Overall Research - The report indicates that the A-share market has shown strong performance, with the Shanghai Composite Index reaching a year-to-date high of 3456 points as of June 25, 2025, marking three consecutive days of gains [3][4]. Key Points - The low overall valuation of A-shares presents a good investment cost-performance ratio, with the Wande All A Index's price-to-earnings ratio at 19.8x and the CSI 300 Index at 13.2x as of June 25, 2025 [3][4]. - The equity risk premium for the Wande All A Index stands at 3.4%, which is at the 70.3 percentile since 2010, indicating a historically high risk premium due to the continuous decline in risk-free interest rates [3][4]. - External risks are gradually dissipating, with positive factors accumulating, such as the resolution of tariff impacts and the implementation of more proactive fiscal and moderately loose monetary policies, which are expected to enhance domestic economic resilience [3][4]. - The quality of listed companies in China is steadily improving, with significant increases in R&D spending from CNY 585.6 billion in 2018 to CNY 1.5593 trillion in 2023, reflecting a strong commitment to high-quality development [4]. - The total dividend payout by A-share listed companies has increased from less than CNY 300 billion in 2010 to over CNY 1 trillion in 2019, and is projected to exceed CNY 1.9 trillion in 2024, indicating a positive trend in investor returns [4]. - The report suggests that sectors such as brokerage firms, the Sci-Tech Innovation Board, and the Hang Seng Tech Index may have potential for phase-wise gains following the index's new high [5]. - Brokerage firms are highlighted as "bull market leaders," likely to yield excess returns as the market strengthens, supported by active trading volumes [5]. - The report emphasizes that the technology innovation theme remains crucial in the capital market, with the Sci-Tech 50 and ChiNext Index showing relatively lagging performance since the beginning of the year, indicating potential future opportunities [5]. - The current liquidity environment in Hong Kong is favorable, with an ongoing overseas interest rate cut cycle and continuous inflow of southbound funds, making the Hang Seng Tech Index representative of emerging industry trends [5].

格林大华期货研究院 证监许可【2011】1288 号 2025 年 6 月 26 日星期四 早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制发布， 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周三市场继 ...

【导读】稳定币概念股强势走高，胜利证券一度涨超160% 中国基金报记者李智 6月26日上午，A股三大指数小幅上涨，截至午间收盘，沪指涨0.11%，深成指涨0.26%，创业板指涨0.31%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3459.66 | 10420.86 | 1455.45 | | +3.68 +0.11% | +27.14 +0.26% | +17.83 +1.24% | | 科创50 | 创业板指 | 万得全A | | 1000.39 | 2134.99 | 5299.91 | | +4.78 +0.48% | +0.31% +6.59 | +17.18 +0.33% | 板块上来看，航天军工板块持续爆发，稳定币板块强势走高，软件、固态电池、化工等板块涨幅居前；生物医药、汽车、券商等板块震荡调整。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 稳定币 4.45% | 军工信息化 ...

【导读】稳定币概念股强势走高，胜利证券一度涨超 160% 中国基金报记者 李智 6 月 26 日上午， A 股三大指数小幅上涨，截至午间收盘，沪指涨 0.11% ，深成指涨 0.26% ，创业板指涨 0.31% 。 | 上证指数 | | 深证成指 | 北证50 | | --- | --- | --- | --- | | 3459.66 | | 10420.86 | 1455.45 | | +3.68 +0.11% | +27.14 +0.26% | | +17.83 +1.24% | | 科创50 | 创业板指 | | 万得全A | | 1000.39 | 2134.99 | | 5299.91 | | +4.78 +0.48% | +6.59 | +0.31% | +17.18 +0.33% | 板块上来看，航天军工板块持续爆发，稳定币板块强势走高，软件、固态电池、化工等板块 涨幅居前；生物医药、汽车、券商等板块震荡调整。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

MACD金叉信号形成，这些股涨势不错！ 本周A股市场连续三个交易日放量大涨，上证指数创出年内新高，A股总市值逼近百万亿大关，创下历 史新高。6月25日，在大金融等全板块带动下，三大指数全线上涨，创业板指数涨3%，军工、券商、软 件等板块爆发。整个A股市场超过3900只股票上涨，80只股票涨停，市场成交额达到1.64万亿元。6月26 日周四，沪深两市继续反弹，市场信心得到提振，市场情绪逐步回暖，投资者风险偏好提升。特别是港 股部分券商获得加密货币交易服务等利好消息推动，出现放量暴涨，某龙头券商甚至上涨数倍，极大地 激发了券商板块的投资热情，很多券商股大幅上涨。作为行情风向标的券商股被称为牛市旗手，在券商 股大涨带动下，市场信心得到提振，资金流入股市意愿增强，下半年A股市场和港股市场有望迎来新一 波行情。 不过，目前仍面临一些外部不确定因素，如国际关系仍存在一定不确定性，中东冲突虽近期停火，但仍 有反复可能，这些会增加下半年市场波动。但随着稳经济增长政策逐步落地，下半年我国经济面将逐步 企稳回升，经济数据有所改善，经济回升是股市回升基础，下半年A股和港股将延续结构性行情。以人 形机器人为代表的科技板块有望成为领涨 ...

