Group 1 - The Hang Seng Index (HSI) closed up 0.11% with a trading volume of 119.7 billion HKD [1] - Strong performance observed in sectors such as construction materials, cement, coal, and infrastructure [1] - Notable individual stock movements include Huijing Holdings rising over 191%, OK Blockchain increasing over 31%, and NIO up nearly 11% [1] Group 2 - Weak performance in sectors like cosmetics, film, and aluminum, with notable declines in stocks such as Haidilao down nearly 4% and Baidu down nearly 3% [1] - The market opened slightly lower, with the HSI initially down 39 points at 24,100 points, indicating a mixed trading sentiment [1] - The technology index (KCI) also saw a slight increase of 0.2% during the early trading session [1]

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index breaking through the 3500-point level, indicating potential upward momentum in the market [1][10]. Market Performance - As of the midday close on July 14, the Shanghai Composite Index stood at 3525.4 points, up 0.43%, while the Shenzhen Component Index was at 10671.48 points, down 0.23%, and the ChiNext Index at 2190.82 points, down 0.74% [1][2]. - The overall market saw over 2600 stocks rising, indicating a relatively balanced performance between gainers and losers [2]. Sector Performance - The PEEK materials sector led the gains, followed by precious metals, small home appliances, humanoid robots, and the power sector [4]. - Conversely, the diversified financial sector was sluggish, with cultural media and real estate sectors showing weakness [4]. Capital Flow - Main capital inflows were observed in machinery, electrical equipment, and automotive sectors, while outflows were noted in computing, non-bank financials, and media sectors [6]. - Specific stocks such as Siyuan Electric, Greenland Holdings, and Xiangyang Bearing saw net inflows of 8.63 billion, 7.38 billion, and 7.26 billion respectively [7]. - On the outflow side, stocks like Dazhihui, Dongfang Caifu, and BYD faced sell-offs amounting to 11.1 billion, 9.1 billion, and 7.77 billion respectively [8]. Institutional Insights - Analysts suggest that the Shanghai Composite Index's breakout above 3500 points could open further upward space, with long-term funds continuously buying into bank-led dividend sectors [10]. - The market is advised to focus on sector rotation opportunities, particularly in innovative pharmaceuticals, computing power chains, PCB, and solid-state batteries [10]. - Technical analysis highlights the importance of the 3490-point support level for the Shanghai Composite Index, with potential buying opportunities if the index dips [10].

证券研究报告：有色金属|行业周报 发布时间：2025-07-14 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 5199.61 | | --- | --- | --- | | 52 | 周最高 | 5230.85 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-07 2024-09 2024-12 2025-02 2025-04 2025-07 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《滞胀交易驱动金属价格上行》 - 2025.07.06 市场有风险，投资需谨慎 请务必阅读正文之后的免责条 ...

【导读】 上纬新材开盘1秒钟直接封上涨停板，涨幅达20%； 贵金属概念股震荡拉升，电力股集体 走高 中国基金报记者 李智 新的一周开始了，一起来看下最新的市场情况及资讯。 7 月 14 日早盘， A 股三大指数集体高开，随后震荡调整。截至发稿，沪指涨 0.35% ，深 成指跌 0.14% ，创业板指跌 0.67% 。 板块上来看，贵金属概念股震荡拉升，电力股集体走高，多元金融、稳定币、房地产等板块 震荡调整。 | | | 7月8日晚间，上纬新材发布公告称，智元机器人至少收购其63.62%股份。待本次股权交易完成后，上 纬新材控股股东将变更为智元机器人及其管理团队共同持股的主体，实际控制人将变更为邓泰华，核心 团队包括稚晖君等。 | < W | 上纬新材(688585) | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 交易中 07-14 10:45:04 科 融 | | | | | | | | | | | 16.14 额 1896.59万 股本 4.03亿 市盈 70.2 | | | | | ...

Market Overview - The three major A-share indices opened higher, with the Shanghai Composite Index rising by 0.09% and the ChiNext Index increasing by 0.02%. Key sectors such as precious metals, rare earth permanent magnets, and securities showed significant gains [1]. Institutional Insights - According to Caixin Securities, there is an expectation for a "de-involution" market trend, with no significant macro risks anticipated before August. The market is entering a new bullish phase, supported by improved investor sentiment and increased capital inflow. Although there are strong resistance levels, a predominantly strong oscillating market is expected, with an increase in investment tolerance. As long as the broad market indices do not show significant breakdowns, maintaining a high equity market position is advisable. The implementation of "de-involution" policies could alleviate the "increased income without increased profit" dilemma, potentially leading the indices into a new upward phase [2]. - Huazhong Securities remains optimistic about the trend in banking and insurance sectors, noting that while overseas tariff risks may increase, A-shares are gradually becoming desensitized. The upcoming second-quarter economic data is expected to be weaker than the first quarter but may exceed market expectations. The market is likely to experience increased volatility, with a focus on the banking sector's high dividend yield and the potential for significant valuation recovery in the real estate sector. Sectors with strong support include rare earth permanent magnets, precious metals, engineering machinery, motorcycles, and agricultural chemicals [3]. Investment Recommendations - Investment suggestions include focusing on sectors related to "de-involution" such as photovoltaics, lithium batteries, automobiles, steel, building materials, coal, and pork. Additionally, stablecoin-related sectors like fintech and brokerage, as well as non-ferrous sectors such as rare earths and precious metals (especially silver), are recommended. Companies with mid-year earnings forecasts likely to exceed expectations include those in overseas computing power, wind power, shipping, innovative pharmaceuticals, new consumption, and military industries [2].

