Market Performance - On July 14, 2025, the Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index fell by 0.11% and the ChiNext Index decreased by 0.45%[2] - The total market turnover was 14,584.58 billion yuan, a decrease of 2,533.86 billion yuan compared to the previous trading day[2] - Out of 5,305 stocks, 3,205 rose and 2,100 fell, indicating a generally positive market sentiment despite the turnover decline[2] Sector and Industry Analysis - The top-performing sectors included Machinery (up 1.21%), Oil & Petrochemicals (up 0.92%), and Power & Utilities (up 0.65%) while the worst performers were Comprehensive Finance (down 3.81%), Real Estate (down 1.25%), and Media (down 1.13%)[2][21] - The market style ranking was led by Cyclical > Defensive > Consumer > Growth > Financial, with large-cap value outperforming mid-cap growth[21] Capital Flow - On July 14, 2025, the net outflow of main funds was 407.42 billion yuan, with large orders contributing to a net outflow of 155.83 billion yuan[3][25] - Small orders continued to see a net inflow of 302.45 billion yuan, indicating retail investor interest despite institutional selling[25] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -21.11 billion yuan and -18.33 billion yuan respectively[3][30] - The total trading volume for these ETFs was 15.00 billion yuan for the SSE 50 ETF and 33.51 billion yuan for the CSI 300 ETF on the same day[30] Global Market Overview - On July 14, 2025, the Hang Seng Index rose by 0.26% while the Nikkei 225 fell by 0.28% and the KOSPI increased by 0.83%[4][33] - The U.S. stock indices experienced declines, with the Dow Jones Industrial Average down 0.63% and the S&P 500 down 0.33%[5][34]

截至2025年7月13日，北交所挂牌公司共268家，总股本378.77亿股，流通股本244.16亿股。 从成交量上来看，上周（7月7日-7月13日），北交所周成交量为50.95亿股，环比上周减少16.56%；周成交金额为1078.44亿元，环比上周减少22.94%。 | 项目 | 本周 | 比上周增减(% | | --- | --- | --- | | 成交数量(亿股) | 50.95 | -16.56% | | 成交金额(亿元) | 1078.44 | -22.94% | | 成交均价(元) | 21.17 | -7.64% | 上周（7月7日-7月13日），北证50指数周跌0.41%至1420.81点。北证50成分股中，36只上涨，0只平盘，14只下跌。 其中，硅烷科技（838402）涨幅居首，上涨11.74%，五新隧装（835174）居次，上涨8.24%。纳科诺尔（832522）跌幅居首，下跌5.16%，民士达 （833394）居次，下跌4.63%。 上周（7月7日-7月13日），北交所无公司通过辅导验收、无公司进入辅导期、无公司提交辅导材料。 新股发行阶段 获得注册批复 7月7日-7月13日，北交所有 ...

证券研究报告 | 公司点评报告 2025 年 07 月 14 日 杭叉集团（603298.SH） 强烈推荐（维持） 当前股价：21.0 元 基础数据 | 总股本（百万股） | 1310 | | --- | --- | | 已上市流通股（百万股） | 1310 | | 总市值（十亿元） | 27.5 | | 流通市值（十亿元） | 27.5 | | 每股净资产（MRQ） | 8.1 | | ROE（TTM） | 19.6 | | 资产负债率 | 35.0% | | 主要股东 | 浙江杭叉控股股份有限公司 | | 主要股东持股比例 | 41.13% | 股价表现 % 1m 6m 12m 绝对表现 6 14 18 相对表现 3 6 2 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jul/24 Nov/24 Feb/25 Jun/25 (%) 杭叉集团 沪深300 相关报告 1、《杭叉集团（603298）—全球化持 续推进，净利率创历史新高》 2024-04-19 拟收购国自机器人，强化打造"智能化"新发展逻辑 中游制造/机械 事件：公司近期发布公告，控股子公司杭叉智能拟以扩股增资方式收购关联 ...

南卫股份（603880）公告，公司2025年半年度净利润为负值。预计2025年半年度归属于母公司所有者的 净利润为-1600万元到-1200万元，归属于母公司所有者的扣除非经常性损益后的净利润为-1800万元 到-1400万元。公司部分产品原材料价格上涨，导致成本增加。受国际贸易政策、地缘政治及物流运输 等因素影响，导致部分产品订单受限，对收入和利润产生较大影响。 ...

