交通运输行业资金流出榜 主力资金净流出的行业有21个，非银金融行业主力资金净流出规模居首，全天净流出资金25.80亿元， 其次是电子行业，净流出资金为23.91亿元，净流出资金较多的还有计算机、基础化工、家用电器等行 业。 交通运输行业今日下跌0.09%，全天主力资金净流出2.76亿元，该行业所属的个股共125只，今日上涨的 有50只，涨停的有1只；下跌的有60只。以资金流向数据进行统计，该行业资金净流入的个股有42只， 其中，净流入资金超3000万元的有5只，净流入资金居首的是申通地铁，今日净流入资金1.21亿元，紧 随其后的是保税科技、招商轮船，净流入资金分别为6698.35万元、4691.15万元。交通运输行业资金净 流出个股中，资金净流出超3000万元的有6只，净流出资金居前的有普路通、三羊马、中国国航，净流 出资金分别为5230.04万元、4165.04万元、3932.13万元。（数据宝） 交通运输行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600834 | 申通地铁 ...

2025 年 6 月 30 日 总量研究 中报季将至，关注业绩线索 ——2025 年 7 月 A 股及港股月度金股组合 要点 6 月 A 股港股市场有所回暖 6月A股主要指数普遍上涨，行业端涨跌分化。受市场情绪好转等因素影响，6月 （截至26日），A股主要指数普遍出现上涨，其中创业板指涨幅最大，6月份累 计上涨了6.1%。行业端涨跌分化，通信、非银金融、银行、有色金属等行业表 现较好，消费板块表现则较差，如食品饮料、美容护理、家用电器等行业。 6月港股市场震荡上行。6月受海外扰动缓和、国内风险偏好回暖等因素影响， 港股市场整体走势震荡上行。截至2025年6月26日，恒生香港35、恒生综合指数、 恒生指数、恒生中国企业指数、恒生科技的涨幅分别为5.0%、4.8%、4.4%、4.4%、 3.4%。 A股观点：关注业绩主线及稳定类资产 预计指数整体将维持震荡。短期外部风险扰动最严重的时候或许已经过去，但仍 需要对特朗普后续政策的反复保持警惕。近期国内政策仍积极发力，预计后续政 策仍将持续落地。随着中美两国为"对等关税"按下 90 天"暂停键"，短期内 出口或将保持高增，预计消费仍是经济修复的重要动能之一。内外因素交 ...

6月30日，A股多数上涨，近日场内情绪持续回暖，机器人ETF基金（159213）涨1.39%，有望终结两连阴。 当地时间6月27日，特斯拉CEO马斯克旗下脑机接口公司Neuralink举办了一场线上发布会，据介绍，目前Neuralink的受试者已经达到7人，其中涵盖4名脊髓 损伤患者与3名肌萎缩侧索硬化症患者。这些受试者正在高频使用相关设备，数据显示平均每周使用时长约50小时，峰值更超100小时。 其中令人关注的是，脊髓损伤患者Alex未来将连接擎天柱机械手实现更复杂的操作。马斯克表示，未来人们有可能通过Neuralink来完全接管一台特斯拉人形 机器人。 中信建投火线点评，脑机接口+外骨骼机器人，增强人机智能协同。脑机接口可以通过直接解析脑电信号以实现"意念驱动"，实现对外骨骼的精准控制、帮 助患者在康复训练中建立"意念-动作"的神经反馈环路。海外和国内多家公司正在研发集成脑机接口技术的外骨骼产品。（来源于中信建投20250630《外骨 骼机器人：产品创新+成本降低+脑机接口技术应用，行业进入快速发展期》） 【外骨骼机器人：应用场景明确，行业发展具有潜力】 机器人ETF基金（159213）标的指数成分股多数 ...

[Table_ReportInfo] 2025 年 06 月 30 日 证券研究报告•金融工程报告 机器学习金融工程月报 机器学习因子选股月报（2025 年 7 月） 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：祝晨宇 邮箱：zhcy@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 [Table_Summary] GAN_GRU因子：基于前期报告《量价时序特征挖掘模型在深度学习因子中的 应用》（2024年 7月 11日）中提到的 GAN_GRU 模型，定期更新 GAN_GRU 因子自 2024年以来表现情况。其中 GAN_GRU因子为利用生成式对抗神经网 络 GAN 模型进行量价时序特征处理后再利用 GRU 模型进行时序特征编码得 到的选股因子。 表现跟踪：自 2019 年 1 月至 2025 年 6 月，月频调仓的基础上，GAN_GRU 因子在全 A 范围内 IC均值 11.54%，多头组合年化超额收益率 24.95%；截至 2025 年 6 月 27 日，GAN_GRU ...

