Core Insights - The report highlights the significant growth of the semiconductor third-party testing industry, with a projected domestic market space reaching 180-200 billion yuan by 2027, driven by rapid technological iterations and increased R&D investments in the semiconductor sector [15][16]. Company Overview - The specific company, Victory Nano (688757.SH), is recognized as a leading semiconductor third-party testing service provider in China, often referred to as the "chip general hospital." The company has experienced rapid growth, with a CAGR of 35% in revenue and 43% in net profit from 2021 to 2024 [4][14]. - In 2023, the company achieved a market share of 7.86% in the failure analysis and material analysis sectors, solidifying its position as a top player in the industry [14][16]. - The company's testing capabilities extend to 3nm process technology, with nearly 80% of its advanced process revenue coming from the first half of 2024. Future investment projects are expected to further enhance revenue from advanced processes [14][16]. Industry Analysis - The semiconductor third-party testing industry is characterized by a "small, scattered, and weak" competitive landscape, but leading companies are expected to benefit significantly from industry demand growth and the deepening of the Labless model [15][16]. - Key drivers of industry demand include the rapid iteration of semiconductor technology, which increases R&D spending, and the rising requirements for fault tolerance due to advanced process iterations [15][16]. - The report emphasizes that leading companies in the sector are well-positioned to capitalize on the growth opportunities presented by the expanding semiconductor industry and can achieve counter-cyclical growth by relying on resilient R&D demand during market fluctuations [15][16]. Technology Trends - The report discusses the emergence of AI glasses as the next generation of personal smart devices, with major companies like Meta and Xiaomi leading the innovation [5][18]. - Key trends in AI glasses include electrochromic technology, SIP packaging, AR/VR displays, and bone conduction technology, which are expected to enhance user experience and functionality [19][21][22].

Market Overview - On June 25, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 1.72%, the ChiNext Index surged by 3.11%, and the CSI 300 Index gained 1.44% [1] - Among the tradable A-shares, 3,919 stocks rose, accounting for 72.48%, while 1,284 stocks declined [1] Capital Flow - The net inflow of main funds was 7.138 billion yuan, marking three consecutive days of net inflow [1] - The ChiNext saw a net inflow of 4.266 billion yuan, while the STAR Market experienced a net outflow of 323 million yuan [1] - The CSI 300 constituent stocks had a net inflow of 8.273 billion yuan [1] Industry Performance - Out of the 28 first-level industries in the Shenwan classification, the top gainers were Non-bank Financials and National Defense & Military Industry, with increases of 4.46% and 3.36% respectively [1] - The industries with the largest declines included Coal, Oil & Petrochemicals, and Transportation, with decreases of 1.00%, 0.57%, and 0.21% respectively [1] Industry Capital Flow - The Non-bank Financials sector led with a net inflow of 12.313 billion yuan and a daily increase of 4.46% [3] - The Computer industry followed with a net inflow of 6.793 billion yuan and a daily increase of 2.99% [3] - The Medical & Biological sector had the largest net outflow of 2.326 billion yuan despite a daily increase of 0.41% [2] Individual Stock Performance - A total of 2,155 stocks experienced net inflows, with 715 stocks having inflows exceeding 10 million yuan [3] - The stock with the highest net inflow was Dongfang Caifu, which rose by 10.04% with a net inflow of 3.747 billion yuan [3] - The stocks with the largest net outflows included Guizhou Moutai, Wanma Technology, and Zhongji Xuchuang, with outflows of 670 million yuan, 545 million yuan, and 490 million yuan respectively [3]

