Core Viewpoint - Foreign institutions are increasingly focusing on A-share companies, particularly in the electronics, machinery, computer, and automotive sectors, indicating a growing interest in the Chinese market despite short-term volatility [2][5][6]. Group 1: Foreign Institutional Research Trends - A total of 76 A-share companies have received foreign institutional research since June, with 30 companies hosting at least three foreign institutions [3]. - Notably, three A-share companies reported receiving over 50 foreign institutions for research activities [3]. - The highest attention from foreign institutions is on Huichuan Technology (300124.SZ), which has hosted over 100 foreign institutional research activities [3]. Group 2: Company-Specific Insights - Huichuan Technology highlighted that national equipment renewal plans are stimulating market demand in consumer-facing industries such as home appliances and automotive [3]. - Yihada (301029.SZ) received over 60 foreign institutions for research, focusing on automation components across various sectors including 3C, new energy lithium batteries, and semiconductors [4]. - Lexin Technology (688018.SH) also engaged over 60 foreign institutions, emphasizing its advancements in Wi-Fi technology and the growing demand for connectivity solutions across multiple industries [4]. Group 3: Industry Focus - The electronics sector has seen the highest engagement from foreign institutions, with companies like Lexin Technology and Hushan Co. (002463.SZ) attracting significant attention [5]. - Machinery and equipment sectors are also under scrutiny, with companies like Huichuan Technology and Yihada being key focus points [5]. - In the computer sector, companies such as Zhongke Chuangda (300496.SZ) are gaining foreign interest [5]. Group 4: Market Outlook - Foreign institutions generally maintain an optimistic long-term outlook for the Chinese stock market, despite anticipated short-term fluctuations [6][9]. - UBS forecasts a gradual recovery in A-share earnings, projecting a 6% year-on-year increase in earnings per share for the CSI 300 index by 2025 [7]. - Morgan Stanley suggests a balanced investment strategy in the face of short-term uncertainties, recommending a mix of technology/growth stocks and defensive assets [8].

Group 1 - The medical health ETF, Taikang (159760), is experiencing a tight market with frequent premiums, while the index it tracks, the National Certificate Public Health and Medical Health Index (980016), has increased by 0.11% [1] - Key stocks in the index include Huitai Medical (688617) up 3.63%, Tonghua Dongbao (600867) up 2.65%, Yirui Technology (688301) up 1.80%, and others showing positive performance [1] - The National Medical Products Administration held a meeting on June 20 to discuss measures supporting the innovation and development of high-end medical devices, approving initiatives for optimizing lifecycle regulation [1] Group 2 - The National Certificate Public Health and Medical Health Index reflects the market performance of listed companies in the public health and medical health industry in the A-share market [2] - The index focuses on companies in prevention, testing, and treatment sectors, which are seen as having significant potential for AI technology applications in proactive health management [2] - As of May 30, 2025, the top ten weighted stocks in the index account for 52.46%, including companies like Heng Rui Medicine (600276) and WuXi AppTec (603259) [2]

