Group 1 - The Shanghai Composite Index opened lower but rose, with the SSE 50 Equal Weight Index increasing by 0.26% to 2118.58 points and a trading volume of 74.646 billion yuan [1] - The SSE 50 Equal Weight Index has risen by 2.20% in the past month, 2.43% in the past three months, and has decreased by 0.25% year-to-date [1] - The SSE 50 Equal Weight Index selects 50 representative listed companies in the Shanghai securities market based on market capitalization and liquidity, reflecting the performance of influential leading enterprises [1] Group 2 - The top ten holdings in the SSE 50 Equal Weight Index include WuXi AppTec (2.37%), Bank of China (2.32%), Bank of Communications (2.31%), Agricultural Bank of China (2.19%), Industrial and Commercial Bank of China (2.15%), LONGi Green Energy (2.14%), China Shipbuilding (2.13%), Zijin Mining (2.11%), China State Construction (2.11%), and Luoyang Molybdenum (2.11%) [1] - The industry composition of the SSE 50 Equal Weight Index shows that finance accounts for 25.16%, industrials 18.15%, information technology 13.44%, materials 8.18%, energy 7.65%, consumer discretionary 5.81%, communication services 5.76%, consumer staples 5.63%, healthcare 4.42%, utilities 3.89%, and real estate 1.90% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2]

Core Conclusions - The current anti-involution logic differs from supply-side reforms, focusing more on cost investigation and price monitoring to address low-price disorderly competition among enterprises [1] - The report discusses the potential for fundamental improvement in various industries based on three aspects: the degree of "involution," the degree of capacity clearance, and the elasticity of capacity clearance [1][3] - Two categories of benefiting directions are identified: the first category involves industries at the bottom of the cycle with a pressing need for anti-involution, such as photovoltaic equipment and general equipment; the second category includes industries with improved involution levels and high visibility in performance, such as home appliances and chemical raw materials [1][3][28] Industry Analysis - The report identifies three stages of the anti-involution market: the first stage involves expectations catalyzed by pricing policies, the second stage sees price increases in resource products, and the third stage involves high prices stabilizing [2][8] - Industries frequently mentioned in the current anti-involution discussion include photovoltaic, new energy vehicles, energy storage systems, and e-commerce platforms [2][8] - The report uses CAPEX, gross margin, and inventory historical percentiles to measure the degree of "involution" across various industries, revealing that upstream cyclical resource industries like non-ferrous metals and chemicals still exhibit high levels of involution [3][9] Benefiting Directions - The first category of benefiting industries is characterized by a pressing demand for anti-involution, being at the cycle bottom with initial signs of capacity clearance and good elasticity, including photovoltaic equipment and general equipment [21][28] - The second category includes industries that have already seen some improvement in involution levels and have high visibility in performance, such as home appliances and chemical raw materials [28][29] - The report emphasizes that the degree of industry concentration and the proportion of state-owned enterprises can influence the speed and elasticity of supply-side clearance, with higher concentration levels leading to quicker responses to policy changes [20]

7月17日周四，A股早盘震荡走高，三大股指上涨，医药板块走强，大消费板块活跃，稳定币概念一度拉升。港股早盘 拉升，恒指、恒科指双双上涨，生物科技板块爆发，科网股都上涨，新消费板块延续跌势，蜜雪集团跌超3%。商品方 面，国内商品期货分化，多晶硅涨超2%，集运指数欧线主力合约跌超4%。债市方面，国债期货涨跌不一。核心市场 走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Araf's | 3506.37 | 2.59 | 0.07% | | 399001 | 深证成指 | Parant | 10782.12 | 61.31 | 0.57% | | 399006 | 创业板指 | Prant | 2243.15 | 12.95 | 0.58% | | 000300 | 沪深300 | | 4017.88 | 10.67 | 0.27% | | 000016 | 下班50 | W. | 2740.02 | -0.88 | -0.03% | | 000680 | 科创综指 | may ...

