中央汇金最钟情的是哪些股票？ 创新药题材集中爆发 今日（6月9日），A股超4100股飘红，上证指数最新收盘逼近3400点整数关口。创新药题材热度再次爆棚，常山药业（300255）、海辰药业（300584）、 舒泰神（300204）、睿智医药（300149）收获"20cm"的涨停板；联化科技（002250）、众生药业（002317）、双鹭药业（002038）、昂利康 （002940）、罗欣药业（002793）等录得"10cm"的涨停板。 据证券时报·数据宝统计，截至今日收盘，最新收盘价与近一年低点相比，创新药概念股有11股最大涨幅在200%以上，包括热景生物、舒泰神、常山药 业、益方生物-U、一品红（300723）、三生国健等。 热景生物最大涨幅602.48%，排在第一。该股今日盘中一度涨停，收盘涨幅为18.15%，股价报收161.15元/股，收盘价创历史新高。 公司紧紧围绕创新生物技术，布局从疾病的早期筛查、诊断到治疗的解决方案，相关的体外诊断试剂及仪器是公司的主要产品。今年一季度，公司营业收 入不足1亿元，净利润亏损0.24亿元。 中央汇金金融版图扩容 近日，证监会发布消息，核准中央汇金投资有限责任公司（以 ...

宏观经济 | 证券研究报告 - 总量周报 2025年6月9日 周度金融市场跟踪 中美元首通电话,本周股市普遍上涨;债券市场 先抑后扬,窄幅震荡(6月2日-6月6) ■ 股票方面,本周 A 股迎来普涨,小盘股继续跑赢大盘股。全周累计看,沪深 300 本 周上涨 0.9%,中证 2000 上涨 2.3%。港股恒生指数本周上涨 2.2%。行业方面,本周 31个一级行业有26个上涨,通信、有色金属和电子行业领涨,家用电器、食品饮料 2 个消费类行业领跌。医药行业本周上涨 1.1%连续 7 周上涨。周内看. 本周由于端 午假期仅4个交易日。美东时间6月1日中午新闻报道白宫国家经济委员会主任哈西 特在接受采访时表示预计中美元首将于本周就关税问题进行会谈。周二至周四(6月 3-5日)市场在此预期下总体上涨,主要指数连续上涨3天,中证2000更是在周四收 至4月以来的最高点。周四(6月5日)晚间中美元首通电话,预期兑现后,周五(6 月6日)市场小幅回调。美股本周在中美元首通话预期以及周五非农数据超预期影响 下整体上涨。标普 500 指数上涨 1.5%,周五收盘标普 500 指数重回 6000点。纳斯达 克 100 指数上涨2 ...

| 2025年06月09日 一周市场回顾 | 证券研究报告-一周市场回顾 | | | --- | --- | --- | | 一周市场回顾 (2025.06.03-2025.06.06) | | | | | 分析师:马遥识途 资格证书:S1330524050001 | | | | 联系邮箱:mayst@hxzb.cn | | | | 联系电话:15201282186 | | | | 相关研究 | | | | 一周市场回顾 (2025.05.26- | | | | 2025.05.30) | | | A 股市场: | 2025.06.03 | | | | 一周市场回顾 (2025.05.06- | | | l 本周 A 股上证指数上涨 1.13%,收于 3385.36点,深证成指上涨 | 2025.05.09) | | | 1.42%.收于 10183.70点,创业板指上涨 2.32%.收于 2039.44点。 | 2025.05.12 | | | | 一周市场回顾 (2025.04.28 - | | | 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 | 2025.04.30) | | ...

