| | | 上周公募调研次数前十个股 | | | --- | --- | --- | --- | | A 股间称 | 所属申万一级行业 周涨跌幅(%) | | 被调研次数(次) | | 天字通信 | 通信 | 14.26 | 57 | | 中科曙光 | 计算机 | 10. 65 | 46 | | 海元信息 | 电子 | 0.68 | 46 | | 孩子王 | 商贸零售 | -11. 71 | 36 | | 幸华珠宝 | 纺织服饰 | 13.35 | 34 | | 华曙高科 | 机械设备 | -1.88 | 29 | | 海天瑞声 | 计算机 | 1.27 | 26 | | 东方申抄 | 家用电器 | -1.18 | 20 | | 西麦食品 | 食品饮料 | 6.49 | 19 | | 隆利科技 | 电子 | 13. 38 | 17 | | | | 数据整理自:公募排排网,统计周期 2025年6月9日-6月15日,以上内容不构成股 | | | | | 票推荐或投资建议,短期个股业绩不代表未来表现,亦不代表基金必然投资方向。 | | 公募机构扎堆调研科技领域。上周共有17个申万一级行业获得公募机构重点调研，各行业 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [11]. Core Insights - In May 2025, the total retail sales in China reached 4.1 trillion yuan, showing a year-on-year growth of 6.4%, exceeding market expectations of 4.9% [5][6]. - The online retail sales growth for the first five months of 2025 was 8.5%, which is 3.5% higher than the overall retail sales growth [5]. - The "old-for-new" policy has significantly boosted consumption in various categories, with the sales of consumer electronics and gold jewelry showing remarkable growth [5]. Summary by Sections Retail Sales Performance - May 2025 retail sales grew by 6.4% year-on-year, with a month-on-month increase of 1.3 percentage points [5]. - Excluding automobiles, retail sales of consumer goods increased by 7.0% year-on-year [5]. - The "May Day" holiday and the preemptive "618" shopping festival contributed to the growth in both online and offline retail [5]. Online and Offline Retail Trends - Online retail sales in May reached 1,061.3 billion yuan, growing by 8.19% year-on-year [5]. - The online penetration rate increased to 25.7% in May, up from 25.3% in the same month last year [5]. - Offline retail continues to focus on supply chain optimization and enhancing consumer experience [5]. Consumption Categories - In May, the retail sales of goods grew by 6.5%, driven by government subsidies and the "old-for-new" policy [5]. - The restaurant sector also saw improvements, with a year-on-year growth of 5.9% in May [5]. - Various categories experienced significant growth, such as communication equipment (+33.0%) and gold jewelry (+21.8%) [5]. Investment Recommendations - The report suggests a positive outlook for e-commerce and instant retail sectors, highlighting companies like Alibaba, JD.com, and Meituan [5]. - It also recommends investing in quality gold jewelry brands and the travel industry, anticipating growth in consumer demand during the summer [5]. - The report emphasizes the importance of enhancing product offerings and store experiences in the department store and supermarket sectors [5].

数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-06 2024-10 2025-02 商贸零售 沪深300 商贸零售 2025 年 06 月 16 日 投资评级：看好（维持） 行业走势图 国家统计局发布 2025 年 1-5 月社会消费品零售总额（下简称"社零"）数据：1-5 月社零总额为 203171 亿元（同比+5.0%，下同），其中 5 月社零总额 41326 亿元 （+6.4%，高于 Wind 一致预期+4.9%）。分地域看，1-5 月城镇/乡村社零同比分 别+5.1%/+4.9%。我们认为，在国内积极的政策刺激下内需呈现边际向好，整体 社会消费活力显现，部分可选品类增势明显向上，期待后续消费动能持续提升。 相关研究报告 《高端中式黄金品牌"琳朝珠宝"获 得天使轮投资—行业周报》-2025.6.8 《老铺黄金、潮宏基发布新品，关注 差 异 化 产 品 力 优 势 — 行 业 周 报 》 -2025.6.2 《医美化妆品 4 月月报：华熙生物两 款三类械抗衰产品获批，关注 618 国 货美妆表现 — 行 业 点 评 报 告 》 -2025.5.25 2025 年 5 月社零同比 ...

