| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1.61% | 4.28% | | 300750 | 宁德时代 | -0.01% | 2.96% | | 601318 | 中国平安 | 2.64% | 2.46% | | 600036 | 招商银行 | -0.39% | 2.37% | | 000333 | 美的集团 | 1.40% | 1.71% | | 002594 | 比亚迪 | 1.43% | 1.51% | | 600900 | 长江电力 | 1.91% | 1.51% | | 601166 | 兴业银行 | 0.36% | 1.39% | | 201899 | 彩要业 不 | 0.69% | 1.32% | | 300059 | 东方财富 | 4.97% | 1.26% | A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本，以反映各行业最具代表性上市公司证 券的整体表现。 数据显示，截至2025年6月30日，中证A500指数(00051 ...

Group 1 - The core viewpoint of the article is the release of the "Beijing Special Action Plan for Deepening Reform and Boosting Consumption," which aims to enhance the city's consumption capacity and competitiveness in the global market by implementing 24 specific tasks across six areas [1][7][10] - The plan targets an average annual growth of around 5% in total market consumption by 2030, with the goal of establishing 2-3 new consumption landmarks worth over 100 billion yuan [1][7] - The action plan emphasizes the importance of optimizing service consumption experiences and enhancing the dynamism of goods consumption [1][3] Group 2 - The plan includes measures to promote reasonable growth in wage income and improve employment services, particularly for college graduates and flexible workers [2][6] - It aims to develop new business models and services in the silver economy, home services, and digital consumption, while also promoting green consumption and national trends [3][8] - Specific initiatives include the regulation of the "millet economy," encouragement of quality animation production, and the introduction of international esports events to enrich consumption scenarios [3][8] Group 3 - The action plan outlines strategies to optimize housing consumption, including the development of residential land near transportation hubs and the implementation of a "mortgage transfer" policy [5][12] - It also focuses on enhancing the regulatory framework for new business models and reducing institutional transaction costs to stimulate market vitality [6][12] - The plan highlights the importance of integrating cultural and commercial spaces, promoting the renovation of underutilized venues, and expanding public access to waterfront areas [9][11]

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 电子 | 90.84 | 21.29 | 3.29 | 1.69 | 78.20 | | 医药生 物 | 69.06 | 7.50 | 2.53 | 1.35 | 13.82 | | 通信 | 27.75 | -6.28 | 1.59 | 1.32 | 13.04 | | 非银金 融 | 38.63 | -10.54 | 0.93 | 0.39 | 2.50 | | 纺织服 饰 | 22.41 | -6.95 | 3.18 | 0.82 | 1.63 | | 社会服 务 | 12.06 | -12.54 | 2.67 | 0.42 | 1.31 | | 公用事 业 | 37.74 | -4.83 | 0.95 | 0.06 | 1.15 | | 美容护 理 | 2.43 | -12.88 | 2.17 | 0.77 | 0.80 | | 食品饮 料 | 11. ...

Core Viewpoint - The A500 index shows positive performance with significant gains in constituent stocks, indicating a potential bullish trend in the market [1][4]. Market Performance - As of July 3, 2025, the A500 index increased by 0.29%, with notable gains from stocks such as Changchun High-tech (+9.24%), Pengding Holdings (+7.29%), and Yiling Pharmaceutical (+6.91%) [1]. - The A500 ETF managed by Harvest (159351) rose by 0.40% [1]. Liquidity and Trading Volume - The A500 ETF had a turnover rate of 4.79% and a trading volume of 767 million yuan [3]. - Over the past month, the average daily trading volume for the A500 ETF was 3.017 billion yuan [3]. - In the past week, the A500 ETF's scale increased by 319 million yuan, and its shares grew by 1.299 billion [3]. - In the last five trading days, there were net inflows on three days, totaling 709 million yuan [3]. Index Composition - As of June 30, 2025, the top ten weighted stocks in the A500 index accounted for 20.67% of the index, including Kweichow Moutai, CATL, and Ping An Insurance [3][6]. - The total number of A500 index funds has reached 120, with a total fundraising scale exceeding 216 billion yuan [3]. Market Outlook - According to Shenwan Hongyuan Securities, the third quarter of 2025 is expected to remain a high-level volatile market, with potential for a "slow bull" market in the upcoming period [4]. - The market is anticipated to enter a final phase before a significant upward movement in the fourth quarter of 2025, with improved supply-demand dynamics expected to enhance profitability starting in 2026 [4].

