证券研究报告 9[Table_Title] 每日复盘 风格上看，各指数涨跌幅排序为：0>周期>稳定>金融>成长>消费；中盘 价值>大盘价值>中盘成长>小盘价值>大盘成长>小盘成长；中证全指表现优 于基金重仓股。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：石油石化 （1.06%），电力及公用事业（0.40%），钢铁（0.38%）；表现相对靠后的是： 计算机（-3.51%），传媒（-2.74%），电子（-2.65%）。概念板块方面，多数 概念板块下跌，大豆、摘帽、草甘膦等板块上涨；同花顺果指数、AI PC、中 国 AI 50 等大幅走低。 资金筹码方面，主力资金 9 月 26 日净流出 835.79 亿元。其中超大单净 流出 572.35 亿元，大单净流出 263.43 亿元，中单资金净流入 13.28 亿元， 小单持续净流入 822.51 亿元。 9 月 26 日，上证 50、沪深 300、中证 500 以及中证 1000 等 ETF 大部分 成交额较上一交易日减少。华夏上证 50ETF、华泰柏瑞沪深 300ETF、嘉实沪 深 300ETF、易方达沪深 300ETF、南方中证 500ETF、南方 ...

Market Performance - On September 25, 2025, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58%[2] - The total market turnover was 23,917.64 billion yuan, an increase of 446.17 billion yuan from the previous trading day[2] - A total of 1,474 stocks rose, while 3,879 stocks fell across the market[2] Sector and Style Analysis - The top-performing sectors included Communication (up 2.21%), Media (up 2.05%), and Power Equipment & New Energy (up 1.77%)[19] - The worst-performing sectors were Home Appliances (down 1.30%), Textiles & Apparel (down 1.19%), and Agriculture, Forestry, Animal Husbandry & Fishery (down 1.14%)[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On September 25, 2025, the net outflow of main funds was 287.78 billion yuan, with large orders contributing to a net outflow of 232.40 billion yuan[23] - Small orders saw a continuous net inflow of 364.71 billion yuan[23] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -7.58 billion yuan and -10.42 billion yuan respectively[28] - The total trading volume for the major ETFs was as follows: Huaxia SSE 50 ETF (17.21 billion yuan), Huatai-PB CSI 300 ETF (36.14 billion yuan), and others[28] Global Market Overview - On September 25, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.13% and the Nikkei 225 Index up 0.27%[32] - European indices also had mixed performances, with the DAX Index up 0.23% and the CAC 40 Index down 0.57%[33]

na[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 09 月 24 日 [Table_Title] 出口稳步增长，低空政策频发 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 9 月 15 日至 9 月 19 日，上证综指上涨-1.30%，深证成指上 涨 1.14%，创业板指上涨 2.34%。其中申万机械设备上涨 2.23%，相 较沪深 300 指数跑赢 2.67pct，在 31 个申万一级行业中排名第 5。细 分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动化 设备分别涨 1.56%/1.14%/-1.56%/6.10%/2.93%。 重点板块跟踪 低空经济板块：9 月 17 日，香港政府网站发布《行政长官 2025 年施 政报告》。其中，明确提出打造"具竞争力的低空经济生态圈"，完善 民航法例及规管框架，推动核心基建设施建设，同时探索跨境航线和 载人飞行应用，配套开发保险产品与创科企业引入。东莞印发《东莞 市支持低空经济高质量发展的若干措施》，从基础设施、示范航线、整 机及零部件制造、适航取证到金融保险和国 ...

Investment Rating - The report maintains a "Buy" rating for the energy and new energy sectors, indicating a positive outlook for the industry [7]. Core Insights - The report highlights the opening of policy windows and the upgrade of domestic manufacturing in the power equipment and new energy sectors, suggesting a favorable environment for investment [2]. - The photovoltaic industry is undergoing a "de-involution" movement, which has reached the highest strategic level in the country, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The wind power industry is experiencing sustained high prosperity, with a reasonable supply-demand structure and good profitability for enterprises [4]. Weekly Market Review - From September 15 to September 19, 2025, the Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Power Equipment Index rose by 3.07%, outperforming the CSI 300 by 3.51 percentage points [12]. - Among sub-sectors, photovoltaic equipment decreased by 0.84%, wind power equipment increased by 5.26%, battery equipment rose by 5.56%, and grid equipment increased by 2.06% [12]. Key Sector Tracking - The report notes a significant increase in the bidding prices for wind turbine models, with the lowest bid price for 5 MW units rising from 1,157 RMB/kW in 2024 to approximately 1,700 RMB/kW in the first half of this year. This trend indicates that all models' bidding prices are now above their minimum cost prices, effectively curbing the industry's vicious low-price competition [3][21][22]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha. Companies to watch include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - In the wind power sector, the report recommends focusing on companies like Goldwind Technology and Yunda Co., as well as cable manufacturers like Orient Cable and Zhongtian Technology [4]. - The new energy vehicle sector is experiencing rapid growth, with a recommendation to prioritize companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [5]. Industry Price Data - The report provides insights into the price trends of key materials in the industry, including silicon material prices, which have shown significant fluctuations, indicating a dynamic market environment [33][35].

