证券时报·数据宝统计，截至上午10:29，今日沪指跌0.09%，A股成交量480.69亿股，成交金额5802.98亿 元，比上一个交易日减少9.99%。个股方面，2915只个股上涨，其中涨停43只，2206只个股下跌，其中 跌停2只。从申万行业来看，房地产、综合、建筑材料等涨幅最大，涨幅分别为1.66%、1.22%、 1.12%；煤炭、通信、石油石化等跌幅最大，跌幅分别为3.64%、1.14%、1.02%。（数据宝） 今日各行业表现（截至上午10:29） | 家用电器 | | | | 极米科技 | | | --- | --- | --- | --- | --- | --- | | 石油石化 | -1.02 | 37.96 | 14.06 | 中曼石油 | -3.00 | | 通信 | -1.14 | 298.80 | -9.01 | 有方科技 | -12.31 | | 煤炭 | -3.64 | 35.58 | -7.87 | 中国神华 | -2.42 | （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | - ...

1. Report Industry Investment Rating There is no industry investment rating provided in the report. 2. Core Viewpoints of the Report - In the first half of 2025, the A - share market showed an interval - oscillating pattern with significant structural differentiation. The market style shifted from traditional core assets to growth - type targets. - Policy support is an important factor for the market, but the economic recovery still faces internal and external challenges. The full recovery of economic endogenous momentum requires stronger policy support. - In the short term, the market will continue to oscillate. It is advisable to reduce long positions in small - and medium - cap stocks on rallies. For empty - position investors, it is recommended to be patient and focus on layout opportunities when the index pulls back to the lower edge of the interval. In the medium - and long - term, allocation should be cautious, with emphasis on tracking the progress of profit repair and policy effects [3]. 3. Summary by Relevant Catalogs 3.1股指延续区间震荡态势 - **行情回顾**: From the beginning of the year to mid - March, the A - share market oscillated upward due to the acceleration of the AI industry and policy benefits. Then it adjusted under the impact of Trump's "reciprocal tariffs". From mid - April to the end of the year, it regained its upward momentum due to domestic policy support and the easing of Sino - US trade frictions. Structurally, small - and medium - cap stock index futures were more elastic than large - cap stocks, and the CSI 1000 led the gains several times in the first half of the year [8]. - **行业表现**: In the first half of 2025, industries showed significant differentiation. Precious - metal - related non - ferrous metals and high - dividend bank sectors led the gains, while coal, food and beverage, and real estate sectors declined. Different time periods had different dominant styles [10]. - **股指基差**: The expansion of market - neutral strategies and the increase in index dividend rates led to an increase in index futures discounts. It is expected that in the second half of 2025, the seasonal discount of stock index futures will be relatively larger than in previous years, but the absolute degree of discount will gradually decrease [11][14][16]. 3.2市场估值：关注盈利带动估值消化 - **中证500和中证1000指数**: As of June 27, the price - to - book ratios of the CSI 500 and CSI 1000 indexes were at historically low - to - medium levels, at 1.91 and 2.13 respectively, in the 49.20% and 23.71% quantiles of the past 10 years [20]. - **上证50和沪深300指数**: As of June 27, the price - to - earnings ratios of the SSE 50 and CSI 300 indexes were relatively high, while the price - to - book ratios were relatively low, showing a valuation divergence. The recovery of profitability is crucial for digesting the price - to - earnings ratio and repairing the divergence [22]. - **指数拥挤度**: The market style may continue to shift towards growth - type targets. The relative valuation of small - cap growth - style assets has increased significantly, and the difference in the crowding degree between the CSI 500 and CSI 1000 indexes has narrowed [24][28]. - **股债性价比**: The stock market does not have an obvious relative advantage. After the significant rise in the market since the end of September, the stock market is running at a low level. If the Fed cuts interest rates in the second half of the year, the yield of interest - rate bonds is expected to continue to decline, and the relative valuation of the stock market is still at a relatively high level [34]. - **估值小结**: After the valuation repair since the end of September, the relative valuation advantage of the stock market over bonds has weakened. The market is internally differentiated, and the valuation repair is faster than the profit recovery. The difference in the crowding degree between the CSI 1000 and CSI 300 indexes will continue to oscillate upward [36][37]. 3.3国内预期向现实转化仍存阻力 - **金融传导效率好转，政策效果需进一步释放**: In May, the year - on - year growth rate of M1 money supply rebounded. The conversion from M2 to M1 began to appear, but the long - term investment willingness of real - economy enterprises was still weak, and the credit policy to stimulate consumption had not fully taken effect [37]. - **通缩压力未完全消退，利润水平修复仍处于筑底阶段**: The net profit of constituent stocks of each index is still at the bottoming stage, showing differentiation. The profit of large - scale industrial enterprises has not formed a continuous repair trend. The price level shows that the economy is still on the verge of deflation, and the demand - side momentum has not fully recovered [39][44]. 3.4资产配置转移预期提升，资本账户压力或将缓解 - **资产配置转移预期提升**: The central bank cut the reserve ratio and policy interest rates, and commercial banks lowered deposit rates. The "deposit relocation" expectation has increased, and funds are flowing from traditional bank deposits to bank wealth management and the capital market, which is expected to bring sufficient allocation funds to the A - share market [46][49]. - **美元主导因素转变，资本金融账户压力或将缓解**: The US dollar is changing from a typical counter - cyclical asset to a pro - cyclical asset, and its weakening expectation is increasing. The RMB's passive depreciation pressure is expected to be substantially relieved, and the capital and financial accounts may enter a repair channel [53][55]. - **关税措施修正收缩空间有限，经常账户仍存在明显压力**: Sino - US trade is still affected by tariffs. The US faces structural contradictions, and the "Big and Beautiful Act" may support the US's tough attitude towards import tariffs, so the domestic current account still faces obvious pressure [57][62][63].

