Group 1 - The A-share aerospace and aviation sector experienced a decline at the beginning of trading, with Morningstar Aviation dropping over 6% [1] - Other stocks in the sector, including Hengyu Xintong, Jialiqi, Shengnan Technology, and Xinyu Guoke, also saw declines [1]

Group 1 - The stock of Zongheng Co., Ltd. (688070) has a comprehensive score of 62.22, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 49.03 yuan, 5-day main cost at 47.63 yuan, 20-day main cost at 44.36 yuan, and 60-day main cost at 41.31 yuan [1] - Over the past year, the stock has experienced one limit-up and no limit-down events [1] Group 2 - The short-term resistance level is at 48.42 yuan, while the short-term support level is at 45.59 yuan [2] - The stock price has the potential to strengthen in the short term if it breaks through the short-term resistance level, and it may strengthen in the medium term if it breaks through the medium-term resistance level at 40.16 yuan [2] - The K-line pattern indicates a bullish signal, suggesting potential upward movement from the bottom and a continuation pattern in the middle [2] Group 3 - On July 3, 2025, the net inflow of main funds was 29.96 million yuan, accounting for 15% of the total trading volume [2] - The net inflow from large orders was 19.42 million yuan, while the net inflow from super large orders was 10.54 million yuan [2] - Retail investors also contributed with a net inflow of 2.40 million yuan [2] Group 4 - Related industry sectors include aerospace (0.37%), drones (1.15%), Beidou navigation (1.29%), and low-altitude economy (0.61%) [2]

宏观金融数据日报 | | 国贸期货研究院 期货执业证号:F3074875; 2025/7/3 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 宏观金融研究中心 郑雨婷 投资咨询证号: Z0017779 | | | | | | | | 较前值变动 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | | | | | | | | | (bp) | | स्टे | DR001 | 1.51 | 14.09 | DR007 | 1.91 | 20.92 | | E | GC001 | 1.35 | -11.00 | GC007 | 1.50 | -8.00 | | F | SHBOR 3M | 1.62 | -0.85 | LPR 5年 | 3.50 | 0.00 | | 场 | 1年期国债 | 1.34 | -0.50 | 5年期国债 | 1.49 | 0.50 | | 与 | 10年期国债 | 1.65 | 0.10 | 10年期美债 | 4.26 | 2.00 | | 流 | 回顾:央行昨日开展了3315亿元7天期逆回购操作 ...

7月2日，人大附中经开学校举办"王永志实验班"启动仪式暨载人航天主题讲座。王永志夫人王丹阳 为"王永志实验班"授牌；中国载人航天应用与测控专家、原王永志院士技术助手王朋受聘为"王永志实 验班"名誉班主任，并带来王永志院士科学精神讲座。 永志班将强化航天科技领域拔尖人才培养 首届"王永志实验班"将于新学期正式开班 仪式上，王永志夫人王丹阳为"王永志实验班"授牌，并以王永志一生以国家需求为己任，无私奉献于航 天事业的精神勉励现场同学们。"在他的一生中，除了上清华大学是出于自己的志愿，其他所有的志愿 和工作都是国家让他干什么，他就干什么，要干就干好。我希望大家能从现在开始，树立自己的人生 观、世界观。" 课程体系以国家课程标准为根基，围绕学科教学大纲核心内容，重点引入当今科技前沿知识，帮助学生 了解最新科技发展。将航天航空、人工智能、芯片半导体、生物基因、新能源、海洋极地、量子科技等 突破性成果转化为适龄化的教学资源，构建起"扎实基础+前瞻视野"的创新型教学模式。 在实践和拓展课程中，永志班将与清华大学、北京航空航天大学、北京理工大学、哈尔滨工业大学等航 天强校合作，强化航天科技（000901）领域拔尖人才培养，夯 ...

沪深股市在上周快速突破 3400 点之后，再次转入牛皮盘整阶段。从原因看，一方面，由于大盘多 次探底不下，韧性十足，因此多方向上试盘，并获得市场认同，其中上证指数创出年内新高。另一方 面，目前还是存量资金参与为主。在现有信息披露中，尚没有证据表明有明显的增量资金在短期内集中 介入，因此在存量格局下，短期内也很难持续放量突破。从技术上看，价升量增，放量突破，才能够确 认行情的有效性。如果从今年春节以后的几次上攻走势看，2、3 月份的最大单日成交分别为 2.19 万亿 元和 1.79 万亿元，本轮上攻则只有 1.60 万亿元，周三已萎缩到 1.40 万亿元以下，可见量能是渐次萎缩 和收敛的，存在一定的技术背离。从目前看，在没有持续放量之前，行情继续窄幅波动的可能性较大。 热点方面，仍以快速轮动为主。周三表现较强的以钢铁、水泥、煤炭、玻璃等传统行业、强周期板 块为主，此前这些板块主要受房地产行业影响较大，表现相对沉寂，目前以轮动为主，基本面没有特别 变化。而前期表现高弹性的通信设备、航天航空、半导体、电子元件等周三跌幅居前，同样是以短期表 现为主。 展望后市：大盘继续以窄幅波动为主。在未来两周，6 月份以及二季度宏 ...

