Market Overview - On July 7, the Shanghai Composite Index rose by 0.02%, with the total margin financing balance reaching 1,859.38 billion yuan, an increase of 6.453 billion yuan from the previous trading day [1] - The margin financing balance in the Shanghai market was 938.01 billion yuan, up by 3.20 billion yuan; in the Shenzhen market, it was 915.46 billion yuan, up by 3.207 billion yuan; and in the Beijing Stock Exchange, it was 5.911 billion yuan, up by 0.046 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 20 sectors saw an increase in financing balance, with the pharmaceutical and biological sector leading with an increase of 1.34 billion yuan, followed by the electronics and computer sectors with increases of 0.994 billion yuan and 0.912 billion yuan, respectively [1] Individual Stock Performance - A total of 1,928 stocks experienced an increase in financing balance, accounting for 52.36% of the total, with 280 stocks seeing an increase of over 5% [1] - The stock with the largest increase in financing balance was Jikang Instrument, with a latest financing balance of 15.2653 million yuan, reflecting a 68.97% increase from the previous trading day, and its stock price rose by 1.35% [1] - Other notable stocks with significant increases in financing balance included Zhongshe Consulting and Kangnong Agriculture, with increases of 59.90% and 58.79%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average increase in stock price was 2.10%, with notable gainers including Jialian Technology, Leshan Electric Power, and Jin'an Guoji, which rose by 19.98%, 9.99%, and 9.96%, respectively [2] - Conversely, the stocks with the largest declines in financing balance included Hairong Technology, with a decrease of 27.15%, followed by Fuling Co. and Nanwang Technology, with declines of 25.31% and 23.81%, respectively [4][5]

行业周报 | 北交所 IPO 扩容提速，关注稀缺、景气、低估三条主线 北交所市场周报——250630-250704 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 279.8 亿元，环比下跌 17.8%。当周北证 50 收跌 1.7%，当周日均换手率达 3.1%。当周涨幅前五 大个股分别为：云创数据（42.4%）、广道数字（29.9%）、灿能电力（13.2%）、 百甲科技（12.5%）、远航精密（12.2%）；跌幅前五大个股分别为：国源科 技（11.7%）、雅葆轩（-10.5%）、长虹能源（-10.5%）、天马新材（-9.4%）、 灵鸽科技（-9.3%）。 重点新闻及政策：1）三部门发布境外投资者以分配利润直接投资税收抵免 政策：财政部等三部门发布公告，2025 至 2028 年境外投资者以中国境内居 民企业分配的利润用于境内符合条件的直接投资，可按投资额的 10%抵免当 年应纳税额。2）证监会：始终把维护市场稳定作为监管工作首要任务，推 动健全常态化稳市机制安排: 中国证监会召开会议，深入学习习近平同志在 福建的金融论述，部署资本市场落实举措，强调维护市场稳定，推动健全常 态化稳市机制，统筹改 ...

Market Overview - The A-share market showed mixed results on July 7, with the Shanghai Composite Index closing at 3473.13 points, up 0.02%, while the Shenzhen Component Index fell by 0.7% to 10435.51 points. The ChiNext Index decreased by 1.21% to 2130.19 points, and the North Star 50 Index dropped by 0.93%. Total trading volume in the A-share market was 12272.11 billion, a decrease of 2274.88 billion from the previous trading day [1]. Capital Flow - The main capital in the A-share market experienced a net outflow of 140.42 billion, with an opening net outflow of 86.67 billion and a closing net outflow of 9.72 billion [2]. - The CSI 300 index saw a net outflow of 43.46 billion, while the ChiNext experienced a net outflow of 92.68 billion. Conversely, the Sci-Tech Innovation Board recorded a net inflow of 3.55 billion [4]. Sector Performance - Among the 12 sectors in the Shenwan first-level industry classification, 12 sectors saw net capital inflows, with the public utilities sector leading with a net inflow of 35.12 billion [6]. - The top five sectors with net capital inflows included: - Public Utilities: 35.12 billion, up 3.21% - Real Estate: 25.82 billion, up 1.86% - Construction Decoration: 12.20 billion, up 1.04% - Electric Equipment: 8.42 billion, up 1.25% - Environmental Protection: 6.68 billion, up 0.86% [7]. Institutional Activity - The institutional buying activity was notable in several stocks, with Qingdao Kingking leading with a net inflow of 6.41 billion [8]. - The top stocks with institutional net buying included: - Qingdao Kingking: 9449.43 million, up 9.99% - Yihua New Materials: 4887.98 million, down 8.59% - Haoshanghao: 3158.16 million, down 5.14% [10]. Institutional Focus - Recent institutional attention was directed towards several stocks, with notable ratings and target prices: - Ruantong Power: Buy rating, target price 66.97, current price 51.90, upside potential 29.04% - Wuxi Zhenhua: Buy rating, target price 37.03, current price 32.75, upside potential 13.07% - Dize Pharmaceutical-U: Buy rating, target price 89.42, current price 64.71, upside potential 38.19% [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In 2025, the continuous policy support has driven the expansion of the science - innovation bond market, and the science - innovation bond ETF has been quickly launched. The first batch of 10 science - innovation bond ETFs are scheduled to be issued on July 7, 2025 [1][2][11][13]. - The first - batch science - innovation bond ETFs track three major indices: the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index. These indices have different characteristics in terms of return - risk, remaining maturity, weighted duration, bond rating, issuer industry, remaining face value, and collateral ratio [3]. - The expansion of science - innovation bond ETFs brings investment opportunities. Institutions have started to increase their allocation of science - innovation bond index constituent bonds. Three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining excess spread protection, and targets with a remaining maturity of 3 - 4 years [5]. 