A-share Market Performance - A-shares saw collective gains across the three major indices from September 22 to September 26, with the Shanghai Composite Index closing at 3828.11 points, up 0.21% for the week [2][3] - The Shenzhen Component Index closed at 13209.00 points, up 1.06%, while the ChiNext Index ended at 3151.53 points, up 1.96% [2][3] - Over 30% of stocks experienced gains during the week, with 126 stocks rising over 15% and 50 stocks declining over 15% [2] Sector Performance - According to the Shenwan industry classification, sectors such as electric equipment, non-ferrous metals, electronics, environmental protection, media, and public utilities saw increases [2] - Conversely, sectors including social services, comprehensive, retail, light industry manufacturing, and textiles and apparel experienced declines [2] International Market Overview - The New York stock market indices rose on September 26, with the Dow Jones Industrial Average increasing by 299.97 points to close at 46247.29 points, a gain of 0.65% [4][5] - The S&P 500 index rose by 38.98 points to 6643.70 points, up 0.59%, and the Nasdaq Composite increased by 99.37 points to 22484.07 points, up 0.44% [4][5] - European indices also saw gains, with the FTSE 100 rising by 70.85 points to 9284.83 points, up 0.77%, and the CAC 40 increasing by 75.26 points to 7870.68 points, up 0.97% [4][5] Commodity Prices - International oil prices increased, with light crude oil futures for November delivery rising by $0.74 to $65.72 per barrel, a gain of 1.14% [4][5] Economic Policies and Initiatives - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the economic operation of state-owned enterprises, focusing on stabilizing electricity and coal prices and preventing excessive competition [6] - The Ministry of Commerce announced that starting January 1, 2026, export licenses will be required for pure electric passenger vehicles to promote healthy trade in new energy vehicles [6] - The People's Bank of China suggested enhancing monetary policy regulation to improve effectiveness and match monetary supply growth with economic growth [7][8] Industry Growth Plans - The Ministry of Industry and Information Technology (MIIT) and other departments issued a growth plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in value added from 2025 to 2026 [9] - A similar plan for the petrochemical industry was also released, emphasizing policy support and financial backing for technological innovation and equipment upgrades [9] Industrial Profit Trends - From January to August, profits of large-scale industrial enterprises in China grew by 0.9%, reversing a previous decline, with significant growth observed in August [10] Market Outlook - Analysts from Everbright Securities expect the A-share market to continue rising post-holiday, with a focus on the TMT sector as a key driver [11] - Open-source Securities suggests a dual-driven market with technology leading, and recommends focusing on high P/E stocks as the market transitions [11][12]

每经记者｜吴永久 张宛 每经编辑｜吴永久 9月28日18:00，"2025第十五届上市公司口碑榜"公众提名正式收官，上市公司提名数量同比去年增加两 成，提名公司量级再创新高。A股沪深京三大交易所，乃至港股市场的知名优秀企业同台竞技，一 条"中国资产"主线被投资者用鼠标和指尖描摹得愈发清晰。 公众提名锁定"智创"主脉 "没想到，提名通道关闭前最后一小时数值还在飙升！" 2025第十五届上市公司口碑榜评选活动负责人 感慨道。的确，市场涨涨跌跌，而投资者对卓越企业的追寻却始终未变。正是秉持着这份不变的追求， 口碑榜在过去十余年间持续聚焦优质标的，因而能够赢得市场的持续关注与信任。 首先，从市值来看，本届口碑榜公众提名热度TOP100的公司最新市值合计达27.99万亿元。其中，最新 市值超1万亿元的共有8家公司，这里面既有腾讯控股、阿里巴巴-W、小米集团-W等港股科技股的代表 企业；又有贵州茅台、中国移动、中国石油等行业巨头；更值得关注的是，AI服务器龙头工业富联在9 月首次站上万亿元市值关口，同时跻身A股总市值前十。这一历史性变化背后，是技术创新、政策支持 和市场需求增长等多重因素的推动，也是整个电子行业崛起的显性 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The AI server market continues to grow, driven by demand for AI computing power and hardware upgrades [7]. - System assembly is emerging as a new driver for performance enhancement in AI servers, as traditional manufacturing processes may not keep pace with the rapid development of AI computing needs [8]. - Advanced packaging techniques are becoming crucial for improving chip performance, especially as traditional process upgrades slow down [8]. - Industry leaders are expected to benefit from the rising technical barriers and improved competitive environment in the system assembly sector [8]. Summary by Sections AI Server Market Dynamics - The demand for AI computing facilities is driving growth in the AI server market, with significant upgrades in hardware [7]. - The number of GPUs in AI servers is increasing dramatically, with projections for future upgrades to 144 GPUs per cabinet by 2027 [8]. Performance Enhancement Drivers - The report highlights that system assembly is becoming a key factor in enhancing AI server performance, as the number of GPUs per server increases [8]. - The complexity of system assembly is rising, which may limit production capacity for some companies [8]. Recommended Investment Targets - The report recommends several companies related to AI server system assembly, including: - Industrial Fulian (601138, Buy) - Haiguang Information (688041, Buy) - Lenovo Group (00992, Buy) - Huaqin Technology (603296, Buy) [8]. - Industrial Fulian is noted for significant improvements in product testing and production efficiency, with strong order growth expected [8]. - Haiguang Information is positioned to leverage vertical integration capabilities following its merger with Zhongke Shuguang [8]. - Lenovo Group is anticipated to launch various servers based on Nvidia's Blackwell Ultra starting in the second half of 2025 [8]. - Huaqin Technology is recognized as a core ODM supplier for AI servers, benefiting from increased capital expenditures by cloud service providers [8].

