Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Insights - The liquidity of the North Exchange has significantly improved, and its market recognition is continuously increasing [1][2] - In 2024, the total operating revenue of North Exchange A-shares reached 181.981 billion, with a net profit of 11.256 billion [1][15] - The average operating revenue per company in 2024 was 0.682 billion, with a net profit average of 0.042 billion [1][15] - The North Exchange A-shares have shown a stable revenue average of over 6.8 billion in the past three years [1][32] Summary by Sections Overall Performance of North Exchange A-shares - In 2024, the total operating revenue was 1819.81 billion, and the net profit was 112.56 billion [1][15] - The average revenue per company was 6.82 billion, and the average net profit was 0.42 billion [1][15] - The highest revenue and net profit in 2024 were recorded by Better Ray, with revenues of 14.237 billion and net profits of 0.946 billion [25][27] Comparison with Other Markets - The average revenue of North Exchange A-shares has remained stable above 6.8 billion over the past three years, while the average revenue of the dual innovation board is above 20.10 billion [1][32] - The net profit average for North Exchange A-shares has fluctuated between 0.42 and 0.68 billion over the past five years, compared to 1.02 to 1.61 billion for the registered system entrepreneurial board [1][32] Valuation Metrics - The PE-TTM value of North Exchange A-shares has surpassed the main board starting in 2024, indicating improved market attractiveness [2][39] - The PB value of North Exchange A-shares has exceeded that of the main board and is comparable to the registered system entrepreneurial board, reflecting rapid improvement in asset pricing capability [2][42] Liquidity Indicators - The trading volume of North Exchange has significantly increased since November 2023, with 2024 trading volume reaching 29735.71 billion [2][50] - The turnover rate of North Exchange stocks has consistently been higher than that of the dual innovation board since November 2023 [2][50] R&D Indicators - The average R&D expenditure for North Exchange A-shares in 2024 was 0.3223 billion, with the highest being 0.77206 billion by Better Ray [28] - The market R&D ratio has significantly increased, reaching 74.5346% in 2024, surpassing Shenzhen A-shares and approaching Shanghai A-shares levels [3][59] Industry Breakdown - The top five industries by total revenue in North Exchange A-shares in 2024 were power equipment, basic chemicals, machinery, automotive, and computers [3] - The highest gross margin industries included machinery, pharmaceuticals, computers, power equipment, and automotive [3]

| 日期 | 深沪两市 | 创业板 | 科创板 | 沪深300 | | --- | --- | --- | --- | --- | | 一周合计 | -184.04 | -143.33 | -35.00 | 34.52 | | 6月27日 | -194.12 | -88.19 | -13.62 | -52.64 | | 6月26日 | -310.12 | -128.02 | -18.20 | -56.17 | | 6月25日 | 71.38 | 42.66 | -3.23 | 82.73 | | 6月24日 | 172.11 | 28.64 | 5.13 | 58.20 | | 6月23日 | 76.70 | 1.58 | -5.06 | 2.39 | 行业来看，申万所属的一级行业中，本周上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅为 7.70%、6.90%。跌幅居前的行业为石油石化、食品饮料、交通运输，跌幅为2.07%、0.88%、0.24%。 行业资金流向方面，本周有9个行业主力资金净流入，非银金融行业主力资金净流入规模居首，该行业 本周上涨6.66%，合计净流入资金110.45亿元，其次是计算 ...

中国贸促会新闻发言人王琳洁表示，4月2日，美国政府以存在贸易逆差和非关税壁垒等问题为由实 施"对等关税"，以及当月实施的多项限制措施，是4月份全球经贸摩擦指数持续走高的主要原因。其 中，全球进出口关税措施指数同比提高89个点，涉华进出口关税措施指数同比提高131个点。美国当月 的全球经贸摩擦指数同比增长65个点，进出口关税措施指数同比增长199个点，涉华进出口关税措施指 数同比增长200个点。 中国贸促会27日发布的数据显示，4月全球经贸摩擦指数为131，进一步走高。全球经贸摩擦措施涉及金 额同比大幅上升37.6%，环比上升16%。 从行业指数看，在监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、运输设备、轻工、 化工、机械设备、医药、有色金属和农业，其中电子行业经贸摩擦指数居首。 （文章来源：新华财经） 从国别指数看，在监测范围内的20个国家（地区）中，美国、日本和印度的全球经贸摩擦指数位居前 三。美国全球经贸摩擦措施涉及金额最多，连续10个月居首。 从分项指数看，在监测范围内的20个国家（地区）共发布105项进出口关税措施，同比增长483%，环比 增长250%；发布进出口限制措施24项，同比增 ...