Market Overview - Major A-share indices mostly closed higher, with the Shanghai Composite Index up 0.18% at 3461.15 points, and the Shenzhen Component Index up 1.17% at 10534.58 points[2] - The ChiNext Index rose 1.90% to close at 2164.09 points, while the STAR Market 50 Index increased by 0.24% to 984.95 points[2] - A total of 3270 stocks rose, while 1863 stocks fell, with 282 stocks remaining flat[2] Trading Volume and Sector Performance - The total trading volume for the Shanghai and Shenzhen markets was 13097 billion yuan, a decrease of 672.34 billion yuan compared to the previous trading day[2] - Leading sectors included electronics, electric equipment, pharmaceuticals, communications, and building materials, while coal, transportation, steel, oil and petrochemicals, banking, and real estate sectors lagged[2] Conceptual Sector Highlights - Top-performing concept sectors included circuit boards, expected growth in Wande, consumer electronics OEM, RF and antennas, Apple, AI mobile phones, TWS headphones, innovative drugs, wireless charging, servers, generic drugs, lithium battery electrolytes, and biotechnology[2]

Core Viewpoint - The A-share market has shown a mixed performance in the first half of 2025, with significant sector differentiation and a focus on internal demand and domestic policy catalysts [3][4][5][7][8]. Market Performance - A-shares closed higher this week, with major indices like the ChiNext and CSI 500 showing strong gains, while the Shanghai Composite Index lagged behind [3]. - The market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index rising by 2.2% from the beginning of the year to June 27 [4]. - Sector performance varied significantly, with non-ferrous metals and banking sectors leading with gains of 18.0% and 13.5%, respectively, while coal and real estate sectors faced declines of 12.6% and 7.4% [5]. Fund Flows - The A-share market saw active trading in the first half of the year, with an average daily turnover exceeding 1.3 trillion yuan [6]. - Stock ETFs experienced a net inflow of 1.6 billion yuan, while the issuance of equity funds rebounded significantly, surpassing 250 billion units [6]. Future Outlook - The index is expected to maintain a volatile trend in the short term, with external risks potentially easing but still requiring vigilance regarding U.S. policies [7]. - Three main investment themes are highlighted: 1. Domestic consumption, driven by policy support for expanding domestic demand 2. Domestic substitution, focusing on performance certainty and thematic investments 3. Sectors currently underweight by funds, which may see long-term interest due to regulatory changes [8].

