Market Overview - On July 22, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.62% to close at 3581.86 points, the Shenzhen Component Index increasing by 0.84% to 11099.83 points, and the ChiNext Index up by 0.61% to 2310.86 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 192.86 billion yuan, an increase of 20.15 billion yuan from the previous day, with over 2500 stocks rising and more than 100 stocks hitting the daily limit for the second consecutive day [2] Sector Performance - The sectors that performed well included hydropower, engineering machinery, coal, steel, pork, and liquor, while sectors such as gaming, banking, and PCB concepts saw declines [2] - Specifically, the coal sector experienced a rapid increase in the afternoon, while the banking sector mostly adjusted downwards [2] International Market - In the U.S. stock market on July 22, the Dow Jones Industrial Average rose by 179.37 points (0.4%) to 44502.44 points, while the S&P 500 increased by 4.02 points (0.06%) to 6309.62 points. The Nasdaq Composite Index fell by 81.49 points (0.39%) to 20892.69 points [4][5] - In Europe, the FTSE 100 index rose by 10.82 points (0.12%) to 9023.81 points, while the CAC 40 index in France fell by 53.81 points (0.69%) to 7744.41 points, and the DAX index in Germany decreased by 265.90 points (1.09%) to 24041.90 points [4][5] Commodity Prices - International oil prices fell on July 22, with WTI crude oil dropping by $0.99 to $66.21 per barrel (1.47% decline) and Brent crude oil decreasing by $0.62 to $68.59 per barrel (0.90% decline) [4][5] Regulatory Developments - The "Rural Road Regulations" were published, set to take effect on September 15, 2025, aimed at promoting high-quality development of rural roads and supporting rural revitalization and agricultural modernization [6][7] - The regulations emphasize government-led planning, responsibility for county-level governments, and the need for improved road network quality and safety measures [6][7] Industry Initiatives - Shanghai's "Next-Generation Display Industry High-Quality Development Action Plan (2026-2030)" was issued, aiming to build a comprehensive industry system and enhance competitiveness by 2030 [9] - The plan focuses on developing two major technology routes and addressing four core areas to create a complete and resilient industrial chain [9] Gaming Industry - The National Press and Publication Administration approved seven imported games in July, indicating ongoing regulatory activity in the gaming sector [10] Foreign Exchange Market - The Deputy Director of the State Administration of Foreign Exchange stated that there are no significant expectations for the appreciation or depreciation of the RMB, with the market remaining stable and rational [11] Financial Sector Insights - The People's Bank of China reported a rebound in real estate loan growth, with a total balance of real estate loans reaching 53.33 trillion yuan, a year-on-year increase of 0.4% [13] - The report highlighted an increase in both real estate development loans and personal housing loans, indicating a gradual recovery in the real estate sector [13] Institutional Perspectives - Tianfeng Securities noted a significant pullback in bank stock prices since July 11, but maintains a positive long-term outlook for bank valuations due to expected improvements in net interest margins and non-interest income [14] - CITIC Construction pointed out that China's controllable nuclear fusion industry is advancing rapidly, with ongoing project financing and policy support [15][16] Capital Flow - The coal industry saw a net inflow of 2.588 billion yuan, while the internet services sector experienced a net outflow of 4.759 billion yuan [18] - Major stocks with significant net inflows included Changcheng Military Industry and Guizhou Moutai, while Northern Rare Earth and Wolong Electric Drive faced substantial outflows [19]

