①中信证券：中报季还是以结构性机会为主；②中国银河证券：关注三大主线配置机会；③湘财证券： 预期7月A股将呈小幅震荡上行态势。 沪指本周涨1.91%，深成指涨3.73%，创业板指涨5.69%。A股后市怎么走？看看机构怎么说： ①中信证券：中报季还是以结构性机会为主，预计AI和军工是三季度寻找结构性机会的重心 中信证券研报表示，结构性机会仍料将是贯穿中报季的话题，指数型机会可能还需要等三季度末到四季 度。近期，YU7大热、欧洲延缓停售油车，标志着产品力正替代产品形式，推动全球电气化进程全面加 速东移，下一个阶段的行情逻辑可能是电气化领域全产业链变现能力的提升，以及AI智能化领域的追 赶。三季度A股科技企业IPO重启，科技领域产品催化频出，或将带来市场注意力重新转向科技板块， 有望接力创新药和新消费的行情。预计AI和军工是三季度寻找结构性机会的重心。 ②中国银河证券：A股市场有望震荡向上，关注三大主线配置机会 中国银河证券研报表示，总体来看，A股市场有望呈现出震荡向上的行情特征。三大主线配置机会：第 一，安全边际较高的资产。低估值、高股息特性契合中长期资金配置需求，在外部不确定性与低利率环 境下兼具安全边际与收益 ...

生益电子2024年限制性股票激励计划首次授予部分第一个归属期归属结果公告。生益电子股份有限公司 完成2024年限制性股票激励计划首次授予部分第一个归属期的股份过户登记工作。本次归属股票数量为 7,284,488股，来源于公司从二级市场回购的A股普通股股票。本次归属涉及492人，其中董事、高级管 理人员、核心技术人员及核心业务人员共10人，归属数量为714,000股；其他激励对象482人，归属数量 为6,570,488股。董事和高级管理人员的股份转让需遵守相关规定。本次归属不涉及公司股本总数变化， 控股股东持股不变，公司无实际控制人。华兴会计师事务所出具了验资报告，确认公司收到492名激励 对象缴纳的股权激励认购款总计人民币34,674,162.88元。2025年6月21日，公司收到中国证券登记结算 有限责任公司出具的《过户登记确认书》。 公司公告汇总 生益电子关于签订募集资金专户存储三方监管协议之补充协议的公告。公司首次公开发行股票募集资金 总额为人民币206624.0880万元，扣除发行费用后实际募集资金净额为人民币197493.8921万元。2025年5 月12日，公司股东大会审议通过变更募集资金投资项目 ...

公司公告汇总 截至2025年6月27日收盘，华正新材（603186）报收于29.51元，较上周的27.24元上涨8.33%。本周，华 正新材6月27日盘中最高价报31.47元。6月23日盘中最低价报27.34元。华正新材当前最新总市值41.91亿 元，在元件板块市值排名45/56，在两市A股市值排名3470/5151。 本周关注点 【公司公告汇总】华正新材为全资子公司杭州华聚提供3500万元人民币的连带责任保证担保 浙江华正新材料股份有限公司发布公告，为全资子公司杭州华聚复合材料有限公司提供担保。担保金额 为3500万元人民币，已实际为杭州华聚提供的担保余额为6959.88万元人民币。此次担保无反担保，且 无对外担保逾期情况。为支持全资子公司杭州华聚的经营发展，公司与中国银行股份有限公司杭州市余 杭支行签订了《最高额保证合同》，为杭州华聚提供最高债权额为3500万元人民币的连带责任保证。公 司2025年度预计为子公司提供担保额度合计最高为450000万元，其中为杭州华聚提供担保额度为13500 万元。杭州华聚注册资本6000万元人民币，经营范围涵盖热塑性蜂窝复合板生产和蜂窝状复合材料的研 发、设计、销售等。截 ...