Group 1 - The A-share market showed a positive trend in the week, with major indices rising, particularly the ChiNext and CSI 500, while the Shanghai Composite Index lagged behind [1][17] - The market exhibited an "N-shaped" trend in the first half of 2025, with the Shanghai Composite Index increasing by 2.2% from the beginning of the year to June 27 [2][21] - The performance of various industries was notably divergent, with non-ferrous metals and banking sectors showing significant gains of 18.0% and 13.5% respectively, while coal and real estate sectors faced declines of 12.6% and 7.4% [3][31] Group 2 - The A-share market experienced active trading, with an average daily turnover exceeding 1.3 trillion yuan, reflecting a year-on-year increase of 61% [4][46] - The net inflow of funds into stock ETFs reached 1.6 billion yuan during key periods, indicating a recovery in market liquidity [4][49] - The issuance of equity funds rebounded significantly, with over 250 billion yuan issued in the first half of the year, marking a substantial increase compared to the same period last year [4][47] Group 3 - The report highlights three main investment themes: domestic consumption, domestic substitution, and sectors underweight by funds, which are expected to attract attention in the medium to long term [5][65] - The focus on domestic consumption is driven by recent policy initiatives aimed at boosting domestic demand, which is anticipated to enhance the performance of related sectors [5][66] - The domestic substitution theme reflects the potential for certain industries, such as technology and defense, to benefit from reduced reliance on foreign products, although challenges remain in achieving substantial progress [5][67]

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） 6月25日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 非银金融 | 1541.63 | 39.95 | 2.66 | | 计算机 | 1387.36 | 22.77 | 1.67 | | 电子 | 2088.09 | 6.90 | 0.33 | | 国防军工 | 642.56 | 6.55 | 1.03 | | 基础化工 | 786.21 | 3.57 | 0.46 | | 通信 | 603.19 | 3.17 | 0.53 | | 家用电器 | 261.11 | 1.24 | 0.48 | | 电力设备 | 1296.12 | 1.09 | 0.08 | | 食品饮料 | 521.15 | 0.87 | 0.17 | | 环保 | 148.98 | 0.83 | 0.56 | | 美容护理 | 59.97 | 0.69 | 1.16 | | 社会服务 | 96.66 | 0.66 | 0.68 | | ...

Global Asset Price Review - The Federal Reserve's decision to maintain interest rates aligns with market expectations, but it raised the forecast for the personal consumption expenditure price index from 2.7% to 3%, significantly above the long-term target of 2% [3][8] - Global equity markets mostly declined, with notable drops in European stocks. Specifically, the Nikkei 225 fell by 1.50%, while the Hang Seng Index decreased by 1.52% [3][8] - Commodity prices showed mixed results, with gold dropping by 1.98% and ICE Brent crude oil rising by 0.80% [3][12] Global Fund Flows - There was a significant inflow of funds into developed market equities, with U.S. equity funds receiving $37.1 billion and developed equity markets overall attracting $41.98 billion [3][14] - In terms of sector flows, U.S. equity funds saw inflows into energy, technology, and consumer sectors, while utilities and financials experienced outflows [3][14] - In China, both domestic and foreign funds flowed into the stock market, with domestic inflows of $1.887 billion and foreign inflows of $0.104 billion [3][14] Global Asset Valuation - The equity risk premium (ERP) for A-shares remains significantly higher than that of overseas markets, with the current ERP for the CSI 300 at 77% and the Shanghai Composite at 71% [3][8] - The ERP for major U.S. indices such as the S&P 500 and NASDAQ is considerably lower, at 4% and 6% respectively, indicating a more favorable valuation for A-shares [3][8] Global Economic Data - The Federal Reserve's increase in inflation expectations has raised concerns about re-inflation in the market. The Fed's economic forecast indicates a higher expected inflation rate for 2025-2027 [3][8] - Economic data from the U.S. shows signs of cooling, with both supply and demand indicators weakening, reflecting potential challenges for the economy [3][8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Pay attention to the advancement of the new energy upstream raw material production in the production industry and the promotion of financial industry opening - up policies in the service industry [1][2] - Monitor the trends of upstream, mid - stream, and downstream industries, as well as the recent slight decline in credit spreads of the pharmaceutical and chemical industries [3][4][5][6] Summary by Related Catalogs 1. Mid - view Event Overview Production Industry - The "Fujian Province Hydrogen Energy Industry Innovation and Development Medium - and Long - Term Plan (2025 - 2035)" aims to achieve a green hydrogen