Core Viewpoint - The trading volume of Shenghong Technology in the A-share market reached 20 billion, with a current increase of 14.1%. Previously, both Zhongji Xuchuang and Xinyi Sheng also exceeded a trading volume of 20 billion [1] Group 1 - Shenghong Technology's trading volume reached 20 billion [1] - Shenghong Technology's stock price increased by 14.1% [1] - Other companies, Zhongji Xuchuang and Xinyi Sheng, also reported trading volumes exceeding 20 billion [1]

Core Insights - The China Securities Index for the Guangdong-Hong Kong-Macao Greater Bay Area (931000) has shown a strong increase of 1.10% as of September 10, 2025, with notable gains in constituent stocks such as Shenghong Technology (300476) up by 13.24% and Industrial Fulian (601138) up by 10.00% [1] Performance Summary - The Greater Bay Area ETF (512970) has risen by 0.92%, with a latest price of 1.43 yuan, and has accumulated a 9.48% increase over the past month as of September 9, 2025 [1] - Over the past year, the Greater Bay Area ETF has seen a net value increase of 47.70%, with the highest single-month return recorded at 21.99% and the longest consecutive monthly gain lasting 4 months with a total increase of 26.18% [1] - The average monthly return during the rising months is 5.38%, and the ETF has outperformed its benchmark with an annualized excess return of 8.81% over the last three months [1] Liquidity and Trading Activity - The trading volume for the Greater Bay Area ETF was 3.68 million yuan with a turnover rate of 0.04% as of September 9, 2025, and the average daily trading volume over the past month was 748,200 yuan [1] Risk and Fee Structure - The Greater Bay Area ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [2] Tracking Accuracy - The tracking error for the Greater Bay Area ETF was 0.029% over the past month, indicating a close alignment with the underlying index [3] Top Holdings - As of August 29, 2025, the top ten weighted stocks in the index include China Ping An (601318), BYD (002594), and China Merchants Bank (600036), collectively accounting for 49.06% of the index [4]

责任编辑：栎树 胜宏科技(300476.SZ)今日重回强势，盘中涨超14%，报296.2元，再创历史新高；该股年内累涨591%。该股此前回调2个交 易日，因证券时报、北京商报先后发文《基金极致抱团科技赛道 流动性风险须提前预防》《基金过度抱团并非好事》，提 醒市场抱团风险。 胜宏科技近日发布投资者关系活动记录表称，在人工智能算力PCB领域，公司市场份额位居全球领先，核心应用涵盖AI算 力卡、算力服务器、算力服务器机柜、数据中心交换机、通用基板等关键设备。公司具备70层以上高精密线路板量产能 力，是全球首批实现6阶24层AI算力数据中心产品的大规模生产，以及8阶28层HDI与16层任意互联（Any-layer）HDI技术能 力的企业。目前，公司正持续推进10阶30层HDI的研发认证，并拥有100层以上高多层PCB技术能力。 ...

Core Viewpoint - Shenghong Technology (300476.SZ) has shown strong performance, with a year-to-date increase of 591%, reaching a new historical high of 296.2 yuan, despite recent market concerns about liquidity risks in the technology sector [1] Company Summary - Shenghong Technology has a leading market share in the AI computing PCB sector, with core applications including AI computing cards, computing servers, server cabinets, data center switches, and general substrates [1] - The company has the capability to mass-produce high-precision circuit boards with over 70 layers and is among the first to achieve large-scale production of 6-stage 24-layer AI computing data center products [1] - Shenghong Technology is actively advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high-multilayer PCB technology [1]

胜宏科技持续拉升涨超14%再创新高，最高报296.2元，总市值超2500亿元。 ...

胜宏科技涨超12%，逼近历史新高，成交额超154亿。 ...

| 代码 | 股票名称 | 融资买入额(亿元 | | --- | --- | --- | | 300476.SZ | 胜宏科技 | 46.74 | | 300274.SZ | 阳光电源 | 44.63 | | 300308.SZ | 中际旭创 | 42.96 | | 300502.SZ | 新易盛 | 36.18 | | 300450.SZ | 先导智能 | 29.44 | | 688256.SH | 寒武纪 | 25.86 | | 300750.SZ | 宁德时代 | 21.25 | | 300014.SZ | 亿纬锂能 | 20.64 | | 601138.SH | 工业富联 | 16.98 | | 300059.SZ | 东方财富 | 15.78 | 三、基金发行情况 昨日有43只新基金发行，分别为：财通聚元平衡3个月持有期混合发起(FOF)A、银华钰盈债券C、银华钰盈债券A、浦银安盛数字经济混合C、东方红研究精 选混合A、东方红研究精选混合C、鹏华中证电信主题ETF发起式联接C、鹏华中证电信主题ETF发起式联接A、湘财科技智选混合A、浦银安盛数字经济混 合A、湘财科技智选混合C、平安中证卫星产业指数A ...