欧晶科技 20250716 摘要 公司光伏石英坩埚业务受市场价格大幅下降影响，从 2023 年的 4 万多 元降至 2025 年初的 7,600 元，导致该业务毛利率为负，主要原因是占 营收 70%的光伏坩埚价格大幅下跌。 公司积极调整产品结构，拓展半导体石英坩埚市场，规划年产能 2.6 万 只，预计 7 月底或 8 月初拉通一条产线，已开始向中环领先、上海新盛 等客户中小批量供货，并积极拓展新客户。 尽管硅料和硅片价格有所上涨，但尚未传导至石英坩埚辅材板块，公司 正等待政策发力。公司二季度光伏石英坩埚销量较一季度有所提升，同 比增长约 20%。 当前石英坩埚价格虽能覆盖现金成本，但因需求下降，固定成本摊销较 高，毛利率为负。对中环客户的销售亏损，但其他客户可能存在盈利空 间，具体取决于订单和成本核算。 光伏石英坩埚内层使用的西比克沙子市场报价约为 9 万元/吨，国产石英 砂价格相对较低。半导体石英坩埚需使用天然沙子，而合成石英砂主要 依赖进口，价格高昂，国内正在进行相关研究。 Q&A 2025 年上半年公司业绩如何？主要业务板块的经营情况如何？ 根据公司发布的业绩预告，2025 年上半年亏损约 7,000 ...

Report Overview - Report Title: "How to View Photovoltaic Convertible Bonds under the Background of 'Anti-Involution' - Convertible Bond Weekly Report 20250712" - Report Type: Fixed Income Asset Allocation | Comment Report - Report Date: 2025-07-16 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Report's Core View - From July 7 to July 12, 2025, the convertible bond market continued its mild recovery, with increased trading activity. Medium - sized and convertible bonds with expected elasticity performed relatively well. The equity market was highly differentiated, with low - valuation and cyclical manufacturing sectors becoming the main investment directions [2][6]. - The photovoltaic equipment sector has low market attention and congestion. Photovoltaic convertible bonds have cost - effective valuations. Driven by the "anti - involution" policy, the industry's fundamentals are expected to recover, and the holdings of active equity funds may gradually increase [2][6]. - The valuation of the convertible bond market is differentiated by the parity range. The low - parity range shows significant differentiation, while the valuation of the high - parity range has increased. The implied volatility has declined, and the market sentiment is cautious [2][6]. - The primary market supply of convertible bonds is steadily released, and the clause game shows intensified differences. It is recommended to focus on the layout opportunities in the low - valuation and high - safety - margin directions, taking into account the rhythm and rotation [2][6]. 3. Summary by Relevant Catalogs 3.1 Market Weekly Review - **Photovoltaic Equipment Sector**: The market attention and capital participation of the photovoltaic equipment sector are at a relatively low historical level. The allocation ratio of active funds has significantly decreased, and the turnover and trading volume are weak. There are signs of chip clearing, and the congestion is at a relatively low historical level. Under the "anti - involution" policy, the supply - side clearing is expected to repair the fundamentals. Photovoltaic convertible bonds have strong bond - bottom returns and valuation advantages, showing valuation repair and risk - return matching [9]. - **A - share Market**: The A - share market continued to rise in shock, with obvious style differentiation. Funds were concentrated on low - valuation and cyclical manufacturing sectors. The real estate, steel and other sectors led the gains, and the trading activity increased significantly, reflecting the strengthened expectation of valuation repair. There was increased differentiation within the growth direction, with some sectors maintaining high popularity and others experiencing a decline in trading. The trading rhythm of the market accelerated, and the rotation characteristics were enhanced [9]. - **Convertible Bond Market**: The convertible bond market continued to rise moderately, with increased trading activity. Medium - sized convertible bonds performed well, and the style slightly inclined to elastic varieties. The valuation of the convertible bond market showed a differentiated trend according to the parity range. The implied volatility fluctuated and declined, and the sentiment became more cautious. In terms of industries, the financial and pharmaceutical sectors attracted capital inflows, and the cyclical sectors were relatively strong [9]. - **Primary Market of Convertible Bonds**: The primary market of convertible bonds maintained a stable rhythm. One convertible bond was open for subscription, two new bonds were listed, and five companies updated their issuance plans. The issuance momentum is expected to continue to be steadily released. In terms of clause games, there were no proposals for downward revisions, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance [9]. 3.2 Market Theme Weekly Review - **Equity Theme**: The A - share market continued its structural differentiation, with increased short - term trading activity. Gaming funds continued to concentrate on high - elasticity directions, and the financial technology theme was strong. The new energy sector was highly differentiated, and the digital economy showed a structural recovery. The overall market trading sentiment was high, and the theme rotation accelerated [24]. - **Convertible Bond Theme**: The convertible bond market continued to rise, with the increase rate moderately narrowing. The trading activity reached a recent high, and medium - sized convertible bonds performed better. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and pharmaceutical sectors led the gains, and the trading volume was concentrated in the pharmaceutical and biochemical sectors [27]. 3.3 Market Weekly Tracking - **Main Stock Indexes**: The main A - share stock indexes continued to strengthen, with small and medium - sized and science - innovation stocks performing prominently. The market capital showed a net outflow, but the scale of the net outflow decreased, indicating a marginal improvement in market sentiment [29][30]. - **Industry Performance**: The A - share market showed a structural market dominated by low - valuation sectors. The real estate sector led the gains, followed by the steel, comprehensive, and non - banking financial sectors. The automobile sector led the decline, and some previous hot sectors faced correction pressure. The market capital was concentrated on low - valuation cyclical sectors and also considered structural opportunities in the growth track [34]. - **Convertible Bond Market**: The convertible bond market continued to rise, with the increase rate moderately narrowing. Medium - sized convertible bonds performed better, and the trading activity reached a recent high. The valuation of the convertible bond market was differentiated by the parity and market price ranges. The implied volatility declined, and the market sentiment was slightly cautious. The non - banking, coal, and social service sectors led the gains, and the pharmaceutical, basic chemical, and power equipment sectors had the highest trading volume [45][55]. 3.4 Primary Market Tracking and Clause Game - **New Bond Issuance**: One convertible bond was open for subscription (Guanghe Convertible Bond), and two new bonds were listed (Huachen Convertible Bond and Luwei Convertible Bond). Five listed companies updated their convertible bond issuance plans, including three accepted by the exchange and two approved by the general meeting of shareholders [66][67]. - **Clause Game**: There were no proposals for downward revisions of convertible bonds during the week, and some bonds clearly stated not to revise downward. Multiple varieties announced forced redemptions, and some promised not to redeem in advance. There were 3 convertible bonds that announced they were expected to trigger downward revisions, 13 that announced no downward revisions, 2 that announced they were expected to trigger redemptions, 3 that announced no early redemptions, and 4 that announced early redemptions [75][80].

