Group 1 - Dematech won a 900 million yuan overseas smart logistics project from a well-known e-commerce giant in Latin America, focusing on intelligent logistics cross-belt sorting systems and related services [1] - Kang En Bei received approval for the registration of short-term financing bonds and medium-term notes, with a total registration amount of 1 billion yuan, valid for two years [1][2] - Zhi Xiang Jin Tai's GR1803 injection for systemic lupus erythematosus clinical trial has been approved by the National Medical Products Administration [2] Group 2 - Jin Da Wei's subsidiary received approval for a veterinary drug product, pyridone, valid from September 3, 2025, to September 2, 2030 [4] - Fu Li Wang's subsidiary plans to invest 500 million yuan in a high-end wire material project, focusing on high-strength prestressed steel strands for various applications [5] - He Li Biological's subsidiary's Class III medical device registration application has been accepted, focusing on natural bone repair materials [12] Group 3 - Lin Yang Energy won a 244 million yuan metering equipment project from Southern Power Grid, expected to positively impact its 2025 and 2026 performance [20] - Sanxia Water plans to absorb its wholly-owned subsidiary, Chongqing Changdian United Energy, with all assets and liabilities to be inherited by Sanxia Water [13] - Tian Cheng Technology canceled the use of 91 million yuan of raised funds for permanent working capital, ensuring no impact on the normal operation of investment projects [24] Group 4 - Baosteel received approval to publicly issue bonds totaling 20 billion yuan to professional investors, valid for 24 months [52] - Tian Kang Biological reported a 10.15% year-on-year increase in pig sales in August, with a total of 263,800 pigs sold [53] - Xinjiang Construction won multiple major projects totaling 4.506 billion yuan, including a 2.4 billion yuan photovoltaic hydrogen synthesis project [18]

我昨天对成交量的担忧在今天体现了，今天沪深两市成交额1.98万亿，首次跌破两万亿。昨天我提到，本轮行情的天量出现在八月底那一周，最高3.2万亿， 那时候我还特地给大家分析了破3万亿那三个交易日有跳水的k线，应该是很多大资金兑现离场了。目前量能相比8月底已经缩量了1.2万亿，这也证明了部分 资金离场了，除非跌出性价比，否则离场的资金不会轻易回来。 为什么要这么关注量能呢？因为流动性牛市就是由流动性推动的，直接的体现就是量。流动性就好比潮汐，涨潮的时候不管是好公司、垃圾公司都能涨一个 水位，讲叙事、拔估值才有基础，但当潮水退却，质地不好的公司就会失去支撑。本轮牛市获利盘如此丰厚，里面的资金想要兑现就需要有量承接，而一旦 持续缩量，资金就会担心出货越来越难了，就会抢着出货。 这时候市场的隐患出现了，昨天两市融资余额增加59.18亿元，首次涨破2.3万亿再创新高，市场缩量+高杠杆，会不会出现多杀多？ 我觉得今天要不是甲骨文的超预期指引带动算力反弹，激活了点人气，行情应该不会太好。实际上，A股尾盘已经跳水了，资金开始担忧持续缩量的后果， 比如大家会发出牛市之问-牛市会不会结束了？当这种疑问传开的时候，卖盘肯定越来越大。 ...

Core Viewpoint - The article highlights the phenomenon of "style drift" in public funds, where several funds have deviated significantly from their stated investment themes, raising concerns in the market [1][11]. Fund Analysis - The Qianhai Kaiyuan Great Security Core Mixed Fund, despite being themed around "Great Security," shows a notable deviation in its actual holdings, which span various sectors including semiconductors, software development, aerospace equipment, insurance, and automotive parts [2][11]. - As of the second quarter of 2025, the fund's top ten holdings include companies like Jiehuate, Guiding Compass, and China Ping An, with a sector distribution of 45.31% in technology, 34.64% in manufacturing, and 16.86% in finance [2][3]. Investment Performance - The fund manager, Liu Hong, has achieved a total return of 53.27% since taking over the fund on August 8, 2022, with an annualized return of 14.80% [4]. - As of September 2025, the fund's performance over the past year reached 105.62%, with two-year and five-year returns of 87.02% and 81.70%, respectively, leading to a total return of 199.80% and an annualized return of 10.91% [5]. Trading Activity - The fund exhibits a highly aggressive investment style, with a turnover rate of 1143.55% in the first half of 2025 and 813.82% at the end of 2024, indicating frequent adjustments in its portfolio [7][8]. - This high turnover rate, combined with the deviation from its investment theme, raises questions about the sustainability and stability of its investment strategy [7]. Market Context - Liu Hong noted that the fund's performance was impacted by the imposition of reciprocal tariffs by the U.S. and China, leading to significant market fluctuations. However, subsequent negotiations and supportive domestic policies resulted in a rebound in A-shares [10]. - The fund's strategy focuses on mid-term performance trends of listed companies and industry trends, particularly in TMT (Technology, Media, and Telecommunications), non-bank financials, and machinery sectors [10]. Fund Characteristics - The fund has a scale of 153 million yuan, which, while not large, is stable and far from the liquidation threshold [11]. - The article serves as a warning to investors about the importance of scrutinizing a fund's actual holdings and investment logic rather than relying solely on its name, to avoid falling into the "style drift" trap [11].

