金十图示：2025年07月07日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股走势分化，石油、煤炭板块下跌 长江电力 中国核电 东方财富 1943.68亿市值 3603.32亿市值 7374.72亿市值 7.28亿成交额 3.62亿成交额 35.38亿成交额 9.45 22.80 30.14 -0.02(-0.07%) +0.04(+0.43%) 0.00(0.00%) 食品饮料 证券 中信证券 国泰海通 海天味业 期天 4117.15亿市值 3390.19亿市值 2257.02亿市值 10.02亿成交额 4.73亿成交额 1.83亿成交额 27.78 38.65 19.23 +0.12(+0.43%) -0.11(-0.57%) -0.21(-0.54%) 消费电子 化学制药 恒瑞医药 工业富联 立讯精密 2495.93亿市值 3501.79亿市值 4736.48亿市值 10.09亿成交额 28.77亿成交额 20.24亿成交额 52.76 34.42 23.85 -0.87(-2.47%) +0.04(+0.17%) -0.50(-0.94%) 家电行业 农牧饲渔 格力电器 牧原股份 海尔智家 ...

制作：产品中心 重点推荐 《策略|投资于人，育儿补贴——政策研究专题》 1、我们认为中国育儿补贴体系已初步形成"托育基础支撑—经济减负— 现金补贴"的递进式框架：前期通过扩大普惠托育供给降低照料成本，中 期以税收抵扣、医保扩容减轻即时支出压力，后期以现金补贴直接提升生 育意愿，尤其覆盖低收入群体。纵观地方实践，政策创新聚焦三大方向： 一是补贴模式多元化；二是支持范围扩展化；三是覆盖群体下沉化。2、 财政支出从投资转向民生。2025 年 6 月，中办、国办联合发布《关于进 一步保障和改善民生着力解决群众急难愁盼的意见》，提出了一系列政策 举措。为了这些事关民生的措施如何更好落实到位，《意见》明确提出要 "优化财政支出结构，强化基本民生财力保障"。我们认为在目前投资收 益逐步走低，地产对经济的拉动逐步弱化的背景下，财政支出逐步从投资 驱动转向民生拉动。3、"因地制宜"补贴有利于扩内需促消费。我们认为 育儿补贴"因地制宜"的本质是目前财政收支紧平衡下的精细化治理实验。 育儿补贴政策除了提振生育意愿外，也是当前财政政策的重要工具，其消 费刺激效果的核心在于"乘数效应"。 风险提示：政策落地有时滞；内需提振低于预期；补 ...

行 业 研 究 2025 年 07 月 06 日 重磅车型持续推出，本土品牌竞争力持续强化 ——行业周报 （4）看好智驾强势主机厂及业绩优异产业链标的。整车：强产品打造能力、强 产品周期叠加强智驾能力玩家有望拥有持续优异销量表现。零部件：受益于国产 替代及出海，龙头公司业绩表现优异并有望延续高增长。 本周热点：问界 M9 大定破 6 万；理想 i8/小米 YU7 等将逐步亮相 比亚迪王朝、海洋网智驾版新车型降价。乘联分会：5 月狭义乘用车零售预计 185.0 万辆，新能源占比过半。比亚迪 4 月欧洲纯电车销量首次击败特斯拉，同比大涨 169%，匈牙利工厂 2025 年底将生产纯电小车海鸥等。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。2025 款问界 M9 上市 64 天大定突破 6 万台，拿下 50 万级销冠。吉利银河家族旗舰 M9 发布，综合续航超 1500km；星 愿小车上市 200+天，销量突破 20 万辆，刷新纯电车型最快纪录。小米汽车首款 SUV 车型 YU7 发布，预计 7 月上市。 投资建议 智驾逐步开启商业化落地，有关主机厂和零部件公司有望持续受益，智驾强 ...

