特别新易盛在八月内实现了惊人的涨幅，累计上涨超过88%，其最新收盘价已经达到了356.2元。这一表现无疑为投资者们提供了极大的 信心。 在行业配置方面，多家券商认为A股市场有望继续上行。科技、顺周期以及"反内卷"制造业等方向成为了券商们关注的焦点。申万宏源 指出，市场持续演绎牛市氛围，休整幅度有限。他们建议投资者关注国内科技链的突破以及先进制造业的"反内卷"趋势。同时，他们也 看好人工智能+的行情扩散以及顺周期低估值板块的修复机会。 中原证券则认为，八月市场呈现小市值占优、成长强于价值的风格特征。随着九月联储降息概率的提升，市场风险偏好有望进一步上 升，从而驱动TMT和周期板块的上涨。然而，他们也提醒投资者注意成长板块"拥挤度"不断走高可能带来的市场波动性加大。因此，他 们建议投资者均衡配置成长与价值风格，并在TMT板块调整时逐步增配金融、交运、消费等板块。 华龙证券则给出了更为具体的建议。他们建议关注科技和先进制造等成长方向，以及高技术制造业的高景气度对制造业利润的引领作 用。同时，他们也看好"反内卷"政策促进产业高质量发展的方向，以及内需政策发力带动的行业机会。在这些行业中，电力设备、基础 化工、机械设备 ...

8月行情在上涨中圆满收官。作为券商月度策略的精华，券商金股也在牛市中展现了较强的超额收益能力。 每市APP显示，最牛券商——东北证券今年以来的十大金股组合收益率超81%，开源证券金股组合年内收益率也高达72.5%。各券商推荐的8月金股中，表现最强的 包括全市场瞩目的"寒王"寒武纪-U、新易盛等热门股。 展望9月，券商分析师观点有所分歧，金融及科技板块受到大部分券商的重点关注，部分券商提及要重视高低切换。 年内最牛券商金股组合收益超8 1% 从8月份单月情况来看，开源证券金股组合以25.84%的月度收益率排名第一，中航证券、国元证券、华鑫证券分别排名第二至第四，单月收益均超20%；中原证券、 长城证券、华龙证券、东北证券、民生证券金股组合8月份涨幅也超17%。 从个股来看，有3只金股在8月份股价实现翻倍以上增长。由中航证券推荐的华胜天成在8月份上涨115%；"寒王"寒武纪-U在8月上涨110%，这是民生证券、国泰海 通的8月金股；由东北证券推荐的思泉新材在8月份大涨超100%；此外，新易盛也在8月大涨88%，这是天风证券、光大证券、开源证券的8月金股。 9月金股出炉 进入9月，券商新一期金股名单陆续出炉。9月金 ...

8月A股市场继续攀升，其中沪指累计涨7.97%站上3800点，深证成指累涨15.32%，创业板指累计涨24.13%。9月如何寻找机会？截至发稿，10余家 券商公布了9月月度投资组合，涉及消费、科技、金融等多个领域。 | FET 9 | | | --- | --- | | 券商各称 | 推荐个股 | | 泵臭证券 | 迈威生物-U、雷赛智能、指南针、昆仑万维、杰瑞股份、泸州老窖 晶晨股份、新诺威、海螺水泥、新和成 | | 东兴证券 | 中国神华、金山办公、中国巨石、金银河、火炬电子、甘源食品 贵州茅台、捷捷微电、宁波高发、美格智能、派克新材 | | 光大证券 | 中信证券、中微公司、海尔智家、新易盛、招商蛇口、完美世界 华泰证券、争光股份、奥来德、华友钻业 | | 国論证券 | 中航成飞、海康威视、中国稀土、密尔克卫、科达制造、蓝特光学 徐工机械 | | 起高加工学 | 德赛西威、华阳集团、新泉股份、星宇股份、伯特利、中国重汽 | | 国信证券 | 长江电力、裕同科技、华利集团、爱柯迪、东方证券、中兴通讯 宁波银行 | | 华安机券 | 恒立液压、中航沈飞、均胜电子、精智达、兴发集团、仙琚制药 广和通、泸州老窖 ...

