沪指7月11日上涨0.01%，申万所属行业中，今日上涨的有19个，涨幅居前的行业为非银金融、钢铁， 涨幅分别为2.02%、1.93%。非银金融行业位居今日涨幅榜首位。跌幅居前的行业为银行、建筑材料， 跌幅分别为2.41%、0.67%。 资金面上看，两市主力资金全天净流出62.10亿元，今日有7个行业主力资金净流入，非银金融行业主力 资金净流入规模居首，该行业今日上涨2.02%，全天净流入资金82.10亿元，其次是计算机行业，日涨幅 为1.93%，净流入资金为62.00亿元。 主力资金净流出的行业有24个，电力设备行业主力资金净流出规模居首，全天净流出资金38.28亿元， 其次是汽车行业，净流出资金为26.72亿元，净流出资金较多的还有电子、银行、基础化工等行业。 非银金融行业今日上涨2.02%，全天主力资金净流入82.10亿元，该行业所属的个股共83只，今日上涨的 有74只，涨停的有5只；下跌的有9只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有64只，其中，净流入资金超亿元的有25只，净流入资金居首的是东方财富，今日净流入资金 15.92亿元，紧随其后的是中信证券、中银证券，净流入资金分 ...

Market Overview - The Shanghai Composite Index rose by 0.01% on July 11, with 19 out of 28 sectors experiencing gains, led by non-bank financials and steel, which increased by 2.02% and 1.93% respectively [1] - The banking and building materials sectors saw the largest declines, with decreases of 2.41% and 0.67% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 6.21 billion yuan, with 7 sectors seeing net inflows [1] - The non-bank financial sector had the highest net inflow of 8.21 billion yuan, coinciding with its 2.02% increase [1] - The computer sector also performed well, with a net inflow of 6.20 billion yuan and a daily increase of 1.93% [1] Computer Industry Performance - The computer industry saw a total of 335 stocks, with 272 stocks rising and 58 stocks declining; 8 stocks hit the daily limit up [2] - Among the stocks with significant net inflows, Jinzheng Co. led with a net inflow of 453 million yuan, followed closely by Dazhihui and Tonghuashun with inflows of 451 million yuan and 447 million yuan respectively [2] - The stocks with the largest net outflows included Sifang Precision, Dazhi Technology, and Zhongke Jincai, with outflows of 244 million yuan, 207 million yuan, and 149 million yuan respectively [2][4] Top Gainers in Computer Sector - The top gainers in the computer sector included Jinzheng Co. (+10.02%), Dazhihui (+7.25%), and Tonghuashun (+4.45%) [2] - Other notable gainers were Yuxin Technology (+7.18%) and Shanghai Steel Union (+19.99%) [2] Top Losers in Computer Sector - The stocks with the largest losses included Sifang Precision (+2.15%), Dazhi Technology (-2.21%), and Zhongke Jincai (+4.84%) [4] - Other notable decliners were Wangsu Technology (-2.56%) and Shenzhou Information (-0.62%) [4]

沪指今日收盘上涨0.01%。资金面上看，沪深两市全天特大单净流入45.23亿元，共计1896股特大单净流 入，2853股特大单净流出。 从申万一级行业来看，今日有11个行业特大单资金净流入，计算机特大单净流入规模居首，净流入资金 65.36亿元，该行业指数今日上涨1.93%，其次是非银金融，今日上涨2.02%，净流入资金为64.02亿元， 净流入资金居前的还有有色金属、钢铁等行业。 两市全天特大单净流入45.23亿元，其中44股特大单净流入超2亿元，东方财富特大单净流入16.21亿元， 特大单净流入资金居首。 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 300059 | 东方财富 | 23.86 | 3.07 | 16.21 | 非银金融 | | 600111 | 北方稀土 | 29.71 | 10.00 | 9.40 | 有色金属 | | 600010 | 包钢股份 | 2.09 | 10.00 | 8.72 | 钢铁 | | 603259 | 药明康德 | 77.15 | 9 ...

