港股午评：恒科跌超1%，建材水泥股逆市走高 金十数据7月9日讯，今日早盘，港股三大指数低开后持续下挫，盘尾稍有回升。截至中午收盘。恒生指 数收跌0.74%，恒生科技指数收跌1.14%，国企指数收跌0.76%。影视股大幅走强，中国星集团 (00326.HK)涨超13%；建材水泥股走涨，华新水泥(06655.HK)涨超4%；除此以外，中医药、养老、石油 与天然气、内房、电池等概念股走强。加密货币概念今日回调，国泰君安国际(01788.HK)跌超7%；有 色金属概念走低，洛阳钼业(03993.HK)跌超4%；除此以外，核电、科网、芯片等概念股早盘走低。个 股方面，"周杰伦概念股"巨星传奇(06683.HK)早盘收涨70.63%，蓝思科技(06613.HK)上市首日早盘收涨 4.84%。 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - In 2025, the core contradiction throughout the upstream, midstream, and downstream industries is the "structural gap during the new - old kinetic energy conversion period." In the first half of the year, the industry was affected by external uncertainties, with intensified internal differentiation, and overall prosperity relied on policy support. In the second half of the year, with the "two new" policies further boosting domestic demand and upgrading the industrial structure, the industry is expected to achieve a systematic leap from "quantity" to "quality" expansion [2][7]. 3. Summary by Directory Market Overview - **Upstream Materials**: In H1 2025, raw material prices were under pressure due to weak demand and Sino - US trade conflicts, showing significant differentiation. In H2, the structural differentiation will continue. Enterprises should focus on capacity elimination, tariff negotiations, and climate risks [8]. - **Midstream Manufacturing**: In H1 2025, it presented a differentiated pattern of "traditional under pressure, high - tech doing well." In H2, policies will support both demand and supply - side reforms, and traditional manufacturing is expected to break through cost dilemmas through intelligent and digital transformation [8]. - **Downstream Consumption**: In H1 2025, it showed a "weak recovery" pattern. In H2, the consumption market will continue to be structurally differentiated, and the recovery highly depends on policy implementation efficiency and business model innovation [9][10]. Upstream: Raw Material Price Fluctuations - **H1 2025 Situation**: Raw material prices were under pressure. Metal mining showed a divergence between black and non - ferrous metals; chemical raw materials had multi - directional fluctuations; energy sources like crude oil and coal were more differentiated; most agricultural products were at near - five - year lows [8][15]. - **H2 2025 Outlook**: The price differentiation will continue. Traditional raw materials' rebound depends on supply - side reforms and policy support, while emerging demand - driven products are more resilient. Enterprises should focus on capacity elimination, tariff reviews, and extreme weather [15][16]. Midstream: Short - term Stabilization, Continued New - Old Kinetic Energy Conversion - **Overall Situation**: In H1 2025, the manufacturing industry was affected by external factors, with traditional manufacturing under pressure and high - tech manufacturing supported by policies. After the tariff war, there was short - term stabilization, and both external and internal demands recovered to some extent [43][53]. - **Traditional Manufacturing**: In H1 2025, profits declined due to over - capacity and weak demand. In H2, policies will expand to more traditional manufacturing sectors, promoting transformation and efficiency improvement [59][75]. - **High - tech Manufacturing**: In H1 2025, it recovered significantly compared to the beginning of the year, benefiting from strong policy support. In H2, it is expected to continue to improve [69][75]. Downstream: Intensified Retail Differentiation, Weak Real Estate Recovery - **Retail Industry**: In H1 2025, online e - commerce grew due to the "trade - in" policy, while traditional physical retail was under pressure. In H2, the differentiation will continue, with emerging formats having growth potential and traditional retail relying on policy and innovation [82][93]. - **Leasing Industry**: In H1 2025, it was in a downturn. In H2, the "price - for - volume" trend will continue, and the de - stocking of commercial land will continue [92][93]. - **Real Estate Industry**: In H1 2025, it achieved "weak stabilization" under policy support. In H2, it is expected to continue to recover slowly with further policy optimization and improved supply - demand balance [99][115].