3. Summary According to the Directory 3.1 Science - Innovation Bond ETF Launch Background - In 2025, policies on science - innovation bonds were continuously strengthened. In March, the central bank governor proposed to build a "science and technology board" in the bond market. In May, relevant policies were introduced to support the issuance of science - innovation bonds, including expanding the issuer scope, encouraging the creation of science - innovation bond ETFs, and improving the risk - sharing mechanism [12][13]. - Since the new policy was issued, the issuance scale of science - innovation bonds has exceeded 620 billion yuan, and the outstanding scale has reached 2.5 trillion yuan, providing sufficient underlying assets for science - innovation bond ETFs [2]. - The issuers of new science - innovation bonds are mainly central and local state - owned enterprises, with a relatively high proportion of financial enterprises. In terms of industry, they are mainly concentrated in the banking and building decoration industries [17]. 3.2 Science - Innovation Bond ETF Issuance Overview and Index Comparison 3.2.1 First - Batch Science - Innovation Bond ETFs and Index Products - As of July 6, 2025, 10 fund companies plan to issue science - innovation bond ETFs on July 7, 2025. Six companies' ETFs track the AAA Science - Innovation Bond Index, three track the Shanghai AAA Science - Innovation Bond Index, and only Invesco Great Wall's ETF tracks the Shenzhen AAA Science - Innovation Bond Index [22]. - Thirteen fund companies have reported science - innovation bond index funds (non - ETFs), all of which are benchmarked against the Shanghai AAA Science - Innovation Bond Index [24]. 3.2.2 Science - Innovation Bond Index System - Currently, the China Securities Index Company and the Shenzhen Stock Exchange have issued science - innovation bond indices. The China Securities Index Company has issued two series: the CSI Science - Innovation Bond Index series and the Shanghai Science - Innovation Bond Index series. The Shenzhen Stock Exchange has issued the Shenzhen Science - Innovation Bond Index [26]. 3.2.3 Main Index Comparison - In terms of index compilation methods, there are differences in the base period, sample space, sampling method, and weighting method among the three indices [30]. - In terms of cumulative returns from December 30, 2022, to July 3, 2025, the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index had relatively high and similar returns, while the Shenzhen AAA Science - Innovation Bond Index had relatively lower returns [31]. - In different stages, the Shanghai AAA Science - Innovation Bond Index had better return performance, and the Shenzhen AAA Science - Innovation Bond Index had the lowest annualized volatility, the lowest maximum drawdown, and the highest return - risk ratio in the whole period [34]. - The remaining maturity distributions of the three indices are concentrated in 1 - 5 years, with a small amount of weight in 0 - 1 year and 7 - 10 years. The Shenzhen AAA Science - Innovation Bond Index has a relatively shorter remaining maturity [35]. - The Shanghai AAA Science - Innovation Bond Index has the highest weighted duration, and the Shenzhen AAA Science - Innovation Bond Index has the lowest, which may be part of the reason for the return differences among the indices [36]. - The AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index have a higher proportion of high - rated constituent bonds than the Shenzhen AAA Science - Innovation Bond Index [39]. - The constituents of the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index are mainly distributed in the construction industry, while those of the Shenzhen AAA Science - Innovation Bond Index are mainly in the comprehensive and manufacturing industries [43]. - The issuers of the three indices' constituent bonds are mainly central and local state - owned enterprises. The Shenzhen AAA Science - Innovation Bond Index allocates nearly 5% of public enterprise bonds [46]. - The remaining face values of the three indices' constituent bonds are concentrated between 500 million yuan and 2 billion yuan, and the distribution of the Shenzhen AAA Science - Innovation Bond Index is more dispersed [48]. - The collateral ratios of the three indices' constituent bonds are generally distributed between 80% and 100%, and the Shenzhen AAA Science - Innovation Bond Index has a more concentrated weight in the 70% - 90% range [48]. 3.3 Investment Opportunities in Bonds Brought by Science - Innovation Bond ETFs - Since mid - June, the excess spread of science - innovation bond index constituent bonds has significantly compressed, and there has been a valuation deviation between constituent bonds and non - constituent bonds of the same issuer. The turnover rate of science - innovation bond index constituent bonds has significantly increased, indicating that institutions have started to increase their allocation [5][51][56][57]. - Considering the future expansion of science - innovation bond ETFs, three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining positive excess spread, and targets with a remaining maturity of 3 - 4 years [5][61][62].