Market Overview - The main indices showed slight fluctuations today, with the Shanghai Composite Index increasing by 0.01%, the Shenzhen Component Index rising by 0.61%, and the ChiNext Index up by 0.8% [1] - Among the Shenwan first-level industry sectors, non-bank financials, computers, and steel performed well, while textiles and apparel, oil and petrochemicals, and transportation lagged behind [1] Concept Sector Performance - Overall, the rare earth, stock trading software, and rare earth permanent magnet concepts performed relatively well, whereas the banking, circuit board, and vitamin concepts showed weaker performance [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The current market rally differs significantly from the "924 rally" due to external policy catalysts, with the focus on structural reforms rather than broad macroeconomic policies [2][3] - The recent market uptrend is driven by internal dynamics rather than external stimuli, indicating a self-sustaining upward movement in indices due to continuous inflow of incremental capital [3] - The report emphasizes the importance of structural policy-driven investment opportunities, highlighting three key areas: brokerage sector recovery, stablecoin-driven RMB internationalization, and Hong Kong stock valuation recovery amid US interest rate cut expectations [3] Summary by Sections Section 1: Market Performance - On July 11, 2025, the brokerage index rose by 3.96%, the diversified financial index increased by 2.37%, and the Shanghai Composite Index gained 1.05% [1] Section 2: Policy Catalysts - The "924 rally" was primarily driven by macroeconomic policies, while the current rally is characterized by specific structural reforms aimed at improving market expectations [2] - Key catalysts include the passage of the Stablecoin Regulation in Hong Kong and various financial policy announcements aimed at stabilizing the market [2] Section 3: Investment Opportunities - Focus on three investment opportunities: 1. Brokerage sector recovery with a recommendation for companies like Zhihui Compass, Dongfang Caifu, and Guotai Junan [3] 2. Companies benefiting from RMB internationalization such as Zhongyou Capital, Yika, and Kuaijingtong [3] 3. Hong Kong stock valuation recovery with a focus on Guoyin Jinzu and Hong Kong Stock Exchange [3]

Market Overview - The Shanghai Composite Index increased by 0.64% as of 13:59, with a trading volume of 1,135.33 million shares and a transaction value of 13,879.35 billion yuan, representing an 18.38% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank financials: +2.51%, with a transaction value of 1,292.20 billion yuan, led by Zhongyin Securities (+10.04%) [1]. - Computer: +2.21%, with a transaction value of 1,621.67 billion yuan, led by Guoyuan Technology (+30.00%) [1]. - Non-ferrous metals: +2.08%, with a transaction value of 868.50 billion yuan, led by Zhongke Magnetic (+15.05%) [1]. - The sectors with the largest declines included: - Building materials: -0.76%, with a transaction value of 150.03 billion yuan, led by Zaiseng Technology (-9.89%) [2]. - Banking: -0.46%, with a transaction value of 432.15 billion yuan, led by Zheshang Bank (-2.37%) [2]. - Textile and apparel: -0.16%, with a transaction value of 120.60 billion yuan, led by Jihua Group (-6.24%) [2]. Summary of Key Data - A total of 3,231 stocks rose, with 62 hitting the daily limit, while 1,904 stocks fell, with 8 hitting the lower limit [1]. - The overall market sentiment was positive, with significant gains in the non-bank financial and technology sectors, while traditional sectors like banking and building materials faced declines [1][2].

