超六成ST股年内涨幅跑输同期上证指数。 年内首只10倍涨幅的ST股诞生 今日(9月26日)，*ST宇顺(002289)股价涨停，最新收盘价创历史新高。据统计，该股于2025年9月24日收 盘时，年内涨幅首次达到10倍以上。截至最新收盘，年内累计涨幅扩大至10.6倍。 公开资料显示，*ST宇顺从事智能显示模组制造，主要为手持终端、智能 POS、智能穿戴、智能家居、 车载电子等制造商提供全方位触控显示一体化解决方案。今年上半年公司营业总收入为1.34亿元，净利 润亏损446万元。 今年以来，*ST宇顺多次发布股票交易异常波动暨风险提示相关的公告，但依然难挡投资者参与热情， 这与其筹划的收购事项不无关系。9月12日晚间，公司发布重大资产购买报告书草案修订版等系列公 告，回复深交所问询，并计划将在9月29日召开股东大会审议收购议案。 标的公司专注于开发及运营大规模、高等级、高效高性能数据中心，是一家国内优秀的数据中心整体解 决方案提供商。本次交易完成后，公司将形成数据中心基础设施服务、液晶显示屏相关产品及仪器仪 表、配电设备的多元化业务布局。 公司在风险提示公告中表示，本次交易正处于开展阶段，存在审批风险，本次交易可 ...

Core Viewpoint - The A-share market has experienced significant growth, with major indices showing substantial increases over the past year, leading to a new market leader in terms of market capitalization, specifically in the technology sector [4][5]. Market Performance - As of September 23, 2025, the Shanghai Composite Index has risen by 39.03%, the Shenzhen Component Index by 62.31%, the ChiNext Index by 103.5%, the STAR Market 50 by 118.85%, and the North Star 50 by 158.01% over the past year [4]. - The total market capitalization of the A-share market has surpassed 100 trillion yuan for the first time, with five trading days recording over 30 billion yuan in daily turnover [4]. Stock Performance - A total of 1,435 A-share companies have seen their stock prices double since the "924" market rally began, accounting for 26.42% of all listed companies [4]. - The mechanical equipment sector has the highest number of companies with doubled stock prices, totaling 231, followed by the electronics sector with 206, and the power equipment sector with 130 [16]. Characteristics of High-Growth Stocks - Stocks that have doubled in price typically share three characteristics: small market capitalization (mostly below 5 billion yuan), clear themes such as robotics and semiconductors, and strong policy support for emerging technologies [5]. Notable High-Growth Stocks - Three stocks have seen their prices increase by over 1,000%: - Aowei New Materials (688585.SH) with a 1,720.5% increase - *ST Yushun (002289.SZ) with a 1,133.01% increase - Shenghong Technology (300476.SH) with a 1,061.66% increase [7][8]. - Aowei New Materials has transitioned to new ownership through a strategic acquisition by Zhiyuan Robotics, which is seen as a significant move in the robotics sector [9][10][11]. Sector Analysis - The mechanical equipment sector has been particularly influenced by the rise of humanoid robotics, with companies like Changsheng Bearing (300718.SZ) and Zhongjian Technology (002779.SZ) showing significant stock price increases due to their involvement in this emerging market [18][19]. - The overall trend indicates a strong correlation between the performance of the humanoid robotics sector and the stock prices of related companies, suggesting ongoing investment opportunities in this area [19].

格隆汇9月26日丨今年以来，部分ST股表现抢眼，这主要是受到市场、政策等多种因素综合影响，包括 A股整体交投趋向活跃，加上并购重组新规落地后，一些ST公司重组预期也随之增强。统计显示，截至 9月26日收盘，9只ST股今年以来累计涨幅翻倍，包括*ST宇顺、*ST亚振、ST华通、ST信通、*ST亚太 等。其中3股今日盘中最高价创历史新高，分别是*ST宇顺、*ST亚振、ST华通。*ST宇顺以1060.39%的 涨幅高居第1位，在所有A股中同期涨幅排名第二位，仅次于上纬新材。据统计，*ST宇顺于2025年9月 24日收盘时，年内涨幅首次达到10倍以上，今日涨停之后，年内累计涨幅进一步扩大。 ...