Summary of Financing Balances by Industry Core Insights - As of June 24, the total market financing balance reached 1,810.30 billion yuan, reflecting an increase of 5.13 billion yuan from the previous trading day, with 20 out of 31 industries showing an increase in financing balance [1][2] Industry Financing Increases - The power equipment industry saw the largest increase in financing balance, rising by 1.31 billion yuan to a total of 129.50 billion yuan, marking a 1.03% increase [1] - Other notable increases were observed in the electronics industry (1.15 billion yuan increase), computer industry (668 million yuan increase), and pharmaceutical and biological industry (664 million yuan increase) [1] Industry Financing Decreases - 11 industries experienced a decrease in financing balance, with the communication industry facing the largest drop of 4.27 billion yuan, bringing its total to 60.00 billion yuan, a decrease of 0.71% [1][2] - Other industries with significant decreases included national defense and military industry (1.95 billion yuan decrease) and construction decoration industry (1.87 billion yuan decrease) [2] Summary of Financing Balances by Industry | Industry | Latest Financing Balance (billion yuan) | Change from Previous Day (billion yuan) | Percentage Change (%) | |-------------------|-----------------------------------------|------------------------------------------|-----------------------| | Power Equipment | 1295.03 | 13.17 | 1.03 | | Electronics | 2081.19 | 11.53 | 0.56 | | Computer | 1364.58 | 6.68 | 0.49 | | Pharmaceutical | 1315.83 | 6.64 | 0.51 | | Mechanical Equipment | 939.85 | 5.78 | 0.62 | | Media | 411.07 | 3.97 | 0.98 | | Automotive | 944.02 | 3.52 | 0.37 | | Non-ferrous Metals | 770.20 | 3.43 | 0.45 | | Agriculture | 250.27 | 1.56 | 0.63 | | Light Industry | 127.62 | 0.68 | 0.53 | | Retail | 212.65 | 0.65 | 0.31 | | Construction Materials | 116.04 | 0.34 | 0.30 | | Environmental | 148.15 | 0.33 | 0.22 | | Basic Chemicals | 782.64 | 0.24 | 0.03 | | Beauty Care | 59.28 | 0.23 | 0.39 | | Coal | 154.34 | 0.23 | 0.15 | | Public Utilities | 421.94 | 0.23 | 0.05 | | Comprehensive | 32.43 | 0.06 | 0.19 | | Non-bank Financial | 1501.68 | 0.06 | 0.00 | | Steel | 144.41 | 0.04 | 0.03 | | Social Services | 96.00 | -0.07 | -0.07 | | Real Estate | 300.05 | -0.07 | -0.02 | | Transportation | 340.92 | -0.14 | -0.04 | | Textile and Apparel | 67.20 | -0.46 | -0.69 | | Banking | 532.07 | -0.75 | -0.14 | | Home Appliances | 259.87 | -0.78 | -0.30 | | Oil and Petrochemicals | 257.65 | -1.20 | -0.46 | | Food and Beverage | 520.28 | -1.70 | -0.32 | | Construction Decoration | 318.04 | -1.87 | -0.59 | | National Defense | 636.01 | -1.95 | -0.30 | | Communication | 600.02 | -4.27 | -0.71 | [1][2]

209只创业板股公布截至6月20日最新股东户数，环比上期，股东户数下降的有126只，降幅超过一成的 有11只。 证券时报·数据宝统计显示，209只创业板股公布了6月20日股东户数，与上期（6月10日）比，股东户数 下降的有126只，其中股东户数降幅超一成的有11只。股东户数环比增长的有45只。 股东户数降幅最多的是洁雅股份，截至6月20日最新股东户数为8867户，较6月10日下降22.08%，筹码 集中以来该股累计下跌13.97%，累计换手率为74.02%，其间主力资金净流出2355.94万元。 其次是博苑股份，截至6月20日最新股东户数为14248户，较6月10日下降20.64%，筹码集中以来该股累 计上涨15.60%，累计换手率为161.22%。 奇德新材最新股东户数7823户，环比下降18.75%，筹码集中以来股价上涨0.32%，累计换手率为 85.89%。 进一步统计，有38只创业板股筹码呈连续集中的态势，相比之前各期，股东户数连续减少3期以上，股 东户数最多已连降15期。 中建环能最新股东户数为22849户，连续减少15期，累计降幅为20.86%；珂玛科技最新股东户数为 21254户，连续减少10期 ...

