、证券研究报告 | 行业周报 2025 年 08 月 25 日 非银行金融 美联储降息或已在路上，流动性驱动市场走强格局将持续-非银周观 点 近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经 济定调及美国关税及美国降息预期提升等政策影响，市场明显放量，两融波 动新高，银行、保险板块高位波动，券商、多元金融有所走强。交易节奏而 言，经济数据走弱下流动性驱动市场走强的趋势或有望延续，可能要重点聚 焦关注内部问题、居民存款搬家持续效应及美国经济可能衰退引发的降息效 应，中期具体或要看包括四中全会等重磅会议。需要高度重视券商及金融 IT 板块走强趋势，并购线建议重点关注以信达证券、首创证券、浙商证券、国 联民生、中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合 能力强、风险资本指标优化、受益 ETF 发展的东方证券、华泰证券、中金公 司等；同时从赔率弹性角度，建议逢低关注布局金融 IT 板块，建议重点关注 财富趋势、同花顺、九方智投（2025 年中报预告净利润中枢为 8.5 亿元，子 公司方德证券在港展业；控股旗下九方智擎入驻"模速空间"，抢滩 AI 创新 高地，股价历史高位区间）等；互金 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 近期，A股市场持续走强，两融余额连续九周攀升。Choice数据显示，截至8月21日，A股两融余额达21467.95亿元。其中，融资余额为 21319.52亿元，连续9个交易日超过2万亿元。 两融余额作为市场情绪和杠杆水平的重要指标备受关注。8月5日，两融余额升至2万亿元上方，为2015年7月以来首次重返2万亿元关口。 业内人士认为，与十年前相比，此次两融余额重返2万亿元所处的市场生态已发生深刻变革。 电子、计算机、通信行业获加仓 | | | 陈拉 | | | --- | --- | --- | --- | | 行业名称令 | 期间买入额(万元) > | 期间偿还额(万元) ◆ | 融资净买入额(万元) = | | 电子 | 21,761,057.89 | 19,431,151.93 | 2,329,905.96 | | 计算机 | 13.405.891.27 | 12.243.213.19 | 1,162,678.08 | | 通信 | 7.321.739.50 | 6.559,910.36 | 76 ...

一、证券市场回顾 南财金融终端数据显示，上周(8月18日-8月22日,下同)，上证综指周内上涨3.49%，收于3825.76点，最高3825.76点；深证成指周内上涨4.57%，收于12166.06 点，最高12167.28点；创业板指周内上涨5.85%，收于2682.55点，最高2683.9点。在全球市场中，主要指数有涨有跌。纳斯达克综指下跌0.58%，道琼斯工业 指数上涨1.53%，标普500上涨0.27%。亚太地区，恒生指数上涨0.27%，日经225指数下跌1.72%。 二、新股申购情况 上周有1只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 920112.BJ | 巴兰任 | 20250819 | 三、融资融券情况 沪深两市的融资融券余额为21477.3亿元，其中融资余额21327.89亿元，融券余额149.41亿元。两市融资融券余额较前一周增加917.9亿元。分市场来看，沪市 两融余额为10948.37亿元，相较前一周增加473.51亿元；深市两融余额10528.93亿元，相较前一周增加444.39亿元。 上周两市共有3444只个股 ...

【 导读 】 两融余额维持高位运行，融资客青睐科技股 从行业情况来看，8月18日至8月21日，申万一级31个行业中，有30个行业融资余额增加， 电子、计算机、通信行业融资净买入金额居前，分别为232.99亿元、116.27亿元、76.18亿 元。仅有煤炭行业融资净卖出，金额为1.99亿元。 国海证券表示，融资连续5周净流入电子板块并推动板块上涨，需要注意资金拥挤度过高。 | | | 田分 | | | --- | --- | --- | --- | | 行业名称 = | 期间买入额(万元) = | 期间偿还额(万元) = | 融资净买入额(万元) = | | 电子 | 21,761,057.89 | 19,431,151.93 | 2,329,905.96 | | 计算机 | 13,405,891.27 | 12,243,213.19 | 1,162,678.08 | | 通信 | 7,321,739.50 | 6,559,910.36 | 761,829.15 | | 机械设备 | 8,563,125.75 | 7,910,564.21 | 652,561.54 | | 电力设备 | 9,093,758.56 ...