7月4日，由凤凰报刊出版传媒（601999）《董事会》杂志、国泰海通证券苏州分公司、深圳价值在线联 合主办的"走进国泰海通之传奇董秘"研讨会在苏州成功举行。 深圳价值在线股份有限公司董事长苏梅，国泰海通证券苏州分公司负责人徐博、资产配置部首席宏观配 置官匡文迪、投资银行部执行董事窦照锋等嘉宾分别围绕可持续发展理念、并购重组等实践性议题，以 创新方法论和前瞻案例，为现场人员诠释了上市公司治理从价值创造、价值经营、价值实现到价值传承 的现实路径。 中国上市公司协会会长宋志平主题分享 中国上市公司协会会长宋志平紧扣公司治理的内核，以中国特色现代企业制度为轴，揭示公司治理传奇 的根基。宋志平指出，资本市场通过改制上市赋能企业书写"涅槃重生"的传奇，而传承的关键在于构 建"独立性与股东责任有限性"的治理底线，严防"刺破公司面纱"的风险，将"知敬畏"的合规基因不断延 续。宋志平还进一步以"积极进步型董事会"为引擎，分享外部董事主导、议案三度打磨等实战经验，并 强调董事会秘书需以"开放包容"的治理文化推动董事会战略决策。这一从制度奠基、规范传承到董事会 创新的三重进阶，正是"守初心书传奇"的职业精神在公司治理现代化中的生动 ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [4]. Core Insights - The automotive industry saw a slight increase of 0.2% from June 29 to July 5, with various new energy vehicle manufacturers reporting significant sales growth [1][22]. - Notable performances include Leap Motor's delivery of 48,000 units in June, a year-on-year increase of over 138%, and Xiaopeng Motors' delivery of 35,000 units, a year-on-year surge of 224% [22]. - Changan Automobile plans to establish a factory in Europe to support its sales strategy, aiming to expand into at least 10 European markets by the end of 2025 [27]. - BYD launched its flagship luxury MPV, the M9, in Mexico, marking a significant step in its high-end new energy market strategy [23]. Market Performance Overview - The automotive sector's overall market performance was positive, with secondary segments like motorcycles and commercial vehicles showing notable increases of 5.1% and 1.5%, respectively [11]. - The report highlights that the automotive industry has a total of 259 listed companies with a total market capitalization of 4,051.4 billion [4]. Company-Specific Developments - Leap Motor's June deliveries reached 48,000 units, while Hongmeng Zhixing delivered 53,000 units, and the Wanjie brand delivered 45,000 units [22]. - The report emphasizes the strong sales potential of models like the Changan S800, which achieved over 6,500 pre-orders in its first month [23]. - The report recommends focusing on companies with strong sales performance or potential blockbuster vehicles, including BYD, Seres, Great Wall Motors, and Jianghuai Automobile [8]. Recent Vehicle Launches - Xiaopeng G7, a new AI smart family SUV, was launched with a price range of 195,800 to 225,800 yuan, featuring advanced AI capabilities [26]. - The report also notes the upcoming launches of new models from various manufacturers, including the i8 from Ideal Motors and the B01 from Leap Motor [21].

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（06/23-06/29） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年7月04日 1 目 录 一 、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 n ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

据中国汽车工业协会整理的海关总署数据显示 ， 20 2 5 年 5 月 , 汽车整车出口 69.5 万辆，环比 增长 12% ，同比增长 22.1% ，出口金额达 119.9 亿美元，环比增长 7.4% ，同比增长 13.7% 。 2025 年 1- 5 月， 汽车整车出口 285.3 万辆，同比增长 16.6% ；出口金额达 489 亿美元，同比 增长 5.3% 。 来源： 中汽协会行业信息部 ...

金十图示：2025年07月04日（周五）富时中国A50指数成分股午盘收盘行情一览：多数板块飘红，银行、保险、白酒、半导体板 块等走高，有色金属、化学制药板块小幅走低 +0.10(+1.81%) +0.23(+2.68%) +0.11(+2.59%) 保险 中国太保 中国平安 0.000 中国人保 0 3856.33亿市值 3573.96亿市值 10241.44亿市值 4.18亿成交额 14.48亿成交额 3.87亿成交额 56.24 8.72 37.15 0.00(0.00%) +0.44(+0.79%) +0.07(+0.81%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17831.98亿市值 2133.60亿市值 4659.87亿市值 17.41亿成交额 4.14亿成交额 9.40亿成交额 1419.52 120.05 174.89 +3.92(+0.28%) -0.73(-0.42%) +0.43(+0.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2410.23亿市值 2291.68亿市值 3155.29亿市值 11.18亿成交额 18.08亿成交额 7.76亿成交额 135.75 54 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -9% -4% 2% 8% 14% 20% 25% 31% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,461.15 | 0.18 | | 深证成指 | | 10,534.58 | 1.17 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,968.07 | 0.62 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,760.82 | 0.66 | | 中证 | 500 | 5,922.66 | 0.50 | | 中证 | 1000 | 6 ...