Group 1 - A-share companies are increasingly focusing on mid-term profit distribution, with 329 companies announcing plans for 2025 mid-term dividends as of July 22, indicating a trend towards high-frequency dividends and high dividend yield stocks gaining investor favor [1] - Insurance companies have made 21 equity stakes this year, with a notable preference for high dividend stocks, reflecting a long-term investment strategy that aligns with their need for stable returns [2][9] - The lithium carbonate market is experiencing a price increase driven by multiple factors, with several lithium mining companies reporting positive earnings forecasts for the first half of the year, indicating a recovery in the sector [3] Group 2 - Nearly 800 billion yuan has flowed into Hong Kong's stock market through ETFs this year, with significant investments in technology and internet sectors, highlighting a strong preference for these industries among investors [4] - The bond ETF market has seen rapid growth, surpassing 500 billion yuan in total scale, driven by policy support and increased market activity, indicating a robust demand for bond investment products [5] - The social retail sales total in China reached 24.5458 trillion yuan in the first half of the year, with expectations for the annual total to exceed 50 trillion yuan, driven by factors such as consumption scene innovation and subsidy policies [6] Group 3 - Overseas institutions have focused their research on 93 companies, primarily in the electronics sector, which has shown significant recovery and growth potential due to trends in artificial intelligence and consumer electronics [8] - The insurance sector's equity investments have reached a five-year high, with a notable increase in stakes across various industries, including banking and public utilities, reflecting a strategic shift towards high-yield investments [9] - The black commodity market, particularly for coke and coal, is experiencing a price rebound, with expectations for further price increases, indicating a potential recovery in the sector [10] Group 4 - Local governments are actively establishing funds to support the transformation of scientific and technological achievements, aiming to address challenges in commercializing innovations and enhancing resource allocation in key industries [11][13] - The commercial insurance market for new energy vehicles has seen a significant increase in premium income, with a 41.44% year-on-year growth, indicating a strong market demand and improving risk management [12]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 07 月 23 日 星期三 [Table_Summary] 概览 【二季度末人民币房地产贷款余额增速回升】据央行统计，二季度末， 人民币房地产贷款余额 53.33 万亿元，同比增长 0.4%，增速比上年 末高 0.6 个百分点，上半年增加 4166 亿元。个人住房贷款余额 37.74 万亿元，同比下降 0.1%，增速比上年末高 1.2 个百分点，上半年增 加 510 亿元。 核心观点 研报精选 【市场回顾】 周二 A 股高开后攻势不减，上证指数涨 0.62%报 3581.86 点，深证成 指涨 0.84%，创业板指涨 0.61%；沪深两市成交额 1.89 万亿元。申万 行业方面，煤炭、建筑材料、建筑装饰等领涨；银行、计算机、通信 领跌。概念板块方面，雅下水电概念、民爆概念、水泥等上涨，MLOps 概念、智谱 AI、华为盘古等下跌。港股方面，香港恒生指数收盘涨 0.54%报25130.03点，恒生科技指数涨0.38%，恒生国企指数涨0.39%； 海外方面，美国三大股指收盘涨跌不一，道指涨 0.4%， ...

重要的消息有哪些 1．外交部发言人郭嘉昆22日在例行记者会上就中美经贸相关问题答问时表示，在关税问题上，中方立场是一贯和明确的。希望美方同中方一道，落实两国元首通 话达成的重要共识，发挥中美经贸磋商机制的作用，通过对话沟通，增进共识、减少误解、加强合作，推动中美关系稳定、健康、可持续发展。具体情况请向主管 部门询问。 2．国家外汇管理局副局长、新闻发言人李斌7月22日在国新办新闻发布会上表示，上半年，企业和居民等非银行部门的跨境资金净流入1273亿美元，延续了去年 下半年以来净流入态势，其中，二季度净流入环比增长46%。分项看，上半年货物贸易项下净流入保持高位，外资整体净增持境内的股票和债券。 3．中国人民银行统计，2025年二季度末，金融机构人民币各项贷款余额268.56万亿元，同比增长7.1%，上半年人民币贷款增加12.92万亿元。2025年二季度末， 人民币房地产贷款余额53.33万亿元，同比增长0.4%，增速比上年末高0.6个百分点，上半年增加4166亿元。 4．7月22日，人力资源社会保障部举行2025年二季度新闻发布会，介绍2025年上半年人力资源和社会保障工作进展情况。截至6月底，养老保险基金投 ...

