每日市场观察 2025 年 9 月 5 日 周四市场调整幅度较大，成交额 2.58 万亿，比上一交易日增加约 1800 亿。行业多数下跌，商贸、银行、社会服务、纺织等行业小幅上涨，通 信、电子、军工、有色、计算机等行业跌幅居前。 分时图全天跌势较重。上午开盘重挫之后，下午多空双方数次争夺，多 次反弹未果，临近尾盘再度创出新低后，虽有反弹，但主要是权重银行 带动，跌幅居前的科技板块并无明显修复动作，显示筹码出清似乎并不 彻底。技术层面上，指数的短周期图形跌破颈线位，调整时间上似乎也 不够充分，短线仍需加以谨慎。 算力、半导体、有色、军工等高位板块集体重挫，出现本轮上涨以来的 首次共振式下跌。主线板块的重挫影响了资金心态的稳定性，导致初步 显现上涨的新能源板块也出现冲高回落。但当前市场一定程度上表现出 高低切换特征，部分资金似乎仍在围绕景气线索进行挖掘，比如储能和 锂电池。储能龙头二季度业绩增长幅度较大，风电头部公司亏损幅度缩 窄，固态电池新产线投产等，都对板块起到了催化作用。至于算力和半 导体等前科技板块，高位暴跌之后需等待后续的企稳信号，短线若有反 弹，还不宜贸然介入。 【市场回顾】 市场概况：9 月 4 日 ...

每日市场观察 2025 年 9 月 4 日 【今日关注】 周三沪指与深成指早盘小幅高开后稍作整理即逐级震荡回落；创业板指 则横向整理。截至收盘，沪指跌 1.16%，深成指跌 0.65%，创业板指数 涨 0.95%。板块方面，四代半导体、光伏设备、游戏、贵金属、生物制 品等涨幅居前；航天航空、船舶制造、小金属、证券、通信服务、多元 金融等调整。两市涨少跌多，其中上涨股票 788 只，下跌股票数量 439 5 只；沪深两市总成交金额超 2.36 万亿，环比明显萎缩。 本轮强势行情如果从 4 月 7 日开始计算，沪指最大涨幅已接近 28%，创 业板指数涨幅最高超过 69%，科创板指数涨幅最高也超过了 55%。可以 说短线涨幅巨大，部分资金有获利了结意愿。另外，沪指近期高点 388 8.60 点临近 1849-5178 点之间黄金分割位，股指在这个位置进行整理从 技术上讲也十分正常。当下股指的强势整理一方面使部分资金获利离场， 一方面吸引之前踏空的资金流入，有利于市场均衡发展、行稳致远。技 术上看，虽然小时级别技术指标处于低位，但日线指标仍然较高，投资 者可待市场企稳后选择强势股介入。 大浪淘沙，股指高位整理过程恰恰 ...

指数出现近 5 个交易日的第 2 次调整，但细节上与前次调整的不同之处 在于，上一次调整属于冲高回落，主线板块当中有不少个股仍然收涨， 而周二开盘后直接走弱，主线板块及个股悉数下跌明显。因而总体上， 周二调整的性质比上一次更为明显。市场在当前位置面临较为明显的阻 力。 盘中资金试图向机器人、固态电池要等其他行业转移，但整体看这种转 移并未形成体系。即便有所上涨的机器人板块，从涨停个股较少等现场 看，资金的动作也并非十分一致。总体而言市场主线行业的调整，造成 了在当前位置资金短线的兑现压力，并且这种压力较之前有所加大。 市场情绪在短线出现波动，对于多数的高位板块，应暂时规避观察。并 且在科技主线趋势较强的情况下，不宜臆测风格会向其他方向转变，耐 心等待主线板块的企稳信号。 【市场回顾】 市场概况：9 月 2 日，市场全天震荡调整，创业板指领跌。截至收盘， 沪指跌 0.45%，深成指跌 2.14%，创业板指跌 2.85%。 【资金面】 每日市场观察 2025 年 9 月 3 日 【今日关注】 周二市场明显调整，成交量 2.91 万亿，比上一交易日增加约 1300 亿。 行业多数下跌，银行、公用事业、家电等少数行业 ...

