报告显示，华胜天成上半年营业收入22.62亿元，同比增长5.11%；归属于上市公司股东的净利润1.40亿元，较去年同期亏损2.47亿元实现逆转。然而细读财报却不难发现，该公司主营业务仍 与这份"表面盈利"形成鲜明对比的是华胜天成近期的股价表现。受市场对"AI算力+芯片"概念的热捧以及非经常性损益的驱动，华胜天成8月单月市值飙升115%。不过，在半年报发布后的首个交 在这份"冰火两重天"的财报背后，华胜天成真实经营状况究竟如何？ 投资收益成"救命稻草" 表面净利润1.4亿元，扣非后却亏损8331万元，老牌IT服务企业华胜天成（600410.SH）的2025年半年报看似惊喜但暗含隐忧。 仔细分析华胜天成的利润结构，可以发现公司利润增长主要来自投资收益。 上半年，华胜天成实现了2.71亿元的公允价值变动收益。这笔收益来自于公司持有的泰凌微（688591.SH）股票价格上涨。华胜天成的这种利润结构令人喜忧参半：喜的是前期产业投资布局进 截至6月30日，泰凌微股价报收47.9元/股，较去年12月31日的收盘价31.20元/股有大幅上涨。华胜天成直接持有泰凌微1786.19万股，长期股权投资在转成了交易性金融资产后获得了 ...

具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第一大卖出营业部，买入金额为4.07亿 元，卖出金额为5.32亿元，合计净卖出1.25亿元。 近半年该股累计上榜龙虎榜22次，上榜次日股价平均涨2.67%，上榜后5日平均涨12.44%。 资金流向方面，今日该股主力资金净流入3588.47万元，其中，特大单净流入1.05亿元，大单资金净流出 6945.46万元。近5日主力资金净流出36.04亿元。 融资融券数据显示，该股最新（9月1日）两融余额为13.73亿元，其中，融资余额为13.73亿元，融券余 额为80.78万元。近5日融资余额合计减少3.33亿元，降幅为19.51%。融券余额合计减少21.52万元，降幅 21.04%。 华胜天成(600410)今日上涨3.42%，全天换手率35.28%，成交额90.53亿元，振幅9.66%。龙虎榜数据显 示，沪股通净卖出1.25亿元，营业部席位合计净买入1.69亿元。 上交所公开信息显示，当日该股因日换手率达35.28%上榜，沪股通净卖出1.25亿元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交20.20亿元，其中，买入成交额为10.32亿 元，卖出 ...

证券之星消息，9月2日IT服务板块较上一交易日下跌4.76%，宏景科技领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。IT服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 835184 | 国源科技 | 27.89 | 4.46% | 11.33万 | 3.12亿 | | 835305 | *ST云创 | 16.59 | 3.95% | 8.43万 | 1.38亿 | | 600410 | 华胜天成 | 23.87 | 3.42% | 386.83万 | 90.53亿 | | 837092 | 汉鑫科技 | 43.04 | 1.99% | 1.75万 | 7362.33万 | | 688066 | 航天宏图 | 37.30 | 1.91% | 32.04万 | 11.57亿 | | 430564 | 天润科技 | 26.70 | 1.64% | 3.28万 | 8653.89万 | | 832171 | 志晟信息 ...

Market Performance - On September 1, the Shanghai Composite Index rose by 0.46%, the Shenzhen Component Index increased by 1.05%, and the ChiNext Index surged by 2.29% [2] - A total of 52 stocks appeared on the "Dragon and Tiger List" due to significant price movements, with the highest net inflow of funds being 669 million yuan into Guoxuan High-Tech (002074.SZ) [3][5] Stock Highlights - Guoxuan High-Tech saw a net purchase of 669 million yuan, accounting for 10.55% of the total trading volume, and closed up by 10.01% with a turnover rate of 9.34% [3][5] - The stock with the highest net outflow was Yanshan Technology (002195.SZ), which experienced a net sell-off of 296 million yuan, representing 2.14% of the total trading volume, and closed up by 3.86% with a turnover rate of 28% [6][11] Institutional Activity - On the same day, 32 stocks on the Dragon and Tiger List had institutional participation, with a total net sell-off of 347 million yuan. Institutions net bought 13 stocks and net sold 19 stocks [7] - The stock with the highest net purchase by institutions was Innovation Medical (002173.SZ), which closed up by 10% and had a turnover rate of 30.55% [7][8] Northbound Capital Flow - Northbound funds participated in 22 stocks on the Dragon and Tiger List, with a total net purchase of 1.83 billion yuan. The Shanghai Stock Connect saw a net purchase of 555 million yuan, while the Shenzhen Stock Connect had a net purchase of 1.276 billion yuan [12] - The stock with the highest net purchase from northbound funds was Huasheng Tiancheng (600410.SH), with a net inflow of 277 million yuan, accounting for 3.43% of the total trading volume [12] Divergence in Institutional and Northbound Fund Activity - There was a divergence in the trading of several stocks, such as Huasheng Tiancheng, Guoxuan High-Tech, and Yanshan Technology, where institutions sold while northbound funds bought [15] - For instance, institutions net sold Guoxuan High-Tech by 3.31 million yuan, while northbound funds net bought 226 million yuan [15]