Group 1 - The market experienced a slight rebound last week, with an average daily trading volume of approximately 12,089 billion yuan, despite overall trading activity remaining subdued [1] - The direct communication between the leaders of China and the United States after trade frictions has positively impacted the market, particularly benefiting export-oriented sectors [1] - Growth stocks outperformed value stocks, with small-cap stocks leading large-cap stocks; sectors such as telecommunications, non-ferrous metals, and electronics performed well, while household appliances, food and beverages, and transportation lagged [1] Group 2 - Domestic exports remain resilient, but real estate sales are weakening rapidly, compounded by the exhaustion of subsidies for automobiles and home appliances, leading to a lack of support for domestic demand [2] - The SCFI index has shown an upward trend, indicating a recovery in external demand, while real estate sales for new and second-hand homes have significantly declined [2] - The automotive industry is facing tightening consumer subsidy policies, which may further pressure domestic demand [2] Group 3 - Two key events are expected to significantly impact asset prices: the potential delay in the U.S. interest rate cut path and the possibility of the "Great Beautiful Plan" proposed by Trump passing, which includes tax cuts and adjustments to subsidy policies [3] - The recent communication between the U.S. and Chinese leaders emphasizes the need for enhanced cooperation across various sectors, which could alleviate some pressures on high-tech industries in China [3] Group 4 - The divergence between fundamental expectations and macroeconomic expectations remains a key theme in the market, with limited upward and downward potential [4] - The market's downside risks are primarily driven by deteriorating fundamentals and declining corporate profits, while progress in tariff negotiations may mitigate these negative impacts [4] - Future market movements may depend on exceeding expectations in fundamentals, liquidity, or industry catalysts [4] Group 5 - The investment strategy suggests a "barbell" approach, focusing on high-dividend sectors post-dividend payouts and gold sectors due to ongoing central bank purchases [5] - In a macroeconomic easing period, technology growth sectors are expected to yield higher returns, with specific attention to commercial aerospace, autonomous driving, domestic computing power, consumer electronics, and robotics [5]

宏观经济 | 证券研究报告 — 总量周报 2025 年 6 月 9 日 周度金融市场跟踪 中美元首通电话，本周股市普遍上涨；债券市场 先抑后扬，窄幅震荡（ 6 月 2 日 -6 月 6 ） 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：郭军 (8610)66229081 jun.guo@bocichina.com 证券投资咨询业务证书编号：S1300519070001 证券分析师：李晨希 chenxi.li@bocichina.com 证券投资咨询业务证书编号：S1300525010002 股票方面，本周 A 股迎来普涨，小盘股继续跑赢大盘股。全周累计看，沪深 300 本 周上涨 0.9%，中证 2000 上涨 2.3%。港股恒生指数本周上涨 2.2%。行业方面，本周 31 个一级行业有 26 个上涨，通信、有色金属和电子行业领涨，家用电器、食品饮料 2 个消费类行业领跌。医药行业本周上涨 1.1%连续 7 周上涨。周内看，本周由于端 午假期仅 4 个交易日。美东时间 6 月 1 日中午新闻报道白宫国家经济委员会主任哈西 特在接受采访时表示预计中美元首将于本周就关税问题进行会谈。周 ...

截至6月6日，市场最新融资余额为17964.09亿元，较上个交易日环比减少31.16亿元，分行业统计，申万 所属一级行业有9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4.19亿元；融 资余额增加居前的行业还有汽车、家用电器、美容护理等，融资余额分别增加2.41亿元、1.97亿元、 1.11亿元；融资余额减少的行业有22个，电子、基础化工、非银金融等行业融资余额减少较多，分别减 少8.29亿元、4.53亿元、3.85亿元。 以幅度进行统计，美容护理行业融资余额增幅最高，最新融资余额为59.02亿元，环比增长1.92%，其次 是家用电器、轻工制造、建筑材料行业，环比增幅分别为0.78%、0.69%、0.50%；融资余额环比降幅居 前的行业有公用事业、银行、基础化工等，最新融资余额分别有423.99亿元、530.06亿元、775.91亿 元，分别下降0.65%、0.63%、0.58%。（数据宝） 6月6日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 医药生物 | 1267.07 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for certain segments within the consumer sector, particularly in the jewelry and tourism industries. Core Insights - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent jewelry" consumption. This policy will lower costs for consumers and stimulate demand, especially among women aged 30-50 for fashionable gold accessories. Over the medium to long term, this will encourage companies to upgrade their product offerings and shift consumer habits from "value preservation" to "regular updates" in jewelry consumption [2][4][15]. - The tourism sector is seeing a rise in domestic travel, with 119 million domestic trips taken during the Dragon Boat Festival, reflecting a 5.7% year-on-year increase. The total spending reached 42.73 billion yuan, up 5.9% year-on-year. The report highlights a trend towards family-oriented and cultural tourism, with expectations for continued growth in travel demand due to supportive policies [4][15]. Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with sectors like social services and textiles performing well, while food and home appliances lagged. Notable gainers included Junyao Health (+24.43%) and Spring Technology (+28.79%), while major decliners included Kuaijishan (-11.95%) and Midea Group (-4.25%) [4][13][14]. Industry News and Key Company Announcements - The report mentions that the summer tourism market is expected to be robust, with a 70% increase in travelers compared to last year. The focus is on family travel and immersive experiences [15][16]. - Companies like Suning and Anta have reported significant sales increases during the holiday period, with Suning noting a 128% year-on-year growth in sales for new products [15][16].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Viewpoints - The "old-for-new" policy in the gold and jewelry sector is expected to drive a transformation towards "self-indulgent" jewelry consumption. This policy will lower costs for consumers and stimulate demand, particularly among women aged 30-50 for fashionable gold jewelry [2][4] - The domestic tourism market during the Dragon Boat Festival showed a slight increase in travel volume and spending, indicating a recovery trend. However, the overall tourism consumption data was relatively flat, with future policies expected to boost demand [4][15] - The report highlights the performance of various consumer sectors, with notable stock price increases in food and beverage, home appliances, and textile sectors, while some companies experienced declines [4][13][14] Summary by Sections Market Weekly Review - The consumer sector showed mixed performance post-Dragon Boat Festival, with social services and textile sectors leading in growth [4] - Specific stocks such as Junyao Health and Springlight Technology saw significant increases of 24.43% and 28.79% respectively, while companies like Kuaijishan and Midea Group faced declines [4][13][14] Industry News and Key Company Announcements - The report mentions a significant increase in summer travel demand, with a 70% rise in travelers compared to last year, indicating a strong recovery in the tourism sector [15][16] - Companies like Suning and Anta Sports reported substantial sales growth during the holiday period, driven by consumer enthusiasm for new products and promotional activities [15][16] - The report also notes various corporate announcements, including acquisitions and stock sales, which may impact market dynamics [16][18]