每日市场观察 2025 年 9 月 2 日 【市场回顾】 市场概况：9 月 1 日，市场全天震荡分化，创业板指领涨，沪指窄幅震 荡。截至收盘，沪指涨 0.46%，深成指涨 1.05%，创业板指涨 2.29%。 【资金面】 主力资金流向：9 月 1 日，上证净流入 91.55 亿元，深证净流入 94.94 亿元。行业板块方面，主力资金流入前三的板块为通信设备、化学制 药、计算机设备，主力资金流出排名前三的板块为软件开发、证券、 保险。 【消息面】 【今日关注】 周一市场收涨，成交额 2.78 万亿，比上一交易日小幅减少约 500 亿。 行业多数上涨，通信、综合、有色、医药、电子等行业涨幅居前。非银、 银行、家电等行业小幅下跌。 科技条线持续高涨，阿里公司的最新财报，再度强化了国内 AI 算力建 设和国产替代的预期，周一涨幅居前的通信、电子当中领涨个股大多与 此有关，当前 AI 相关的板块市值规模和成交规模已经非常巨大，但上 涨趋势却超常强势，再次说明趋势不会轻易改变。有色金属当中的大市 值龙头同样涨幅领先行业，以及医药行业短暂调整之后的快速修复，也 说明当前流动性充足背景下，多个行业均存在较好的布居机会。 美联 ...

Market Performance - On August 28, the market experienced a V-shaped rebound, with the Shanghai Composite Index rising by 1.14%, the Shenzhen Component Index by 2.25%, and the ChiNext Index by 3.82%[4] - On August 29, the index showed a V-shaped reversal with a trading volume of 3 trillion, a decrease of approximately 200 billion from the previous trading day[1] Sector Trends - Most sectors saw gains, with telecommunications, electronics, military, and computers leading the increases, while coal, agriculture, textiles, and food and beverage sectors experienced slight declines[1] - The leading AI chip stocks surpassed the leading liquor stocks in price, indicating a significant shift towards technology as a long-term market focus[1] Capital Flow - On August 28, the net capital outflow from the Shanghai Stock Exchange was 14.55 billion, while the Shenzhen Stock Exchange saw a net inflow of 33.13 billion[5] - The top three sectors for capital inflow were telecommunications equipment, semiconductors, and components, while the top three sectors for outflow were power, chemical pharmaceuticals, and liquor[5] Investment Insights - Following the new highs in AI chip stocks, the leading semiconductor foundries also reached new price highs, indicating a broadening of the tech market from AI to semiconductors[2] - The brokerage industry benefits from the high certainty in the market, suggesting that investors should consider positioning during pullbacks[2] Policy Developments - The "2025 China Top 500 Private Enterprises" report was released, with JD Group, Alibaba, and Hengli Group ranking in the top three[6] - Upcoming policies to promote service exports are expected to be announced, aimed at enhancing service supply capabilities and stimulating service consumption[7]

每日市场观察 2025 年 8 月 28 日 【今日关注】 周三指数冲高回落。成交额 3.2 万亿，比上一交易日增加约 5000 亿。 行业上，除通信上涨，其余行业全部下跌，地产、建材、纺织、医药、 非银等行业跌幅居前。 指数冲高午后快速回落，震荡幅度达数月以来的最大值，波动幅度明显 加大。指数 k 线连续两日出现上影线，周三的阴线实体对周二的上涨形 成吞噬，调整中的量能较大，技术上确认了当前位置市场面临较大阻力， 短线仍有震荡整理的要求。另一方面，前期指数快速上涨，均线系统向 上发散，所形成的强势格局并未因为短线的调整而改变。行业上，通信、 电子、计算机等科技行业是本轮市场上涨的主线，虽有调整，但观察到 市场调整中，银行、煤炭、地产等非科技板块表现更弱，因而科技引领 市场行情的风格应该不会轻易改变。 A 股中报披露进入最后期限，暂时规避非主线板块。继续聚焦科技主线， 逢低布局人工智能、半导体等板块当中有较强逻辑的个股。英伟达最新 财报即将披露，市场对此关注度较高。 【市场回顾】 市场概况：8 月 27 日，沪指跌 1.76%，深成指跌 1.43%，创业板指跌 0.69%。 务部还要出台扩大服务消费的若干政策 ...

每日市场观察 2025 年 8 月 27 日 【今日关注】 周二指数互有涨跌，成交额 2.71 万亿，比上一交易日减少约 4,700 亿。 行业涨跌各半，农业、化工、传媒等行业涨幅居前，医药、非银、钢铁、 军工、通信等行业跌幅居前。 中国 ETF 规模正式进入 5 万亿时代。最新数据显示，国内 ETF 规模达 到 5.07 万亿元，仅用 4 个月就完成了 4 万亿到 5 万亿的跨越，当前 ETF 基金数量为 1271 只。全市场 101 只 ETF 规模超百亿，6 只超千亿。 周二指数缩量调整，但幅度不大。从全天分时图看，盘中调整中有主动 性承接，但主动上推的力量有所弱化，在短期快速上涨获利盘较多情况 下，此种市场表现当属正常。行业方面，前期涨幅较大的创新药、军工、 半导体跌幅相对较大，主要系获利盘短期了结所致，但并未显示恐慌情 绪。农业、传媒、化工以及消费电子上涨具有低位补涨性质，虽然如此， 科技主线由于前期巨大的赚钱效应，尚不能断定市场主线会就此切换。 市场资金仍然充裕，需注意到近日人民币的表现强势，继续有助于外部 资金流向中国资产。 鉴于此前较大涨幅，整体市场短线仍可能延续震荡整理，操作上需规避 追涨动 ...