Market Performance - A-shares experienced a significant rally on Wednesday, with the Shanghai Composite Index rising by 1.04% to reach a new high for the year at 3455.97 points [1] - The total trading volume across both markets was 16,028 billion yuan, an increase of 1,882 billion yuan compared to the previous trading day [2] Market Sentiment and Drivers - The market's bullish sentiment was reignited due to several event-driven factors, including improvements in the international market environment and the confirmation of a ceasefire between Iran and Israel [3] - Non-bank financials, defense, and computer sectors led the gains, driven by news such as Guotai Junan International receiving approval to provide cryptocurrency trading services [3][4] Sector Analysis - The financial sector, particularly brokerage firms, saw a significant boost, with Guotai Junan International's stock soaring by 198% on the news of its new service approval [4] - The Hong Kong Securities ETF also experienced record trading volume, surpassing 27 billion yuan, marking a historical high with an increase of 8.51% [4] Economic Outlook - The second quarter earnings will serve as a critical verification point for market trends, with expectations of a recovery in industrial profits as macroeconomic stability improves [7] - Policies aimed at boosting consumption and infrastructure investment are expected to support economic recovery, with a strong likelihood of continued market activity in the second half of the year [7][6] Investment Opportunities - Investment firms are focusing on sectors with high growth potential, such as new technologies, renewable energy, and high-end manufacturing, which are expected to benefit from favorable policies and market conditions [8][9] - The financial sector is highlighted as having significant investment value, particularly in light of recent developments in the cryptocurrency space and the overall recovery of market sentiment [8][9]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.11%, Shenzhen Component Index up 0.26%, and ChiNext Index up 0.31%. The Northbound 50 Index increased by 1.24%. The total market turnover reached 1,002.6 billion yuan, an increase of 53.8 billion yuan compared to the previous day, with over 2,900 stocks rising [1][2]. Sector Performance - The military industry, diversified finance, solid-state battery, and CPO concept stocks led the gains. The military sector saw a significant surge, with nearly 20 stocks, including Zhongguang Fanglei and Fenghuo Electronics, hitting the daily limit. Fenghuo Electronics experienced a sharp rise, reaching the limit within one minute [3][4]. - Solid-state battery concept stocks also became active, with Zhonglun New Materials hitting the daily limit within three minutes of opening [5][12]. - The diversified finance sector maintained its strength, with stocks like Ruida Futures and Hongye Futures reaching the daily limit. Hong Kong brokerage stocks remained active, with Shengli Securities surging over 150%, setting a new historical high [5][6]. Hong Kong Brokerage Sector - The rise of cryptocurrency business among Hong Kong brokerages was highlighted, with Shengli Securities doubling in price during the session [6][9]. - The market reacted positively to Guotai Junan International obtaining the first full license for virtual asset trading among Chinese brokerages in Hong Kong, leading to a surge in its stock price, which initially rose nearly 90% before stabilizing at around 13% [7][11]. - The overall interest in virtual asset trading licenses increased, with 40 institutions upgrading their licenses to provide virtual asset trading services, including 38 brokerages and one bank [11]. Notable Stock Movements - Zhonglun New Materials and other solid-state battery stocks saw significant price increases, with several stocks hitting the daily limit. Zhonglun New Materials specifically reached a 20% limit increase shortly after market opening [12][13]. - The stock of Nord Shares, which had previously achieved a seven-day limit increase, clarified its business situation regarding solid-state batteries, indicating that its revenue from this sector was minimal and faced intense competition [15][17].

Group 1 - The A-share market experienced a narrow fluctuation on June 26, 2025, with the defense and military industry sectors leading the gains, showing an increase of over 2% [4] - A new stock, Guangxin Technology, was listed on the A-share market, with its price surging over 500% during the trading session [5][6] - The Hong Kong stock market showed a lackluster performance, with the Hang Seng Index mostly declining, while several brokerage stocks exhibited significant volatility [10][12] Group 2 - Guotai Junan International's stock saw an astonishing rise of nearly 90% before unexpectedly dropping, with a trading range exceeding 100% [12] - On June 24, 2025, Guotai Junan International announced that its wholly-owned subsidiary, Guotai Junan Securities (Hong Kong) Limited, received approval from the Hong Kong Securities and Futures Commission to upgrade its license for providing virtual asset trading services [14] - Victory Securities in the Hong Kong market also experienced a sudden surge, with its price increasing by over 160% during the session [14] Group 3 - Guangxin Technology specializes in insulation fiber materials and their molded products, primarily used in power transmission systems, electrified railways, and military equipment [7][8] - The company has established long-term partnerships with leading transformer manufacturers, becoming a core supplier of insulation fiber materials and molded products [8]

Market Overview - A-shares experienced a narrow range of fluctuations on June 26, with the defense and military industry sectors leading the gains, showing an increase of over 2% [3] - The newly listed stock, Guangxin Technology, saw its price surge by over 500% during the trading session [6][7] Sector Performance - The defense and military sector was the top performer, with stocks like Zhongke Haixun and Guorui Technology hitting the daily limit [3] - Other sectors that performed well included computers, communications, and comprehensive industries, while pharmaceuticals, automobiles, and beauty care sectors saw declines [4] New Stock Listing - Guangxin Technology specializes in insulation fiber materials and has established itself as a leading supplier in the domestic market, particularly in the power transmission and military equipment sectors [8][9] - The company has built long-term partnerships with major transformer manufacturers, enhancing its market reputation [9] Hong Kong Market Activity - The Hong Kong market showed a lackluster performance, with the Hang Seng Index experiencing slight declines [12] - Notable volatility was observed in brokerage stocks, particularly Guotai Junan International, which saw a dramatic rise of nearly 90% before a significant drop, resulting in a trading range exceeding 100% [14][16] - Victory Securities also experienced a sharp increase, with intraday gains surpassing 160% [18]

Group 1 - The Hang Seng Index closed down 0.48%, while the Hang Seng Tech Index remained flat [1] - Online travel, hotel, and leisure stocks in Hong Kong saw significant gains, with China Travel rising over 61% and Ocean Park rising nearly 20% [1] - Brokerage stocks continued to be active, with Victory Securities surging over 127% and China Everbright Holdings increasing over 28% [1]