2025.06. 27 本文字数：2015，阅读时长大约4分钟 全球经贸摩擦态势显著加剧 从国别维度观察，在贸促会全球经贸摩擦指数监测的20个国家（地区）中，美国、日本和印度的经贸摩 擦指数位列前三。值得注意的是， 美国已连续10个月成为经贸限制措施涉及金额最大的国家。 行业层面，电子、运输设备、轻工、化工、机械设备、医药、有色金属和农业等13个主要行业成为经贸 摩擦的焦点领域。其中电子行业摩擦指数最高。 具体数据显示，监测范围内的国家（地区）共出台105项关税措施，同比增长483%，环比增长250%； 发布24项进出口限制措施，同比增长60%；同时发起22起贸易救济调查，并向世贸组织（WTO）提交 96项技术性贸易壁垒（TBT）通报和卫生与植物卫生措施（SPS）通报。 "进出口关税措施指数高居榜首，主要是受美国关税措施影响所致。 同时美方单边措施也产生破窗效应， 各国采取限制措施数量出现明显增长 。"王琳洁介绍，全球经贸摩擦态势显著加剧，欧盟发布关税和限制 类措施数量环比增长79.3%；加拿大、印度相关进出口限制措施数量同比增长100%。 作者 | 第一财经 高雅 美国政府近期实施的系列关税政策显著加剧了全 ...

美国政府的关税和相关限制措施是4月份全球经贸摩擦指数持续走高的主要原因。 美国政府近期实施的系列关税政策显著加剧了全球经贸摩擦。 6月27日，中国贸促会发布最新一期全球经贸摩擦指数，4月份全球经贸摩擦指数攀升至131，相关措施 涉及金额同比激增37.6%，环比增长16%。 中国贸促会新闻发言人王琳洁称，4月2日，美国政府以存在贸易逆差和非关税壁垒等问题为由实施所 谓"对等关税"，以及当月实施的多项限制措施，是4月份全球经贸摩擦指数持续走高的主要原因。 数据显示，全球进出口关税措施指数同比飙升89个点，其中涉华部分增长131个点。美国当月经贸摩擦 指数同比增加65个点，其进出口关税措施指数同比激增199个点，涉华关税措施指数增幅高达200个点。 具体数据显示，监测范围内的国家（地区）共出台105项关税措施，同比增长483%，环比增长250%； 发布24项进出口限制措施，同比增长60%；同时发起22起贸易救济调查，并向世贸组织（WTO）提交 96项技术性贸易壁垒（TBT）通报和卫生与植物卫生措施（SPS）通报。 "进出口关税措施指数高居榜首，主要是受美国关税措施影响所致。同时美方单边措施也产生破窗效 应，各国采取 ...

[Table_Reportdate] 2025年06月27日 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn [table_stockTrend] -25% -11% 2% 15% 29% 42% 56% 24-06 24-09 24-12 25-03 申万行业指数:机械设备(0764) 沪深300 [1.table_product] 人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 1.人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 [Table_NewTitle] 1-5月外销表现优于内销，重视具身智能 率先落地物流场景机遇 ——机械设备行业简评 [table_main] 投资要点： 机 械 设 备 [table_invest] ➢ 事件：根据中国工程机械工业协会发布数据，2025年5月叉车整体销量为12.35万台，同比 增长11.8%。其中，国内销量7.91万台，同比增长9.25%；海外销量4.43万台，同比增长 16.6%。2025年1-5月叉车累计 ...

