政策干预叠加情绪退潮，商品市场"急刹车"后的危与机 哈喽各位老乡，帮主郑重来了！二十年财经老炮儿，陪大家穿越牛熊。今儿这行情，真是冰火两重天——上周还烈火烹油的焦煤、焦炭，今天突然集 体"速冻"，玻璃、纯碱、工业硅也跟着扑通跌停，期货盘面一片"绿油油"。群里炸锅了，都在问："反内卷行情结束了？资金跑路了吗？" 二、资金往哪跑？A股"跷跷板效应"浮现 商品期货跌得惨，A股却悄悄分化。煤炭、钢铁板块挨了重锤，柳钢、山西焦煤跌超5%，但另一边——算力、AI、影视股逆势狂欢： • 算力硬件集体暴动：上海甩出6亿"算力券"，租用智能算力最高补100%租金！PCB龙头大族数控、胜宏科技直接涨停创新高； • 影视股"暑期档红利"：幸福蓝海、中国电影一字板，暑期票房爆款预期升温； • 创新药出海大突破：恒瑞医药联手GSK，一笔125亿美元大单引爆板块，出海逻辑再成主线。 一、跌停潮背后：政策出手，炒作情绪紧急"降温" 今天这波大跌，直接导火索是交易所的"紧箍咒"。上周五盘后，大商所突然对焦煤动手：单日开仓量直接砍到500手以内，其他合约也限到2000手。广期 所紧随其后，碳酸锂也被套上开仓限制。政策一出，热钱瞬间"熄火"—— ...

Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.44%, and the ChiNext Index up 0.96% on July 28 [4][5] - A total of 2,781 stocks rose, while 2,438 stocks fell, with 62 stocks hitting the daily limit up [5][6] Commodity Futures - On July 28, domestic commodity futures saw a collective decline, with coking coal, glass, coking tar, soda ash, industrial silicon, and lithium carbonate futures contracts hitting the daily limit down [2] - Coking coal prices fell by 11% to 1,100.5 yuan/ton, while glass and soda ash dropped by 9% and 8.04% respectively [2] - The market sentiment weakened following new trading limits introduced on July 25, leading to a significant withdrawal of long positions in coking coal [3] Sector Performance - The hardware sector, particularly companies involved in computing power, saw a surge, with stocks like Dazhu CNC and Chip Microelectronics hitting the daily limit up [7] - The Shanghai Municipal Economic and Information Commission announced measures to reduce the cost of intelligent computing power, including a 600 million yuan subsidy for computing power vouchers [7] Pharmaceutical Sector - The pharmaceutical sector remained active, with companies like Heng Rui Medicine and Lianhuan Pharmaceutical hitting the daily limit up [9] - Heng Rui Medicine announced a potential collaboration with GlaxoSmithKline worth up to 12.5 billion USD, covering a clinical-stage respiratory innovation drug and multiple candidates [9]

Market Overview - A-shares continued to rise, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.44%, and the ChiNext Index up 0.96% on July 28 [6][7] - A total of 2,781 stocks rose, while 2,438 stocks fell, with 62 stocks hitting the daily limit up [8][9] Commodity Market - Domestic commodity futures saw a collective decline, with coking coal, glass, coke, soda ash, industrial silicon, and lithium carbonate futures hitting the limit down [4] - Coking coal prices fell by 11% to 1,100.5 yuan/ton, while glass and soda ash dropped by 9% and 8.04% respectively [4] - The market sentiment weakened following new trading limits introduced by exchanges, leading to a significant withdrawal of long positions in coking coal [5] Policy Impact - The Shanghai Municipal Economic and Information Commission issued measures to expand AI applications, including a 600 million yuan subsidy for computing power and a maximum 30% rent subsidy for AI computing resources [10] - This policy is expected to support companies in the AI sector, leading to a surge in related stocks such as Dazhu CNC and Chip Microelectronics, which hit the daily limit up [10] Pharmaceutical Sector - Innovative drug concept stocks were active, with companies like Heng Rui Medicine and Lian Huan Pharmaceutical hitting the daily limit up [13] - Heng Rui Medicine announced a potential $12.5 billion licensing deal with GlaxoSmithKline, covering a clinical-stage respiratory drug and multiple candidates [13][14] Resource Sector - Resource stocks, particularly in coal and steel, experienced adjustments, with companies like Liu Steel and Shanxi Coking Coal seeing declines of over 5% [15][16]

Market Overview - A-shares experienced a mixed performance on July 28, with the Shanghai Composite Index and Shenzhen Component Index slightly declining, while the ChiNext Index saw a small increase [1] - Key sectors showing strength included PCB and other computing hardware stocks, with notable gains from companies like Xingsen Technology and Junya Technology, both hitting the daily limit [1] - Financial stocks also showed volatility, with New China Life Insurance reaching a historical high [1] - Conversely, resource stocks such as coal and steel faced corrections, with Shanxi Coking Coal and Liugang Group dropping over 5% [1] Sector Performance - Leading sectors included components, insurance, military equipment, PEEK materials, PCB, and carbon fiber, while sectors like coal mining, precious metals, and port shipping saw declines [2] Institutional Insights - Industrial rotation is observed, focusing on "low valuation cycle recovery" and "technology growth industries," with potential opportunities in coal and construction sectors [3] - The AR glasses market is expected to accelerate due to AI model integration, with Micro LED technology poised to benefit significantly [3] - Shanghai is advancing high-level autonomous driving applications, with major companies like Pony.ai and Baidu receiving operational licenses, indicating a growing automotive intelligence industry [3] Taxation Insights - The top 10% income earners contribute approximately 90% of individual income tax, highlighting the progressive nature of the tax system [4] - Recent tax revenue trends are closely linked to PPI fluctuations, with significant impacts on tax income due to price changes [5] Technological Developments - Ant Group launched a financial reasoning model, Agentar-Fin-R1, which surpasses existing models in key financial evaluations [6][7]

