2025 年 06 月 29 日 行业研究 评级：推荐(维持) 研究所： | 证券分析师： | 李永磊 S0350521080004 | | --- | --- | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 陈云 S0350524070001 | | | cheny17@ghzq.com.cn | [Table_Title] 全球 7nm 及以下产能 2024-2028 CAGR 料达 14%， 我国光伏累计装机破 10 亿千瓦 ——化工新材料产业周报 最近一年走势 核心逻辑 新材料是化工行业未来发展的一个重要方向，正处于下游需求迅速 爆发阶段，随着政策支持与技术突破，国内新材料有望迎来加速成 长期。所谓"一代材料，一代产业"，新材料产业属于基石性产业， 是其他产业的物质基础。我们筛选了支撑人类社会发展的重要领域， 包括电子信息、新能源、生物技术、节能环保等，持续挖掘并追踪 处于上游核心供应链、研发能力较强、管理优异的新材料公司。 1）电子信息板块：重点关注半导体材料 ...

2025 年 06 月 29 日 电子 龙芯 3C6000 国产处理器发布，美光 Q3 业绩&指引超预期 龙芯 3C6000 处理器发布，自主可控再进阶 6 月 26 日，龙芯中科举行新品发布会，正式推出 3C6000/S/D/Q 系列 及 2K3000/3B6000M 的芯片和解决方案。经中国电子技术标准化研究 院测试，四路 3C6000/D 的 SPEC CPU 2017 多核定点分值达 547 分， 较上代提升 60%-110%，UnixBench 多线程性能翻倍，多核性能与国际 主流产品的代差已缩短至 4 年以内。该系列产品实现三大技术突破： 1）完成 5000 余条龙架构指令重构，规避 x86/ARM 专利壁垒；2）配 套 7A2000 独显桥片及国密算法加速模块，核心元器件国产化率达 100%；3）实现设计、制造、封装全流程国产化。多家客户同期发布 了基于新品的服务器及解决方案，标志着我国自主 CPU 技术取得重 要进展。 小米 AI 眼镜正式发布，重量更轻+待机更长 6 月 26 日小米发布 YU7、MIX Flip 2 等多款产品。其中，小米首款 AI 智能眼镜成为全场焦点，被雷军定义为"下一 ...

以下是2025年6月27日的财经热点整理，综合了政策、市场、产业及国际动态： --- 1. 普惠金融高质量发展 金融监管总局与央行联合发布《银行业保险业普惠金融高质量发展实施方案》，明确未来5年建成高质量综合普惠金融体系，重 点支持小微企业设备更新、技术改造及数字化转型的中长期贷款。 2. 消费品以旧换新资金落地 国家发改委宣布第三批消费品以旧换新资金将于7月下达，并制定分领域、分阶段的资金使用计划，保障政策全年有序实施。 3. 房地产政策持续宽松 2025年上半年全国超160省市出台楼市优化政策超340条，深圳楼市成交显著复苏，新房和二手房成交同比增长49.6%。 4. 绿色能源与江河保护 国务院发布江河保护治理意见，推进防洪水库建设、抽水蓄能电站布局及西南水电基地开发。 --- - 白酒市场稳定：茅台终端价格维持2000元/瓶以上，经销商挺价意愿强烈。 3. 低空经济与机器人 - 低空产业大会召开：第三届低空产业创新生态大会在苏州举行，聚焦无人机、eVTOL等技术应用。 - 人形机器人进展：宇树科技年营收超10亿元，预期1-2年内实现商用清洁、送物等功能。 1. 科技与国产替代 - 龙芯3C6000处理器 ...

Market Overview - On June 26, A-shares experienced a collective decline, with the Shanghai Composite Index down 0.22% to 3448.45 points, the Shenzhen Component Index down 0.48% to 10343.48 points, and the ChiNext Index down 0.66% to 2114.43 points [1][2] - The total market turnover was 162.31 billion yuan, a decrease of 16.3 billion yuan from the previous day, with over 3600 stocks declining [1] - In sector performance, tourism and hotels, digital currency, oil and gas extraction, and banking sectors saw gains, while innovative drugs, complete automobiles, and photolithography concept stocks faced declines [1] International Market - The U.S. stock market saw gains on June 26, with the Dow Jones Industrial Average up 404.41 points (0.94%) to 43386.84 points, the S&P 500 up 48.86 points (0.80%) to 6141.02 points, and the Nasdaq Composite up 194.36 points (0.97%) to 20167.91 points [2][4] - European stock indices showed mixed results, with the UK FTSE 100 up 16.85 points (0.19%) to 8735.60 points, the French CAC 40 down 0.85 points (0.01%) to 7557.31 points, and the German DAX up 150.97 points (0.64%) to 23649.30 points [3] Commodity Prices - International oil prices increased on June 26, with WTI crude oil up 32 cents (0.49%) to $65.24 per barrel and Brent crude oil up 5 cents (0.07%) to $67.73 per barrel [3][4] Key Developments - A new generation of domestically developed general-purpose processors, the Longxin 3C6000, was released in Beijing, featuring a self-designed instruction system and achieving the highest level of security certification [4] - The semiconductor industry in China is accelerating its domestic production, with a focus on AI computing chips, CPUs, and advanced semiconductor equipment, as external restrictions increase [5] - Xiaomi launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, achieving over 200,000 pre-orders within three minutes [6] - The Chinese government is advancing flood control infrastructure, including the construction of flood storage areas and enhancing the safety of existing reservoirs [7] Financial Sector Insights - The National Financial Supervision Administration and the People's Bank of China released a plan to establish a high-quality inclusive financial system over the next five years [7] - Tianfeng International Securities has upgraded its license to provide virtual asset trading services in Hong Kong, reflecting the growing interest in virtual assets [8] Institutional Perspectives - Fangzheng Securities suggests that after reaching new highs, sectors like brokerage, technology innovation, and the Hang Seng Tech Index may have short-term rebound opportunities [9] - CITIC Securities notes the growing demand for AI model training and inference, indicating a shift towards system-level solutions in AI computing [10] - Guotai Haitong predicts that the demand for inference computing power will reach 62.2% by 2026, highlighting liquid cooling and high-speed interconnect technologies as investment hotspots [10]