2025.07. 28 本文字数：804，阅读时长大约2分钟 7月28日，A股三大指数全天震荡反弹，截至收盘，沪指涨0.12%，深证成指涨0.44%；创业板指涨 0.96%，再创年内新高。 作者 | 一财资讯 具体来看，PCB概念股爆发，大族数控、方邦股份、芯碁微装等10股涨停。 影视院线板块全天强势，幸福蓝海、中国电影涨停，上海电影涨超9%，横店影视、华谊兄弟等跟涨。 煤炭、钢铁等资源股调整，柳钢股份、西宁特钢、山西焦煤、郑州煤电等跌超5%。 | 代码 名称 | | 张幅金 | 现价 | 代码 名称 | 涨幅� | 现价 | | --- | --- | --- | --- | --- | --- | --- | | 600121 郑州煤电 | | -6.37% | 4.26 | 600117 西宁特钢 | -8.68% | 3.47 | | 000983 山西集煤 | | -6.05% | 7.30 | 601003 柳钢股份 | -8.58% | 6.71 | | 600397 安源煤业 | | -5.47% | 6.22 | 600295 鄂尔多斯 | -6.42% | 9.92 | | 601015 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|新浪财经上海站 时行工作室 在煤炭与新能源的天平上，苏能股份正寻找新的支点。 7月24日，苏能股份迎来重要人事变动。 公司第三届董事会第十三次会议决定，提名陈创举先生为第三届董事会非独立董事候选人，同时聘任他 为公司总经理，任期均至第三届董事会届满。 陈创举先生履历丰富，他历任煤矿、新疆公司及徐矿集团多个管理职务，现任徐矿集团调度指挥中心主 任等职。 在过往的丰富职业生涯中，他展现出了卓越的管理能力与专业素养，每到一处任职，都能积极推动业务 发展，优化管理流程，为企业创造价值，相信此次任职也将为苏能股份注入新的活力。 在高层人事变动的同时，苏能股份的业绩情况也备受关注。 7月15日，公司发布2025年中期业绩预告。 预计上半年归属于母公司所有者的净利润在8569.65万元至10283.58万元之间，同比减少8.41亿元至8.58 亿元，降幅高达89.11%至90.93%。 扣除非经常性损益后的净利润预计为7997.39万元至9596.87万元，同比减少8.39亿元至8.55亿元，降幅 89.74%至91.45%。 此次业绩的大幅下滑 ...

Core Viewpoint - The A-share market experienced narrow fluctuations, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96%. The total trading volume in the Shanghai and Shenzhen markets was 1.74 trillion yuan, a decrease of 45 billion yuan from the previous trading day. Over 2,700 stocks rose in value [1]. Group 1: Commodity Market and Related Stocks - The domestic commodity futures market saw a widespread decline, with coking coal dropping by 11% and several other commodities, including coking coal and lithium carbonate, hitting their daily limit down. This decline in the commodity market negatively impacted related A-share sectors, particularly coal stocks, which led the market downturn [2][3]. - The coal sector followed the futures market's significant correction, with Shanxi Coking Coal falling over 6%, and other companies like Jinkong Coal and Pingmei Shenma also experiencing declines [4]. - Lithium mining stocks, including Tianqi Lithium and Ganfeng Lithium, collectively retreated as well [6]. Group 2: Film and Entertainment Sector - The film and entertainment sector saw a collective surge, with the summer box office surpassing 5.2 billion yuan. Notable stocks like Happiness Blue Sea and China Film reached their daily limit up [10][11]. - As of July 28, the summer box office (including pre-sales) exceeded 5.2 billion yuan, with a single-day box office surpassing 300 million yuan for the first time in 154 days, indicating a rise in market enthusiasm [13]. - The success of films like "Nanjing Photo Studio," which achieved a single-day box office of over 100 million yuan, has significantly boosted the sector's performance, reflecting a temporary recovery in market confidence driven by high-quality content [13]. Group 3: Notable Stock Performance - A-share market witnessed the emergence of its first tenfold stock of 2025, with the stock of Aowei New Materials hitting a historical high after a 20% increase. The stock has surged over 900% since July, marking a tenfold increase year-to-date [14][15]. - The price surge of Aowei New Materials is primarily attributed to the acquisition plan by Zhiyuan Robotics, which has led to a rapid increase in stock price following the announcement [15]. - Despite the stock's impressive performance, caution is advised as the company has stated there are no plans for asset sales or mergers in the next 12 months, highlighting potential market uncertainties [16].

