Core Points - The total margin financing balance of the ChiNext market reached 3685.68 billion yuan as of July 14, 2025, marking an increase of 30.20 billion yuan from the previous trading day, with the financing balance alone increasing by 30.28 billion yuan over six consecutive trading days, totaling an increase of 82.53 billion yuan during this period [1][2]. Financing Balance Changes - The margin financing balance increased for 560 stocks, with 80 stocks experiencing an increase of over 20%. The stock with the highest increase was Feili Hua, with a financing balance of 25.55 million yuan, reflecting a growth of 176.36%. Other notable increases were seen in Jingxue Energy and Fusa Technology, with increases of 131.06% and 125.46%, respectively [2][3]. - Conversely, 381 stocks saw a decrease in financing balance, with 59 stocks declining by more than 10%. The largest decrease was recorded by Yutian Guanjia, with a financing balance of 3.20 million yuan, down 34.60%. Other significant declines were noted in Baipusais and Yuma Technology, with decreases of 27.56% and 24.44%, respectively [2][3]. Market Performance - Among stocks with a financing balance increase of over 20%, the average increase was 8.61%, outperforming the ChiNext index. The top gainers included Tongguan Copper Foil, Shanghai Steel Union, and Pulian Software, with increases of 50.22%, 36.13%, and 34.39%, respectively. The largest declines were seen in Honggong Technology, Guibao Pet, and Hopu Co., with decreases of 16.02%, 15.83%, and 11.27% [5]. - In terms of total financing balance increase, Zhongji Xuchuang led with a balance of 7.096 billion yuan, increasing by 464 million yuan. Other significant increases were recorded by Xinyi Sheng, Shenghong Technology, and Changliang Technology, with increases of 406 million yuan, 402 million yuan, and 325 million yuan, respectively [5][6].

根据海关总署发布的数据，以美元计价的中国6月出口同比录得5.8%，上半年出口累计同比实 现5.9%的稳健增长。2025年6月，我国外贸企业"抢出口"和"抢转口"延续，支撑当月出口表 现。进口则因大宗商品价格回落和国内制造业景气度偏弱而同比微增，以美元计价的中国6月 进口同比录得1.1%，上半年进口累计同比录得-3.9%。 从贸易伙伴看，欧洲、东盟、非洲等市场成为我国出口维持韧性的关键。发达经济体方面， 2025年6月，美国暂缓关税政策期内我国外贸企业继续"抢出口"，中国对美国6月出口同比跌 幅较5月显著收敛。对欧盟的出口则保持高增，录得同比增速7.6%。新兴市场方面，在"抢转 口"的支撑下，6月中国对东盟出口继续维持双位数的同比高增，其中对越南和泰国的出口同 比增速超20%。中国对非洲的出口同样保持稳中有升，今年6月录得6.6%的同比增速。 从贸易商品看，汽车、半导体产业链、交运设备产业链、机械设备等相关商品出口维持较好 表现，劳动密集型产品出口承压。受全球需求旺盛和我国船舶行业竞争力提升的支撑，2024 年以来我国船舶出口呈现高景气。具体到船舶出口额，在2024年存在高基数的情况下，2025 年6月我国船舶 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 15 日 浙商早知道 2025 年 07 月 15 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要点评 【浙商电新 童非】计算机 行业深度：HVDC 与柴发环节，AI 浪潮下的双子星——20250713 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：7 月 14 日上证指数上涨 0.27%，沪深 300 上涨 0.07%，科创 50 下跌 0.21%，中证 1000 上涨 0.02%，创业板 指下跌 0.45%，恒生指数上涨 0.26%。 行业：7 月 14 日表现最好的行业分别是机械设备（+1.23%)、综合（+1.04%)、公用事业（+1.04%)、家用电器（+1.02%)、 石油石化（+0.86%)，表现最差的行业分别是房地产（-1.29%)、传媒（-1.24%)、非银金融（-1.03%)、商贸零售（-0.94%)、 计算机（-0.88%)。 资金：7 月 14 日全 A 总成交额为 14809 ...

大宗商品价格同比承压或是进口主要拖累因素。具体来看：一方面或是出于对外贸不确定性的预期，半 导体产业链海外进口有所加速，机电产品进口实现6%的同比增长，其中自动数据处理设备及其零部 件、集成电路进口分别同比增长9%和11%。另一方面主要进口大宗商品中，基于海关总署披露的进口 数量和进口规模测算，今年上半年除铜矿砂及其精矿的单价录得同比增长外，其余包括大豆、铁矿砂及 其精矿、原油、煤及褐煤、天然气的进口单价均为同比下跌。 根据海关总署发布的数据，以美元计价的中国6月出口同比录得5.8%，上半年出口累计同比实现5.9%的 稳健增长。2025年6月，我国外贸企业"抢出口"和"抢转口"延续，支撑当月出口表现。进口则因大宗商 品价格回落和国内制造业景气度偏弱而同比微增，以美元计价的中国6月进口同比录得1.1%，上半年进 口累计同比录得-3.9%。 从贸易伙伴看，欧洲、东盟、非洲等市场成为我国出口维持韧性的关键。发达经济体方面，2025年6 月，美国暂缓关税政策期内我国外贸企业继续"抢出口"，中国对美国6月出口同比跌幅较5月显著收敛。 对欧盟的出口则保持高增，录得同比增速7.6%。新兴市场方面，在"抢转口"的支撑下，6月 ...

