当日A股三大指数高开后走势分化，创业板表现显著强于沪指。沪深两市成交额2. 28万亿，较上一个交易日缩量2458亿，量能的萎缩 表明在市场当前位置，投资者观望情绪有所升温，追高意愿不足。 全市超330 0只个股下跌，仅1 9 16只个股上涨，板块之间轮动明显，市场赚钱效应主要集中在部分强势板块。 01 证监会出手了 近日，证监会对多家上市公司， ST东通、亿利洁能（现利能5）、ST广道、ST天圣、*ST新潮、*ST聆达等开出行政处罚，其高管等 被罚没上亿元。 趋势为主的游戏股今日再度爆发，星辉娱乐、完美世界涨停。 消息面上，江海证券研报指出，今年1 - 8月国家新闻出版署发布国产网络游戏版号同比增长23 .5 3%。 游戏版号的常态化发放体现监管 政策对于游戏产业发展的支持力度在持续加大。 具体来看，*ST东通、*ST广道、ST天圣、已退市的亿利洁能等多家公司均涉嫌财务造假，ST天圣还涉嫌未按期披露年报，*ST聆达 则存在隐瞒对外担保及关联方资金占用情况。 据证监会消息，*ST东通连续四年虚增收入和利润，拟对该上市公司罚款2 .2 9亿元，对7名责任人合计罚款4 40 0万元，对实际控制人采 取10年证券市场 ...

盘面上，市场热点轮番活跃，个股涨多跌少，全市场超4200只个股上涨。 一、盘面简述 市场全天持续走强，三大指数强势反弹，创业板指和深成指双双再创年内新高。沪深两市 成交额2.44万亿，较上一个交易日放量4596亿。 二、机构动向 今日机构参与度较昨日有所提升，净买卖额超1000万元个股共24只，净买入11只，净卖 出1 3只，其中净买入东山精密2.38亿、北方长龙1 . 0 2亿、三维通信5514万，净卖出海光 信息4.38亿、立讯精密4 . 2亿、天际股份1.07亿。 三、焦点公司 从板块来看，算力硬件板块全天走强，工业富联2连板创历史新高。卫星互联网概念股延 续强势，东方通信2连板。芯片概念股集体爆发，海光信息2 0 cm涨停。 下跌方面，影视院线概念股走势疲软，幸福蓝海大跌。板块方面，CPO、PCB、液冷服务 器等板块涨幅居前，贵金属、油气、旅游等板块跌幅居前。 ...

A股市场整体呈现 "沪强深弱、指数分化" 的震荡格局。 两市合计成交 沪深两市成交额1.98万亿，较上一个交易日缩量140 4亿。 持续 的地量水平反映出市场交投清淡，资金入场意愿不足。 盘面上，市场热点快速轮动，全市场上涨个股和下跌个股数量基本相当。 01 国家统计局公布重要数据 国家统计局发布8月CPI数据，可谓是"喜忧参半" 9月1 0日，国家统计局发布的数据显示，2025年8月份居民消费价格同比下降0.4%，环比持平。 同比来看，市下降0.3%，农村下降 0.6%；食品价格下降4 .3%，非食品价格上涨0.5%；消费品价格下降1.0%，服务价格上涨0.6%。1—8月平均，全国居民消费价格比上 年同期下降0.1%。 国家统计局城市司首席统计师董莉娟要是上年同期对比基数走高叠加本月食品价格涨幅低于季节性水平所致。随着扩内需促消费政策持 续显效，核心CPI同比涨幅连续第4个月扩大。本月扣除食品和能源价格的核心CPI同比上涨0.9%，涨幅比上月扩大0 .1个百分点。 食品价格是主要拖累， 同比大幅下降4.3%（特别是猪肉、鲜菜等），这是导致CPI同比转负的最主要原因。这反映了农产品供给充 足，但也部分说明了居 ...

主线结构切换的方向在哪 西部证券曹柳龙认为，当前市场回调后，此前跑赢的行业大概率会降速，前期涨幅偏慢的其 他主线则性价比更高。 当前成交额排名前1%的公司的成交额占比已经达到20%，历史经验显示：类似的高度拥挤 的交易结构出现， 往往预示着市场的重大切换，这种切换可能是大势的反转，也可能是主 线切换的信号。 本次大概率是后者，过程中大盘风格占优。 "高切低"也大概率不是个好选择，牛市早期往往是动量效应最强，更好的选择在于"高切次 高："高切低"往往会导致错过牛市初期的弹性，而前期涨幅偏慢的"次高"行业则"后来居 上"，如201 5年从非银、建筑切换至计算机、传媒等小盘成长、2 0 2 1年白酒抱团结束，行情 切向顺周期。 配置建议："算力主升浪"仍在，次高主线性价比更高，三条主线： 1、逆全球化下的"硬通货"（黄金/资源/银行/保险/公用事业）； 【产业追踪】 AI+广告丨上海开启第一轮补贴，面向AI广告/营销Age nt 上海市市场监管局印发《上海市支持人工智能赋能广告业创新发展的若干措施》，其中提 出，支持"AI+数字广告"智能体研发。 政策鼓励自然语言模型、视觉模型、多模态模型等基础模型在广告业创新应用 ...

