Summary of Key Points Core Viewpoint - A total of 161 stocks reported their latest shareholder numbers as of June 30, with 61 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Changes - Among the 161 stocks, 5 stocks experienced a decline in shareholder numbers exceeding 5% [3]. - The stock with the largest decline in shareholder numbers was Zhongyi Technology, which saw a decrease of 13.51% to 20,848 shareholders, and has dropped 6.16% since the concentration of shares began [3]. - Phoenix Shipping reported a 10.15% decrease in shareholder numbers to 99,307, with a 3.18% decline in stock price during the same period [3]. Group 2: Market Performance - The average increase for concentrated stocks since June 21 was 5.40%, outperforming the broader market [3]. - Notable performers included Jiangsu Shentong, which rose by 12.48%, and Chunxue Food, which increased by 12.45% [3]. - The sectors with the most concentrated stocks included machinery, power equipment, and automotive, with 8, 5, and 4 stocks respectively [3]. Group 3: Stock Performance Metrics - The stock with the highest increase among those with declining shareholder numbers was Zhongke Hai Xun, which surged by 51.53% since June 11 [2]. - The overall performance of concentrated stocks showed that 48% outperformed the Shanghai Composite Index during the same period [2]. Group 4: Detailed Stock Data - A detailed table lists various stocks, their latest shareholder numbers, percentage changes, and industry classifications, highlighting the performance metrics of each stock [3][4][5].

Group 1 - Yunzhi Voice Technology Co., Ltd. listed on the Hong Kong Stock Exchange on June 30, becoming the "first AGI stock" in Hong Kong [1] - Yunzhi was founded in 2012 and has developed AI solutions based on deep learning models, including its core algorithm model UniCore [1] - The company has received investments from notable institutions such as Sequoia Capital, JD.com, and Qualcomm, with a significant investment from Sichuan Innovation and Entrepreneurship Equity Investment Fund in 2017 [1] Group 2 - Moore Threads submitted its prospectus for listing on the Sci-Tech Innovation Board, focusing on full-function GPU chip development [2] - The company supports various workloads including AI computing acceleration and 3D graphics rendering [2] - Chengdu Ciyuan Guoyi Electronic Information Equity Investment Fund invested in Moore Threads in 2023 [2] Group 3 - Wuhan Heyuan Biotechnology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with its core product HY1001 nearing market approval [2] - HY1001 is a new drug that has completed Phase III clinical trials and is under priority review by the National Medical Products Administration [2] Group 4 - Yaoke Ankang Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on June 23, with significant investment from the National Investment (Guangdong) Technology Achievement Transformation Venture Capital Fund [5] - The company focuses on innovative drug development for cancer, inflammation, and cardiovascular diseases, with multiple candidates in clinical stages [5] Group 5 - Sichuan Southwest Jiaotong Railway Development Co., Ltd. listed on the Beijing Stock Exchange on June 10, specializing in rail transportation infrastructure safety [6] - The company is recognized as a national-level "little giant" enterprise and is the first IPO project of the Sichuan Science and Technology Investment's Academician Fund [6] - Multiple local funds, including Chengdu Lixin Jingrong Fund, participated in the investment of Jiaotong Railway Development [6]

Group 1 - The railway department allows passengers to carry power banks as long as they are clearly marked and do not exceed an energy rating of 100Wh (approximately 27000mAh) [1][2] - There are no additional security checks for power banks, and passengers will not be prohibited from carrying them based on brand or lack of 3C certification [2][4] - Passengers can find more information about carrying items and luggage on the 12306 website and app, and charging facilities are available on trains and at some stations [3] Group 2 - Different cities have varying regulations regarding power banks on subways, with Beijing not having mandatory restrictions [4][5] - In cities like Fuzhou and Hefei, the regulations are similar to those of the railway, allowing power banks with a maximum energy rating of 100Wh and limiting the number of power banks per passenger [4] - Guangzhou subway allows passengers to carry up to 5 power banks, each with a maximum capacity of 20000mAh, while Beijing has been increasing the availability of power bank rental services [5]