Q&A 新消费板块再梳理 20250615 摘要 新消费领域在 2025 年表现出强劲增长，与传统消费的疲软形成对比， 主要驱动力来自产品创新、营销变革和政策支持，投资者应关注具备持 续创新能力和稳定高增长的公司。 家电行业受国补政策调整影响，但整体补贴不会停止，线下消费引导政 策将影响竞争格局，利好拥有线下销售网络的企业，白电龙头如美的在 估值调整后将迎来配置良机。 小家电行业竞争趋缓，利润率改善，部分公司如北鼎股份通过治理改善 和渠道拓展，业绩弹性值得关注，符合颜值经济趋势的产品更具优势。 轻工行业新消费赛道中，电子烟、AR 眼镜、潮玩盲盒和个护产品前景广 阔，泡泡玛特等龙头公司表现突出，国产品牌通过抖音等新渠道迅速提 升市场份额。 宠物赛道在 618 期间表现亮眼，国产品牌崛起，乖宝宠物和中宠股份值 得关注，同时关注瑞普生物和佩蒂股份，生猪养殖板块或因猪价下降和 产能增速减缓而面临盈利降低。 新消费板块近期出现了阶段性的盘整现象，市场对此有何反应？未来新消费的 投资方向和标的是什么？ 近期新消费板块出现了阶段性的盘整现象，不同标的之间的分化也开始加大。 与 5 月中旬以前相比，新消费板块整体表现有所不同 ...

- The report discusses the **Volume Timing Signal** for broad-based indices, indicating a bullish view across all indices as of June 13, 2025[24][25] - The **HS300 Upward Stock Count Ratio Sentiment Indicator** is introduced, calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator is effective in capturing upward opportunities but has limitations in predicting market downturns. As of June 13, 2025, the indicator shows a slight decline but remains above 60%, reflecting positive market sentiment[25][26] - The **HS300 Upward Stock Count Ratio Timing Strategy** applies two smoothing windows (N1=50, N2=35) to the sentiment indicator. When the short-term line exceeds the long-term line, it signals a bullish market view. As of June 13, 2025, both lines are trending downward, with the short-term line below the long-term line, suggesting a cautious market outlook[27][29] - The **Moving Average Sentiment Indicator** uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess the HS300 index's trend. The indicator assigns values of -1, 0, or 1 based on the position of the index within predefined ranges. As of June 13, 2025, the HS300 index is in a positive sentiment zone, indicating a bullish trend[33][37] - **Cross-sectional Volatility** is analyzed for HS300, CSI500, and CSI1000 indices. Over the past week, HS300's cross-sectional volatility increased, improving the short-term alpha environment, while CSI500 and CSI1000 saw declines, weakening their alpha environments. Over the last quarter, HS300's volatility is in the upper half of its six-month range, indicating a favorable alpha environment, while CSI500 and CSI1000 are in the lower and middle ranges, respectively[38][40] - **Time-series Volatility** is also examined for the same indices. Over the past week, HS300's time-series volatility increased, enhancing its alpha environment, while CSI500 and CSI1000 experienced declines, worsening their alpha environments. Over the last quarter, HS300's volatility is in the upper half of its six-month range, while CSI500 and CSI1000 are in the middle ranges, indicating a generally stable alpha environment[40][43]

Summary of Key Points Core Viewpoint - A total of 479 stocks reported their latest shareholder numbers as of June 10, with 202 stocks showing a decline in shareholder numbers compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Numbers and Changes - Among the 479 stocks, 202 experienced a decline in shareholder numbers, with 9 stocks seeing a decrease of over 10% [3]. - The stock with the largest decline in shareholder numbers was Shanshui Bide, which reported 4,744 shareholders, a decrease of 22.00% from the previous period [3]. - Dongshan Precision followed with 79,831 shareholders, down 17.81%, while Guoguang Chain saw a decline of 14.45% [3]. Group 2: Stock Performance - The average performance of concentrated stocks since May 21 showed a 0.46% increase, outperforming the Shanghai Composite Index, which fell by 0.10% [2]. - Among the stocks with a decline in shareholder numbers, Yuanlong Yatu had the highest increase of 60.74% since May 21 [2]. - Other notable performers included Tianfu Communication and Hasan Lian, with increases of 39.72% and 30.01%, respectively [2]. Group 3: Industry Concentration - The concentrated stocks were primarily found in the machinery, basic chemicals, and electronics sectors, with 24, 20, and 19 stocks respectively [3]. - The data indicates a significant concentration of investor interest in these industries, suggesting potential investment opportunities [3].

