证券研究报告 2025 年 06 月 27 日 [Table_Title] 每日复盘 2025 年 6 月 27 日沪指震荡调整，有色板块集体拉升 风格上看，各指数涨跌幅排序为：周期>成长>0>消费>稳定>金融；小盘 成长>中盘成长>小盘价值>中盘价值>大盘成长>大盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：有色金属 （2.21%），通信（1.68%），纺织服装（1.14%）；表现相对靠后的是：银行 （-2.85%），电力及公用事业（-0.99%），商贸零售（-0.73%）。概念板块方 面，多数概念板块上涨，CPO、光通信模块、铜缆高速连接等大幅上涨；退 税商店、跨境支付、地摊经济等大幅走低。 资金筹码方面，主力资金 6 月 27 日净流出 269.48 亿元。其中超大单净 流出 105.77 亿元，大单净流出 163.72 亿元，中单资金净流出 21.99 亿元， 小单持续净流入 282.90 亿元。 6 月 27 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分 成交额较上一交易日减少。华夏上证 50ETF、华泰柏瑞沪深 ...

市 场 研 究 [Table_Title] 万联晨会 研报精选 5 月社零总额同比+6.4%，增速同比、环比均有提升 固态电池设备关键环节，前中段引领突破 内有支撑，外有应对 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,448.45 | -0.22% | | 深证成指 | 10,343.48 | -0.48% | | 沪深 300 | 3,946.02 | -0.35% | | 科创 50 | 989.97 | -0.57% | | 创业板指 | 2,114.43 | -0.66% | | 上证 50 | 2,738.47 | -0.34% | | 上证 180 | 8,704.98 | -0.28% | | 上证基金 | 6,933.52 | -0.06% | | 国债指数 | 225.45 | 0.03% | 【市场回顾】 周四 A 股三大股指震荡收跌，上证指数下跌 0.22%，报 3448.45 点； 深证成指下跌 0.48%，报 10,343.48 点；创业板指下 ...

Market Overview - The A-share market continues to rebound with increased trading volume, and the Shanghai Composite Index reached a new high for the year at 3455.97, up by 1.04% [1][3] - The Shenzhen Component Index rose by 1.72% to 10393.72, while the ChiNext Index increased by 3.11% to 2128.39, indicating strong market performance across various indices [1][3] Sector Performance - The top-performing sectors include Non-bank Financials (up 4.46%), Defense and Military (up 3.36%), and Computers (up 2.99%) [2] - Conversely, the worst-performing sectors were Coal (down 1.00%), Oil and Petrochemicals (down 0.57%), and Transportation (down 0.21%) [2] Concept Index Performance - Leading concept indices included Internet Insurance (up 4.17%), Futures Concept (up 4.12%), and Domestic Aircraft Carriers (up 3.92%) [2] - The lagging concept indices were Combustible Ice (down 1.25%), Glyphosate (down 0.78%), and Russia-Ukraine Conflict Concept (down 0.69%) [2] Future Outlook - The market is expected to maintain its upward trend, supported by strong performance in the financial sector and a favorable macroeconomic environment [4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan from the previous trading day, indicating heightened investor activity [4] - Analysts suggest focusing on sectors such as finance, machinery, consumer goods, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [4]

