| 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159246 | 创业板人工智能ETF富国 | 1.648 | -0.042 | -2.49% | | 159388 | 创业板人工智能ETF国泰 | 1.782 | -0.040 | -2.20% | | 159363 | 创业板人工智能ETF华宇 | 0.873 | -0.019 | -2.13% | | 159381 | 创业板人工智能ETF华夏 | 1.645 | -0.035 | -2.08% | | 159242 | 创业板人工智能ETF大成 | 1.468 | -0.030 | -2.00% | | 159382 | 创业板人工智能ETF南方 | 1.872 | -0.037 | -1.94% | 有券商表示，随着下游实际应用不断落地，人工智能有望从概念、主题投资进入景气投资阶段。这一趋势的背后，是AI行 业已从早期的概念验证阶段成功迈入规模化应用阶段，市场的关注点也随之从"技术能否实现"转变为"企业能否盈利"，投 资决策更加强调技术商业化的进度、企业的盈利能力以及整个 ...

Core Viewpoint - The article discusses the recent significant decline in the stock prices of leading optical module companies, influenced by a Morgan Stanley report suggesting profit-taking due to previously reflected positive fundamentals [1][3][4]. Group 1: Market Reaction - Major optical module stocks, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, experienced sharp declines, with Zhongji Xuchuang dropping over 6%, Xinyi Sheng over 7%, and Tianfu Communication over 8% [3]. - The overall market sentiment weakened, with the ChiNext Index and 5G Index also showing declines following the report [1][3]. Group 2: Analyst Opinions - Morgan Stanley's report indicated that most positive factors for the stocks have been priced in, suggesting a cautious approach to the sector [1][5]. - In contrast, Citigroup maintains a positive outlook for optical module companies, projecting a valuation re-rating with P/E ratios potentially exceeding 20 times due to strong demand anticipated by 2027 [1][10]. Group 3: Company Performance - Despite a decline in profits, companies like ZTE and Yoke Technology have seen significant stock price increases, with ZTE's H-shares up 49% and Yoke Technology's H-shares soaring 319% year-to-date [5]. - Since April, stock price increases for Xinyi Sheng (460%), Zhongji Xuchuang (312%), and Tianfu Communication (269%) have been notable [5]. Group 4: Valuation Insights - Morgan Stanley's analysis shows that Xinyi Sheng and Tianfu Communication's valuations have surpassed historical averages, while Zhongji Xuchuang remains below its historical average [5]. - The forward P/E ratios for Zhongji Xuchuang increased from 14 to 24 times, and for Xinyi Sheng from 8 to 20 times since early 2025 [5]. Group 5: Future Outlook - Despite short-term volatility for some ASICs, the overall narrative for optical module companies remains strong, with expectations for a valuation re-rating and P/E ratios to rise above 20 times [10]. - Goldman Sachs believes that the valuations for Xinyi Sheng and Zhongji Xuchuang remain reasonable despite recent stock price increases, with projected EPS growth for 2025-2027 adjusted upwards by 3% to 38% [10].

昨日有4只新基金发行，分别为：易方达国证价值100ETF联接发起式A、东海启恒混合发起式A、东海启恒混合发起式C、易方达国证价值100ETF联接发起 式C，详情见下表： | 代码 | 基金名称 | | --- | --- | | 025497.OF | 易方达国证价值100ETF联邦 | | 025355.OF | 东海启恒混合发起立 | | 025356.OF | 东海启恒混合发起主 | | 025498.OF | 易方达国证价值100ETF联邦 | 南财金融终端数据显示，昨日（9月11日，下同）上证综指日内上涨1.65%，收于3875.31点，最高3875.31点；深证成指日内上涨3.36%，收于12979.89点，最 高12979.89点；创业板指日内上涨5.15%，收于3053.75点，最高3053.75点。 昨日沪深两市的融资融券余额为23326.59亿元，其中融资余额23159.16亿元，融券余额167.43亿元。两市融资融券余额较前一交易日增加147.61亿元。分市场 来看，沪市两融余额为11879.66亿元，相较前一交易日增加32.94亿元；深市两融余额11446.93亿元，相较前一交易日增加 ...

