| 2025年06月09日 一周市场回顾 | 证券研究报告-一周市场回顾 | | | --- | --- | --- | | 一周市场回顾 (2025.06.03-2025.06.06) | | | | | 分析师:马遥识途 资格证书:S1330524050001 | | | | 联系邮箱:mayst@hxzb.cn | | | | 联系电话:15201282186 | | | | 相关研究 | | | | 一周市场回顾 (2025.05.26- | | | | 2025.05.30) | | | A 股市场: | 2025.06.03 | | | | 一周市场回顾 (2025.05.06- | | | l 本周 A 股上证指数上涨 1.13%,收于 3385.36点,深证成指上涨 | 2025.05.09) | | | 1.42%.收于 10183.70点,创业板指上涨 2.32%.收于 2039.44点。 | 2025.05.12 | | | | 一周市场回顾 (2025.04.28 - | | | 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 | 2025.04.30) | | ...

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a positive trend, driven by factors such as improved risk appetite due to easing US-China trade relations and significant inflows into the Hang Seng Tech ETF [2][3][8] - The Hang Seng Tech ETF has seen over 2% increase in intraday trading, with net inflows exceeding 2.1 billion yuan in the past 60 days [1][5] - The current market environment is characterized by a shift in consumption patterns and technological advancements, particularly in AI, which are attracting investor interest in Hong Kong stocks [4][7][9] Group 2 - Hong Kong stocks are expected to outperform A-shares due to their unique asset characteristics and the scarcity of certain stocks related to new consumption and AI applications [3][7] - The Hang Seng Tech Index is currently valued at a price-to-earnings ratio of 20.7, which is considered attractive compared to global standards [9] - The influx of southbound capital indicates a strong demand for Hong Kong stocks, particularly from domestic institutions, which is expected to continue supporting the market [8][9]

今日各行业表现（截至上午10:29） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 医药生物 | 2.76 | 681.05 | 54.63 | 星昊医药 | 25.32 | | 国防军工 | 2.43 | 297.32 | 17.01 | 航天南湖 | 10.82 | | 农林牧渔 | 1.38 | 88.61 | 11.91 | 诺普信 | 5.53 | | 非银金融 | 1.02 | 247.89 | 49.97 | 永安期货 | 10.03 | | 电力设备 | 0.87 | 441.65 | -3.82 | 信宇人 | 16.44 | | 纺织服饰 | 0.86 | 78.56 | -7.69 | 恒辉安防 | 10.05 | | 计算机 | 0.86 | 545.73 | -7.30 | 卓易信息 | 12.05 | | 通信 | 0.82 | 354.82 | 13.86 | 楚天龙 | 10.01 | | 传媒 | 0.81 | 176.30 | 6 ...

站在石榴坑山场半山腰，江西安远县车头镇官溪村村民叶焕用手机扫描林票上的二维码，38亩合作造林 的信息跃然屏幕。 为解决林业生产周期长、资金回笼慢等难题，安远县构建"林权抵押+收益权质押+森林保险"金融闭 环，建立江西省首个林权交易平台，让"绿色资产"真正流动起来。2024年，全县集体林地收储面积3.2 万亩，林权收储金额4.3亿元，林权贷款额达3.5亿元。 一张小小林票带来的演变，正在超出广大林农的想象。 在海拔400米的龙布林场，"四维生态"场景正在形成：山林上层培育楠木等珍贵树种，中层铁皮石斛"附 树生长"，下层套种灵芝、草珊瑚等中药材，地面养殖生态土鸡、蜜蜂。 "1亩林地四层收益，顶过去10亩纯林。"安远县林业局局长唐石发说，这种"长短结合、以短养长"的复 合经营模式，使林场亩产值从1600元跃升至8500元。全县推广的30余万亩林下经济，孕育出"林+药、 林+菌、林+蜂"等特色产业，其中塘村乡油茶基地亩产茶油42公斤，年收益超223万元。 如今，安远县森林覆盖率从79%攀升至82.72%，林业总产值增长5.2倍，林农人均林业收入占比达51%， 但更深远的变化在于发展理念的革新。 "这山林的'身份证'一 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 09 年 月 日 朝闻国盛 短期可能迎来"决断" 今日概览 ◼ 重磅研报 【宏观】政策半月观—短期可能迎来"决断"——20250608 【宏观】美国经济将迎来至关重要的两个月——兼评 5 月非农就业—— 20250607 【金融工程】市场有望继续上涨——20250608 【金融工程&医药生物】新质生产力布局全球，一键投资 AH 创新药—— 永赢医药创新智选基金投资价值分析——20250608 【金融工程】择时雷达六面图：本周估值分数下降——20250607 【固定收益】利率为何能突破前低——20250608 【建筑材料】建材传统淡季来临，预计淡季不淡——20250608 【能源】迎峰度夏有望提振电力需求，新型电力系统试点解决新能源消 纳——20250608 【固定收益】利率下行，杠杆抬升——流动性和机构行为跟踪—— 20250607 【固定收益】如何理解央行预告式买断回购，影响几何？——20250606 【银行】本周聚焦—近期多家银行宣布分红派息——20250608 【能源】复盘煤价止跌的启示——历史如镜、照见兴衰规律—— 20250607 ...