Group 1 - Beijing Gangyuan Construction Decoration Technology Co., Ltd. has been established, with Zhou Hanping as the legal representative [1] - The company's business scope includes foreign contracting projects, manufacturing of lightweight building materials, metal door and window engineering construction, and door and window manufacturing and processing [1] - Jianghe Group (601886) holds 100% ownership of the newly established company [1]

Investment Rating - The industry investment rating is "Leading the Market-B" and the rating is maintained [6] Core Viewpoints - The construction industry is experiencing a month-on-month recovery in prosperity, driven by the central government's emphasis on reducing low-price competition and improving product quality [1][17] - The issuance of special bonds has significantly increased, with local governments issuing 2.16 trillion yuan in new special bonds, a year-on-year increase of 42.95%, which is expected to accelerate project construction [2][18] - The construction of the China-Kyrgyzstan-Uzbekistan international railway has commenced, marking a significant step for Chinese construction enterprises in expanding overseas markets under the Belt and Road Initiative [3][19] Summary by Relevant Sections Industry Dynamics - The central government reiterated the need to combat "involution" in the construction industry, which may lead to a more rational market competition and alleviate supply-demand conflicts [1][17] - The manufacturing PMI for June was reported at 49.7%, indicating continued improvement in manufacturing activity, while the construction industry business activity index rose to 52.8% [2][18] Market Performance - The construction industry saw a weekly increase of 0.63%, with the steel structure sector performing particularly well, rising by 3.05% [21][22] - The overall market performance of the construction sector is weaker compared to the broader market indices [21] Company Announcements - Major contracts were awarded to China Railway and China Railway Construction for the China-Kyrgyzstan-Uzbekistan railway project, with total contract values of approximately 53.43 billion yuan and 37.81 billion yuan respectively [33] Key Investment Targets - Recommended investment targets include state-owned enterprises in traditional infrastructure, such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and market conditions [11][12][13]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 07 年 月 日 朝闻国盛 未来四周很关键 今日概览 ◼ 重磅研报 【宏观】政策半月观—未来四周很关键——20250706 【宏观】美国 6 月非农与 ADP 就业为何大幅背离？——20250704 【策略】中报业绩线索的交易思路（二）——20250706 【金融工程】市场未来有望继续上行——20250706 【金融工程】择时雷达六面图：增长指标超预期，宏观分数上行—— 20250705 【固定收益】压缩利差还是突破关键点位？——20250706 【固定收益】资金更为宽松，杠杆再度回升——流动性和机构行为跟踪 ——20250705 【固定收益】超长信用债还有空间吗？——20250704 【银行】本周聚焦—5 月重点省市信贷投放情况如何？——20250706 【商贸零售】苏美达（600710.SH）-双链驱动，开启外贸新篇章—— 20250706 【建筑装饰】中国能建（601868.SH）-能源及算力基础设施龙头，求新 求变蓄势向上——20250704 【电力】高温炙烤创纪录，电力配置正当时——20250706 【通信】光模块的壁垒在哪里？— ...