Market Performance - On September 23, 2025, the A-share market showed signs of recovery in the afternoon, with the Shanghai Composite Index closing down by 0.18% at 3,821.83 points[2][13] - The Shenzhen Component Index fell by 0.29% to 13,119.82 points, while the ChiNext Index rose by 0.21% to 3,114.55 points[2][13] - The total market turnover reached 25,184.66 billion yuan, an increase of 3,760.10 billion yuan compared to the previous trading day[2][13] Sector and Style Analysis - Among the 30 CITIC first-level industries, the banking sector performed relatively well with a gain of 1.55%, while consumer services saw a decline of 3.86%[2][18] - The performance ranking of market styles showed that large-cap value stocks outperformed large-cap growth stocks, with the overall performance of the CSI All Share Index exceeding that of fund-heavy stocks[2][18] Capital Flow - On September 23, 2025, the net outflow of main funds was 996.85 billion yuan, with large orders contributing to a net outflow of 625.67 billion yuan[3][22] - Small orders continued to see a net inflow of 965.31 billion yuan, indicating a shift in investor sentiment towards smaller stocks[3][22] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +14.45 billion yuan and +19.63 billion yuan respectively[3][27] - The trading volume for the SSE 50 ETF reached 33.74 billion yuan, while the CSI 300 ETF reached 48.60 billion yuan on the same day[3][27] Global Market Overview - On September 23, 2025, the Hang Seng Index fell by 0.70% to 26,344.14 points, while the S&P/ASX 200 Index in Australia rose by 0.40% to 8,845.90 points[4][30] - The US stock market saw the Dow Jones Industrial Average increase by 0.14% to 46,381.54 points, and the Nasdaq Composite Index rose by 0.70% to 22,788.98 points[5][30]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, indicating a positive outlook due to sustained high demand driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the telecommunications sector shows resilience, with the industry index rising by 0.52% during the week of September 15-21, 2025, while the Shanghai Composite Index fell by 1.30% [2][12]. - The report highlights that the telecommunications cable and supporting sectors experienced the highest increase, with a rise of 5.77%, while the telecommunications application value-added services saw the largest decline at 2.01% [2][14]. - Notable individual stock performances include Dekeli with a 59.09% increase, followed by Online and Offline at 50.59%, and Changfei Optical Fiber at 35.07% [2][16]. Summary by Sections Market Overview - The telecommunications sector's index increased by 0.52% during the specified week, contrasting with the broader market trends where the Shanghai Composite Index decreased [2][12]. - The telecommunications cable and supporting sector led the gains with a 5.77% increase, while telecommunications application value-added services faced a decline of 2.01% [2][14]. Key Developments - The successful launch of a satellite internet technology test satellite on September 16, 2025, marks a significant advancement in satellite networking capabilities [2][18]. - Huawei's announcement of the "Intelligent World 2035" report predicts a tenfold increase in total computing power by 2035, emphasizing the transformative potential of AI and communication technologies [2][21]. Company Announcements - Key announcements from telecommunications companies during the week include dividend declarations and stock reduction activities, reflecting ongoing corporate governance and shareholder engagement [2][25]. - Upcoming announcements for the following week include stock incentive plans and the release of restricted shares, indicating active corporate actions within the sector [2][25].

Market Performance - On September 22, 2025, all three major A-share indices rose, with the Shanghai Composite Index increasing by 0.22%, the Shenzhen Component Index by 0.67%, and the ChiNext Index by 0.55%[15] - The total market turnover was 21,424.56 billion yuan, a decrease of 2,069.49 billion yuan from the previous trading day[15] - A total of 2,175 stocks rose while 3,153 stocks fell across the market[15] Sector and Style Analysis - The top-performing sectors included Electronics (3.48%), Computers (2.26%), and Non-ferrous Metals (0.98%), while Consumer Services (-2.02%), Food and Beverage (-1.20%), and Construction (-1.09%) lagged behind[20] - In terms of investment style, the ranking was: Growth > Cyclical > Defensive > Financial > Consumer[20] Capital Flow - On September 22, 2025, the net outflow of main funds was 188.92 billion yuan, with large orders seeing a net outflow of 180.71 billion yuan and small orders experiencing a net inflow of 288.20 billion yuan[24] - Southbound funds recorded a net inflow of 127.37 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 81.54 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 45.83 billion HKD[26] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -0.70 billion yuan and -4.73 billion yuan respectively[28] - The net inflow for the CSI 500 ETF was 8.87 billion yuan on September 19, indicating a preference for mid-cap stocks[28] Global Market Overview - On September 22, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.76% and the Nikkei 225 up 0.99%[31] - European indices generally declined, with the DAX down 0.15% and the FTSE 100 down 0.12%, while US indices saw gains, with the Dow Jones up 0.37%[32]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][9]. Core Insights - The media industry saw a weekly increase of 0.92%, ranking 8th among industries, while the Shanghai Composite Index fell by 1.30% [12][19]. - Notable performers in the media sector included Xinghui Entertainment, Perfect World, and Mango Super Media, with significant weekly gains [19]. - The report highlights the growth of AI applications, with native AI software users reaching 277 million in August 2025, and Byte's Doubao surpassing Deepseek in monthly active users [23][24]. - The gaming segment is thriving, with the game "Delta Force" achieving over 30 million daily active users and topping the iOS sales chart [27][28]. - The film industry reported a total box office of 831 million yuan for the week, with the film "731" leading the box office [32][33]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.92%, outperforming the Shanghai Composite Index, which fell by 1.30% [12][19]. - The gaming sector saw a 3.51% increase, while advertising and publishing sectors faced declines [15]. Key Industry Data - AI applications reported a user base of 277 million, with significant growth in Tencent's products [23][24]. - The iOS game sales chart was led by "Delta Force," followed by "Honor of Kings" and "Peacekeeper Elite" [27][28]. - The total box office for the week was 831 million yuan, with "731" accounting for 69.7% of the total [32][33]. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [37]. - Specific companies highlighted for investment include Giant Network, Perfect World, and Mango Super Media [37].

