Market Performance - A-shares saw a collective rise on August 5, with the Shanghai Composite Index returning above 3600 points, closing up 0.96% at 3617.60 points [1] - The Shenzhen Component Index rose 0.59% to close at 11106.96 points, while the ChiNext Index increased by 0.39% to 2343.38 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 15,961 billion yuan, an increase of 975 billion yuan compared to the previous day [1] Sector Performance - Most industry sectors experienced gains, with notable increases in communication equipment, consumer electronics, plastic products, insurance, automotive parts, banking, transportation equipment, and wind power equipment [1] - The PEEK materials sector surged over 4%, driven by its advantages in humanoid robots, including weight reduction and durability [2] - The consumer electronics sector also performed strongly, with EssilorLuxottica reporting a more than twofold increase in sales of smart glasses in collaboration with Meta [2] Company Highlights - Hunan Tianyan, a company specializing in engine components, saw its stock hit the limit up, with a reported net profit of 882,600 yuan and a year-on-year growth rate of 40.44% [3] - The company is recognized as one of the earliest manufacturers of automotive turbochargers in China and has achieved full coverage of the National VI platform for its valve products [3] - Hunan Tianyan is also making strides in new energy vehicles, with breakthroughs in electronic water pumps and turbocharger electronic actuators, establishing a dual-driven market structure [3]

山河智能公告称，公司股票价格连续三个交易日收盘价格涨幅偏离值累计达到28.01%，属于股票交易 异常波动情况。公司目前经营情况正常，近期经营情况及内外部经营环境未发生重大变化，不存在应披 露而未披露的重大事项。公司提醒广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

证券代码：002097 证券简称：山河智能 公告编号：2025-039 山河智能装备股份有限公司 关于股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要提示： 1、山河智能装备股份有限公司（证券简称：山河智能，证券代码：002097） 股票价格连续 3 个交易日（2025 年 8 月 1 日、2025 年 8 月 4 日、2025 年 8 月 5 日） 收盘价格涨幅偏离值累计达到 28.01%（超过 20％），根据深圳证券交易所相关规 定，属于股票交易异常波动的情况。 2、公司目前经营情况正常，公司近期经营情况及内外部经营环境未发生、亦 预计将不会发生重大变化，近期不存在应披露而未披露的重大事项。 3、近期，公司股价短期涨幅较大，已严重偏离大盘走势，存在市场情绪过热 的情形，可能存在非理性交易行为，交易风险较大，存在下跌的风险。截至 2025 年 8 月 5 日，公司市盈率为 217.62 倍，市净率为 3.91 倍，均高于工程机械行业水 平。公司已连续多日发布股票交易异常波动公告，特别提醒广大投资者注意二级市 场交易风险，理性决策，审 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月5日｜山河智能(002097.SZ)今日涨停两连板，换手率34.24%，成交额59.44亿元。龙虎榜数据 显示，深股通买入6115万元，卖出1.71亿元，净卖出1.1亿元；华鑫证券上海光复路位列卖二席位，净卖 出1.47亿元；一家机构位列卖三席位，净卖出5128万元。上榜席位全天买入3.37亿元，卖出6.72亿元， 合计净卖出3.35亿元。(格隆汇) (责任编辑：宋政 HN002) ...

具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖三，买入金额2894.88万元，卖出金 额8022.73万元，合计净卖出5127.85万元，深股通为第二大买入营业部及第一大卖出营业部，买入金额 为6114.82万元，卖出金额为1.71亿元，合计净卖出1.10亿元。 山河智能今日涨停，全天换手率34.24%，成交额59.44亿元，振幅10.77%。龙虎榜数据显示，机构净卖 出5127.85万元，深股通净卖出1.10亿元，营业部席位合计净卖出1.74亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达9.23%、日换手率达34.23%上榜，机构专用席位净卖 出5127.85万元，深股通净卖出1.10亿元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交10.09亿元，其中，买入成交额为3.37亿 元，卖出成交额为6.72亿元，合计净卖出3.35亿元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 6587.18 ...

