今天上午，A股三类板块相继发力。 早盘，刺激油气开采、航运等板块大涨。 油气股方面，泰山石油、神开股份、山东墨龙涨停，新锦动 力涨逾14%。港口航运方面，宁波海运、连云港、宁波远洋、兴通股份等多股涨停。 随后，TMT板块拉升，其中半导体产业链发力明显。 中芯国际、华虹公司、北方华创、中微公司等大 市值龙头股均上涨。 临近上午收盘，大金融发力，银行、证券等板块拉升。 工商银行、农业银行、建设银行、兴业银行、 浦发银行、邮储银行盘中股价集体创历史新高。其中，工商银行上涨1.49%，日线迎来6连阳，最新总 市值为2.67万亿元，稳居A股第一。 三大股指走势分化，截至午间收盘，上证指数上涨0.15%，深证成指下跌0.16%，创业板指下跌0.33%。 半导体产业链走强 今天上午，半导体产业链上涨，光刻机、存储芯片、电子化学品等板块涨幅居前。两大晶圆代工龙头股 中芯国际、华虹公司分别上涨3.57%、3.82%。另外，北方华创、中微公司等设备龙头股也上涨。 存储芯片板块受多家机构看好，主要因素也来自涨价。业内人士称，自3月起，半导体存储市场逐步回 暖，存储芯片涨价延续至二季度，其中DDR4（第四代双倍数据速率同步动态随机存 ...

2025.06. 23 作者 | 一财资讯 截至午间收盘，沪指涨0.15%，深成指跌0.16%，创业板指跌0.33%。全市场超3600只个股上涨，超 1500只个股下跌。 | 涨跌分布 10档 ▽ ◎ 今日 ○ 昨日 ? 四 | | | | | --- | --- | --- | --- | | 日期: 2025-06-23 跌 1577 平 181 涨 3657 跌停 1 停牌 18 涨停 57 | | | | | 3192 | | | | | 1465 | | | | | 292 က 1 81 81 25 1 69 | 2 | 25 | 85 | | <-10%-10~-7%7~-5%-5~-3% -3~0% 0~3% 3~5% 5~7% 7~10% >10% | | | | （图片来源：Wind） 油气、海运、港口、半导体、军工行业涨幅居前，稳定币、固态电池题材持续发酵；算力、白酒、医 药、IP经济概念股走弱。 具体到个股来看，中芯国际、晶方科技、北方华创获净流入6.48亿元、6.38亿元、6.28亿元。 净流出方面，中际旭创、恒宝股份、寒武纪-U遭抛售4.44亿元、2.62亿元、1.92亿元。 机构观 ...

Market Dynamics and Sentiment - A-shares experienced a downward adjustment, with the ChiNext Index leading the decline by 0.84%, the Shenzhen Component Index down 0.47%, and the Shanghai Composite Index slightly down by 0.07%. The market turnover decreased to 1.07 trillion yuan, indicating a strong wait-and-see sentiment [2] - The major indices in the US showed mixed performance, with technology stocks generally declining, including a nearly 4% drop in Google, while Apple rose over 2%. Chinese concept stocks displayed a mixed performance, with the Nasdaq Golden Dragon China Index down 0.92% [2] Policy and Major Events - The US imposed tariffs on steel household appliances starting June 23, leading to a collective adjustment in the Asia-Pacific stock market. Concerns arose regarding the profit pressure on appliance exporters, particularly those reliant on the North American market, prompting some companies to consider relocating production to Southeast Asia or switching to aluminum [3] - The Federal Reserve maintained interest rates during the June meeting, but the "dot plot" indicated a reduction in the expected rate cuts for 2025 from two to one, signaling a more hawkish stance. Trump continued to pressure for significant rate cuts, while Powell emphasized the independence of policy, leading to increased market divergence regarding the rate cut path [3] Industry Sectors and Hotspots - The PCB industry is experiencing a surge due to increased demand driven by AI servers and electric vehicles, with leading companies like Shenghong Technology having orders extending into 2026 [5] - In the consumer electronics sector, multiple factors are driving investment opportunities in the third quarter, with a focus on concepts like HarmonyOS and solid-state batteries [6] - The charging treasure safety crisis has emerged, with multiple brands facing suspension of 3C certification, and battery supplier Amperis under regulatory investigation, exposing credit risks in the industry [7] - The extension of the cobalt raw material ban in the Democratic Republic of Congo for an additional three months may elevate cobalt prices, benefiting companies like Huayou Cobalt and Tengyuan Cobalt [8] - Iran's announcement to close the Strait of Hormuz has drawn attention to the nuclear pollution prevention and oil and gas shipping concepts, with companies like Guangguang Co. and Ningbo Shipping being highlighted [9] - The National Medical Products Administration supports full lifecycle supervision of high-end medical devices, which is favorable for companies like Mindray Medical and United Imaging Medical [10] - The commercial use of humanoid robots in China is expected to reach 60,000 units by 2030, with a compound annual growth rate of 95.3%, benefiting companies like Tongda Power and Zhengye Technology [11] Company Dynamics and Capital Operations - China Railway Construction's 3.856 billion shares of restricted stock were unlocked on June 23, accounting for 72.29% of the total share capital, which may exert pressure on the stock price [12] - Guangting Information's 48.547 million shares of restricted stock were unlocked, representing 52.41% of the total share capital, involving four shareholders [13] - Beijing Junzheng's stock registration date is June 23, with a proposed cash dividend of approximately 48.16 million yuan [14] - Jianfa Real Estate's 670 million yuan bond was fully redeemed on June 23 [15] - Yihua Co. held an extraordinary shareholders' meeting to review the repurchase and cancellation of restricted stock and the reduction of registered capital, which may impact the company's capital structure [16]