报 告 正 文 对等关税暂缓继续延期，是特朗普的缓兵之计。 对等关税原暂缓至7月9日执行，但由于美国仅与个别经济体 达成贸易协议，同时无法承担全面加征关税的代价。于是在新一轮名单出炉的同时，特朗普宣布将对等关税暂 缓期延长至8月初，中国对应的关税暂缓则在8月上旬到期。 除巴西、加拿大和墨西哥外，2.0版本较初版差别不大。 对于暂未达成协议的部分国家（主要集中在亚洲）， 特朗普公布了新一轮的关税标准，其中计划对墨西哥和加拿大加征在30%以上，巴西由10%大幅提升至50%， 欧盟由20%提升至30%，但多数经济体相较4月初版变动不大或小幅下调，大型经济体如日韩加征25%，其他国 家地区在25%-40%不等。 为何公布这些经济体名单？ 本次名单主要包括此前谈判进展不大或仍未开启谈判的国家，更多意在施压对 手；而对于基本协议有进展的国家，如中国、英国和越南，后续或按协议计划实行。 各经济体关税如何加？ 考虑到谈判难易和经济成本，对于 大型经济体 而言，10-20%关税可能是最终加征的幅 度。而对美贸易逆差较大的 中小型经济体 ，可以参考特朗普声称的美越初步协议，即20%的直接进口关税和 40%的转口关税。 不过理论上 ...

据查阅，可孚医疗于2009年成立，致力于为用户提供医疗健康产品和一站式解决方案，拥有近万个型号及规格的产品，覆盖健康监测、康复辅具、 呼吸支持、医疗护理及中医理疗五大领域，现已发展为集研发、生产、销售和服务为一体的全生命周期个人健康管理企业。 业绩方面，2022年至2024年，可孚医疗营收分别为29.77亿元、28.54亿元、29.83亿元，归母净利润分别为3.02亿元、2.54亿元、3.12亿元。 进入2025年一季度，可孚医疗营收为7.38亿元，同比下降8.59%；归母净利润分别为9142.51万元，同比下降9.68%。 张敏及聂娟为夫妻关系，是可孚医疗的实际控制人。目前，张敏现任械字号投资执行董事，可孚医疗董事长、总裁；聂娟现任械字号投资总经理。 东方财富数据显示，2020年至2024年，张敏从可孚医疗获得的薪酬分别为38.09万元、37.73万元、49.34万元、49.36万元、135.0万元。其中，2024年 薪酬同比增长173.5%。 | | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | | --- | --- | ...

Group 1: Market Overview - On July 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 26.576 billion yuan, with the ChiNext board seeing a net outflow of 12.112 billion yuan and the CSI 300 index stocks a net outflow of 6.366 billion yuan [1] - Among the 21 industries tracked, mechanical equipment, public utilities, and home appliances saw the largest gains, each rising over 1%, while real estate, media, and non-bank financial sectors fell more than 1% [1] - Four industries received net inflows from main funds, with mechanical equipment leading at 394 million yuan, followed by home appliances at 117 million yuan, and coal and petrochemical sectors each exceeding 37 million yuan [1] Group 2: Individual Stock Performance - Among individual stocks, 37 saw net inflows exceeding 100 million yuan, with six stocks surpassing 200 million yuan in inflows [2] - Zhongji Xuchuang, a leader in optical modules, topped the inflow list with 497 million yuan, benefiting from increased demand for ASIC servers driven by growth in ARR for AWS's Anthropic and Google's Gemini [2] - Notable stocks such as Xiangyang Bearing, Brother Technology, and Kelu Electronics also saw significant inflows, with Kelu Electronics reaching a net inflow of 314 million yuan, the highest since June 23, 2016 [2] Group 3: Notable Outflows - Over 90 stocks experienced net outflows exceeding 100 million yuan, with 21 stocks seeing outflows over 300 million yuan [3] - Leading the outflows were BYD and Northern Rare Earth, each with net outflows exceeding 1.1 billion yuan, with Northern Rare Earth's outflow reaching 1.105 billion yuan, marking a new high since November 4, 2024 [3][4] Group 4: Tail-End Market Activity - At the market close, there was a net outflow of 1.483 billion yuan, with the ChiNext board seeing an outflow of 806 million yuan [6] - Notably, the digital currency concept stock Chutianlong saw a significant reversal, with a net inflow of 204 million yuan, despite a projected loss of 35 to 40 million yuan for the upcoming half-year [7] - Other stocks with notable tail-end inflows included Tianyang Technology and Hanyu Pharmaceutical, each exceeding 40 million yuan [8]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research in the past 30 days include Ice Wheel Environment, Huichuan Technology, Boshi Jie, Jun Ding Da, and Fuguang Co., Ltd. [2][9] - In the last five days, the most researched companies include Ice Wheel Environment, Yanjing Beer, Xingrong Environment, Ningbo Bank, and Superjet Co., Ltd. [2][9] - Among the top twenty companies in the past 30 days, five companies had ten or more rating agencies, namely Yanjing Beer, Huadian Electric, Huichuan Technology, Hangzhou Bank, and Kebo Da, with significant growth in net profit for 2024 compared to 2023 [2][9][11] Group 2: Major Shareholder Increase in A-Share Companies - From July 7 to July 11, 2025, six companies announced significant shareholder increases, with two companies having ten or more rating agencies: Ruipu Biological and Hisense Home Appliances [3][12] - From January 1 to July 11, 2025, a total of 237 companies announced significant shareholder increases, with 64 companies having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value [3][14] Group 3: A-Share Company Buyback Situation - From July 7 to July 11, 2025, 93 companies announced buyback progress, with 23 companies having ten or more rating agencies. Companies with a proposed buyback amount exceeding 1% of the market value include Aohua Endoscopy, Shantui Co., Ltd., Wanrun Co., Ltd., and AVIC Heavy Machinery [3][16] - From January 1 to July 11, 2025, a total of 1,117 companies announced buyback progress, with 259 companies having ten or more rating agencies. Among these, 93 companies had a proposed buyback amount exceeding 1% of the market value [3][17] Group 4: Institutional Fund Flow - From July 7 to July 11, 2025, sectors such as electric power equipment, real estate, non-bank financials, steel, computer, building materials, beauty care, light industry manufacturing, retail, non-ferrous metals, and comprehensive industries received net inflows of institutional funds [21][23] - In the past 30 days, from June 11 to July 11, 2025, sectors such as real estate, non-bank financials, steel, building materials, light industry manufacturing, and food and beverage also received net inflows of institutional funds [21][23] Group 5: Investment Recommendations - For institutional research, it is recommended to pay attention to Yanjing Beer, Huadian Electric, Hangzhou Bank, and Kebo Da, which have high research intensity and significant growth in net profit for 2024 compared to 2023 [26] - For major shareholder increases, it is suggested to focus on New Energy, Tunnel Co., Ltd., Sailun Tire, and Wanrun Co., Ltd., which have significant proposed increase amounts relative to their market values [26] - For company buybacks, attention is drawn to companies with significant buyback amounts and those in the board proposal stage, including Changhong Meiling, Liugong, Shantui Co., Ltd., and others [26]