风险提示：网络建设不及预期、政企客户拓展不及预期、中美贸易摩擦加剧。 "连接+算力"战略持续兑现，AI 服务器多种类突破 分业务来看，2025H1 公司运营商业务实现营收350.64 亿元，无线、有线核心产品市场份额保持稳中有 升态势，通算服务器国内运营商份额领先，智算服务器陆续中标国产智算资源池项目；政企业务实现营 收192.54 亿元，同比增长109.93%，主要是服务器及存储收入增长，公司全系列智算服务器在国内头部 互联网公司实现规模销售，互联网白盒数据中心交换机持续规模商用；消费者业务实现营收172.35 亿 元，同比增长7.59%，主要是手机产品、云电脑收入增长，手机国际市场营收同比增长超30%。细分产 品来看，2025H1，公司服务器及存储营收同比增长超200%，其中AI 服务器占比达55%。 全面投入AI，自研芯片+超节点服务器+高速交换机筑牢智算底座2025H1，公司研发费用达126.65 亿 元，推出自研定海芯片，支持RDMA 标卡、智能网卡、DPU 卡等多种形态算力加速硬件。公司服务器 满足全场景需求，联合壁仞科技和曦智科技推出国内首个光互连光交换GPU 超节点，推出搭配自研AI 大容量凌 ...

Core Viewpoint - The article emphasizes the transformative impact of AI on the chemical materials industry, marking a shift from traditional methods to AI-driven approaches that enhance efficiency and innovation in material development [1][6][10]. Group 1: AI and Industry Transformation - AI models and applications have rapidly evolved, leading to a surge of innovative products and marking a technological turning point for the industry [1]. - The integration of AI, embodied intelligence (EI), and big data is accelerating the onset of the Fourth Industrial Revolution in the chemical materials sector [1]. - China is positioned as the largest market and manufacturing base, with abundant application scenarios for AI in material science [1]. Group 2: Collaboration Between Material and AI Companies - Material companies are increasingly collaborating with AI firms to enhance research and development processes [3]. - The shift from traditional experimental methods to AI-enabled approaches is expected to streamline the entire material development chain from research to industrialization [1][6]. Group 3: Expert Insights and Reports - Experts from various institutions shared insights on the opportunities and challenges posed by AI in the chemical materials industry during the 2025 Polymer Industry Annual Conference [4][6][10]. - The reports highlighted the need for companies to overcome technical bottlenecks, data silos, and high costs to fully leverage AI in material development [6][8]. Group 4: AI-Driven Innovations in Material Development - AI is reshaping production optimization and predictive maintenance across seven key areas, contributing to cost reduction and efficiency gains [6]. - The development of high-performance catalytic materials is crucial for sustainable development, with AI facilitating faster and more cost-effective research processes [7]. - AI and automation are being combined to enhance process development, significantly improving research and development efficiency [8]. Group 5: Infrastructure and Case Studies - The construction of "AI + Materials" infrastructure is essential for transitioning to data-driven and model-assisted material development [9]. - Specific case studies demonstrate the successful application of AI in predicting material properties and optimizing formulations, showcasing the potential of AI in polymer research [10]. Group 6: Upcoming Events and Opportunities - The 2025 Polymer Industry Annual Conference will explore new opportunities in emerging industries such as AI, embodied robots, and new energy vehicles [11][12]. - The conference aims to gather industry leaders, experts, and stakeholders to discuss the future of polymer materials and technology [11][12].

Core Viewpoint - Foreign institutional investors are significantly increasing their holdings in Chinese assets, particularly in H-shares of companies like CATL, ZTE, and WuXi AppTec, indicating a growing confidence in the Chinese market [2][4]. Group 1: Foreign Investment Activities - JPMorgan increased its long position in CATL H-shares from 5.98% to 6.06% and in ZTE H-shares from 6.27% to 6.98% [4]. - Citigroup raised its long position in ZTE H-shares from 6.71% to 7.17% and in WuXi AppTec H-shares from 4.71% to 5.12% [4]. - Morgan Stanley increased its long position in CATL H-shares from 4.96% to 6.05% and in Ganfeng Lithium H-shares from 4.20% to 6.06% [4]. Group 2: Market Performance - The Hang Seng Index recorded a monthly increase of 1.23% in August, marking four consecutive weeks of gains [2][7]. - On August 29, the Hang Seng Index rose by 0.32%, while the Hang Seng Tech Index increased by 0.54% [7]. - Southbound capital saw a significant net purchase of HKD 120.46 billion on August 29, reversing the previous day's net selling trend [7]. Group 3: Sector Insights - The lithium battery industry is experiencing a "de-involution," with a consensus on price discipline emerging, which is expected to improve the competitive landscape [5]. - The solid-state battery industrialization process is accelerating, with several companies planning to achieve mass production by 2026 [5]. - WuXi AppTec's stock surge is driven by favorable policy changes, including the recent announcement of new drug listings by the National Healthcare Security Administration [5]. Group 4: Future Outlook - Analysts expect the Hong Kong market to benefit from improved global liquidity conditions as the Federal Reserve's monetary policy shifts towards a more dovish stance [7][8]. - The ongoing economic stabilization policies in mainland China are anticipated to accelerate the earnings recovery of listed companies, further supporting the Hong Kong market [7]. - The deepening of the Hong Kong listing system reforms is expected to enhance market asset quality and liquidity [7].