Market Overview - The Shanghai Composite Index rose by 0.38% to close at 3826.84 points, with a daily high of 3833.14 points [1] - The Shenzhen Component Index increased by 0.61% to 12666.84 points, reaching a peak of 12689.17 points [1] - The ChiNext Index fell by 0.84% to 2933.25 points, with a maximum of 2964.43 points [1] Margin Trading Situation - The total margin trading balance in the Shanghai and Shenzhen markets was 23058.98 billion yuan, with a financing balance of 22898.8 billion yuan and a securities lending balance of 160.18 billion yuan [2] - The margin trading balance increased by 263.55 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11773.29 billion yuan, up by 108.45 billion yuan, while the Shenzhen market's balance was 11285.69 billion yuan, increasing by 155.1 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Shenghong Technology: 4.674 billion yuan [3] - Sunshine Power: 4.463 billion yuan [3] - Zhongji Xuchuang: 4.296 billion yuan [3] Fund Issuance Situation - A total of 43 new funds were issued yesterday, including various types such as mixed funds, bond funds, and stock funds [4][5] - Notable fund names include: - Caitong Ju Yuan Balanced 3-Month Holding Period Mixed Fund [4] - Yinhua Yuying Bond Fund [4] - Ping An Index Fund focusing on satellite industry [5] Top Net Buying Stocks on the Dragon and Tiger List - The top 10 net buying stocks on the Dragon and Tiger list included: - Shannon Chip: 318.28 million yuan [8] - Sanqi Interactive Entertainment: 266.16 million yuan [8] - Sanwei Communication: 228.84 million yuan [8]

Market Overview - The component sector experienced a decline of 2.93% on September 8, with Shenghong Technology leading the drop [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Top Performers - Kexiang Co., Ltd. (300903) saw a closing price of 11.97, with a rise of 9.72% and a trading volume of 521,000 shares, amounting to 607 million yuan [1] - Shiyun Circuit (603920) closed at 41.07, up 8.19%, with a trading volume of 946,000 shares, totaling 3.898 billion yuan [1] - Weirshang (301251) closed at 54.29, increasing by 4.65% with a trading volume of 74,300 shares [1] Underperformers - Shenghong Technology (300476) closed at 273.40, down 7.57%, with a trading volume of 806,800 shares, resulting in a turnover of 21.933 billion yuan [2] - Huadian Co., Ltd. (002463) closed at 60.37, down 5.88%, with a trading volume of 832,900 shares, totaling 5.070 billion yuan [2] - Shengyi Technology (688183) closed at 80.75, down 5.67%, with a trading volume of 296,300 shares [2] Capital Flow - The component sector saw a net outflow of 2.363 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.421 billion yuan [2] - The top net inflows from retail investors were observed in Kexiang Co., Ltd. (300903) with a net inflow of 56.5356 million yuan [3] - The largest net outflow from institutional investors was recorded in Shenghong Technology (300476) with a net outflow of 4.48 billion yuan [3]

Group 1 - High-performance computing hardware stocks have seen significant declines, with companies like Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology dropping over 10% [1][5] - Analyst Ling Peng questioned the feasibility of Zhongji Xuchuang's projected profit of over 25 billion by 2027, highlighting concerns about linear extrapolation in profit forecasts [1][3] - The market's reaction to Ling Peng's comments mirrors past events, such as the "You are nobody" incident in 2021, which led to a sudden shift in market sentiment away from the semiconductor sector [5] Group 2 - A public fund manager noted that while some sectors are experiencing volatility and corrections, the overall market remains in a bullish atmosphere, indicating potential for high-risk trading strategies [6] - The manager emphasized the need for fundamental performance improvements for continued stock price increases, particularly in sectors like optical modules, which are currently valued at nearly 20 times earnings [5][6] - There are concerns about the rapid pace of earnings revisions, which could lead to increased market volatility in the future [5]