2025 年 7 月 8 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网: zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 每日晨报 截至 2025 年 6 月末，我国外汇储备规模为 33174 亿美元 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 固收:估值不低、结构性仍有空间,关注主线切换——7月转债策略展望。转 ● 债策略展望:保持仓位,关注行业景气扩散及政策拉动标的。综合考虑1)仓 位方面,尽管转债市场估值不便宜,但整体偏权市场尚未关注到风偏显著回落 的线索,因而建议稳健中性配置;2)基本面维度,偏好景气有改善的行业转 债标的,如有色、机械、农业、计算机等;3)主题维度,关注可能受益于政 治局会议政策拉动的消费、高新制造,供给侧改革推进电新、汽车等行业标的; 4）风险上,关注行业层面估值偏高对个券的扰动、可能受中美贸易政策变化 的标的。具体配置策略见正文。7月推荐转债组合包括国投转债、燃 23 转债、 青农转债、兴业转债、金铜转债、松原转债、安集转债、道 ...

Group 1: Key Insights from Reports - The report highlights a significant easing of supply chain risks for the company following the U.S. Department of Commerce's removal of restrictions on ethane exports to China, allowing for a return to normal trade conditions [12][13]. - The company's α-olefin comprehensive utilization project is progressing well, with an expected total investment of approximately 26.6 billion yuan, aimed at expanding upstream ethylene production capacity and supporting long-term growth [15]. - The company is projected to achieve revenues of 55.34 billion, 71.35 billion, and 84.83 billion yuan from 2025 to 2027, with corresponding net profits of 6.82 billion, 9.07 billion, and 10.34 billion yuan, indicating a strong growth trajectory [16]. Group 2: Market Trends and Performance - The REITs market has shown increased activity, with the total market capitalization rising to 207.87 billion yuan, reflecting a weekly increase of 1.8 billion yuan, and a daily turnover rate of 0.74% [6][8]. - The North Exchange 50 index experienced a slight decline of 1.71%, closing at 1415.04 points, while the average market capitalization of constituent stocks was 3.08 billion yuan [10]. - The report notes that the average cash distribution rate for property-type REITs is 3.73%, while the rate for concession-type REITs is significantly higher at 8.12%, indicating a valuation disparity between the two categories [8].

Core Insights - The public fund market showed significant profitability in the first half of 2025, with 87% of funds achieving positive returns, highlighting a strong market recovery [1][9][10] - The top-performing funds were dominated by innovative drug and North Exchange theme funds, indicating a trend towards specialized investment strategies [2][3][4][5] Fund Performance - The best-performing fund was Huatai-PineBridge Hong Kong Advantage Selection A, with a net value growth of 86.48%, followed closely by CITIC Securities North Exchange Selection with 82.45% and Great Wall Pharmaceutical Industry Selection A with 75.18% [3][4] - Seven out of the top ten funds were heavily invested in innovative drugs, while two were focused on North Exchange themes, showcasing the effectiveness of concentrated investment strategies [4][5] Market Trends - The first half of 2025 saw a notable performance from sectors such as innovative drugs, North Exchange, humanoid robots, and new consumption, with these themes alternating in prominence [2][3][10] - Analysts predict that the positive trends for innovative drugs and North Exchange themes are likely to continue into the second half of the year, supported by structural opportunities in these sectors [7][8] Overall Market Dynamics - A total of 12,571 funds were analyzed, with 10,949 achieving positive returns, reflecting a broad-based recovery in the public fund market [9] - The market exhibited a "barbell" characteristic, with both high-growth technology stocks and low-valuation, high-dividend stocks performing well, particularly in the banking sector [10] Sector Performance - Certain sectors, such as real estate and food and beverage, underperformed, leading to lower returns for funds heavily invested in these areas [11] - The bond market transitioned from a bull market to a more volatile environment, resulting in weaker performance for fixed-income funds [11]

2025 年 06 月 17 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 分析师：林加力 S0350524100005 投资要点: 一级市场两单项目状态更新：根据交易所最新披露，截至 2025 年 6 月 13 日，目前无已申报项目，有 2 单已 受理、1 单已问询、8 单已反馈，以及 5 单已通过审核等待上市。本周（2025 年 6 月 9 日至 2025 年 6 月 13 日）交易所审核状态更新的项目共计 2 单，其中一单从已申报更新为已受理，另一单从已受理更新为已反馈。 [Table_Title] 晨会纪要 ——2025 年第 100 期 观点精粹: 最新报告摘要 REITs 指数延续涨势，产权类本周走强--资产配置报告 H 酸价格中枢有望上行，活性染料一体化产能更受益--行业动态研究 本周北交所放量下跌、交大铁发正式上市，下周广信科技申购--北交所行业普通报告 全球首个 AI 芯片设计系统发布--行业周报 机构行为每周跟踪--债券研究周报 证券研究报告 1、最新报告摘要 1.1、REITs 指数延续涨势，产权类本周走强--资产配置报告 ...