1. Index Movements - On June 23, the Shanghai Composite Index rose 0.65% to close at 3381.58 points, with a turnover of 442.789 billion yuan; the Shenzhen Component Index rose 0.43% to close at 10048.39 points, with a turnover of 679.817 billion yuan [1]. - The CSI 1000 Index rose 1.31% with a turnover of 239.995 billion yuan, opening at 5966.5, closing at 6078.22, with a daily high of 6083.53 and a low of 5965.66 [1]. - The CSI 500 Index rose 0.61% with a turnover of 146.035 billion yuan, opening at 5613.28, closing at 5674.17, with a daily high of 5684.4 and a low of 5613.28 [1]. - The SSE 50 Index rose 0.41% with a turnover of 72.036 billion yuan, opening at 2664.64, closing at 2684.78, with a daily high of 2692.91 and a low of 2656.68 [1]. - The CSI 300 Index rose 0.29% with a turnover of 232.482 billion yuan, opening at 3831.17, closing at 3857.9, with a daily high of 3867.59 and a low of 3827.08 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 78.63 points from the previous close, with sectors such as computer, electronics, and power equipment significantly pulling the index up [2]. - The CSI 500 rose 34.66 points from the previous close, with sectors such as electronics, power equipment, and national defense and military industry significantly pulling the index up [2]. - The CSI 300 rose 11.26 points from the previous close, with sectors such as banks, non - bank finance, and electronics significantly pulling the index up, while sectors such as communication and food and beverage pulled the index down [2]. - The SSE 50 rose 11.06 points from the previous close, with sectors such as banks, non - bank finance, and coal significantly pulling the index up, while the food and beverage sector pulled the index down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was - 66.55, IM01 was - 141.01, IM02 was - 217.17, and IM03 was - 390.88 [12]. - IC00 average daily basis was - 46.1, IC01 was - 97.95, IC02 was - 149.85, and IC03 was - 271.17 [12]. - IF00 average daily basis was - 35.08, IF01 was - 50.58, IF02 was - 63.57, and IF03 was - 92.48 [12]. - IH00 average daily basis was - 33.35, IH01 was - 35.67, IH02 was - 34.33, and IH03 was - 36.34 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM, specific roll - over point differences and corresponding 15 - minute average data are provided at different times, along with the corresponding annualized costs [21][25][26]. - For IC, specific roll - over point differences and corresponding 15 - minute average data are provided at different times, along with the corresponding annualized costs [21][27]. - For IF, specific roll - over point differences and corresponding 15 - minute average data are provided at different times, along with the corresponding annualized costs [22]. - For IH, specific roll - over point differences and corresponding 15 - minute average data are provided at different times, along with the corresponding annualized costs [23][24].

Market Overview - The Shanghai Composite Index increased by 1.07% with a trading volume of 920.72 million shares and a transaction value of 1,161.24 billion yuan, representing a 31.32% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank Financials: +2.69%, transaction value of 622.93 billion yuan, led by Xiangcai Co. with a gain of 10.05% [1]. - Electric Equipment: +2.58%, transaction value of 1,116.33 billion yuan, led by Xinde New Materials with a gain of 20.01% [1]. - Retail: +2.53%, transaction value of 151.10 billion yuan, led by Zhejiang Dongri with a gain of 10.02% [1]. - The sectors with the largest declines included: - Oil and Petrochemicals: -1.50%, transaction value of 180.21 billion yuan, led by Tongyuan Petroleum with a loss of 18.73% [2]. - National Defense and Military Industry: -0.31%, transaction value of 485.29 billion yuan, led by Jieqiang Equipment with a loss of 16.52% [2]. - Coal: -0.26%, transaction value of 52.03 billion yuan, led by Yunmei Energy with a loss of 2.51% [2]. Notable Stocks - Leading gainers included: - Xiangcai Co. in Non-bank Financials with a gain of 10.05% [1]. - Xinde New Materials in Electric Equipment with a gain of 20.01% [1]. - Zhejiang Dongri in Retail with a gain of 10.02% [1]. - Notable decliners included: - Tongyuan Petroleum in Oil and Petrochemicals with a loss of 18.73% [2]. - Jieqiang Equipment in National Defense and Military Industry with a loss of 16.52% [2].