（原标题：光模块"三剑客"崛起：AI算力革命下的确定性赛道？） 触顶还是盘整？今天来聊聊A股一度炙手可热的大明星，"易中天"。当然我们不是要讲"三国"，而是A股光通信板块出现的"三剑客"——新易盛、 中际旭创、天孚通信，来看看他们为何股价经历狂飙之后，今年却出现震荡下行的势头。 执行统筹： 祝乃娟 监制：洪晓文 曾婷芳 编辑：洪晓文 这三家到底什么来头？先来看下，他们的主营业务都是光模块。光模块这个东西，主要是实现光电信号的相互转换，包括了光电子器件、功能电 路和光接口，是光通信产业链上游核心环节。听着是不是有点复杂？我们不妨把它理解为网络信号的翻译器和加速器，能够提高海量数据的传递 和处理速率。 说到这大家可能心里有数了，什么业务需要海量高效的数据处理？AI大模型啊！光模块的主要下游客户是阿里、腾讯这样的云计算厂商以及通信 运营商，它们的AI大模型应用的训练及推理，都要依赖光模块来进行。所以，在我国人工智能迅猛发展的背景下，算力需求成倍增长，光模块这 样的底层硬件就站上了"风口"，板块上相关的公司也就成为市场追逐的焦点。 当然，光模块"三剑客"不断兑现的业绩，也是市场关注的焦点。作为英伟达的核心供应商，中际 ...

通信行业资金流入榜 沪指9月10日上涨0.13%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、电子，涨幅 分别为3.49%、1.78%。通信行业位居今日涨幅榜首位。跌幅居前的行业为电力设备、综合，跌幅分别 为1.18%、1.09%。 资金面上看，两市主力资金全天净流出56.20亿元，今日有9个行业主力资金净流入，通信行业主力资金 净流入规模居首，该行业今日上涨3.49%，全天净流入资金90.70亿元，其次是电子行业，日涨幅为 1.78%，净流入资金为75.13亿元。 主力资金净流出的行业有22个，电力设备行业主力资金净流出规模居首，全天净流出资金101.05亿元， 其次是有色金属行业，净流出资金为37.78亿元，净流出资金较多的还有基础化工、医药生物、汽车等 行业。 通信行业今日上涨3.49%，全天主力资金净流入90.70亿元，该行业所属的个股共125只，今日上涨的有 100只，涨停的有6只；下跌的有23只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有83只，其中，净流入资金超亿元的有22只，净流入资金居首的是中国联通，今日净流入资金 15.35亿元，紧随其后的是中际旭创、新 ...

A股出了一个"易中天"。 此"易中天"非那位品三国的学者，而是三家上市公司——新易盛、中际旭创、天孚通信的合称。 相较2025年4月低点，新易盛股价涨了5倍以上，中际旭创涨了4倍以上，天孚通信涨了3倍以上。 "易中天"火爆背后，是底层技术CPO（光电共封装）站上人工智能（AI）算力风口，成为支撑人工智能发展的关键基础设施。 这三家企业均跟CPO有关。CPO技术可实现光通信模块更低功耗、更小体积、更快传输的突破，可以说是AI时代的"算力高速公路"。 随着人工智能技术迭代，数据中心对传输效率的要求陡升，传统铜传输技术逼近物理极限。当线路速率从50G升级至800G、1.6T，CPO通过减少信号转化 环节，解决了速率与能耗的矛盾。 据市场调研机构Yole预测，受益于全球AI巨头的生态推动，CPO市场规模将从2024年的4600万美元飙升至2030年的81亿美元，年复合增长率达137%，爆 发潜力直接点燃资本热情。 "易中天"正是这场技术变革的受益者，其业绩增长与CPO技术落地节奏高度契合，成为行业趋势的直观缩影。 2025年上半年，新易盛营业收入104.37亿元，同比增长282.64%；归母净利润39.42亿元，同比 ...

