银河证券：中报披露期把握业绩确定性较强的配置机会 天风证券研报表示，从7月1日重要会议再提"反内卷"，到近期工信部重要点名十大重点行业"稳增 长"，"反内卷"逻辑或由点到面、全面开花。强政策预期下，市场情绪提振，周五夜盘大宗商品迎来普 涨。钢铁和有色是被点名的"十大重点行业"之首，工信部特意提到铜、铝、黄金三个子产业高质量发 展，重视程度可见一斑，商品端已提前演绎，务必重视权益端行情。 中信证券研报表示，业绩确定性高的板块表现优异，预计市场将持续聚焦趋势确定性。从主题环境来 看，综合流动性指标和市场风格特征，市场情绪持续在高位震荡。从催化因素和时序上看，新的宏观叙 事和事件催化在酝酿过程中，下半年通常是国产科技行业的密集技术发布周期，同时生物医药/航天航 空/稀有金属/产能优化等方向确定性持续增强。结合市场环境、催化因素以及综合量化指标研判，建议 关注AI应用、自主可控、创新药、产能化解四大主题。 华源证券：继续重视港股电力设备核心资产 华泰证券：建议保持仓位，内部适度切换 华源证券认为，重视港股电力设备核心资产，港股市场活跃度及表现更好，因此我们强调要继续重视港 股电力设备核心资产。煤电核准强度超出预期，抽 ...

Core Viewpoint - General Electric Aerospace (GE.US) reported strong financial performance in Q2, with revenue of $10.2 billion, a year-over-year increase of 24.1%, leading to an upgraded outlook for 2025-2028 [1][4] Financial Performance - Q2 2025 revenue, profit margins, EBIT, earnings per share (EPS), and free cash flow (FCF) all exceeded FactSet consensus expectations [1] - Adjusted revenue growth forecast for 2025 raised to 15% from low double digits, surpassing market consensus of 16.5% [1] - Operating profit range adjusted to $8.2 billion - $8.5 billion, narrowing from $7.8 billion - $8.2 billion, covering market forecast of $8.4 billion [1] - EPS adjusted to $5.60 - $5.80, up from $5.10 - $5.45, also higher than market consensus of $5.62 [1] - FCF revised to $6.5 billion - $6.9 billion from $6.3 billion - $6.8 billion, exceeding market prediction of $6.7 billion [1] Long-term Goals - GE Aerospace's 2028 strategic plan anticipates a compound annual growth rate (CAGR) of high single digits from 2025 to 2028, significantly up from previous expectations [2] - Operating profit target raised to approximately $11.5 billion from about $10 billion, reflecting a 15% increase [2] - EPS target set at $8.40 and FCF target at $8.5 billion, indicating improved profitability through product iteration and cost optimization [2] Business Growth Drivers - Growth primarily driven by two core segments: Commercial Engine Services (CES) and Defense Propulsion Technologies (DPT) [3] - CES revenue increased by approximately 30% year-over-year, supported by parts sales growth, increased internal repair visits, and price optimization [3] - DPT revenue grew by about 7%, with price and volume increases offsetting weak service demand and adverse engine mix impacts [3] - Both CES and DPT segments exceeded EBIT margin expectations, highlighting the synergy of service networks and digital solutions [3] Investment Rationale - Goldman Sachs maintains a "buy" rating based on three core reasons: GE Aerospace's technological barriers and market share are difficult to replicate; upward revisions in profit expectations indicate strong management execution; and increased FCF targets provide ample room for capital returns and R&D investments [3]

Core Views - The report indicates that the A-share market is experiencing a structural rally, with a focus on sectors with solid earnings support, particularly in innovative pharmaceuticals and technology sectors like robotics and CPO [2][11] - The upcoming important meeting is expected to emphasize macroeconomic policy adjustments, with potential increases in funding for infrastructure and support for strategic emerging industries such as AI and semiconductors [3][12] Market Overview - On Thursday, the three major indices in the A-share market collectively rose, with the Shenzhen Composite Index and the ChiNext Index showing stronger performance, while financial stocks weighed on the Shanghai Composite Index [5][11] - The market sentiment remains active, with a total trading volume of 15,394 billion, and the Shanghai Composite Index closing at 3,516.83 points, up 0.37% [6] Sector Analysis - The pharmaceutical sector saw significant gains, driven by supportive policies for innovative drugs and a favorable environment for commercialization, with expectations for continued growth in the second half of 2025 [7][11] - The optical communication module and CPO sectors are also highlighted as having strong growth potential, supported by advancements in AI computing and data center upgrades [8][11] - The aerospace and defense sector is expected to remain attractive, with government support for modernization and increased defense budgets, alongside geopolitical tensions that may act as catalysts for growth [9][10] Investment Opportunities - Investors are advised to focus on several key areas for potential investment: 1. Technology innovation sectors such as robotics, AI, and digital economy [4][13] 2. Industries benefiting from de-involution, including renewable energy and new energy vehicles [4][13] 3. Areas related to consumption upgrades and policy benefits, such as innovative pharmaceuticals and smart home devices [4][13] 4. Stocks with expected strong mid-year performance, although the intensity of speculation may decrease as earnings forecasts conclude [4][13]