Group 1 - Huasheng Tiancheng (600410.SH) experienced a decline of 1.75% with a turnover rate of 31.8% and a transaction volume of 8.077 billion [1] - The Shanghai Stock Connect saw a net purchase of 277 million, with 493 million bought and 217 million sold [1] - The top buying institutions included China Galaxy Securities and Ping An Securities, with purchases of 1.82 billion and 1.06 billion respectively [1] Group 2 - The total buying amount from the top five buying seats was 9.81 billion, while the total selling amount was 6.74 billion, resulting in a net buying of 3.07 billion [1] - The largest buying seat was Huasheng Tiancheng's proprietary trading with a buying amount of 543.27 million, accounting for 47.88% of total transactions [1] - The largest selling seat was also Huasheng Tiancheng's proprietary trading, with a selling amount of 216.73 million, accounting for 2.68% of total transactions [1]

Group 1 - The stock of Huasheng Tiancai (600410) fell by 1.75% today, with a turnover rate of 31.80% and a trading volume of 8.077 billion yuan, showing a fluctuation of 13.55% [2] - Institutional investors net sold 123 million yuan, while the Shanghai-Hong Kong Stock Connect saw a net purchase of 277 million yuan [2] - The stock has appeared on the trading list 21 times in the past six months, with an average price increase of 2.63% the day after being listed and an average increase of 12.25% over the following five days [2] Group 2 - As of August 29, the margin balance for the stock was 1.149 billion yuan, with a financing balance of 1.148 billion yuan and a securities lending balance of 82,220 yuan [3] - In the past five days, the financing balance decreased by 454 million yuan, a decline of 28.33%, while the securities lending balance decreased by 103,800 yuan, a decline of 11.21% [3] - The company reported a revenue of 2.262 billion yuan for the first half of the year, a year-on-year increase of 5.11%, and a net profit of 140 million yuan, a year-on-year increase of 156.60% [3] Group 3 - The top five buying and selling trading departments accounted for a total transaction volume of 1.655 billion yuan, with a buying amount of 981 million yuan and a selling amount of 674 million yuan, resulting in a net purchase of 307 million yuan [2] - The largest buying trading department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 493 million yuan and a selling amount of 217 million yuan, leading to a net purchase of 277 million yuan [2][4]

Group 1 - The stock of Huasheng Tiancheng declined by 1.75% today [1] - The trading volume reached 8.077 billion yuan, with a turnover rate of 31.80% [1] - The Shanghai Stock Connect special seat bought 493 million yuan and sold 217 million yuan, indicating net buying activity [1] - One institutional special seat had a net selling of 123 million yuan [1]