Market Overview - The three major indices opened higher, with the low-radiation glass sector leading the gains. As of the market opening, the Shanghai Composite Index was at 3456.15 points, up 0.04%; the Shenzhen Component Index was at 10431.03 points, up 0.18%; and the ChiNext Index was at 2130.74 points, up 0.33% [1] Policy and Regulatory Updates - The Ministry of Foreign Affairs announced that Premier Li Qiang will attend the BRICS summit in Rio de Janeiro from July 5 to 8 and will visit Egypt from July 9 to 10 [2] - The China Securities Regulatory Commission emphasized maintaining market stability as a primary regulatory task, aiming to create a better environment for high-quality capital market development [2] - A new policy in Guangzhou will initiate "commercial to public loans" when the personal housing loan rate is below 75%, with measures to control risks as the loan rate approaches 90% [2] - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects, completing the annual allocation of 800 billion yuan [2] Industry Developments - The Shanghai superconducting material and headquarters base project, with an investment of 2.5 billion yuan, has officially commenced construction, marking the largest project in the superconducting field globally [3] - Luxshare Precision announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange [4] - Hainan Highway announced plans to acquire a 51% stake in Jiaokong Petrochemical, which is expected to constitute a major asset restructuring [6] - Tianqi Materials has filed a lawsuit against Yongtai Technology for commercial secret infringement, with expected economic losses of 887 million yuan [7] Company Performance - Zongshen Power expects a year-on-year net profit growth of 70% to 100% for the first half of the year; Jihong Co. anticipates a 55% to 65% increase; and Menohua expects a 143% to 175% rise in net profit for the same period [7] International Market Insights - The U.S. stock market showed mixed results, with the S&P 500 up 0.47% and the Nasdaq up 0.94%, both reaching new closing highs, while the Dow Jones dipped slightly by 0.02% [7] - The U.S. ADP employment report showed a decrease of 33,000 jobs in June, contrary to expectations of an increase of 98,000 jobs [8] - International oil prices rose, with WTI crude oil increasing by 3.1% to $67.45 per barrel and Brent crude oil rising by 3% to $69.11 per barrel [9]

Group 1 - The A-share market experienced fluctuations with strong performance in sectors such as photovoltaic equipment, steel, cement, and coal, while communication equipment, semiconductors, aerospace, and consumer electronics lagged behind [1] - Long-term capital inflow into the market is accelerating, with steady growth in ETF sizes and continuous inflow of insurance funds, providing significant support [1] - The Federal Reserve maintained interest rates in June, but uncertainty remains regarding the path of potential rate cuts, which could significantly boost global risk appetite if clear signals are released [1] Group 2 - The A-share market showed signs of adjustment, with the majority of Federal Reserve members expecting a rate cut later this year, while the U.S. economy remains robust [2] - Domestic manufacturing PMI data indicates a recovery in manufacturing sentiment, reflecting resilience in the Chinese economy [2] - Upcoming mid-year reports are expected to significantly impact individual stock performance, reinforcing the importance of earnings in market dynamics [2]