渣打银行作为国际顶级投行，其预测调整向来具有风向标意义。 市场全天震荡分化，三大指数涨跌不一，上证指数和深证成指震荡上行，而创业板指表现相对较弱，盘中一度跌幅超过2 .5%，午后跌 幅有所收窄。沪深两市成交额2 .42万亿，较上一个交易日放量114 1亿。全天超过3900只个股上涨。 市场内部分化依旧显著，短期市场对机构抱团股的走向以及风格切换的趋势关注度持续攀升。不过，市场成交额依旧保持高位， 说明 资金从此前热点撤离后并未离场，而是快速寻找新的投资方向，市场"高低切"特征愈发明显。 01 美联储下周降息50个基点？ 渣打银行最新报告突然调整对美联储的降息预期， 将9月降息幅度从2 5个基点大幅上调至50个基点。 这一预测远超当前市场共识，瞬 间点燃全球风险资产的做多情绪。 9月降息几乎已成共识，而爆冷的非农数据强化美联储降息预期。若降息50个基点成真，将是美联储自2 020年3月以来最大单次降息幅 度， 可能引发全球资本重新配置。 值得注意的是，国投证券也表示，在一轮大牛市中，在大盘指数加速走高或者结构性过热时候，多会发生波动。同时，也会发生阶段 性风格切换，边际增量资金的属性和偏好决定大牛市的阶段性主线 ...

下跌方面，算力硬件、芯片股集体大跌，新易盛等多股跌超10%。板块方面，零售、食 品、造纸、光伏等板块涨幅居前，CPO、半导体、元件、军工等板块跌幅居前。 机构动向 今日机构参与度较昨日小幅上升，净买卖额超1000万元个股共26只，净买入8只，净卖出 1 8只，其中净买入天孚通信6 .23亿、新易盛4.09亿、科新机电1.04亿，，净卖出数据港 1 . 7 6亿、沪电股份1 . 2 9亿、上能电气1.02亿。 市 场 全 天 震 荡 走 低 ， 创 业 板 指 领 跌 ， 科 创 50 指 数 跌 超 6% 。 沪 深 两 市 全 天 成 交 额 2.54 万 亿，较上个交易日放量1 8 0 2亿。 盘面上，市场热点较为杂乱，个股跌多涨少，全市场近3 0 0 0只个股下跌。从板块来看， 大消费股逆势走强，步步高等多股涨停。银行股探底回升，农业银行再创历史新高。光 伏、储能概念股一度冲高，安彩高科涨停。 焦点公司 ...

9月3日A股市场震荡分化，沪指盘中一度失守3 800点，创业板指在部分权重科技股的带动下盘中一度翻红。市场风格呈现出一定的"深 强沪弱"特征。 市场整体情绪趋于谨慎，但结构性机会依然存在。 01 市场为何调整? 摩根资产管理称， 近期大市值科技龙头股推动指数快速冲高，市场短期进入高位震荡阶段 ，行业轮动加速，波动幅度有所扩大。"当 前调整更 多体现为节奏性控制，高低切换与行业轮动有助于拓展市场主线宽度，推动市场整体更稳健运行。 " 华夏基金也表示，长达数月上涨的巨大涨幅， 极度活跃的市场行情积累了非常多的获利资金，也隐含了一定风险 。 不少投资者获利卖 出导致指数下挫，本质上是市场的均值回归。 摩根士丹利首席中国经济学家邢自强团队认为，存款搬家、监管态度与投资者对政策的期待是当前A股市场面临的三大核心议题。 首先， 理论上存在6万亿元至7万亿元人民币的超额定期存款可供重配 ， 但资金大规模流入股市仍需依赖市场动能持续和基本面改 善。存款转移进程目前仅现初步迹象。 其次， 监管层仍承诺资本市场长期健康发展 ，重点推进"新一轮资本市场改革开放，聚焦投融资功能"。这意味着将继续为长期投资提 供适当激励，而非简单的政 ...

