2025 年 07 月 11 日 投资要点 证券研究报告 | 策略点评 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250711 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 0.01%，深证成指涨跌幅为 0.61%， 创业板指涨跌幅为 0.8%。 申万一级行业表现：非银金融、计算机、钢铁在行业涨跌幅榜居前；纺 织服饰、石油石化、交通运输在行业涨跌幅榜居后。 概念板块表现：总体来看，稀土、炒股软件、稀土永磁概念表现相对较 好；银行、电路板、维生素概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | | | 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 5 策略点评 一、市场回顾 资料来源： wind 、粤开证券研究院 策略点评 分析师简介 孟之绪， ...

Core Viewpoint - The launch of the fuel oil piggyback transport trial at Dongying Port marks a national first in this transportation method, indicating a significant innovation in logistics and transportation systems in China [1][3]. Group 1: Trial Transport Details - The trial transport operates within the Dongying Port railway, covering a distance of 74 kilometers from Dongying Port Station to Mingji Station, utilizing a train set of 38 cars, which includes 6 fuel tank trucks and 64 tank containers [3]. - The trial employs only two national energy piggyback cars, consisting of STX1, STX2, STX3, and STX4 types, where STX1 and STX2 are for complete vehicle and drop-trailer transport, while STX3 and STX4 are for lifting transport [3]. Group 2: Transportation Model - Piggyback transport represents a seamless intermodal transport model that integrates road and rail, allowing trucks to be loaded onto trains for long-distance transport, followed by road delivery to the final destination [3]. - This model enhances efficiency by enabling "door-to-door" service, which includes short-distance collection by truck, long-distance rail transport, and final delivery by road [3]. Group 3: Strategic Implications - Dongying City is actively implementing the national "road-to-rail" strategy and promoting a modern comprehensive transportation system that supports high-quality development [3][4]. - The initiation of piggyback transport is seen as a critical breakthrough in advancing multi-modal transport projects, which aim to connect rail and road freight more deeply [4].

首迎分红！这个'红包'怎么拿？ 2、除息日：7月15日 3、现金发放日：7月17日 （分红到账！） 中证800红利低波动指数近3年表现出色 在当前复杂多变的市场环境下，红利投资策略凭借其独特的优势，愈发受到投资者的青睐。800红利低 波ETF（159355）专注于具有高股息、低波动特性的优质企业，通过紧密跟踪中证800红利低波动指 数，聚焦于沪深两市具备可持续分红能力以及分红意愿大中盘蓝筹公司，力求为投资者带来长期稳健的 投资体验。 与同类指数相比，中证800红利低波动指数在近3年的表现相当出色，其风险收益指标令人眼前一亮。 7月10日，全ETF市场唯一跟踪中证800红利低波动指数的800红利低波ETF（159355）正式以季度评估 结果公布了分红方案，每十份拟分红0.098元，分红比例达0.94%。这款"季度评估，满足条件强制分红 *"的"红利满满"的产品，这次为广大投资者带来了本年度首次分红，想要参与的各位请记准以下时间 噢！ 1、权益登记日：7月14日 （在这一天持有份额才能参与分红） 好奇的宝友可能会问：所谓"满足条件强制分红*"又是什么意思呢？原来呀，是因为产品有"超额"啦： 根据基金合同，每季度当 ...

Group 1 - Core stocks in the Shanghai market, including China Telecom, China Shenhua, Beijing-Shanghai High-Speed Railway, Postal Savings Bank, and Industrial and Commercial Bank, experienced significant selling pressure during the closing auction phase, reflecting cautious sentiment among investors [1] - China Telecom, as a leading company in the telecommunications sector, has recently made moves in the eSIM business, but the market remains watchful regarding its short-term performance [1] - China Shenhua, a key player in the coal industry, also faced selling pressure, indicating that its price movements directly impact related index performance [1] Group 2 - The total trading volume in the Shanghai and Shenzhen markets reached 17,368.99 billion yuan, indicating active overall trading despite the concentrated selling of core stocks [2] - The unusual fluctuations in core stocks during the closing auction phase may suggest adjustments in fund allocation strategies, often associated with institutional rebalancing, index fund redemptions, or block trades [2] - The price discovery function during the closing auction is crucial, as it reflects supply and demand dynamics, allowing the market to correct stock prices and provide preliminary expectations for the next day's performance [2]