Core Insights - The non-banking financial sector experienced the highest net inflow of capital today, amounting to 12.313 billion yuan, with a price change of 4.46% and a turnover rate of 2.86% [1] - The pharmaceutical and biological sector saw the largest net outflow of capital, totaling -2.326 billion yuan, with a price change of 0.41% and a turnover rate of 1.81% [2] Industry Summary - **Non-banking Financial**: - Trading volume: 11.817 billion shares - Change in trading volume: +100.63% - Turnover rate: 2.86% - Price change: +4.46% - Net capital inflow: 12.313 billion yuan [1] - **Pharmaceutical and Biological**: - Trading volume: 4.936 billion shares - Change in trading volume: +0.99% - Turnover rate: 1.81% - Price change: +0.41% - Net capital outflow: -2.326 billion yuan [2] - **Computer**: - Trading volume: 9.514 billion shares - Change in trading volume: +26.92% - Turnover rate: 5.34% - Price change: +2.99% - Net capital inflow: 6.793 billion yuan [1] - **Defense and Military**: - Trading volume: 4.517 billion shares - Change in trading volume: +37.19% - Turnover rate: 4.18% - Price change: +3.36% - Net capital inflow: 4.328 billion yuan [1] - **Real Estate**: - Trading volume: 2.860 billion shares - Change in trading volume: +26.01% - Turnover rate: 1.31% - Price change: +1.40% - Net capital inflow: 0.256 billion yuan [1] - **Automobile**: - Trading volume: 6.162 billion shares - Change in trading volume: +9.56% - Turnover rate: 2.84% - Price change: +1.42% - Net capital inflow: 0.230 billion yuan [1] - **Electronics**: - Trading volume: 8.674 billion shares - Change in trading volume: +5.22% - Turnover rate: 3.15% - Price change: +1.55% - Net capital inflow: 0.204 billion yuan [1] - **Household Appliances**: - Trading volume: 1.651 billion shares - Change in trading volume: +17.27% - Turnover rate: 2.15% - Price change: +1.17% - Net capital inflow: 0.191 billion yuan [1] - **Public Utilities**: - Trading volume: 3.256 billion shares - Change in trading volume: +1.26% - Turnover rate: 0.82% - Price change: +0.78% - Net capital inflow: 0.097 billion yuan [1] - **Retail**: - Trading volume: 2.892 billion shares - Change in trading volume: +19.87% - Turnover rate: 2.39% - Price change: +1.57% - Net capital inflow: 0.062 billion yuan [1] - **Social Services**: - Trading volume: 1.258 billion shares - Change in trading volume: +8.79% - Turnover rate: 2.79% - Price change: +1.35% - Net capital inflow: 0.052 billion yuan [1]

Group 1 - Non-bank financial, computer, defense, and home appliance industries received significant capital inflows, with the non-bank financial sector leading at a net inflow of 5.688 billion yuan [1] - The A-share market saw a substantial increase, with the Shanghai Composite Index reaching a new high for the year and the ChiNext Index rising over 3% [1] - Among 31 industries, only 6 experienced net capital inflows, while 9 industries, including power equipment and pharmaceuticals, saw significant outflows exceeding 1 billion yuan [1] Group 2 - Financial technology stocks gained attention, with 63 individual stocks receiving net inflows exceeding 100 million yuan [2] - Dongfang Caifu topped the net inflow list with 3.759 billion yuan, marking a new high since October 18, 2024, and accumulating a total net inflow of 5.147 billion yuan over three days [3] - Ningde Times followed with a net inflow of 763 million yuan, with its stock price increasing by 3.65% [4] Group 3 - The financial sector continued to strengthen, with the financial technology index rising for the third consecutive day, and several financial technology stocks, including Dongfang Caifu, receiving significant capital inflows [5] - The People's Bank of China is planning to develop a new stage financial technology development plan to promote digital transformation in finance [5] - Major capital outflows were noted in stocks like Wanma Technology, which saw a net outflow of 593 million yuan, and Zhongji Xuchuang with 509 million yuan [6][7] Group 4 - At the end of the trading session, there was a notable capital inflow into Dongfang Caifu, amounting to 1.736 billion yuan, with the non-bank financial sector receiving the highest end-of-day inflow of 1.317 billion yuan [8] - The trading volume for Dongfang Caifu reached 33.235 billion yuan, setting a new record for the year and making it the top stock in the A-share market [8] - Other stocks with significant end-of-day inflows included Ningde Times and BYD [8]

【博时市场点评6月25日】沪指年内新高，两市成交超1.6万亿 每日观点 今日沪深三大指数继续上涨，沪指创下年内新高，创业板指涨幅超3%，沪深两市成交进一步放量至1.6 万亿以上。海外方面，昨日，伊朗与以色列停火协议得到双方确认，大幅缓解了市场避险情绪，同时美 联储意外释放鸽派信号，若通胀可控不排除下月降息可能性，缓解了全球流动性收紧的担忧，对新兴市 场资金面形成直接利好；国内方面，9月阅兵既有传统武器装备参阅，还会安排新型作战力量参阅，体 现我军适应科技发展和战争形态演变、打赢未来战争的强大能力。国内国外的信息均指向风险偏好提 升，近两日A股成交量较之前明显放大，后续仍需关注中美经贸博弈，以及国内基本面在外需影响下的 韧性情况，7月将进入中报披露期，市场或仍将呈现震荡态势，配置上可关注科技+红利的哑铃结构以 及业绩有改善的方向。 消息面 央行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》，从支持增强消费能力、扩大消费 领域金融供给、挖掘释放居民消费潜力、促进提升消费供给效能、优化消费环境和政策支撑保障等六个 方面提出19项重点举措。《意见》明确，设立服务消费与养老再贷款，额度5000亿元。健全投资和 ...