Group 1 - The State Administration of Foreign Exchange reported that in the first half of the year, banks accumulated foreign exchange settlement of 82,135 billion yuan and foreign exchange sales of 83,950 billion yuan, indicating a stable foreign exchange market with strong resilience and vitality, outperforming market expectations [1] - In the first half of the year, there was a net inflow of cross-border funds of 127.3 billion USD from non-bank sectors, and foreign capital net increased holdings of domestic stocks and funds by 10.1 billion USD, reversing the net reduction trend of the past two years, with expectations for gradual increases in foreign allocation of RMB assets [1] Group 2 - The Ministry of Human Resources and Social Security reported that as of the end of June, the number of participants in basic pension, unemployment, and work injury insurance reached 1.071 billion, 245 million, and 300 million respectively, all showing stable growth year-on-year [4] - The Central Huijin Investment Co. has significantly increased its holdings in exchange-traded funds (ETFs), with a total subscription of over 200 billion yuan in the second quarter, aligning its strategic layout with policy guidance to stabilize market expectations and attract long-term capital [4] Group 3 - JD.com launched a "Dish Partner" recruitment plan, offering 1 billion yuan in cash to find partners for 1,000 signature dishes, with a guaranteed dividend of 1 million yuan for each dish [7] - Meituan announced the official launch of the "Ten Thousand Brands" plan, providing traffic support, customized services, and brand support for 10,000 well-known catering brands, with over 5,000 brands already participating [8]

Group 1 - The National Foreign Exchange Administration reported a net inflow of approximately $33 billion in securities investment into China from January to May 2025, indicating an increased willingness for global capital allocation into the domestic stock market [1][9] - The People's Bank of China reported that by the end of Q2 2025, the balance of RMB loans from financial institutions reached 268.56 trillion yuan, a year-on-year increase of 7.1% [1][9] - The China Fusion Energy Company was established in Shanghai, marking the entry of a "national team" into the controllable nuclear fusion sector, accelerating the industry's move towards commercialization [1][9] Group 2 - Guizhou Moutai plans to jointly establish a scientific and technological research institute with its controlling shareholder, with a registered capital of 1 billion yuan, of which Guizhou Moutai will contribute 490 million yuan [2][7] - GoerTek announced plans to acquire 100% equity of Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd. for approximately 10.4 billion HKD, focusing on precision component manufacturing [2][7] - China Nuclear Power intends to invest 1 billion yuan to hold a 6.65% stake in the newly established fusion company [7]

Market Overview - The Shanghai Composite Index rose by 0.6%, the CSI 300 increased by 0.8%, the STAR 50 also went up by 0.8%, the CSI 1000 gained 0.4%, the ChiNext Index increased by 0.6%, and the Hang Seng Index rose by 0.5% [3][4] - The best-performing sectors on that day were coal (+6.2%), building materials (+4.5%), construction decoration (+3.4%), steel (+2.6%), and non-ferrous metals (+2.0%). The worst-performing sectors included banking (-1.0%), computers (-0.7%), telecommunications (-0.4%), electronics (-0.2%), and textiles and apparel (-0.2%) [3][4] - The total trading volume in the Shanghai and Shenzhen markets was 1,893 billion yuan, with a net inflow of 2.72 billion Hong Kong dollars from southbound funds [3][4] Industry Insights Alcohol Industry - The report analyzes the current adjustment period in the alcohol industry, comparing it with the previous adjustment period to summarize a counter-cyclical investment strategy [5] - Short-term impacts on consumption scenarios are more severe, while medium to long-term focus should be on the bottoming out of cycles and strategic choices of liquor companies across four dimensions [5] - Key investment opportunities are identified from now until the Mid-Autumn Festival and National Day, with recommendations for leading liquor companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao based on their financial performance and dividend yields [5] Social Services Industry - The report highlights ongoing competition in the local and e-commerce sectors, particularly in instant retail, with a focus on the acceleration of this market segment [6] - The report expresses optimism about the growth of instant retail, noting that Meituan has a significant advantage and is likely to maintain its leading position [6] - Investment opportunities are seen in the increasing penetration rates of instant retail and the rapid growth of multi-platform instant retail formats, with Meituan leading and Alibaba potentially emerging as a strong competitor [6]

