沪指8月1日下跌0.37%，申万所属行业中，今日上涨的有14个，涨幅居前的行业为环保、传媒，涨幅分 别为0.88%、0.82%。轻工制造行业位居今日涨幅榜第三。跌幅居前的行业为石油石化、国防军工，跌 幅分别为1.79%、1.47%。 轻工制造行业今日上涨0.65%，全天主力资金净流出3.73亿元，该行业所属的个股共157只，今日上涨的 有114只，涨停的有6只；下跌的有39只，跌停的有3只。以资金流向数据进行统计，该行业资金净流入 的个股有49只，其中，净流入资金超千万元的有9只，净流入资金居首的是松炀资源，今日净流入资金 7536.71万元，紧随其后的是凯恩股份、珠海中富，净流入资金分别为5914.25万元、4721.78万元。轻工 制造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金陵体育、鸿博股 份、共创草坪，净流出资金分别为1.27亿元、1.12亿元、5473.79万元。（数据宝） 轻工制造行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 6038 ...

每日观点 今日沪深三大指数小幅调整，两市成交缩量至1.62万亿。昨日国家统计局公布7月PMI指数，制造业和 非制造业指数均较前值有所回落，其中制造业PMI超预期回落，结构上生产和需求指数均进入收缩区 间，究其原因，一方面生产进入淡季呈现季节性回落，叠加高温多雨等极端天气影响；另一方面此前 的"抢出口"效应逐渐弱化，出口订单出现回落。但数据中也有亮点，"反内卷"政策令大宗商品价格反 弹，主要原材料购进价格指数和出厂价格指数均有回升，前者自今年3月份以来首次升至临界点以上。 往后看，7月政治局会议再次强调"反内卷"，可关注中下游反内卷效果及内需的变化。 消息面 国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，大力推进人工智能规模化商业化 应用，推动人工智能在经济社会发展各领域加快普及、深度融合。会议部署实施个人消费贷款贴息政策 与服务业经营主体贷款贴息政策，更好激发消费潜力、提升市场活力。 简评：今年以来，在一系列增量政策措施推动下，国内消费市场回升向好，但恢复的态势并不稳固，特 别是居民消费需求仍然较为疲软。贴息政策通过财政金融联动的方式，降低居民信贷成本和服务业经营 主体融资成本，有助于更好激 ...

Choice统计显示，8月1日，沪深两市可交易A股中，上涨个股有3149只，下跌个股有1804只，平盘个股 190只。不含当日上市新股，共有51只个股涨停，9只个股跌停。从所属行业来看，涨停个股主要集中在 医药生物、建筑装饰、轻工制造、电子、电力设备等行业。 （文章来源：证券时报网） ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - In July, the equity market rose significantly, but convertible bonds underperformed underlying stocks. The CSI Convertible Bond Index rose 3.83% from July 1 - 30, while the CSI All - Share Index rose 5.8%. Year - to - date, the CSI Convertible Bond Index and the CSI All - Share Index increased by 11.11% and 10.33% respectively [4]. - The healthcare sector was strong, and convertible bonds followed the upward trend but still underperformed underlying stocks. The healthcare and information technology convertible bond indices had the best performance in July, with increases of 7.82% and 7.13% respectively. The financial convertible bond index only rose 0.47% this month, while the underlying stocks rose 3.69% [5]. - Due to the significant rise of underlying stocks, the double - low strategy significantly underperformed the high - price and low - premium strategy in July. The double - low strategy index only rose 2.36% in July and 9.12% year - to - date, while the high - price and low - premium strategy rose 7.29% in July and 13.75% year - to - date [41]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Monthly Market Tracking - **Overall Market Performance**: In July, the convertible bond market underperformed underlying stocks. The CSI Convertible Bond Index rose 3.83%, and the CSI All - Share Index rose 5.8%. The convertible bond market lagged behind the CSI 500 Index by 2.92 percentage points [4]. - **By Price Classification**: In July, the Wande high - price convertible bond index rose 5.84%, significantly outperforming the low - price (+4.27%) and medium - price (+2.72%) indices. Year - to - date, the low - price (+11.78%) and high - price (+11.76%) convertible bonds had similar cumulative increases, both higher than the medium - price convertible bonds (+9.07%) [4]. - **By Convertible Bond Stock Volume**: In July, the Wande small - cap (+4.47%) and mid - cap (+4.02%) convertible bond indices were strong, outperforming the large - cap convertible bond index (+3.11%). Year - to - date, the small - cap index (+15.97%) led the large - cap (+9.02%) and mid - cap (+9.81%) indices [23]. - **By Credit Rating**: In July, the AA+ (+5.13%) and AA (+5.44%) convertible bond indices had relatively large increases. The AA - and below convertible bond index rose 4.54%, while the AAA high - rating convertible bonds still underperformed. Year - to - date, low - rating convertible bonds significantly outperformed high - rating ones, with the AA - and below convertible bonds rising 17.53%, and AA and AA+ rising 11.62% and 10.36% respectively [26]. - **By Industry**: In July, the healthcare and information technology convertible bond indices performed best, with increases of 7.82% and 7.13% respectively. The financial convertible bond index only rose 0.47%, while the underlying stocks rose 3.69%. The performance of the public utilities convertible bond index was also better than that of the underlying stocks [5]. 3.2 Convertible Bond Monthly Investment Recommendations 3.2.1 Strategy Recommendation: The Double - Low Strategy Should Focus on the Valuation Elasticity of Underlying Stocks - **July Double - Low Portfolio Performance**: The double - low portfolio constructed in July consisted of 22 bonds ranked in the bottom 5% by the double - low value. From July 1 - 30, the portfolio's return was 1.78% (equal - weighted allocation, without active screening), underperforming the CSI Convertible Bond Index by 2 percentage points [44]. - **August Double - Low Portfolio Recommendation**: After screening out bonds with high delisting/redemption risks and weak underlying stock performance and valuation expectations, 15 bonds were selected. The industries with the most bonds were light manufacturing (3), machinery and equipment (2), and non - ferrous metals (2). The average convertible bond price, conversion value, and conversion premium rate of the portfolio were 124 yuan, 117 yuan, and 7% respectively [6][48]. 3.2.2 Allocation Recommendation: Focus on the More Growth - Oriented AI and Robotics Sectors As the market risk appetite has significantly recovered, high - price and low - premium convertible bonds can be used to replace underlying stocks to better capture the upside potential of underlying stocks. It is recommended to focus on the technology sector, especially AI and robotics, which have both thematic concepts and rapid performance growth [52].