| 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | | 1 | 深股通专用 | 530次 45.28% 2 | 6114.82 | 1.03% | | 2 | 华鑫证券有限责任公司上海光复路证券营业部 | 91次 42.86% | 0.00 | 0.00% | | 3 | 机构专用 | 1486次 43.27% | 2894.88 | 0.49% | | 4 | 国泰海通证券股份有限公司成都北一环路证券营业部 | 157次 47.77% | 207.22 | 0.03% | | 5 | 中信建投证券股份有限公司安徽分公司 | 13次 46.15% | 92.51 | 0.02% | | | (买入前5名与卖出前5名)总合计: | | 33690.30 | 5.67% | 格隆汇8月5日｜山河智能(002097.SZ)今日涨停两连板，换手率34.24%，成交额59.44亿元。龙虎榜数据显示，深股通买入6115万元，卖出1.71亿元，净卖出 1.1亿元；华鑫证券上海光复路位列卖二席位，净卖出1.47亿元；一家机构位列卖三席位， ...

Market Overview - On August 5, the Shanghai Composite Index rose by 0.96%, the Shenzhen Component Index increased by 0.59%, the ChiNext Index went up by 0.39%, and the CSI 300 Index gained 0.80% [1] - Among the tradable A-shares, 3,903 stocks rose, accounting for 72.17%, while 1,327 stocks declined [1] Capital Flow - The main capital saw a net outflow of 11.676 billion yuan throughout the day [1] - The ChiNext experienced a net outflow of 6.731 billion yuan, while the STAR Market had a net outflow of 1.542 billion yuan [1] - The CSI 300 constituent stocks saw a net inflow of 2.692 billion yuan [1] Industry Performance - Out of the 31 first-level industries classified by Shenwan, the top-performing sectors were Comprehensive and Banking, with increases of 1.98% and 1.59% respectively [1] - The Communication industry led the net inflow of main capital, with a net inflow of 2.485 billion yuan and a daily increase of 1.25% [1] - The Non-bank Financial sector followed with a daily increase of 1.23% and a net inflow of 1.567 billion yuan [1] Industry Capital Outflow - The Pharmaceutical and Biological industry had the largest net outflow, with a net outflow of 5.336 billion yuan despite a daily increase of 0.12% [1] - The Computer industry also saw significant outflow, with a net outflow of 3.102 billion yuan and a daily increase of 0.25% [1] - Other industries with notable net outflows included Defense and Military, Machinery Equipment, and Electronics [1] Individual Stock Performance - A total of 1,999 stocks experienced net inflows, with 742 stocks having net inflows exceeding 10 million yuan [2] - Among these, 83 stocks had net inflows exceeding 100 million yuan, with Dongxin HePing leading at a net inflow of 570 million yuan and a daily increase of 10.00% [2] - The stocks with the largest net outflows included Shanhe Intelligent, Hanyu Pharmaceutical, and Aerospace Electronics, with net outflows of 910 million yuan, 909 million yuan, and 588 million yuan respectively [2]