Core Viewpoint - The A-share market has shown significant upward momentum over the past year, with major indices experiencing substantial gains, although recent fluctuations indicate a short-term adjustment phase [1][2][3][7]. Market Performance - As of September 23, 2024, major A-share indices have recorded impressive annual increases: Shanghai Composite Index up 39.03%, Shenzhen Component Index up 62.31%, and ChiNext Index up 103.50% [3]. - The total market capitalization of A-shares rose from 74.71 trillion yuan to 113.71 trillion yuan, an increase of 39 trillion yuan, representing a growth rate of 52.20% [3]. - The trading volume on September 23 was 2.52 trillion yuan, marking a 376 billion yuan increase from the previous trading day, with 30 consecutive trading days exceeding 2 trillion yuan in volume [2][5]. Sector Performance - The technology sector has been particularly strong, with telecommunications, electronics, and comprehensive industries leading the gains, each rising over 100% in the past year [4]. - Among the 31 sectors tracked, all have shown positive growth, with telecommunications and electronics sectors seeing increases of 124.09% and 121.05%, respectively [4]. Individual Stock Highlights - Over the past year, 5,167 A-share stocks have shown positive returns, with 1,435 stocks rising over 100% and 420 stocks exceeding 200% [5]. - Notable high-performing stocks include Upwind New Materials, which surged by 1,720.50%, and ST Yushun, which increased by 1,133.01% [5]. Valuation Metrics - The rolling P/E ratios for major indices have significantly increased: Shanghai Composite from 12.24 to 16.38, Shenzhen Component from 19.59 to 30.85, and ChiNext from 23.53 to 43.62 [3][4]. - The technology sector's valuation has also risen sharply, with the telecommunications sector's rolling P/E increasing from 25.78 to 47.33 [4]. Market Outlook - Analysts suggest that the current market adjustment does not alter the medium-term upward trend, with expectations for continued growth driven by fundamental improvements in sectors related to new productive forces [6][7]. - The market is anticipated to experience increased volatility in the short term, but the overall positive trend is expected to persist [7][8].

Market Overview - The A-share market has experienced a significant increase since the "9·24" market rally, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 39.03%, 62.31%, and 103.50% respectively over the past year [1] - The total market capitalization of A-shares reached 113.71 trillion yuan, increasing by approximately 39 trillion yuan in the last year [1] Industry Performance - All 31 primary industries tracked by Shenwan have seen gains over the past year, with the technology sector leading the market [3] - The telecommunications industry recorded the highest increase at 124.09%, followed by electronics at 121.05% and the comprehensive sector at 108.05% [3][5] - The rolling price-to-earnings (P/E) ratios for major sectors have increased significantly, with telecommunications rising from 25.78 to 47.33, and electronics from 38.44 to 72.65 [3][5] Stock Performance - A total of 1,435 stocks have increased by over 100% in the past year, with 5167 stocks showing positive growth [6] - The stock with the highest increase is Aowei New Materials, which surged by 1720.50%, with its market cap growing from 2.05 billion yuan to 37 billion yuan [7][8] - Other notable stocks include *ST Yushun, which rose by 1133.01%, and Shenghong Technology, which increased by 1061.66% [7][8]

New Stock Listings - YouSheng Co., Ltd. (Stock Code: 603418) listed at an issue price of 46.36 RMB on September 23, 2025[1] - ZhiTianTui (Stock Code: 300280) is in the delisting preparation period with 8 trading days remaining[1] - ZhongHuanHaiLu (Stock Code: 301040) and JiShiChuanMei (Stock Code: 601929) have recent announcements regarding trading activities[1] Trading Alerts - XianDaoZhiNeng (Stock Code: 300450) reported severe abnormal fluctuations in trading[1] - HangKeKeJi (Stock Code: 688006) and YuanLinCo (Stock Code: 605303) have recent trading alerts[1] - Multiple stocks including YunNanLvYou (Stock Code: 002059) and *STMuBang (Stock Code: 603398) have recent announcements related to trading activities[1] Market Trends - A total of 30 stocks have been flagged for abnormal trading activities in the past week, indicating increased market volatility[1] - The recent trading patterns suggest a potential shift in investor sentiment, particularly in the technology and media sectors[1]

Core Viewpoint - The strategic investment by Shanghai Fengwang in Bingji Technology and the ongoing acquisition of Zhong'en Cloud by *ST Yushun highlight the company's efforts to expand its presence in the data center and AI computing sectors, raising questions about potential competition and future integration [1][2][4]. Group 1: Investment Details - Shanghai Fengwang plans to invest 300 million yuan in Bingji Technology, a leading AI computing service provider in Southwest China, which has established a computing cluster of no less than 20,000 P and aims to expand to 50,000 P [3][4]. - The investment is expected to be completed within a 30-day exclusivity period following the signing of the strategic investment framework agreement [1]. Group 2: Business Operations - Bingji Technology operates nearly 30,000 computing cards and has access to high-end computing chips, including scarce NVIDIA computing cards, positioning it as a top player in the domestic market [3][5]. - The company has formed a strategic partnership with Tianfu Cloud, establishing a core computing node in Southwest China as part of the "East Data West Computing" initiative [3]. Group 3: Acquisition of Zhong'en Cloud - *ST Yushun intends to acquire 100% equity of Zhong'en Cloud and related assets for 3.35 billion yuan, aiming to diversify its business into the data center sector [8][9]. - The acquisition is crucial for *ST Yushun to reverse its declining performance, as the target companies reported revenues of 735 million yuan, 815 million yuan, and 218 million yuan for 2023, 2024, and the first quarter of 2025, respectively, significantly exceeding *ST Yushun's current performance [9]. Group 4: Market Reactions and Future Prospects - Concerns about potential competition between Bingji Technology and *ST Yushun were addressed, with the chairman stating that their business focuses differ, with Zhong'en Cloud handling data center operations and Bingji Technology specializing in intelligent computing [5][6]. - The possibility of integrating Bingji Technology into *ST Yushun in the future remains open, with the chairman indicating that all options are on the table [6].

