港股午评：恒指高开低走接近平收 小米集团半日涨4.39% 金十数据6月27日讯，港股今日早间表现反复，恒指高开后一度涨逾百点，最高检24471.53点，随后回 落一度转跌，恒生科技指数早间走势震荡，一度涨近1%。截至午间收盘，恒指收跌0.07%，报24309.42 点，科指收涨0.14%，报5352.59点，恒指大市成交额达1624.29亿港元。盘面上，半导体、有色金属、 航空航天板块涨幅居前；汽车股走势分化；中资券商股冲高回落，生物医药板块跌幅居前。个股方面， 小米集团(01810.HK)半日收涨4.39%，昨晚正式发布小米YU7，一小时大定突破289000台；中芯国际 (00981.HK)收涨1.69%；洛阳钼业(03993.HK)收涨6.26%；百济神州(06160.HK)收跌8.38%；弘业期货 (03678.HK)收涨8.15%；国泰君安国际(01788.HK)收跌7.34%。 ...

Market Overview - A-shares showed mixed performance on June 27, with the Shanghai Composite Index down 0.21%, while the Shenzhen Component Index rose 0.85% and the ChiNext Index increased by 1.16% [1] Influential News - Tianfeng International Securities, a subsidiary of Tianfeng Securities, has upgraded its trading license to provide virtual asset trading services, which may reshape the non-bank financial industry [2][4] - The expectation for a Federal Reserve interest rate cut has increased, driven by pressure from President Trump on Chairman Powell [3] - Copper prices have been rising, with Goldman Sachs predicting a peak of approximately $10,050 per ton in August due to tightening supply outside the U.S. [3][5] Hot Sectors 1. **Brokerage Sector** - The brokerage stocks were active, with Tianfeng Securities hitting the daily limit, and other financial and stablecoin concept stocks also rising [4] - The regulatory approval for virtual assets is expected to activate the entire non-bank financial industry chain [4] 2. **Non-ferrous Metals** - Non-ferrous metal stocks surged, with several stocks including Northern Copper and Huayang New Materials hitting the daily limit [5] - The rise in copper prices is attributed to a significant squeeze in the London Metal Exchange (LME) due to reduced inventories and resilient economic activity in China [5] 3. **Xiaomi Automotive Sector** - The Xiaomi automotive sector gained momentum, with stocks like Kaizhong Co. hitting the daily limit following the launch of Xiaomi's first SUV, the Xiaomi YU7, which received nearly 290,000 pre-orders in one hour [6] - The strong order performance indicates market acceptance of high-quality products [6] 4. **Water Conservancy Sector** - The water conservancy construction sector saw gains, with stocks like Hanjian Heishan and Chengbang Co. hitting the daily limit [7][8] - Government initiatives to enhance water safety and infrastructure investment are expected to support growth in this sector [8] Institutional Insights 1. **Shenwan Hongyuan** - The firm anticipates a short-term need for market consolidation but does not expect significant declines, focusing on technology and defensive assets [9] 2. **Orient Securities** - The firm emphasizes the importance of maintaining market stability and expects July's earnings reports to significantly influence stock performance [10] 3. **Everbright Securities** - The firm notes that after consecutive market gains, a lack of new catalysts may lead to a period of index fluctuations and sector rotation [11]

【导读】券商股盘中拉升，天风证券涨停 中国基金报记者李智 一起来看下最新的市场情况及资讯。 6月27日早盘，A股三大指数走强，创业板指涨逾1%。截至发稿，沪指涨0.25%，深成指涨0.95%，创业板指涨超1.2%。 从板块上来看，券商股盘中拉升，大金融板块再度活跃，小米汽车概念股开盘大涨；而油气开采、电力、餐饮旅游等板块震荡调整。 | | | VAILIGENT THUSTHERX | | | | | WILLOWER THE ST | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 工业金属 3.79% | 镇矿 3.12% | SPD 3.08% | 钻矿 2.37% | CRO 2.36% | 害金属 3.18% | 基本金属 2.50% | 多元金融 2.11% | 券商 1.89% | 互联网 1.46% | | GPU | 锂矿 | 医疗服务 | 稀有金属 | 水利水电建设 | 航天军工 | 生物科技 | 房地产 | 钢铁 | 教育 | | 2.34% | 2.27% | 2.26% | 2.10% | 2.0 ...

