 300255 | | | 48.40 -20.00% | 443 Z | ...

Core Insights - The report emphasizes the importance of foreign institutions in the construction of China's modern financial system, highlighting their active contributions [4] - The introduction of a third set of standards for the ChiNext board aims to support high-quality, unprofitable innovative companies in going public [4] - The report identifies several sectors poised for growth, including trade with Central Asia, controlled nuclear fusion investments, and the low-altitude logistics industry [5] Industry Dynamics - Trade between China and Central Asia is expanding, with companies like Tiens Group (天顺股份, 002800) and Jiayou International (嘉友国际, 603871) expected to benefit [5] - Significant investments in the controlled nuclear fusion sector are anticipated to accelerate the industry's growth timeline, with companies such as Snowman (雪人股份, 002639) and Libat (利柏特, 605167) highlighted [5] - The addition of 10 new low-altitude logistics routes in Wuhan is expected to boost the low-altitude industry chain, with companies like Huzhou Zhishang (合众思壮, 002383) and Aerospace Changfeng (航天长峰, 600855) mentioned as potential beneficiaries [5] Company Focus - Guoxuan High-Tech (国轩高科, 002074) is set to customize power batteries for EHang's EH216 series eVTOL, utilizing 46 series cylindrical cells [6] - Sinopec (中国石化, 600028) has established Yanshan (Tianjin) Petrochemical Co., Ltd. with a registered capital of 727 million yuan [6] - Watson Bio (沃森生物, 300142) is collaborating with Zhiyu Biotechnology to accelerate the intelligent transformation of the vaccine industry [6] - Wanda Film (万达电影, 002739) has launched a "1+2+5" strategy to deepen its super entertainment space and reshape its growth logic [6] Market Review and Outlook - On June 18, the market experienced a rebound with slight increases in major indices, while trading volume decreased to 1.19 trillion yuan, down 16.1 billion yuan from the previous day [7] - The report notes a mixed performance among stocks, with over 3,400 stocks declining, while sectors like computing hardware and military stocks showed strength [7] - The report suggests focusing investment strategies on four key sectors: consumption, technology, industry, and dividend stocks, highlighting opportunities in service consumption, innovative technology, manufacturing upgrades, and stable income from high-dividend state-owned enterprises [7]