本报记者 周尚伃 "展望9月份，市场保持震荡上行的概率仍然较大。"招商证券策略研究首席分析师张夏表示，目前驱动 上行的关键力量来自赚钱效应积累后，持续的增量资金流入所形成的正反馈。 中国银河证券策略首席分析师杨超则从流动性与政策面双维度进行分析。他认为，A股市场有望在流动 性驱动下延续结构性行情，需关注基本面线索和政策预期。一方面，2025年中报披露完毕，在业绩线索 指引下关注结构性配置机会，业绩呈现高景气或向好态势的行业板块值得重点关注；另一方面，当前市 场流动性相对充裕，"居民存款搬家"现象仍在持续。 长城证券首席经济学家汪毅同样看好9月份市场机会，他认为国内政策发力积极态势未改，尤其是科技 板块的支撑因素较多，算力、人工智能、消费电子、国产替代等方向值得重点关注。新消费、创新药以 及部分周期行业在短期波动后仍存在比较明确的向上逻辑和政策加持。同时，大金融板块在市场情绪高 昂时间点仍具有配置价值。 3只8月份金股上涨超100% 时间回溯至8月份，券商金股的"掘金能力"得到市场验证。8月份，券商共推荐287只金股，其中244只当 月实现上涨。 作为券商研究实力与行业分析师选股能力的核心体现，月度金股的配置逻 ...

Investment Rating - The report assigns an "Accumulate" rating for the military industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][11]. Core Insights - The 80th anniversary of the victory in the Anti-Japanese War was marked by a grand ceremony in Beijing, showcasing various new military equipment, reflecting China's military technology innovation and strategic deterrence capabilities, highlighting the high prosperity of the military industry [2][4]. - The military parade featured a comprehensive display of the military's restructured force composition, including both traditional and new combat capabilities, emphasizing the integration of advanced technologies such as unmanned systems and hypersonic weapons [4]. - The military industry is expected to maintain high prosperity due to increasing defense spending driven by regional tensions and the need for modernization, particularly in the context of the 100th anniversary of the military's establishment by 2027 [4]. Summary by Sections Event Overview - The military parade included foot formations, equipment displays, and aerial formations, showcasing the systematic achievements of domestic military equipment across land, sea, air, and space [4]. - New models such as the Type 191 long-range box rocket launcher and various advanced missiles were prominently featured, demonstrating the military's capabilities and innovation [4]. Industry Outlook - The demand for military equipment is highly certain, with accelerated reforms expected to sustain high prosperity in the industry [4]. - The report anticipates a long-term positive trend in military equipment construction, with a focus on eliminating outdated equipment and enhancing high-tech capabilities [4]. Recommended Stocks - The report recommends stocks such as AVIC Shenyang Aircraft Company, AVIC Xi'an Aircraft Industry Group, and others, all rated as "Accumulate" [5].

沪指9月3日下跌1.16%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为综合、通信、电力设 备，涨幅分别为1.64%、1.61%、1.44%。跌幅居前的行业为国防军工、非银金融，跌幅分别为5.83%、 3.05%。国防军工行业位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出714.26亿元，主力资金净流入的行业仅有3个，电力设备行业净 流入资金29.58亿元；纺织服饰行业净流入资金2.22亿元；综合行业净流入资金310.66万元。 主力资金净流出的行业有28个，非银金融行业主力资金净流出规模居首，全天净流出资金122.10亿元， 其次是国防军工行业，净流出资金为101.31亿元，净流出资金较多的还有电子、计算机、机械设备等行 业。 国防军工行业今日下跌5.83%，全天主力资金净流出101.31亿元，该行业所属的个股共139只，今日上涨 的有1只；下跌的有137只，跌停的有10只。以资金流向数据进行统计，该行业资金净流入的个股有10 只，净流入资金居首的是派克新材，今日净流入资金4763.56万元，紧随其后的是国光电气、盟升电 子，净流入资金分别为847.90万元、577.28万元。国防军工行业资 ...

资金面上看，今日军民融合概念板块获主力资金净流出110.73亿元，其中，191股获主力资金净流出， 28股主力资金净流出超亿元，净流出资金居首的是长城军工，今日主力资金净流出7.53亿元，净流出资 金居前的还有中航沈飞、中国长城、光启技术等，主力资金分别净流出3.97亿元、3.90亿元、3.77亿 元。今日主力资金净流入居前的概念股有万里马、伟隆股份、信测标准等，主力资金分别净流入1.29亿 元、9124.68万元、5128.09万元。（数据宝） 军民融合概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601606 | 长城军工 | -10.00 | 11.86 | -75287.56 | | 600760 | 中航沈飞 | -9.32 | 2.43 | -39743.50 | | 000066 | 中国长城 | -4.84 | 4.90 | -39009.42 | | 002625 | 光启技术 | -6.02 | 2.83 | -37698.99 | | 000519 | 中兵 ...

