证券研究报告 | 2025年07月11日 金融工程日报 沪指放量微涨，银行冲高回落，稀土、券商爆发 市场表现：今日(20250711) 大部分指数处于上涨状态，规模指数中中证 1000 指数表现较好，板块指数中科创 50 指数表现较好，风格指数中中证 500 成 长指数表现较好。非银、计算机、有色金属、钢铁、综合金融行业表现较好， 银行、建材、煤炭、纺织服装、交通运输行业表现较差。稀土、炒股软件、 稀土永磁、CRO、中国国际进口博览会等概念表现较好，玻璃纤维、覆铜板、 银行精选、电路板、央企银行等概念表现较差。 市场情绪：今日收盘时有 68 只股票涨停，有 14 只股票跌停。昨日涨停股票 今日收盘收益为 2.42%，昨日跌停股票今日收盘收益为-2.29%。今日封板率 66%，较前日下降 7%，连板率 29%，较前日下降 6%。 市场资金流向：截至 20250710 两融余额为 18737 亿元，其中融资余额 18605 亿元，融券余额 132 亿元。两融余额占流通市值比重为 2.2%，两融交易占市 场成交额比重为 9.4%。 折溢价：20250710 当日 ETF 溢价较多的是 A50 增强 ETF，ETF ...

Core Viewpoint - Xiyu Tourism (300859) is expected to achieve a net profit of 9 million to 11 million yuan in the first half of 2025, leveraging the booming tourism in Xinjiang and developing new projects like "Encounter Kashgar" and "Encounter Sailake" [1][2] Group 1: Financial Performance - The company anticipates a net profit of 9 million to 11 million yuan for the first half of 2025 [1] - The tourism industry in Xinjiang has shown significant growth, with 132.78 million visitors and a total expenditure of 142.56 billion yuan, reflecting year-on-year increases of 11.15% and 11.59% respectively [1] Group 2: Business Development - Xiyu Tourism is focusing on enhancing its service offerings by providing comprehensive tourism services, including transportation, sightseeing boats, cable car tours, and RV camps [1] - The company is developing immersive performance brands under the "Encounter" series to create new growth avenues [1] - The "Encounter Kashgar" project has attracted over 13 million visitors in the first half of the year, showcasing the potential of new tourism formats like intangible cultural heritage workshops and aerial gardens [1] Group 3: Challenges and Strategic Response - The decline in performance is attributed to the early-stage market cultivation of new tourism projects, which require further development of revenue and profitability [2] - The company plans to increase promotional efforts, adjust marketing strategies, and enhance service quality to capture a larger market share and ensure expected project returns [2] Group 4: Shareholder Confidence - The controlling shareholder, Xinjiang Cultural Tourism Investment, plans to increase its stake in the company by acquiring between 1.085 million and 2.0925 million shares, representing 0.70% to 1.35% of the total share capital [2] - As of July 4, 2025, Xinjiang Cultural Tourism Investment has already increased its holdings by nearly 560,000 shares, raising its ownership from 28.79% to 29.00% [2]

德龙汇能集团股份有限公司 DELONG COMPOSITE ENERGY GROUP CO., LTD 证券代码 ：000593 证券简称：德龙汇能 公告编号：2025-049 德龙汇能集团股份有限公司 关于持股 5%以上股东部分股份被司法拍卖的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不存 在虚假记载、误导性陈述或者重大遗漏。 特别提示： 持股5%以上股东天津大通投资集团有限公司（以下简称"大通集团"）所持公 司的16,093,618股股份，占其目前所持公司股份总数的41.55%，占公司总股本的 其所持股份被司法拍卖不会导致公司实际控制权发生变更，对公司正常生产经 营不会产生不利影响。 节，结果及周期存在一定的不确定性。敬请广大投资者注意投资风险。 一、本次司法拍卖的进展情况 根据京东网络司法拍卖平台公布的《成交确认书》，本次大通集团司法拍卖 的16,093,618股竞价成功，具体拍卖竞价结果如下： | | | | 占其所 | 占公司 | | | --- | --- | --- | ...

