Core Viewpoint - The article discusses the latest trends in northbound capital flows in the Chinese A-share market, highlighting significant increases in holdings across various sectors, particularly in construction decoration and retail, while also noting declines in certain industries. Group 1: Northbound Capital Holdings - As of the end of Q2 2025, northbound funds held shares in 2,655 A-share companies, totaling 122.81 billion shares, a 3.18% increase from Q1 2025. The market value of these holdings reached 2.28 trillion yuan, up 2.23% quarter-on-quarter [1] - Northbound funds' shareholding accounted for 1.98% of circulating A-shares, a slight increase of 0.05 percentage points from the previous quarter, while the market value proportion decreased by 0.02 percentage points to 3.12% [1] Group 2: Sector Performance - In Q2 2025, over 60% of the 20 sectors saw increased holdings from northbound funds, with construction decoration and retail sectors showing remarkable growth, both exceeding 20% [3] - The construction decoration sector saw a 25.88% increase in holdings, reaching 5.665 billion shares, with a market value of 29.45 billion yuan. The retail sector also experienced a 25.79% increase, totaling 1.48 billion shares and a market value of 19.44 billion yuan [3] - The retail sector's performance was reflected in a 6.22% increase in the retail index, ranking 10th among 31 industries, with retail sales in the first five months of 2025 totaling 20.32 trillion yuan, a 5% year-on-year increase [3] Group 3: Declines in Certain Industries - The textile and apparel, electronics, and home appliances sectors saw a decline in holdings, each dropping over 10% from Q1 2025. The oil and petrochemical, computer, and media sectors also experienced declines exceeding 5% [4][5] - Specifically, the textile and apparel sector saw a 15.59% decrease in holdings, with a market value of 5.9 billion yuan, while the electronics sector decreased by 13.15% [5] Group 4: Major Holdings - The largest holding among northbound funds was Ningde Times, with a market value of approximately 153.08 billion yuan, an increase of 12.73 billion yuan, and a holding of 607 million shares, representing 15.55% of circulating A-shares [6][8] - Guizhou Moutai was the second-largest holding, with a market value exceeding 100 billion yuan but saw a significant reduction of 21.86 billion yuan, a 17.55% decline [6][8] - Other notable companies in the top holdings included Midea Group, China Merchants Bank, and BYD, among others [7][8] Group 5: Significant Increases in Specific Companies - Over 1,300 stocks saw increased holdings from northbound funds in Q2 2025, with 199 companies experiencing increases of over 100%. The electronics sector had 29 companies, while the pharmaceutical and power equipment sectors had 17 each [9] - Notably, 37 A-share companies with a market value exceeding 1 billion yuan saw increases of over 50% in holdings, with Baili Tianheng and New Yi Sheng exceeding 270% [9][10]

FICC日报 | 2025-07-10 指数冲高回落，传媒行业领涨 市场分析 CPI回升。国内方面，国家统计局发布数据，中国6月CPI同比上涨0.1%，为连续下降4个月后转涨；核心CPI继续 回升，同比上涨0.7%，创14个月新高。PPI环比下降0.4%，降幅与上月相同，同比下降3.6%，降幅比上月扩大0.3 个百分点。海外方面，特朗普发布致8个国家领导人有关加征关税的信函，此次税率从20%至50%不等，其中巴西 将被征收50%的关税，新税率将从8月1日起生效。特朗普预告本周还会有更多此类信函发出。 指数冲高回落。现货市场，A股三大指数冲高回落，上证指数跌0.13%收于3493.05点，创业板指涨0.16%。行业方 面，板块指数涨跌互现，传媒、农林牧渔、商贸零售行业领涨，有色金属、基础化工、电力行业跌幅居前。当日 沪深两市成交金额升至1.5万亿元。海外市场，美国三大股指全线收涨，科技巨头走强，纳指涨0.94%收于20611.34 点，创历史新高。 IH基差回升。期货市场，基差走势分化，IH、IF延续小幅修复。成交持仓方面，期指的成交量和持仓量同步下降。 策略 特朗普向新一批国家致信施压，延续对外政策攻势，科技 ...

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

证券研究报告 2025 年 7 月 10 日 星期四 【A 股市场大势研判】 大盘冲高回落，沪指 3500 点得而复失 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3493.05 | -0.13% | -4.43 | | | 深证成指 | 10581.80 | -0.06% | -6.60 | | | 沪深 300 | 3991.40 | -0.18% | -7.05 | | | 创业板 | 2184.67 | 0.16% | 3.60 | | | 科创 50 | 983.11 | -0.89% | -8.84 | | | 北证 50 | 1410.36 | -0.75% | -10.63 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | 1.35% ...

Group 1 - A total of 18 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 13 companies expecting profit increases, 1 company expecting to turn a profit, 1 company expecting a profit decrease, and 1 company expecting a loss [1][3] Group 2 - The performance forecast details include various companies with significant expected profit growth, such as: - Hanyu Pharmaceutical (300199) with a projected profit increase of 1567.36% [2] - Chuanjin Nuo (300505) with a projected profit increase of 167.27% [2] - Chenguang Biotech (300138) with a projected profit increase of 117.36% [2] - Huizhong (300371) with a projected profit increase of 100.00% [2] - Taotao Automotive (301345) with a projected profit increase of 84.08% [2] Group 3 - Companies with performance forecasts indicating a decrease or loss include: - Zairun (301636) with a projected profit decrease of 5.43% [2] - Yuyou Green Energy (301590) with a projected profit decrease of 6.57% [2] - Juguang (300203) with a projected loss of 205.37% [2]