主力资金监控：非银金融板块净流入超46亿 | 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | | 国防军工 | -21.30 | -4.11 | | 2 | 石油石化 | -13.13 | -6.68 | | ന | 航运港口 | -8.23 | -4.95 | | ব | 交通运输 | -5.99 | -1.82 | | 5 | 光学光电子 | -5.75 | -2.63 | 星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 东方财富 | 10.67 | 9.20 | | 2 | 东信和平 | 6.19 | 21.77 | | 3 | 国新高科 | 5.37 | 11.09 | | 4 | 湘财股份 | 4.82 | 24.46 | | 5 | 世运电路 | 4.04 | 20.25 | | 6 | 胜利精密 | 3.77 | 19.92 | | 7 | ...

| 国防军工 | | | | 内蒙一机 | | | --- | --- | --- | --- | --- | --- | | 煤炭 | 0.04 | 30.23 | 20.33 | 新大洲A | 2.90 | | 银行 | -0.38 | 202.23 | 26.26 | 苏农银行 | -2.40 | | 石油石化 | -1.35 | 110.25 | -17.64 | 科力股份 | -17.05 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指涨0.95%，A股成交量540.75亿股，成交金额6764.01亿 元，比上一个交易日增加26.40%。个股方面，4713只个股上涨，其中涨停53只，625只个股下跌，其中 跌停13只。从申万行业来看，非银金融、汽车、电力设备等涨幅最大，涨幅分别为2.95%、2.41%、 2.14%；石油石化、银行等跌幅最大，跌幅分别为1.35%、0.38%。（数据宝） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（ ...

截至6月23日，市场最新融资余额为18051.72亿元，较上个交易日环比增加42.24亿元，分行业统计，申 万所属一级行业有22个行业融资余额增加，医药生物行业融资余额增加最多，较上一日增加9.57亿元； 融资余额增加居前的行业还有电力设备、银行、计算机等，融资余额分别增加8.90亿元、6.65亿元、 6.48亿元；融资余额减少的行业有9个，国防军工、煤炭、非银金融等行业融资余额减少较多，分别减 少3.07亿元、1.60亿元、8455.72万元。 以幅度进行统计，银行行业融资余额增幅最高，最新融资余额为532.82亿元，环比增长1.26%，其次是 建筑材料、家用电器、交通运输行业，环比增幅分别为1.02%、0.85%、0.76%；融资余额环比降幅居前 的行业有煤炭、国防军工、综合等，最新融资余额分别有154.11亿元、637.96亿元、32.37亿元，分别下 降1.03%、0.48%、0.44%。（数据宝） | 基础化工 | 782.40 | -0.23 | -0.03 | | --- | --- | --- | --- | | 商贸零售 | 212.00 | -0.34 | -0.16 | | 电子 | 2 ...

Group 1 - The main financing method for listed companies this year remains private placements, with 70 companies completing placements by June 22, raising a total of 580.95 billion yuan, a year-on-year increase of 529.39% [1] - The top five sectors for fundraising through private placements include banking, non-bank financials, public utilities, defense and military, and basic chemicals, with three banks raising a total of 415 billion yuan [1] - Major state-owned banks, such as Bank of China and Bank of Communications, have significantly contributed to the increase in private placement scale, with Bank of China raising 165 billion yuan and Bank of Communications raising 120 billion yuan [1] Group 2 - The majority of private placements are subscribed by institutional investors and natural persons, with nine companies having their entire placements subscribed by major shareholders this year [2] - The recovery of the private placement market is supported by policy initiatives, including the China Securities Regulatory Commission's merger guidelines released in September last year, which have revitalized the market [2] - The active period of mergers and acquisitions among A-share listed companies is becoming an important investment theme, allowing investors to participate in quality M&A transactions through private placements [2]