Market Overview - On June 27, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 0.17%, the Hang Seng China Enterprises Index down by 0.47%, and the Hang Seng Tech Index decreasing by 0.07% [1][2]. Technology Sector - Major tech stocks showed mixed performance, with Xiaomi rising by 3.6%, Kuaishou increasing by over 1%, and JD.com slightly up, while Baidu fell by over 2% [3][4]. - Xiaomi's stock was boosted by the strong pre-orders for its new SUV model, the YU7, which exceeded expectations with over 289,000 units ordered within an hour of launch [5][6]. Metals Sector - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing by over 6% [6][7]. - A report indicated that the allocation ratio of funds to the metals sector increased by 1.07 percentage points to 4.59% in Q1 2025, with copper, gold, and aluminum being key focus areas [6]. Coal Sector - Coal stocks generally rose, with Shougang Resources increasing by over 3% [7][8]. - Analysts noted that coal prices are stabilizing, and the supply-demand balance is beginning to improve, suggesting a strategic bullish outlook for the coal sector [8]. Sports Goods Sector - The sports goods sector experienced gains, with Tmall rising over 4% and other brands like Yue Yuen Industrial and 361 Degrees also seeing increases [9][10]. - The recent popularity of local sports events is expected to enhance consumer awareness and brand penetration in the sports goods market over the long term [11]. Real Estate Sector - Real estate stocks faced declines, with R&F Properties dropping over 3% and other major developers like China Resources Land and Longfor Group also falling [12]. - Data indicated that the average price of second-hand residential properties in 100 cities fell by 0.71% month-on-month and 7.24% year-on-year in May 2025 [12]. Biopharmaceutical Sector - The biopharmaceutical sector was under pressure, with BeiGene falling over 9% and other companies like Rongchang Biologics and Kintor Pharmaceuticals also declining [13][14]. - Rongchang Biologics announced a licensing deal for its product with a total potential value of up to $4.105 billion, but the market reacted negatively due to unmet expectations regarding the deal's terms [14]. New Listings - The jewelry company Zhou Li Fu saw a significant increase of 33.83% on its first trading day, reaching a market capitalization of HKD 17.367 billion [15][16]. Market Outlook - Analysts from Industrial Securities forecast that Hong Kong stocks will trend upward in the second half of 2025, with potential tactical adjustments in early Q3 [17].

5月以来，稳定币热度快速提升，此轮关注度飙升源于香港及美国立法进程加速、蚂蚁集团等巨头积极 布局、以及"稳定币第一股"Circle上市股价飙升等关键催化。此外，国泰君安国际日前宣布获香港证监 会批准其升级虚拟资产交易牌照，成为首家可提供全方位虚拟资产服务的中资券商。据报道，多家香港 本地券商（如胜利证券、艾德证券等）已完成第1号牌升级，国泰君安国际并非唯一一家申请牌照的中 资券商，未来或有更多机构入局。 智通财经APP获悉，港股未能延续昨日涨势，三大指数今日集体走软，恒指午后一度跌近1%，并止步 四连涨。截止收盘，恒生指数跌0.61%或149.27点，报24325.4点，全日成交额为2617.29亿港元；恒生国 企指数跌0.63%，报8803.83点；恒生科技指数跌0.26%，报5345.16点。 兴业证券张忆东表示，港股2025年下半年将震荡向上并有望在秋季持续创年内新高。第一阶段，警惕三 季度初期港股行情的潜在战术性调整，但是，届时恰恰是趁震荡继续买入，为下半年布局的良机。第二 阶段，伴随中美贸易谈判取得更大进展、美联储降息以及抗战胜利80周年纪念活动陆续展开，港股行情 有望迎来基本面和风险偏好双改善，从 ...