Group 1 - The establishment of Wanyuan Dingfeng Agricultural Technology Development Co., Ltd. with a registered capital of 30 million RMB [1] - The legal representative of the company is Tian Wanxin [1] - Shareholding structure includes Sichuan Shanrong Wanmu Wood Industry Co., Ltd. (45%), Zhongtaihe (Hainan) Biotechnology Co., Ltd. (25%), Sichuan Dazhou Shanrong Wanmu Forestry Development Co., Ltd. (15%), and Tian Guoshan (15%) [1] Group 2 - The company's business scope includes the cultivation of traditional Chinese medicine, initial processing of edible agricultural products, and sales of forestry products [1] - The company is classified under the national standard industry of agriculture, forestry, animal husbandry, and fishery, specifically in forestry management and maintenance [1] - The company is registered in Wanyuan City, Dazhou, Sichuan Province, with an operational period until June 5, 2025, and no fixed term thereafter [1]

jianyuhan@kysec.cn 证书编号：S0790525050005 一季报利润增速由负转正，更多归功于低基数，并非内生性盈利周期改善 回顾过往五轮盈利下行周期，本轮 A 股处在历史上最长的负增长区间，带来了很低 的基数。2025Q1，周转率和杠杆率仍在向下，而利润率的改善带来了本次一季度的 上行，但抽丝剥茧发现，本次利润率的改善并非"量"或"价"有很显著的改变， 更大的原因来自于营业成本端、费用端的减少。 仔细分析一季报：①收入端，一季度 A 股整体需求尚未出现拐点，整体复苏动能疲 弱。②盈利端，全 A 非金融 ROE 连续 15 个季度下行，凸显深层次结构性压力对盈 利能力的持续性的影响，可归结于"资产负债表衰退"和杠杆率的持续衰退。③盈 利能力归因：一季度利润增速同比转正，核心动能源于低基数效应、营业成本下降 和费用小幅下降，导致销售净利率提升 0.06 个百分点至 4.57%。④企业信心尚未恢 复，产能周期、库存周期触底许久并未上行。 投资策略周报 2025 年 06 月 08 日 策略研究团队 ——投资策略周报 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 一季度 ...