逐梦征程，未来可期。第十届ATC的圆满收官不是终点，更是非洲青年在职业教育与技能提升道路上新 的起点，彰显了中非携手、共创未来的坚定信心。（编辑：许浩存 校对：陈虹莹 审核：韩磊） 第八届 ATC 数控车大赛现场 第一届 ATC 大赛为参赛学员过生日（本文图片均由航空工业提供） 中国驻肯大使馆临时代办张执中表示，中非合作在职教领域成果丰硕。中国航空工业集团助力肯尼亚 144所职业院校改造升级，培训项目与大学深造奖励计划惠及众多学员，充分肯定多年来中国航空工业 集团为培养非洲青年人才、深化合作友谊、共促非洲发展所做出的积极贡献，表示中国驻肯大使馆将继 续大力支持中肯未来合作发展。 朱利叶斯·奥甘巴在发言中表示，本届大赛汇聚了来自12个非洲国家的优秀青年，充分展现了非洲在迎 接第四次工业革命中的信心与实力，体现了肯尼亚政府在非洲联盟《2063年议程》下的共同追求。肯尼 亚政府将持续加大对职业教育的投入，推动技能培训与产业融合，培养能够创造就业、参与全球竞争的 青年人才。他同时感谢中国航空工业集团数十年的支持，强调非洲职业教育发展为非中合作树立典范， 并勉励青年勇于创新、创造机遇，成为非洲未来的希望。 本届ATC自 ...

空中无人作战方队中，新型察打一体无人机、无人僚机、舰载无人直升机等多型装备亮相。 预警指挥机梯队中，空警500A、歼16编队与空警600、歼15T编队依次接受检阅。 受阅的航空装备涵盖我军联合作战主体空中力量。 在纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会上，由中国航空工业集团自主研制生产的29型125架军机接受检阅。 阅兵式上，各地面装备方队和空中梯队依次登场，由中国航空工业集团自主研制的新型战机纷纷亮相。从机型来看，空警600、歼20A、歼20S、歼35等型号 均首次在公众面前亮相，还有歼20系列、歼35系列、歼15系列等新型战机。 此次参加阅兵的空中梯队以作战体系编成，按照模块化、体系化编组，由先进的预警指挥机、歼击机、轰炸机、运输机等组成，基本涵盖我军现役主战机 型，充分展示海、陆、空3个军种预警指挥、战略投送、对面打击等多域作战力量。 中航工业集团方面介绍，本次受阅的航空装备涵盖我军联合作战主体空中力量。直升机编队包括多型直升机，护卫中国共产党党旗、中华人民共和国国旗、 中国人民解放军军旗，编成"80"字样，悬挂"正义必胜""和平必胜""人民必胜"条幅，率先低空飞过天安门广场。 加受油机 ...

9月3日，中航沈飞跌5.04%，截至发稿，报59.78元/股，成交18.70亿元，换手率1.12%，总市值1694.82 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 红塔红土稳健精选混合型A（009817）基金经理为杨兴风。 资料显示，中航沈飞股份有限公司位于辽宁省沈阳市皇姑区陵北街1号，成立日期1996年6月4日，上市 日期1996年10月11日，公司主营业务涉及实业投资;航空产品研发、生产、服务保障。主营业务收入构 成为：航空产品99.33%，其他(补充)0.58%，其他0.10%。 截至发稿，杨兴风累计任职时间2年214天，现任基金资产总规模5亿元，任职期间最佳基金回报 14.22%， 任职期间最差基金回报-1.51%。 数据显示，红塔红土基金旗下1只基金重仓中航沈飞。红塔红土稳健精选混合型A（009817）二季度持 有股数4000股，占基金净值比例为2.74%，位居第三大重仓股。根据测算，今日浮亏损失约1.27 ...