【导读】券商股盘中拉升，天风证券涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 6月27日早盘，A股三大指数走强，创业板指涨逾1% 。 截至发稿，沪指涨0.25%，深成指涨0.95%，创业板指涨 超 1.2%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3457.09 | 10441.74 | 1448.70 | | +8.64 +0.25% | +98.26 +0.95% | +24.14 +1.69% | | 科创50 | 创业板指 | 万得全A | | 996.25 | 2141.28 | 5306.78 | | +6.27 +0.63% | +26.86 +1.27% | +39.07 +0.74% | | | | | 创业板指(399006) | | | | --- | --- | --- | --- | --- | --- | | | | | 06-27 10:16:09 | | | | 2140.93 | | 昨收 | 2114.43 | 成交额 | 1876.99亿 | | 26.50 | 1.25% | 今开 | 2125.85 ...

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the upward trend of major indices and the active participation of financial sectors, particularly in virtual asset trading services, which are expected to drive growth and innovation in the industry [1][3][5]. Market Performance - As of the morning of the 27th, all three major A-share indices have risen, with the ChiNext Index increasing by over 1% and the Shenzhen Component Index by nearly 1% [1]. - More than 4,200 stocks have seen an increase in value [2]. Financial Sector Activity - The financial sector has become active again, with Tianfeng Securities hitting the daily limit, following multiple consecutive gains by other firms such as Hongye Futures and Aijian Group [3]. - Notable stock performances include Tianfeng Securities at 5.16, up 10.02%, and Huaxi Securities at 9.60, up 8.47% [4]. Virtual Asset Trading - The article mentions that Guotai Junan International has obtained the first full license for virtual assets among Chinese brokers in Hong Kong, with several other firms also pursuing similar licenses [4]. - Western Securities expresses optimism about the growth potential of Chinese brokers in virtual asset trading, which could enhance their competitive advantage and lead to new revenue streams [5]. Economic Outlook - Several brokerage firms project a positive outlook for the A-share market in the second half of 2025, anticipating a potential upward trend [9]. - Analysts from Galaxy Securities note that while external uncertainties and domestic demand issues persist, the Chinese economy is expected to show resilience due to ongoing policy support [12]. Investment Directions - Institutions are focusing on three main investment directions for the second half of the year: dividend assets, technology innovation themes, and the consumer sector [19]. - Dividend assets, particularly in financial sectors like insurance and banking, are highlighted for their defensive attributes and stable returns [21][22]. - The technology innovation theme emphasizes AI-related sectors, including AI computing and applications, which are expected to drive significant market interest [25][26]. - The consumer sector, particularly domestic brands in beauty and pet industries, is also seen as a promising investment area [28][30].

Market Performance - A-share market has seen continuous volume increase and has broken through March highs, reaching a new annual high [1] - The rise is primarily driven by the non-bank financial and defense industries, with the non-bank financial sector benefiting from sentiment in Hong Kong brokerage stocks [1][2] Non-Bank Financial Sector - The strong performance of the non-bank financial sector is influenced by the approval of Guotai Junan International to provide comprehensive virtual asset trading services in Hong Kong [1] - The upcoming implementation of the Hong Kong Stablecoin Regulation on August 1 has also contributed to the active sentiment in the financial sector [1] - The sector has seen a nearly 10% increase over the past three days, with institutions accelerating the replenishment of financial heavyweight stocks [2] Defense Industry - The defense and military industry has also contributed to the A-share market's upward movement, driven by several catalysts [3] - A significant event is the grand military parade scheduled for September 3, showcasing both traditional and new military capabilities [3] - The Shanghai Cooperation Organization defense ministers' meeting further enhances military cooperation among member states [3] Macroeconomic Factors - Current liquidity remains loose, with expectations of declining risk-free returns, providing ample potential liquidity for the equity market [4] - The market sentiment has improved, leading to a new price level for stock indices, although external factors like geopolitical issues may cause short-term disturbances [4] Future Market Outlook - The future performance of stock indices will depend on three key factors: US-China relations, incremental fiscal policies, and the technology sector's conditions [5] - The US-China trade relationship is characterized by short-term easing and long-term competition, with ongoing structural conflicts [5] - Fiscal policy remains focused on stabilizing the economy, with potential new policy windows if fiscal limits are reached in August [5] - The technology sector has seen a reduction in crowding, indicating conditions for a rebound, although global risk aversion may limit this [5][6]