production capacity of 30,000 tons/year and a hydrogen - based green fuel production capacity of 100,000 tons/year with a total hydrogen energy industry output value exceeding 60 billion yuan/year from 2025 - 2030. From 2030 - 2035, it aims to form an industrial system with diverse application scenarios and a total output value exceeding 300 billion yuan/year [1] Service Industry - The State Administration of Foreign Exchange drafted the "Notice on Deepening the Reform of Cross - border Investment and Financing Foreign Exchange Management (Draft for Comment)" involving three aspects: deepening cross - border investment foreign exchange management reform, cross - border financing foreign exchange management reform, and optimizing the facilitation of capital project income payments [2] - At the 2025 Lujiazui Forum, the central bank governor announced eight major financial opening - up measures in Shanghai, including setting up a transaction reporting repository, a digital RMB international operation center, a personal credit reporting agency, etc. [2] 2. Industry Overview Upstream - International crude oil prices are continuously rising, while egg prices are continuously falling [3] Mid - stream - The PX operating rate is at a high level, and the urea operating rate is continuously rising [4] Downstream - The sales of commercial housing in first - and second - tier cities are the same as the same period last year and at a near - three - year low. Domestic flight frequencies are cyclically decreasing [5] 3. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [6] 4. Industry Credit Spread Tracking (as of 6/18) | Industry | Last Year's Same Period | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 60.79 | 66.88 | 59.28 | 56.87 | 0.00 | | Mining | 32.93 | 44.31 | 39.39 | 39.73 | 10.20 | | Chemical Industry | 71.19 | 59.18 | 20.99 | 50.48 | 0.20 | | Steel | 39.49 | 21.93 | 46.91 | 48.18 | 12.10 | | Non - ferrous Metals | 41.14 | 55.28 | 51.00 | 20.59 | 11.60 | | Electronics | 58.53 | 68.99 | 28.89 | 64.45 | 19.00 | | Automobile | 58.68 | 46.21 | 41.64 | 41.55 | 0.90 | | Household Appliances | 40.37 | 49.64 | 46.68 | 48.10 | 15.00 | | Food and Beverage | 40.25 | 41.59 | 36.25 | 37.52 | 4.20 | | Textile and Apparel | 48.03 | 51.98 | 51.69 | 52.77 | 12.20 | | Light Industry Manufacturing | 46.71 | 159.30 | 145.95 | 146.85 | 7.60 | | Pharmaceutical and Biological | 52.64 | 68.67 | 59.40 | 57.89 | 7.30 | | Public Utilities | 24.62 | 30.71 | 27.04 | 26.96 | 9.40 | | Transportation | 30.29 | 34.77 | 31.18 | 31.11 | 6.10 | | Real Estate | 219.38 | 117.08 | 103.67 | 102.13 | 4.80 | | Commerce and Trade | 42.35 | 47.40 | 41.84 | 42.96 | 5.60 | | Leisure Services | 75.74 | 122.67 | 122.09 | 123.60 | 98.70 | | Banking | 26.58 | 18.03 | 18.01 | 17.09 | 2.60 | | Non - banking Finance | 26.45 | 31.70 | 29.51 | 29.12 | 6.60 | | Comprehensive | 66.51 | 47.54 | 42.20 | 42.27 | 2.00 | | Building Materials | 33.99 | 43.29 | 38.25 | 39.05 | 9.90 | | Building Decoration | 40.92 | 53.96 | 60.30 | 51.44 | 11.90 | | Electrical Equipment | 48.87 | 80.41 | 79.15 | 80.50 | 45.40 | | Machinery and Equipment | 29.54 | 46.61 | 43.99 | 44.63 | 27.30 | | Computer | 66.64 | 55.32 | 46.46 | 48.05 | 0.40 | | Media | 232.69 | 42.80 | 39.69 | 40.20 | 1.50 | | Communications | 29.66 | 24.94 | 25.36 | 26.40 | 2.80 | [51] 5. Key Industry Price Index Tracking (as of 6/17) | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 6/17 | 2335.7 | 1.18% | | | | Spot price of eggs | Daily | Yuan/kg | 6/17 | 5.6 | - 3.95% | | | | Spot price of palm oil | Daily | Yuan/ton | 6/17 | 8848.0 | 2.53% | | | | Spot price of cotton | Daily | Yuan/ton | 6/17 | 14846.5 | 1.53% | | | | Average wholesale price of pork | Daily | Yuan/kg | 6/17 | 20.2 | - 0.34% | | | | Spot price of copper | Daily | Yuan/ton | 6/17 | 78740.0 | - 0.70% | | | | Spot price of zinc | Daily | Yuan/ton | 6/17 | 22008.0 | - 0.62% | | | Non - ferrous Metals | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 20633.3 | 2.18% | | | | Spot price of nickel | Daily | Yuan/ton | 6/17 | 120008.3 | - 2.34% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 16800.0 | 0.52% | | | | Spot price of rebar | Daily | Yuan/ton | 6/17 | 3062.3 | - 0.90% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 6/17 | 736.6 | - 0.46% | | | | Spot price of wire rod | Daily | Yuan/ton | 6/17 | 3252.5 | - 0.46% | | | | Spot price of glass | Daily | Yuan/square meter | 6/17 | 13.8 | 0.00% | | | Non - metals | Spot price of natural rubber | Daily | Yuan/ton | 6/17 | 13718.3 | 0.35% | | | | China Plastic City Price Index | Daily | - | 6/17 | 831.1 | 0.81% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 6/17 | 71.8 | 9.92% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 6/17 | 73.2 | 9.23% | | | Energy | Spot price of liquefied natural gas | Daily | Yuan/ton | 6/17 | 3960.0 | - 0.95% | | | | Coal price | Daily | Yuan/ton | 6/17 | 731.0 | - 2.27% | | | | Spot price of PTA | Daily | Yuan/ton | 6/17 | 5045.0 | 3.37% | | | Chemical Industry | Spot price of polyethylene | Daily | Yuan/ton | 6/17 | 7438.3 | 1.04% | | | | Spot price of urea | Daily | Yuan/ton | 6/17 | 1820.0 | - 0.09% | | | | Spot price of soda ash | Daily | Yuan/ton | 6/17 | 1370.0 | 0.00% | | | | National cement price index | Daily | - | 6/17 | 140.5 | - 0.27% | | | Real Estate | Building materials comprehensive index | Daily | Points | 6/17 | 111.8 | 0.18% | | | | National concrete price index | Daily | Points | 6/17 | 99.0 | - 0.11% | | [52]

