每日市场观察 2025 年 7 月 2 日 【今日关注】 周二 A 股全天走势波动不大，收盘三大股指涨跌互现，沪指涨 0.39%， 深证成指涨 0.11%，创业板指跌 0.24%。沪深两市成交额接近 1.5 万亿 元，较前一交易日小幅缩量；行业板块方面，医药、有色、银行、建 材等行业涨幅居前，医药板块里的创新药、免疫治疗、减肥药、维生 素等细分行业表现亮眼，其它概念板块中，光刻机、超导、可控核聚 变等板块也是盘中热点，两市上涨股票数量超过 2600 多只。 三大股指全日小幅整理，市场表现有细微的分化现象，沪指收涨盘中 走势全日飘红但上涨幅度不大，创业板全天在前一交易日收盘下方运 行，收盘小幅下跌；个股涨跌数量基本相当，显示出市场在经过前一 交易周的上涨过后，技术形态需要整固，短线大盘波动幅度不大，市 场运行节奏延续结构性热点轮动，关注中报预告行情。 近日国家医保局联合国家卫生健康委出台《支持创新药高质量发展的 若干措施》，加强医疗、医保、医药三方信息互通，支持医保数据用 于创新药研发，推动创新药研发国家科技重大专项，创新药行业在政 策大力支持和技术创新提速的驱动下成为医药行业热点。近期市场关 注度主要集中在科 ...

Core Viewpoint - The announcement of bankruptcy restructuring for SAIC Hongyan, a subsidiary of Dongfang Xinke, highlights the severe financial distress faced by the company and reflects broader challenges within the heavy truck industry in China [1][5]. Company Summary - SAIC Hongyan's creditor, Chongqing Anji Hongyan Logistics Co., Ltd., has applied for bankruptcy restructuring due to the company's inability to repay debts and its serious insolvency, despite having potential for restructuring [1]. - In 2024, SAIC Hongyan's sales plummeted to 5,511 heavy trucks, a staggering 39.37% decline year-on-year, which is less than the sales in a single quarter of 2021 [1]. - Dongfang Xinke reported a revenue of 6.467 billion yuan in 2024, a decrease of 25.50% year-on-year, and a net loss of 1.999 billion yuan, indicating a continuous decline in performance over three years [2]. - The company's cash flow remains under pressure, with a net cash flow from operating activities of -490 million yuan in the first quarter of 2025 [2]. - As of the first quarter of 2025, accounts receivable and notes receivable reached 1.934 billion yuan, with an increasing proportion of long-aged accounts receivable, posing significant operational challenges [2]. Industry Summary - The heavy truck market in China saw a total sales volume of 901,700 units in 2024, reflecting a slight decline of 1.03% year-on-year, amidst overcapacity and insufficient demand [2]. - Competitors are diversifying into the light truck segment, while SAIC Hongyan remains focused on heavy trucks, which may limit its market adaptability [2][3]. - The company is attempting product diversification by planning to launch new models and invest in hydrogen energy trucks, but these initiatives have yet to yield results [3]. - The restructuring efforts, including a debt restructuring plan involving 1.2 billion yuan with 120 dealers, have not alleviated the financial strain, leading to the current bankruptcy restructuring situation [3][5]. - The leadership change at Dongfang Xinke, with new executives experienced in the commercial vehicle sector, aims to navigate the company through its challenges, but the path to recovery remains uncertain [4][5].

证券研究报告 点评报告 2025 年 7 月 2 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 评论： 6 月 7 月 1 日周二，ISM 公布的数据显示，由于订单和就业萎缩加剧，美国 6 月 ISM 制造业连续四个月萎缩，美国制造业低迷的局面持续。与此同时，用于衡量原材 料支付价格的指标显示出通胀略有加速的迹象。 美国 6 月 ISM 制造业 PMI 指数为 49，预期为 48.8，前值为 48.5。新订单指数 46.4， 预期 48.1，前值 47.6。订单量创下三个月来的最大降幅，并已连续五个月减少， 可能反映出关税上升以及整体美国经济放缓。 制造业产出在经历三个月收缩后，6 月重新进入扩张区间，6 月为 50.3，前值为 45.4。新增订单来自美国国内和出口客户，推动了工作量上升。不过，这种改善 至少有部分是由库存积累推动的，因为工厂及其零售和批发客户为应对关税相关 的价格上涨和潜在的供应问题而提前备货。因此，进入下半年后，我们很可能会 看到增长放缓的反作用。 就业指数 45，降至三个月低点，预期 47.1，前值 46.8。就业指数已连续五个月处 于收缩区间。物价指数 6 ...

