金十图示：2025年07月23日（周三）富时中国A50指数成分股午盘收盘行情一览：盘面大面积飘红，银行、保险板块涨幅居前 光大银行 2522.95亿市值 3.96亿成交额 4.27 +0.03(+0.71%) 保险 中国太保 中国平安 K 中国人保 明 3767.88亿市值 3609.55亿市值 10591.07亿市值 14.73亿成交额 27.14亿成交额 6.97亿成交额 37.52 8.52 58.16 +1.33(+3.68%) +1.46(+2.57%) +0.14(+1.67%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18679.79亿市值 2345.50亿市值 4905.58亿市值 37.61亿成交额 14.02亿成交额 17.14亿成交额 1487.01 192.26 126.38 +22.03(+1.50%) +1.48(+0.78%) +0.85(+0.68%) 米含体 海光信息 北方华创 寒武纪-U HYGON 3153.66亿市值 2411.53亿市值 2500.56亿市值 28.93亿成交额 15.47亿成交额 18.56亿成交额 597.72 135.68 334.19 +12.0 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 2203.45 | 23.81 | 1.09 | | 医药生物 | 1374.38 | 14.13 | 1.04 | | 电力设备 | 1394.54 | 13.59 | 0.98 | | 机械设备 | 1002.61 | 11.26 | 1.14 | | 银行 | 593.05 | 9.90 | 1.70 | | 国防军工 | 694.15 | 8.33 | 1.21 | | 建筑装饰 | 327.77 | 7.22 | 2.25 | | 通信 | 675.88 | 6.64 | 0.99 | | 基础化工 | 824.92 | 6.02 | 0.74 | | 汽车 | 1004.34 | 5.07 | 0.51 | | 煤炭 | 158.39 | 3.83 | 2.48 | | 农林牧渔 | 256.64 | 3.40 | 1.34 | | 非银金融 | 1619.26 ...

Key Insights - The report highlights a continued increase in stock positions among actively managed equity funds, with a total stock value of 2.94 trillion yuan in Q2 2025, a slight decrease from the previous quarter. The stock allocation ratio rose to 84.24%, the highest level since 2005, while the A-share allocation continued to decline [2][3] - The communication, defense, media, and electronic sectors have seen significant increases in fund allocations, indicating a strong preference for technology growth sectors. The financial sector remains underweight despite increased interest [3][4] - The report notes a robust demand for engineering machinery driven by the construction of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan and a projected equipment demand of 120 to 180 billion yuan [14][17] - The introduction of the 科创债 ETF (Science and Technology Innovation Bond ETF) is expected to provide investment opportunities, with a focus on high-quality credit bonds and a favorable risk-return profile compared to other bond ETFs [7][10] Fund Holdings - In Q2 2025, the top ten industries with increased holdings include communication equipment, chemical pharmaceuticals, and logistics, while industries like white goods and engineering machinery saw significant reductions [3][4] - The report identifies a shift in the top twenty individual stocks held by funds, with Zijin Mining and Xiaomi Group rising in rank, while brands like Wuliangye and Shanxi Fenjiu saw declines [4] Company-Specific Insights - 科沃斯 (Ecovacs Robotics) is positioned as a market leader in the global vacuum cleaner and cleaning robot market, with a projected revenue of 16.5 billion yuan in 2024. The company has seen a resurgence in domestic sales due to new product launches and government subsidies [19][20] - The report emphasizes the competitive landscape in the cleaning appliance market, noting that while the market is growing, major players face intense competition, particularly in the smart lawn mower segment [21][22]

Core Viewpoint - The A-share market is experiencing a short-term upward trend despite some fluctuations, with a positive outlook for the upcoming months as various industry catalysts emerge [1][2]. Market Overview - The A-share market showed initial volatility but began to rise after 10:30 AM, with most major indices closing in the green, indicating a strong buying force [1]. - The Shanghai Composite Index has officially broken through the high point of November 8, 2024, suggesting the end of the sideways movement since Q4 2024 [1]. - Concerns regarding trade conflicts have eased, and with the policy window approaching in July, the market is expected to maintain a slow upward trend [1]. Future Outlook - There are multiple industry catalysts that could positively influence the market, such as the launch of the Yarlung Tsangpo River downstream power station and potential recovery in H20 chip exports [2]. - After the index surpasses 3500 points, two potential paths are identified: continuing the upward trend or consolidating before challenging the previous high of 3674 points [2]. - For the market to challenge the previous high, three conditions must be met: implementation of fiscal stimulus policies, continued global easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is expected to be driven by events, with a likelihood of sector rotation between high and low-performing areas [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and functional robots [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see a rebound in orders, with signs of recovery in various sub-sectors [3]. 5. The innovative drug sector is anticipated to reach a turning point in fundamentals after a prolonged adjustment period [3]. Market Performance Review - The A-share market experienced fluctuations but maintained an upward trend, with strong buying support observed [4]. - Leading sectors included coal, building materials, construction, steel, and non-ferrous metals, while banking, computing, telecommunications, electronics, and textiles lagged [4].