Core Viewpoint - The construction of a unified and standardized carbon footprint background database is crucial for the development of China's product carbon footprint management system and for enhancing international competitiveness in carbon data standards [1][4]. Group 1: Current Status of Carbon Footprint Background Database - China is placing significant emphasis on the establishment of carbon footprint background databases, as highlighted in the State Council's work plan for building a dual control system for carbon emissions [1]. - Despite some progress, the construction and application of carbon footprint background databases in China are still in the early stages, facing various misconceptions and bottlenecks [2][3]. Group 2: Challenges in Database Construction - There is a weak understanding of the database among market participants, leading to confusion between different types of databases and insufficient emphasis on real data quality control [2][3]. - The quality of data is inconsistent, with issues such as redundant and low-level construction, lack of unified standards, and transparency problems in existing databases [3]. - The promotion and application of carbon footprint background databases are inadequate, with limited recognition in international markets and a need for improved standards [3]. Group 3: Recommendations for Improvement - It is recommended to enhance planning and design for the national carbon footprint background database, ensuring a unified structure and avoiding redundant construction [4][5]. - Emphasis should be placed on research and development, fostering talent in carbon footprint data development, and utilizing digital technologies for better data accessibility and traceability [5][6]. - Expanding application scenarios through public awareness campaigns and competitions can help improve the market space for quality background databases [6][7]. Group 4: International Cooperation - Strengthening international collaboration is essential, including technical exchanges with global lifecycle data development organizations and promoting mutual recognition of carbon footprint data standards [7].

Group 1 - The company Zhejiang Yitian Intelligent Kitchen Appliances Co., Ltd. issued convertible bonds totaling RMB 520.21 million, with each bond having a face value of RMB 100 [1][2] - The convertible bonds, named "Yitian Convertible Bonds," will be listed on the Shenzhen Stock Exchange starting January 12, 2024, under the code "123235" [2] - The initial conversion price for the bonds was set at RMB 38.08 per share, which will be adjusted to RMB 28.61 per share effective from May 23, 2024, and further adjusted to RMB 21.31 per share effective from June 3, 2025 [2][3] Group 2 - The company has conditional redemption clauses for the convertible bonds, which can be triggered if the stock price exceeds 130% of the conversion price for 15 out of 30 consecutive trading days or if the remaining balance of unconverted bonds falls below RMB 30 million [4] - The redemption conditions were met between June 9, 2025, and June 27, 2025, as the stock price met the required threshold [4] Group 3 - The company's board of directors decided not to exercise the early redemption option for the convertible bonds, considering the short conversion period and the protection of investor interests [5][6] - The board's decision was made during the 19th meeting of the third board of directors on June 27, 2025, and they will reassess the situation after September 27, 2025 [5][6] Group 4 - The actual controller and major shareholders of the company engaged in trading the convertible bonds in the six months prior to the redemption conditions being met, with specific trading volumes reported [5] - No plans for future reductions in holdings of the convertible bonds were reported by the actual controller or major shareholders [6] Group 5 - The sponsor, Caitong Securities, confirmed that the company's decision not to redeem the bonds early complied with relevant laws and regulations, as well as the terms outlined in the offering document [7]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "Yitian Convertible Bonds," despite meeting the conditions for potential redemption, in order to protect investor interests and considering current market conditions [1][5][6] Group 1: Convertible Bond Details - The company issued 5,202,100 convertible bonds with a total value of RMB 520.21 million, each with a face value of RMB 100 [1][2] - The initial conversion price for the "Yitian Convertible Bonds" was set at RMB 38.08 per share, which has been adjusted to RMB 28.61 per share effective from May 23, 2024, and further adjusted to RMB 21.31 per share effective from June 3, 2025 [2][3] - The conversion period for the bonds starts on June 27, 2024, and ends on December 20, 2029 [2] Group 2: Redemption Conditions and Trigger - The bonds have conditional redemption clauses that allow the company to redeem them if the stock price remains above 130% of the conversion price for at least 15 trading days within any 30-day period [4] - The redemption conditions were triggered between June 9, 2025, and June 27, 2025, as the stock price met the required threshold [4] Group 3: Decision Against Early Redemption - The board of directors held a meeting on June 27, 2025, and decided not to exercise the early redemption rights, citing the short conversion period and the need to protect investor interests [5][6] - The decision will be re-evaluated after September 27, 2025, should the redemption conditions be triggered again [5] Group 4: Shareholder Transactions - The company's major shareholders, including the controlling shareholder and actual controller, have engaged in transactions involving the "Yitian Convertible Bonds" in the six months prior to the redemption conditions being met [6] - No plans for further reductions in holdings of the convertible bonds have been reported by major shareholders for the next six months [6]