Group 1: Industry Overview - Since July, overseas institutions have conducted research on 93 listed companies, primarily in the electronics, machinery, pharmaceuticals, and non-ferrous metals industries [1] - The electronics sector has the highest number of companies researched, totaling 18 [1] - The performance of the electronics industry has significantly improved in Q1 due to investments in artificial intelligence and consumer electronics subsidies, with continued high demand for computing power chips and related hardware in Q2 [1] Group 2: Company Performance - In Q2, companies in the electronics sector are expected to exceed market expectations due to robust orders in cloud computing and automotive electronics [1] - Huichuan Technology received attention from 59 overseas institutions, indicating strong global expansion with 18 subsidiaries and over 600 overseas team members [1] - Optoelectronics was researched by 31 overseas institutions, projecting a revenue growth rate of no less than 20% for 2025 based on 2024 revenue [2] Group 3: Stock Performance - Companies researched by overseas institutions have seen an average stock price increase of 10.07% since July, outperforming the Shanghai Composite Index [2] - 18 companies that received overseas institutional research saw stock price increases of over 20%, with some like Zhongdali De and Pengding Holdings exceeding 40% [2] Group 4: Earnings Forecast - Among the companies monitored, 28 have released earnings forecasts for the first half of 2025, with *ST Chengchang expected to turn a profit [2] - Zhongji Xuchuang, which was researched by 7 overseas institutions, anticipates a net profit of approximately 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year growth of 52.64% to 86.57% [2] - Northern Rare Earth is projected to have the highest profit growth, with an expected net profit of 900 million to 960 million yuan for the first half of 2025, reflecting a year-on-year increase of 1882.54% to 2014.71% [3]

Group 1 - The financing balance of A-shares has reached 1.9 trillion yuan, marking a significant increase of 153.99 billion yuan from the previous trading day, the first time it has surpassed this threshold in nearly four months [1] - The financing buy-in amount accounted for 10.29% of the total A-share trading volume, the first time it has exceeded 10% since March 7 [1] - The two markets, Shanghai and Shenzhen, saw their financing balances increase to 9.689 trillion yuan and 9.429 trillion yuan respectively, with notable increases in both markets [1] Group 2 - The activity level of margin trading has rebounded, with net inflow expanding, indicating that individual investors remain the primary source of incremental funds in the market [2] - The electronic, computer, and power equipment industries have emerged as the most favored sectors for financing buy-ins, reflecting a positive investment trend across multiple sectors [2] - In the current financing buy-in wave, the net buy-in amounts for power equipment, non-ferrous metals, and computers reached 77.23 billion yuan, 73.06 billion yuan, and 69.98 billion yuan respectively [3] Group 3 - Specific stocks such as Xinyi Technology, Zhongji Xuchuang, and Northern Rare Earth have seen net financing buy-ins exceeding 1 billion yuan in July, with Xinyi Technology leading at 16.81 billion yuan [3]

本报记者 吴晓璐 本月，河南、天津先后出台政策举措，支持并购重组。 服务与资金双轮驱动 自去年9月份"并购六条"（即《关于深化上市公司并购重组市场改革的意见》）出台以来，已经有上 海、安徽等省（直辖市），以及深圳、无锡、南京、广州等城市纷纷发布并购重组支持举措，旨在进一 步发挥并购重组资源配置功能，增强重点产业竞争优势，培育发展新质生产力，增强资本市场服务实体 经济能力。 接受采访的专家认为，在"并购六条"带动下，地方政府正进一步加码支持，并购重组活跃度有望进一步 提升。下一步，资本市场并购重组重点将转向"技术补强"，助力产业升级；跨区域、跨境并购继续回 暖，加强资源整合；融资工具更加多元，并购基金有望成为交易枢纽。 重点支持三大方向 提升区域经济竞争力 7月16日，河南省人民政府办公厅公开发布《河南省支持上市公司并购重组若干政策措施》，从促进产 业高质量发展、加强对接服务、强化资金供给、支持企业"走出去"等7个方面出台举措，加大并购重组 力度，提高上市公司质量，增强资本市场服务实体经济能力。 7月17日，天津市地方金融管理局、天津证监局、天津市财政局等七部门联合发布《天津市支持并购重 组若干措施》，从推动高 ...