港股市场今天上午震荡反复，恒生指数波动幅度较小。 上证指数盘中重回3500点 光伏概念股再度大涨 A股市场今天上午窄幅震荡，主要指数表现有一定分化。 上证指数盘中再度上行，盘中重回3500点整数关口，北证50指数、创业板指数盘中走低。 行业板块和赛道方面，若按照申万一级行业划分，房地产板块领涨，板块盘中涨幅超过1%，绿地控股、渝开发盘中触及涨停，新城控股、荣盛发展、电子城、光大 嘉宝、特发服务等股票跟涨。 A股市场今天（7月10日）上午窄幅震荡，上证指数盘中重回3500点，光伏概念股再度大涨，多股盘中涨停。 银行板块涨幅居于前列，板块盘中涨幅亦超过1%，民生银行表现较好，盘中涨幅一度超过6%，郑州银行、华夏银行等跟涨。 非银金融板块也明显上行，板块盘中涨幅亦超过1%。南华期货盘中涨停，中银证券盘中涨幅一度超过9%，中油资本、越秀资本等跟涨。 钢铁、医药生物、有色金属等板块涨幅居于市场前列。 国防军工、汽车、纺织服饰等板块上午表现疲弱。 概念板块方面，光伏概念股整体再度大涨，拓日新能、京运通、协鑫集成等多股盘中涨停，艾能聚、晶澳科技等多股盘中涨幅居前。 消息面上，近日多晶硅期货持续大涨，今天上午国内多晶硅期货主 ...

Group 1 - The Hong Kong stock market indices opened lower, with the Hang Seng Index down 0.11% at 23,865.64 points, and the Hang Seng Tech Index down 0.26% [1] - The recent focus on addressing "involution" competition in various industries aims to eliminate low-price disorderly competition and promote the exit of backward production capacity [1] - Industries such as photovoltaic, lithium batteries, automobiles, and cement are highlighted as areas to watch for potential improvements in supply-demand dynamics due to policy interventions [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) is focused on the Hong Kong automotive sector, featuring a higher proportion of passenger vehicles and new energy vehicle manufacturers compared to similar indices [2] - As of July 9, the index's price-to-earnings ratio (TTM) is 16.78, significantly lower than various A-share automotive theme indices, indicating potential valuation attractiveness [2] - The index includes key players in the intelligent driving industry, aligning with the trends in automotive sector development [2]

暗盘资金正涌入这些股票，点击速看>>> 光伏设备、硅能源板块持续走强，硅宝科技（300019）、宏柏新材（605366）、晨光新材（605399）、 协鑫集成（002506）、亿晶光电（600537）多股拉升涨停。市场消息显示，多家硅片企业上调了硅片报 价，不同尺寸的硅片价格涨幅在8%—11.7%。 ...