截至8月5日开盘一小时，主力资金流出前20的股票分别为：山河智能（-6.77亿元）、翰宇药业（-5.01 亿元）、航天电子（-4.23亿元）、爱乐达（-3.77亿元）、建设工业（-3.09亿元）、宁德时代（-2.27亿 元）、比亚迪（-2.18亿元）、东山精密（-1.96亿元）、东方财富（-1.95亿元）、利君股份（-1.90亿 元）、神州数码（-1.89亿元）、东芯股份（-1.81亿元）、万兴科技（-1.72亿元）、万泽股份（-1.66亿 元）、江海股份（-1.65亿元）、指南针（-1.64亿元）、内蒙一机（-1.57亿元）、利欧股份（-1.55亿 元）、长城电工（-1.52亿元）、天坛生物（-1.51亿元）。 作者：金股通 本文源自：金融界 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China A-shares market** and its performance in July 2025, highlighting solid price gains across various sectors [1][2]. Core Insights and Arguments - **Sector Performance**: - **Healthcare**: Led with a **13.5%** increase in July and **23.1%** year-to-date (YTD) performance, driven by recovering demand and strong drug pipelines [2][8]. - **IT**: Increased by **6.7%** in July and **14.7%** YTD, benefiting from Nvidia's resumption of sales to China [2][8]. - **Materials**: Gained **6.4%** in July and **18.0%** YTD, supported by government initiatives against overcapacity [2][9]. - **Energy**: Saw a **4.7%** increase in July but a decline of **1.8%** YTD [2]. - **Real Estate**: Increased by **4.5%** in July but declined **2.3%** YTD [2]. - **Financials**: Only **2.1%** increase in July and **10.5%** YTD, with some companies experiencing significant declines [2][10]. - **Market Drivers**: - The **CSI300** index rose **3.5%** in July, with improving liquidity and solid GDP growth of **5.2%** year-on-year (y-y) in Q2 2025 [5][39]. - **Net inflows** into A-shares totaled **US$193 million**, primarily in Financials, IT, and Materials, while Industrials and Consumer Discretionary saw outflows [5][14]. - **Macroeconomic Indicators**: - **GDP Growth**: China's GDP growth was **5.2%** y-y, with nominal GDP growth at **3.9%** y-y, indicating a decline in the GDP deflator to **-1.2%** [5][39]. - **Industrial Production**: Increased by **6.8%** y-y, with notable growth in high-tech sectors [5][42]. - **Retail Sales**: Grew by **4.8%** y-y, below expectations, indicating weak consumer sentiment [5][39]. - **Trade**: Exports rose **5.8%** y-y, with a rebound in exports to the US [5][41]. Additional Important Insights - **Margin Financing**: The margin buying as a percentage of A-share turnover rose to **10.5%** at the end of July from **9.6%** at the end of June, indicating increased investor confidence [5][24]. - **Fund Issuance**: Equity mutual fund issuance remained stable at **Rmb18 billion** in July, compared to **Rmb21 billion** in June [5][27]. - **Shareholding Structure**: By the end of 2024, retail investors held **42%**, controlling shareholders **43%**, domestic financial institutions **12%**, and foreign investors **3%** of A-shares' total market cap [5][28]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the China A-shares market and its underlying economic factors.

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, suggesting that the industry is expected to outperform the overall market [3][28]. Core Insights - The military industry is experiencing a positive cycle driven by domestic demand, particularly due to the ongoing modernization of the military, which is expected to enhance domestic demand and support growth in the military sector [5][6]. - The report highlights a significant increase in global military trade demand, driven by geopolitical changes, which is anticipated to create a strong resonance between supply and demand in China's military trade [5][6]. - The military sector is expected to see an increase in overall valuation as the global military trade landscape evolves and domestic construction cycles expand, leading to greater recognition and higher valuations for military technology [5][6]. - The report recommends increasing attention to military stocks, particularly those related to next-generation equipment and precision-guided weapons, which are expected to enter a growth phase by 2025 [5][6]. Market Review - Last week, the Shenwan Defense and Military Index rose by 0.08%, outperforming the ChiNext Index, the CSI 300, and the Shanghai Composite Index, which fell by 0.74%, 1.75%, and 0.94% respectively [3][6]. - The report notes that the military sector's performance ranked 6th among 31 Shenwan primary industry sectors, with the average increase of the civil-military integration index at 0.65% [3][6]. - The top five performing stocks in the defense sector last week included Shanhe Intelligent (28.88%), Great Wall Military (22.91%), Aerospace Power (13.95%), Aileda (13.22%), and Zhongguang Lightning Protection (11.08%) [3][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 84.97, placing it in the upper range historically, with a valuation percentile of 71.81% since January 2014 and 99.75% since January 2019 [13][18]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment currently positioned at a relatively high valuation level since 2020 [13][18]. Key Valuation Targets - The report lists several key targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential and market positioning [5][20].