Market Overview - The market experienced a mixed performance with the Shanghai Composite Index down by 0.17% and the Shenzhen Component Index down by 0.15%, while the ChiNext Index saw a slight increase of 0.10% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.12 trillion, an increase of 175 billion compared to the previous trading day [1] Sector Performance - Cyclical stocks, including steel and coal, underwent a collective adjustment, with companies like Liugang Co., Ltd. seeing declines of over 5% [1] - In contrast, sectors such as computing hardware, insurance, and film performed well, with companies like Xinhua Insurance reaching historical highs [1] - The PEEK materials, PCB concept, film, and insurance sectors showed significant gains, while coal, steel, Hainan Free Trade Zone, and AI sectors faced notable declines [1] Individual Stock Highlights - Shenghong Technology achieved a new historical high in the computing hardware sector [1] - Happiness Blue Ocean saw a 20% limit-up in the film sector [1] Trading Statistics - The limit-up rate was recorded at 69%, with 40 stocks hitting the limit and 18 stocks touching the limit-down [5] - The high opening rate was 46%, with a profit rate of 50% [5]

市场早间冲高回落，三大指数涨跌互现。PCB等算力硬件股再度走强，兴森科技、骏亚科技涨停，胜宏 科技涨超10%再创新高。影视股表现活跃，幸福蓝海、中国电影涨停。医药股盘中拉升，辰欣药业、丰 原药业、海思科等涨停。下跌方面，煤炭、钢铁等资源股调整，山西焦煤、柳钢股份等跌超5%。个股 跌多涨少，沪深京三市超2900股飘绿，上午半天成交1.14万亿。午间收盘沪指跌0.17%，深成指跌 0.16%，创业板涨0.1%。 ...

Core Viewpoint - The report highlights a significant increase in the activity of computing hardware stocks, particularly in the PCB and optical module sectors, driven by the acceleration of AI commercialization and rising PE valuations [1] Group 1: Market Activity - Computing hardware stocks were notably active in early trading, with several companies experiencing gains of over 5% [1] - Junya Technology reached its daily limit up, while Shenghong Technology, Xingsen Technology, Guangxun Technology, Shiyun Circuit, and Jingwang Electronics all saw increases exceeding 5% [1] Group 2: Industry Insights - According to Changjiang Securities, the AI industry is entering a "Davis Double Play" phase, indicating a rapid monetization of AI that is boosting PE valuations [1] - The report emphasizes that the penetration rate of ASICs is increasing, leading to a significant rise in the value share of network communication segments such as optical modules [1]

Core Viewpoint - The computing hardware stocks have rebounded, with significant gains observed in companies such as Xianying Technology and Zhongfu Circuit, both rising over 10% [1] Group 1: Company Performance - Xianying Technology and Zhongfu Circuit both experienced a rise of over 10% [1] - Other companies that followed the upward trend include Weiergao, Jingwang Electronics, Shijia Photon, Robotec, Zhongji Xuchuang, and Yihua Co., all showing positive movement [1] Group 2: Industry Trends - The rebound in computing hardware stocks is attributed to sectors such as copper cables and CPO [1]

Group 1 - The ChiNext Index experienced a significant rise, with the ChiNext ETF Tianhong (159977) increasing by 0.55%, and notable stocks like Feilihua rising nearly 14% [1] - The ChiNext Index, which consists of 100 representative companies listed on the ChiNext board, reflects the operational status of the ChiNext market, characterized by a high proportion of emerging industries and high-tech enterprises [1] - The recent surge in the domestic overseas computing power industry chain is attributed to multiple factors, including Nvidia's market capitalization stabilizing at $4.2 trillion, boosting market confidence [2] Group 2 - The market capitalization of Zhongji Xuchuang surpassed 200 billion, with a weekly increase of 24%, while Xinyi Sheng's market cap exceeded 180 billion, achieving a 39% weekly increase [2] - The four major CSP giants' capital expenditure exceeding $300 billion over 25 years, with a structural tilt towards AI, indicates sustained high demand for computing hardware [2] - Financial institutions suggest that while short-term attractiveness may decline in the consumer and technology sectors, there remains long-term investment potential due to valuation improvement in A-shares [3]

新华财经北京7月21日电（王媛媛）市场早盘延续升势，三大指数小幅上涨，沪指领涨。截至午间收 盘，沪指报3549.89点，涨0.44%，成交4711亿元；深证成指报10945.76点，涨0.29%，成交6147亿元； 创业板指报2279.83点，涨0.12%，成交2816亿元。 板块方面，超级水电、钢铁、特高压、化肥等板块涨幅居前，CPO、跨境支付、保险、银行等板块跌幅 居前。 盘面热点 盘面上，大基建板块集体爆发，超级水电方向领涨，中国电建、中国能建等十余股涨停；钢铁板块延续 强势，柳钢股份涨停；化工板块走强，新安股份涨停；机器人概念延续强势，长盛轴承涨超10%；下跌 方面，算力硬件股展开调整，欧陆通跌超5%。 个股涨多跌少，全市场超3500家个股上涨。 机构观点 消息面上 易方达基金张坤最新持仓曝光 易方达基金发布旗下基金二季报，张坤管理的规模最大的易方达蓝筹精选在二季度股票仓位基本稳定， 并调整了消费和科技等行业的结构。个股方面，仍然持有商业模式出色、行业格局清晰、竞争力强的优 质公司。他表示，低估值叠加可观的股东回报的保护，对长期投资者来说是很有吸引力的。具体来看， 截至二季度末，易方达蓝筹精选的前十大 ...