总而言之，就是大家别再忧心大盘会调到什么位置，调下来看你的这个票是不是机会就行了，也别呢太 激动的就去追那些券商，多元金融啊呃没有呈现板块行情，他们一呈现板块行情，那不又重现去年924 的那波走法吗？那样的走法的话显然是不太符合市场的节奏的，因为你看924就涨到国庆节前，然后后 面就是长期的这种震荡，显然是不太合适的，所以震荡的这种慢牛爬升调一调，比如下半个月把3500点 夯实，震荡之后，然后后面慢慢走高，这就是比较明朗的。 第二个方面就是资金，昨天大家看到央行提前发布预告，15号进行了14,000亿的买断式逆回购，同时当 天进行了7天逆回购的补充流动性，今天继续补充流动性。这个时间点如果朋友们说只是税息，那实际 上这个时候市场的资金面上利率水平并没有显示出稍微高起来的一个状态，只是大盘好像要调的意思， 资金就给了，有了资金那你说大盘往下跌跌哪去，所以看懂这点就行了。 第三一点就是现在这个时候的策略，这个怎么办？就调下来，个股调下来板块有机会的该抓就抓就行 了。哪几个方向？第一个从长期而言还是继续要抓好大家高股息的大央企，比如说类似三桶油三大运营 商等这些，还是要做长期的这样一个跟踪布局。第二一个就是各大行业 ...