| 代码 | 名称 | 9 | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300394 | 天孚通信 | 学 | -6.86 | 1438亿 | 185.04 | | 300502 | 新易監 | 在 | -6.35 | 3536亿 | 332.67 | | 688313 | 仕佳光子 | 14 | -6.13 | 336亿 | 347.40 | | 300548 | 长芯博创 | 者 | -5.71 | 350亿 | 159.24 | | 300308 | 中际旭创 | 分 | -5.34 | 4628亿 | 238.57 | | 300620 | 光库科技 | | -4.75 | 238亿 | 96.99 | | 300570 | 太辰光 | 中 | -4.47 | 265亿 | 62.19 | | 688205 | 德科立 | | -4.12 | 153亿 | 38.71 | | 601869 | 长飞乐线 | 学 | -3.05 | 685亿 | 203.74 | | 001267 | 汇绿生态 | | -3.00 ...

格隆汇9月12日｜A股开盘，三大指数涨跌不一，沪指高开0.01%，深证成指低开0.3%，创业板指低开 0.97%。盘面上，工业金属板块走高，北方铜业涨停，电工合金(300697)涨超8%；CPO概念股表现分 化，青山纸业(600103)、景旺电子(603228)涨超7%，天孚通信、新易盛(300502)、中际旭创(300308)跌超 6%；国际油价大幅下跌，油气股低开，通源石油(300164)、中曼石油(603619)跌约2%。(格隆汇) 【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 (责任编辑：宋政 HN002) ...

Wind统计显示，9月11日，申万31个一级行业中有19个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入52.59亿元；获融资净买入居前的行业还有通信、计算机、电力设备、机械设备 等，净买入金额均超10亿元。 （文章来源：证券时报网） 个股方面，9月11日有1835只个股获融资净买入，净买入金额在1亿元以上的有56股。其中，27股获融资 净买入额超2亿元。海光信息获融资净买入额居首，净买入11.99亿元；融资净买入金额居前的还有中际 旭创、寒武纪、立讯精密、新易盛、指南针、阳光电源、天孚通信、胜宏科技等股，净买入金额均超5 亿元。 ...

A股开盘，三大指数涨跌不一，沪指高开0.01%，深证成指低开0.3%，创业板指低开0.97%。盘面上，工 业金属板块走高，北方铜业涨停，电工合金涨超8%；CPO概念股表现分化，青山纸业、景旺电子涨超 7%，天孚通信、新易盛、中际旭创跌超6%；国际油价大幅下跌，油气股低开，通源石油、中曼石油跌 约2%。(格隆汇) ...

Group 1 - Morgan Stanley believes that the positive fundamentals of the optical module industry have been fully reflected in stock prices after several months of significant increases [1] - The firm suggests that investors should take profits during periods of high market sentiment, contrasting with optimistic reports from Goldman Sachs and Citigroup [1] - Morgan Stanley has made substantial rating adjustments for several leading optical module stocks, with New East Technology being downgraded to "underweight" [1] Group 2 - New East Technology experienced a 338% year-on-year growth in Q2 2025, but its growth rate is expected to significantly slow in the coming quarters, potentially triggering a valuation downgrade [1] - Since April, New East Technology's stock has surged by 460%, while other companies like Zhongji Xuchuang and Tianfu Communication have seen increases of 312% and 269% respectively [1] - Despite the positive outlook for AI infrastructure demand, Morgan Stanley warns that the current level of market enthusiasm is unlikely to be sustainable [1]