6月23日，A股市场整体上涨。 截至收盘，上证指数收报3381.58点，上涨0.65%，深证成指收报10048.39点，上涨0.43%，创业板指数收报2017.63 点，上涨0.39%，北证50指数上涨1.54%。A股市场合计成交11470.72亿元，较上一交易日增加552.33亿元。 2.沪深300今日主力资金净流出13.11亿元 沪深300今日主力资金净流出13.11亿元，创业板净流出3.33亿元，科创板净流出10.69亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-6-23 | -13. 11 | -3. 33 | -10. 69 | | 2025-6-20 | -29.60 | -118. 48 | -6. 41 | | 2025-6-19 | -56. 94 | -176. 85 | -4. 24 | | 2025-6-18 | 16. 90 | -81. 97 | -9. 47 | | 2025-6-17 | -8. 40 | -98. 43 | 5. ...

Group 1: Insurance Shareholding Trends - In 2025, insurance companies made a total of 19 shareholding announcements, involving 16 companies, with 13 of these being Hong Kong stocks[1] - Out of the 19 announcements, 9 were related to bank stocks, with 7 specifically targeting Hong Kong banks[4] - As of the end of Q1 2025, the market value of bank shares held by insurance companies was approximately CNY 265.78 billion[5] Group 2: Investment Concentration in Banking Sector - Among the top 7 banks in the Hang Seng Financial Index, insurance institutions held a combined market value exceeding CNY 560 billion, accounting for over 58% of the total market value excluding general corporations[6] - The total market value of insurance companies' stock holdings was around CNY 2.8 trillion, with the aforementioned 7 bank stocks representing about 20% of this total[6] - The market value of bank shares held by insurance companies reached CNY 116.94 billion, with over half of this amount in bank stocks[26]