Market Overview - Macro growth factors continue to rise, while inflation indicators show weakening rebound; the US economic surprise index has retreated from highs, indicating marginal weakening of economic momentum[4] - The Federal Reserve's interest rate cut has driven the Nasdaq (+2.21%) and Hang Seng Tech (+5.09%) to lead gains, while A-shares show structural divergence with the ChiNext Index (+2.34%) benefiting from tech growth, and the Shanghai Composite Index (-1.30%) experiencing significant adjustment[4] Asset Allocation Recommendations - Bonds: Favor high-grade credit bonds with flexible duration adjustments; focus on bank and insurance allocation trends[5] - Overseas equities: US economic data has exceeded expectations, suggesting limited short-term dollar rebound potential; recommend focusing on interest rate-sensitive sectors[5] - Gold: Precious metals are core allocations during the rate cut cycle; suggest increasing exposure to gold/silver due to dual drivers of rate cuts and safe-haven demand[5] - A-shares: Liquidity remains a key driver for the market; current volume supports structural bull trends, but valuation and earnings matching have declined, necessitating a balanced approach between tech leaders and low-priced blue chips[5] Risk Factors - Policy adjustment risks; market volatility risks; geopolitical shocks; economic data validation risks; liquidity transmission risks[6] Economic Indicators - August manufacturing PMI rose 0.1 percentage points to 49.4%, remaining in contraction territory for five consecutive months, but showing improvement; production index at 50.8% indicates expansion for four months[43] - August CPI decreased by 0.4% year-on-year, while PPI's decline narrowed to -2.9%, suggesting potential improvement in corporate profit expectations if the trend continues[52] Market Sentiment - Average daily trading volume in A-shares reached 2.495 trillion yuan, up 8.5% week-on-week, indicating improved market activity; however, caution is advised regarding overheating risks[59] - The leverage ratio in the bond market has decreased, reflecting a marginal decline in market financing activity[74]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The humanoid robot concept index increased by 2.97% from September 14 to September 19, 2025, outperforming the CSI 300 index by 3.41 percentage points. Year-to-date, the humanoid robot index has risen by 78.38%, surpassing the CSI 300 index by 60.54 percentage points [2][12]. - Figure AI, a leading startup in humanoid robotics, announced it raised over $1 billion in Series C funding, achieving a post-money valuation of $39 billion. This funding round was led by Parkway Venture Capital, with participation from major investors like NVIDIA and Intel Capital. This milestone is seen as crucial for the next phase of growth in humanoid robotics [5][26]. - The report highlights significant advancements in the humanoid robot sector, including strategic partnerships, technological innovations, and substantial investments, indicating a robust growth trajectory for the industry [3][21][24]. Weekly Market Review - The humanoid robot index saw the highest weekly gain from Junsheng Electronics at +44.25%, while Jiangsu Beiren experienced the largest decline at -16.18% [19][22]. - The report notes that the central enterprises have invested 8.6 trillion yuan in strategic emerging industries since the 14th Five-Year Plan, reflecting strong governmental support for the sector [21]. Key Company Announcements - TOSY Robotics has completed multiple rounds of validation for its first humanoid robot product, "Xiao Tuo," which can autonomously perform complex tasks in industrial settings [24]. - Zhongding Holdings has established strategic partnerships in the humanoid robot field, leveraging its proprietary technologies [29]. - Wanxiang Qianchao is focusing on developing key components for humanoid robots, with plans to enhance production capacity significantly by 2025 [30]. Industry News - The Ministry of Science and Technology is promoting the application of humanoid robots in various sectors, including automotive manufacturing and logistics, which is expected to lay a solid foundation for the future trillion-dollar industry [23]. - Yusheng Micro has developed Ethernet communication products suitable for robot motion control, indicating advancements in communication technology for humanoid robots [32].