投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃腺括圆膏话。 免责声明 今日申 ... 今日上 ... 0 今日中签缴 .. 1 今日无新股新债 ...

编者荐语： 本周A股市场机器人板块表现活跃。消息面上，宇树科技披露上市计划，并披露营收结构与未来业务展望。同时国内智元等头部机器人公司加速资本化， 小米、赛力斯等主机厂或发布人形机器人新品。 以下文章来源于申万宏源证券上海分公司 ，作者王臻斌 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 本周 A股市场机器人板块表现活跃。 消息面上， 宇树科技披露上市计划 ， 并披露营收结构与未来业务展望 。 同时国内 智元等头部机器 人 公司 加速资本化，小米、赛力斯等主机厂或发布人形机器人新品 。 特斯拉 近期 在其官方账号上发布 "宏图计划第四篇章" ， 并且 开 通 Tesla AI官方微博，展示人形机器人 图 文 。 市场预计特斯拉将 从电动汽车和能源全面转向人工智能和机器人领域 ， 特斯拉 人形机 器人量产预期得以维持 。 在对 机器人板块中长期发展 趋势看好的背景下，短期消息面刺激使本周初 相关上市公司股价表现活跃 。 近阶段市场 另一亮点是 固态电池 板块。固态电池 行业 近期海内外多家巨头的技术路线逐渐清晰。在行业政策 ...

Core Viewpoint - The A-share market is experiencing a narrow range of fluctuations, with technology remaining the main focus, but there is a high-low switch within the sector [1][2] Market Overview - The A-share market has shown a significant slowdown since September, but opportunities in low-position sectors are emerging, which is beneficial for maintaining a long-term slow bull market [1] - After a brief correction in early September, the market has returned to an upward trend, although the pace of growth has slowed compared to August [1] - The Shanghai Composite Index has surpassed its previous high of 3731 points from 2021, indicating a potential for other lagging indices like CSI 300 and ChiNext to catch up [2] Sector Analysis - In September, the technology sector may experience some differentiation, with low-position sectors like robotics, new energy, and military industry expected to see a rebound [3] - The trend towards domestic production of semiconductors continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is anticipated to see a recovery in orders by 2025, with many sub-sectors showing signs of bottoming out in their mid-year performance [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [3] - The banking sector is witnessing a rebound in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors [3] Market Performance - The market has shown a narrow range of fluctuations, with the robotics sector leading the gains, replacing computing hardware as the top-performing segment [4] - The technology growth indices like STAR Market and ChiNext continue to lead the market, with over 3600 stocks rising on the day [4] - Leading sectors include computers, machinery, retail, automotive, and textiles, while lagging sectors include agriculture, banking, non-ferrous metals, military, and food and beverage [4]

Core Viewpoint - The article emphasizes the importance of developing regional comparative advantages through four key aspects: location advantages, institutional advantages, market advantages, and brand advantages, which are essential for high-quality economic development during the "14th Five-Year Plan" period [6][31]. Group 1: Location Advantages - Location advantages have evolved significantly with the rise of the flow economy, necessitating cities to leverage urban clusters and innovate development paths along coastal, border, river, and belt areas [7][10]. - Cities should integrate their development into urban clusters, aligning local plans with regional strategies to enhance connectivity and fill functional gaps left by core cities [8][9]. - The concept of location advantages should shift from traditional geographical perspectives to focus on flow economy opportunities, assessing the ability to attract people, goods, capital, and data [10][11]. Group 2: Institutional Advantages - Institutional advantages are crucial for enhancing regional competitiveness, focusing on creating a market-oriented, rule-of-law, and international business environment [12]. - There is a need for substantial improvements in the business environment, emphasizing real cost reductions for enterprises and fostering a culture of integrity and legal compliance [13][14]. - Local governments should adapt to the digital economy by enhancing digital governance and streamlining processes to reduce bureaucratic burdens on businesses [15][16]. Group 3: Market Advantages - Market advantages are vital for activating regional economic momentum, with a focus on expanding consumption markets and enhancing the efficiency of resource allocation [19][20]. - Local plans should prioritize the expansion of consumption markets, leveraging digital networks to connect urban and rural areas effectively [20][21]. - There is a call for further market-oriented reforms to optimize the utilization of traditional and new factors of production, including land and data [22][23]. Group 4: Brand Advantages - City branding is essential for enhancing urban attractiveness and should be systematically developed to reflect unique local values and cultural heritage [26][27]. - Local governments are encouraged to create distinctive city brands by leveraging cultural assets and integrating them with industrial characteristics [28][29]. - Continuous efforts in brand promotion and management are necessary to transform temporary popularity into lasting brand equity [30][31].