证券代码：688390 证券简称：固德威 公告编号：2025-029 固德威技术股份有限公司 关于 2021 年限制性股票激励计划 首次授予部分第三个归属期及预留授予部分第二个 归属期符合归属条件的公告 自相应授予之日起 24 个月后的首个交易日 首次授予的限制性 至相应授予之日起 36 个月内的最后一个交 50% 股票第一个归属期 易日止 自相应授予之日起 36 个月后的首个交易日 首次授予的限制性 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 归属权益数量占授 归属安排 归属时间 予权益总量的比例 至相应授予之日起 48 个月内的最后一个交 50% 股票第二个归属期 易日止 第二类激励对象 归属权益数量占授 归属安排 归属时间 予权益总量的比例 自相应授予之日起 24 个月后的首个交易日 首次授予的限制性 至相应授予之日起 36 个月内的最后一个交 40% 股票第一个归属期 易日止 自相应授予之日起 36 个月后的首个交易日 首次授予的限制性 至相应授予之日起 48 个月内的最后一个交 30% 股票第 ...

Group 1 - The core viewpoint is that Zhejiang Jingyang Electromechanical Co., Ltd. has terminated its IPO application on the Beijing Stock Exchange amid a downturn in the photovoltaic industry [2][4] - Jingyang Electromechanical was established in 2017 and focuses on the research, manufacturing, and sales of crystal production equipment for the photovoltaic and semiconductor industries [3] - The company aimed to raise 166 million yuan through its IPO to fund the construction of 300 new photovoltaic single crystal silicon growth furnaces, a research center, and to supplement working capital [3] Group 2 - The company faced regulatory issues, including failure to disclose shareholding arrangements and delayed reporting of a 119 million yuan sales contract, leading to a warning from the Zhejiang Securities Regulatory Bureau [3][4] - Despite strong growth from 2020 to 2023, with revenue and net profit increasing by 93.80% and 179.01% respectively in 2023, the company experienced a decline in performance in 2024, with revenue and net profit dropping by 9.24% and 13.06% respectively [4] - In the first quarter of 2025, the company's performance worsened significantly, with revenue and net profit plummeting by 55.67% and 67.28% respectively [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002634 证券简称：棒杰股份 公告编号：2025-060 浙江棒杰控股集团股份有限公司 第六届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 浙江棒杰控股集团股份有限公司(以下简称"公司")第六届董事会第十五次会议通知于2025年7月11日以 电话或电子邮件方式发出。会议于2025年7月15日在公司会议室以现场表决与通讯表决相结合的方式召 开。会议应到董事9人，实到董事9人。本次会议由董事长陈剑嵩先生召集并主持，会议的召集、召开符 合《公司法》、《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于终止江山高效光伏电池片及大尺寸硅片切片项目并签署解除协议的议案》，并 提请股东大会审议 表决结果：9票同意、0票反对、0票弃权。 同意公司及子公司棒杰新能源科技有限公司、江山棒杰新能源科技有限公司与浙江江山经济开发区管理 委员会、江山经济开发区建设投资集团有限公司就终止江山高效光伏电池片及大尺寸硅片切片项目签署 《解除协议》。 《关于 ...

最后，我们来谈谈机会。其实寻找机会也相对简单，关键在于梳理出哪些板块还没有大涨过。比如光伏 设备，之前有过上涨，但近期出现了回调，这种情况下是可以考虑低吸的。再比如国产算力、人工智 能、CPU等板块，今天虽然出现了大涨，但我们在大涨的板块里要谨慎一些。像IDC电源、液冷概念 等，短线已经上涨了两三个交易日，这时候可以暂时休息，换换其他方向。在国产算力领域，尤其是人 工智能基础设施建设的硬件端，由于业绩有保障，值得关注。对于近期没有上涨过的个股，可以考虑低 吸。此外，固态电池板块也值得关注。这个板块已经连续震荡了半个多月，虽然板块整体在震荡，但其 中一些个股已经连续调整了接近一个月，这些个股可以考虑低吸。如果低吸后不涨，短期可以等待轮动 的机会。还有之前提到的半导体方向，如果近期调整到位，也可以考虑低吸。 总的来说，当前市场处于箱体震荡阶段，风险主要集中在短期涨幅过大、业绩不佳的个股上。而机会则 存在于那些调整到位、近期没有大涨过、具备补涨需求的个股中。 其实大盘的走势相对简单，可以总结为一个箱体震荡的格局。如果在3500点的位置画一条横线，上下各 延伸50个点，基本上就能框出当前市场的波动区间。这个箱体的上下 ...