9月25日工业富联现342.3万元大宗交易 公司公告汇总 本周关注点 交易信息汇总 富士康工业互联网股份有限公司发布关于2019年股票期权与限制性股票激励计划限制行权期间的提示性公告。根据公司2025年第三季度报告披露 计划，对处于自主行权期间的股票期权实施行权限制。剩余预留授予第五个行权期期权代码为0000000465，行权起止日期为2025年3月4日至2025 年12月31日。本次限制行权期为2025年9月30日至2025年10月29日，期间全部激励对象将限制行权。公司董事会保证公告内容真实、准确、完整， 无虚假记载、误导性陈述或重大遗漏。 截至2025年9月26日收盘，工业富联（601138）报收于64.87元，较上周的66.1元下跌1.86%。本周，工业富联9月23日盘中最高价报74.72元，股价 触及近一年最高点。9月22日盘中最低价报64.64元。工业富联当前最新总市值12882.0亿元，在消费电子板块市值排名1/90，在两市A股市值排名 9/5157。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 交易信息汇总：9月2 ...

按照申万一级行业进行划分，电子、机械设备、汽车行业创新高的个股较为集中，分别有59只、30只、 16只。从上市板块看，主板股票有80只、科创板股票有43只、创业板股票有40只、北交所股票有5只。 华工科技半年报数据显示，上半年公司共实现营业收入76.29亿元，同比增长44.66%，其中光模块业务 同比增长124%，占总营收的49.1%；实现净利润9.11亿元，同比增长44.87%。机构认为，光模块需求增 多推动公司营收增长，光电器件成公司主业。受益于AI算力需求爆发，公司光模块业务订单充沛，且 公司具备硅光芯片自研能力，同时布局LPO（线性可插拔光模块）与 AEC（有源电缆）产品，国内外 业务协同推进。 从股价表现看，上述168只个股中，本周涨幅居前的有聚辰股份、长川科技、上纬新材、品茗科技、晶 合集成，本周涨幅分别为51.90%、49.40%、44.81%、44.01%、39.58%。股价方面，截至9月26日收盘， 股价超百元的有41只，收盘股价居前的个股是吉比特、北方华创、茂莱光学、中际旭创、宁德时代，收 盘价分别为595.81元/股、452.80 元/股、419.90元/股、413.70元/股、380. ...