Market Overview - The A-share market experienced a decline with the Shanghai Composite Index falling by 0.09% to 3454 points, the Shenzhen Component down by 0.61%, and the ChiNext Index decreasing by 1.13% [1][2] - Total trading volume for the day was 1.41 trillion yuan, a decrease of 914 billion yuan compared to the previous trading day, with nearly 3300 stocks declining [1] Sector Performance - The aquaculture sector saw significant gains, with stocks like Guolian Aquatic and Zhanzi Island hitting their daily limits [8] - Steel and photovoltaic equipment sectors also experienced substantial increases, with companies like Chongqing Steel and LiuGao Co. reaching their daily limits [9][10] - Conversely, sectors such as aerospace, communication equipment, and semiconductor-related stocks faced declines, with notable drops in companies like Beifang Changlong and Neimenggu Yijian [4][6] Notable Stocks - In the aquaculture sector, Guolian Aquatic rose by 20.11%, Zhanzi Island by 10.03%, and Tongwei Co. by 10.01% [8] - In the steel sector, Shengde Jiatai increased by 17.00%, and LiuGao Co. and Zhijian Steel both rose by over 10% [9] - In the photovoltaic sector, Daqo New Energy surged by over 15%, with several other stocks also hitting their daily limits [10] Future Outlook - UBS analysts suggest that A-share earnings may gradually recover throughout the year, with potential for market growth in the medium to long term [11] - Structural reforms in China, including lowering foreign investment barriers and enhancing the vitality of private enterprises, are expected to improve the investment environment [11]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - In the short - term, after a strong breakthrough, the stock index is more likely to strengthen and fluctuate under the drive of sentiment and liquidity. Attention should be paid to macro incremental information for guidance on the stock index direction. In the long - term, the Politburo meeting at the end of July will set the policy tone for the second half of the year. Given the possible further deterioration of real estate sales and investment and the overall weakness of consumption, policies are expected to further support domestic demand. Overseas, the uncertainty of US tariff policies, the approaching Fed rate - cut time, and changes in geopolitical patterns will bring phased trading opportunities for the stock index [6]. - In the future, the central bank may continue to reasonably supplement liquidity through over - renewal of MLF or in combination with reverse repurchase tools in the second half of the year [4]. 3. Summary by Relevant Catalogs 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.51 with a 14.09bp increase, DR007 at 1.91 with a 20.92bp increase, GC001 at 2.14 with a 175.00bp decrease, GC007 at 1.69 with a 34.50bp decrease, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.34 with a 0.50bp decrease, 5 - year treasury at 1.49 with a 0.50bp increase, 10 - year treasury at 1.65 with a 0.10bp increase, and 10 - year US treasury at 4.29 with a 3.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 3315 billion yuan of 7 - day reverse repurchase operations yesterday, with 2205 billion yuan of reverse repurchases maturing, resulting in a net injection of 1110 billion yuan. This week, 20275 billion yuan of reverse repurchases will mature. The central bank will conduct 3000 billion yuan of 1 - year MLF operations on the 25th, with 1820 billion yuan maturing, achieving a net injection of 1180 billion yuan for the fourth consecutive month. Combining with reverse repurchase operations, the net injection of medium - term liquidity is 3180 billion yuan [3][4]. 3.2 Stock Index Market - **Index Performance**: Yesterday, the Shanghai and Shenzhen 300 rose 0.37% to 3936.1, the Shanghai 50 rose 0.16% to 2712, the CSI 500 rose 0.88% to 5915.4, and the CSI 1000 rose 1.26% to 6356.2. The trading volume of the two markets was 14869 billion yuan, a decrease of 542 billion yuan from last Friday. Industries such as aerospace, gaming, shipbuilding, photovoltaic equipment, medical services, electronic chemicals, jewelry, small metals, and communication equipment led the gains, while only the securities, banking, cement building materials, and airport sectors declined [5]. - **Futures Contracts**: IF当月 rose 0.4%, IH当月 rose 0.3%, IC当月 rose 0.6%, and IM当月 rose 0.8%. The trading volume and positions of all four futures contracts decreased, with IF trading volume down 26.4%, IH trading volume down 31.3%, IC trading volume down 13.7%, and IM trading volume down 11.4%. IF positions decreased by 3.8%, IH positions by 9.1%, IC positions by 3.4%, and IM positions by 5.7% [5]. - **Premium and Discount**: IF premium/discount rates for the current, next - month, current - quarter, and next - quarter contracts are 15.29%, 8.64%, 5.76%, and 4.34% respectively; IH are 14.20%, 6.73%, 3.82%, and 1.72% respectively; IC are 17.96%, 12.96%, 11.17%, and 9.52% respectively; IM are 23.35%, 16.93%, 14.72%, and 12.79% respectively [7].

Market Overview - On June 30, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.59% to 3444.43 points, the Shenzhen Component Index increasing by 0.83% to 10465.12 points, and the ChiNext Index up by 1.35% to 2153.01 points. The total market turnover was 151.72 billion yuan, a decrease of 58.4 billion yuan from the previous day, with over 4000 stocks advancing [2][3]. International Markets - The New York stock market indices also experienced gains on June 30, with the Dow Jones Industrial Average up by 0.63% to 44094.77 points, the S&P 500 rising by 0.52% to 6204.95 points, and the Nasdaq Composite increasing by 0.47% to 20369.73 points [4][5]. - In contrast, European indices fell, with the FTSE 100 down by 0.43% to 8760.96 points, the CAC 40 down by 0.33% to 7665.91 points, and the DAX down by 0.51% to 23909.61 points [4]. Sector Performance - Key sectors that performed well included gaming, brain-computer interfaces, photolithography, and photovoltaic industries, while banking, securities, automotive, and dairy sectors lagged behind [2]. Policy Announcements - The Ministry of Finance and other departments announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits reinvested in China from January 1, 2025, to December 31, 2028 [6]. - The Shenzhen Stock Exchange released guidelines for recognizing "light asset and high R&D investment" companies on the ChiNext board, aimed at better supporting technological innovation [7]. Industry Insights - The National Healthcare Security Administration will hold a press conference on July 1 to discuss measures supporting the high-quality development of innovative drugs, indicating a sustained positive outlook for the innovative drug sector [8]. - Analyst Ming-Chi Kuo projected that Apple will begin releasing multiple products in the Apple Vision series and smart glasses starting in 2027, which may influence the foldable smartphone market and related supply chains [9]. - The Hengqin Guangdong-Macao Deep Cooperation Zone plans to promote open testing and demonstration applications for intelligent connected vehicles, which could enhance market share for independent driving suppliers [10]. Consumer Trends - The Ministry of Culture and Tourism announced a summer cultural and tourism consumption season, with over 4300 events planned and 570 million yuan in consumer subsidies to stimulate demand [11]. Investment Recommendations - Analysts suggest focusing on sectors with strong policy support and growth potential, such as AI applications, innovative drugs, and independent driving technology, while also considering defensive assets like high-dividend stocks [12].