智通财经7月1日电，动力新科(600841.SH)公告称，公司全资子公司上汽红岩的债权人重庆安吉物流向 重庆五中院申请上汽红岩破产重整。上汽红岩尚未收到债权人的有关告知函，重庆五中院已立案（案 号：（2025）渝05破申436号）。上汽红岩为公司重要子公司及重卡业务生产经营平台，若重整成功实 施，将有利于化解债务、缓解公司经营压力。但上汽红岩是否被裁定进入重整程序尚存在不确定性，即 使进入重整程序，也不代表重整成功。公司将及时披露有关事项的进展情况。 动力新科：全资子公司上汽红岩被申请重整 ...

2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、 高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 成都·邛崃·羊安新城会议中心（四川省成都市邛崃市崃岭大道299号） 文末扫码报名 补能方式作为支撑电动重卡渗透率进一步提升的关键，目前主要集中在换电及充电两种方式。 尤其随着新能源重卡销量不断提升，宁德时代、国轩高科、瑞浦兰钧、巨湾技研、欣旺达等推出了 快充重卡电池及系统产品；华为、比亚迪等推出了更高功率的超充桩。 超充技术、产品、产业链的不断完善，正大幅缩短电动重卡充电与换电的时间差。值得关注的是， 超充方案进步的同时，换电领域也迎来了新的竞争格局。 宁德时代近期推出了"75号重卡标准换电块"并签约了重卡换电站，叠加其此前发布的超充版天行 商用车电池，宁德时代正在整合多元重卡补能方案，给行业提供了新思路。 据高工锂电观察，聚焦重卡换电的启源芯动力也在同步布局超充方案，而此前专注于充电业务的星 星充电也开始押宝充换电一体站。 巨头牵引下，充电与换电阵营也在从并行逐渐走向交叉融合。 启源芯动力方面，其带来了1.6 ...

信澳浮动费率基金7月1日正式发行 首批26只新型浮动费率基金陆续面市，过半产品已发布成立公告。据悉，信达澳亚基金将于7月1日公开 发行旗下新型浮动费率基金——信澳优势行业混合，该基金拟任基金经理为"科技成长派"吴清宇。（中 国基金报） IPO过会！科创板第五套标准重启后首家企业来了 7月1日晚，上交所官网信息显示，禾元生物IPO申请当天通过上交所上市审核委员会审议，这是科创板 第五套上市标准重启后，首家成功过会的IPO企业。（证券时报） 多家房企债务重组提速 下半年融资将保持稳定 近段时间以来，多家房企的债务重组取得积极进展。6月30日，碧桂园发布公告透露，逾75%持有人加 入境外债重组支持协议。而在近日，龙光再次优化债务重组方案，为21笔公司债券及资产支持证券持有 人提供重组方案。据中指研究院统计，截至目前融创、富力、中梁、当代、佳兆业、奥园、时代中国、 绿地等债务重组获批。总的来看，10多家房企债务重组或重整获批，房企风险化解提速。记者梳理发 现，今年以来房地产债券发行亮点颇多，例如美的置业和滨江地产等民营企业成功发行债券实现融资， 新城发展也启动美元债发行。克而瑞数据显示，从债务到期情况来看，2024年 ...

Core Insights - In June 2025, China's heavy truck wholesale sales reached approximately 92,000 units, marking a month-on-month increase of 4% from May and a year-on-year increase of about 29% from 71,400 units in the same month last year [1] Group 1: Market Performance - The heavy truck market has experienced three consecutive months of year-on-year growth since April 2025, with the growth rate expanding each month [1] - Domestic terminal heavy truck sales achieved a year-on-year growth rate exceeding 36% [1] Group 2: Segment Analysis - Both new energy heavy trucks and diesel heavy trucks exhibited significant year-on-year growth rates [1] - Natural gas heavy trucks, however, have seen a continuous year-on-year decline, indicating a slower recovery in this segment [1]