7月21日晚，汇绿生态（001267.SZ）发布筹划重大资产重组公告，公司拟发行股份及支付现金并募集配 套资金购买资产，标的是武汉钧恒科技有限公司（以下简称"武汉钧恒"）49%股权。若交易顺利完成， 汇绿生态将持有武汉钧恒100%股权。 回过头来看，汇绿生态收购武汉钧恒可谓是"神之一笔"。公司通过股权转让+增资的方式，共分四步拿 下武汉钧恒100%股权。前述操作使得汇绿生态从挣扎于园林工程泥潭，一跃成为14个月股价飙升近4倍 的"光通信新贵"，撬开炙手可热的光通信赛道大门。 然而，高溢价的收购方式，使得汇绿生态面临巨大的财务压力。尽管公司股价实现大幅上涨，但这也意 味着市场早已将收购成功的预期，甚至对未来数年的乐观展望充分计入。一旦增速放缓或整合不及预 期，高估值将无以为继，"高台跳水"的风险如影随形。 "四步棋"拿下武汉钧恒100%股权 回溯汇绿生态对武汉钧恒的"征服"之路，呈现出设计精巧、节奏分明的特征。 2024年5月，汇绿生态突然宣布作价1.95亿元收购武汉钧恒30%股权，正式跨界闯入炙手可热的光通信 赛道。由于涉及金额高、跨界收购、盘中突击涨停等多种敏感因素，深交所火速下发关注函，要求公司 对收购原 ...

策略研究 · 点评报告 公募基金二季度持仓有哪些看点? 2025 年 07 月 22 日 核心观点: 分析师 周美丽 网: zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 杨超 相关研究 2025-07-16，A 股风格转换的历史复盘与回测分析 2025-07-15, 中央城市工作会议利好 A 股市场哪些 板块? 2025-06-26, 2025 年大类资产中期投资展望：驭 变谋势 2025-06-21，2025 年港股中期投资展望：时移世 易, 见机而作 2025-06-20，2025 年 A 股中期投资展望：筑基行 稳,重塑鼎新 2025-06-10,稳定币概念股投资展望 2025-05-28, 上市公司并购重组迎来哪些新变化? 2025-05-21，低利率时代欧洲资产配置启示 2025-05-12, 关税缓和信号下哪些板块有望受益? 2025-05-07, 关键时间节点的发布会：一揽子金融 政策稳市场稳预期 2025-05-05,年报和一季报有哪些亮点? 2025-05-04, "五一"假期事件梳理及市场展望 2025-04-25,"持续稳定和 ...

风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 股票名称["上纬新材","长城军工","恒宝","舒泰神"] 板块名称["超级水电","机器人","军工"] 指数上涨、板块活跃、资金博弈 看多看空市场早盘探底回升，三大指数小幅上涨，沪深两市半日成交额较上个放量，且板块保持 活跃，部分个股表现良好，资金高位博弈回暖，虽然个股跌多涨少，但整体呈现积极态势，所以 看多。 7月22日午评 和讯自选股写手 今日早盘市场探底回升，三大指数小幅上涨。沪深两市半日成交额1.14万亿，较上一放量513亿。不过 盘面上热点杂乱，个股跌多涨少，超2700只个股下跌。上午指数小幅震荡，板块保持活跃，超级水电表 现较强，机器人和军工也不错，板块炒作渐显持续性，关注下午走势。上纬新材今日10连板后正式开板 却仍封住，资金高位博弈回暖，情况蹊 ...

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%， ...

2025 年 07 月 23 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 23 日 浙商早知道 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.6%，沪深 300 上涨 0.8%，科创 50 上涨 0.8%，中证 1000 上涨 0.4%，创业板指上涨 0.6%，恒生指数上涨 0.5%。 ❑ 行业：周二表现最好的行业分别是煤炭（+6.2%)、建筑材料（+4.5%)、建筑装饰（+3.4%)、钢铁（+2.6%)、有色 金属（+2.0%)，表现最差的行业分别是银行（-1.0%)、计算机（-0.7%)、通信（-0.4%)、电子（-0.2%)、纺织服饰 （-0.2%)。 ❑ 资金：周二沪深两市总成交额为 18930 亿元，南下资金净流入 27.2 亿港元。 ❑ 【浙商食饮 杨骥/张家祯/满静雅】白酒Ⅱ 行业深度：逆周期白酒投资策略——20250721 ❑ 【浙 ...

点击小程序查看报告原文 公募基金仓位变动：股票仓位小幅上涨，港股加仓，A股仓位下降 2025年二季度A股市场先抑后扬，上证指数上涨3.3%，偏大盘蓝筹的沪深300上涨1.3%，成长风格分化，创业板指上涨2.3%，科创50下跌1.9%，中小市值 的中证1000和中证2000分别上涨2.1%和7.6%，中证红利基本收平。在此背景下，主动偏股型公募基金单季度收益率中位数为2.1%，收益率较上季度有所 回落。 公募基金资产规模扩张，权益资产和债券资产占比均下降。 二季度公募基金整体资产规模扩张，资产总值由上季度的33.8万亿元升至36.7万亿元。其中， 股票资产规模从上季度的6.9万亿元升至7.2万亿元，但股票占资产总值的比重较上季度下降0.9个百分点至19.6%；债券资产占比较上季度下降0.4个百分点 至57.8%；现金资产占比明显上升。 主动偏股型基金规模不变，股票仓位小幅上涨，A股仓位下降；新发基金规模上涨，存量净赎回规模走扩。 主动偏股型基金资产总值约2.6万亿元，较上 季度基本持平；股票资产规模较上季度略降至约2.3万亿元，仓位上涨0.1个百分点至87.5%；A股仓位较一季度进一步下降至70.6%，为近10 ...