Market Overview - The three major A-share indices experienced a collective pullback on September 2, with the Shanghai Composite Index dropping by 0.45%, while the Shenzhen Component and ChiNext Index fell over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,750 billion [1] Sector Performance - High dividend sectors, such as banking, showed strength, with the Bank ETF (512800) rising by 1.94% and the Value ETF (510030) increasing by 0.73% [1][2] - The innovative drug sector saw a rebound, with the Hong Kong Stock Connect Innovative Drug ETF (520880) gaining 1.08% [1] - Conversely, the AI sector faced a downturn, with the ChiNext Artificial Intelligence ETF (159363) declining by 6.14%, marking its largest single-day drop since April 8 [1][3][4] - The defense and military industry continued its adjustment trend, with the Defense and Military Industry ETF (512810) closing down by 2.25% [1][3] ETF Insights - The ChiNext Artificial Intelligence ETF (159363) recorded a trading volume exceeding 21 billion, achieving a historical high, despite a price drop [4] - The Bank ETF (512800) and the Value ETF (510030) were among the top performers, reflecting investor interest in high dividend stocks [2] - The Defense and Military Industry ETF (512810) experienced a significant premium, indicating strong buying interest despite the overall market decline [17] Analyst Outlook - Analysts from China Galaxy Securities expect the market to operate at a high level in the short term, with ongoing active trading and supportive policy expectations [3] - CICC believes that long-term industrial upgrades will enhance the quality of A-share assets, making the stock market a crucial direction for asset allocation amid weak real estate conditions [3] - The AI hardware sector is anticipated to maintain high demand, with a projected CAGR of 46% over the next five years, driven by significant investments in AI infrastructure [6][7] Broker Insights - Multiple brokerages are optimistic about the A-share market's medium to long-term prospects, focusing on technology, consumption, and non-bank financial sectors [2][11] - The brokerages' strategy meetings indicate a consensus on the positive outlook for the A-share market, supported by favorable macroeconomic factors [2][11]

Core Viewpoint - The article highlights the selection of 240 stocks as "golden stocks" by brokerages, with a focus on those recommended by multiple firms, indicating strong investment interest in these companies [1] Group 1: Company Summaries - **Luoyang Molybdenum (603993.SH)**: A leading global producer of copper and cobalt, benefiting from rising prices and increased production, with a net profit growth of 55.49% in H1 2025 [2] - **Muyuan Foods (002714.SZ)**: A top player in pig farming with a significant cost advantage, experiencing a 952.92% increase in net profit in H1 2025 due to rising pig prices [3][4] - **AVIC Shenyang Aircraft (600760.SH)**: A core manufacturer of fighter jets, facing a decline in revenue and profit in H1 2025 but with strong future order potential [5] - **ZTE Corporation (000063.SZ)**: The fourth-largest global telecom equipment provider, seeing a 54.39% stock price increase driven by AI demand, despite a decline in net profit [6] - **Kingsoft Office (688111.SH)**: A leading office software provider with a strong user base, experiencing growth in subscription revenue but facing high valuation concerns [9] - **NewEase (300502.SZ)**: Specializes in optical modules with a significant market share, achieving a remarkable 340.13% stock price increase due to AI demand [10] - **Haiguang Information (688041.SH)**: Develops high-end processors, benefiting from AI demand and a strong order backlog, but facing high valuation risks [11] - **Luzhou Laojiao (000568.SZ)**: A leading producer of strong-flavor liquor, experiencing a 20.50% stock price increase despite a decline in revenue and profit [13] - **Shede Spirits (600702.SH)**: A liquor company with a diverse product range, seeing a 31.25% stock price increase amid expectations of consumption recovery [15] - **Zhaoyi Innovation (603986.SH)**: A semiconductor company benefiting from rising storage chip prices, with a 56.16% stock price increase and a forecasted profit growth of 41.52% [17] Group 2: Market Trends and Investment Logic - The overall market sentiment is positive for the selected stocks, driven by sector-specific demand and price increases, particularly in commodities and technology [1][2][3][4][5][6][10][11][13][15][17] - The companies are positioned well within their respective industries, with strong competitive advantages and growth potential, although some face high valuations and market risks [9][10][11][13][15][17]

事件：公司发布25 年半年报，营业收入146.28 亿元，同比下降32.35%。归母净利润达11.36 亿元，同比 下降29.78%。 交付进度影响25H1 业绩，Q2 环比改善：2025H1 实现营收146.3 亿元（YoY-32.4%），收入同比下降主 因产品配套交付进度及产品结构调整影响。 归母净利11.4 亿元（YoY-29.8%），利润降幅略小于收入降幅。 毛利率微降，期间费用率微升：公司25H1 毛利率12.3%（YoY-0.2pct），在下游降价需求下，毛利率变 动较小，反映公司作为主机厂优秀的全产业链成本把控能力。期间费用率3.7%，同比增长0.4pct，总体 较为稳定。 其中管理费用率2.7%，同比增长1.2pct，主因修理费和物料消耗费用增加；因项目研制周期影响，研发 费用率1.2%，同比下降1.4pct。 分季度看，Q2 营收88.0 亿元（YoY-27.5%，QoQ+50.8%），归母净利7.1 亿元（YoY-21.8%， QoQ+63.9%），季节波动明显。 分板块看，沈飞公司收入138.7 亿（ YoY-34.8%），净利润11.2 亿（ YoY-30.8%）。子公司局部搬迁项 目 ...