转债市场日度跟踪 20250709 市场概况：今日转债缩量下跌，估值环比压缩 债券研究 证 券 研 究 报 告 【债券日报】 指数表现：中证转债指数环比下降 0.25%、上证综指环比下降 0.13%、深证成 指环比下降 0.06%、创业板指环比上涨 0.16%、上证 50 指数环比下降 0.26%、 中证 1000 指数环比下降 0.27%。 市场风格：小盘价值相对占优。大盘成长环比下降 0.23%、大盘价值环比下降 0.13%、中盘成长环比下降 0.60%、中盘价值环比下降 0.17%、小盘成长环比 下降 0.32%、小盘价值环比下降 0.01%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 679.72 亿元，环比 减少 9.64%；万得全 A 总成交额为 15274.20 亿元，环比增长 3.58%；沪深两 市主力净流出 285.94 亿元，十年国债收益率环比上升 0.02bp 至 1.64%。 转债价格：转债中枢下降，高价券占比下降。转债整体收盘价加权平均值为 123.61 元，环比昨日下降 0.24%。其中偏股型转债的收盘价为 165.61 元，环比 下降 1.49%；偏债型转债的收盘价为 ...

盘后数据出炉。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-7-9 | -45. 53 | -148. 15 | 3.88 | | 2025-7-8 | 57.92 | 59. 68 | -7.82 | | 2025-7-7 | -43.46 | -92. 68 | 3. 55 | | 2025-7-4 | -67. 58 | -113.52 | 2. 69 | | 2025-7-3 | 66.99 | -12. 37 | -8. 10 | | | 尾盘资金净流入数据(亿元) | | | | 2025-7-9 | -17.09 | -31.95 | -0. 79 | | 2025-7-8 | 13. 24 | 12. 97 | 1.55 | | 2025-7-7 | -3.07 | -5.24 | 0. 11 | | 2025-7-4 | -8. 31 | -22. 18 | -0. 20 | | 2025-7-3 | 6. 10 | 3. 81 | -0. 33 | ...

7月9日，沪指下跌0.13%，深成指下跌0.06%，创业板指上涨0.16%，沪深300指数下跌0.18%。可交易A 股中，上涨的有1856只，占比34.33%，下跌的3327只。 资金面上，今日主力资金全天净流出385.36亿元。其中，创业板主力资金净流出130.82亿元；科创板主 力资金净流出30.36亿元；沪深300成份股主力资金净流出76.98亿元。 分行业来看，申万所属的一级行业中，今日上涨的有17个，涨幅居前的行业为传媒、农林牧渔，涨幅为 1.35%、0.65%。跌幅居前的行业为有色金属、基础化工，跌幅为2.26%、0.85%。 行业资金流向方面，今日仅有3个行业主力资金出现净流入，传媒行业上涨1.35%，全天净流入资金 10.55亿元；商贸零售行业上涨0.48%，全天净流入资金8.64亿元；建筑装饰行业上涨0.37%，全天净流 入资金4033.97万元。 主力资金净流出的行业有28个，电子行业主力资金净流出规模居首，今日下跌0.82%，全天净流出资金 77.89亿元，其次是有色金属行业，今日跌幅为2.26%，净流出资金为54.12亿元，净流出资金较多的还 有电力设备、基础化工、非银金融等行业。 今 ...

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The retail sector ranked third in terms of gains for the day [1] - The sectors that experienced the largest declines were Non-ferrous Metals and Basic Chemicals, with declines of 2.26% and 0.85% respectively [1] Capital Flow - The net outflow of capital from the two markets was 38.536 billion yuan, with only three sectors seeing net inflows [1] - The Media sector had a net inflow of 1.055 billion yuan, while the Retail sector saw an inflow of 864 million yuan [1] - The Construction and Decoration sector had a minor net inflow of 40.34 million yuan [1] - The Electronics sector experienced the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Retail Sector Performance - The Retail sector rose by 0.48% with a net capital inflow of 864 million yuan [2] - Out of 98 stocks in the sector, 49 rose, including 2 that hit the daily limit, while 41 fell [2] - The top stock by net inflow was Kuaijingtong, with an inflow of 896 million yuan, followed by Xiaoshangcheng and Lirenlizhuang with inflows of 152 million yuan and 140 million yuan respectively [2] - Notable outflows included Kid King, Cuiwei Shares, and Yonghui Supermarket, with outflows of 753.182 million yuan, 673.891 million yuan, and 666.982 million yuan respectively [2][5]

Core Viewpoint - The report highlights the net capital inflow and outflow across various industries, indicating a significant disparity in market performance, with the media sector experiencing the highest inflow and the electronics sector facing the largest outflow [1][2]. Industry Summary Capital Inflow - The media industry recorded a net capital inflow of 1.055 billion, with a price change of 1.35% and a turnover rate of 3.25%, showing a 20.48% increase in trading volume compared to the previous trading day [1]. - The retail trade sector saw a net inflow of 0.864 billion, with a price change of 0.48% and a turnover rate of 2.29%, reflecting a 25.90% increase in trading volume [1]. - The construction decoration industry had a modest net inflow of 0.040 billion, with a price change of 0.37% and a turnover rate of 1.31%, with a 19.23% increase in trading volume [1]. Capital Outflow - The electronics industry experienced the largest net outflow of 7.789 billion, with a price change of -0.82% and a turnover rate of 2.92%, showing a 2.32% decrease in trading volume [2]. - The non-banking financial sector had a net outflow of 7.411 billion, with a price change of -0.61% and a turnover rate of 1.77%, reflecting a 13.90% increase in trading volume [2]. - The electric equipment industry faced a significant net outflow of 4.576 billion, with a price change of 0.17% and a turnover rate of 3.45%, showing a 2.05% decrease in trading volume [2].