Core Points - The construction of the Xiongshang High-speed Railway Liangshan section is accelerating, with track laying set to begin in October, reducing travel time from Liangshan to Beijing to under 2 hours [1][3] - Multiple transportation projects, including highways and railways, are progressing rapidly, enhancing the regional transportation network and promoting economic integration with the provincial capital and the Beijing-Tianjin-Hebei region [1][7] Group 1: High-speed Railway Development - The Xiongshang High-speed Railway Liangshan section is a key project, with the main bridge spanning 1600 meters and innovative construction techniques reducing the beam construction cycle from 21 days to 15 days [2][3] - The project is part of China's "Eight Vertical and Eight Horizontal" high-speed railway network, with a total length of 552 kilometers, and the Liangshan section measuring 19.1 kilometers [3][4] - The Liangshan area is establishing a comprehensive transportation hub, with supporting infrastructure such as a passenger transport hub and a command and dispatch center being developed [3][4] Group 2: Highway Projects - The Jishang Expressway has achieved over 60 billion yuan in investment, with over 95% of the roadbed and bridge works completed, aiming for early completion [4][5] - The Jizhou Expressway is also progressing well, with 94.2% of the roadbed and 44.6% of the pavement works completed, enhancing regional connectivity [5][6] - The completion of these expressways will significantly improve transportation efficiency and alleviate traffic pressure in the region [6] Group 3: Integrated Transportation Network - Jining is leveraging the opportunity of building a transportation stronghold in Shandong, focusing on interconnectedness and high-quality development [7][8] - The city has initiated a "Hundred-Day Hard Work" campaign to accelerate project construction, with a total railway length of 836 kilometers established [7][8] - The port's cargo throughput reached 45.02 million tons in the first five months, a 12% increase year-on-year, indicating robust growth in the logistics sector [8]

FICC日报 | 2025-07-01 制造业PMI回升，指数上涨 市场分析 制造业PMI回升。国内方面，国家统计局公布，6月份，我国制造业、非制造业和综合PMI分别为49.7%、50.5%和 50.7%，比上月上升0.2、0.2和0.3个百分点，三大指数均有所回升。装备制造业、高技术制造业和消费品行业PMI 均连续两个月位于扩张区间。海外方面，美联储博斯蒂克重申，他仍预计美联储今年会下调一次利率，同时指出 美联储在决定采取行动之前还有时间考虑最新的数据，同时他预计美联储明年将降息三次。 指数上涨。现货市场，A股三大指数震荡回升，上证指数涨0.59%收于3444.43点，创业板指涨1.35%。行业方面， 板块指数涨多跌少，国防军工、传媒、通信、电子行业涨幅居前，仅银行、非银金融、交通运输行业收跌。当日 沪深两市成交金额小幅回落至1.5万亿元。海外市场，加拿大宣布撤回数字服务税，以推动与美国的贸易谈判重回 正轨。美国总统特朗普与加拿大总理卡尼已同意两国将重启谈判，并力争在7月21日前达成协议。美国三大股指全 线收涨，道指涨0.63%报44094.77点。 期指减仓。期货市场，基差走势分化，IC、IM近月合约贴水 ...

Domestic Market Overview - The domestic market experienced a slight increase with the Shanghai Composite Index closing at 3444.43 points, up 0.59%, and the Shenzhen Component Index closing at 10465.12 points, up 0.83% [1][4] - Among the 30 sectors tracked, 26 sectors saw gains, with notable increases in defense, media, and comprehensive finance, while banking, non-banking finance, and transportation sectors faced declines [1][4] - The total trading volume for the A-share market was 15174 billion, showing a slight decrease compared to the previous day [1][4] Overseas Market Overview - The US stock market saw all major indices rise, with the Dow Jones up 0.63%, the S&P 500 up 0.52%, and the Nasdaq up 0.47%, marking six consecutive days of gains [2][4] - Both the S&P 500 and Nasdaq reached new historical closing highs [2][4] - Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index down 0.49% and the Wande Chinese Technology Leaders Index down 0.44% [2][4] Economic Indicators - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index for June showed improvements, recorded at 49.7%, 50.5%, and 50.7% respectively, indicating overall economic expansion [10][13] - On the same day, 4054 stocks in the A-share market rose, while 1126 fell, with 94 stocks hitting the daily limit up and 7 hitting the limit down [10] News Highlights - The Central Political Bureau of the Communist Party of China held a meeting to review the "Regulations on the Work of the Central Decision-Making and Coordination Institutions" [11] - The Shenzhen Stock Exchange released standards for recognizing "light assets and high R&D investment" for the ChiNext board, aimed at better serving technological innovation [16]

证券研究报告·金融工程·金工定期报告 [Table_Tag] [Table_Summary] 报告要点 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 金工定期报告 20250701 从微观出发的五维行业轮动月度跟踪 202507 2025 年 07 月 01 日 《从微观出发的五维行业轮动 月度跟踪 202506》 2025-06-03 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 模型多空对冲绩效：以 2015/01/01-2025/06/30 为回测区间，五维行业轮 动模型在申万一级行业中，六分组多空对冲的年化收益率为 21.59%，年 化波动率为 10.77%，信息比率为 2.00，月度胜率为 73.33%，历史最大 回撤为 13.30%；多头对冲全市场行业等权组合的年化收益率为 10.52%， 年化波动率为 6.59%，信息比率为 1.60，月度胜率 70.83%，历史最大回 撤为 9.36%。 ◼ ...