Core Viewpoint - The Hong Kong government has approved the financial arrangements for the first part of the Northern Link project, which aims to enhance transportation efficiency and connectivity in the region, with a target completion date of 2034 or earlier [1][2]. Group 1: Project Overview - The Northern Link main line will connect the existing Tuen Ma Line and East Rail Line, with new stations planned along the route [1]. - The project includes a branch line that will connect to the newly established Huanggang Port station in Shenzhen [1]. Group 2: Financial Aspects - The budget for the first part of the Northern Link project is approximately HKD 31.4 billion, based on prices from July 2025 [2]. - The project aims to significantly reduce travel time from 60-80 minutes to about 12 minutes between Kam Sheung Road and Kwu Tung [2]. Group 3: Strategic Importance - The Hong Kong government emphasizes the strategic value of the Northern Link project, aiming to accelerate its development through innovative planning and the adoption of mainland construction standards [1]. - The project is expected to promote the development of the northern metropolitan area of Hong Kong [2].

从提前三四十分钟截止值机，到"一刻登机"，别看只是宽限一二十分钟，关键时刻能顶大用。偶遇堵 车、恶劣天气等突发情况的旅客，可用这15分钟追赶"进度"。过了安检但预留时间不够充裕的旅客，可 用这一刻钟找登机口、买餐食、上厕所。忙得晕头转向的改签、差旅、商务人士，不用再在机场狂奔。 京广线日均航班量超50班次、商务旅客占比超半数，临时改签需求大大超过其他航线，"一刻登机"服务 无疑将惠及相当一部分旅客，提高他们登机的成功率。 南航试点"一刻登机"是为旅客着想，也是为自身发展谋划。近年来，高铁越来越便利，高速路越来越快 捷，给民航业持续造成冲击。在此背景下，压缩登机时间，尽可能减少旅客乘机的时间成本，提升服务 质量，尽可能提升旅客的舒适度，成了航司揽客的关键一环。 李霞 航班缩短值机截载时间，让优质服务更快抵达。据新华社报道，7月8日起，广州往返北京大兴的南航航 班全面取消值机截载时间，推出"一刻登机"服务。旅客只需在航班计划起飞时间前15分钟抵达登机口， 即可登机。该规定为民航业内首创，打破了国内航班一般提前30分钟到40分钟截止值机的惯例，被网友 称为"史上最宽松的登机政策"。 在各大公共交通工具中，单论速度， ...

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Transportation Index reported at 3840.29 points [1] - The CSI 300 Transportation Index has decreased by 0.50% over the past month, increased by 3.23% over the past three months, and has declined by 1.05% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] Industry Composition - The top ten weights in the CSI 300 Transportation Index are: Beijing-Shanghai High-Speed Railway (26.22%), SF Holding (17.99%), COSCO Shipping Holdings (14.88%), Datong Railway (12.52%), China Eastern Airlines (5.08%), China Southern Airlines (4.84%), Air China (4.36%), Spring Airlines (4.17%), YTO Express (3.73%), and China Merchants Energy Shipping (3.07%) [2] - The market segments of the CSI 300 Transportation Index show that the Shanghai Stock Exchange accounts for 81.09%, while the Shenzhen Stock Exchange accounts for 18.91% [2] Sector Breakdown - The industry composition of the CSI 300 Transportation Index includes: railway transportation (38.74%), express delivery (21.72%), shipping (20.16%), and air transportation (19.38%) [3] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]