| | 纽元/美元 NZDUSD | 0.599 | | -0.35% | | --- | --- | --- | --- | --- | | 机 | 英镑/日元 GBPJPY | 198.412 | | -0.24% | | | | 虚拟货币 VIRTUAL CURRENCY | | | | B | 比特币 1 | 119028.010 -58.630 | | -0.05% | | | BTC | | | | | 1 | 菜特币 | 94.940 +0.320 | | +0.34% | | | LTC | | | | | | 以太坊 ETH | 2966.600 | -5.430 | -0.18% | | | 瑞波币 XRP | 2.858 | +0.022 | +0.77% | 金十图示：2025年07月14日（周一）亚盘市场行情 | 现货铂金 XPTUSD | 1376.740 | +9.630 | +0.70% | | --- | --- | --- | --- | | 现货钮金 XPDUSD | 1259.000 | -21.647 | -1.69% | | 黄金(COMEX) GC | 3374. ...

Group 1 - The precious metals sector in A-shares experienced an initial rise, with Zhongjin Gold and Hunan Silver both increasing by over 7% [1] - Xiaocheng Technology saw an increase of nearly 3%, while Hengbang Shares, Western Gold, and Chifeng Gold also followed with gains [1]

上海黄金交易所黄金T+D 7月14日（周一）早盘盘初上涨0.85%报776.5元/克； 上海黄金交易所白银T+D 7月14日（周一）早盘盘初上涨2.32%报9206.0元/千克。 黄金延期 白银延期 ...

首席点评： "反内卷"长期利好商品价格 今年上半年，我国汽车产销量首次双超1500万辆，同比均实现两位数增长。得益于持续整治"内卷式"竞 争，车企生产节奏稳定，压库存状况得到改善，产业活力持续释放。竞争固然是市场经济的常态，但打 价格战、搞"内卷式"竞争，只会助长"劣币驱逐良币"。单纯向下"卷"价格，最终没有赢家。只有依靠技 术创新、产业升级练好"内功"，才能赢得未来。 2）国内新闻 7月13日，上海证券交易所发布《科创板上市公司自律监管指引第5号——科创成长层》《发行上市审核 规则适用指引第7号——预先审阅》等配套业务规则，并自发布之日起施行。此举旨在落实《关于在科 创板设置科创成长层 增强制度包容性适应性的意见》，以进一步深化科创板改革。 重点品种： 玻璃、钢材、股指 3）行业新闻 玻璃纯碱： 玻璃期货大幅反弹。基本面，夏季检修行情逐步深化，供给收缩，市场预期好转。上周玻 璃小幅库存消化，市场聚焦供给端收缩带来的进一步成效。数据方面，本周玻璃生产企业库存 5734万 重箱，环比下降97万重箱。纯碱期货大幅反弹。数据层面，本周纯碱生产企业库存186.4万吨，环比增 加3.3万吨。综合而言，国内，玻璃纯碱都处 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - Investment opportunities in various sectors including precious metals, petrochemicals, polyester, and the overall market outlook for A-shares Core Views and Arguments 1. **Market Liquidity and Bullish Outlook** The market liquidity is supported by state intervention and increased insurance capital inflow, with a bullish sentiment continuing as A-shares reach 3,500 points [3][5][6] 2. **Anti-Inflation Measures** The concept of "anti-involution" is seen as a long-term solution to deflation, enhancing market risk appetite and providing valuation support for related industries, although profit and capacity utilization improvements may take time [4][6] 3. **External Environment Impact** Changes in the external environment, such as reduced recession expectations in the US and potential shifts in Federal Reserve leadership, position China favorably, maintaining optimism in the A-share market [5][6] 4. **Investment Opportunities in Precious Metals** Long-term bullish outlook on precious metals, with central bank gold purchases continuing. Silver and platinum are seen as having rebound potential, while cyclical metals like copper and aluminum benefit from supply-demand restructuring [6][10] 5. **Petrochemical Sector Challenges** The petrochemical sector faces limited refining capacity and declining profitability in coal-to-olefins and gas-to-olefins projects, with potential project shutdowns due to tariff impacts [11][12] 6. **Polyester Sector Developments** The polyester sector is entering a non-involution phase, with leading companies reducing production. Demand is expected to rise, particularly in the filament segment, with a significant turning point anticipated in 2026 [2][12][13] 7. **Steel Industry Adjustments** The steel industry is expected to see a reduction in production capacity, with a target of 20-30 million tons to balance supply and demand. The anti-involution policy is likely to enhance profitability [21][23] 8. **Cement Industry Measures** The cement industry has implemented anti-involution measures, leading to improved supply-demand dynamics and better-than-expected performance in some companies [24][26] 9. **Coal Industry Dynamics** The coal industry is expected to improve its supply-demand balance due to the exit of outdated capacity, with a focus on optimizing profitability and safety standards [20][22] 10. **Glass Industry Outlook** The glass industry, particularly photovoltaic glass, is seeing a reduction in supply due to production cuts, with expectations for price rebounds. The float glass sector is still in a bottoming phase, with potential for supply-side improvements [25] Other Important but Possibly Overlooked Content - The importance of maintaining a favorable investment environment in the context of global economic shifts and domestic policy adjustments - The role of leading companies in various sectors in stabilizing market conditions through coordinated production cuts and strategic planning - The potential for significant market recovery in sectors like polyester and glass, driven by demand increases and effective supply management strategies