新消费主线崛起：（1）坚定持有兑现度较高的新消费龙头，关注情绪消费、功能价值、渠道变革、品牌出海四大长 线主题。（2）深挖老树新芽，关注具备新消费思维的传统赛道优质公司。（3）传统消费捕捉超跌反弹机遇，尤其是 竞争格局持续改善的红利+标的。 25H2 节奏：Q3 阶段性盘整把握结构性机会，Q4 龙头企业有望再创新高。（1）Q3 新消费龙头筹码结构有变化，处于 经济筑底与政策调整期，消费板块短期调整，把握景气兑现度较高的新消费龙头，积极寻找有增长潜力的二线标的。 （2）Q4 外部不确定性降低结合政策发力，新消费龙头有望估值切换，龙头+预期能持续兑现的新锐公司有望持续表现。 敬请参阅最后一页特别声明 1 轻工制造：①新型烟草（稳健向上）：整体来看，海外雾化电子烟合规市场扩容趋势明确，HNB 行业成长态 势清晰，英美烟草份额有望提升，继续重点布局切入其产业链的思摩尔国际。②家居（底部企稳）：内销方 面，终端销售情况整体仍相对偏弱；外销方面，7 月降息概率为 18.6%。建议重点关注底部反转型或具备自身α 企业。③造纸（底部企稳）：纸浆库存累计趋势不减，纸价继续保持企稳态势。④潮玩（高景气维持）：行业仍 处扩容趋势， ...

追觅科技空净负责人、技术产业化专家何兴伟 近日，追觅科技空净负责人、技术产业化专家何兴伟做客福布斯中国集团总部，带来了一场关于空气净化赛道未来发展的头脑风暴。 以下是本次对话的主要内容。 福布斯中国：我们观察到追觅空净首战就选择攻坚高端空净市场。能否谈一下这背后的考量与意义，以及对该领域的观察和理解？ 何兴伟：进军高端空气净化领域并非偶然之举，而是基于我们对市场需求的洞察、自身技术优势的信心，以及对消费者健康诉求升级的积极响应，深思熟虑 后的战略落子。 首先，我们团队观察到家庭健康管理升维这一需求变化。伴随着大众的健康意识增强，消费者越来越重视家居环境，对空气洁净、杀菌消毒等家庭环境健康 管理有了更高需求，并且消费者更倾向于选择智能化、一机多用、高颜值类的产品。如果产品技术足够领先，能够符合用户深层次的需求，真正帮助用户解 决问题，那么他们就会为产品买单。 其次，我们意识到当前环境电器行业正处在变革临界点。就像在首款无线吸尘器问世之前，吸尘器行业曾经历近十年技术停滞，当用户需求与行业供给出现 代际断层时，突破性创新必然爆发。 聚焦空气净化器细分市场，我们看到，市场发展多年，表面上看新品迭出，但消费者能真切感受 ...

市场出清、工业品价格修复处于渐进过程中，后续扩内需政策逐步加力，国内需求有望保持积极态势， 叠加去年下半年低基数影响，今年下半年规模以上工业企业利润增速或呈现小幅修复态势 从不同类型企业看，私营和外资企业利润保持增长。1至5月，在规模以上工业企业中，私营企业、外商 和港澳台投资企业利润同比分别增长3.4%、0.3%，均高于全部规模以上工业企业平均水平。 1至5月，装备制造业的效益保持较高水平，凸显了"压舱石"作用。数据显示，装备制造业利润同比增长 7.2%，拉动规模以上工业企业利润增长2.4个百分点，对规模以上工业企业利润支撑作用突出。 装备制造业的8个行业中，有7个行业利润实现增长，其中，电子、电气机械、通用设备等行业利润增长 超过两位数，同比增速分别达11.9%、11.6%和10.6%。 1至5月，我国航天、航空、航海等"三航"产业快速发展，带动铁路船舶航空航天行业利润同比增长 56.0%。其中，船舶及相关装置制造行业利润同比增长85%。 在载人月球探测工程登月阶段任务启动以及商业航天企业不断取得新成果的推动下，1至5月，飞机制 造、航天器及运载火箭制造行业利润同比分别增长120.7%、28.6%，同时带 ...