多位经济学家指出，当前核心CPI仍处于"0时代"，低通胀格局短期内难以根本改变。未来物价走势仍需关注稳地产、促消费政策加力效果，以及潜在的"出 口转内销"可能带来的新压力。有分析预测，7月CPI同比可能再次转负，下半年推动物价合理回升将成为宏观政策的重要目标，这可能为财政政策和货币政 策提供更多操作空间。 【环球网财经综合报道】国家统计局数据显示，6月份居民消费价格指数（CPI）同比增速结束此前连续四个月的负增长，微幅上涨0.1%，这主要得益于工 业品价格回升以及促消费政策效果的逐步显现。工业生产者出厂价格指数（PPI）同比降幅则继续扩大至3.6%，反映出国内投资和出口需求仍显疲弱。一个 积极的变化是，汽车、光伏等此前竞争激烈、价格战频发的"内卷"行业，价格开始出现企稳回升的迹象。 国务院办公厅近日印发《关于进一步加大稳就业政策支持力度的通知》，从支持企业稳岗、激励企业扩岗、技能培训、就业服务、就业援助、风险防范和组 织保障等七个方面提出具体举措。提高失业保险稳岗返还比例，中小微企业最高可达90%；扩大稳岗扩岗专项贷款支持范围；对吸纳重点群体就业的企业给 予社保补贴等。这显示在关注物价的同时，稳就业依然是政策 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 07 月 10 日 [Table_Title] 通胀仍在探底 [Table_Title2] [Table_Summary] 6 月 CPI 同比 0.1%，高于预期 0%，前月-0.1%；CPI 环比-0.1%，前月-0.2%，去年同期-0.2%。剔除食品 和能源的核心 CPI 同比 0.7%，前值 0.6%；环比 0%，前月 0%。PPI 同比-3.6%，预期-3.3%，前月-3.3%；PPI 环比-0.4%，前月-0.4%。CPI 环比跌幅收窄，核心 CPI 继续持平，PPI 跌幅连续四月不变，如何看待 6 月通胀 数据？ CPI 环比略强于季节性。6 月 CPI环比-0.1%，略高于 2021-2024 年同期均值（-0.2%），推动 CPI同比转正 （0.1%），此前四个月连续为负。此外 CPI同比转正，还受到"四舍五入"进位因素的影响，依据环比推算 6 月 CPI 同比在 0%附近。综合上半年来看，CPI 累计环比之和为-0.1%，是近年同期次低值，仅好于 2023 同期的- 0.5%，低于去年同期的 0.1%，反映出今年的价格修复 ...

Economic Overview - In June, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from negative to positive growth, with food prices showing a reduced decline and non-food prices slightly rising [1] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a widening decline, indicating that living material prices performed better than production material prices [1] - The average CPI for the first half of the year was -0.1%, while the average PPI was -2.9%, reflecting a low overall price level in the domestic market [1] External Factors - International commodity prices have decreased, creating downward pressure on domestic prices, particularly affecting industries related to oil and gas, with oil and gas extraction prices down by 12.6% year-on-year and fuel prices down by 10.4% [1] - The rise of anti-globalization sentiments and "reciprocal tariffs" from the U.S. has led to increased trade barriers, impacting China's export industries and potentially leading to further price declines in related sectors [2] Internal Factors - The acceleration of energy structure transformation and the increase in green energy have contributed to lower energy prices, with coal mining and washing prices dropping by 21.8% year-on-year due to reduced demand for thermal power [2] - Intense market competition in certain industries, particularly in manufacturing, has led to price suppression, with many companies engaging in price wars due to product homogeneity [3] Structural Price Changes - Policies aimed at reducing "involution competition" have helped alleviate overcapacity in certain sectors, leading to a narrowing of price declines in industries such as automotive manufacturing and lithium battery production [3] - Consumption-boosting policies have positively impacted certain consumer goods sectors, resulting in price increases for items like arts and crafts, sports goods, and smart consumer products [4] - High-tech industries related to smart manufacturing and digital economy are experiencing rapid growth, with product prices showing a year-on-year increase, indicating a promising future for economic transformation [5]

Group 1: CPI Trends - In June, the Consumer Price Index (CPI) turned from a decline to an increase of 0.1% year-on-year, while the month-on-month change decreased by 0.1%, narrowing the decline by 0.1 percentage points compared to the previous month [2] - The marginal improvement in CPI is attributed to the rebound in industrial consumer goods prices and the upward pressure on domestic refined oil prices due to external factors [2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year in June, marking a 0.1 percentage point increase from the previous month, the highest in nearly 14 months [3] Group 2: PPI Trends - The Producer Price Index (PPI) decreased by 0.4% month-on-month in June, with the decline remaining consistent with the previous month, although some industry prices showed signs of stabilization and recovery [5] - The year-on-year decline in PPI expanded by 0.3 percentage points compared to the previous month, influenced by seasonal price declines in domestic raw materials and uncertainties in the international trade environment [5] - Certain sectors, such as the manufacturing of gasoline and new energy vehicles, saw a month-on-month price increase of 0.5% and 0.3%, respectively, with year-on-year declines narrowing by 1.9 and 0.4 percentage points [6] Group 3: Consumer Behavior and Policy Impact - The implementation of more proactive macro policies has led to continuous improvement in the economic climate for both manufacturing and non-manufacturing sectors, addressing supply-demand structural issues and boosting the development speed of certain consumer goods and equipment manufacturing industries [4] - The effects of consumption promotion policies have been evident, with prices of durable consumer goods, home textiles, and household appliances rising by 2.0%, 2.0%, and 1.0% year-on-year, respectively [3] - The transition of the consumption market from "scale expansion" to "quality enhancement" is expected to further improve service consumption in culture and sports, driving a rebound in consumer prices [6]