Core Viewpoint - The continuous rise of the Shanghai Composite Index is expected to further catalyze the inflow of personal and institutional funds, indicating significant potential for residents' equity asset allocation, particularly in the non-bank financial sector, which is viewed positively for strategic allocation opportunities as the fundamentals improve [1] Group 1: Securities Industry - The average daily trading volume of stock funds reached 3.01 trillion yuan, a 21% increase week-on-week, with a cumulative average daily trading volume of 1.75 trillion yuan by August 22, representing a 90% year-on-year increase [2] - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations," which aims to guide the industry towards more concentrated development and differentiated growth for small and medium-sized institutions [2] - Market trading activity continues to rise, with an expansion in margin financing and securities lending, as well as increased self-owned equity positions and robust overseas business, which are expected to lead to better-than-expected performance for securities firms [3] Group 2: Insurance Industry - According to a recent survey by the China Insurance Asset Management Association, insurance institutions have shown a significant rebound in confidence regarding the A-share and bond markets for the second half of 2025, with stocks being the preferred investment asset [4] - As of June 30, the balance of insurance funds reached 36.23 trillion yuan, an 8.9% increase from the beginning of the year, with a continued increase in equity and bond allocations while reducing bank deposits and non-standard investments [4] - The stable long-term interest rates and improved asset yield expectations are expected to enhance the return on equity (ROE) for insurance companies, leading to a potential recovery in price-to-book (PB) valuations, with recommendations for undervalued companies like China Pacific Insurance and Ping An Insurance [4] Group 3: Recommended Stocks - Recommended stocks include Guosen Securities, Dongfang Securities, China Pacific Insurance, Ping An Insurance, Jiangsu Jinzhong, Hong Kong Stock Exchange, and others [5] Group 4: Beneficiary Stocks - Beneficiary stocks include CICC, Tonghuashun, Jiufang Zhitu Holdings, and New China Life Insurance [6]

Investment Rating - The report suggests an "Overweight" rating for the internet finance sector, indicating a positive outlook for the industry based on current trends and market conditions [4]. Core Insights - The report highlights a significant increase in A-share account openings, with a year-on-year growth rate of 70.5% as of July 2025, signaling a new peak in the capital market [2][13]. - The trend of "relocating" household financial management is accelerating, with the total scale of bank wealth management reaching 31.3 trillion yuan, a year-on-year increase of 9.7% [15]. - Major securities apps are becoming the core of user acquisition, with leading platforms like Tonghuashun, Dongfang Caifu, and Dazhihui maintaining a competitive edge in user engagement [3][18]. Summary by Sections Global Monetary Policy and Market Trends - The Federal Reserve is likely to lower interest rates, with a 84% probability of a 25 basis point cut in September, as indicated by recent economic data showing a slowdown in the labor market [1][9]. - Major U.S. stock indices saw significant gains, with the Dow Jones up 1.89%, S&P 500 up 1.52%, and Nasdaq up 1.88% [1][9]. Internet Finance and Wealth Management - The report notes a shift in wealth management strategies, with traditional bank wealth management firms experiencing slower growth, while securities apps are expected to benefit from increased user traffic [2][15]. - Regulatory bodies are actively supporting the capital market, ensuring that there will not be a large-scale expansion of IPOs, which helps maintain market stability [2][21]. Securities Apps and User Engagement - Leading securities apps have seen substantial user growth, with Tonghuashun leading with an average of 32.46 million monthly active users, followed by Dongfang Caifu and Dazhihui [3][18]. - The report outlines various monetization strategies employed by these platforms, including AI investment tools, brokerage commissions, and fund sales [22][28]. Recommendations for Investment - The report recommends focusing on companies in the securities and IT sectors, including Tonghuashun, Dazhihui, and Dongfang Caifu, as well as those involved in digital currency infrastructure and cross-border payments [4][45].