Core Viewpoint - The article discusses the disparity in brand recognition and industrial structure among Jiangsu, Guangdong, and Zhejiang provinces in China, highlighting that Jiangsu has fewer well-known consumer brands compared to Guangdong and Zhejiang despite its high GDP and strong manufacturing base [2][4][7]. Summary by Sections Brand Recognition - Jiangsu has only 39 brands listed in the "Global Brand China Online 500 Strong List," ranking fifth nationally, significantly lower than Guangdong and Zhejiang [4][7]. - Guangdong has 10 brands in the top 50 of the CBI index, while Zhejiang has 5, and Jiangsu has only one, Bosideng [5][6][7]. Industrial Structure - The manufacturing workforce distribution shows that Guangdong leads in general consumer goods production, followed by Zhejiang and then Jiangsu [10]. - Jiangsu excels in heavy industry and B2B manufacturing, with a workforce proportion of 45% in these sectors, while Guangdong leads in electronics and home appliances [10][12]. Production Output - In 2024, Guangdong's production of key electronic products far exceeds that of Jiangsu and Zhejiang, with television production being nearly 19 times that of Jiangsu [11]. - Jiangsu's steel production is significantly higher than that of Guangdong and Zhejiang, being 1.77 times their combined output [12]. Historical Context - The industrial characteristics of these provinces are shaped by historical factors, with Guangdong developing a strong electronics industry due to early foreign investment and industrial transfer [15]. - Jiangsu's heavy industrial focus stems from its historical industrial base and the development of upstream industries since the 1980s [15]. Economic Dynamics - Jiangsu's industrial output is heavily concentrated in heavy industry and upstream sectors, leading to fewer consumer brands [14]. - Zhejiang's lighter industrial focus is attributed to its reliance on private enterprises and a strong local service economy, which supports consumer brand development [15].

Market Performance - The A-share market experienced a rebound with the Shanghai Composite Index, CSI 300, CSI 500, and ChiNext Index rising by 1.13%, 0.88%, 1.60%, and 2.32% respectively during the week of June 2-6[5] - The PE (TTM) for CSI 300 is currently at 12.56 times, with a risk premium of 6.31%, which is above one standard deviation[5] - The PE (TTM) for ChiNext is at 30.92, below one negative standard deviation[5] Economic Indicators - The OECD has downgraded the U.S. economic growth forecast for 2025 from 2.2% to 1.6% and for 2026 to 1.5% due to tariff policies and increased uncertainty[5] - The global growth forecast for 2025 has been reduced from 3.10% to 2.9%[5] - The U.S. non-farm payrolls increased by 139,000 in May, above the market expectation of 130,000, while the unemployment rate remained at 4.2% for the third consecutive month[5] Policy Developments - The People's Bank of China conducted a 100 billion yuan reverse repo operation to maintain liquidity in the banking system[5] - The Shanghai Stock Exchange plans to encourage listed companies to increase dividend payouts and enhance market value management tools[5] Investment Strategy - The report suggests focusing on value dividend sectors and domestically supported technology industries such as AI, semiconductors, and defense[5] - The market is expected to maintain a wide fluctuation and structural trend, with short-term upward momentum lacking due to weak domestic economic fundamentals[5]