Core Insights - The transportation sector in China is a crucial area for expanding domestic demand, stabilizing growth, and promoting employment, with significant investments and growth in key metrics observed in the first five months of the year [1][2]. Group 1: Transportation Metrics - In the first five months of the year, China's transportation industry completed a total freight volume of 230.8 billion tons, representing a year-on-year increase of 4.1% [1]. - The road freight volume reached 169.2 billion tons, up 4.3% year-on-year, while waterway freight volume was 40.4 billion tons, increasing by 4.5% [1]. - Port cargo throughput was 73.4 billion tons, with a year-on-year growth of 3.8%, and container throughput reached 14 million TEUs, marking a 7.4% increase [1]. - Cross-regional passenger flow amounted to 28.64 billion trips, reflecting a year-on-year increase of 4.7% [1]. Group 2: Fixed Asset Investment - A total of 1.2 trillion yuan was invested in fixed assets in the transportation sector from January to May, with road and waterway investments amounting to 860.7 billion yuan and 87 billion yuan, respectively [2][6]. - Major transportation projects are characterized by high individual investment, significant social impact, and strong driving effects, making them essential for economic stability and infrastructure modernization [2]. Group 3: Major Transportation Projects - A total of 83 major transportation projects are currently underway across 27 provinces and regions, with several projects reaching critical milestones in July [4]. - The G5612 Dali to Lincang expressway's first tunnel is set to be completed, enhancing connectivity in Yunnan province and supporting poverty alleviation and rural revitalization efforts [5]. - The Xiamen Third East Passage project is progressing with significant construction phases, including the completion of concrete pouring for the anchor [5]. - The Pinglu Canal project and various highway expansions are also scheduled for completion and commencement in July, indicating ongoing infrastructure development [6].

证券研究报告 | 2025年07月01日 【常规内容】 宏观与策略 宏观专题:宏观经济专题研究-去美元化下的央行购金行为研究 行业与公司 能源电子月报：碳化硅车型持续下沉，应用场景逐步铺开 | 晨会纪要 | | --- | | 数据日期:2025-06-30 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3444.42 | 10465.11 | 3936.07 | 11887.95 | 3030.63 | 1003.41 | | 涨跌幅度（%） | 0.58 | 0.83 | 0.36 | 1.00 | 1.59 | 1.53 | | 成交金额（亿元） | 5671.37 | 9197.19 | 2888.21 | 3275.23 | 4621.40 | 295.54 | 电子行业周报：美股 AI 算力股价连创新高，持续看好 AI 产业投资机遇 房地产行业 2025 年 7 月投资策略：基本面持续低迷，博弈窗口开启 电新行业快评:电力设备新能源 ...

坚持办案引领，深挖彻查违纪违法行为。2024年以来，中央纪委国家监委驻中国农业发展银 行纪检监察组和相关省级分行纪委运用"室组地""组地行"联合办案模式，共查办"逃逸式辞 职"案件4件4人。在案件查办过程中，该纪检监察组拓宽问题线索发现渠道，综合巡视反馈、 信访举报等情况，利用大数据平台和数据分析系统，深挖细查涉案人员腐败问题。 6月30日，中央纪委国家监委网站发文《紧盯国企领域"逃逸式辞职"问题 织密织牢制度防护 网》，内容如下： "所属企业纪检监察机构需全面核查拟离职人员近三年廉政档案、信访举报记录、经济责任审 计结果及重大事项报告情况，根据实际形成离职意见……"日前，四川省成都市纪委监委驻成 都益民集团纪检监察组联合集团党委印发《关于规范集团离职、退休人员党风廉政意见征求 工作的通知》，通过构建"前置审核—动态把关—闭环管理"的全流程监督机制，靶向破解国 企领域"逃逸式辞职"问题。 "对存在疑点的人员，我们通过'书面审查+重点约谈'方式开展复核。2024年以来出具党风廉 政意见回复147份，暂缓4人离职。" 该纪检监察组有关负责同志介绍。近年来，成都市纪委监 委加强对国企领域"一把手"和领导班子成员的管 ...