以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 2.融资融券数据： 当前市场融资融券余额为18737.13亿元，较上期上升1.92%，其中融资余 额18605.04亿元，融券余额132.09亿元。本期两融日均交易额为1338.13亿元，较上期上升 12.86%，其中融资日均净买入1332.50亿元，较两周前上升12.86%，融券日均净卖出5.63 亿元，较上期上升11.65%。近两周融资净买入前三的行业分别为有色金属、非银金融和电力 设备；融券净卖出前三的行业分别为电子、基础化工和电力设备。 3.涨跌情况： 近两周全市场上涨家数高于下跌家数，近两周涨幅前三的行业为钢铁、建筑材 料和综合，下跌的行业为汽车。 4.强弱分析： 近两周全部A股强弱分析得分为6.19，沪深300强弱分析得分6.29，创业板强 弱分析得分5.97，科创板强弱分析得分5.91，处于中性区间。 测量结果：健康 诊断说明： 本周上证综指冲上3500点，7月11日两市成交额也创4个月新高，虽然后市面临 关键节点，但积极因素仍在累积。后续继续看好科技及港股机会。 申万宏源证券上海分公司官微，能为您提供账户开立、软件 ...

科顺股份预计 2025 年二季度收入与去年同期持平或略降，但下半年有 望实现正增长，主要受益于去年下半年较低的基数。地产板块持续下滑， 但市政基建和工商建筑领域需求良好，二季度总体增长接近 30%。 防水行业盈利能力普遍缩窄，头部企业积极推动提价以改善报表。科顺 股份自 7 月 10 日起在零售端和工程端实施提价，预计实现 3%-5%的涨 价，即使涨幅仅 1%-2%，也被视为积极信号，有助于毛利率提升。 科顺股份的提价策略动态管理，取决于市场需求和同行落实情况。若下 半年需求企稳或同行普遍跟随提价，则提价难度降低。当前竞争主要集 中在几家上市公司之间，协同涨价可降低市场份额流失风险。 科顺股份预估总需求约为 1,000-1,100 亿元，有效市场约为 700-800 亿元。头部前三家企业合计市占率约 40%。跨行业进入防水领域的公司， 如三棵树和亚士等，转型并不成功，预计投入和市占率将逐渐走低。 科顺股份业务方向包括零售、防水材料海外销售及工商类建筑项目。 2025 年零售业务占比预计接近 20%，海外销售占比预计达到 6-7%。 地产相关收入占比预计继续降低。 Q&A 科顺股份 20250714 摘要 请介 ...

2025 年 7 月 15 日 星期二 每日大市点评 7 月 14 日，港股大盘窄幅波动，恒生指数日内高低波幅仅 167 点，最终上升 64 点或 0.3%，收报 24,203 点。恒生科指上 升 0.7%，收报 5,283 点。大市成交金额减少至 2,104 亿港元，港股通净流入 82 亿港元。尽管大盘缺乏方向，但港股内部 热度尚可，主板多达 1,070 只股票上升，上升板块占多数，题材股及政策受惠股表现活跃，国泰君安国际(1788 HK)、巨 星传奇（6683 HK)、健康之路(2587 HK)等中小型股再打入 20 大成交活跃榜。生物医药、能源及材料板块表现突出，三生 制药(1530 HK)再升 12.2%，博安生物(6955 HK)也大升 22.3%。恒瑞医药(1276 HK)盘中一度升接近 9%，高见 78.8 港元， 再创 H 股上市以来新高，收市仍上升 3.4%。化工、造纸、铜矿及其他有色金属等细分行业继续受惠"去产能"政策的憧 憬。前期表现较"落后"的 AI 产业及机器人相关股份造好，金山云(3896 HK)、万国数据(9698 HK)及优必选(9880 HK)分 别升 2.9%至 8.5%不 ...

《行动方案》结合我省资源禀赋、产业发展基础、区位自然条件、自贸港政策制度优势等，科学确 定了我省生物制造产业立体布局、发展方向，提出了未来三年"5+8+N"发展路径，即聚焦"海洋生物制 造、生物育种"两大特色创新，重点在"生物医药、生物食品、生物农业、生物材料、生物化工与能 源"五大领域发力；围绕"技术创新-成果转化-企业培育-产业发展"主线，实施"高能级创新平台体系构 建、核心技术攻关、信息技术与生物技术融合赋能、加速创新成果转化、特色产业链创建、企业梯度培 育、标志性产品培塑和市场发展环境提升"等八大任务攻坚行动；因地制宜发展若干特色产业链，引育 一批龙头骨干企业，构建良好的生物制造产业创新发展生态。 《行动方案》明确，今年底，组建海洋生物制造创新中心，培育若干个标志性产品，谋划一批中试 及重点产业链项目。到2027年底，力争形成以海口、三亚为"双核"，儋州、琼海为"两翼"，联动定安、 文昌、澄迈等多个市县的"双核两翼多点"产业空间布局，呈现全省"重点产业清晰、地域特色鲜明、产 业规模领先、产业链完整"的互补发展格局，实现生物制造产业产值超百亿元，提升海南生物制造产业 的成色度。 我省印发行动方案，推动生 ...