Market Overview - On September 24, 2024, the A-share market experienced a historic surge following the release of a policy "combination punch," marking the beginning of a new bull market [1] - The average increase of all stocks in the market reached 84.2%, with a median increase of 58.6%, and over 1,500 stocks doubled in value [1][2] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time, with the electronics sector overtaking the banking sector as the new market leader [1][6] Stock Performance - A total of 1,508 stocks doubled in price during the period from September 24, 2024, to September 22, 2025, with 246 stocks in the machinery sector and 209 in electronics leading the way [2] - Notable stocks with increases over 1,000% include Upwind New Materials (1,753.05%), *ST Yushun (1,145.83%), and Shenghong Technology (1,066.69%) [2][3] - The top-performing stocks often had small market capitalizations and were associated with trending themes such as robotics, semiconductors, and innovative pharmaceuticals [4] Market Capitalization Changes - The number of companies with a market capitalization exceeding 1 trillion yuan increased from 9 to 13, with notable entries from the electronics sector [5][6] - The total market capitalization of A-shares reached 117.75 trillion yuan by September 22, 2025, up from 81.75 trillion yuan a year earlier [6][7] - The electronic industry now has 25 companies with a market capitalization exceeding 100 billion yuan, reflecting a significant shift in market structure towards new economy sectors [7][8] Sector Analysis - The electronics sector has emerged as a dominant force, with significant contributions from companies involved in AI and semiconductor technologies [7] - The market has seen a transformation in its structure, with traditional sectors like banking and oil being overshadowed by new economy sectors such as electronics and biomedicine [6][7] - The rise of new companies in the electronic sector, particularly in PCB and semiconductor fields, indicates a robust growth trajectory for these industries [7][8]

Market Performance - The A-share market has experienced a significant bull market since September 24, 2024, with major indices showing substantial increases, including a 39% rise in the Shanghai Composite Index and a 102% increase in the ChiNext Index as of September 19, 2025 [1][2] - The total market capitalization of A-shares reached approximately 104 trillion yuan, reflecting a growth of about 36 trillion yuan over the past year [4] Policy Impact - The bull market is characterized as a "policy bull" and a "confidence bull," driven by a series of financial policies announced by regulatory bodies aimed at promoting economic growth [1][2] - The Central Political Bureau meeting emphasized the need to boost the capital market and facilitate long-term capital inflows, supporting mergers and acquisitions of listed companies [2] Sector Performance - All 30 sectors in the CITIC classification have seen increases, with the top five sectors being Communication, Electronics, Computer, Media, and Machinery, which rose approximately 120%, 108%, 99%, 88%, and 76% respectively [6] - Conversely, the bottom five sectors, including Coal, Oil and Petrochemicals, and Utilities, showed modest gains ranging from 6% to 24% [6] Stock Performance - Over 3,000 stocks have risen by more than 50%, with 1,400 stocks increasing by over 100% since the bull market began [1][6] - Notably, over 400 stocks have surged by more than 200%, with the top three stocks experiencing increases exceeding 1000% [8] Future Outlook - Analysts suggest that the current bull market has further potential, despite recent adjustments due to external factors such as the Federal Reserve's interest rate changes [9][10] - The market is expected to undergo structural shifts in the fourth quarter, with potential opportunities in cyclical sectors and low-position technology branches [10]

Core Viewpoint - The strategic investment by Shanghai Fengwang in Bingji Technology and the ongoing acquisition of Zhong'en Cloud by *ST Yushun highlight the company's efforts to expand its presence in the data center and AI computing sectors, raising questions about potential competition and future asset integration [1][2][5]. Group 1: Investment Details - Shanghai Fengwang plans to invest 300 million yuan in Bingji Technology, a leading AI computing service provider in Southwest China, which has established a computing cluster of no less than 20,000 P and aims for 50,000 P [5][6]. - The investment is expected to be completed within 30 days, indicating a swift move to enhance capabilities in the AI sector [1][2]. Group 2: Business Operations and Competition - Bingji Technology focuses on intelligent computing, primarily for AI training and inference, while Zhong'en Cloud operates in the data center sector, which involves data storage and management [5][6]. - The chairman of Shanghai Fengwang, Ji Min, clarified that the two businesses serve different customer needs and do not constitute direct competition [5][6]. Group 3: Acquisition of Zhong'en Cloud - *ST Yushun intends to acquire 100% equity of Zhong'en Cloud's related assets for 3.35 billion yuan, which will allow the company to diversify into the data center business [9][10]. - The acquisition is crucial for *ST Yushun to reverse its declining performance, as it has reported losses for five consecutive years, with a significant drop in net profits [10]. Group 4: Future Prospects - There is a possibility that Bingji Technology may be integrated into *ST Yushun in the future, as indicated by Ji Min, although no definitive plans have been announced [6][7]. - The acquisition of Zhong'en Cloud is pending approval at the upcoming shareholder meeting on September 29, 2025, marking a critical step in *ST Yushun's restructuring efforts [10].