Market Overview - The US stock market has shown positive performance recently, with all three major indices rising over 1%, and the Dow Jones reaching its highest level since early March [3] - The Nasdaq China Golden Dragon Index surged by 3.31%, marking its largest single-day gain since May 13, driven by expectations of liquidity easing following signals from Federal Reserve Chairman Jerome Powell [3] Technical Analysis - The Shanghai Composite Index broke through the 3400-point level on June 24, with a trading volume of 1.41 trillion yuan, indicating a positive market signal [3] - Technical indicators such as RSI rising above 50, narrowing MACD bars, and KDJ golden cross suggest improving market sentiment [3] - However, significant selling pressure exists around the 3400-point mark, with historical failures to break through due to insufficient volume and trapped positions [3] Capital Flow - Northbound capital recorded a net sell of 6.304 billion yuan on June 24, with significant sell-offs in electronics, utilities, and home appliances, while sectors like non-ferrous metals, pharmaceuticals, and food and beverage saw net inflows [4] - Main capital flows indicate net inflows in banking, industrial metals, and real estate development, while sectors like semiconductors and computer applications experienced net outflows, reflecting a shift in capital between high and low-performing sectors [4] Policy Support - The People's Bank of China conducted a reverse repurchase operation of 406.5 billion yuan on June 24, releasing liquidity into the market [4] - A joint initiative from six departments introduced a 500 billion yuan loan program to support service consumption and the elderly care industry, which is expected to benefit related sectors in the long term [4] - The China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board in supporting technological innovation, potentially boosting confidence in the tech sector [4] Geopolitical Context - High-level trade talks between China and the US have resumed, which may help ease trade tensions [4] - The ceasefire agreement in the Middle East is in effect, but ongoing conflicts warrant attention to geopolitical risks that could impact the market [4] Investment Strategy - A-shares are expected to continue an upward trend on June 25, but attention is needed around the 3400-point resistance level [5] - Long-term investors are advised to focus on sectors supported by policy, such as consumption, technology, and elderly care, which have strong growth potential [5] - Short-term investors should monitor volume changes, with a sustained increase to 1.5 trillion yuan or more indicating potential for further market breakthroughs [5]

以最新收盘价计算，科创板平均股价为30.30元，其中股价超100元的有38只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有527只，下跌的有59只，以收盘价为基准测算，科创 板平均股价为30.30元，其中，收盘价超过100元的有38只，股价在50元至100元之间的有100只，股价在 30元至50元的有157只。 科创板股中，收盘价最高的是寒武纪，今日报收607.25元，上涨6.91%，其次是恒玄科技、百利天恒 等，最新收盘价分别为351.13元、293.29元。 科创板百元股中，今日平均上涨1.56%，具体来看，今日上涨的有29只，涨幅居前的有寒武纪、财富趋 势、峰岹科技等。下跌的有9只，跌幅居前的有浩欧博、源杰科技、柏楚电子等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价334.29%，溢价幅度居前的有百利天恒、 安集科技、寒武纪等，溢价幅度分别为1087.41%、1036.60%、843.08%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有19只、8 只、6只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流入6.12亿元， ...

（文章来源：每日经济新闻） 创业板ETF广发（159952）跟踪创业板指数，由创业板中市值大、流动性好的100只股票构成。指数聚 焦新质生产力方向，新兴产业、高新技术企业占比高，成长性突出。目前其申万前三大行业分别为电力 设备（31%）、医药生物（13%）、电子（11%），权重合计约55%。Wind显示，截至6月23日，创业板 指最新市盈率PE（TTM）为30倍，处于指数近十年15%的估值分位水平，配置性价比突出。场外投资 者可关注其联接份额（A类代码为003765，C类003766，F类021739）。其中， F份额0申购费，持有7天 0赎回费，销售服务费低至0.01%。 华安证券认为，市场正在震荡之中积聚向上突破的力量。宽松流动性托底市场难以向下，但内生增长动 能修复需要时间和政策长短兼顾制约市场快速向上。全A盈利预测显示，下半年基本能确立盈利自2024 年四季度触底后改善的趋势，或将成为市场向上突破的重要力量。该机构预计，全部A股公司下半年盈 利增速为3.3%，整体呈现边际改善趋势。创业板盈利增速下半年有望显著改善，科创板盈利增速有望 实现由负转正，为基本面提供支撑。 6月24日，A股三大股指集体收涨， ...