S1130525070007 1 风险提示：测算模型失效风险；重仓股补全与实际差异较大风险；基金持仓、久期大幅度偏离的风险。基金相关信息及数据仅作为基金研究 使用，不作为募集材料或者宣传材料；本文涉及所有基金历史业绩均不代表未来表现 2 • 本周（2025/07/07-2025/ 07/11，下同），沪深300上涨0.82%，主动股票及偏股混合基金整体测算股票仓位上升0.24%，至87.45% 。 • 本周主动股票及偏股混合型基金前5大行业：电子（13.65%）、电力设备（8.70%）、医药生物（7.16%）、汽车（6.54%）、机械设备（5.37%）。 • 加仓前3大行业：通信(+0.36%）、建筑材料(+0.20%）、有色金属(+0.12%）；减仓前3大行业：综合(-0.21%）、国防军工(-0.19%）、医药生物(- 0.15%）。 • 本周中债10年期国开债到期收益率上行3bps，中长期纯债整体测算久期中位数上升0.26，至3.31年，位于近5年的99.40%分位数。近4周平均久期 中位数为3.26年；本周久期分歧度有所上升，测算久期标准差上升0.10，至1.69年。短期纯债久期中位数上升0.30，至 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The low-altitude economy is gaining support, with significant policy measures being implemented to promote its development, including a maximum single support of 30 million yuan for projects [3]. - The engineering machinery sector is expected to continue its steady growth, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [4]. Weekly Market Review - From July 6 to July 11, 2025, the Shanghai Composite Index rose by 1.09%, while the ShenZhen Component Index and the ChiNext Index increased by 1.78% and 2.36%, respectively. The machinery equipment sector outperformed the market with a rise of 1.87% [12]. - Among sub-sectors, general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw increases of 1.88%, 1.98%, 1.54%, 2.31%, and 1.55%, respectively [12][15]. Key Sector Tracking - The low-altitude economy sector is highlighted by the upcoming International Low Altitude Economy Expo in Shanghai, focusing on eVTOL, smart air traffic management, and urban air mobility [3]. - The engineering machinery sector shows strong competitive advantages for domestic leading enterprises, with domestic excavator sales in the first half of 2025 increasing by 22.9% year-on-year [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng AoWei [5]. - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5].

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]

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]

Market Overview - The core viewpoint of the report indicates that the A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.27% to close at 3519.65 points, while the Shenzhen Component Index fell by 0.11% to 10684.52 points, and the ChiNext Index decreased by 0.45% to 2197.07 points [1][10] - Overall, a total of 3178 stocks rose, while 2062 stocks fell, and 175 stocks remained unchanged, indicating a generally positive sentiment in the market despite some declines in major indices [1][10] Industry Performance - Among the Shenwan first-level industries, the mechanical equipment, comprehensive, public utilities, home appliances, and petroleum and petrochemical sectors led the gains, with increases of 1.23%, 1.04%, 1.04%, 1.02%, and 0.86% respectively [1][10] - Conversely, the real estate, media, non-bank financials, commercial retail, and computer industries experienced declines, with decreases of 1.29%, 1.24%, 1.03%, 0.94%, and 0.88% respectively [1][10] Sector Highlights - The top-performing concept sectors today included first boards, lithium mining, board hitting, vitamins, innovative drugs, charging piles, gold and jewelry, ultra-high voltage, paper making, pre-increase, consecutive boards, CRO, auto parts, masks, and animal vaccines [2][12] - The sectors that faced the most significant declines included stock trading software, marketing communication, and financial technology [2][12]

最新统计数据显示，7月份，私募机构调研A股上市公司热情高涨。当月共有751家私募机构参与调研，覆盖28个申万一级行业中的387家上市公司，合计调 研次数达到1769次，展现出机构投资者对A股市场的高度关注。从行业分布来看，电子、医药生物、机械设备、计算机等行业成为私募机构调研的重点领 域。其中，电子行业以获私募机构调研275次位居榜首，涉及56家公司；医药生物行业紧随其后，获调研266次，覆盖41家公司；机械设备、计算机行业分别 获得调研234次和213次，位居第三位、第四位。 市场对科技成长板块的热情不断攀升。从资金面看，7月以来，数十亿元资金持续涌入科技细分行业主题ETF，部分ETF份额创历史新高。从调研情况看， 科技板块调研热度高企，机构加紧调研寻找投资机会，业绩成为核心关注要素。在机构看来，科技成长板块产业趋势向好，尤其是AI相关产业链，在半年 报即将披露的情况下，业绩表现抢眼的相关标的，后市值得期待。 低利率环境下，商业银行净息差持续收窄。如何应对相关挑战、维持稳健经营，是当前银行面临的重要课题。多家银行正在加大中间业务发展力度，财富管 理、金融投资等仍是可预期的增长点。随着政策效应的逐步显现和市场 ...