Core Viewpoint - The article discusses the recent escalation of tensions between Israel and Iran, particularly focusing on the impact of military actions on the oil and shipping sectors, highlighting significant price increases in shipping rates and potential implications for oil prices [1][4][10]. Group 1: Military Actions and Responses - Israeli Prime Minister Netanyahu stated that Iran's nuclear and missile projects have been "severely damaged," and Israel's objectives are "very close to completion" [1][4]. - Following U.S. airstrikes on Iranian nuclear facilities, Iran's leadership indicated that they would not engage in diplomatic negotiations before retaliating [1][4]. - The Iranian parliament has suggested closing the Strait of Hormuz, a critical passage for global oil trade, although the final decision rests with Iran's Supreme National Security Council [7][10]. Group 2: Impact on Shipping and Oil Prices - The A-share shipping sector experienced a significant surge, with companies like China Merchants Energy and Ningbo Shipping hitting the daily limit [2][9]. - The rental prices for large oil tankers have skyrocketed, with the daily rental for a Very Large Crude Carrier (VLCC) increasing from $19,998 to $47,609, a rise of 138% [9][10]. - The rental rates for Long Range 2 (LR2) tankers also saw a substantial increase, from $21,097 to $51,879, indicating a broader trend of rising shipping costs due to heightened security risks in the region [10]. Group 3: Oil Price Projections - Analysts predict that oil prices will experience significant upward pressure, with Brent crude futures potentially breaking the $80 per barrel mark and fluctuating between $70 and $100 per barrel [10]. - The ongoing conflict in the Middle East is expected to contribute to volatility in oil prices and shipping rates, driven by the uncertainty surrounding Iran's potential actions regarding the Strait of Hormuz [10].

【导读】稳定币概念股快速走高，油气股再度活跃 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 6 月 23 日早盘， A 股三大指数集体低开，随后震荡调整。截至发稿，沪指跌 0.06% ，深 成指跌 0.03% ，创业板指跌 0.01% 。 板块上来看，稳定币概念股早盘快速走高，油气股再度活跃，海运、半导体、化工等板块涨 幅居前；而白酒、家电、食品等板块震荡调整。 | W | 神州信息(000555) | | | | | | --- | --- | --- | --- | --- | --- | | | 交易中 06-23 10:20:15 融 通 | | | | | | 13.54 | 额 3.96亿 | 股本 9.76亿 | 市盈 -24 | | 万得 | | 1.23 9.99% | 换 3.09% | 市值1 132亿 | 市净 2.38 | | 盘口 | | 关时 五日 | 日K | 周K | 月K | 中多 ( | | | 叠加 | | | 均价:13.18 盘口 | | 资金 | | 18.54 | | | 9.99% 卖五 卖四 | | | | | | | 27 - | | | | | ...