证券代码：600108 证券简称：亚盛集团 公告编号：2025-032 甘肃亚盛实业（集团）股份有限公司 A 股每股现金红利0.0055元 ? 相关日期 现金红利发 股份类别 股权登记日 最后交易日 除权（息）日 放日 Ａ股 2025/7/17 － 2025/7/18 2025/7/18 ? 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 22 日的2024年年度股东大会审 议通过。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： ? 每股分配比例 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有 限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册的 本公司全体股东。 本次利润分配以方案实施前的公司总股本1,946,915,121股为基数，每 股派发现金红利0.0055元（含税） ，共计派发现金红利10,708,033.17元。 三、 相关日期 现金红利发 | | | | | 放日 | | --- | --- | - ...

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年7月11日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为0.00%、 6.95%、5.67%、4.79%、2.28%、0.00%、13.46%、11.75%。中信一级行业指数中电力及公用事业、钢铁、综合金融、医药、有色金属行业指数距 离250日新高较近，食品饮料、煤炭、消费者服务、汽车、石油石化行业指数距离250日新高较远。概念指数中，创新药、钢铁、区块链、CRO、可转债 正股、万得全A等权、万得全A等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年7月11日，共873只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是基础化工、机械、医药行业，创新高个股数量占 比最高的是银行、综合金融、国防军工行业。按照板块分布来看，本周制造、周期板块创新高股票数量最多； ...

Group 1 - The core business of the company includes property development and investment, as well as hotel operation and investment holding [2] - The company aims to improve product quality and added value through technological innovation and craft improvement, focusing on diversification and new market exploration [2] - The company has ceased all panel business since December 2011, shifting its focus to hotel investment, management, and real estate project investment and development [2] Group 2 - The company plans to concentrate its real estate investments on commercial properties, hotel properties, industrial carriers, tourism real estate, and health and leisure retirement real estate [2] - The company intends to strengthen its existing hotel management business and competitiveness while introducing strategic partners to explore other related real estate services [2] - The company aims to create value for shareholders through its transformation and strategic focus on the aforementioned real estate projects [2] Group 3 - As of July 11, the company's stock price increased by 21.15% to 0.315 HKD per share, with a trading volume of 14,000 shares and a turnover of 4,289 HKD [1] - The company reported total revenue of 740 million HKD for the year ending December 31, 2024, a decrease of 2.73% year-on-year, while net profit attributable to shareholders was 56.23 million HKD, an increase of 125.46% [1] - The company's current price-to-earnings (P/E) ratio is 7.33, ranking 6th in its industry, which has an average P/E ratio of 3.58 [1]

证券代码：000860 证券简称：顺鑫农业 公告编号：2025-020 北京顺鑫农业股份有限公司 关于 2025 年度第一期中期票据发行结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 北京顺鑫农业股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日召开 的议案》。2024 年 12 月 13 日，公司发布了《关于收到中期票据接受注册通知 书的公告》（公告编号 2024-032），公司收到中国银行间市场交易商协会《接受 注册通知书》（中市协注〔2024〕MTN1240 号），接受公司中期票据注册，注 册金额为 10 亿元，注册额度自《接受注册通知书》落款之日（即 2024 年 12 月 公司于 2025 年 7 月 9 日发行了 2025 年度第一期中期票据，现将本期中期票 据发行结果公告如下： 北京顺鑫农业股份有限公司 25 顺鑫农业 和上海清算所网站（www.shclearing.com.cn）。 特此公告。 北京顺鑫农业股份有限公司 董事会 | 债券名称 | 债券简称 | | | | | | | | | | | --- | --- ...