Group 1: Company Overview - Skaiqi went public on NASDAQ under the ticker "SCAG" on June 30, with an opening price of $11.69 per share and a market capitalization exceeding $800 million [2] - Founded in 2019, Skaiqi focuses on the development and commercialization of new energy heavy trucks and electric fuel solutions, having completed multiple designs, productions, and tests of new energy trucks for various applications [2][4] - The company is actively developing three new energy models, including an all-electric port tractor, a long-range pure electric tractor, and a high-power hybrid mining truck [5] Group 2: Investment and Financial Backing - Jiuhe Venture Capital invested in Skaiqi at the end of 2020 and increased its stake in 2021, holding approximately 10% before the IPO, which is expected to yield significant returns [2][7] - The investment strategy of Jiuhe Venture Capital focuses on the restructuring of the energy system, targeting key nodes that enhance energy system efficiency [3][7] Group 3: Market Trends and Opportunities - The new energy commercial vehicle sector is anticipated to experience long-term structural growth, driven by favorable policies and a high market ceiling, with the penetration rate of new energy heavy trucks in China expected to exceed 10% by 2024 [5] - The global push for carbon neutrality and the transition to new energy sources are creating substantial opportunities in various sectors, including transportation, construction, and industry [3][5] Group 4: Technological Development - Skaiqi is building barriers through proprietary technologies such as electric control and steering systems, intelligent distributed hybrid power systems, and solid oxide electrolysis cell hydrogen production technology [5] - The company aims to become a comprehensive solution provider for new energy heavy trucks by establishing hydrogen stations, financing leasing platforms, and pursuing global strategic layouts [5]

为打通"最后一公里"，山西省推出"煤炭绿色运输通行证"制度，以体系化方案提升新能源重卡用户的积极性，对新能源车辆给予路权优先、高速费减免 等优惠，使新能源重卡日均运营时长从8小时提升至14小时。内蒙古自治区实施的"绿电运输认证"体系，将新能源车辆运输量纳入碳交易市场，企业每万吨 公路运输量可获得120元碳汇收益。 借助工业行业的环保政策，也是推进重卡新能源化的另一重要手段。2019年4月28日，生态环境部、国家发展和改革委员会、工信部、财政部、交通运 输部5部委发布《关于推进实施钢铁行业超低排放的意见》（以下简称"《意见》"），针对大宗物料产品清洁运输，《意见》提出汽车运输部分应全部采用 新能源汽车或达到国六排放标准的汽车。同年，生态环境部发布《重污染天气重点行业应急减排措施制定技术指南》，经过2020年进一步修订后，对钢铁等 行业制定绩效分级指标，要求该绩效等级直接影响企业在重污染天气期间的减排豁免权。以长流程钢铁企业为例，A级企业大宗物料和产品采用清洁运输方 式或电动重型载货车比例不低于80%。鞍钢等钢铁企业还试点氢能重卡，在区域运输（如鞍山至鲅鱼圈320公里的运行路线）中实现零排放，氢能重卡的续 驶里程 ...

Core Viewpoint - The automotive industry shows resilience in its fundamentals, with AI growth style stocks outperforming expectations in H1 2025. The performance of various sub-sectors aligns with expectations, although some areas fell short. The automotive robotics sector performed the best, followed by passenger vehicles, two-wheelers, and heavy trucks, while dividend styles lagged behind AI growth styles [2][8]. Summary by Sections H1 2025 Automotive Industry Review - The automotive sector's fundamentals remained strong, with the "old-for-new" policy effectively supporting the market. Overall performance met expectations, with some sub-sectors underperforming. The automotive robotics sector led in stock performance, followed by passenger vehicles, two-wheelers, and heavy trucks, while dividend styles underperformed compared to AI growth styles [2][8]. H2 2025 Stock Selection Strategy - The automotive industry is at a crossroads, reminiscent of 2011 and 2018. The end of the electric vehicle (EV) boom is approaching, while the smart vehicle sector is emerging. Commercial vehicles and two-wheelers are seen as promising investment areas. The strategy focuses on identifying cyclical alpha stocks and embracing the next industrial trends of smart technology and robotics [3][8]. H2 2025 Key Stock Adjustments - The focus will shift to increasing the weight of dividend and quality stocks. Recommended stocks include: - Dividend & Quality: Yutong Bus, China National Heavy Duty Truck, Chunfeng Power, and parts suppliers like Fuyao Glass and Xingyu Co. - AI Growth: Xpeng Motors, Li Auto, Huawei (Seres and SAIC), and parts suppliers like Horizon Robotics and Top Group [4][8]. 2025 Automotive Sector Outlook - Key assumptions include the continuation of the "old-for-new" policy and no escalation in trade war risks. - Passenger Vehicles: Total domestic sales forecasted at 23.66 million units (up 3.9% YoY), with new energy vehicle sales at 14.32 million units (up 33% YoY). - Heavy Trucks: Domestic sales expected at 700,000 units (up 16.3% YoY). - Buses: Domestic sales forecasted at 87,600 units (up 20% YoY). - Motorcycles: Domestic sales expected at 4.46 million units (down 4% YoY) [5][8].