Group 1 - Chinese brokerage stocks in Hong Kong showed strong performance in early trading, with 弘业期货 (03678.HK) rising over 5% [1] - 中泰期货 (01461.HK) increased by more than 4% [1] - Other firms such as 华泰证券 (06886.HK) and 国联民生 (01456.HK) also experienced gains [1]

｜2025年6月27日 星期五｜ NO.1 东莞证券第一大股东正式易主，IPO或迎新进展 债券余额500亿元的浦发转债还有4个月到期，信达证券管理的资管计划突然买入100多亿元。浦发转债 是浦发银行发行的可转债，发行总额为500亿元。6月26日晚间，浦发银行发布投资者增持可转债的公 告。浦发银行表示，近日，公司收到信达证券和信达投资的通知，截至2025年6月25日，信达证券管理 的信丰1号单一资产管理计划通过上海证券交易所系统累计增持公司可转债117,852,490张，占浦发转债 发行总量的23.57%。 点评：信达证券大手笔增持浦发转债，显示其对浦发银行基本面的信心，这可能影响投资者对浦发银行 可转债的估值预期。这一举动或引发市场对金融板块可转债的重新评估，投资者可能会更关注相关公司 的信用风险和转股价值。 NO.4 超百只主动权益基金净值创新高 在主动与被动基金的博弈中，一批主动权益基金正悄悄开启业绩"翻盘"。Wind数据显示，截至6月25 日，按照基金主代码统计口径，全市场已有超过180只主动权益基金的单位净值创成立以来新高，其中 超半数基金成立时长超过1年，成立时间较长的接近14年。 点评：东莞证券第 ...

随着冲突的停战，全球资本市场出现了一定的反弹。本周A股和港股连续三个交易日放量大涨，上证指 数创出年内新高，A股总市值一度突破100万亿大关，创下历史新高。上半年行情即将结束，展望下半 年，目前是一个良好的开端，A股市场一直有"五穷六绝七翻身"的规律，今年可能也是如此。因为现在 影响市场的不确定因素正在减弱，而支持市场回升的信心越来越强。特别是机器人、AI板块近期强势 上攻，华为在光伏机方面实现突破，良品率达到70%，意味着我们在芯片半导体方面实现突破的可能性 越来越大，机器人从技术突破到实际应用越来越近。近三年主要是在工业机器人方面发展，很多机器人 将首先走进工厂，大概三年左右，随着操作系统的不断进化，智能化程度越来越高，机器人也将逐步从 工厂走向家庭，实现放量增长。机器人行业是继国际家电、手机、新能源汽车之后的第四大产业赛道， 长期投资机会明显。 从宏观经济来看，当前我国CPI连续三个月出现负0.1%的增长，说明消费需求较弱，物价下降。GDP平 均指数去年是负的，今年可能还是负的，这意味着后续要实现年初定的CPI2%的目标，下半年政策方面 会继续加码，包括适度宽松的货币政策以及更加积极的财政政策。从货币政 ...

NO.2开源证券：继续看好券商板块 开源证券指出，提经济、稳股市政策态度延续，货币政策适度宽松，证券行业基本面向好，估值处于低 位，基准约束有望带来资金回补，当下继续看好券商板块。选股方面推荐三条主线：(1)低估值、零售 业务具有优势的头部券商；(2)高beta弹性的金融科技标的；(3)受益于港股市场IPO扩容和活跃度提升的 香港交易所及海外业务占比高的头部券商。 ｜2025年6月27日星期五｜ NO.1华西证券：红利、科技、消费、军工等品种均值得关注 华西证券（002926）指出，本轮行情快速上涨，主要是稳市资金流入后，市场上修波动预期的结果。在 此前的低波预期下，"稳市资金推动行情企稳"这一增量信息足以对行情形成超预期推动效果。从两轮行 情的复盘来看，本轮行情适合以分散化的方式博弈，红利、科技、消费、军工等品种均值得关注；同 时，若市场在大幅上涨后动能减弱，隐含波动率大幅回落，则可能是观点分歧&行情切换的转折点。 NO.3中信证券：运营商电信业务整体回暖，看好运营商基本面改善 中信证券研报表示，2025年前5个月，通信业经济运行数据逐月提升(工信部)：电信业务收入累计完成 7488亿元，同比增长1.4%( ...