｜2025年6月23日 星期一｜ NO.1 中国银河证券：下半年A股整体将呈现震荡向上的行情特征 中国银河证券表示，A股当前估值处于历史中等水平，且相较海外成熟市场偏低，风险溢价和股息率具 备较高投资性价比。在政策推动中长期资金入市、权益类公募基金扩容及政策工具护航下，A股资金面 有望延续稳中向好态势。2025年下半年，A股整体将呈现震荡向上的行情特征，但需关注海外不确定性 因素与国内经济修复节奏的扰动。科技创新是推动A股新供给侧改革的核心动力，TMT板块拥挤度回落 至低位，一季度景气度回暖，细分行业资本开支加速。建议关注AI算力、AI应用、具身智能、创新药 等方向。同时，安全资产如红利板块具备防御属性，央企高股息标的与中长期资金配置需求高度契合， 值得关注。 华金证券表示，国内政策持续积极，如央行在陆家嘴论坛推出多项金融开放举措，以及财政补贴推动内 需修复。流动性方面，美元指数低位震荡、人民币升值预期增强，有利于外资流入。行业配置方面，建 议聚焦估值性价比，均衡配置科技成长与低估值蓝筹。成长板块中，传媒、汽车、电力设备、通信等行 业成交额和换手率分位数偏低，情绪修复空间较大；价值板块中，非银金融、家电、交运 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The equity market is expected to continue the pattern of index fluctuations and internal theme rotations. The convertible bond market shows good resilience in the volatile equity market, and its valuation is still supported. Recently, non - bank convertible bond targets have successively proposed downward revisions, reflecting a strong willingness to promote conversion of near - maturity convertible bonds. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and select bonds from three aspects: performance - driven, event - catalyzed, and dividend and defensive [2][3][19][20]. 3. Summary by Relevant Catalogs Market Focus Last Week (June 16 - 20, 2025) Stock Market - The equity market fluctuated and declined last week. Affected by the end of the "618" promotion and media public opinion, the consumer sector was weak, while the bank and technology sectors performed well. Most Shenwan primary industries closed down, with only banking, communication, and electronics closing up [9][10]. - Specific daily performance: On Monday, the three major A - share indexes rose collectively; on Tuesday and Thursday, they fell collectively; on Wednesday, they rose collectively; on Friday, they fell collectively [9]. Bond Market - The capital market remained relatively loose last week. Events such as the release of May economic data and the Lujiazui Financial Forum did not have a significant impact on the bond market, which continued to fluctuate throughout the week. The 10 - year Treasury bond yield closed at 1.64% on Friday, down 0.44bp from the previous week [10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index fell 0.17% for the whole week, the median price fell 0.48%, and the calculated arithmetic average parity fell 2.08%. The overall market conversion premium rate increased by 2.39% compared with the previous week [10]. - In terms of industries, non - bank finance, banking, public utilities, and electronics performed well, while social services, media, building decoration, and beauty care performed poorly [13]. - At the individual bond level, Jingrui, Liande, Tianchuang, Xuerong, and Shouhua convertible bonds led the gains, while Jinling, Zhite, Jindan, and Dongshi convertible bonds led the losses [14]. - The total trading volume of the convertible bond market last week was 30.6524 billion yuan, with an average daily trading volume of 6.1305 billion yuan, a decrease from the previous week [18]. Views and Strategies (June 23 - 27, 2025) - The economic data in May showed differentiation, with strong consumption but a decline in investment and export growth. The market hotspots rotated rapidly, and the popular themes of innovative drugs and new consumption declined. The equity market is expected to continue the pattern of index fluctuations and internal theme rotations [2][19]. - The issuance of convertible bonds has accelerated slightly in the past two weeks. With low bond market interest rates, the demand for convertible bond allocation is strong, and the valuation of convertible bonds is still supported. Although some large - scale convertible bond issues have had their ratings downgraded, the overall impact on the market is relatively controllable [2][19]. - Ruida and Caitong convertible bonds have proposed downward revisions, reflecting the strong willingness of near - maturity convertible bonds to promote conversion. It is recommended to focus on the downward revision game opportunities of near - maturity convertible bonds and pay more attention to convertible bonds with negative YTM and good underlying stock credit quality [3][20]. - When selecting bonds, take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio fluctuations, and select targets with performance support or valuation drivers from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][20]. Valuation Overview - As of June 20, 2025, for equity - biased convertible bonds, the average conversion premium rates for different parity ranges are as follows: 39.12% for 80 - 90 yuan, 28.66% for 90 - 100 yuan, 18.06% for 100 - 110 yuan, 13.67% for 110 - 120 yuan, 9.87% for 120 - 130 yuan, and 4.18% for over 130 yuan, at the 79%/56%, 76%/55%, 61%/29%, 68%/44%, 66%/46%, and 63%/26% percentile values since 2010/2021 respectively [21]. - For bond - biased convertible bonds, the average YTM for convertible bonds with a parity below 70 yuan is 0.4%, at the 11%/3% percentile values since 2010/2021 [21]. - The average implied volatility of all convertible bonds is 31.17%, at the 54%/31% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is - 16.67%, at the 14%/21% percentile values since 2010/2021 [21]. Primary Market Tracking - Last week (June 16 - 20, 2025), Xizhen and Huachen convertible bonds announced their issuance, and Hengshuai convertible bonds were listed [30][31][32]. - As of the announcements on June 20, there are no convertible bonds announced for issuance or listing in the next week (June 23 - 27, 2025) [33]. - Last week, the exchanges accepted applications from 2 companies (Naipu Mining Machinery and Jingda Co., Ltd.), and the general meetings of shareholders approved the plans of 2 companies (Benchuan Intelligent and Maiwei Co., Ltd.). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board - proposed plans. As of now, there are 78 convertible bonds to be issued, with a total scale of 125.18 billion yuan, including 6 approved for registration with a total scale of 13.45 billion yuan and 4 passed by the listing committee with a total scale of 2.93 billion yuan [34].