消费者服务行业 超配（维持） 消费者服务行业双周报（2025/6/27-2025/7/10） 暑期各地将举办约 3.9 万场次文旅消费活动 投资要点： 行 业 周 报 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 7 月 11 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 ◼ 行情回顾：2025年6月27日-2025年7月10日，中信消费者服务行业指数 整体上涨2.24%，跑赢同期沪深300指数约0.62个百分点。细分板块中， 旅游板块回升，但酒店餐饮板块仍下降。行业取得正收益的上市公司有 35家，涨幅前五分别是豆神教育、方直科技、凯撒旅业、米奥会展、博 瑞传播，取得负收益的有17家，其中跌幅前五的上市公司分别是曲江文 旅、天目湖、ST联合、君亭酒店、西域旅 ...

Core Viewpoint - Health 160 International Limited is seeking to list on the Hong Kong Stock Exchange, but faces significant challenges including weak profitability and growth bottlenecks [1][2][3] Group 1: Company Overview - Health 160 was established in 2005 and aims to be the largest digital healthcare service platform in China by 2024, based on various metrics [1] - The company has attempted to list on the Hong Kong Stock Exchange three times since December 2023 without success [1] Group 2: Revenue Structure - Health 160's revenue is primarily derived from two segments: pharmaceutical sales and digital healthcare solutions, with pharmaceutical sales accounting for 73.2%, 71.7%, and 68.7% of total revenue from 2022 to 2024 [2][3] - The gross margin for pharmaceutical sales has significantly declined from 7.9% in 2020 to 1.4% in 2024, which is substantially lower than industry averages [3][4] Group 3: Financial Performance - Revenue from pharmaceutical sales for 2022, 2023, and 2024 was 385 million, 451 million, and 427 million respectively, with gross profits of 15.65 million, 8.75 million, and 6.15 million [3] - The company has reported operating losses of 79 million, 100 million, and 105 million from 2022 to 2024, indicating ongoing financial struggles [10] Group 4: Customer Dependency - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for 41.3%, 34.6%, and 40.0% of total revenue from 2022 to 2024 [5] - The largest client, Henan Pengyuan Pharmaceutical Co., Ltd., has raised concerns due to reported debt issues despite significant procurement from Health 160 [5] Group 5: Digital Healthcare Solutions - The digital healthcare segment includes appointment scheduling, content marketing, and IT services, but lacks differentiation and competitive advantage [6][7] - Revenue from digital healthcare solutions has shown growth but at a slowing rate, with 2022, 2023, and 2024 revenues of 141 million, 178 million, and 194 million respectively [6] Group 6: User Engagement - Average monthly active users have stagnated, with figures of 3.9 million, 3.3 million, 3.1 million, and 3.3 million from 2021 to 2024, indicating a growth bottleneck [8][9] - The user repurchase rate has decreased to 65.7%, the lowest in three years [9] Group 7: Sales and Marketing Expenses - Sales expenses have increased consistently from 82 million in 2021 to 117 million in 2024, with a sales expense ratio reaching a historical high of 18.9% in 2024 [10]

Group 1 - The core point of the announcement is the completion of the release of guarantees and trust registration for the convertible bonds issued by the controlling shareholder, Shenzhen Huaqiang Group, which occurred on July 8, 2025 [1][2] - The convertible bonds, named "23 Huaqiang E1," were issued on June 16, 2023, with a total of 56,707,320 shares pledged as collateral for the bondholders [1][2] - After the release of the guarantee, Huaqiang Group holds a total of 727,888,840 shares in the company, representing 69.59% of the total share capital, with no restrictions or freezes on these shares [2] Group 2 - Prior to the release, Huaqiang Group had registered a total of 275,843,689 shares as collateral, which decreased to 219,136,369 shares post-release, accounting for 30.11% of its total holdings and 20.95% of the company's total share capital [2] - The announcement confirms that the company and its board ensure the accuracy and completeness of the disclosed information, with no false records or misleading statements [1][3]