刚果（金）东部钶钽矿坍塌事故导致至少10人死亡 智通财经6月20日电，据刚果（金）媒体20日报道，刚果（金）东部北基伍省一处钶钽矿区19日发生坍 塌事故，导致至少10人死亡。当地媒体说，事故发生在该省鲁巴亚钶钽矿区。坍塌发生时，多名手工采 矿者正在井下作业。目前已发现至少10具遇难者遗体，还有人员未被救出。钶钽铁矿石是提取稀有金属 钽的主要矿石。钽因其优异的导电性和耐腐蚀性，广泛应用于高科技领域。据联合国估算，仅鲁巴亚一 地的钽产量就占全球钽供应总量的15%以上。自2024年4月以来，反政府武装"M23运动"控制了鲁巴亚 的钶钽矿区。 (新华社) ...

近期，在联交所的公告声中，大唐黄金(8299.HK)与无锡专心智制科技有限公司的合资计划正式落地， 引发业内广泛关注。 这家名为"人工智能矿业有限公司"的新实体由大唐黄金控股51%，将深度整合随机森林、强化学习和卷 积神经网络等前沿技术，构建矿业AI模型的核心引擎。大唐黄金同时公告国际矿业咨询机构SRK Consulting也将加入AI模型的开发，为勘探模型的成功及商业化未来提供了更夯实的技术基础。 合资公司助力大唐黄金智能化转型 据悉，此次合作方无锡专心智制并非行业新兵。作为工业数据服务与AI解决方案的领先提供者，其技 术已在离散制造领域验证了超过95%的数据采集准确率。自2024年起，双方已就开发人工智能应用技术 模型展开合作，以降低勘探成本并提升成功率。目前，相关计算模型正在训练阶段，并取得了积极的成 果。 值得关注的是，合资公司迅速与全球矿业咨询巨头SRK Consulting订立一份谅解备忘录，SRK曾主导评 估非洲储量93吨的黄金项目，其专业资质覆盖JORC资源认证、矿山预可行性研究等关键环节。该份备 忘录的签订旨在开展战略合作，以共同打造AI深度结合黄金及有色金属开采的标杆案例，建立系统性 AI ...

贵金属价格上涨助推非洲货币反弹 金十数据6月12日讯，贵金属价格的飙升正在帮助几种非洲货币从年初的疲软中反弹。赞比亚货币克瓦 查六月迄今上涨了约8%，是全球表现最好的货币。紧随其后的是坦桑尼亚先令和尼日利亚奈拉，分别 上涨4%和3.1%。在这三种货币上涨之前，从铂金到钯金、黄金、白银和铜等金属的价格都出现了大幅 上涨。加纳于2022年底发生债务违约，是世界上最大的黄金和可可出口国之一，今年迄今为止，加纳货 币塞迪表现创全球最佳，兑美元升值超过43%。去年非洲货币大幅贬值，加剧了通货膨胀，并在尼日利 亚、加纳、埃及和埃塞俄比亚等地造成了生活成本危机，这些国家的货币在2024年表现最差，从加纳的 19%到埃塞俄比亚的56%不等。 ...