A股今日（6月27日）走势分化，沪指弱势下探，上证50指数跌逾1%；深证成指、创业板指相对强势； 港股午后回落，两大股指双双翻绿。 具体来看，沪指午后在银行、保险等板块的拖累下快速下探，创业板指等震荡上扬。截至收盘，沪指跌 0.7%报3424.23点，深证成指涨0.34%报10378.55点，创业板指涨0.47%报2124.34点，北证50指数涨约 1%，上证50指数跌1.13%，沪深北三市合计成交15759亿元，较此前一日减少476亿元。 有色板块拉升 有色板块盘中走势强劲，截至收盘，电工合金、中孚实业（600595）、北方铜业等涨停，锡业股份 （000960）、江西铜业（600362）涨约6%，洛阳钼业涨约5%。 场内近3400股飘红，有色板块强势，电工合金（300697）、北方铜业（000737）等涨停；半导体板块拉 升，龙芯中科涨超13%，芯原股份涨约6%；CPO概念活跃，联特科技（301205）一度涨停，源杰科技 涨近7%；券商板块再度上扬，天风证券（601162）盘中涨停；多元金融股再度爆发，弘业期货 （001236）、爱建集团（600643）分别斩获4连板和3连板；银行、保险板块回调，青岛银行 ...

Group 1: Company Announcements - Jingce Electronics' subsidiary signed sales contracts for semiconductor measurement equipment totaling 113 million yuan [1] - Zhifei Biological plans to issue company bonds not exceeding 6 billion yuan for technology innovation and working capital [1] - Rijiu Optoelectronics' subsidiary plans to invest 822 million yuan in a functional film project with an annual production capacity of 6 million square meters [1] - Huiyun Titanium Industry's subsidiary intends to acquire a 53.125% stake in Chenshang Mining for 30.6 million yuan and increase capital by 32.4 million yuan [2] - Hongte Technology plans to raise up to 650 million yuan through a rights issue for various projects and working capital [2] - Jincheng Pharmaceutical's subsidiary received FDA approval for the active pharmaceutical ingredient Posaconazole [4] - Kairun Co. plans to reduce its shareholding by up to 2% due to personal funding needs [5] - Rundou Co. passed an FDA inspection for nine active pharmaceutical ingredients [6] - Sanyou Lianzhong's shareholders plan to reduce their holdings by up to 3% due to funding needs [7] - *ST Yazhen's stock was suspended for trading due to a significant price increase of 29.43% [9] - Online and Offline plans to change control with a share transfer agreement, leading to a new controlling shareholder [10] - Dazhong Mining intends to purchase office space from an affiliate for 50.17 million yuan [11] - Suzhou Bank's major shareholder increased its stake by 856 million yuan [12] - *ST Fanli's subsidiary plans to acquire a 60% stake in Guangzhou Fengteng for up to 28.8 million yuan [14] - Hengmingda's major shareholders plan to reduce their holdings by up to 3.15% [16] - Guomai Technology's shareholder plans to reduce its stake by up to 1% due to funding needs [17] - ST Bailin's stock will change its name to Guizhou Bailin and remove risk warnings [17] - *ST Xianfeng's stock will change its name to Xianfeng Holdings and remove risk warnings [18] - Maiwei Bio signed an exclusive licensing agreement with CALICO for a monoclonal antibody, receiving an upfront payment of 25 million USD [19] - Maiwei Bio signed a technology licensing agreement with Qilu Pharmaceutical for a new drug project, with a total payment of up to 500 million yuan [21] - Maiwei Bio plans to repurchase shares worth between 25 million and 50 million yuan [22] - Mengwang Technology plans to acquire 100% of Bicheng Digital for 1.28 billion yuan to expand its e-commerce services [22] Group 2: Industry Overview - Jingce Electronics operates in the mechanical equipment sector, focusing on measurement systems for displays, semiconductors, and new energy [1] - Zhifei Biological is in the pharmaceutical sector, specializing in vaccine and biological product development [1] - Rijiu Optoelectronics is part of the electronics industry, focusing on touch display materials and functional films [1][2] - Huiyun Titanium Industry operates in the basic chemicals sector, focusing on titanium dioxide products [2] - Hongte Technology is in the automotive industry, specializing in aluminum alloy precision die-casting for automotive components [2][3] - Jincheng Pharmaceutical is in the pharmaceutical sector, focusing on chemical pharmaceuticals and active ingredients [4] - Rundou Co. operates in the pharmaceutical sector, focusing on chemical drug formulations and raw materials [6] - Sanyou Lianzhong is in the electrical equipment sector, specializing in relays and transformers [7] - *ST Yazhen operates in the light industry, focusing on high-end furniture products [9] - Online and Offline is in the communication sector, focusing on communication services and applications [10] - Dazhong Mining operates in the steel industry, focusing on iron ore mining and processing [11] - Suzhou Bank is a city commercial bank, providing various banking services [12] - *ST Fanli operates in the media sector, focusing on online advertising and marketing services [14] - Hengmingda is in the electronics sector, focusing on precision components for consumer electronics [16] - Guomai Technology operates in the education sector, focusing on IoT technology services [17] - ST Bailin is in the energy sector, providing engineering consulting and smart factory solutions [17] - *ST Xianfeng operates in the animal health sector, focusing on vaccines and animal nutrition [18] - Maiwei Bio is in the pharmaceutical sector, focusing on biopharmaceuticals [19][21][22] - Mengwang Technology operates in the communication sector, focusing on cloud platform services [22]