证券研究报告—公募基金周报 撰写日期：2025 年 07 月 28 日 公募基金周报（20250721-20250725） 投资要点 本周受"反内卷"和雅下水电站利好提振，顺周期板块集体爆发，指 数持续上行，上证指数实现周线四连阳，两市周度日均成交额较上周大幅增 加 19.56%，融资余额持续走高至 1.9 万亿之上，内资热钱加速流入，短期 内市场情绪出现过热的迹象。商品期货市场本周多数大涨，受权益市场影响 债市回调幅度较大。本周杠杆因子和账面市值比因子涨幅居前，残差波动率 因子跌幅较大。IH 合约仍为升水，投资者对大盘股更加乐观，IM 合约贴水 持续收敛，中性对冲基金本周收益的平均值和中位数分别为 0.10%和0.17%。 主动权益产品根据本周涨幅排序：深度低估策略中排名前三的分别为 万家精选 A（10.93%）、华宝资源优选 A（7.57%）、富国研究精选 A（7.09%）； 高成长策略中排名前三的分别为金信行业优选 A（11.66%）、前海开源沪港 深核心资源 A（9.51%）、东方人工智能主题 A（6.83%）；高质量策略中排名 前三的分别为诺德新享（5.82%）、银华乐享 A（5.46%）、大摩优悦 ...

Quantitative Models and Construction Methods 1. Model Name: Broad-based Index Rotation Strategy - **Model Construction Idea**: The strategy is based on the marginal changes in the "heat" (attention) of broad-based indices. By identifying the index with the highest weekly heat change rate, the strategy rotates into that index. If the "Other" group (stocks not included in the four main indices) has the highest heat change rate, the strategy remains in cash[7][13]. - **Model Construction Process**: 1. Calculate the weekly heat change rate for the components of four major indices (CSI 300, CSI 500, CSI 1000, CSI 2000) and the "Other" group. 2. Smooth the weekly heat change rate using a 2-week moving average (MA2). 3. At the end of each week, invest in the index with the highest MA2 heat change rate. If the "Other" group has the highest rate, remain in cash[13][16]. - **Model Evaluation**: The strategy demonstrates a clear logic of leveraging market sentiment shifts to generate returns[13]. --- Model Backtesting Results 1. Broad-based Index Rotation Strategy - **Annualized Return**: 8.74% since 2017[16] - **Maximum Drawdown**: 23.5%[16] - **2025 YTD Return**: 20.9%[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Heat Indicator - **Factor Construction Idea**: The total heat indicator aggregates the attention metrics (e.g., browsing, watchlist additions, and clicks) of individual stocks. It is normalized as a percentage of the total market and scaled by 10,000. This indicator serves as a proxy for market sentiment[7]. - **Factor Construction Process**: 1. Aggregate the browsing, watchlist, and click counts for each stock. 2. Normalize the aggregated value as a percentage of the total market. 3. Multiply the normalized value by 10,000 to obtain the total heat indicator, with a range of [0, 10,000][7]. - **Factor Evaluation**: The factor effectively captures market sentiment and can be used to identify mispricing due to overreaction or underreaction[7]. 2. Factor Name: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the weekly change in the total heat indicator, smoothed using a 2-week moving average. It reflects short-term sentiment dynamics[13][20]. - **Factor Construction Process**: 1. Calculate the weekly change rate of the total heat indicator for each stock. 2. Smooth the weekly change rate using a 2-week moving average (MA2)[13][20]. - **Factor Evaluation**: The factor is useful for identifying short-term sentiment-driven opportunities in broad-based indices, industries, and concepts[13][20]. 3. Factor Name: Concept Heat Ranking - **Factor Construction Idea**: This factor ranks concepts based on their weekly heat change rates. It identifies the top and bottom concepts for constructing portfolios[28][31]. - **Factor Construction Process**: 1. Rank concepts by their weekly heat change rates. 2. Select the top 5 concepts with the highest heat change rates. 3. Construct two portfolios: - **TOP Portfolio**: Select the top 10 stocks with the highest total heat within each of the top 5 concepts. - **BOTTOM Portfolio**: Select the bottom 10 stocks with the lowest total heat within each of the top 5 concepts[31]. - **Factor Evaluation**: The factor captures the behavioral tendencies of investors, leveraging the rapid price adjustments in high-attention stocks[28][31]. --- Factor Backtesting Results 1. Total Heat Indicator - **No specific backtesting results provided** 2. Weekly Heat Change Rate (MA2) - **No specific backtesting results provided** 3. Concept Heat Ranking - **BOTTOM Portfolio Annualized Return**: 15.71%[33] - **BOTTOM Portfolio Maximum Drawdown**: 28.89%[33] - **2025 YTD Return for BOTTOM Portfolio**: 29.2%[33]

| | | | | | | | HE BE ROVER FR | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 2025/07/28 | 国贸期货出品 TG国贸期货 | | | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | | 黑色金属研究中心 | 执业证号 投资咨询证号 | | | | | | | | | | 张宝慧 | F0286636 Z0010820 | | | | | | | | | | 黄志鸿 | F3051824 Z0015761 | | | | | | | | | | 董子勖 | F03094002 Z0020036 | | | | | | | | | | 薛夏泽 | Z0022680 F03117750 | | | | 远月合约收盘价 | RB2601 | HC2601 | 12601 | J2601 | JM2601 | 7000 | | - 1000 | | | (元/吨) | | | | | | 6 ...