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - The domestic economy maintains a stable pattern, with domestic assets presenting mainly structural opportunities. The policy - driven logic will be strengthened in the second half of the year. Overseas geopolitical risks may intensify short - term market fluctuations and disrupt risk preferences. In the long run, the weak US dollar pattern continues. Attention should be paid to non - US dollar assets and strategic allocation of resources such as gold [7]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: In June, the Fed kept the federal funds rate target range unchanged at 4.25% - 4.50%, with a more cautious outlook on下半年 rate cuts. US economic data in May was weak, and the economic recovery is limited by geopolitical risks and trade uncertainties. Rising oil prices may prompt the Fed to send hawkish signals [7]. - **Domestic Macro**: The Lujiazui Financial Forum announced multiple financial support policies, strengthening policy expectations for the second half of the year. In May, fixed - asset investment expanded, manufacturing investment grew rapidly, and the service industry accelerated. Industrial and consumer data also showed positive growth [7]. - **Asset Views**: Domestic assets offer structural opportunities, driven by policies in the second half of the year. Overseas geopolitical risks may cause short - term market fluctuations, while the long - term weak US dollar pattern persists. Attention should be paid to non - US dollar assets and strategic allocation of gold [7]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: Funds are releasing congestion, and the market is expected to fluctuate. Key points to watch include end - of - day stock stampedes and deterioration of US dollar liquidity [8]. - **Stock Index Options**: Sellers should wait for the inflection point of declining volatility, and the market is expected to fluctuate. The continuous deterioration of option liquidity is a concern [8]. - **Treasury Bond Futures**: The bullish sentiment in the bond market has declined, and the market is expected to fluctuate. Attention should be paid to unexpected changes in tariffs, supply, and monetary easing [8]. 3.2.2 Precious Metals - **Gold/Silver**: Due to better - than - expected progress in Sino - US negotiations, precious metals will continue to adjust in the short term. Key points include Trump's tariff policy and the Fed's monetary policy, and the market is expected to fluctuate [8]. 3.2.3 Shipping - **Container Shipping to Europe**: Attention should be paid to the game between peak - season expectations and price - increase implementation. The market is expected to fluctuate, and key points include tariff policies and shipping companies' pricing strategies [8]. 3.2.4 Black Building Materials - **Steel Products**: The macro sentiment has improved, but contradictions are accumulating. The market is expected to fluctuate, and key points include the progress of special bond issuance, steel exports, and molten iron production [8]. - **Iron Ore**: Molten iron production has slightly increased, and prices are fluctuating. Key points include overseas mine production and shipping, domestic molten iron production, weather, port ore inventory, and policy dynamics [8]. - **Coke**: Pessimistic sentiment has faded, and prices are stable. Key points include steel mill production, coking costs, and macro sentiment [8]. - **Coking Coal**: Transaction volume has improved, but confidence is still insufficient. Key points include steel mill production, coal mine safety inspections, and macro sentiment [8]. - **Silicon Iron**: Cost expectations have improved, and the market performance is strong. Key points include raw material costs and steel procurement [8]. - **Manganese Silicon**: Cost disturbances have emerged again, and the market performance is strong. Key points include cost prices and overseas quotes [8]. - **Glass**: Supply disturbances have affected sentiment, and production and sales have weakened. The key point is spot production and sales [8]. - **Soda Ash**: Intermediate inventory has decreased, and the market is under pressure. The key point is soda ash inventory, and the market is expected to decline with fluctuations [8]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The US dollar index is weak, and copper prices are at a high level. Key points include supply disturbances, unexpected domestic policies, less - than - expected dovishness of the Fed, and less - than - expected recovery of domestic demand [8]. - **Alumina**: The number of warehouse receipts is low, and the alumina market has risen. Key points include unexpected delays in ore resumption, excessive electrolytic aluminum resumption, and extreme sector trends [8]. - **Aluminum**: Low inventory and high premiums have pushed up aluminum prices. Key points include macro risks, supply disturbances, and less - than - expected demand [8]. - **Zinc**: The supply - demand surplus pattern remains unchanged, and attention should be paid to short - selling opportunities. Key points include macro - turning risks and unexpected recovery of zinc ore supply. The market is expected to decline with fluctuations [8]. - **Lead**: Cost support has strengthened again, and the downside of lead prices is limited. Key points include supply - side disturbances and slowdown in battery exports [8]. - **Nickel**: Supply and demand are under pressure, and nickel prices are expected to be weak in the short term. Key points include unexpected macro and geopolitical changes, Indonesian policy risks, and insufficient supply release [8]. - **Stainless Steel**: Nickel - iron prices continue to decline, and the market is expected to fluctuate. Key points include Indonesian policy risks and unexpected demand growth [8]. - **Tin**: Spot transactions are dull, and tin prices are fluctuating. Key points include expectations of Wa State's resumption of production and demand improvement [8]. - **Industrial Silicon**: Supply is continuously increasing, and silicon prices are under pressure. Key points include unexpected supply cuts and unexpected photovoltaic installations [8]. - **Lithium Carbonate**: Warehouse receipts have significantly decreased, and price fluctuations should be watched out for. Key points include less - than - expected demand, supply disturbances, and new technological breakthroughs [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: US inventory pressure has eased, and short - term geopolitical disturbances should be watched. The market is expected to decline with fluctuations. Key points include OPEC+ production policies and Middle East geopolitical situations [10]. - **LPG**: Geopolitical tensions have eased, and the market is weakly fluctuating. Key points include cost developments of crude oil and overseas propane [10]. - **Asphalt**: The expectation of increased production is strong, and asphalt prices are expected to follow crude oil down. The market is expected to decline with fluctuations, and the key point is unexpected demand [10]. - **High - Sulfur Fuel Oil**: Israel has resumed gas field production, and fuel oil prices may continue to be under pressure. The market is expected to decline with fluctuations, and key points include crude oil and natural gas prices [10]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil prices are expected to follow crude oil down. The market is expected to decline with fluctuations, and key points include crude oil and natural gas prices [10]. - **Methanol**: Tensions between Iran and Israel have eased, and the market is fluctuating. Key points include macro - energy and upstream - downstream device dynamics [10]. - **Urea**: Exports are used to balance domestic supply - demand differences, and the market may be slightly stronger in the short term. The market is expected to rise with fluctuations. Key points include market transactions, policy trends, and demand fulfillment [10]. - **Ethylene Glycol**: Rising ethylene prices have boosted ethylene derivatives, and the market is expected to fluctuate and adjust. The key point is ethylene glycol terminal demand [10]. - **PX**: Supply is tight, and geopolitical developments should be watched. The market is expected to fluctuate. Key points include crude oil fluctuations and downstream device abnormalities [10]. - **PTA**: Supply - demand has weakened marginally, but the current situation is okay and costs are strong. The market is expected to fluctuate. The key point is polyester production [10]. - **Short - Fiber**: The short - fiber industry is healthy, and spot processing fees have slightly increased. The market is expected to rise with fluctuations. The key point is terminal textile and clothing exports [10]. - **Bottle Chips**: The market follows raw materials, and the industry is waiting for production cuts. The market is expected to fluctuate. The key point is future bottle - chip start - up [10]. - **PP**: Crude oil prices have fallen, and the market is fluctuating. Key points include crude oil prices and domestic and overseas macro - situations [10]. - **Plastic**: Geopolitical premiums have declined, and the market is fluctuating. Key points include crude oil prices and domestic and overseas macro - situations [10]. - **Styrene**: Geopolitical tensions have cooled down, and the market is expected to decline. The market is expected to decline with fluctuations. Key points include crude oil prices, macro - policies, and device dynamics [10]. - **PVC**: With low valuation and weak supply - demand, the market is fluctuating. Key points include expectations, costs, and supply [10]. - **Caustic Soda**: Dynamic costs have increased, and the market is temporarily fluctuating. Key points include market sentiment, start - up, and demand [10]. - **Oils and Fats**: The sustainability of the rebound should be watched, and the weather in US soybean - producing areas is good. The market is expected to fluctuate. Key points include South American soybean harvest, US soybean planting, and Malaysian palm oil production and demand data [10]. - **Protein Meal**: The expectation of soybean meal imports has hit the market, and the support at the bottom should be watched. The market is expected to fluctuate. Key points include US soybean area and weather, domestic demand, macro - situation, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: The market is fluctuating, and spot prices are still firm. Key points include less - than - expected demand, macro - situation, and weather [10]. - **Pigs**: Upstream price - holding sentiment is strong, and demand is in the off - season. The market is expected to fluctuate. Key points include breeding sentiment, epidemics, and policies [10]. 3.2.7 Agriculture - **Rubber**: A warm macro - environment has driven up rubber prices. The market is expected to fluctuate. Key points include production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: The market's follow - up increase is limited. The key point is significant crude oil price fluctuations [10]. - **Pulp**: The weak trend remains unchanged. The market is expected to decline with fluctuations. Key points include macro - economic changes and fluctuations in US - dollar - denominated quotes [10]. - **Cotton**: Cotton prices continue to rebound with increased positions. The market is expected to fluctuate. Key points include demand and output [10]. - **Sugar**: The domestic and international markets are differentiated, and the domestic market is rebounding with fluctuations. The key point is abnormal weather [10]. - **Logs**: There are no obvious fundamental contradictions, and the market is expected to fluctuate in the short term. Key points include shipment volume and dispatch volume [10].