Quantitative Models and Construction Methods - **Model Name**: A-Share Industry Rotation Model **Model Construction Idea**: The model uses six factors—capital, valuation, sentiment, momentum, overbought/oversold, and profitability—to build a scoring system for industry evaluation[17] **Model Construction Process**: - **Capital Factor**: Based on industry net inflow rate of major funds - **Valuation Factor**: Uses the valuation percentile of the industry over the past year - **Sentiment Factor**: Derived from the proportion of rising constituent stocks - **Momentum Factor**: Based on MACD indicator - **Overbought/Oversold Factor**: Uses RSI indicator - **Profitability Factor**: Based on the consensus forecast EPS percentile of the industry over the past year[17] **Model Evaluation**: The model provides a comprehensive scoring system to assess industry rotation trends[17] - **Model Name**: Consensus Stock Selection Model **Model Construction Idea**: The model identifies high-growth industries and selects stocks with high similarity between high-frequency capital flow trends and stock price trends[20] **Model Construction Process**: - Filters high-growth industries at the Shenwan secondary industry level based on the past 30-day performance - Calculates momentum, valuation, and frequency of price increases for stocks within these industries - Uses high-frequency minute-level capital flow data to compute changes in inflow/outflow for each stock - Selects stocks with the highest similarity between capital flow trends and price trends within the top-performing secondary industries[20] **Model Evaluation**: The model effectively identifies stocks with strong capital flow and price trend alignment[20] --- Model Backtesting Results - **A-Share Industry Rotation Model**: - **Top Scoring Industries**: Comprehensive (+10), Non-ferrous Metals (+10), Electronics (+7)[18][19] - **Low Scoring Industries**: Banking (-15), Petrochemicals (-9), Transportation (-8)[19] - **Consensus Stock Selection Model**: - **Selected Industries**: Communication Equipment, Ground Armament II, Components[21] - **Selected Stocks**: - Communication Equipment: New Yisheng, Move Communication, Feiling Kesi, Hengtong Optoelectronics, Meixin Technology - Ground Armament II: Great Wall Military Industry, Optical Shares, Inner Mongolia First Machine, Sweet Qin Equipment, Ganfa Technology - Components: Jingwang Electronics, Deep South Circuit, Fangbang Shares, Zhongjing Electronics, Shenghong Technology[21] --- Quantitative Factors and Construction Methods - **Factor Name**: Capital Factor **Construction Idea**: Measures industry net inflow rate of major funds[17] **Construction Process**: Aggregates daily net inflow data for transactions exceeding 10,000 shares or 200,000 yuan[12] **Evaluation**: Reflects the strength of capital flow within industries[17] - **Factor Name**: Valuation Factor **Construction Idea**: Uses industry valuation percentile over the past year[17] **Construction Process**: Calculates the relative valuation position of the industry within a one-year window[17] **Evaluation**: Indicates whether an industry is undervalued or overvalued[17] - **Factor Name**: Sentiment Factor **Construction Idea**: Based on the proportion of rising constituent stocks[17] **Construction Process**: Computes the percentage of stocks within the industry that have increased in price[17] **Evaluation**: Captures market sentiment towards the industry[17] - **Factor Name**: Momentum Factor **Construction Idea**: Uses MACD indicator to measure price trends[17] **Construction Process**: Applies MACD calculations to industry-level data[17] **Evaluation**: Identifies industries with strong upward or downward trends[17] - **Factor Name**: Overbought/Oversold Factor **Construction Idea**: Uses RSI indicator to assess market conditions[17] **Construction Process**: Calculates RSI values for industries to determine overbought or oversold conditions[17] **Evaluation**: Helps identify potential reversals in industry trends[17] - **Factor Name**: Profitability Factor **Construction Idea**: Based on consensus forecast EPS percentile over the past year[17] **Construction Process**: Aggregates EPS forecasts and calculates relative percentile rankings[17] **Evaluation**: Reflects the earnings potential of industries[17] --- Factor Backtesting Results - **Capital Factor**: Comprehensive (++), Non-ferrous Metals (++), Electronics (++), Banking (---), Petrochemicals (---), Transportation (---)[19] - **Valuation Factor**: Comprehensive (+++), Non-ferrous Metals (++), Electronics (+), Banking (-), Petrochemicals (---), Transportation (---)[19] - **Sentiment Factor**: Comprehensive (-), Non-ferrous Metals (+++), Electronics (+++), Banking (--), Petrochemicals (---), Transportation (---)[19] - **Momentum Factor**: Comprehensive (+++), Non-ferrous Metals (+++), Electronics (+), Banking (--), Petrochemicals (---), Transportation (---)[19] - **Overbought/Oversold Factor**: Comprehensive (+++), Non-ferrous Metals (+++), Electronics (+), Banking (--), Petrochemicals (---), Transportation (---)[19] - **Profitability Factor**: Comprehensive (+++), Non-ferrous Metals (+++), Electronics (+++), Banking (---), Petrochemicals (---), Transportation (---)[19]