东莞证券认为，周四，市场三大指数集体回调。从技术分析角度看，沪指依然位于5日均线上方，技术 形态上显示企稳向上的态势。当前，随着稳增长政策持续发力，基建投资稳步推进、消费刺激政策成效 显现，宏观经济企稳回升的趋势进一步明朗。另一方面，维护资本市场平稳运行已成为政策目标之一， 政策性资金托底意愿增强，叠加流动性合理充裕，市场出现系统性大幅调整的可能性相对较低。在海外 主要经济体降息预期升温、国内经济基本面延续稳定以及市场风险偏好有所修复的多重因素共同作用 下，A股短期或仍显韧性。7月中报披露窗口临近，基本面信号将成为市场关注焦点，预计A股市场将呈 现震荡修复格局。 渤海证券认为，A股当前估值总体适中，流动性增量预期较强，令估值端有明显的支撑。因此，下半年 A股市场将延续下有底的特征，在增量流动性的推动下，市场将有较强的结构性空间，指数也将随着外 部风险的化解和成交的活跃，而具备震荡上行的条件。 中原证券认为，周四早盘股指低开后震荡上扬，盘中沪指在3461点附近遭遇阻力，午后股指维持震荡， 盘中通信设备、文化传媒、旅游酒店以及电子元件等行业表现较好；化学制药、半导体、美容护理以及 生物制品等行业表现较弱。长期资金 ...

Core Viewpoint - Zhejiang Provincial Transportation Investment Group Co., Ltd. received an "AAA" credit rating for its 2020 public bond issuance, indicating strong financial health and industry position [1][2]. Group 1: Company Overview - The company is the largest entity in Zhejiang Province for transportation infrastructure investment, construction, and operation, highlighting its prominent industry position [2]. - The economic strength of Zhejiang Province, a major economic hub in southeastern China, continues to enhance the company's operational environment, with significant growth potential in the transportation infrastructure sector [2]. Group 2: Business Operations - As the largest operator of expressways in Zhejiang, the company manages high-quality road assets and has substantial operational scale, also overseeing railway investment and management in the province [2]. - The company is engaged in multiple construction projects with high-level qualifications, maintaining a large backlog of contracts and stable revenue from goods sales, although it faces low profit margins [2]. Group 3: Financial Performance - The company has experienced a decline in securities income due to reduced futures business revenue, which is sensitive to economic cycles and regulatory changes [2]. - With the inclusion of Nantong Jianghai Capacitor Co., Ltd., the company has expanded into electronic components, which is expected to significantly contribute to future revenue and profits [2]. - The company's asset scale is growing, with ample cash reserves and stable income from toll roads and financial assets, indicating strong overall asset quality and profitability [2]. - Although the debt scale has increased, it remains manageable, primarily consisting of bank loans, bond financing, and government special bonds, with strong debt repayment indicators and accessible financing channels [2].