Quantitative Models and Construction Methods Model Name: Broker Gold Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection of stocks from the broker gold stock pool to outperform the median of active equity funds[39][43]. - **Model Construction Process**: - The model uses the broker gold stock pool as the stock selection space and constraint benchmark. - It employs portfolio optimization to control deviations in individual stocks and styles from the broker gold stock pool. - The industry distribution of all public funds is used as the industry allocation benchmark. - The model's detailed construction method can be found in the report "Broker Gold Stock Full Analysis - Data, Modeling, and Practice" published on February 18, 2022[39][43]. - **Model Evaluation**: The model has shown stable performance historically, consistently outperforming the active equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][39]. Model Backtesting Results Broker Gold Stock Performance Enhancement Portfolio - **Absolute Return (Monthly)**: 15.49%[5][42] - **Excess Return Relative to Active Equity Fund Index (Monthly)**: 3.59%[5][42] - **Absolute Return (Year-to-Date)**: 34.01%[5][42] - **Excess Return Relative to Active Equity Fund Index (Year-to-Date)**: 5.72%[5][42] - **Ranking in Active Equity Funds (Year-to-Date)**: 30.38% percentile (1054/3469)[5][42] Quantitative Factors and Construction Methods Factor Name: Single Quarter Net Profit Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of net profit in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net profit for the current quarter. - Compare it to the net profit of the same quarter in the previous year. - The formula is: $ \text{Net Profit Growth Rate} = \frac{\text{Current Quarter Net Profit} - \text{Previous Year Same Quarter Net Profit}}{\text{Previous Year Same Quarter Net Profit}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter ROE - **Factor Construction Idea**: This factor measures the return on equity for a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net income for the quarter. - Divide it by the average shareholders' equity for the quarter. - The formula is: $ \text{ROE} = \frac{\text{Net Income}}{\text{Average Shareholders' Equity}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter Revenue Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of revenue in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the revenue for the current quarter. - Compare it to the revenue of the same quarter in the previous year. - The formula is: $ \text{Revenue Growth Rate} = \frac{\text{Current Quarter Revenue} - \text{Previous Year Same Quarter Revenue}}{\text{Previous Year Same Quarter Revenue}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Backtesting Results Single Quarter Net Profit Growth Rate - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter ROE - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter Revenue Growth Rate - **Performance**: This factor has shown good performance recently[3][28].

Core Viewpoint - The A-share market showed positive performance in August, with several brokerage firms releasing their "golden stock" recommendations for September, focusing on technology, cyclical sectors, and "anti-involution" manufacturing [1][7]. Group 1: August Performance - The top-performing golden stock combination in August was from Kaiyuan Securities, achieving a monthly return of 25.84%, followed by Zhonghang Securities and Guoyuan Securities with returns exceeding 20% [3][4]. - Three stocks saw their prices more than double in August: Huasheng Tiancai (up 115.11%), Hanwujing-U (up 110.36%), and Sixuan New Materials (up 100.66%) [3][4]. - Northeast Securities, despite ranking eighth in August, had the highest cumulative return of 81.30% for the year, indicating strong long-term performance [3][4]. Group 2: September Recommendations - Multiple brokerage firms suggest that the A-share market is likely to continue its upward trend in September, recommending a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][7]. - Notable stocks recommended for September include ZTE Corporation, which is expected to benefit from AI development and potential breakthroughs in chip technology, along with Kingsoft Office, New Yisheng, and others [7][8]. - Analysts from Zhongyuan Securities noted that the market's risk appetite is increasing, which may drive growth in TMT (Technology, Media, and Telecommunications) and cyclical sectors [11].

Group 1 - The Ministry of Commerce of China held discussions with U.S. officials regarding the implementation of agreements from the recent talks between the two countries' leaders [1] - The U.S. Department of Commerce removed several Chinese semiconductor companies from the "validated end-user" list, prompting a response from the Chinese Ministry of Commerce to protect the rights of its enterprises [2] - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the capital market to enhance its attractiveness and promote long-term investment strategies [3] Group 2 - In August, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.4%, a slight increase of 0.1 percentage points from the previous month, while the non-manufacturing business activity index was at 50.3%, indicating continued expansion [4] - As of June, the "national team" of central financial institutions held stock ETFs valued at 1.28 trillion yuan, an increase of nearly 23% from the end of the previous year [5] - The Ministry of Industry and Information Technology issued a plan for the steel industry, targeting an average annual growth rate of 4% from 2025 to 2026 [7] Group 3 - Semiconductor companies such as SMIC and Huahong Group are planning significant equity purchases and capital raises, indicating ongoing consolidation in the sector [9][10] - Several companies reported substantial increases in net profits for the first half of the year, including BYD with a net profit of 15.51 billion yuan, up 13.79%, and TCL Technology with a net profit of 1.883 billion yuan, up 89.26% [13] - Conversely, companies like Magpowr and China Shenhua reported declines in net profits, with Magpowr down 44.82% [14] Group 4 - Alibaba reported a revenue of 247.65 billion yuan for the first quarter of fiscal year 2026, a 2% year-on-year increase, and plans to invest heavily in AI and daily service consumption sectors [23]