证券研究报告 2024 年 07 月 31 日 湘财证券研究所 债券研究 可转债研究 转债估值上升，挖掘结构性机会 相关研究： 核心要点： ❑ 7 月权益市场大幅上涨，转债表现弱于正股 根据 Wind 数据，7 月（7.1-7.30）中证转债指数上涨 3.83%，中证全指上涨 5.8%；年初至今，中证转债指数、中证全指分别上涨 11.11%、10.33%。由 于 7 月权益市场交投活跃，核心指数均明显上涨，转债整体表现弱于正股， 尤其是跑输中证 500 指数 2.92pct。 按价格分类看，7 月万得高价转债指数涨幅（+5.84%）大幅领先于低价 （+4.27%）和中价指数（+2.72%），主要得益于正股的持续上涨，高价转 债股性较强，具备更强的跟涨能力。年初至今，低价转债（+11.78%）与高 价转债（+11.76%）累计涨幅基本持平，均高于中价转债（+9.07%）。 ❑ 医疗保健板块表现强势，转债跟涨但仍弱于正股 根据 Wind 一级行业分类，7 月医疗保健、信息技术转债指数表现最佳，涨 幅分别为 7.82%、7.13%。这主要受医药板块正股的强势表现影响，Wind 医药保健指数上涨 14.3%，明显强于 ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 1.27 | 506.97 | 26.53 | 鼎通科技 | 13.77 | | 计算机 | 0.93 | 664.64 | 4.83 | 数字认证 | 20.00 | | 电子 | 0.79 | 1142.17 | 12.36 | N鼎佳 | 466.40 | | 机械设备 | 0.03 | 599.41 | -0.23 | 方盛股份 | 16.36 | | 医药生物 | -0.05 | 880.55 | -15.62 | 灵康药业 | -5.74 | | 综合 | -0.09 | 9.51 | 1.04 | 红棉股份 | -2.08 | | 国防军工 | -0.11 | 347.81 | -24.32 | 博云新材 | -6.21 | | 传媒 | -0.64 | 264.13 | 6.53 | 吉视传媒 | -8.88 | | 社会服务 | -0.68 | 88.07 | 0.42 | 凯撒旅业 | -4 ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - In the light manufacturing industry, there are 176 A-share listed companies that disclosed complete CFO information [1] - The highest-paid CFO is Qin Zhengyu from Zijiang Enterprise, with a salary of 4.01 million yuan, while the lowest is Jie Baohai from ST Huapeng, earning only 54,500 yuan [5] Group 2 - Among the 175 CFOs, the age group of 40-49 years comprises 43.75%, while those aged 50-59 years account for 38.64% [3] - The youngest CFO is Zhu Weiqing from Shuangqiang Technology, born in 1992, making him 33 years old [3] - The educational background of CFOs shows that 59.66% hold a bachelor's degree, while only 1.1% have a doctoral degree [5]

