证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 22 日 浙商早知道 2025 年 08 月 22 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 24241 亿元，南下资金净流入 74.6 亿港元。 重要推荐 ❑ 【浙商通信 张建民】中兴通讯（000063）公司更新：超节点核心卡位，AI 时代再造中兴——20250820 重要观点 ❑ 【浙商宏观 李超/廖博】宏观深度报告：广义财政收支再平衡——20250820 重要点评 ❑ 【浙商大消费中观策略 钟烨晨】酒店餐饮 行业深度：中餐方兴未艾，品牌格局渐明——20250820 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数上涨 0.1%，沪深 300 上涨 0.4%，科创 50 上涨 0.1%，中证 1000 下跌 0.7%，创业板指下跌 0.5%，恒生指数下跌 0.2%。 ❑ 行业：周四表现最好的行业分别是农林牧渔（+1.5%)、石油石 ...

Group 1 - ZTE Corporation's stock experienced a significant surge, with A-shares hitting the limit up within two minutes and H-shares rising over 13% before retracting slightly [1][3] - The surge in stock price is attributed to a research report from Zheshang Securities, which maintained a "buy" rating on ZTE and was marked as a "major recommendation" [3][5] - The report highlighted ZTE's advancements in AI computing and network business, suggesting that the company is undervalued with a projected P/E ratio of 22 times for 2025, compared to an industry average of 51 times [8][11] Group 2 - ZTE has secured over 50% of the total bids in a recent procurement project by China Mobile for AI general computing devices, amounting to approximately 8.85 billion yuan [11] - Foreign institutional investors, such as BlackRock, have increased their holdings in ZTE, indicating growing confidence in the company's prospects [11] - The technology sector has become a core focus in the A-share market, with the communication index rising over 15% in August, contributing to ZTE's cumulative stock increase of over 20% this week [11][12]

（原标题：主力资金丨尾盘上演"地天板"，主力资金抢筹超亿元） 3个行业主力资金净流入。 据证券时报·数据宝统计，今日（8月21日）沪深两市主力资金净流出516.92亿元，其中创业板净流出226.22亿元，沪深300成份股净流出92.57亿 元。 行业板块方面，申万一级行业有17个上涨，农林牧渔和石油石化行业涨幅居前，均超1%；14个下跌行业中，机械设备行业跌幅居首，达1.08%。 从资金流向来看，申万一级行业中，仅3个行业获主力资金净流入。商贸零售行业净流入金额居首，达3.5亿元；综合和钢铁行业净流入金额分别 为1.27亿元、962.78万元。 28个主力资金净流出的行业中，电子行业净流出金额居首，达97.02亿元；机械设备和电力设备行业净流出金额均超57亿元，汽车、有色金属、通 信和国防军工行业净流出金额居前，均超30亿元。 主力资金大幅净流出3只龙头股 从个股来看，74股主力资金净流入均超1亿元，其中16股净流入在3亿元以上。 通信龙头股中兴通讯主力资金净流入19.78亿元，居首；该股今日成交额达219.33亿元，股价涨6.56%。昨日晚间，浙商证券发布近三个月唯一一 份涉及中兴通讯的研报。研报称，通信设 ...

3个行业主力资金净流入。 多元金融股中油资本主力资金净流入9.52亿元，居次席，股价"一"字涨停。京北方同样涨停，主力资金 净流入8.3亿元。 行业板块方面，申万一级行业有17个上涨，农林牧渔和石油石化行业涨幅居前，均超1%；14个下跌行 业中，机械设备行业跌幅居首，达1.08%。 信创概念股北信源主力资金净流入8.28亿元。午后信创概念异动拉升，北信源"20cm"涨停，麒麟信安、 荣科科技、达梦数据、太极股份、中国软件等跟涨。消息面上，东莞证券指出，信创产业按 照"2+8+N"节奏稳步推进，正从政策驱动转向政策+市场双驱动。预计2025~2026年市场规模增速分别达 17.84%和26.82%，2026年将突破2.6万亿元。 | | | 8月21日主力资金净流入排名 | | | --- | --- | --- | --- | | 代码 | 简称 | 今日涨跌幅 净流入资金 | | | | | (%) | (亿元) | | 000063 | 中兴通讯 | 6.56 | 19.78 | | 000617 | 中油资本 | 10.02 | 9.52 | | 002987 | 京北方 | 9.98 | 8.30 | ...