Weekly Insights - The report highlights an increase in market disturbances due to escalating conflicts between Israel and Iran, leading to heightened concerns over oil prices and inflation risks. However, the direct impact on China is considered limited, with the main concern being the risk of significant oil price increases. Historically, Middle Eastern conflicts have acted as catalysts for oil price fluctuations, but their effects tend to be short-lived due to the global economy's inability to sustain high oil prices for extended periods. Overall, the emotional impact of these conflicts on the market is greater than the actual economic implications [4][7]. - The State Council's meeting on June 13 emphasized stronger measures to stabilize the real estate market, outlining four key policy directions: stabilizing expectations, activating demand, optimizing supply, and mitigating risks. This is expected to lead to timely responses from local governments and facilitate a quicker adjustment in the real estate cycle, contributing to marginal improvements in economic performance [4][7]. Market Trends - Despite recent adjustments, the overall market trend remains a broad range-bound movement. The core factors driving the market are stable and improving fundamental expectations, with hopes for gradual policy and external improvements. The report anticipates a structural bull market to emerge in the third quarter, with 3,400 points identified as a significant resistance level. The transition from quantitative to qualitative changes in A-shares is underway, indicating a revaluation of Chinese assets from a global investment perspective [5][8]. Investment Recommendations - The report suggests focusing on sectors with high economic activity, particularly in small and mid-cap stocks, which are expected to continue their upward trajectory. While there may be short-term adjustments in crowded small-cap stocks, the likelihood of a major cyclical downturn is low. The report remains optimistic about the performance of large-cap companies following the trends of small-cap stocks. Key sectors to watch include innovative pharmaceuticals and new consumer trends, with an emphasis on undervalued, high-dividend stocks as long-term investment opportunities in a declining interest rate environment [6][9]. Market Data - The report notes a general upward trend in the market, with small-cap stocks performing particularly well. The weekly performance of major indices shows positive returns, with the ChiNext Index leading at 2.32%, followed by the Shenzhen Component Index at 1.42% and the Shanghai Composite Index at 1.13% [10][12]. - The TMT (Technology, Media, and Telecommunications) sector has outperformed other industries this week, indicating strong investor interest in this area [13]. - Market turnover rates have increased, suggesting a rise in trading activity, while margin financing balances have shown a decline, reflecting reduced market participation [15][17]. Valuation Insights - The overall valuation levels in the market remain reasonable, with the exception of the Sci-Tech 50 Index, which has seen a notable increase. The report provides a detailed breakdown of sector valuations, highlighting significant variations across different industries [19][21]. - For instance, the electronics sector has a high price-to-earnings (P/E) ratio of 58.6, while the real estate sector shows a negative P/E of -6.4, indicating substantial differences in market sentiment and performance expectations across sectors [21][22].

证券代码：600881 证券简称：亚泰集团 公告编号：临 2025-064 号 吉林亚泰（集团）股份有限公司 关于召开 2024 年年度股东大会的提示性公告 特 别 提 示 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 担法律责任。 重要内容提示： ●股东大会召开日期：2025 年 6 月 20 日 ●本次股东大会采用的网络投票系统：上海证券交易所股东大会 网络投票系统 公 司 于 2025 年 5 月 30 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）和《上海证券报》《中国证券报》《证券时 报》《证券日报》上刊登了《吉林亚泰（集团）股份有限公司关于召 开 2024 年年度股东大会的通知》，定于 2025 年 6 月 20 日召开 2024 年年度股东大会，根据相关规定，现发布本次股东大会的提示性公告， 具体内容如下： 一、召开会议基本情况 （一）股东大会届次 （二）股东大会召集人 公司董事会。 （三）投票方式 本次股东大会所采取的表决方式是现场投票和网络投票相结合 的方式。 无 二、会议审 ...