6月23日，A股三大指数集体低开。截至发稿，创业板指和深证成指翻红。北证50指数涨近0.5%，科创50指数涨近1%。 盘面上，油气、航运等题材走强；机器人、短剧、IP经济、EDA、算力、稀土永磁、AI应用概念股走弱。 恒生指数和恒生科技指数低开。京东集团-SW跌近2%领跌蓝筹。油气股涨幅居前，山东墨龙（002490）、MI能源一度 涨近15%。三只新股今日上市，药捷安康-B盘中大涨逾72%，佰泽医疗涨超22%。 亚太市场方面，日经225指数、韩国综合指数、新加坡海峡指数、澳洲标普200指数下跌近1%。 油气股、航运股活跃 早盘，油气股再度活跃，茂化实华（000637）3连板，神开股份（002278）涨停，科力股份、新锦动力（300157）、通 源石油（300164）等涨幅居前。消息面上，早盘WTI原油主力期货一度涨超6%。 港股方面，航运及港口股也逆势走高,截至发稿，德翔海运涨超17%,中远海能、象兴国际涨超7%。 消息面上，据央视新闻报道，伊朗议会国家安全委员会委员库萨里表示，伊朗议会已得出结论，认为应关闭霍尔木兹海 峡，但最终决定权在伊朗最高国家安全委员会手中。 有色钴概念股拉升 有色钴概念股震荡走强，截 ...

消息面上，据央视新闻报道，伊朗议会国家安全委员会委员库萨里表示，伊朗议会已得出结 论， 认为应关闭霍尔木兹海峡 ，但最终决定权在伊朗最高国家安全委员会手中。 早盘WTI 原油主力期货一度涨超6%。 摩根大通预测，若霍尔木兹海峡被封锁，油价可能飙升至120— 130美元区间。 （→ 美国打击伊朗核设施，卫星图曝光！原油大涨，黄金高开 ） 申万宏源认为，短期A股风险偏好回落，自上而下的叙事有所弱化，短期有休整需要，但跌不 深是一致预期，对应短期防御类资产有绝对收益。 国泰海通证券表示，全球地缘政治格局加速演变，外贸有望打开军工行业新的增长极，推荐 产品或业务与出口密切相关企业。分析认为，在大国博弈加剧的背景下，加大国防投入是当 今时代的必选项，内需和外贸有望驱动军工行业高景气度，保持发展趋势长期向好。 信达证券认为，市场在6—7月可能还会有震荡回撤，不过幅度可控。三季度后期或四季度， 盈利、政策和居民资金三个因素中，只要有一个往乐观方向转变，市场有望回归牛市状态。 现货黄金失守3 3 6 0美元/盎司 6月23日，A股指数低开，三大股指一度飘红。截至10:40，约3500股上涨。 板块上，油气、航运、军工涨幅居前 ...