Market Overview - Major market indices opened lower today, with oil and precious metals sectors leading gains, while film, beauty care, and gaming sectors saw significant declines [1] - The oil and gas exploration and service sector experienced a substantial rise, with Tongyuan Petroleum hitting the daily limit, and companies like Beiken Energy and Zhun Oil also reaching the limit [1] Precious Metals Sector - The precious metals sector surged, with Xibu Gold reaching the daily limit, and companies like Xiaocheng Technology, Hengbang Shares, and Sichuan Gold rising over 5% [2] Shipping and Port Sector - The shipping and port sector strengthened, with companies like Phoenix Shipping, China National Ocean Shipping, and China Merchants Energy showing notable gains [3] Shareholder Concentration - A significant concentration of shares was observed, with 8 stocks reporting a decline in shareholder numbers exceeding 10% as of June 10 [4] - The stock with the largest decline in shareholder numbers was Shanshui Bide, down 22% to 4,744 shareholders, followed by Dongshan Precision, down 17.81% to 79,831 shareholders [5] Financing Activities - As of June 12, the total market financing balance reached 1.81 trillion yuan, with an increase of 2.388 billion yuan, marking four consecutive days of growth [6] - A total of 354 stocks saw net financing purchases exceeding 10 million yuan, with 31 stocks receiving over 50 million yuan in net purchases, led by Jianghuai Automobile with 465 million yuan [6] Institutional Research - In the past two days (June 11-12), 86 companies announced institutional research records, with 24 companies receiving visits from 10 or more institutions [8] - Tianfu Communication was the most researched company, with 112 institutions participating, focusing on its 1.6T optical engine product shipment progress and related developments [8]

基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有11家，沪市主板公司有2 家，科创板公司有2家。所属行业来看，基金调研的公司共涉及11个行业，所属电子行业最多，有6家公 司上榜；医药生物、国防军工等紧随其后，分别有3家、3家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有2家，其中总市值超千亿元的有京东方 A等，总市值不足100亿元的有14家，分别是联环药业、迈普医学、佰奥智能等。 市场表现上，基金调研股中，近5日上涨的有15只，涨幅居前的有西测测试、楚天龙、博实结等，涨幅 为33.13%、22.89%、13.56%；下跌的有7只，跌幅居前的有迈普医学、古麒绒材、孩子王等，跌幅为 11.40%、10.37%、8.51%。 昨日基金共对22家公司进行调研，扎堆调研孩子王、东方电热、扬杰科技等。 证券时报·数据宝统计，6月10日共36家公司被机构调研，按调研机构类型看，基金参与22家公司的调研 活动，其中，5家以上基金扎堆调研公司共5家。孩子王最受关注，参与调研的基金达35家；东方电热、 扬杰科技等分别获17家、15家基金集体调研。 6月10日基金调研公司一览 | 代 ...

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 06 月 09 日 b l [Table_Title] 孩子王拟收购丝域 65%股权，周六福通过港 e _ M 交所聆讯 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 下游需求不及预期的风险，贸易摩擦的风险，地缘政治的风险，行业 竞争加剧的风险。 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote 市场行情] -11% 0% 11% 22% 33% 6/11 9/9 12/8 3/8 6/6 可选消费 沪深300 ] 本周（2025.06.02-2025.06.06），申万商贸零售/社会服务/美容护理 分别 1.29%/2.09%/1.56%，在 31 个一级行业中排名第 15/9/13；同期 上证综指 1.13%，深证成指 1.42%，沪深 300 指数 0.88%。 细分子板块来看，本周商贸零售/社会服务/美容护理各大二级子板块 普涨。 旅游景区 / 饰 品 / 贸易行业涨幅居前，分别 +3.53%/+3.01%/+2.49%。 本周行业重点事件及资讯 （1）美 ...

沪指今日收盘上涨0.43%。资金面上看，沪深两市全天特大单净流入78.30亿元，共计2186股特大单净流 入，2507股特大单净流出。 从申万一级行业来看，今日有19个行业特大单资金净流入，非银金融特大单净流入规模居首，净流入资 金20.14亿元，该行业指数今日上涨1.20%，其次是医药生物，今日上涨2.30%，净流入资金为18.47亿 元，净流入资金居前的还有传媒、国防军工等行业。 两市全天特大单净流入78.30亿元，其中20股特大单净流入超2亿元，江淮汽车特大单净流入11.34亿元， 特大单净流入资金居首。 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 600418 | 江淮汽车 | 38.54 | 9.99 | 11.34 | 汽车 | | 002640 | 跨境通 | 5.03 | 10.07 | 7.99 | 商贸零售 | | 600760 | 中航沈飞 | 54.65 | 9.30 | 7.77 | 国防军工 | | 300493 | 润欣科技 | 23.32 | 15 ...