教你挖掘基 . 以下文章来源于教你挖掘基 ，作者冰姐 投资理财有方法，我们手把手教你挖掘牛基~ 四月初那根"关税大棒"砸下的深坑，如今已被A股悄然填平。上证指数从3000点附近的泥潭中爬 起，一度冲上3400点，各大指数几乎收复失地。 眼下，投资者最关心的问题无非两个：反弹来到什么位置？6月该关注什么？ 接着看，小编带你好好捋一捋。 01 反弹的现状：资金博弈与估值锚 短期市场的走势，本质是资金面的投票与博弈。去年 10 月，全市场日均成交额从 5000 亿飙升至 3.5 万亿的峰值，随后逐步缩量至万亿附近。 这种 " 放量冲锋 — 缩量休整 " 的节奏，像极了运动员的间歇性冲刺。或许就像一场马拉松跑过半 程，体能消耗与赛道难度同时显现，接下来的每一步都需要更清晰的策略。 兴业证券统计显示，今年行业轮动强度逼近 2023 年初的历史高点，科技、消费、周期板块轮流登 台，却缺乏一条贯穿始终的主线。 这种快速切换的背后，是两大结构性矛盾： 一是增量资金不足。 4 月以来，个人投资者通过融资买入的热情降温，反映出市场情绪从热情转向迟疑。 二是外部不确定性反复。海外关税等不确定因素持续扰动加重了市场的博弈属性，让部分 ...

Market Overview - A-shares opened higher on June 11, with the Shanghai Composite Index surpassing 3400 points during the midday session, ultimately closing up by 0.52% at 3402.32 points [1] - The Shenzhen Component Index rose by 0.83% to 10246.02 points, while the ChiNext Index increased by 1.21% to 2061.87 points [1] - Total trading volume in the Shanghai and Shenzhen markets was 12,555 billion, a decrease of 1,598 billion from the previous trading day [1] Sector Performance - The financial sector led the gains, with significant activity in rare earth permanent magnets, short drama games, automotive parts, solid-state batteries, and digital currency themes [1] - The rare earth sector continued to strengthen, with several stocks hitting the daily limit or rising over 10% [3] - Automotive stocks showed strong performance throughout the day, with multiple stocks also hitting the daily limit or rising over 10% [3] - The pharmaceutical sector experienced a downturn, with several stocks declining over 6% [3] - Communication stocks faced notable declines, with several companies dropping over 5% [3] Investor Sentiment and Market Outlook - Citic Securities noted that investor sentiment in May was generally stable, with expectations of continued market risk appetite due to improved US-China trade relations [5] - Zhongyuan Securities indicated that the market's liquidity remains ample following recent monetary policy adjustments, with expectations for further policy support [6] - Dongguan Securities highlighted the potential for structural opportunities in the market driven by positive economic indicators and technological breakthroughs [7] - Shenwan Hongyuan suggested that the market may remain in a consolidation phase, with a focus on key economic data and policy developments in June [8]

北交所信息更新 北 交 所 研 究 并行科技（839493.BJ） 2025 年 06 月 11 日 投资评级：增持（下调） | 日期 | 2025/6/10 | | --- | --- | | 当前股价(元) | 157.60 | | 一年最高最低(元) | 299.99/31.09 | | 总市值(亿元) | 92.74 | | 流通市值(亿元) | 63.82 | | 总股本(亿股) | 0.59 | | 流通股本(亿股) | 0.40 | | 近 3 个月换手率(%) | 505.9 | 2025Q1 实现营收 1.98 亿元（+51.68%），归母净利润 359.40 万元（+43.77%） 并行科技 2025Q1 实现营收 1.98 亿元，同比+51.68%；归母净利润 359.40 万元， 同比+43.77%。2024 年实现营收 6.55 亿元，同比+32.07%；归母净利润 0.12 亿元， 同比+114.98%。公司主营业务算力服务收入持续增加，规模化效应显现，盈利 能力提升明显。我们上调 2025 年，维持 2026 年盈利预测，预计 2025-2026 年归 母净利润为 25（原 15 ...

