【导读】北向资金连续加仓A股：增持新兴科技，减持食品饮料等板块 近日，沪深交易所官方数据披露最新北向资金数据，上半年外资持仓情况浮出水面，外资连续两个季度 加仓A股。 外资连续两个季度加仓A股 数据显示，截至今年二季度末，北向资金共持有2907只个股，持股数合计1232亿股，持仓市值合计约为 2.29万亿元。相较于2024年末，北向资金持仓市值增加871亿元；相较于2025年一季度，北向资金持仓 市值增加超500亿元。 "慢牛"新格局 近期，多家券商发布下半年策略报告，对A股下半年行情整体持乐观预期，有券商指出，A股或迎来"慢 牛"新格局。 中金公司表示，下半年，在不确定性因素明显消除前，指数或持续窄幅波动。考虑到国际新秩序重构下 我国基本面具有显著韧性，以及估值占优，预计A股下半年节奏上或将"前稳后升"。 按照申万二级行业分类，北向资金持仓市值超百亿元的行业有53个，持仓市值最高的五大行业分别为电 池、半导体、白酒、股份制银行和白色家电，持仓市值分别为1754亿元、1349亿元、1341亿元、1234亿 元、1036亿元。 与2024年末相比，持仓市值前五大行业排名稍有变化。电池行业仍居榜首，北向资金持仓市 ...

【 导读 】 北向资金连续加仓A股 ： 增持新兴科技，减持食品饮料等板块 见习记者 储是 近日，沪深交易所官方数据披露最新北向资金数据，上半年外资持仓情况浮出水面，外资连 续两个季度加仓A股。 外资连续两个季度加仓A股 数据显示，截至今年二季度末，北向资金共持有2907只个股，持股数合计1232亿股，持仓市 值合计约为2.29万亿元。相较于2024年末，北向资金持仓市值增加871亿元；相较于2025年 一季度，北向资金持仓市值增加超500亿元。 按照申万二级行业分类，北向资金持仓市值超百亿元的行业有53个，持仓市值最高的五大行 业分别为电池、半导体、白酒、股份制银行和白色家电，持仓市值分别为1754亿元、1349亿 元、1341亿元、1234亿元、1036亿元。 与2024年末相比，持仓市值前五大行业排名稍有变化。电池行业仍居榜首，北向资金持仓市 值超10亿元的电池行业公司共计7家；宁德时代、亿纬锂能、先导智能居前三。二季度，北向 资金集中加仓半导体板块，行业排名从第五位升至第二位，白色家电和白酒行业排名有所下 降。 与此同时，北向资金加仓出现结构性调整。一季度加仓标的主要有两大类：科技和消费。二 季度，科技 ...

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

（原标题：6月指数将迎年中定期调整） 6月指数将迎年中定期调整，超2.7万亿元股票型ETF集中调仓，沪深主要宽基、行业和主题指数均有调整。从资金被动调仓规模看，一级行业中 电子、银行等被动流入居前，电力设备、汽车等流出较多；二级行业里半导体、农商行等流入居前，摩托车及其他、电池等流出多。个股层面， 拓荆科技、国泰海通等被动流入规模排名居前。 在股价表现方面，从指数调整公告日到生效日，股价与被动调仓影响系数密切相关，受流入影响 越大超额收益越显著；生效后5日，影响逐渐减弱。这是因为ETF多在生效前调仓，且被动产品扩容使指数调整对股价影响更显著。不过，历史经 验等存在失效等风险。 【兴证策略张启尧团队】6月ETF调仓主要影响哪些行业和公司？ 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投资建议。在作出任何投资决定前，投资者 应根据自身情况考虑投资产品相关的风险因素，并于需要时咨询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性， 对此和讯不做任何保证和承诺。 股票名称 "拓荆科技","国泰海通","恒玄科技","沪农商行","江苏银行 ...