Group 1: Fixed Income Market - The bond market is experiencing a pullback, with credit products showing less decline compared to interest rates, leading to a significant narrowing of credit spreads [3] - There is a strategy of buying during adjustments, with a focus on low volatility strategies and continued purchases of certificates of deposit [3] - The market is expected to see a configuration window as the credit spreads adjust, with 2-year assets still being viable options for allocation [3] Group 2: Petrochemical Industry - The petrochemical industry has seen significant capacity growth from 2015 to 2024, with ethylene and other key products showing increases of 179% and 219% respectively [5] - The industry faces challenges with overcapacity, particularly in the refining and ethylene sectors, necessitating a control on new capacity and project approvals [5][29] - The need for capacity reduction and project approval tightening is emphasized, as the industry may face excess capacity issues unlike the coal sector [5][29] Group 3: Education Sector - Dou Shen Education has launched a new AI-driven educational product, marking a significant milestone in the education industry [7] - The AI capabilities are expected to enhance educational processes and optimize learning experiences, although it may not immediately disrupt the industry [7][36] - The introduction of AI products in education is seen as a positive development, indicating a shift towards measurable effectiveness and value assurance in educational outcomes [10][36] Group 4: Real Estate Market - The real estate market is showing signs of improvement, with new housing transactions increasing and policies aimed at stabilizing the market being implemented [20][31] - The focus is on non-state-owned enterprises benefiting from debt relief and policy support, as well as leading firms with product advantages [20][31][33] - The market is expected to see a recovery in demand, particularly in first and second-tier cities, with a positive outlook for the second half of the year [20][31]

Core Viewpoint - Fuda Alloy (603045.SH) is planning to acquire at least 51% of Zhejiang Guangda Electronic Technology Co., Ltd. in a related party transaction, despite experiencing continuous revenue growth without corresponding profit increases [1][3]. Financial Performance - In 2016, Fuda Alloy achieved a revenue of 1.037 billion yuan, a year-on-year increase of 22.14%, with a net profit of 46.27 million yuan, up 12.69% [1][8]. - By 2024, the company's revenue is projected to reach 3.851 billion yuan, marking a 37.94% year-on-year growth, while net profit is expected to be 45.63 million yuan, a growth of 11.69% [1][7]. - Over the past eight years, Fuda Alloy's revenue has increased 2.7 times, but net profit has decreased by 1.37% [2][9]. - In Q1 2025, the company reported a revenue of 1.008 billion yuan, a significant year-on-year increase of 54.18%, but incurred a net loss of 5.12 million yuan compared to a profit of 6.89 million yuan in the same period last year [2][9]. Related Party Transaction - The acquisition of Guangda Electronic constitutes a related party transaction, as the actual controller of Guangda, Wang Zhongnan, is the son of Fuda Alloy's actual controller, Wang Dawu [3][4]. - The transaction will be conducted in cash and will not involve the issuance of new shares, ensuring that the control of the company remains unchanged [3][4]. Business Expansion - Guangda Electronic specializes in the research, production, and sales of electronic paste products, particularly in the photovoltaic sector, and has established stable partnerships with well-known companies in the industry [4]. - The acquisition aims to enhance Fuda Alloy's product offerings by adding conductive silver paste to its existing portfolio, potentially creating new profit growth points and improving overall profitability [4][5]. Cost and Profitability Challenges - Despite revenue growth, Fuda Alloy has faced challenges with increasing expenses, leading to a decline in net profit margins. In Q1 2025, selling expenses rose by 151.13%, management expenses by 9.80%, and financial expenses by 6.21% [9][10]. - The company's gross margin has been declining, with rates of 10.97%, 10.01%, and 8.52% from 2022 to 2024, and further dropping to 6.25% in Q1 2025 [11].