Group 1 - The core viewpoint is that the data ETF (516000) represents the big data industry, which is driven by both policy catalysts and technological iterations, establishing itself as a key sector that can withstand economic cycles [3] - As of June 10, 2025, the data ETF has seen a cumulative increase of 2.36% over the past week, with a trading volume of 21.88 million yuan and a turnover rate of 4.44% [1] - The China Securities Big Data Industry Index (930902) has shown a 0.24% increase, with key component stocks like Inspur and iFlytek rising by 3.91% and 0.58% respectively [1][2] Group 2 - The demand for AI computing power from the internet and intelligent computing centers continues to grow, with rapid progress in domestic procurement [2] - The index structure of the China Securities Big Data Industry Index shows a concentration of 50.5% among the top ten weighted stocks, with companies like iFlytek and Inspur being core players in the computing power sector [2] - The upcoming ByteDance Volcano Engine Spring Power Conference will focus on new product releases and advancements in AI technologies, indicating ongoing innovation in the industry [1]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 11 年 月 日 朝闻国盛 推新大年，健康引领 今日概览 【电子】影石创新（688775.SH）-影像设备龙头，创新引领发展—— 20250610 【汽车&海外】雅迪控股（01585.HK）-政策驱动景气度上行，龙头盈利 修复可期——20250610 ◼ 研究视点 【计算机】海光曙光复牌，国产算力生态开始整合重估——20250610 作者 | 分析师 | 丁逸朦 | | | | --- | --- | --- | --- | | 执业证书编号：S0680521120002 | | | | | 邮箱：dingyimeng@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 医药生物 | 9.7% | 7.4% | 10.8% | | 纺织服饰 | 4.7% | 5.1% | 12.4% | | 农林牧渔 | 4.6% | 9.1% | 0.8% | | 银行 | 4.3% | 10.7% | 27.7% | | 美容护理 | 4.3% | 13.1% | 12.3% | ...

Core Viewpoint - The company, Maxinlin (688685.SH), is experiencing steady growth and has signed contracts worth 1.184 billion yuan for high-performance server clusters, which are expected to positively impact its future performance [1]. Group 1: Business Developments - Maxinlin's subsidiaries, Ruiying Zhican and Ruixin Intelligent, signed four contracts with Beijing Construction and Beijing Jingyi, totaling 1.184 billion yuan for providing high-performance server clusters [1]. - The contracts are part of the company's regular business operations and are not related-party transactions, indicating a focus on expanding its service offerings in the computing power sector [1]. Group 2: Financial Performance - In 2024, the company's revenue from computing power services was 65.73 million yuan, accounting for 13.79% of total revenue, contributing to a significant overall revenue increase of 62.35% year-on-year, reaching 477 million yuan [2]. - The net profit attributable to shareholders for 2024 was 45.54 million yuan, marking a substantial year-on-year growth of 198.73% [2]. - In Q1 2025, the company continued its growth trajectory with a revenue increase of 168.82% year-on-year to 188 million yuan and a net profit increase of 407.62% to 40.5 million yuan [2]. Group 3: Research and Development - The company has been increasing its R&D investment, with expenditures of 20.51 million yuan, 25.29 million yuan, and 30.12 million yuan from 2022 to 2024, totaling 75.92 million yuan [3]. - In Q1 2025, R&D expenses reached 9.377 million yuan, reflecting a year-on-year growth of 70.09% [3]. - As of the end of 2024, the company held 12 core technologies in the aerospace sector, with 11 developed in-house [2]. Group 4: Market Performance - The company's total assets reached 2.963 billion yuan by the end of Q1 2025, an increase of 789 million yuan from the end of 2024 [3]. - Since the beginning of 2025, Maxinlin's stock price has shown a volatile upward trend, closing at 61.08 yuan per share on June 9, 2025, which is an increase of over 84% from the closing price of 33.19 yuan on December 31, 2024 [3].

Core Viewpoint - The event held in Inner Mongolia highlights the region's potential for industrial transfer, focusing on green and innovative development across various sectors, including new energy equipment, new materials, and low-altitude economy [1][2]. Group 1: Industrial Development - Inner Mongolia is leveraging its unique resource endowments, particularly in wind and solar energy, to attract industrial transfer and promote green development [2]. - The establishment of the Inner Mongolia Northern Jiaxuan Technology Co., Ltd. aims to create a production base for rare earth permanent magnet motors, with plans to develop a thousand-unit production line and a research center [3]. - The region is expected to generate an output value exceeding 500 billion yuan in new materials, focusing on green alloy materials and aluminum-based new materials [4]. Group 2: Strategic Location and Infrastructure - Inner Mongolia's geographical advantages include connections to Northeast China, Beijing-Tianjin-Hebei, and international markets through multiple ports, enhancing its role as a strategic hub for economic corridors [5]. - The region is positioned as a key player in the "Belt and Road" initiative, with companies like Jiangsu Jiaxuan utilizing Inner Mongolia as a base for expanding into the Mongolian and Russian markets [5]. Group 3: Policy and Environment - The Inner Mongolia government is committed to optimizing the business environment by introducing new policies and support measures to facilitate industrial development and attract investment [7]. - A significant investment fund has been established to support high-quality industrial development, ensuring that companies can benefit from favorable policies [7]. - Continuous improvements in infrastructure and resource allocation are being implemented to meet the needs of enterprises and enhance their operational efficiency [7].