Market Overview - A-shares saw all three major indices rise, with the ChiNext Index showing strong performance, particularly in sectors like computing hardware and innovative pharmaceuticals [1] - The market is currently in a trend of steady upward movement, with trading volume stabilizing around 1.5 trillion yuan, indicating a shift from "large-cap stocks" to "thematic plays" [1][3] - Long-term capital inflow is accelerating, with ETF sizes steadily increasing and insurance funds continuing to flow in, providing significant support to the market [3] Economic Indicators - No significant negative macroeconomic factors are present before August, suggesting a new bullish window for the market [1] - The domestic economy is stabilizing, and potential liquidity release from interest rate cuts could further enhance market activity in both A-shares and Hong Kong stocks [3] Sector Performance - Strong performance was noted in electronic components, software development, communication equipment, and aerospace industries, while banking, insurance, precious metals, and real estate sectors lagged [3] - The "anti-involution" policy, if effectively implemented, could alleviate the challenges of "increasing revenue without increasing profit" for companies, potentially leading to a new phase of market growth [1] Policy Impact - The new regulations in the securities industry may lead to revenue growth for brokerage firms, while long-term insurance fund assessment policies could improve investment returns and valuations [3] - The potential for the Federal Reserve to signal interest rate cuts could significantly boost global risk appetite, benefiting the A-share market [3]

Group 1 - A-shares are expected to maintain a trend of oscillating upward, with the market transitioning from a "weight-based" to a "theme-based" approach, focusing on structural opportunities in recent hot sectors [2] - The three major A-share indices closed higher, with the ChiNext index showing strong performance, while sectors like computing hardware and innovative pharmaceuticals led the gains [2] - Long-term capital inflow is accelerating, with ETF sizes steadily increasing and insurance funds providing significant support to the market [3] Group 2 - The domestic economy is stabilizing, and liquidity is being released through rate cuts, which may enhance market activity in both A-shares and Hong Kong stocks [3] - The new regulations in the securities industry are expected to boost revenue growth for brokerage firms, while long-term insurance policies may improve investment returns and valuations [3] - The market is currently in a new buying window, with improved investor sentiment and incoming capital, although it faces resistance at higher levels [2]

Core Viewpoint - The A-share market is experiencing a rally, with increasing foreign investment interest in Chinese stocks, particularly from South Korean investors, who have significantly increased their trading volume in the Chinese market [1][16][19]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.37% to 3516.83 points, the Shenzhen Component Index increased by 1.43% to 10873.62 points, and the ChiNext Index gained 1.75% to 2269.33 points [1]. - Foreign investment in the Chinese market is on the rise, with South Korean investors' trading volume exceeding $5.4 billion this year, making China the second-largest overseas investment destination for them after the U.S. [1][19]. Group 2: Sector Performance - Multiple sectors, including computing power, innovative pharmaceuticals, and military industry, saw significant gains, with computing power and innovative pharmaceuticals showing particularly strong performance [3][9]. - In the computing power sector, companies like Benkawa Intelligent, Shijia Photon, and Dekeli saw stock prices rise over 10%, with Cambridge Technology and Changfei Optical Fiber hitting the daily limit [4][6]. - The PCB sector experienced a surge, with companies like Mankun Technology achieving a 20% limit up, and others like Shengyi Technology and Tongguan Copper Foil rising over 10% [6][7]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector continued its strong performance, with companies like Weikang Pharmaceutical and Maiwei Bio achieving a 20% limit up, while others like Shouya Holdings and Shenzhou Cell rose over 10% [9][12]. - A new policy from the National Medical Insurance Administration aims to establish a dual-track system for innovative drugs, which is expected to alleviate pressure on basic medical insurance funds while meeting diverse healthcare needs [12]. Group 4: Military Industry - The military sector has attracted significant capital, with companies like AVIC Shenfei hitting the daily limit, and others like Aero Engine Corporation of China and AVIC Xi'an also seeing gains [13][15]. - Analysts predict that the military components sector will see an improvement in orders and performance in the second half of the year, driven by increased demand and upcoming industry catalysts [15].