Group 1 - The A-share market has recently experienced a "anti-involution" theme rally, with sectors such as steel, polysilicon, and glass seeing significant growth. The "anti-involution" theme is expected to become one of the main investment lines in the near future as it spreads across various industries [1] - Securities firms have shown considerable interest in the "anti-involution" theme, with dozens of firms publishing over a hundred reports and articles related to it since July. The most covered industries include building materials, steel, photovoltaics, and coal [1] - Analysts suggest that the implementation of "anti-involution" policies is likely to accelerate the exit of outdated production capacity, improving the net asset return rates in related industries, which would be a significant benefit for the stock market [1] Group 2 - "Expectation management" is the primary method of the current "anti-involution" policy. Traditional cyclical industries like coal and steel have largely cleared their outdated production capacity, and the concentration of industries has significantly increased [2] - The impact of the "anti-involution" policy may vary by industry. Some sectors, such as photovoltaics and lithium batteries, still have growth potential, making direct capacity clearance less likely, while traditional industries with higher capacity utilization and low product prices may see more significant effects on profitability [2] - A report from Huachuang Securities identified potential beneficiary industries of the "anti-involution" measures, with coal mining, coke, and ordinary steel being the most frequently mentioned. Other industries like passenger vehicles and wind power equipment were also highlighted as potential beneficiaries [2]

证券代码：603378 证券简称：亚士创能 公告编号：2025-044 亚士创能科技（上海）股份有限公司 2025年半年度业绩预亏的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: ● 本业绩预告的具体适用情形：归属于上市公司股东的净利润为负值。 ● 亚士创能科技（上海）股份有限公司（以下简称"公司"）预计2025年半年度实现归属于母公司所有者 的净利润为-15,600万元到-19,500万元。 ● 预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润为-17,600万元至-22,000万 元。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日 （二）业绩预告情况 （二）每股收益：-0.04元。 三、本期业绩预亏的主要原因 2025年上半年，受市场下行、需求下降等内外部因素影响，报告期内公司营业收入下滑，折旧摊销、财 务费用等固定成本偏高，毛利率下降，信用减值损失增加等导致公司半年度亏损。 四、风险提示 本次业绩预告为公司财务部门初步核算的结果，未经注 ...

"四库"平台发布仪式。 记者 何漪 摄 ◎记者 何漪 "贵州资本市场春蕾行动"专精特新企业资本赋能专项活动现场。 记者 何漪 摄 新"国九条"发布后，中国证监会及沪深北证券交易所就多方面配套规则进行修订，推动资本市 场"1+N"政策体系加速落地。2025年初出台的《贵州省推动资本市场高质量发展实施方案》提出，在大 力开展企业上市挂牌培育工作中，要强化基地引导作用，有效发挥沪深北证券交易所贵州基地和贵州资 本市场服务中心作用，为入库企业提供"一揽子"专业高效的培育服务。 以资本市场"春蕾行动"为支点，贵州正迈上一条多层次资本市场协同赋能区域经济社会发展的创新之 路。 近日，"贵州资本市场春蕾行动"专精特新企业资本赋能专项活动在贵阳举办。活动现场，贵州资本市场 服务"四库"平台正式上线发布，贵州资本市场服务联盟成立。160余名金融机构、上市公司、挂牌公 司、专精特新企业代表齐聚一堂，共同搭建企业全生命周期的"资本孵化器"，助力产业转型升级。 贵州证监局有关负责人表示，当前，贵州省战略机遇叠加发展潜力巨大，投资贵州正逢其时。"我们要 统一思想、凝聚共识，提升发展利用资本市场水平，推动建立健全贵州资本市场'股债基期' ...

证券代码：603110 证券简称：东方材料 公告编号：2025-046 新东方新材料股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●业绩预告的适用情形：实现盈利，且净利润与上年同期相比下降 50%以上。 ●业绩预告相关的主要财务数据情况：新东方新材料股份有限公司（以下简 称"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润 50 万元到 净利润-58 万元到-33 万元。 五、其他说明 （二）业绩预告情况 利润 50 万元到 75 万元，与上年同期相比，将减少 518 万元到 493 万元，同比减 少 91.20%到 84.32%。 除非经常性损益后的净利润-58 万元到-33 万元。 证券代码：603110 证券简称：东方材料 公告编号：2025-046 二、上年同期经营业绩和财务状况 归属于母公司所有者的扣除非经常性损益的净利润：478.33 万元。 三、本期业绩预减的主要原因 和客户开发费用，进而销售费用有所增加。 四、风险提示 本次预计的业绩是公司财务部门基于半年度经 ...