北美 AI 算力&云计算行业观点更新：如何看待后续空间？ 20250610 摘要 美股 AI 算力板块表现突出，英伟达自 4 月 22 日以来股价上涨 40.5%，AMD 上涨 39.1%，博通和迈威尔分别上涨 43%和 34%，数 据中心基建相关公司也受到显著催化，例如 Constellation 上涨 56%， 高速互联公司 Credo 上涨 69%。 大型云厂商如微软和 Oracle 受益于云计算业绩超预期，股价分别上涨 28%和 35%，远期 PE 高于五年均值。新型云厂商 CoreWeave 与 Nelcast 虽然亏损，但 PS 估值较高，分别达到 13.3 倍和 21.9 倍。 与算力强相关的 AI 应用软件公司涨幅显著，北美软件指数 IGV 反弹 30%。云安全公司 Rubrik 与 Zscaler 分别上涨 62%与 51%，Web 应 用程序安全公司 Cloudflare 上涨 55%。 英伟达一季度业绩符合预期，二季度指引收入 450 亿美元，同比增长 76%，Blackwell 需求强劲，GB300 量产时间提前，NVH 机柜快速爬 坡，全年 Blackwell 出货量预计为 500 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang, valued at 116 billion yuan, has led to significant stock price increases for both companies, while related ETFs have experienced declines, raising concerns about potential arbitrage activities in the market [1][2][4]. Group 1: Merger Details - Haiguang Information plans to absorb Zhongke Shuguang through a share swap valued at 116 billion yuan, marking a significant consolidation in the domestic computing power industry [1]. - Both companies are seen as key players in the domestic computing power supply chain, with complementary roles that could reshape the competitive landscape [9][10]. Group 2: Market Reactions - On June 10, Zhongke Shuguang's stock surged by 10% with a trading volume of 458 million yuan, while Haiguang Information rose by 4.3% with a trading volume of 8.73 billion yuan [1]. - In contrast, several related ETFs, including the Xinchuan 50 ETF, experienced notable declines, with the Xinchuan 50 ETF dropping by 3.76% [2][3]. Group 3: ETF Dynamics - The significant drop in ETF prices is attributed to arbitrage activities, where funds that anticipated the rise in individual stocks sold off ETF shares to lock in profits after the stocks' price increases [4][10]. - During the suspension period before the merger announcement, the assets under management of related ETFs surged, with some increasing nearly sevenfold, which diluted the impact of the individual stocks' price increases on the ETF's net asset value [4][8]. Group 4: Investment Considerations - Analysts suggest that investors should carefully evaluate the merger's potential to enhance the companies' core competitiveness and future profitability, rather than blindly following market trends [10]. - It is important for investors to understand the mechanisms in place to prevent arbitrage and the implications of the merger on both individual stocks and ETFs [9][10].

Core Viewpoint - The largest-scale restructuring in the domestic computing power industry has made significant progress with the merger of Haiguang Information and Zhongke Shuguang, which will be conducted through a share exchange ratio of 1:0.5525 [1] Group 1: Company Merger Details - Haiguang Information will issue A-shares to all shareholders of Zhongke Shuguang to absorb the latter, with Zhongke Shuguang's market value at approximately 90.5 billion yuan and its corresponding value in Haiguang Information shares at about 88.5 billion yuan [1] - The transaction values Zhongke Shuguang at approximately 27.4 billion yuan, with its net assets projected to be 20.4 billion yuan in 2024 [1] Group 2: Industry Implications - The restructuring is expected to optimize the industrial layout from chips to software and systems, gathering quality resources from both upstream and downstream of the information industry chain [2] - The merger aligns with regulatory requirements and is supported by favorable policies, which will enhance the complementary advantages in technology reserves and product development between the two companies [2] - The restructuring case is seen as a model for capital markets serving the real economy, promoting the ability of capital markets to support high-quality development [2]