Core Viewpoint - The Hong Kong non-bank financial sector is showing strong performance, with related ETFs experiencing significant gains, indicating investor confidence in this sector [1][2]. Group 1: ETF Performance - The Guangfa CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF (513750) rose over 5% during trading, with a trading volume exceeding 2 billion yuan [1]. - As of July 10, the ETF has achieved a one-year return of 72.90%, ranking in the top 3% among 2,402 passive index funds, with a total size reaching 5.891 billion yuan, a record high since its inception [1]. - The ETF focuses on leading non-bank financial companies within the Hong Kong Stock Connect, with the top ten weighted stocks accounting for 77.92% of the index, predominantly in the insurance sector [1]. Group 2: Financial Metrics - The index's price-to-earnings ratio (PE-TTM) is 9.04, positioned at the 30.25% historical percentile, indicating attractive valuation [1]. - The Hong Kong Stock Connect Non-Bank Index has outperformed most broad-based and sector indices over the past year, showcasing strong resilience and defensive characteristics [1][2]. Group 3: Profitability and Dividend Capacity - The Hong Kong Stock Connect Non-Bank Index exhibits higher profitability and dividend capacity compared to other non-bank indices, with a projected return on equity (ROE) of 11.69% for 2024 and a dividend yield of 4.01% [2]. - The insurance sector is experiencing stable growth in new business value, while the capital market's increased activity is beneficial for brokerage and exchange businesses [2]. Group 4: Other Notable ETFs - Other ETFs under Guangfa Fund have also performed well, with the Guangfa CSI Hong Kong Innovative Drug ETF (513120) returning 103.07% over the past year, and the Guangfa CSI 2000 ETF (560220) returning 59.67% [3].

Group 1 - The non-bank financial sector saw a net inflow of over 8.7 billion yuan, indicating strong investor interest in this area [1][2] - The securities sector also experienced significant net inflow, amounting to 7.0 billion yuan, reflecting positive market sentiment [2] - The computer sector recorded a net inflow of 5.9 billion yuan, suggesting a growing confidence in technology-related investments [2] Group 2 - The new energy industry faced a net outflow of 3.8 billion yuan, indicating potential concerns among investors [2] - The electronics sector experienced a net outflow of 2.6 billion yuan, which may reflect market volatility or shifting investor priorities [2] - The transportation equipment sector saw a net outflow of 2.4 billion yuan, suggesting a cautious approach from investors in this segment [2] Group 3 - Among individual stocks, Dongfang Wealth led with a net inflow of 1.5 billion yuan, highlighting its strong market performance [3] - Baogang Co. and Tonghuashun also saw significant net inflows of 0.7 billion yuan and 0.6 billion yuan respectively, indicating robust investor interest [3] - On the sell side, Sairis experienced the highest net outflow of 1.6 billion yuan, suggesting a lack of confidence from investors [4]

Group 1 - The current market is characterized by a dual drive of policy and performance, with rare earth price increases and brokerage mid-term profit forecasts catalyzing hot sectors, leading to increased trading volume from new capital inflows [1][3] - On July 11, 2025, both A-share and Hong Kong markets experienced a strong rebound, driven by favorable policies and performance forecasts, resulting in major indices rising across the board [1] - A-shares showed a rotation upward in sectors such as "resources + finance + pharmaceuticals," with the rare earth permanent magnet sector leading with a 7.2% increase [2] Group 2 - In the A-share market, the securities sector followed closely with a 4.5% increase, as companies like Hongta Securities and Guosheng Financial forecasted net profit growth of up to 394% for the first half of the year [2] - The non-bank financial sector in the Hong Kong market surged by 4.6%, driven by increased trading activity and the expansion of leading institutions [3] - The semiconductor and non-ferrous metal sectors in Hong Kong both rose by 2.8%, supported by a 44.6% year-on-year increase in vehicle-mounted lens shipments, reinforcing the logic of domestic substitution in hard technology [3]

| 轻工制造 | 0.06 | 130.86 | -6.93 | 森林包装 | 5.80 | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | -0.23 | 94.61 | -14.23 | 际华集团 | -5.54 | | 传媒 | -0.46 | 278.00 | -8.11 | *ST紫天 | -12.19 | | 建筑材料 | -0.66 | 119.78 | -4.27 | 再升科技 | -9.14 | （文章来源：证券时报网） 证券时报·数据宝统计，截至上午收盘，今日沪指涨1.05%，A股成交量863.74亿股，成交金额10310.63 亿元，比上一个交易日增加10.42%。个股方面，2856只个股上涨，其中涨停52只，2308只个股下跌， 其中跌停10只。从申万行业来看，非银金融、有色金属、钢铁等涨幅最大，涨幅分别为3.32%、 3.02%、2.34%；建筑材料、传媒、纺织服饰等跌幅最大，跌幅分别为0.66%、0.46%、0.23%。（数据 宝） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） ...