Market Performance - A-share market has seen a surge in stocks reaching historical highs, with 168 stocks achieving this milestone in the week of September 22 to 26, excluding newly listed stocks [1][2] - The electronic, machinery equipment, and automotive sectors have a significant concentration of stocks reaching new highs, with 59, 30, and 16 stocks respectively [1] - The main board has 80 stocks, the Sci-Tech Innovation Board has 43, the Growth Enterprise Market has 40, and the Beijing Stock Exchange has 5 stocks reaching new highs [1] Notable Stocks - Major large-cap stocks have frequently reached historical highs, with Huagong Technology achieving this 18 times in the last 30 trading days, and its latest market capitalization is 92.71 billion [1][2] - Industrial Fulian and Zijin Mining have also reached new highs 12 times, with market capitalizations of 1.29 trillion and 728.23 billion respectively [1][2] - The top stocks by trading volume this week include Luxshare Precision, Zhongji Xuchuang, and SMIC, with trading volumes of 116.72 billion, 93.34 billion, and 83.61 billion respectively [2] Sector Analysis - The stocks reaching new highs are heavily focused on popular concepts, with 40 stocks in the new energy vehicle sector, 35 in semiconductors, and 30 in robotics, indicating sustained interest in these key sectors [3] - Huagong Technology reported a 44.66% year-on-year increase in revenue to 7.63 billion, driven by a 124% increase in its optical module business, which constitutes 49.1% of total revenue [2] Stock Price Movements - The top gainers among the 168 stocks this week include Jucheng Technology, Changchuan Technology, and Shangwei New Materials, with weekly gains of 51.90%, 49.40%, and 44.81% respectively [3] - As of September 26, 41 stocks have a closing price exceeding 100, with the highest closing prices recorded for Jibite, Beifang Huachuang, and Maolai Optics at 595.81, 452.80, and 419.90 respectively [3] Market Capitalization - Among the stocks reaching new highs, 26 have a market capitalization exceeding 100 billion, with the largest being Ningde Times, Industrial Fulian, and SMIC, valued at 1.735 trillion, 1.2882 trillion, and 1.0581 trillion respectively [3]

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]

Group 1 - The top ten taxpayers in Shenzhen for 2024 include Tencent (59.2 billion), China Resources (44.4 billion), China Merchants Bank (32 billion), Ping An Group (27.3 billion), BYD (22.8 billion), Vanke (19.9 billion), Huawei (15 billion), Shenzhen Investment Control (5.8 billion), SF Express (4.1 billion), and Industrial Fulian (3.4 billion) [1] - Among the top ten taxpayers, private enterprises account for 70%, while state-owned enterprises only represent three [3][4] - The ranking may only reflect the tax contributions of these companies within Shenzhen, not their nationwide contributions, as companies like Huawei and BYD have multiple research and production bases across the country [4] Group 2 - Shenzhen's private economy contributes over 50% of the city's tax revenue, nearly 60% of its added value, and over 90% of employment [6] - In 2024, the number of private enterprises in Shenzhen reached 2.623 million, ranking first in the country [6] - Shenzhen has 886 private "little giant" enterprises and 23,700 private high-tech enterprises, ranking first and second nationally, respectively [6] - The city is home to 37 private unicorn companies, ranking third in the country [6] - In the 2025 Fortune Global 500 list, Shenzhen has ten companies listed, with seven being private enterprises, the highest among all cities in China [6] - Private enterprises are also the main force in Shenzhen's foreign trade, with imports and exports reaching 2.06 trillion in the first eight months of the year, accounting for 69.6% [6]

Core Points - The announcement pertains to the stock option and restricted stock incentive plan of Foxconn Industrial Internet Co., Ltd. for the year 2019, specifically regarding the restriction on exercising stock options during a designated period [1] - The restriction period for exercising stock options is set from September 30, 2025, to October 29, 2025, during which all incentive recipients will be restricted from exercising their options [1] Summary by Sections - **Incentive Plan Overview** - The announcement is based on the 2019 stock option and restricted stock incentive plan of the company, in compliance with relevant regulations [1] - **Exercise Restriction Details** - The specific restriction period for exercising stock options is defined as September 30, 2025, to October 29, 2025 [1]

Group 1 - The article highlights the top-performing computing stocks in terms of net financing purchases as of September 25, with nine stocks exceeding 1 billion yuan in net purchases [1] - The top four stocks by net financing purchase amount are: Zhongji Xuchuang at 5.03 billion yuan, Xinyi Sheng at 4.07 billion yuan, Hanwujing-U at 3.24 billion yuan, and Zhongke Shuguang at 2.53 billion yuan [1] - A total of 22 computing stocks reported a net profit of over 100 million yuan in the first half of the year, with a year-on-year growth rate exceeding 10% [1] Group 2 - Industrial Fulian leads with a net profit exceeding 10 billion yuan, reported at 12.11 billion yuan [1] - Zhongji Xuchuang and Xinyi Sheng follow in second and third place with net profits of 3.99 billion yuan and 3.94 billion yuan, respectively [1] - Other notable companies with net profits above 1 billion yuan include Haiguang Information, Lankai Technology, and Hanwujing-U [1]