21世纪经济报道见习记者冉黎黎 北京报道 7月9日，国家统计局发布6月份全国CPI（居民消费价格指数）和PPI（工业生产者出厂价格指数）数 据。其中，CPI同比上涨0.1%，环比下降0.1%；PPI同比下降3.6%，环比下降0.4%。 国家统计局城市司首席统计师董莉娟解读表示，6月CPI同比上涨0.1%，为连续下降4个月后转涨。CPI 由降转涨主要受工业消费品价格有所回升影响。PPI环比下降0.4%，降幅与上月相同。受环比下降及对 比基数变动影响，PPI同比降幅比上月扩大0.3个百分点，但随着各项宏观政策加力实施，部分行业供需 关系有所改善，价格呈企稳回升态势。 前海开源基金首席经济学家、基金经理杨德龙对21世纪经济报道记者表示，6月份我国CPI同比上涨 0.1%，进入正增长区间；核心CPI涨幅创14个月新高，反映出稳增长政策逐步落地，效果逐步显现。 中国民生银行首席经济学家温彬对21世纪经济报道记者表示，CPI将呈现低位温和回升态势，PPI走出负 区间仍需时日。 国家统计局数据显示，2025年6月份，全国居民消费价格同比上涨0.1%。其中，城市上涨0.1%，农村下 降0.2%；食品价格下降0.3%，非食品价 ...

宏观研究 宏观月度数据点评 CPI 同比转正，PPI 降幅扩大 —— 6 月通胀数据点评 相关研究： 1. 《CPI同比由正转负，PPI同 环比负增长》 2024.03.12 2. 《核心CPI有所回暖，PPI继 续承压》 2025.04.14 3. 《CPI、PPI同比双降》 2025.06.09 分析师：何超 证书编号： S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 证券研究报告 2025 年 7 月 9 日 湘财证券研究所 ❑ 事件 根据 Wind 数据显示，6 月我国 CPI 同比增长 0.1%；PPI 同比下降 3.6%。 ❑ CPI 同比转正 根据 Wind 数据，6 月 CPI 食品项同比增速录得-0.3%，较前值上涨 0.1 个 百分点；CPI 非食品项同比增速录得 0.1，较前值上涨 0.1 个百分点。剔除 食品和能源的核心 CPI 同比增速为 0.7%，同样较前值上涨 0.1 个百分点。 总体来看，6 月消费物价水平正在温和回升，CPI 由降转涨主要受工业消 ...

Group 1 - The stock of Jinbo Co., Ltd. (688598) has a comprehensive score of 54.84, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 25.15 yuan, with a 5-day main cost of 25.10 yuan, a 20-day main cost of 24.83 yuan, and a 60-day main cost of 24.22 yuan [1] - There have been no instances of the stock hitting the upper limit in the past year, and it has also not hit the lower limit [1] Group 2 - The short-term pressure level is at 25.62 yuan, while the short-term support level is at 24.63 yuan [2] - The mid-term pressure level is also at 25.62 yuan, with a mid-term support level of 22.62 yuan [2] - As of July 9, 2025, the net outflow of main funds is 10.91 million yuan, accounting for -11% of the total transaction amount [2] Group 3 - The stock has seen a net outflow of 3.35 million yuan from large orders and 7.56 million yuan from big orders, while retail investors have seen a net inflow of 53,600 yuan [2] - Related industry sectors such as photovoltaic equipment, solid-state batteries, lithium batteries, and new materials have experienced slight declines of -0.14%, -0.94%, -0.60%, and -0.86% respectively [2]