Market Overview - On June 26, A-shares showed mixed performance with major indices fluctuating [1] - The trading volume in Shanghai and Shenzhen exceeded 500 billion yuan, an increase of over 60 billion yuan compared to the previous day [1] Sector Performance - The chemical and chemical engineering sector experienced a strong rally, with Youfu Co., Ltd. (002427) hitting the daily limit, and Suzhou Longjie (603332) rising over 5% [1] - Chip stocks also saw gains, with companies like Haoshanghao (001298) and Bocheng Co. (601133) achieving consecutive limit-ups [2] - The storage market is recovering rapidly, particularly for DDR4 memory, which has seen price increases amid production cuts from manufacturers [2] Individual Stock Highlights - Youfu Co., Ltd. (002427) is part of the chemical fiber industry, with a recent increase of 10.06% [2] - Haoshanghao (001298) is in the electronic components sector, showing a rise of 10.01% [3] - Cathay International (01788) in Hong Kong saw a significant price increase, initially rising nearly 90% before stabilizing at a 24% gain [4][5] Regulatory Developments - Cathay International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to include virtual asset trading services [6] - This regulatory change allows investors to trade cryptocurrencies and stablecoins directly on the Cathay platform, enhancing the market's service ecosystem [6]

Core Points - Suzhou Dongshan Precision Manufacturing Co., Ltd. is issuing shares to specific investors, with a total of 125,693,822 shares to be issued at a price of 11.17 RMB per share after adjustments [10][11][20] - The total funds raised from this issuance amount to approximately 1.404 billion RMB, with a net amount of about 1.392 billion RMB after deducting issuance costs [9][11][12] - The issuance is primarily aimed at enhancing the company's working capital to support business development and improve its competitive strength [26] Issuance Details - The shares will be issued to two specific investors, the controlling shareholders Yuan Yonggang and Yuan Yongfeng, who will fully subscribe to the shares using cash [10][14] - The shares will have a lock-up period of 36 months, during which they cannot be transferred [20][21] - The issuance complies with the regulations set by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [17][19] Financial Impact - The issuance will increase the company's total share capital and improve its financial structure, with the total number of shares increasing from approximately 1.706 billion to about 1.832 billion [21][25] - The basic earnings per share are expected to decrease slightly from 0.27 RMB to approximately 0.2489 RMB post-issuance, while the net asset per share will remain relatively stable [24][25] - The funds raised will be allocated to enhance liquidity and support ongoing business operations without altering the company's core business structure [26][27] Corporate Governance - The issuance process has been reviewed and approved by the board of directors and shareholders, ensuring compliance with internal governance procedures [17][19] - The controlling shareholders' ownership percentage will increase, but the overall control of the company will remain unchanged [25][26] - The company will continue to adhere to legal and regulatory requirements in its governance practices post-issuance [27]

证券研究报告 2025 年 06 月 24 日 湘财证券研究所 策略研究 策略月报 预期 7 月市场继续震荡上行，红利、科技或是主力 ——2025 年 7 月 A 股策略 核心要点： 相关研究： 2025 年以来 A 股主要指数宽幅震荡，万得全 A 略强 行，看好红利和下游方向》 究-预期5月政策面转强，关注红利 和消费》 2025.04.23 利、消费和科技共振》 2025.05.25 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 基本面，7 月份将公布上半年经济数据，但预期难有惊喜。据 Wind 数据， 工业增加值 5 月累计同比维持在 6%之上，工业企业利润总额同比转正，但 绝对值不大，预期工业企业利润总额同比上半年将继续保持在 0 轴附近，波 动幅度不大。 综合而言，7 月份处于中美贸易冲突缓和、国内宏观政策有望加码、而上市 公司业绩披露空窗期等因素共振状态，但预期会受海外美元降息推迟、中东 冲突升级等因素影响，市场大概率保持小幅震荡上行态势。 投资建议 长维度来看，目前 A 股市场处于新"国九条"行情+类"四万亿"投资的重 叠趋势中，在稳住股市的政策指导下，2025 年 A 股市场大概率 ...