Group 1 - The North Exchange will officially launch the North Specialized and Innovative Index on June 30, 2025, which will provide multi-dimensional investment targets and performance benchmarks [1][9] - The index will consist of the 50 largest "little giant" companies listed on the North Exchange, reflecting the overall performance of specialized and innovative companies [1][9] - As of June 6, 2025, there are 146 national-level specialized and innovative "little giant" companies listed on the North Exchange, accounting for 54.89% of the total [1][14][17] Group 2 - In 2024, the average revenue of national-level specialized and innovative companies on the North Exchange was 613 million yuan, while non-national-level companies had an average revenue of 768 million yuan, with year-on-year changes of -6.88% and +2.40% respectively [1][15] - The average net profit attributable to shareholders for national-level specialized and innovative companies was 47.83 million yuan, compared to 35.16 million yuan for non-national-level companies, with year-on-year changes of -20.72% and -24.34% respectively [1][15] - The gross profit margin for national-level specialized and innovative companies was 25.11%, while for non-national-level companies it was 21.83% [21][24] Group 3 - The North Exchange's A-shares had an average daily trading volume of 24.83 billion yuan, a decrease of 2.38% from the previous week, with a turnover rate of 6.18% [2][30] - The North 50 Index closed at 1427.06 points, with a week-on-week increase of 1.30% and a PE ratio of 74.42X [2][31][35] - The overall PE ratio for North Exchange A-shares increased to 50.21X, with 144 companies having a PE ratio exceeding 45X, accounting for 54.55% [2][33][38] Group 4 - The five major industries on the North Exchange, including high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, have TTM PE ratios of 40.68X, 101.69X, 42.50X, 56.05X, and 51.53X respectively [2][37][39] - The North Exchange focuses on serving innovative small and medium-sized enterprises, particularly in advanced manufacturing and modern service industries, to promote high-quality economic development [1][14]

广西素有"八山一水一分田"的说法，广袤的森林资源构成了我国南方重要的生态屏障。近日，自治 区林业局传来捷报：广西增发国债森林防火阻隔系统项目全面完成建设，并顺利通过验收，新建及改造 的3098.25公里森林防火道路，贯通广西林区，成为守护森林资源安全的坚实生命线。 2024年以来，广西全力推进森林防火阻隔系统项目建设，总投资达19.51亿元，其中国债资金17.57 亿元，这是广西历年来投资规模最大的林业基建工程。这些资金精准投入到森林防火道路建设中，推动 了林区道路优化升级，串联成网，为守护广西绿水青山，筑牢中国南方生态屏障再添一道坚固防线。 破局：从"行路难"到"双网"升级 项目审批曾是一道棘手的难题。为了破解这一困境，广西创新推出"容缺受理""绿色通道"等举措。 在高峰林场项目审批过程中，相关部门打破常规，在部分材料暂缺的情况下，先行受理项目申请，同时 安排专人指导项目单位补充材料。原本需要数月才能完成的项目可研、初设、财评、招标等各环节审 批，时间被压缩近1/3，大大加快了项目落地的速度。 涉林纠纷也是项目建设中经常遇到的问题。在六万林场，施工过程中遇到了此类情况。政企协调组 迅速介入，深入村民家中，耐 ...

Core Insights - The article highlights the successful development of the chestnut industry in Qianxi County, Hebei Province, through scientific management and innovative practices, leading to increased quality and yield of chestnuts [1][2][3] Group 1: Industry Development - Qianxi County has planted 750,000 acres of high-quality chestnuts, producing over 80,000 tons annually, with fresh chestnut sales exceeding 900 million yuan, and the total output value of the chestnut industry surpassing 2.5 billion yuan [1][4] - The county has implemented a "mountain green, people rich" model, integrating ecological construction with local livelihoods, resulting in over 1.6 million acres of mountain greening [2][3] Group 2: Technological Innovation - Qianxi County collaborates with research teams for variety selection, cultivation management, and product development, promoting 220,000 grafting experiments of new chestnut varieties [3] - The county has established a 100-acre chestnut variety nursery in partnership with the Chinese Academy of Forestry, collecting 128 superior varieties and selecting two high-yield, quality varieties for demonstration [3] Group 3: Value Chain Enhancement - The county has improved the chestnut industry value chain by utilizing tree pruning waste for mushroom production, generating over 700 tons of fresh mushrooms annually and benefiting over 160 local producers [3] - Qianxi County has developed over 30 deep-processed chestnut products, with a processing capacity of over 3,000 tons annually, sold through both physical stores and online platforms [3][4]