近5日机构合计调研173家公司，海大集团、民士达、小商品城等被多家机构扎堆调研。 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 002311 | 海大集团 | 1 | 123 | 56.90 | -0.54 | 农林牧渔 | | 833394 | 民士达 | 1 | 96 | 42.34 | 0.57 | 轻工制造 | | 600415 | 小商品城 | 1 | 84 | 21.65 | 5.51 | 商贸零售 | | 002536 | 飞龙股份 | 2 | 80 | 16.22 | 3.91 | 汽车 | | 300789 | 唐源电气 | 1 | 78 | 31.32 | -0.03 | 计算机 | | 001317 | 三羊马 | 1 | 74 | 47.20 | -0.74 | 交通运输 | | 300781 | 因赛集团 | 2 | 63 | 45.80 | 23.38 | 传媒 | | 001283 | 豪鹏科技 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17%, while the Shenzhen Component Index and the ChiNext Index fell by 0.77% and 1.62% respectively, with a total trading volume of 1,843.965 billion yuan [2][7] - In the Shenwan industry classification, steel, oil and petrochemicals, and media sectors led the gains, while electric equipment, computers, and automobiles lagged behind [2][7] - The Hang Seng Index in Hong Kong decreased by 1.36%, and the Hang Seng Technology Index fell by 2.72% [2][7] - In the U.S. market, the Dow Jones Industrial Average fell by 0.38%, the S&P 500 decreased by 0.12%, while the Nasdaq rose by 0.15% [2][7] Important News - The Central Committee of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October 2025, focusing on the formulation of the 15th Five-Year Plan for national economic and social development [3][8] - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.5%, indicating that it is too early to predict a rate cut in September due to uncertainties surrounding tariffs and inflation [3][8] Industry Performance Light Industry - The light industry sector's performance in the first half of 2025 was lackluster, with a pre-profit rate of 46%. As of July 28, 2025, 165 A-share companies in this sector had a disclosure rate of 33% [9] - 17% of light industry companies reported losses for the first half of 2025, with 37% of companies experiencing continuous losses [9] Paper Industry - The paper sector showed a higher pre-profit rate of 67%, while the packaging and printing sector's loss ratio decreased [10][11] - The paper industry is expected to benefit from the "anti-involution" initiative, which aims to eliminate backward production capacity and restore profitability [11] Textile and Apparel - The textile and apparel sector had a pre-profit rate of 51% for the first half of 2025, with 43 out of 107 A-share companies disclosing their performance [13][14] - The proportion of companies reporting losses increased from 28% to 35%, while the percentage of companies with profit growth decreased from 28% to 23% [13][14] Agriculture, Forestry, Animal Husbandry, and Fishery - The agriculture sector showed an overall positive trend with a pre-profit rate of 69%, and the proportion of companies reporting profit growth increased significantly [17][18] - The animal husbandry and animal health sectors performed particularly well, with a notable reduction in the number of companies reporting continuous losses [17][18] Inverter Exports - In June 2025, China's inverter exports amounted to 6.576 billion yuan, showing a month-on-month increase of 10.23% and a year-on-year increase of 0.92% [19][21] - The Asian market maintained high growth, particularly in the Middle East, while the North American market showed signs of recovery [19][21][22] Investment Recommendations - The report suggests focusing on companies in the paper industry that can benefit from the "anti-involution" policy and have cost advantages [11] - In the textile sector, attention is drawn to companies with strong brand power and those likely to benefit from improved consumer demand [15] - The agriculture sector's leading companies, particularly in animal husbandry, are recommended for investment due to their improved profitability outlook [17]

截至收盘，上证指数报收3615.72点，上涨0.17%；深证成指收于11203.03点，下跌0.77%；创业板指下 跌1.62%；科创50指数下跌1.11%。 不含当日上市新股，今日可交易A股中，上涨个股有1712只，占比31.64%，下跌个股有3559只，平盘个 股140只。其中，收盘股价涨停的有55只，跌停股有10只。 两市涨停股一览 证券时报·数据宝统计显示，涨停个股中，主板有49只，创业板5只，科创板1只。以所属行业来看，上 榜个股居前的行业有医药生物、机械设备、轻工制造行业，上榜个股分别有9只、6只、4只。 （文章来源：证券时报网） 涨停股中，ST金鸿、ST加加等7只股为ST股。连续涨停天数看，西藏旅游已连收8个涨停板，连续涨停 板数量最多。从收盘涨停板封单量来看，包钢股份最受资金追捧，收盘涨停板封单有14042.94万股，其 次是王力安防、西宁特钢等，涨停板封单分别有3837.93万股、3313.47万股。以封单金额计算，王力安 防、包钢股份、中化装备等涨停板封单资金较多，分别有4.51亿元、4.10亿元、1.96亿元。（数据宝） | 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板 ...