以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您 的财富保驾护航。 后市关注点 在众多宽基指数中，科创板走的最弱，半导体、算力、机器人等科技股，从三月份左右开 始，拥挤度到达高位之后，一直走一个弱调整的趋势，目前还没有全面走向右侧。不过，随 着金融政策如科创板成长层的推出，以及后续一系列科创属性的新股上市，有望带动半导体 等科技股的关注度。这可能还需要一段时间，且成交量需要配合。总体上我们建议先防守， 再进攻。 市场回顾 本周市场收阴，上周我判断市场偏弱势，理由是：上证指数多次挑战 3400 点后回落，这里 形成了一个心理关口，后期如无较大成交量，站稳 3400 点有一定难度。微盘股指数，形成 了高位十字星，因此要暂时谨慎对待小微盘股票。港股周线形成长上影线，且 A/H 溢价到达 新低，这个比值要想回到常规区间，往往需要港股回调或 A 股上涨，从历史经验来看，往往 是前者的概率更高一些。因此应该慎重对待，控制仓位观望为主。那么本周则是较为符合预 期。指数本周打破上周十字星的底部，形成了个短 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the impact of the escalating Israel-Iran conflict on the oil and gas industry, logistics, and various sectors including aviation, express delivery, and chemicals [1][2][4][5][9]. Core Insights and Arguments Oil and Gas Industry - The Israel-Iran conflict has intensified following U.S. airstrikes on Iranian nuclear facilities, with the Strait of Hormuz being a critical oil transport route, accounting for 20% of global oil liquid consumption, approximately 20 million barrels per day [1][2][3]. - If the Strait of Hormuz is blocked, oil prices could surge to $120-$130 per barrel, leading to energy inflation and significant impacts on various sectors, particularly aviation [1][2][5]. - VLCC (Very Large Crude Carrier) freight rates have increased dramatically from 22,000 yuan to over 50,000 yuan, indicating that freight performance has outpaced stock price movements for companies like COSCO Shipping Energy [1][4]. Aviation Sector - A potential rise in oil prices to $130 per barrel would significantly affect airline stocks, as fuel surcharges may not fully cover increased costs, potentially suppressing demand [5][6]. - Historical data suggests that airline stock prices are more influenced by supply-demand dynamics rather than temporary spikes in fuel prices, indicating a need for strategic adjustments in investment [6]. Express Delivery Industry - The express delivery sector is experiencing a reduction in price wars, with companies like YTO Express raising prices, indicating a stabilization in pricing pressures [7]. - The application of unmanned vehicles in last-mile delivery is advancing, reducing costs by 0.6 to 0.8 yuan per parcel, which is expected to enhance operational efficiency [7][8]. Chemical Industry - The chemical products price index has risen to 4,210 points, driven by increasing oil prices, although demand seasonality limits the ability to pass on costs, leading to heightened cost pressures [9][10]. - The polyester POY price has increased by 3.6%, but the profit margins are narrowing due to seasonal demand constraints [10]. Fertilizer and Agricultural Chemicals - The price of potassium fertilizer has surged due to supply constraints from Israel, with domestic prices rising by 80 yuan to 3,040 yuan, indicating further potential for price increases [12]. - The pesticide sector is witnessing price increases, particularly for chlorantraniliprole, which has risen by 80,000 yuan per ton due to supply chain disruptions [11]. Metals Market - Gold prices have continued to decline, but the risk premium may rise due to the severity of the conflict, with potential for prices to reach around $3,400 per ounce [16]. - Cobalt prices are expected to rise following the extension of export bans from the Democratic Republic of Congo, which holds a significant share of global cobalt production [17]. Coal Industry - The coal sector is experiencing mixed performance, with a decline in demand but potential for increased utilization in coal chemical processes due to high oil prices [19][20]. - Recent price increases in coal, particularly in the power sector, suggest a potential rebound in demand as electricity consumption rises [22]. Other Important Insights - The geopolitical landscape, particularly the U.S. sanctions on Iran and OPEC's production adjustments, will significantly influence global oil supply and pricing dynamics [25][26]. - Investment strategies should focus on companies with strong dividend yields and those positioned to benefit from rising commodity prices, such as coal and energy firms [23][28]. This summary encapsulates the critical developments and insights from the conference call records, highlighting the interconnectedness of geopolitical events and their implications across various industries.

策略周观点：波动上升，后市如何看？20250622 摘要 港股上半年表现强劲，受益于资金回流和关税趋缓，但当前估值较高， ERP 指数较低。然而，中国资产在全球估值中仍具洼地效应，人民币升 值将增强中国股票类资产弹性，中长期仍有重估空间。 预计美联储 9 月可能首次降息，但降息幅度有限，或为应对式而非大幅 宽松。美国债务上限解决后，大规模发债可能导致实体经济流动性抽离， 美债利率上升，短期内对美股形成挤压。 港元汇率及利率对香港市场有重要影响，资金回流带动港元升值。香港 联系汇率制度透明，但 HIBOR 利率下降可能扩大套息交易空间，对港 股影响边际且局部，核心仍取决于经济基本面。 港股未来一年的核心影响因素是经济修复，目前股权风险溢价处于历史 低位，恒生指数与中美制造业 PMI 相关性高。预计今年财政力度将托举 经济，香港非金融海外中资股盈利增速或超预期。 三季度是解禁高峰期，市场波动可能较高，高股息加必须消费品配置偏 防御。若非基本面因素造成回撤，将提供增配香港核心资产空间，包括 科技、大众消费、传统消费及大金融领域。 Q&A 2025 年下半年海外市场的整体展望是什么？ 2025 年下半年，海外市场预计 ...