Core Insights - The seminar titled "The Legendary Secretary of the Board" focused on modern corporate governance, the redefined value of board secretaries, and new opportunities in mergers and acquisitions as the Chinese capital market surpasses a total market value of one hundred trillion [1][3] Group 1: Key Themes from the Seminar - The concept of a "legendary board secretary" was emphasized, highlighting their role as chief governance officers who not only ensure compliance but also lead innovative practices in the capital market [3] - The importance of inheritance in corporate governance was discussed, with a focus on integrating value concepts into generational driving forces [3] - The seminar featured discussions on the "Four High Paths" strategy by Phoenix Publishing and Media Group, aimed at fostering a new development pattern through comprehensive external cooperation [3] Group 2: Insights on Corporate Governance - The core of corporate governance was explored through the lens of a modern enterprise system with Chinese characteristics, emphasizing the need for independent governance and limited shareholder responsibilities [5] - Practical experiences were shared regarding the role of an "active and progressive board," including the importance of external directors and thorough proposal evaluations [5] - The three-tiered approach to governance modernization was highlighted, showcasing the evolution from foundational systems to board innovation [5] Group 3: Cultural and Technological Transformations - The impact of AI technology, IP development, and cultural globalization on the publishing industry was discussed, showcasing how these elements contribute to new narratives in the sector [7] - Successful case studies, such as the global IP operations of companies like Pop Mart, were presented to illustrate the commercial value of innovation in cultural enterprises [7] - The surge in international expansion of online literature and short dramas was noted as evidence of China's cultural transmission potential in a technology-driven era [7] Group 4: Mergers and Acquisitions Insights - A roundtable forum addressed the new opportunities in mergers and acquisitions, with insights from experienced board secretaries on the importance of cultural integration and strategic upgrades [9] - Key principles for successful mergers were outlined, including the assessment of management capabilities and the integration of external resources [9] - The consensus reached during the seminar emphasized the importance of respecting rules, adhering to responsibilities, and valuing professionalism in corporate governance [9]

Core Viewpoint - Shanghai Chuangxing Resource Development Co., Ltd. has faced significant challenges in its construction decoration business, with a reported revenue decline of 46.97% in 2024, primarily due to reliance on related party transactions and issues with accounts receivable from these clients [1][3][10]. Group 1: Construction Decoration Business - The company's construction decoration business generated revenue of 64.59 million yuan in 2024, accounting for 77% of total revenue, with a notable year-on-year decline [1][3]. - Accounts receivable from related parties, including Yunnan Longjie Tourism Development Co., Ltd. and Shanghai Zhenlong Real Estate Development Co., Ltd., amounted to 164 million yuan and 137 million yuan respectively, with significant provisions for bad debts [1][3][6]. - The company has reported ongoing litigation involving some related party clients, raising concerns about their creditworthiness and the recoverability of receivables [1][3][5]. Group 2: Accounts Receivable and Bad Debt Provisions - The company has made provisions for bad debts totaling 70 million yuan and 61 million yuan for the respective related parties, indicating a cautious approach to credit risk management [1][3][6]. - Cash flow issues have been reported for major clients, with Shanghai Zhenlong's revenue at 26.5 million yuan for 2024 and Yunnan Longjie facing tight cash flow due to long-term project investments [4][5][9]. - The company has actively communicated with clients regarding payment schedules, recovering approximately 22 million yuan in the first quarter of 2025 and 11 million yuan in the second quarter [6][9]. Group 3: Mobile Information Services Business - The mobile information services business achieved revenue of 19.42 million yuan in 2024, a significant increase from 8.52 million yuan in 2023, indicating growth in this segment [13][19]. - The company utilizes a net revenue recognition method for this business, with a focus on providing various SMS application services [13][14]. - There are concerns regarding overdue receivables from clients, particularly Guangzhou Green Collar Cultural Communication Co., Ltd., which has delayed payments due to cash flow issues [14][15]. Group 4: Other Equity Investments - The company holds a 20% stake in Shanghai Zhenlong Real Estate Development Co., Ltd., with an investment value of 173 million yuan, but has not recognized any dividend income due to the company's negative retained earnings [19][21]. - The lack of dividend distribution is attributed to Shanghai Zhenlong's negative retained earnings of 494 million yuan, which does not meet the conditions for profit distribution [21][22]. - The company employs valuation techniques to assess the fair value of its equity investments, using the asset-based approach due to the absence of an active market for these investments [22][29]. Group 5: Performance Compensation - The company has not met performance commitments related to its construction decoration business, with a revenue target of 100 million yuan and a net profit target of zero for the years 2022 to 2024 [33][34]. - The third phase of the equity transfer payment from the buyer remains unpaid, raising concerns about the buyer's financial stability and ability to fulfill payment obligations [34][35]. - Ongoing discussions are in place to address the performance compensation and ensure the protection of the company's and minority shareholders' interests [35].