8月19日，证券ETF（159841）盘中走势震荡，截至发稿跌0.84%，成交额超1亿元，换手率超1.7%，盘 中交易活跃，溢折率0.08%，盘中频现溢价交易。 证券ETF（159841）密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有 传统证券龙头，也有金融科技龙头。证券ETF（159841）同时配置场外证券ETF联接基金（A： 008590，C：008591）。 华泰证券表示，当前权益资产收益率稳步向上，中央对资本市场定调积极，类"平准基金"对市场形成支 撑，居民资金循序渐进入市，我们看好市场上行的持续性。当前板块低估低配，券商在新市场环境下进 入业绩、估值修复新阶段，看好板块价值重估行情。 成分股中，华林证券涨近5%，华西证券、华泰证券、国盛金控、东方证券等跟涨。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） Wind金融终端数据显示，证券ETF（159841）近5个交易日（8月12日-8月18日）累计涨8.63%，居深市 同标的第一；截至8月18日，证券ETF（159841）最新规模为59.71亿元，为同标的中深市规模最大的 ...

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 hitting a historical peak. The Shenzhen Composite Index and the ChiNext Index also surpassed their highs from October 8 of the previous year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.76 trillion yuan, an increase of 519.6 billion yuan from the previous trading day, marking a new high for the year [1] - By the close of trading, the Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84% [1] Valuation Analysis - According to China International Capital Corporation (CICC), the overall valuation of A-shares is currently in a reasonable range and not overvalued. The dynamic price-to-earnings ratio of the CSI 300 is around 12.2 times, which is approximately at the 69th percentile historically since 2010 [2] - The market capitalization of A-shares has reached around 100 trillion yuan, with the ratio to GDP remaining at a relatively low level compared to major global markets [2] - The total market capitalization to M2 ratio is about 33%, positioned at the 60th percentile historically, indicating a moderate valuation level [2] - The dividend yield of the CSI 300 is 2.69%, which remains attractive compared to the yield of 10-year government bonds [2] Brokerage Sector Insights - Huatai Securities noted that the brokerage sector is currently undervalued and underweighted, with a positive outlook for value re-evaluation in the sector. The equity market has been steadily rising since the beginning of the year, with continuous increases in trading volume, margin financing balances, and the issuance scale of equity products [3] - The performance of brokerages is expected to improve due to the sustained growth of market conditions and the positive regulatory environment supporting capital markets [3] PCB Industry Outlook - Dongwu Securities highlighted that the recent price increases in copper-clad laminates reflect the high demand in the PCB industry, driven by the demand for computing servers. Several copper-clad laminate manufacturers have announced price hikes [4] - The demand for multi-layer boards, HDI, and high-frequency boards is expected to grow significantly, with specific requirements for drilling, exposure, and electroplating processes [4] - Dongwu Securities recommends focusing on the core processes of PCB production, including drilling, exposure, and electroplating [4]

每经AI快讯，华泰证券研报指出，目前数据显示关税对美国通胀的传导目前仍相对温和。2025年5-6月 美国核心CPI不及预期，环比仅为0.1-0.2%，关税影响似乎不明显主要是因为：此前企业大量囤货、对 关税上升形成暂时缓冲，加权进口关税税率低于理论值、企业需求偏弱以及服务通胀偏低等。 （文章来源：每日经济新闻） ...

每经AI快讯，华泰证券表示，年初以来权益市场稳步向上，交易额、两融余额、权益产品发行规模等 持续提升，券商估值修复，但与过去行情有所不同。一方面，市场行情持续性增强，券商业绩增长更具 持续性。另一方面，板块内部修复节奏分化，H股先于A股，且业绩增长稳健的券商表现更好。当前权 益资产收益率稳步向上，中央对资本市场定调积极，类"平准基金"对市场形成支撑，居民资金循序渐进 入市，我们看好市场上行的持续性。当前板块低估低配，券商在新市场环境下进入业绩、估值修复新阶 段，看好板块价值重估行情。 ...

Core Viewpoint - The current "anti-involution" measures in the photovoltaic industry have shown initial effectiveness, with significant price increases in silicon materials and wafers since early July 2025, and a recovery in battery and module prices [1] Group 1: Industry Trends - The price of silicon materials and wafers has risen significantly since the implementation of "anti-involution" measures [1] - Battery and module prices have also shown signs of recovery, indicating a positive trend in the photovoltaic sector [1] Group 2: Supply-Side Reforms - Silicon materials are identified as a key focus for supply-side reforms, with energy consumption control and capacity storage being advanced simultaneously [1] - The introduction of new technologies is accelerating the elimination of outdated production capacity, which is crucial for the industry's long-term health [1] Group 3: Investment Opportunities - Attention is recommended on the silicon material segment, particularly on leading companies in the BC industry chain and TOPCon technology, as well as leading auxiliary material firms [1]

每经AI快讯，华泰证券表示，生成式AI正迈入以AI智能体为主导的新发展阶段。宏观角度，AI智能体 引发了"无就业增长"与"超级个体"并存现象，"硅基生物"对人力的结构性替代已经开始；微观角度，软 件的价值创造与Token消耗挂钩，Token的生产与半导体、数据中心和能源等物理基础设施产能深度绑 定，"边际成本为零"的软件商业模式逐渐告结。我们认为，智能体的发展将沿着"先2B再2C，最后终 端"的产业发展轨迹；看好中国在机器人等终端上显著比较优势。 ...

36氪获悉，华泰证券表示，生成式AI正迈入以AI智能体为主导的新发展阶段。宏观角度，AI智能体引 发了"无就业增长"与"超级个体"并存现象，"硅基生物"对人力的结构性替代已经开始；微观角度，软件 的价值创造与Token消耗挂钩，Token的生产与半导体、数据中心和能源等物理基础设施产能深度绑 定，"边际成本为零"的软件商业模式逐渐告结。我们认为，智能体的发展将沿着"先2B再2C，最后终 端"的产业发展轨迹；看好中国在机器人等终端上显著比较优势。 ...

人民财讯8月19日电，华泰证券研报称，年初以来权益市场稳步向上，交易额、两融余额、权益产品发 行规模等持续提升，券商估值修复，但与过去行情有所不同。一方面，市场行情持续性增强，券商业绩 增长更具持续性。另一方面，板块内部修复节奏分化，H股先于A股，且业绩增长稳健的券商表现更 好。当前权益资产收益率稳步向上，居民资金循序渐进入市，华泰证券看好市场上行的持续性。当前板 块低估低配，券商在新市场环境下进入业绩、估值修复新阶段，看好板块价值重估行情。 ...

Core Viewpoint - The report from Huatai Securities indicates that multiple factors, including a shift in energy policies post-overseas elections, the transition from oil to gas in the Middle East, and the demand for AI power, are driving the continued upward trend in the global gas turbine market [1] Group 1 - The global gas turbine market is expected to see both volume and price increases, particularly in overseas markets [1] - The positive outlook for gas turbine main engine manufacturers is anticipated to create export opportunities for domestic companies producing components such as hot-end blades and cold-end casings [1]

（文章来源：新华财经） 新华财经北京8月19日电华泰证券研报指出，预计三季度关税温和推高美国核心通胀，市场在通胀上升 幅度及持续时间上存在分歧。美联储大概率9月重启降息周期。虽然通胀将在三季度回升，但预计对美 联储2025年降息的制约有限。 由于通胀传导未必超预期，短期通胀回升对美债收益率影响有限，但"大而美"法案实施后美债收益率仍 有压力，关注金融去监管、美元稳定币扩容、美债发行结构变化可能形成的缓冲，维持中长期美元面临 贬值压力的观点。 ...