Group 1 - The article emphasizes the importance of being vigilant against "high commission" part-time job scams, which can be a front for money laundering activities [2] - It advises against lending or selling bank cards, as this can facilitate illegal financial transactions [2] - The article warns about large transfers and the potential risks associated with them, suggesting that individuals should be cautious with significant amounts of money being moved [4] Group 2 - The article highlights the hidden money laundering schemes associated with "virtual currencies," indicating that these can be used to obscure the origins of illicit funds [4]

Core Viewpoint - The article emphasizes the importance of rational investment decisions during market fluctuations and advocates for systematic investment plans, specifically fund regular investment (fund定投), as a strategy to mitigate emotional decision-making and enhance long-term returns [2][3]. Summary by Sections Market Overview - Since early 2022, the Shanghai Composite Index has declined from over 3600 points to around 3200 points, experiencing significant adjustments influenced by external factors [2]. - Many newly launched equity funds from the previous year are currently facing losses due to market volatility [2]. Fund Regular Investment (定投) - Fund regular investment allows investors to avoid the pitfalls of emotional trading, such as chasing highs and selling during lows, by investing fixed amounts at regular intervals [3]. - This strategy helps in accumulating more shares when prices are low, thus potentially increasing returns when the market rebounds [4]. Benefits of Fund Regular Investment - Fund regular investment can effectively smooth out investment costs and diversify risks. For example, if a fund's net value fluctuates from 1 yuan to 0.5 yuan and back, consistent investment can yield a return rate exceeding 30% compared to a one-time investment [4]. - The strategy also minimizes the impact of market downturns, as the net value drop for regular investors is less severe than for those who invest a lump sum [4]. Participation in Fund Regular Investment - Fund regular investment is suitable for both novice investors and busy professionals, allowing for automated investment plans through brokerage platforms [5]. - Investors can set up and modify their investment plans easily, making it a flexible option for managing investments [5]. Considerations - While fund regular investment has many advantages, it is not equivalent to fixed deposits, and investors still face various risks associated with fund investments [6]. - The success of this investment strategy depends on the choice of funds, market performance, and investment duration, necessitating a realistic expectation of risks and returns [6].

Core Viewpoint - The current PE valuations of various industries are at historically high levels, indicating potential investment risks, particularly in coal, automotive, steel, media, retail, electronics, computing, and real estate sectors [1][7]. Valuation Levels - The current Buffett Indicator for A-shares is at 87.14%, which is considered relatively high and above the safe zone [5][25]. - Major broad market indices have PE valuations (TTM) exceeding 20%, with the following percentile levels: - CSI 300 at 85.15% - SSE 50 at 90.79% - SSE Composite at 97.37% - NEEQ 50 at 99.39% - STAR 50 at 99.78% - CSI A100 at 99.92% [6][12]. Industry-Specific Valuations - Within the Shenwan first-level industry indices, the PE valuations for food and beverage, and agriculture, forestry, animal husbandry, and fishery are below the 20th percentile of the past decade, at 12.01% and 14.32% respectively, indicating potential investment opportunities [7]. - The PE valuations for coal, automotive, steel, media, retail, electronics, computing, and real estate are at the following historical percentiles: - Coal: 80.06% - Automotive: 81.76% - Steel: 82.81% - Media: 84.16% - Retail: 90.11% - Electronics: 92.84% - Computing: 97.82% - Real Estate: 100.00% [1][7]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 621,551.02 billion, with an average PE ratio of 15.78 [21]. - In Shenzhen, the total market capitalization is around 416,680.98 billion, with an average PE ratio of 30.65 [22].

Core Viewpoint - The article emphasizes the importance of promoting market-oriented reforms for factors of production during the 14th Five-Year Plan period, tailored to local conditions [2] Group 1: Policy Initiatives - The government will focus on implementing reforms that enhance the efficiency of factor markets, including land, labor, capital, and technology [2] - Local governments are encouraged to adopt flexible and innovative approaches to facilitate these reforms [2] Group 2: Economic Implications - The article suggests that these reforms are expected to boost economic growth by improving resource allocation and productivity [2] - The emphasis on localized strategies indicates a shift towards more adaptive economic policies that consider regional differences [2]

投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 免责声明 今日上... 今日申 .. 2 今日中签缴... 股 建发致新 301584 网 创 7.05 发行/行业市盈率 13.29/25.73 申购上限 1万股 发行价(元) 殿 锦华新材 920015 团 18.15 发行/行业市盈率 11.95/27.57 申购上限 155.16万股 发行价(元) 今日无新债 ...

Core Viewpoint - The current PE valuations of various industries are at historically high levels, indicating potential investment risks, particularly in coal, automotive, steel, media, retail, electronics, computing, and real estate sectors [1][7]. Valuation Levels - The current Buffett Indicator for A-shares is at 87.14%, which is considered relatively high and above the safe zone [5][25]. - Major broad market indices have PE valuations (TTM) exceeding 20%, with specific indices like CSI 300, SSE 50, and others at percentile levels of 85.15%, 90.79%, 97.37%, and above, suggesting high valuation risks [6][12]. Industry-Specific Valuations - The PE valuations for the food and beverage, and agriculture sectors are below the 20th percentile of their historical levels, at 12.01% and 14.32% respectively, indicating potential investment opportunities [7]. - The PE valuations for coal, automotive, steel, media, retail, electronics, computing, and real estate are at 80.06%, 81.76%, 82.81%, 84.16%, 90.11%, 92.84%, 97.82%, and 100.00% percentiles respectively, highlighting significant investment risks in these sectors [1][7]. Market Overview - The total market capitalization of listed companies in Shanghai is approximately 621.55 billion, with an average PE ratio of 15.78 [21]. - In Shenzhen, the total market capitalization is around 416.68 billion, with an average PE ratio of 30.65 [22]. Industry Valuation Levels - The PE valuation levels for various industries show significant variation, with agriculture at 14.95, basic chemicals at 12.52, and steel at 5.69, while sectors like media and computing are at 19.49 and 34.65 respectively [35][39]. - The PB valuation levels also vary, with agriculture at 2.02, basic chemicals at 1.41, and steel at 0.73, indicating differing levels of valuation across sectors [39][41].