展望后市，全球货币政策逐步转向宽松（美联储理事鲍曼、白宫官员哈塞特释放7月降息信 号），国内稳增长政策持续发力（MLF超额续做、消费支持政策落地），叠加经济运行总 体平稳、外贸韧性较强，短期来看，A股和港股都有望维持震荡偏强的格局。 此外，固态电池、无人驾驶等概念延续活跃，前者因多家企业公布开发进展（如半固态电池隔膜小批量 订单、头部客户定点），后者因技术、降本、政策三大商业化基础成熟而获资金青睐；电力设备、商贸 零售等中游行业也有小幅上涨，整体市场热度向实体经济领域扩散。 港股方面，家庭耐用消费品、综合消费者服务、房地产管理和开发等板块涨幅居前，尤其是综合消费者 服务板块单日上涨5.1%，显示出市场对于消费复苏的信心增强；房地产管理开发和房地产服务分别上 涨2.79%和3.22%，反映地产行业在政策松绑背景下存在一定的估值修复机会。 金融股表现尤为突出，券商板块领涨，部分机构因获香港证监会批准升级虚拟资产交易牌照（可交易加 密货币、稳定币等）而大幅拉升；教育股亦受政策利好（支持教育企业债券融资）推动，新东方等个股 涨幅显著。相比之下，港股中的生物科技板块下跌0.15%，略显疲弱，可能与近期医药板块估值调整有 ...

Group 1 - The core viewpoint of the news highlights a strong rebound in the consumer sector, particularly through the Consumer Leader ETF (516130), which saw a price increase of 0.81% [1] - The leading stocks in various consumer segments, such as machinery, retail, and consumer services, experienced significant gains, with Stone Technology and Chongqing Department Store both rising over 5% [1] - The People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures to enhance consumer capacity and optimize the consumption environment [1][3] Group 2 - There is an increasing focus on consumption from higher authorities, with favorable policies emerging to boost the consumer sector, indicating a potential trend in the market [3] - The Consumer Leader ETF's underlying index has a price-to-earnings ratio of 17.26, which is at a low point compared to the past decade, suggesting a favorable long-term investment opportunity [3] - Analysts predict that consumption will be a significant driver of economic growth in 2025, with ongoing policy support expected to create new dynamics and scenarios in the consumer market [3]

FICC日报 | 2025-06-25 国内政策提振，指数反弹 市场分析 金融促消费政策出台。国内方面，国新办举行新闻发布会介绍，9月3日上午，北京天安门广场将举行纪念中国人 民抗日战争暨世界反法西斯战争胜利80周年大会，包括检阅部队。央行等六部门联合印发《关于金融支持提振和 扩大消费的指导意见》，从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促进提升消费供 给效能、优化消费环境和政策支撑保障等六个方面提出19项重点举措。海外方面，以色列和伊朗同意全面停火， 伊朗最高国家安全委员会发表声明，宣布与"以色列及其支持者"停火。以色列总理内塔尼亚胡也发表声明称，接 受美国总统特朗普提出的停火协议。 指数走高。现货市场，A股三大指数震荡走高，上证指数收复3400点，涨1.15%收于3420.57点，创业板指涨2.3%。 行业方面，板块指数涨多跌少，电力设备、非银金融、商贸零售、汽车行业涨幅居前，仅石油石化、煤炭行业收 跌。当日沪深两市成交金额上升至1.4万亿元。海外市场，鲍威尔在国会证词中表示，美联储目前处于有利位置， 能够耐心等待，待对经济走向有更清晰的判断后再考虑调整货币政策立场。但他不排除关税 ...