头部企业通过并购重组可以避免重复恶性竞争。 6月26日下午，"把握并购机遇，赋能产业体系——广州推动并购重组高质量发展活动"在第十三届广州 金交会产融对接专区举办。 参会人士认为，在政策助力的背景下，以新质生产力为导向，当前企业的并购重组活动围绕科技创新进 行；而龙头企业通过并购重组整合资源，可以提高行业集中度，避免重复恶性竞争，提升全球竞争力。 提高行业集中度 杨常建表示，部分传统行业企业通过并购重组实现跨界，比如近日来看，一些原本主业为消费电子的科 技企业，跨界进入汽车行业，通过在消费电子领域积累的技术优势，提升生产效率并降低成本，能够较 快实现扩张，而部分敏锐的企业已在全球铺设产线，也通过了跨境并购等方式，积极参与国际竞争。 徐飞认为，全球并购趋势显示，科技行业为并购热点，我国并购市场也呈现产业导向明显、科技企业占 比增加的趋势，当前上市公司并购重组行业结构发生变化，机械设备、电力设备、电子等创新科技类行 业占比提升，在政策与市场"双轮驱动"作用下，共同引导资源向高精尖领域汇聚。 招商银行（600036.SH，03968.HK）总行投资银行部并购产品总监余锐泓表示，政策方面来看，科技企 业并购贷款期限延 ...