Market Overview - On August 25, the market saw significant gains, with the Shanghai Composite Index rising by 1.51%, the Shenzhen Component Index by 2.26%, and the ChiNext Index by 3%[2] - The total trading volume reached 3.18 trillion, an increase of approximately 600 billion compared to the previous trading day, marking the second-highest volume since September of the previous year[1][5] Sector Performance - All sectors experienced gains, with telecommunications, non-ferrous metals, real estate, and steel leading the way[1] - The technology sector, represented by telecommunications, electronics, and semiconductors, remains the main focus of market activity, attracting substantial capital inflows[1] Capital Flow - On August 25, net inflows into the Shanghai Stock Exchange amounted to 42.176 billion, while the Shenzhen Stock Exchange saw net inflows of 27.474 billion[3] - The top three sectors for capital inflows were telecommunications equipment, real estate development, and industrial metals, while semiconductors, optical electronics, and passenger vehicles saw the largest outflows[3] Industry Developments - The rapid advancement in satellite internet construction in China has led to the successful launch of 72 low-orbit satellites, with the issuance of satellite internet licenses expected soon[4] - In Hangzhou, the production of industrial robots increased by 110.1% year-on-year from January to July, indicating strong growth in the smart manufacturing sector[7] Fund Dynamics - Over 35 new technology-themed funds have been reported in August, reflecting a growing interest in the technology sector among public funds[11] - The public fund fee reform is progressing, focusing on restructuring management, trading, and sales fees, with a shift towards performance-based fee models expected to enhance alignment between fund managers and investors[13]

Market Overview - As of August 22, the Shanghai Composite Index rose by 1.45%, closing above 3800 points, while the ChiNext Index increased by 3.36%[2][3] - The market is experiencing a strong upward trend, with the weekly high reaching a nearly ten-year peak, indicating no significant signs of decline[1] Capital Flow - On August 22, net inflows into the Shanghai Stock Exchange were 765.67 billion yuan, and 604.72 billion yuan into the Shenzhen Stock Exchange[4] - The top three sectors for capital inflow were semiconductors, securities, and software development, while the sectors with the highest outflows included city commercial banks, medical devices, and traditional Chinese medicine[4] Industry Dynamics - The semiconductor, education, and computer sectors showed strong performance this week, suggesting ongoing market momentum[1] - Traditional sectors such as mining and brewing are recommended for short-term attention due to their lower recent gains, while previously high-performing sectors like pharmaceuticals and shipbuilding are showing signs of stagnation[1] Policy and Regulatory Updates - The upcoming Shanghai Cooperation Organization summit will take place from August 31 to September 1, marking China's fifth hosting of the event[5] - New regulations on rare earth mining and processing have been introduced, emphasizing total quantity control to align with national economic goals[6][7] - Over 13,000 new national standards have been released during the "14th Five-Year Plan" period, contributing to a total of over 47,000 standards[8] Fund Dynamics - The number of industry-themed ETFs exceeding 10 billion yuan has increased to 22, with total ETF assets reaching 4.85 trillion yuan[12] - In July, the newly registered private equity fund scale surpassed 100 billion yuan for the first time this year, totaling 1074.27 billion yuan, a 114.6% increase from June[14]

Market Overview - The market showed a fluctuating trend on August 21, with the Shanghai Composite Index rising by 0.13% and the Shenzhen Component Index falling by 0.06%[2] - Since early April, both markets have exhibited a moderate upward trend with increased trading volume, breaking new highs since the end of last year[1] Sector Performance - The digital economy sector, including network security, cross-border payments, and consumer electronics, performed well, while AI hardware and pharmaceuticals saw declines[1] - Energy, infrastructure, and traditional furniture sectors have lagged behind in year-to-date performance but showed strong gains in the last five days, indicating potential for catch-up growth[1] Fund Flow - On August 21, the Shanghai Stock Exchange experienced a net outflow of 4.453 billion yuan, while the Shenzhen Stock Exchange saw a net inflow of 3.947 billion yuan[4] Economic Indicators - China's total import and export value for the first seven months of the year reached 25.7 trillion yuan, a year-on-year increase of 3.5%, with exports growing by 7.3%[8] - In July, China's total electricity consumption surpassed 1 trillion kilowatt-hours for the first time, marking an 8.6% year-on-year increase[9] Investment Insights - A significant portion of private equity funds is focusing on technology growth sectors, with 42% of holdings in electronics, computers, and pharmaceuticals[14] - QDII funds have shown remarkable performance, with the highest returns exceeding 150% this year, making them the top-performing active equity funds in the market[15]