每经编辑｜吴永久 在周三字节跳动辟谣之后，周四，芯原股份冲高回落。利好传闻刺激中兴通讯早盘涨停，但也炸板，全天成交额219亿元。上证指数冲高回落，3091只股下 跌，2170只股上涨，沪深两市成交额达到24241亿元。 从周四的期货市场来看，工业硅、烧碱期货涨幅居前，鸡蛋、焦煤期货跌幅居前。在每日经济新闻和中粮期货联合举办"经·粮杯—全国期货模拟争霸 赛"中，优秀选手"岁月无痕"通过交易碳酸锂期权，实现了两天3倍的收益。看来，这位选手确实比较牛。 | 排名 | 昵称 | 收益率 | | --- | --- | --- | | | 雾月无痕 | 324.54% | | 2 | 侠影天下 | 20.51% | | 3 | 穿越星空 | 19.96% | | 4 | 投资策略师 | 18.9% | | 序 | 名称 | 最新 | 幅度%↓ | | --- | --- | --- | --- | | 1 | 工业硅2511 ± | 8635 | 3.66 | | 2 | 烧碱2601 丰 | 2687 | 3.35 | | 3 | 对二甲苯2511 手 | 6958 | 2.60 | | 4 | 短纤2510 平 | ...

Core Viewpoint - The surge in ZTE Corporation's stock price is attributed to a "major recommendation" report from Zheshang Securities, highlighting the company's undervalued AI and network business potential [3][5][9]. Group 1: Stock Performance - On August 21, ZTE's A-shares hit the daily limit within two minutes, closing up 6.56% at 42.56 CNY per share, with a trading volume of nearly 22 billion CNY and a market capitalization exceeding 200 billion CNY [1]. - The H-shares also rose over 5%, with a trading volume exceeding 5 billion HKD [1]. - The stock's initial surge was followed by a pullback, indicating potential profit-taking by investors [1]. Group 2: Research Report Impact - The report from Zheshang Securities maintained a "buy" rating for ZTE, authored by experienced analysts with notable industry recognition [3][5]. - The report emphasized ZTE's advancements in AI and network capabilities, suggesting that the market has undervalued these developments [9]. - Historical data indicates that stocks receiving a "buy" rating typically see an average increase of about 2.3% the following day, demonstrating the influence of research reports on market sentiment [9]. Group 3: Company Developments - ZTE is recognized as a leading provider of comprehensive information and communication technology solutions, serving over one-third of the global population across more than 160 countries [12]. - The company recently won significant contracts in a procurement project for AI computing devices, securing over 50% of the total order value, approximately 8.85 billion CNY [12]. - Foreign institutional investors, such as BlackRock, have increased their holdings in ZTE, reflecting growing confidence in the company's prospects [12]. Group 4: Industry Trends - The technology sector, particularly communication stocks, has become a central theme in the A-share market, with the communication index rising over 15% in August [12]. - ZTE's stock has seen a cumulative increase of over 20% in the same period, driven by favorable industry conditions and company-specific catalysts [12].

Group 1 - Southbound funds net bought Hong Kong stocks worth 74.61 billion HKD today [1] - The top net purchases included Tencent Holdings at 18.71 billion HKD, Meituan-W at 13.91 billion HKD, and Xiaomi Group-W at 12.74 billion HKD [1] - Southbound funds have net bought Tencent for five consecutive days, totaling 55.7254 billion HKD, and Xiaomi for three consecutive days, totaling 21.9847 billion HKD [1] Group 2 - The net sell-offs included the Yingfu Fund at 8.24 billion HKD, ZTE Corporation at 6.3 billion HKD, and Alibaba-W at 2.81 billion HKD [1] - ZTE Corporation experienced a drop of 5.4% with a net inflow of 1.95 billion HKD [2] - Alibaba-W saw a decline of 1.5% with a net outflow of 5.20 billion HKD [2]