证券之星消息，9月10日通信设备板块较上一交易日上涨3.51%，美利信领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。通信设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301307 | 美利信 | 30.85 | 11.94% | | 27.21万 | 8.28亿 | | 002313 | 日海智能 | 12.42 | 10.01% | | 33.58万 | 4.06亿 | | 600776 | 东方通信 | 12.67 | 9.98% | | 38.93万 | 4.88亿 | | 688668 | 鼎通科技 | 113.02 | 8.36% | | 10.57万 | 11.80亿 | | 300689 | 澄天伟业 | 58.84 | 8.20% | | 7.05万 | 4.12亿 | | 300308 | 中际旭创 | 385.00 | 7.16% | | 62.01万 | 237.50亿 ...

港股晨报 2025 年 9 月 10 日 国证国际证券（香港）有限公司 • 研究部 南向资金流北水周二持续强力流入，港股通净流入金额 102.31 亿港元。港股 通 10 大成交活跃股中，北水净买入最多的是阿里巴巴 9988.HK、中芯国际 981.HK、巨子生物 2367.HK；净卖出最多的是小米集团-W 1810.HK、美团 3690.HK、康方生物-B 9926.HK。北向资金方面，9 月 9 日北向资金共成交 2817.52 亿元，占两市总成交额的 13.30%。紫金矿业 601899.SH、工业富联 601138.SH、寒武纪 688256.SH 位列沪股通成交前三，成交额分别为 22.77 亿、21.37 亿、20.44 亿；宁德时代 300750.SZ、中际旭创 300308.SZ、新易 盛 300502.SZ 位列深股通成交前三，成交额分别为 40.51 亿、34.81 亿、28.08 亿。 板块方面，大陆为进一步规范网络销售药品行为，国家药监局起草了《处方药 网络零售合规指南征求意见稿》，现向社会公开征求意见。受到消息带动阿里 健康 241.HK 大涨 10.02%，叮当健康 9886.HK ...

Group 1 - The computing sector has emerged as a leader, with Industrial Fulian reaching a market value of 1.07 trillion yuan and stocks like New Yisheng and Zhongji Xuchuang rising over 6% [1] - The most notable development is the approval of a private placement plan by Cambricon Technologies, which is seen as a catalyst for the recovery of the technology sector [1] - Cambricon's stock had previously dropped over 18% since its peak on August 28, primarily due to a reduction in its weight in the STAR 50 Index from 15% to 10%, effective after market close on September 12 [1] Group 2 - The recent recovery of the technology sector has sparked discussions about whether the main theme of the A-share market is shifting, with technology stocks responding positively [3] - Fangzheng Securities' chief economist Yan Xiang noted that growth remains the primary direction for the market, based on historical shifts in market themes [2][6] - Historical examples of theme shifts include transitions from technology to cyclical sectors in 2000 and from consumer to resource sectors in 2007, driven by changes in economic conditions [4][5] Group 3 - The current market environment suggests that growth-oriented sectors, particularly technology, are likely to continue leading the market, with a focus on internal opportunities within the technology growth sector [6]

流动性方面，人工智能ETF盘中换手10.26%，成交6.68亿元，市场交投活跃。拉长时间看，截至9月9日，人工智能ETF近1周日均成交9.35亿元。 规模方面，人工智能ETF最新规模达63.39亿元。资金流入方面，拉长时间看，人工智能ETF近10个交易日内有6日资金净流入，合计"吸金"17.89亿元。 政策面方面，9月9日，《杭州市加快发展人工智能终端产业三年行动方案（2025-2027年）（征求意见稿）》公开向社会征求意见。《行动方案（征求意见 稿）》规划将在智能无人飞行器、智能计算终端、智能机器人、智能工业终端等在内的10个重点赛道发力。根据《方案》，到2027年，杭州市人工智能终端 产业规模力争达到3000亿元。实施人工智能终端方向重点科研计划项目100个，打造爆款终端产品30款，培育形成自主品牌20个，选树典型应用场景50个。 北京时间10日凌晨1点，苹果今年最重磅的新品发布会——主题为"前方超燃"今秋发布会拉开序幕，并发布了新款AirPods、Apple Watch和iPhone。此次新增 了纤薄款机型 iPhone Air ，被称为"史上最薄 iPhone"。 此外，当地时间9月9日，英伟达发布新 ...