沪深两市全天成交额1.74万亿，较上个交易日缩量450亿。全市场超2700只个股上涨。 盘面上，PCB概念、兵装重组板块涨幅居前，算力硬件股午后走强，创新药概念表现活跃，钢铁、煤炭等周期股集体调整。 具体来看，PCB概念股爆发，大族数控、方邦股份、芯碁微装等10股涨停。 影视院线板块全天强势，幸福蓝海、中国电影涨停，上海电影涨超9%，横店影视、华谊兄弟等跟涨。 煤炭、钢铁等资源股调整，柳钢股份、西宁特钢、山西焦煤、郑州煤电等跌超5%。 | 代码 名称 | 涨幅↑ | 现价 | 代码 名称 | 涨幅↑ | 现价 | | --- | --- | --- | --- | --- | --- | | 600121 郑州煤电 | -6.37% | 4.26 | 600117 西宁特钢 | -8.68% | 3.47 | | 000983 山西焦煤 | -6.05% | 7.30 | 601003 柳钢股份 | -8.58% | 6.71 | | 600397 安源煤业 | -5.47% | 6.22 | 600295 鄂尔多斯 | -6.42% | 9.92 | | 601015 陕西黑海 | -5.33% | 3.7 ...

金十数据7月28日讯，A股三大股指午后维持震荡态势，创业板指冲高涨逾1%，收盘小幅回落，沪指于 3600点下方小幅震荡，两市量能维持在1.5万亿上方。截至收盘，沪指涨0.12%，深证成指涨0.44%，创 业板指涨0.96%；沪深两市全天成交额超1.5万亿，两市超2600只个股收红。盘面上，保险、影视院线、 创新药等板块表现强势，PEEK材料、PCB板块全线走强，煤炭、钢铁、有色金属等板块跌幅居前。 A股收评：三大股指全天震荡 影视院线、创新药板块表现亮眼 ...

Core Viewpoint - The article highlights the challenges faced by China's energy sector due to extreme weather conditions, including high temperatures and heavy rainfall, and the measures taken by state-owned energy companies to ensure energy supply during peak demand periods [1][2][3][4]. Group 1: Energy Supply Challenges - Recent extreme weather has led to temperatures exceeding 40 degrees Celsius and significant rainfall in regions like Inner Mongolia, Hebei, Beijing, and Shanxi, impacting energy supply efforts [1]. - On July 16, the national maximum electricity load surpassed 1.5 billion kilowatts, marking a new historical record following previous peaks on July 4 and July 7 [1]. Group 2: Measures Taken by Energy Companies - The State Energy Group held a meeting on July 27 to strategize energy supply and flood prevention during peak summer demand [1]. - The State Energy Group's coal production, electricity generation, heating supply, and railway transport account for approximately 1/6, 1/8, 1/8, and 1/9 of the national totals, respectively [1]. - The Sichuan branch of the State Energy Group reported a coal stock availability of 34 days and achieved over 100 million kilowatt-hours of electricity generation for four consecutive days from July 23 to 26 [2]. Group 3: Infrastructure Enhancements - The State Grid Company has improved transmission capacity in Jiangsu, doubling the capacity of the Wuxi Wangting to Taike 220 kV line from 360,000 kilowatts to 720,000 kilowatts [3]. - The Three Gorges Group reported a peak generation of over 650 million kilowatts from its clean energy corridor, contributing significantly to the electricity supply in central and eastern China [3]. Group 4: Future Strategies - The State Power Investment Corporation emphasized the need for improved coal supply capabilities, enhanced equipment reliability, and better emergency response systems in its 2025 energy supply meeting [4].

3. 7月28日，邢台地区部分钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2025年7月29日零点执 行。 1. 7月27日，多地主流焦化厂发函对焦炭价格提涨：计划7月28日起，捣固湿熄焦上调50元/吨，捣固干 熄焦上调55元/吨。这是国内焦炭市场本轮第四次提涨。 2. 7月28日，唐山市场主流钢厂计划对湿熄焦炭价格上调50元/吨、干熄焦上调55元/吨，2025年7月29日 零点执行。 金十期货整理 | 焦炭第4轮提涨开启，焦煤跌势会否延续？ ...