Group 1 - The core viewpoint of Yushu Technology is to submit an IPO application between October and December 2025, with operational data to be disclosed at that time [1] - In 2024, the sales distribution of Yushu Technology's products is projected to be approximately 65% for quadruped robots, 30% for humanoid robots, and 5% for component products [1] - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are applied in industrial fields such as inspection and firefighting [1] Group 2 - Yushu Technology recently unveiled a new humanoid robot with a height of 1.8 meters and 31 degrees of freedom, indicating significant advancements in their humanoid robot technology [2] - The latest humanoid robot, R1, was launched on July 25, with a starting price of 39,900 yuan and features 26 joints and a weight of approximately 25 kilograms, showcasing industry-leading specifications [2] - The release of the new humanoid robot is seen as a continuation of Yushu Technology's innovation in the humanoid robot sector, building on the success of previous models [2] Group 3 - The humanoid robot industry is entering a phase of "hundred flowers bloom, a hundred schools of thought contend," with increased participation from domestic and international players [3] - Major companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group are intensifying their investments in embodied intelligence, while international firms like Tesla and 1X are accelerating commercialization efforts [3] - The emergence of AI companies is driving the development of general-purpose robotic models, facilitating advancements in humanoid robots [3] Group 4 - The humanoid robot industry is at a critical juncture for technological breakthroughs and commercialization, with a focus on domestic component manufacturers benefiting from the industry's growth [4] - Cost remains a significant barrier to the widespread adoption of humanoid robots, but domestic core components are becoming competitive in performance and cost on a global scale [4] - The 2025 World Robot Conference indicates that domestic core components are ready for large-scale application, suggesting investment opportunities in high-quality domestic component companies [4]

Core Viewpoint - The A-share market has shown signs of recovery with a strong performance in the ChiNext index, while the large financial sector has negatively impacted the Shanghai Composite Index, indicating a structural divergence within the market [1][2]. Group 1: Regulatory Insights - The China Securities Regulatory Commission (CSRC) has emphasized the importance of the "14th Five-Year Plan" and the implementation of various policies that have positively influenced market stability and investor confidence [3][5]. - Suggestions for the "15th Five-Year Plan" include enhancing the multi-tiered capital market system, improving the quality of listed companies, and promoting long-term capital inflows [4][6]. Group 2: Market Dynamics - Central Huijin has significantly increased its holdings in stock ETFs, reaching a market value of 1.28 trillion yuan, which has bolstered market confidence [7][8]. - The trend of passive investment through index funds and ETFs is becoming mainstream, leading to a concentration of capital in companies included in major indices, while those not included may face marginalization [11]. Group 3: Investment Opportunities - The upcoming market focus is expected to shift towards policy-driven and event-driven opportunities, with three main themes identified: 1. Consumer recovery, particularly in tourism and home appliances, driven by upcoming holidays and supportive policies [12]. 2. Technological innovation, especially in semiconductor domestic substitution and AI applications [13]. 3. Beneficiaries of policy support and industry recovery, such as infrastructure and hydrogen energy sectors [13]. - Companies demonstrating genuine technological breakthroughs and performance delivery should be prioritized for investment, rather than speculative plays [14].

Market Overview - The A-share market experienced significant fluctuations, with the Sci-Tech 50 index rising over 4% at one point but ultimately closing down, except for a slight increase in the Sci-Tech 50 index [1] - The market's trading volume reached 3.19 trillion yuan, marking the third-highest trading volume in A-share history, following a drop from 3.14 trillion yuan to 2.68 trillion yuan [1] - Despite 2,800 stocks rising, a structural opportunity is emerging within the market [1] Market Dynamics - A broad market decline occurred, affecting both leading sectors like AI and optical modules, as well as lower-performing sectors, shifting from a structural bull market to a general downturn [2] - Analysts noted significant risks associated with long-term bonds [3] - Recent substantial gains in the A-share market have led to signs of overheating, prompting some funds to take profits and increasing the volatility between bulls and bears [4] Institutional Insights - Most institutions believe that a slower pace could lead to longer-term gains, suggesting that the market may continue to experience fluctuations before rising again [5] - CITIC Securities indicated that the REITs market has reached a turning point, anticipating stabilization and potential new highs within the year [6] Investment Focus Areas AI+ - The "Artificial Intelligence+" policy from the State Council is expected to catalyze growth, with Huawei's AI SSD technology launch serving as a significant event [7] - The policy outlines three key phases for AI integration across various sectors, with specific goals set for 2027, 2030, and 2035 [8] Rare Earths and Strategic Resources - Ongoing reforms in the rare earth sector are being reinforced by new regulations from the Ministry of Industry and Information Technology, which include total quantity control for imported minerals [10] Domestic Operating Systems - The Galaxy Kirin operating system has been deployed in over 16 million sets and has played a crucial role in major national projects, maintaining a strong presence in the government sector [11]