Core Points - SpaceX's crew capsule successfully completed its mission to the space station and splashed down in the Pacific Ocean off the coast of California [1] Group 1 - The crew included a senior NASA astronaut and three astronauts from India, Poland, and Hungary [1]

Group 1 - The perception of China as "cool" is increasingly recognized globally, reflecting the country's comprehensive national strength [1] - Since the 14th Five-Year Plan, China's manufacturing value added has exceeded 30 trillion yuan annually, maintaining its position as the world's leading manufacturing power for 15 consecutive years [3] - China has built the largest number of 5G base stations globally, with a total of 4.395 million as of March this year [4] Group 2 - The Beidou satellite navigation system has become a global supplier, with over 129,000 patent applications and services exported to more than 140 countries [5] - The CR450 high-speed train, designed for a maximum speed of 450 km/h, is set to become the fastest train in the world upon commercial operation [6][8] - The C919 large passenger aircraft has expanded its commercial routes significantly, marking its second anniversary of operation [9] Group 3 - The first domestically produced large cruise ship, "Aida·Modu," commenced commercial operations, with a second ship expected to be delivered by the end of 2026 [10] - The Chang'e 6 lunar mission has achieved significant discoveries, contributing new insights into lunar evolution [14] - China has the largest R&D workforce globally, with 26 of the world's top 100 technology innovation clusters, indicating a strong technological capability [17] Group 4 - The rise of robotics and AI in China is evident through various competitions and events, showcasing advancements in intelligent manufacturing [20][22] - China's cultural soft power has significantly increased, with a rise in global rankings from 8th to 2nd in the Global Soft Power Index [24] - The success of Chinese cultural products, such as the game "Black Myth: Wukong" and the film "Ne Zha," highlights the growing global influence of Chinese creativity [26][29][31] Group 5 - The expansion of China's visa-free travel agreements to 47 countries has led to a 96% increase in foreign tourist arrivals, enhancing the perception of a more open and attractive China [36]

Group 1 - The stock of Aerospace Technology (688239) has a comprehensive score of 58.37, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 33.91 CNY, 5-day main cost at 33.69 CNY, 20-day main cost at 33.01 CNY, and 60-day main cost at 31.83 CNY [1] - In the past year, the stock has not experienced any limit-up or limit-down events [1] Group 2 - The short-term pressure level is at 34.28 CNY, while the short-term support level is at 33.11 CNY [2] - The mid-term pressure level is at 34.98 CNY, and the mid-term support level is at 30.77 CNY [2] - The current short-term and mid-term trends are unclear, awaiting direction from main funds [2][3] Group 3 - On July 11, 2025, the net outflow of main funds was 744.42 million CNY, accounting for -5% of the total transaction amount [2] - The breakdown of fund flows includes a net outflow of 453.63 million CNY from large orders and 290.79 million CNY from super large orders, while retail investors saw a net inflow of 89.21 million CNY [2][3] - The stock is associated with industries such as aerospace (0.57%), commercial aerospace (0.29%), large aircraft (0.40%), and western development (0.35%) [2] Group 4 - The latest financial data shows earnings per share at 0.29 CNY, operating profit at 0.51 billion CNY, and a net profit of approximately 46.37 million CNY [2][3] - The sales gross margin is reported at 26.229% [2][3]

Group 1 - The stock of Maixinlin (688685) has a comprehensive score of 44.94, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 54.23 yuan, with a 5-day main cost of 53.06 yuan and a 20-day main cost of 58.25 yuan [1] - The stock has not experienced any limit-up or limit-down events in the past year [1] Group 2 - The short-term resistance level is at 53.30 yuan, while the short-term support level is at 51.82 yuan [2] - The stock price has the potential to strengthen if it breaks through the short-term resistance level, but the mid-term trend remains unclear [2] - On July 10, 2025, the net inflow of main funds was 15.49 million yuan, accounting for 14% of the total trading volume [2]