涨停股中，从连续涨停天数来看，大于或等于2天的个股有12只，其中，科森科技5连板，连续涨停板数 量最多；园林股份、ST尔雅均4连板；御银股份、ST东时、世茂能源均3连板；日丰股份、ST中迪、仁 和药业、成飞集成、汇嘉时代、华升股份均2连板。 8月21日，上证指数全天窄幅震荡；深证成指、创业板指早盘探底回升，临近午盘震荡回落，午后一度 回升，随后再度回落，尾盘有所回升；科创50指数早盘冲高回落，午后一度回升，随后震荡回落。截至 收盘，上证指数报3771.10点，涨0.13%，成交额9977.42亿元；深证成指报11919.76点，跌0.06%，成交 额14263.15亿元；创业板指报2595.47点，跌0.47%，成交额6563.75亿元；科创50指数报1149.15点，涨 0.09%，成交额657亿元。沪深两市合计成交24240.57亿元，连续7个交易日突破2万亿元，成交额较上一 交易日增加158.23亿元。 农林牧渔、石油石化等行业走强科森科技5连板 盘面上来看，行业板块、概念涨多跌少。其中，农林牧渔、石油石化、美容护理、公用事业、传媒、化 工、银行、煤炭等行业涨幅靠前；可燃冰、跨境支付、数据确权、钛白粉、 ...

Group 1 - ZTE Corporation's stock experienced a significant surge, with A-shares hitting the limit up within two minutes and H-shares rising over 13% before retracting slightly [2] - The surge in ZTE's stock price is likely linked to a "major recommendation" report from Zheshang Securities, which maintained a "buy" rating for the company [3][4] - The report highlights ZTE's advancements in AI computing and network business, suggesting that the market has undervalued its potential [8] Group 2 - ZTE is recognized as a leading provider of comprehensive information and communication technology solutions, serving over one-third of the global population across more than 160 countries [11] - The company recently won significant contracts in a procurement project by China Mobile, securing over 50% of the total order amounting to approximately 8.85 billion yuan [11] - The technology sector has become a core focus in the A-share market, with the communication index rising over 15% in August, contributing to ZTE's cumulative stock increase of over 20% this week [12]

Market Overview - The A-share market experienced strong fluctuations on August 21, with the Shanghai Composite Index nearing 3,800 points, reaching a 10-year high, and closing at 3,771.1 points, up 0.13% [1] - The Shenzhen Component Index slightly declined by 0.06% to 11,919.76 points, while the ChiNext Index fell by 0.47% to 2,595.47 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24,608 billion yuan, showing a slight increase compared to the previous day [1] Sector Performance - Over 3,000 stocks in the market were in the red, with the semiconductor sector experiencing significant declines, including Dongxin Co., which fell over 12% [1] - The AI industry chain stocks collectively dropped, with companies like Feilong Co. and Tenglong Co. hitting the daily limit down [1][6] - Resource stocks, including oil, electricity, coal, and gas, saw a collective rise, with companies like Zhun Oil Co. and Anyuan Coal Industry hitting the daily limit up [1] Notable Stocks - Domestic software stocks surged, with Beixin Source hitting the daily limit up with a 20% increase, and ZTE Corporation also seeing a rise of over 6% [3][4] - Ji Shi Media experienced a dramatic "地天板" (ground-to-sky) performance, closing at the daily limit up after previously hitting the limit down [10] AI Industry Insights - The daily consumption of Tokens in China has surged from 100 billion at the beginning of 2024 to over 30 trillion by June, reflecting rapid growth in AI application scale [5] - The National Development and Reform Commission reported that by the end of 2024, China's software revenue is expected to grow by 80% compared to 2020, with significant advancements in digital transformation across various industries [4] Company Specifics - Ji Shi Media clarified that it does not engage in "state-owned cloud" related businesses and has minimal involvement in the film industry, which is not expected to significantly impact its performance [11] - Tenglong Co. indicated that its products have limited exposure to the data center and server liquid cooling markets, with sales revenue from related products being minor [8]