证券研究报告|固收研究报告 [Table_Date] 2025 年 07 月 02 日 [Table_Title] 下半年信用债怎么配 [Table_Title2] 2025 信用月报之六 [Table_Summary] 展望下半年，信用债投资重点把握三要素，一是资金面和利率走 势，二是信用债供需格局，三是品种性价比。 下半年，利率或延续震荡下行。资金面宽松+利率震荡的组合，信用 债票息价值凸显，有助于信用利差更长时间内维持低位。同时，由 于票息对估值波动的兜底作用弱化，信用债估值波动可能加大。 供需格局方面，供给端，产业债增量对冲城投债缩量，下半年信用 债整体供给或难放量，同时由于产业债发行利率整体低于城投债，较 高票息资产供给依旧稀缺。需求端，理财规模往往在季初 7月增幅较 大，而 8-12 月规模增幅转弱，配置需求随之回落。理财平滑净值手 段需在今年 12 月末整改 100%，或抑制其对超长久期品种（波动 大）、低评级中长久期品种（流动性弱）的需求。 配置节奏上，7 月供需格局对信用债比较有利，信用利差也还有小幅 压缩空间，8 月或是信用债逐步止盈的时机，尤其是低评级中长久 期、超长债品种，此时信用利差 ...

【导读】沪深北三大交易所6月30日新增受理41家IPO企业 见习记者 舍梨 A股IPO久违的"受理潮"又出现了。 6月30日，2025年上半年最后一天，沪深北三大交易所共新增受理41家IPO企业。其中，北交所受理了 32家公司的IPO，深交所受理了4家公司的IPO，上交所受理了5家公司的IPO，均为科创板项目。这也成 为今年以来受理数量最多的一天。 从单月来看，6月IPO新受理数量达到150家，占今年全年受理总数的85%，创下今年以来单月新高。截 至目前，2025年A股已受理177家企业，已超去年全年受理总数。 6月IPO受理迎来高峰 今年6月，沪深北三地交易所集中受理一批IPO企业，已超过前5个月的总和。据东方财富Choice数据统 计，6月共有150家IPO企业获得受理。相较来看，今年1月、3月、4月、5月新增受理IPO的数量分别为1 单、7单、3单、16单，合计27单。 若与去年同期相比，今年6月IPO受理数量同比增长456%，2024年6月仅27家IPO企业获受理。对于这一 变化，有投行人士表示，每年6月都是IPO受理高峰，今年受理增速较去年同期有所提升，但若对比历 史平均受理水平仍存在差距，应该说是 ...

今日(6月30日)A股共88只个股发生大宗交易，总成交10.66亿元，其中景旺电子、星华新材、金丹科技 成交额居前，成交额依次为1.89亿元、5888.89万元、5195.52万元。 成交价方面，共35只股票平价成交，3只股票溢价成交，50只股票折价成交；永泰能源、金自天正、伊 之密溢价率居前，溢价率依次为9.7%、8.47%、0.05%；国瑞科技、美联新材、ST纳川折价率居前，折 价率依次为31.64%、23.52%、21.37%。 机构专用席位买入额排名：景旺电子(6043.44万元)、伊之密(4032万元)、航新科技(2733.48万元)、德才 股份(2722.24万元)、拓尔思(1901.79万元)、华利集团(1424.45万元)、泛亚微透(1337.5万元)、青木科技 (1190.72万元)、国科军工(1036.6万元)、徕木股份(1006.06万元)、康鹏科技(778.39万元)、凯美特气(756 万元)、博创科技(658.11万元)、永达股份(654.72万元)、国瑞科技(563.39万元)、安硕信息(440.03万元)、 拉卡拉(437.25万元)、电声股份(406.13万元)、亚康股份(40 ...