Market Overview - The U.S. stock market indices reached historical highs, with the Dow Jones surpassing 46,000 points and the Nasdaq exceeding 22,000 points, boosting global market sentiment [1] - A potential interest rate cut by the Federal Reserve is anticipated, with expectations of at least a 25 basis point reduction, possibly up to 50 basis points, which would enhance global liquidity [3] Sector Analysis - The Chinese government has issued opinions on accelerating the application of AI across various industries, leading to increased activity in sectors such as computing and chips [3] - The sports consumption policy aims for an industry scale exceeding 7 trillion yuan by 2030, positively impacting local life services [3] Capital Flow - There was a net inflow of over 10 billion yuan in main funds, with significant investments in technology sectors, particularly in leading companies like Industrial Fulian and Zhongji Xuchuang, which saw inflows exceeding 3 billion yuan [4] - Foreign capital has shown interest in A-shares, especially in core assets like Moutai and CATL, although real-time data on northbound capital flows may become less accessible due to changes in disclosure rules by the Hong Kong Stock Exchange [4] Market Sentiment - The market experienced a surge with over 4,200 stocks rising, particularly in technology stocks, with AI chip companies like Haiguang Information and Cambrian Technology hitting the daily limit [4] - Caution is advised as high-flying stocks may experience rapid declines, particularly in sectors like film and tourism [4] Investment Strategy - Long-term investments in technology and consumer sectors are recommended, with a focus on AI computing and data elements, as well as sports consumption and local life services [4] - Defensive positions in gold ETFs and bank stocks are suggested to hedge against market volatility [4]

Core Viewpoint - The electronic industry shows significant growth in net profit for Q2 2025, particularly in AI supply chain, PCB, and NVIDIA supply chain sectors, indicating strong investment opportunities in these areas [4][5][7]. Group 1: Overall Industry Performance - In Q2 2025, the total net profit for 652 companies in the electronic industry reached 136.82 billion, representing a year-on-year increase of 35% and a quarter-on-quarter increase of 34% [4]. - The top three sub-industries by year-on-year net profit growth are AI supply chain (17.47 billion, +87%), PCB (7.00 billion, +68%), and NVIDIA supply chain (12.86 billion, +67%) [4]. Group 2: Sub-industry Performance - Among 74 sub-sectors, the top five in terms of year-on-year net profit growth are: - Semiconductor-MEMS (0.133 billion, +2784%) - PCB-PCB materials (0.065 billion, +1259%) - Semiconductor-Digital GPU and CPU (1.202 billion, +736%) - Consumer electronics-Metal and structural parts (0.279 billion, +138%) - Semiconductor-Analog (0.345 billion, +117%) [4]. Group 3: Leading Companies in the Electronic Industry - The top five companies by net profit and year-on-year growth in Q2 2025 are: - Industrial Fulian (6.883 billion, +51%) - SMIC (0.944 billion, -17%) - Cambricon (0.683 billion, turning profitable) - Haiguang Information (0.696 billion, +23%) - Luxshare Precision (3.601 billion, +23%) [5]. Group 4: Semiconductor Sector Performance - In the semiconductor sub-industry, the leading companies by net profit and year-on-year growth are: - SMIC (0.944 billion, -17%) - Cambricon (0.683 billion, turning profitable) - Haiguang Information (0.696 billion, +23%) - Northern Huachuang (1.627 billion, -2%) - OmniVision (1.162 billion, +44%) [6]. Group 5: AI Industry Chain Performance - The top five companies in the AI industry chain by net profit and year-on-year growth are: - Industrial Fulian (6.883 billion, +51%) - Cambricon (0.683 billion, turning profitable) - Zhongji Xuchuang (2.412 billion, +79%) - Haiguang Information (0.696 billion, +23%) - Xinyi Sheng (2.370 billion, +338%) [7]. Group 6: Apple Supply Chain Performance - The leading companies in the Apple supply chain by net profit and year-on-year growth are: - Industrial Fulian (6.883 billion, +51%) - Luxshare Precision (3.601 billion, +23%) - Lens Technology (0.714 billion, +29%) - Pengding Holdings (0.745 billion, +160%) - GoerTek (0.948 billion, +12%) [8].