Report Summary 1. Market Overview - The Shanghai Composite Index rose 1.04% to close at 3455.97, the Shenzhen Component Index rose 1.72% to close at 10393.72, and the ChiNext Index rose 3.11% to close at 2128.39. The total trading volume of A-shares in the two markets was 1639.7 billion yuan. The top-performing sectors were non-bank finance (4.46%), national defense and military industry (3.36%), and computer (2.99%), while the bottom-performing sectors were coal (-1.00%), petroleum and petrochemical (-0.57%), and transportation (-0.21%) [2][6] 2. Stock ETFs - The top trading volume stock ETFs were Huatai-PineBridge CSI 300 ETF (up 1.65%, discount rate 1.59%), Cathay CSI All-Securities Company ETF (up 5.37%, discount rate 5.36%), and ChinaAMC SSE STAR Market 50 ETF (up 1.85%, discount rate 1.79%) [3][7] 3. Bond ETFs - The top trading volume bond ETFs were ChinaAMC SSE Benchmark Market-Making Corporate Bond ETF (down 0.01%, discount rate 0.03%), Haitong CSI Short-Term Financing Bond ETF (down 0.01%, discount rate -0.02%), and Bosera Shenzhen Benchmark Market-Making Credit Bond ETF (down 0.03%, discount rate 0.02%) [4][9] 4. Gold ETFs - Gold AU9999 rose 0.34% and Shanghai Gold rose 0.26%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.27%, discount rate 0.28%), E Fund Gold ETF (up 0.21%, discount rate 0.25%), and Bosera Gold ETF (up 0.23%, discount rate 0.31%) [12] 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF fell 1.32% with a discount rate of -1.20%, CCB E Fund YiSheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.45% with a discount rate of -0.86%, and Dacheng Nonferrous Metals Futures ETF rose 0.30% with a discount rate of 0.46% [13][14] 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 1.19%, the Nasdaq Composite rose 1.43%, the S&P 500 rose 1.11%, and the German DAX rose 1.60%. Today, the Hang Seng Index rose 1.23% and the Hang Seng China Enterprises Index rose 1.15%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 8.51%, discount rate 8.63%), GF CSI Hong Kong Innovative Drug ETF (up 0.69%, discount rate 0.53%), and ChinaAMC Hang Seng Tech ETF (up 1.26%, discount rate 1.54%) [15] 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, Huabao TianYi ETF, and CCB TianYi Money Market ETF [17][18]

| 001298 | 好上好 | 24.37 | 20.68 | 393.54 | 9590.68 | 电子 | | --- | --- | --- | --- | --- | --- | --- | | 600095 | 湘财股份 | 10.00 | 8.87 | 908.75 | 9087.51 | 非银金融 | | 601519 | 大智慧 | 10.53 | 11.62 | 851.62 | 8967.56 | 计算机 | | 300649 | 杭州园林 | 15.07 | 19.31 | 594.75 | 8962.88 | 建筑装饰 | | 002626 | 金达威 | 20.41 | 5.86 | 430.93 | 8795.27 | 食品饮料 | | 002263 | 大东南 | 3.10 | 5.07 | 2823.33 | 8752.34 | 基础化工 | | 600110 | 诺德股份 | 6.86 | 27.60 | 1268.84 | 8704.23 | 电力设备 | | 603906 | 龙蟠科技 | 16.24 | 16.07 | 513.94 | 8346.32 | 电力设备 ...

