Group 1 - The core index of the CSI 1000 major consumer index reported at 7845.59 points, with a decline of 4.42% over the past month and 2.47% over the past three months, while it has increased by 0.26% year-to-date [1] - The CSI 1000 index consists of 10 industry indices selected based on liquidity and market representation, providing diverse investment targets for investors [1] - The top ten holdings in the CSI 1000 major consumer index include: Lao Baigan Wine (4.28%), Lianhua Holdings (3.75%), Biological Shares (3.1%), Zhongchong Shares (3.01%), Shunxin Agriculture (2.86%), Yanjinpuzi (2.81%), Jinhui Industry (2.79%), Shanghai Jahwa (2.53%), Miaokelan Duo (2.52%), and Tangrenshen (2.43%) [1] Group 2 - The market share of the CSI 1000 major consumer index is divided between the Shanghai Stock Exchange (51.18%) and the Shenzhen Stock Exchange (48.82%) [1] - The industry composition of the CSI 1000 major consumer index includes: Food (36.45%), Breeding (25.12%), Alcohol (12.51%), Household Products (10.76%), Planting (8.80%), Beauty Care (4.35%), and Soft Drinks (2.01%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

Market Overview - The A-share market experienced an overall upward trend, with major indices rising, particularly the Shanghai Composite Index, which returned to the 3500-point level for the first time in 8 months, reaching a peak of 3512.67 points during the session [1][4][3] - The ChiNext Index also saw gains, surpassing the 2200-point mark with an increase of over 1% [6] Sector Performance - Among the sectors classified by Shenwan, the top-performing sectors included Media, Electric Equipment, Food & Beverage, Agriculture, Forestry, Animal Husbandry & Fishery, and Beauty & Personal Care, while sectors such as Non-ferrous Metals, Steel, and Basic Chemicals lagged behind [8] Concept Stocks - The short drama game concept sector led the market with a rise of over 2%, with stocks like Huanrui Century and Zhangyue Technology hitting the daily limit [9] Individual Stocks - Guotou Zhonglu has seen its stock hit the daily limit for three consecutive trading days, as the company announced plans to acquire 100% of China Electronics Engineering Design Institute's shares through a share issuance [10][11] - In the Hong Kong market, Hillstone Technology surged over 12%, driven by positive sales data for its camera modules, which showed a year-on-year increase of 4.1% [12][15] Futures Market - In the domestic futures market, the main contract for polysilicon surged, with an intraday increase of over 6%. The price approached 39,800 yuan/ton, marking a nearly 30% increase over the past 10 trading days [2][17][16]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.6.30-2025.7.4）国内权益市场涨势延续，沪深 300上涨1.54%，黄金价格大涨。行业方面，本周钢铁、建筑材料、银行行业涨幅居前，计算机、非银金 融、美容护理行业跌幅居前。基金市场方面，本周各类基金指数均实现正收益，权益类基金净值表现占 优，其中普通股票型基金上涨1.60%。 基金产品发行情况： 本周国内新基市场热度回落，新成立基金23只，合计发行份额为53.28亿份。其中股票型基金13只、债券型 基金4只、混合型基金5只、FOF基金1只。全市场新发行基金36只，从类型来看，股票型基金25只、债券 型基金6只、混合型基金5只。 基金产品表现跟踪 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has experienced a structural bull market in 2024, with the BSE 50 Index achieving a year-to-date increase of 39.45%, leading all major market indices [1][5]. Group 1: Market Performance - The BSE 50 Index has become a significant indicator of the market, comprising 50 representative companies with relatively small average market capitalization, highlighting many "specialized and innovative" small giants [5]. - The active management of BSE-themed funds has outperformed the index, with the Huaxia BSE Innovation Small and Medium Enterprises Selected Two-Year Open Fund (014283) achieving a net value growth rate of 72.16%, ranking third in the market [3][11]. Group 2: Market Drivers - A loose liquidity environment in China's financial market has provided ample "liquid capital," attracting funds to small-cap, high-growth companies on the BSE [6]. - The preference for small-cap stocks has increased during the early stages of economic recovery, with over 70% of BSE-themed funds outperforming the BSE 50 Index in the past three years [8]. Group 3: Investment Opportunities - The BSE remains an underappreciated source of alpha, with many quality companies yet to be fully discovered and priced, presenting significant value discovery opportunities for institutions with deep research capabilities [10][19]. - The Huaxia fund manager, Gu Xinfeng, emphasizes the importance of deep research and understanding of the market to capture long-term value, leveraging a unique understanding of the BSE and its companies [13][16]. Group 4: Future Outlook - The trading volume on the BSE has increased approximately 30 times over the past three years, indicating a significant improvement in trading ecology and liquidity [21]. - Continuous policy support aimed at enhancing the quality of listed companies and attracting long-term capital is expected to inject strong momentum into the market's long-term healthy development [22].