Group 1: Foreign Investment in Chinese Assets - Major foreign institutions such as JPMorgan, Citigroup, and Morgan Stanley have significantly increased their holdings in Chinese H-shares, including CATL, ZTE, and WuXi AppTec [1][2] - Morgan Stanley reported that global hedge funds have ramped up their bets on Chinese stocks, with August expected to see the highest monthly buying volume since February [1][2] Group 2: Stock Performance - As of August 29, CATL and WuXi AppTec saw substantial stock price increases, with CATL's A and H shares rising by 10.37% and 4.17% respectively, and WuXi AppTec's A and H shares increasing by 7.95% and 6.52% respectively [2] - The rise in CATL's stock price is attributed to the upcoming sales season and the release of new models, with expectations for high growth in domestic electric vehicle sales by 2025 [2] Group 3: Industry Trends - The lithium battery industry is experiencing a "de-involution," with a growing consensus on price discipline in certain segments, which is expected to improve the competitive landscape [3] - The solid-state battery industrialization process is accelerating, with several companies initiating pilot production lines and planning mass production by 2026 [3] Group 4: Market Outlook - The Hong Kong stock market has shown resilience, with the Hang Seng Index rising by 1.23% in August, marking four consecutive weeks of gains [6] - Analysts predict that the market will continue to be supported by improving global liquidity conditions and ongoing economic stabilization policies in mainland China [6][7] - The expectation of a dovish shift in the Federal Reserve's monetary policy is anticipated to further enhance liquidity, benefiting the Hong Kong market [6][7]

Core Insights - Major financial institutions such as JPMorgan, Citigroup, and Morgan Stanley have recently increased their holdings in H-shares like CATL, ZTE, and WuXi AppTec [1] - Global hedge funds have intensified their bets on Chinese stocks, with August expected to record the highest monthly buying volume since February [1] - The Hong Kong stock market has shown positive performance, with the Hang Seng Index achieving a monthly gain of 1.23% and recording four consecutive weeks of increases [1] - Analysts generally believe that the Hong Kong market has further upward potential due to improving global liquidity conditions as expectations for a Federal Reserve rate cut rise [1]

Core Viewpoint - Foreign investment giants are significantly increasing their holdings in Chinese assets, particularly in H-shares of companies like CATL, ZTE, and WuXi AppTec, indicating a growing confidence in the Chinese market amid improving global liquidity conditions [1][2]. Group 1: Foreign Investment Actions - Morgan Stanley, JPMorgan, and Citigroup have raised their long positions in several Chinese H-shares, with notable increases in holdings for CATL, ZTE, and WuXi AppTec [2]. - Specific increases include Morgan Stanley's long position in CATL rising from 4.96% to 6.05% and Citigroup's position in ZTE increasing from 6.71% to 7.17% [2]. Group 2: Market Performance - The Hong Kong stock market continued its upward trend in August, with the Hang Seng Index recording a monthly increase of 1.23% and achieving four consecutive weeks of gains [5]. - On August 29, CATL and WuXi AppTec saw significant stock price increases, with CATL's A and H shares rising by 10.37% and 4.17%, respectively [3]. Group 3: Industry Insights - Analysts predict that the domestic electric vehicle market will maintain high growth, driven by new model releases and a peak sales season, which will boost demand for batteries and materials [3]. - The solid-state battery industry is expected to accelerate its commercialization, with several companies planning to achieve mass production by 2026 [3]. Group 4: Future Market Outlook - The expectation of a dovish shift in the Federal Reserve's monetary policy is anticipated to improve the global liquidity environment, providing strong support for the Hong Kong stock market [6]. - Analysts suggest that the ongoing economic stabilization policies in mainland China and the recovery of listed companies' performance will further drive the valuation recovery of the Hong Kong market [6][7].

Core Viewpoint - ZTE Corporation reported a revenue of 71.55 billion yuan for the first half of 2025, marking a year-on-year increase of 14.51%. However, the net profit attributable to ordinary shareholders decreased by 11.77% to 5.058 billion yuan, and the net profit excluding non-recurring gains and losses fell by 17.32% to 4.1 billion yuan [1] Financial Performance - The company's total revenue reached 71.55 billion yuan, reflecting a growth of 14.51% compared to the previous year [1] - The net profit attributable to ordinary shareholders was 5.058 billion yuan, which represents a decline of 11.77% year-on-year [1] - The net profit after excluding non-recurring items was 4.1 billion yuan, down 17.32% from the same period last year [1]