Market Overview - The Shanghai Composite Index closed at 3519.65 points, up 0.27%, with a trading volume of 623.1 billion yuan [1] - The Shenzhen Component Index closed at 10684.52 points, down 0.11%, with a trading volume of 835.6 billion yuan [1] - The ChiNext Index closed at 2197.07 points, down 0.45%, with a trading volume of 387.28 billion yuan [1] - The STAR Market 50 Index closed at 992.39 points, down 0.21%, with a trading volume of 22.92 billion yuan [1] - Total trading volume for both markets was 1458.75 billion yuan, a decrease of 253.38 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included machinery, public utilities, oil and petrochemicals, textiles, chemicals, non-ferrous metals, and pharmaceuticals [2] - Active concepts included PEEK materials, humanoid robots, geothermal energy, and innovative drugs [2] - Weak sectors included real estate, media, securities, education, insurance, and retail [2] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 26.576 billion yuan [3] - The net outflow from the ChiNext was 12.112 billion yuan, and from the CSI 300 was 6.366 billion yuan [4] - Only four sectors saw net inflows: machinery (394 million yuan), home appliances (117 million yuan), coal (38 million yuan), and oil and petrochemicals (37 million yuan) [4] Individual Stock Performance - A total of 2089 stocks saw net inflows, with 37 stocks receiving over 100 million yuan in net inflows [5] - The stock with the highest net inflow was Zhongji Xuchuang, with 497 million yuan [6] - Conversely, 3048 stocks experienced net outflows, with 92 stocks seeing over 100 million yuan in net outflows [7] - BYD had the highest net outflow at 1.308 billion yuan [8] Institutional Activity - Institutions had a net buy of approximately 33.89 million yuan, with 17 stocks being net bought and 14 stocks net sold [9] - The stock with the highest institutional net buy was Xiangyang Bearing, with about 111 million yuan [10]

马克龙为何强势回应 13日，冯德莱恩表示，"现在是谈判的时候了。" "我们一直明确表示，我们更倾向于通过谈判解决问题，"她说道。如果无法达成协议，她表示"我们将 继续准备反制措施，以确保充分准备"。冯德莱恩还情况，与美国的贸易紧张局势凸显了"多元化我们的 贸易关系"的重要性。 欧盟将对美关税反制措施暂停期限延长至8月初。 针对特朗普政府30%关税的威胁，欧盟委员会主席冯德莱恩13日表示，欧盟将对美关税反制措施暂停期 限延长至8月初。 此前，美国总统特朗普在12日公布了致欧盟信件，表示，"将自8月1日起对从欧盟进口的商品仅征收 30%关税，此举独立于所有行业关税。"特朗普对欧盟发出的关税威胁高达30%却用"仅（only）"这个词 耐人寻味。 特朗普还在信中警告欧盟不要对此次加税进行报复、鼓励对方企业迁入美国，若对方积极配合可能对税 率进行调整等。 正在法国调研的对外经济贸易大学国家对外开放研究院研究员、巴黎索邦大学博士生导师赵永升对第一 财经记者表示，一方面，美欧双方贸易矛盾更加深层次，双方均为发达经济体，在经济上互补性较差， 找不到实际能够平衡贸易的手段，另一方面，美欧双方的贸易矛盾纠葛纵横历史深远，双方都对 ...