智通财经APP获悉，标普500指数近期的强劲上涨背后，其估值的快速飙升已引发市场广泛关注与担 忧。自今年4月触及阶段性低点以来，该指数的前瞻市盈率从18倍跃升至22倍，创下过去三年半的高 点。这一水平不仅处于历史区间的上沿，更是在不到三个月时间内实现了近四个点的跃升，涨幅之快、 幅度之大，都在历史中极为罕见。 这一现象在统计学上被归类为"四西格玛事件"，意味着市盈率的变化已经超出了长期平均值的四个标准 差。在回溯至1990年的历史数据中，这样的估值急速上行情况发生的概率不足1%。根据经验，每当市 盈率短时间内大幅跳升，市场往往会迎来新的剧烈波动，可能是进一步的强劲上涨，也可能是泡沫破裂 前的最后冲刺。 不过，估值的快速上涨也带来了新的隐忧。历史上也曾出现过类似的估值暴涨情形，比如2009年和2020 年，当时市场正处于经济复苏初期，标普500市盈率迅速上升后的一年均录得超过13%甚至30%以上的 涨幅。但另一种情况同样值得警惕：在2001年5月，尽管市盈率也曾在短期内上涨四点，由于美国经济 已陷入衰退，标普500随后一年下跌了17%。问题的关键在于估值飙升发生的时间点，是在经济复苏初 期，还是在扩张周期尾声。 ...

证券研究报告 2025 年 6 月 27 日 星期五 【A 股市场大势研判】 市场全天冲高回落，创业板指领跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3448.45 | -0.22% | -7.52 | | | 深证成指 | 10343.48 | -0.48% | -50.25 | | | 沪深 300 | 3946.02 | -0.35% | -14.05 | | | 创业板 | 2114.43 | -0.66% | -13.97 | | | 科创 50 | 989.97 | -0.57% | -5.64 | | | 北证 50 | 1424.56 | -0.91% | -13.07 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 1.01% ...

Investment Chain - Since June, prices of copper, aluminum, lead, tin, and silver have increased. In May 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to 3.70%, while the decline in real estate development investment narrowed to -10.70%. The cumulative year-on-year growth rate of manufacturing fixed asset investment fell to 8.50%, and infrastructure investment decreased to 10.42% [4][8] - In June 2025, prices of copper, aluminum, lead, tin, and silver have risen, while prices of gold, zinc, and nickel have decreased. The price of thermal coal slightly decreased to 663 RMB/ton, and the price of coking coal also slightly declined. The average price of ordinary cement saw a minor decrease, while steel prices have risen [4][8] Consumption Chain - The cumulative year-on-year growth rate of social consumption has increased, with automobile sales showing a year-on-year growth rate of 11.15% in May 2025. The nominal year-on-year growth rate for May 2025 rebounded to 6.40%, and the cumulative nominal year-on-year growth rate rose to 5.00% [4][9] - The cumulative year-on-year growth rate of commercial housing sales area saw a larger decline, dropping to -3.62%. The retail sales of home appliances in May 2025 increased significantly, with a year-on-year growth rate of 56.98% [4][9] Export Chain - In May 2025, the year-on-year growth rate of export amounts to the United States, Japan, and ASEAN decreased, while the growth rate of exports to the European Union increased. The cumulative year-on-year growth rate of exports for toys, lamps, coke, coal, steel, ships, plastics, and auto parts rose, while the growth rates for agricultural products, furniture, refined oil, crude oil, and aluminum decreased [4][10] - The OECD leading indicator for the United States fell to 100.26 in May 2025. The electronic export amount's year-on-year growth rate increased to 21.17%, while the textile and clothing export amount's growth rate decreased to 1.98% [4][10] Price Chain - Oil prices have risen, with WTI reaching 64.37 USD/barrel on June 24, 2025. The price of PVC dropped to 4680 RMB/ton, and the prices of pure MDI and polymer MDI decreased to 17100 RMB/ton and 16200 RMB/ton, respectively [4][11] - The price of pork decreased to 14.45 RMB/kg on June 11, 2025, while cotton prices increased and sugar prices decreased. The increase in new credit in May 2025 reached 620 billion RMB, and the year-on-year growth rate of life insurance premium income rose to 1.15% [4][11]