Market Overview - A-shares opened positively in the first trading week of June, with the Shanghai Composite Index approaching 3400 points and the Shenzhen Component Index showing support near 10,000 points [1] - The ChiNext Index stabilized above the 2000-point mark [1] - Margin trading saw a net purchase of over 10.2 billion yuan, with a total margin balance of 1.8 trillion yuan, marking a new high in nearly two weeks [1] Sector Performance - The pharmaceutical and biotechnology sector received over 2.4 billion yuan in net purchases, while the computer, automotive, and machinery equipment sectors each saw net purchases exceeding 1 billion yuan [1] - Non-bank financials experienced a net sell-off of over 1.1 billion yuan, with slight net selling in electronics, agriculture, forestry, animal husbandry, and communications sectors [1] - Major funds saw a net inflow of over 10 billion yuan in sectors like pharmaceuticals, computers, basic chemicals, and non-ferrous metals, while the automotive sector faced a net outflow exceeding 2.9 billion yuan [1] Precious Metals Market - International silver prices surged recently, reaching a 13-year high, with domestic silver futures also breaking multiple key levels, closing at 8855 yuan per kilogram [2] - The gold-silver ratio has risen to approximately 1:100, significantly above the historical average, indicating a high probability of silver price increases when the ratio exceeds 1:80 [2] - The photovoltaic industry has become a key driver of silver demand, with industrial silver usage exceeding 40%, and the transition to N-type batteries increasing silver consumption by 40%-100% per unit [2] Supply and Demand Dynamics - Global silver supply is expected to maintain a long-term shortage due to stagnant primary mineral growth and the accelerated penetration of N-type batteries [3] - The total global silver supply is projected to reach 31,700 tons in 2024, with a demand of 36,700 tons, resulting in a supply-demand gap of approximately 5,000 tons [2]

市场早盘震荡调整 ， 三大指数小幅下跌 。 截至午间收盘 ， 沪指跌0.06% ， 深成指跌0.18% ， 创业板指跌0.48% 。 沪深两市半日成交额 7467亿 ， 较上个交易日放量324亿 。 开启隔空骂战 美国总统特朗普与特斯拉CEO、前"政府效率部"负责人马斯克矛盾升级，上演隔空骂战。 板块方面，白银、军工、农化制品等 板块涨幅居前 ， 足球概念 、 美容护理 、 IP经济 、 宠物经济等板块跌幅居前。 此外，值得一提的是，昨晚马斯克和特朗普彻底撕破脸，上演公开骂战，特斯拉股价暴跌。 01 特朗普与马斯克 据央视新闻报道，6月5日，特朗普谈及马斯克，称不知道还能不能与其保持良好的关系。特朗普当天表示，对马斯克"非常失望"。特朗普称，马斯 克对特朗普政府撤销电动汽车"强制令"感到很不高兴。 特朗普当天还表示，马斯克了解"宏大而美丽"法案的内部运作，且对此毫无异议，直到发现要撤销电动汽车"强制令"才意识到问题。 在特朗普发表上述评价后，马斯克迅速在社交媒体上回应并反驳称，"大错特错，这项法案一次也没有给我看过，而且是在深夜迅速通过的！" 似乎是回应马斯克的批评，特朗普随后又在社交媒体上发文称，马斯克已开 ...

格隆汇6月2日丨大唐黃金(08299.HK)公告，公司与无锡专心智制科技有限公司("无锡专心智制")已于香 港成立合资公司，即人工智能矿业有限公司。合资公司由公司拥有51%的股权，并将于集团的综合财务 报表中作为附属公司入账。 无锡专心智制在中国成立的领先的创新科技公司，专注于为工业领域提供数据服务和人工智能("AI")解 决方案。 合资公司旨在开发及评估AI在有色金属勘探、开采工艺以及安全生产方面的应用。合资公司将通过随 机森林、强化学习、卷积神经网络及其他机器学习(ML)工具开发专业的AI应用模型，以推动采矿业向 数字化及智能化转型。此外，合资公司将引入数字孪生及数字化绩效运营系统，整合技术、供应链及运 营要素，以提高生产及资源利用效率以及工作安全，以及为采矿业创造合作机会。 于成立合资公司前，公司已于2024年开始与无锡专心智制合作，旨在率先开发应用AI技术的模型，以 降低勘探成本及提升勘探成功率。目前基于集团及其他来源的勘探及地质数据反馈，相关计算模型正处 于训练阶段。自开始合作，尤其是自成立合资公司以来，该模型截至本公告日期已取得鼓舞性成果。 在采矿及矿物加工领域，AI模型将被开发及应用于智能矿石分 ...