港股晨报 北向资金方面，6 月 23 日，北向资金共成交 1377.36 亿元，占两市总成交额 的 12.27%。交通银行601328.CH、贵州茅台600519.CH、中国银行 601988.CH 位列沪股通成交前三，成交额分别为 14.85 亿、10.18 亿、8.27 亿。宁德时代 300750.CH、比亚迪 002594.CH、中际旭创 300308.CH 位列深股通成交前三， 成交额分别为 12.22 亿、10.68 亿、9.96 亿。 板块方面，半导体板块表现突出，成为涨幅居前的主要板块，相关个股普遍录 得 1.5%-4.6%的升幅。其中中芯国际 981.HK 涨幅最大达 4.56%，华虹半导体 1347.HK 紧随其后涨 4.43%，晶门半导体 2878.HK 及上海复旦 1385.HK 分别 上涨 3.53%及 1.58%。消息面显示，美国商务部计划撤销台积电、三星、SK 海力士在华使用美国技术的豁免政策，要求相关企业今后需逐案申请许可证。 此举旨在限制美国关键技术流向中国，但遭到美国国防部等部门反对。随着外 部环境对中国半导体产业限制不断加剧，国产替代进程有望加速推进，国内半 导体产业链中， ...

上周市场整体放量，震荡下行，周内日均成交额约12，150亿元，短期内震荡承压局面或延续。风格 上，整体价值优于成长，大盘跑赢小盘；行业上，银行、通信、电子等表现靠前，美容护理、纺织服 饰、医药生物等表现靠后。 宏观展望：海外风险犹有加剧 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 另外，美联储6月议息会议决定不调整联邦基金利率的目标区间，维持在4.25%~4.50%，同时继续缩 表。当前美国关税政策、经济方向和通胀方向的不确定性都较强，美联储倾向于保持观望，如果短期内 通胀压力持续较大，可能对各类美元主导的风险资产形成明显压制。往后展望，全球权益资产的风险在 不断累积，不低的位置+滞胀风险的提升可能会带动美股迎来一轮Risk Off，后续美股调整的风险较 大。 市场展望：大盘方向或具更高性价比 今年市场的韧性明显比过去两年要强，虽然基本面存在压力，但市场并没有大幅调整。目前来看，国内 7月政策窗口期临近，海外地缘冲突有所升级，油价大幅上升，对国内市场影响更多偏情绪，对海外市 场造成的压力可能更大。展望后续，国内基本面压力仍存，但市场的定价逻辑也在逐渐从基本面向政策 预期过渡，待出现一些较好的政策 ...

截至6月23日，市场最新融资余额为18051.72亿元，较上个交易日环比增加42.24亿元，分行业统计，申 万所属一级行业有22个行业融资余额增加，医药生物行业融资余额增加最多，较上一日增加9.57亿元； 融资余额增加居前的行业还有电力设备、银行、计算机等，融资余额分别增加8.90亿元、6.65亿元、 6.48亿元；融资余额减少的行业有9个，国防军工、煤炭、非银金融等行业融资余额减少较多，分别减 少3.07亿元、1.60亿元、8455.72万元。 以幅度进行统计，银行行业融资余额增幅最高，最新融资余额为532.82亿元，环比增长1.26%，其次是 建筑材料、家用电器、交通运输行业，环比增幅分别为1.02%、0.85%、0.76%；融资余额环比降幅居前 的行业有煤炭、国防军工、综合等，最新融资余额分别有154.11亿元、637.96亿元、32.37亿元，分别下 降1.03%、0.48%、0.44%。（数据宝） | 基础化工 | 782.40 | -0.23 | -0.03 | | --- | --- | --- | --- | | 商贸零售 | 212.00 | -0.34 | -0.16 | | 电子 | 2 ...