小商品城股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有12个交易日股价刷新历史 纪录。截至09:36，该股目前上涨1.45%，股价报21.00元，成交756.43万股，成交金额1.58亿元，换手率 0.14%，该股最新A股总市值达1151.57亿元，该股A股流通市值1151.40亿元。 证券时报·数据宝统计显示，小商品城所属的商贸零售行业，目前整体涨幅为0.46%，行业内，目前股价 上涨的有68只，涨幅居前的有苏豪弘业、国芳集团、汇鸿集团等，涨幅分别为5.24%、4.91%、4.48%。 股价下跌的有21只，跌幅居前的有浙江东日、丽尚国潮、新迅达等，跌幅分别为1.96%、1.76%、 1.61%。 两融数据显示，该股最新（6月24日）两融余额为16.49亿元，其中，融资余额为16.12亿元，近10日增加 3.51亿元，环比增长27.85%。 机构评级来看，近10日共有4家机构对该股进行评级，预计目标价最高的是国泰海通证券，6月24日国泰 海通证券发布的研报给予公司目标价为27.28元。 公司发布的一季报数据显示，一季度公司共实现营业收入31.61亿元，同比增长17.93%，实现净利润 8.03亿 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603123 | 翠微股份 | 6.34 | 25.36 | 20706.68 | | 600710 | 苏美达 | 7.16 | 4.57 | 14570.89 | | 600415 | 小商品城 | 6.98 | 1.42 | 7127.55 | | 601933 | 永辉超市 | 2.10 | 1.30 | 6334.58 | | 601888 | 中国中免 | 1.96 | 0.69 | 5200.76 | | 002315 | 焦点科技 | 6.49 | 5.90 | 3282.50 | | 002640 | 跨境通 | 1.67 | 19.92 | 2791.35 | | 000564 | 供销大集 | 2.74 | 2.20 | 2388.02 | | 300947 | 德必集团 | 3.61 | 5.54 | 1684.80 | | 000829 | 天音控股 | 2.92 | 1.51 | 1310.50 | | 000882 | ...

热点事件 6月24日，受伊以"停火"消息提振，A港股强势反弹，上证指数上涨1.15%创近三月新高，创业板指涨 2.30%，大金融领涨，金融科技、无人驾驶、算力、AI应用、消费电子涨幅居前，全A成交额1.45万 亿，近4700股飘红。截止15:05，恒生指数和恒生科技涨幅均超2%。那么今日市场为何情绪高涨？当下 应该如何布局？我们简评如下，供投资者参考。股民福利！点此免费领取新浪财经vip会员>> 市场动态 • 伊以宣布"停火"，全球风险偏好回升。今日伊朗与以色列宣布正式"停火"，结束持续12天的军事冲 突，此举极大缓解了市场对地缘风险升级的担忧，避险情绪退潮，亚太股市普涨，黄金、原油下跌。 • 美联储释放鸽派信号，降息预期或提前。近期特朗普再次喊话鲍威尔降息，同时多位美联储官员表态 偏"鸽"；美联储副主席鲍曼表示"若通胀压力可控，支持7月降息"，理事沃勒也表示赞成7月份考虑降息 的说法，市场降息预期小幅升温（7月概率升至23%，9月达62%）。 • 数据要素政策利好，提振市场情绪。今日"数据要素×"系列发布会上，证监会表示将稳步开展"数据要 素×资本市场"专项试点，覆盖证券、期货及区域股权市场，央行同步表态将 ...

Market Overview - The three major indices in the A-share market rose over 1%, with the Shanghai Composite Index surpassing 3400 points and the ChiNext Index increasing by over 2% [1][3] - The trading volume in the A-share market exceeded 1.4 trillion yuan, indicating a significant increase in market activity [1][3] Geopolitical Impact - The announcement of a ceasefire between Iran and Israel has reduced expectations for further escalation of conflict, leading to an increase in global risk appetite [1][3] - The upcoming 80th anniversary military parade in China on September 3 is expected to showcase domestically produced military equipment, highlighting advancements in national defense and technology autonomy [2][3] Economic Indicators - China's economic growth remains stable, with strong consumer growth despite a slowdown in investment and industrial production [1][2] - The market is expected to experience fluctuations, with a preference for technology and dividend stocks in investment strategies [1][3] Market Performance - On June 24, the A-share market saw significant gains, with the Shanghai Composite Index closing at 3420.57 points, up 1.15%, and the ChiNext Index closing at 2064.13 points, up 2.30% [4] - Among the sectors, power equipment, non-bank financials, and retail saw the highest gains, while oil and coal sectors experienced declines [4] Fund Flow - The market turnover reached 14,483.99 billion yuan, showing an increase from the previous trading day [5] - The margin trading balance reported at 18,169.01 billion yuan, also reflecting an upward trend [5]