Core Insights - The global trade friction index for April shows a significant year-on-year increase of 37.6% in the amount involved [1] - The United States, Japan, and India rank as the top three countries in terms of global trade friction index [1] - The U.S. has the highest amount of trade friction measures, maintaining the top position for ten consecutive months [1] Industry Insights - Among 13 major industries monitored, trade friction conflicts are concentrated in electronics, transportation equipment, light industry, chemicals, machinery, pharmaceuticals, non-ferrous metals, and agriculture [1] - The electronics industry has the highest trade friction index among the monitored sectors [1]

消息面上，深交所全资子公司深圳证券信息有限公司于6月27日发布创业板电池指数、创业板医疗指 数、创业板算力基础设施指数等5条创业板主题指数，聚焦电池、医疗、算力等特色产业领域，选取市 值大、流动性好的50只创业板股票构成样本股。创业板在电池、医疗、算力等细分领域已形成明显的产 业集聚特征，相关领域上市公司市值规模可观，为指数编制提供了良好条件。此外，创业板同步启用第 三套上市标准，为符合条件（50亿元市值+3亿元营收）的未盈利创新企业提供新的融资通道，进一步 支持高科技企业发展。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中信建投指出，在2025年陆家嘴论坛上，证监会提出在创业板正式启用第三套上市标准（预计市值不低 于50亿元且最近一年营业收入不低于3亿元），支持优质未盈利创新企业上市。该政策将重点服务技术 有较大 ...