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, with a focus on companies with stable performance and reasonable valuations [35]. Core Insights - The report highlights that the North Exchange 50 Index experienced a slight decline of 1.71% this week, closing at 1415.04 points, while the average market capitalization of A-share constituent stocks is 3.083 billion [5][11]. - The report emphasizes the importance of focusing on quality stocks with stable growth and reasonable valuations in the North Exchange, particularly in the context of the 2025 investment landscape [5]. Summary by Sections Overall Market Overview - As of July 4, 2025, the North Exchange A-share market consists of 268 stocks, with an average market capitalization of 3.083 billion. The North Exchange 50 Index saw a decline of 1.71% this week, while the Shanghai and Shenzhen 300 Index increased by 1.54% [5][11]. - The average daily trading volume for the North Exchange 50 was 27.983 billion, down 17.81% from the previous week, with a turnover rate of 3.18% [5][24]. Stock and Industry Performance - In the past week, 50 stocks increased in value, while 217 stocks decreased, resulting in an increase ratio of 18.66%, which is a decrease of 74.63 percentage points week-on-week [17]. - The top five performing industries were Beauty Care (8.60%), Light Industry Manufacturing (1.9%), Pharmaceutical Biology (1.57%), Transportation (0.60%), and Environmental Protection (0.47%). Conversely, the bottom five industries included Electronics (-4.86%), Automotive (-4.58%), Communications (-3.92%), Media (-3.88%), and Public Utilities (-3.22%) [19][22]. New Stock Updates - No new stocks were listed on the North Exchange this week, but one company, Jinhua New Materials, passed the review for listing, while another, Beikang Testing, is scheduled for review next week [28][29]. Key Companies and Earnings Forecast - The report identifies key companies to watch, including: - Tongli Co., Ltd. (stock code: 834599.BJ) with a buy rating and an expected EPS of 1.99 for 2025 [6]. - Wuxin Tunnel Equipment (stock code: 835174.BJ) also rated as buy with an expected EPS of 1.64 for 2025 [6]. - Kaide Quartz (stock code: 835179.BJ) rated as hold with an expected EPS of 1.03 for 2025 [6]. - Hualing Co., Ltd. (stock code: 430139.BJ) rated as hold with an expected EPS of 0.34 for 2025 [6]. - Hengtou Open Source (stock code: 834415.BJ) rated as hold with an expected EPS of 0.22 for 2025 [6]. - Tianli Composite (stock code: 873576.BJ) rated as buy with an expected EPS of 1.03 for 2025 [6].

证券研究报告 | 2025年07月07日 商贸零售行业 7 月投资策略暨二季报前瞻 优于大市 积极把握兼具业绩确定性及成长性的新消费标的 消费整体相对平稳，个股表现依旧分化。2025 年 5 月，社会消费品零售总额 4.13 万亿，同比增长 6.4%，其中商品零售额同比增长 6.5%。整体表现相对 稳健。同时我们根据对于个股的紧密跟踪以及平台数据变化情况，预计二季 度各行业重点企业仍有较为明显的分化，分别来看： 1）美容护理：2025 年 5 月化妆品社零同比增长 4.4%，由于整体化妆品线上 渗透率已经较高，618 等大促效应愈发弱化，但国货替代大趋势下，预计头 部美妆上市公司收入端好于行业大盘，但随着渠道及产品同质化竞争加剧， 费用率预计仍有波动压力。同时，牙膏、家清等传统个护领域中具备强产品 创新，有望在较低的电商基数下实现快速增长。 2）黄金珠宝：2025 年 5 月黄金珠宝行业社零同比增长 21.8%，行业在二季 度进入去年同期低基数阶段后加速增长。但由于产品类型及渠道模式的差 异，预计企业业绩分化明显。其中一口价时尚度较高的黄金产品符合当前年 轻消费者的悦已需求，且对金价波动敏感度低，相关企业增速 ...

沪指7月7日上涨0.02%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为综合、公用事业，涨 幅分别为2.57%、1.87%。美容护理行业今日上涨0.46%。跌幅居前的行业为煤炭、医药生物，跌幅分别 为2.04%、0.97%。 | 603630 | 拉芳家化 | -0.71 | 2.17 | -624.78 | | --- | --- | --- | --- | --- | | 300886 | 华业香料 | -0.54 | 6.21 | -630.11 | | 600249 | 两面针 | -1.00 | 3.57 | -634.92 | | 603238 | 诺邦股份 | 3.78 | 3.27 | -696.55 | | 300849 | 锦盛新材 | -0.31 | 3.91 | -981.03 | | 300896 | 爱美客 | -0.97 | 1.06 | -1378.83 | | 300740 | 水羊股份 | -1.57 | 3.34 | -2057.25 | （文章来源：证券时报网） 资金面上看，两市主力资金全天净流出143.37亿元，今日有10个行业主力资金净流入，轻工制造行业主 ...

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 07 月 07 日 b l e [Table_Title] 孩子王小商品城 25H1 业绩预增， MINISO _ M LAND 全球壹号店开业 9 个月业绩破亿 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 （2）出行链：2025 年第 26 周（06 月 23 日至 06 月 29 日）全国民 航执行客运航班量近 11 万架次，日均航班量 15763 架次，环比上周 上升 4.1%，同比 2024 年上升 2.9%，同比 2019 年上升 8.8%。 （3）IP 衍生品：高达基地广州首店正式开门营业。PSA 正式宣布将 开始对 Labubu 盲盒内附的卡片进行专业评级服务。阿里关停旗下潮 玩品牌锦鲤拿趣。 （4）零售：名创优品 MINISO LAND 全球壹号店开业 9 个月业绩破 亿。小商品城预计 2025 年半年度实现归属于上市公司股东的净利润 为 16.30 亿元到 17 亿元，同比增长 12.57%-17.40%。孩子王预计 2025 上半年实现归母净利润 1.2-1.6 亿元，同比增 ...