"实用资讯"板块实时发布模拟机及训练课程安排、报名提醒与资质培训要点，同时提供疲劳管理、换季 防病等实用知识，助力飞行员全面守护身体健康和飞行状态的"双安全"。 "互动专栏"则搭建飞行员与教员、同行之间的沟通桥梁，支持匿名提问、经验分享，邀请资深教员及一 线飞行员分享模拟机训练与实飞心得。 平台还将结合大数据分析与用户调研，持续优化内容结构和呈现形式，使培训更贴近一线需求。 春秋飞培视频号是春秋航空飞行培训工作在数字化、智能化、场景化方向上的又一次积极探索，也是春 秋航空工匠学院品牌支持项目。今后，春秋航空飞行培训部将持续深耕优质内容，努力将这一平台打造 成为飞行员学习成长的"新课堂"、同行交流的"新桥梁"。（编辑：许浩存 校对：陈虹莹 审核：韩磊） 《中国民航报》、中国民航网 记者钱擘 报道：为突破传统飞行培训的时空限制，更好服务飞行员成 长、提升培训效能，春秋航空飞行培训部日前上线"春秋飞培"视频号，面向广大飞行员及航空从业者开 放。 这是春秋航空首个以短视频为载体的线上飞行培训课堂，围绕培训视频课件，项目团队多次召开专题研 讨，反复打磨脚本与拍摄方案，力求让专业知识以更生动、易学的形式呈现。视频课件中， ...

自2024年海洋经济总量首次突破10万亿元大关后，国内海洋产业和海洋经济再次迎来新风口。 据新华社报道，7月1日召开的中央财经委员会第六次会议提出："推进中国式现代化必须推动海洋经济 高质量发展，走出一条具有中国特色的向海图强之路。"会议强调"推动海洋经济高质量发展，要更加注 重创新驱动"，并将"提高海洋科技自主创新能力"摆在突出位置，指出"要强化海洋战略科技力量，培育 发展海洋科技领军企业和专精特新中小企业"。这一要求也为我国海洋经济发展指明了方向。 近年来，海洋经济发展获得诸多政策红利支持。例如，2025年《政府工作报告》提出："大力发展海洋 经济，建设全国海洋经济发展示范区。"广东省、山东省、海南省等沿海省份积极推动海洋经济发展， 形成了多个标杆样本。 一是政策支持与战略规划。浙江省海洋经济发展，得到了国家及地方政府的高度重视和支持。自改革开 放以来，尤其是进入21世纪后，浙江省出台了一系列促进海洋经济发展的政策措施和战略规划，为海洋 经济高质量发展提供了坚实的政策保障。 二是产业基础雄厚。浙江省海洋经济产业结构较为完整，涵盖了油气全产业链、临港先进装备业、现代 港航物流服务业、现代海洋渔业、滨海文旅休 ...

Core Insights - The 12th World High-Speed Rail Conference was held in Beijing from July 8 to 11, celebrating the 200th anniversary of railways, highlighting China's advancements in high-speed rail technology and its global leadership position [1] Group 1: High-Speed Rail Achievements - China's high-speed rail network spans 48,000 kilometers, accounting for over 70% of the world's total high-speed rail mileage, covering 97% of cities with populations over 500,000 [7][9] - The CR450 train model was unveiled, featuring a 10% reduction in body weight, 22% lower running resistance, and 20% reduced energy consumption compared to the CR400 model, with a future operational speed of 400 kilometers per hour [4] - The Fuxinghao freight train, capable of 300 kilometers per hour, is under development, alongside the world's most powerful dual-source passenger-freight locomotive set to undergo trials in Beijing [6] Group 2: Technological Innovations - China has developed numerous technological innovations represented by the Fuxinghao train, and has established 13 international standards for high-speed rail systems under the International Union of Railways [9] - The high-speed rail sector in China is characterized by the longest mileage, largest construction scale, and most comprehensive technology, with diverse application scenarios [6]