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

每日市场观察 2025 年 4 月 28 日 【今日关注】 盘面回顾： 沪深两市，小幅高开后横向震荡，午间收盘前后一小时是盘中高点， 但明显量能不足。板块方面，电力行业、房地产、家电行业、纺织和 互联网涨幅居前，少数板块收跌，贵金属、化学等传统能源板块跌幅 靠前。从行为上看，资金在相对高位做多意愿不足，外部信息刺激作 用不足，从形态看，上方缺口尚未回补完全，且上升斜率收窄，到 30 日均线，市场普遍对这个位置保持谨慎态度。 板块机会： 宏观利好不断加码，当日政治局会议发布多条刺激信息，需要周末市 场进行消化。近期，提振消费的政策在不断加强，提出了用服务业带 动中低收入群体增收的模式，后期可以关注美容护理行业。 后市策略： 短期建议关注防守型行业的反弹机会，同时可以挖掘政治局会议提及 的板块投资机会。长期来看，围绕国家政策扶持的相关产业还是主要 投资方向，投资者可借助短期的调整，寻找更合适的投资时间。 【市场回顾】 中共中央政治局召开会议，会议强调，要加紧实施更加积极有为的宏 观政策，用好用足更加积极的财政政策和适度宽松的货币政策。加快 地方政府专项债券、超长期特别国债等发行使用。兜牢基层"三保" 底线。适时降 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained from the previous rating [5]. Core Views - The report indicates that the company's revenue for Q1 2025 is 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders is 12.5 billion yuan, showing a slight increase of 0.31% year-on-year. The non-performing loan ratio remains stable at 1.25% [1][2]. - The decline in net interest margin is expected to narrow, supported by improved costs of interest-bearing liabilities and growth in fee income [2][4]. - The bank's asset quality remains stable, with a provision coverage ratio of 174.44%, down 6.2 percentage points from the end of the previous year [3][4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 are -4.06% and 0.31%, respectively, which are improvements compared to the previous year's declines of 3 percentage points and 2 percentage points [2]. - Net interest income decreased by 6.84% year-on-year, but the decline is less severe than in the previous year, attributed to improvements in the cost of interest-bearing liabilities [2]. - Fee and commission income increased by 3.27% year-on-year, with a notable acceleration in growth compared to the previous year [2]. - Other non-interest income grew by 1.52% year-on-year, with significant growth in investment income, although affected by market volatility [2]. Asset Quality - The non-performing loan ratio is stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3]. - The credit cost for Q1 2025 is 0.86%, down 21 basis points year-on-year [3]. Asset and Liability Management - Total assets and loans as of Q1 2025 are 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4]. - The bank has focused on increasing loans in technology finance, manufacturing finance, green finance, and inclusive finance, with significant increases in these areas [4]. - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4]. Investment Recommendations - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining a "Buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1][2] - The decline in net interest margin has narrowed, primarily due to improvements in the cost of interest-bearing liabilities [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 174.44% [3] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, showing a narrowing decline compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline was less severe than in 2024, attributed to improved costs of interest-bearing liabilities [2] - Fee and commission income grew by 3.27% year-on-year, with a significant increase in growth rate compared to 2024 [2] - Other non-interest income increased by 1.52% year-on-year, with a notable rise in investment net income by 302.96% [2] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3] - The credit cost for Q1 2025 was 0.86%, down by 21 basis points year-on-year [3] Asset and Liability Management - Total assets and loans at the end of Q1 2025 were 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4] - The bank's focus on technology finance, manufacturing finance, green finance, and inclusive finance led to significant increases in loans to these sectors [4] - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4] Investment Recommendation - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining the previous "Buy" rating [4]

2025年4月7日-11日 本周盘面盘点 0 | 指数表现 上证指数 收盘3238.23，下跌 3.11% 0 2 日均成交额 深圳成指 收盘9834.44，下跌 5.13% 上海市场 6968亿元，环比增加 44.5% 深圳市场 8774亿元，环比增加 38.3% 期间融资净买入额前十ETF: ८ 行业涨跌 申万一级行业中，4个上涨，27个下跌。 涨幅前三行业: 农林物渔、商业零售和国防军工 跌幅前三行业:电力设备、通信和机械设备 全市场两融业务情况 01 概况 截至4月11日 全市场融资融券余额 较上周减少 938.1亿元 18,092.9亿元 较上周减少 融资余额 17,982.8亿元 936.7亿元 较上周减少 融券余额 110.1亿元 1.4亿元 02 行业聚焦 申银万国一级（2021）行业分类中，绝大多数行业净买入额 为负。 行业累计净买入额(万元) 农林牧渔 银行 综合 娱灰 律筑材料 商贸零售 环保 纺织服饰 美容护理 少朋友馆 轻工制造 钢铁 石油石化 房地产 公用事业 建筑装饰 食品饮料 家用电器 基础化工 国防军工 传媒 有色金属 非银金融 医药生物 汽车 机械设备 通信 电力设备 计算 ...