Market Overview - The A-share market is currently in a continuation phase of the upward trend since the 924 market, showing wide fluctuations, with small and micro-cap stocks outperforming large-cap stocks [10] - The Shanghai Composite Index closed at 3420.57, up 1.15%, while the ChiNext Index rose 2.30% to 2064.13, indicating a strong performance in innovative small and medium enterprises [7][9] - The overall market sentiment is improving due to favorable geopolitical developments and potential monetary easing from the Federal Reserve, leading to a broad-based rally in stocks [9] Industry Dynamics - The home appliance industry saw a significant divergence between domestic and export markets, with domestic sales of air conditioners increasing by 13.4% year-on-year, while exports fell by 12.8% [55][57] - The 618 shopping festival in 2025 generated a total e-commerce sales of 855.6 billion yuan, a year-on-year increase of 15.2%, with food and beverage categories showing strong growth [26] - The storage chip market is entering a new price increase cycle, driven by demand recovery in AI and smart terminals, with DRAM prices rising significantly compared to the beginning of the year [28] Company Updates - XianDao Intelligent (300450.SZ) successfully delivered solid-state battery core equipment to a leading global battery manufacturer, marking a validation of its capabilities in providing complete line solutions [35] - HuanLeJia (300997.SZ) announced a price adjustment for its coconut water products, with price increases ranging from 1% to 8%, affecting approximately 42.86% of its total revenue [37][39] - Shengxiang Biology (688289.SH) received medical device registration for its nucleic acid test kits, enhancing its product portfolio in the respiratory disease diagnostics market [40]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating in the given content. 2. Core Viewpoints - Overnight overseas market risk appetite recovered due to the cease - fire agreement between Israel and Iran and Fed Chair Powell's dovish remarks, leading to a rise in US stocks. In China, the National Day parade news and post - market financial consumption - promotion measures helped boost the index. The sustainability of the rebound depends on whether the trading volume of the two markets can continue to expand [1][2][3]. 3. Summaries by Relevant Catalogs Market Analysis - **Domestic Policy**: Six departments including the central bank jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing 19 key measures in six aspects to enhance consumption potential [1]. - **Overseas Situation**: Israel and Iran agreed to a full - scale cease - fire, and Fed Chair Powell hinted at a possible early interest rate cut [1][2]. - **Spot Market**: A - share major indices rose, with the Shanghai Composite Index rising 1.15% to 3420.57 points, and the ChiNext Index rising 2.3%. Most sectors' indices rose, and the trading volume of the two markets increased to 1.4 trillion yuan. US stocks also rose, with the Nasdaq rising 1.43% to 19912.53 points [2]. - **Futures Market**: The basis of stock index futures slightly recovered but remained at a low level. The trading volume and open interest of stock index futures both increased [2]. Strategy - The market's upward trend is affected by overseas risk - appetite recovery and domestic policy catalysis. The sustainability of the rebound requires the continuous expansion of trading volume [3]. Macro - economic Charts - Include charts such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, and the relationship between the RMB exchange rate and A - share trends [6][9][10]. Spot Market Tracking Charts - **Stock Index Performance**: The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and other major indices all rose on June 24, 2025, with the ChiNext Index having the highest increase of 2.3% [12]. - **Market Volume and Balance**: Include charts of the trading volume of the two markets and the margin trading balance [11][12]. Futures Market Tracking Charts - **Open Interest and Volume**: The open interest and trading volume of IF, IH, IC, and IM contracts all increased [16]. - **Basis**: The basis of stock index futures showed different changes in different contracts and different delivery months, with some narrowing and some expanding [27]. - **Inter - delivery Spread**: The inter - delivery spreads of stock index futures also showed various changes, with some increasing and some decreasing [33][35].

Market Activity - The A-share market remains active with trading volumes exceeding 1 trillion yuan for 19 consecutive trading days as of June 24, indicating sustained investor enthusiasm [1] - The margin trading balance in the A-share market has been above 1.8 trillion yuan for 15 consecutive trading days in June, reaching 18,220.06 billion yuan, which accounts for 2.25% of the A-share circulating market value [1] - In June, there were 12 trading days where the margin buying amount exceeded 100 billion yuan [1] Margin Trading Trends - A brokerage firm in East China reported a month-on-month increase in margin trading balances since the beginning of the year, with a notable rise in high-value clients [3] - Margin trading balances are used to gauge market activity and investor sentiment, with a peak of 19,460.86 billion yuan in March, the highest since 2015 [4] - Following a decline in April, margin trading has stabilized between 1.7 trillion and 1.8 trillion yuan since May [4] Sector Preferences - The top five sectors favored by margin trading funds from June 16 to June 23 include electronics, non-bank financials, computers, biomedicine, and power equipment, with respective market value shares of 3.17%, 2.75%, 4.29%, 2.71%, and 2.91% [4] - Recent stocks with significant increases in margin balances include Haike Xinyuan, Chizheng Co., Huawai Design, Yihua New Materials, and Yishi Precision [4][5] Investment Outlook - Analysts suggest that the recent recovery in leveraged funds indicates increased investor confidence in the market [5] - Investors are advised to focus on sectors with improving performance, such as innovative pharmaceuticals and brokerage firms, as well as stablecoin concept stocks that have recently gained traction [6] - The outlook for the A-share market in the second half of the year is optimistic, with expectations of foreign capital inflows and a focus on high-quality companies in finance, consumption, and pharmaceuticals [7] Investment Strategies - Key investment themes for the second half of the year include the recovery of the real estate cycle, overlooked consumer demand, and increased capital expenditure in high-tech sectors [8] - Recommended investment opportunities include financials with high dividends, emerging technology sectors, and cyclical consumer goods that are expected to benefit from improved competition and supply-demand dynamics [8] - The Chinese equity market is anticipated to outperform overseas markets, with strong policy support for growth sectors likely to attract more attention to emerging high-growth areas [8]