8月22日，A股市场势如破竹，再度刷新多项纪录。 沪指单边走强，成功站上3800点，并以3825.76点的全天最高点收盘，续创近十年新高。创业板指涨 3.36%，刷新2023年1月末以来的高度，本月累计涨幅已达15.21%。科创50指数更是大涨8.59%，收盘报 1247.86点，创2022年3月以来新高。 券商板块业绩与市场行情高度相关，近期A股量价齐升，因此资金持续关注券商及金融科技概念。华泰 证券表示，从历史经验来看，券商概念作为"旗手"，行情演绎通常较快。但与往常不同，本轮行情市场 持续性更强，券商板块修复节奏也更稳。并且，在过去数轮行情中，券商概念中流通盘小、具有主题概 念的券商明显领涨，但今年以来业绩增长稳健的头部券商涨幅更为明显。 中金公司非银团队认为，随着市场情绪演绎、增量资金入市，券商行业基本面较过往仍有向上动能。券 商自营业务有望延续高景气，资管、投行业务潜在增长空间显著。 成交量能方面，沪深京三市成交额连续第8个交易日突破2万亿元，打破A股历史纪录。2024年11月5日 至13日，A股市场成交额曾连续7日达2万亿元以上。 芯片产业链全线爆发 截至昨日收盘，上证指数涨1.45%，报3825 ...

（原标题：深股通本周现身56只个股龙虎榜） 一周公开信息显示，深股通席位共现身56只个股龙虎榜。 证券时报•数据宝统计显示，本周上榜龙虎榜个股中，共有56只个股前五大买卖营业部中出现深股通专用席位的身影。净买入的有36只，净买入金 额居前的是指南针、和而泰、中兴通讯，净买入金额分别为66230.74万元、46761.50万元、45382.50万元。 从本周市场表现看，沪指一周上涨 3.49%，获深股通净买入个股平均上涨19.32%，整体跑赢大盘。涨幅最大的是成飞集成，本周股价累计上涨35.53%。 近五日涨跌:2.51% 市盈率： 46.57倍 本周净卖出的个股共有20只，净卖出金额居前的有英维克、航天科技等，净卖出金额为49237.88万元、16516.29万元。（数据宝） 深股通专用席位一周上榜龙虎榜个股 | 代码 简称 | 深股通 一周 换手率 | 一周 涨跌幅 | | | --- | --- | --- | --- | | | 专用席位 | | | | | 净买入 （%） | （%） | | | | （万元） | | | | 300803 指南针 | 66230.74 28.63 73.26 | | ...

Core Viewpoint - The financial technology sector is experiencing significant growth, with the Huaxia Financial Technology ETF (516100) showing strong performance and attracting substantial capital inflows [3] Group 1: Market Performance - On August 22, major indices surged, with the Shanghai Composite Index breaking through 3800 points, driven by the chip sector [3] - The Huaxia Financial Technology ETF (516100) saw a 2.26% increase, with a cumulative rise of 10.87% over the past week, leading its sector [3] - The ETF has recorded a total capital inflow of 220 million yuan over the past four days [3] Group 2: Historical Performance of Huaxia Financial Technology ETF - Since its inception, the ETF's highest single-month return was 55.18%, with the longest consecutive monthly gains being three months and a maximum cumulative increase of 110.62% [3] - The average monthly return during rising months is 9.77%, and the annual profit percentage stands at 66.67% [3] - The probability of profitability over a three-year holding period is 80.37% [3] - Over the past six months, the ETF has outperformed its benchmark with an annualized return of 2.35%, ranking in the top third among comparable funds [3] Group 3: Top Holdings - The ETF closely tracks the CSI Financial Technology Theme Index, with the top ten weighted stocks accounting for 51.26% of the index [3] - The top ten stocks include Dongfang Wealth, Tonghuashun, Hengsheng Electronics, Runhe Software, and others, with varying weightings [5]

机构调研热度持续升温 8月以来，半导体领域获得机构密集关注。统计数据显示，共有21只半导体股获得机构调研。纳芯微成为调研热点，吸引135家机构参与。盛美上海紧随其 后，获得125家机构调研。紫光国微同样受到青睐，124家机构参与调研活动。 8月22日，半导体板块呈现强劲上涨态势。海光信息、寒武纪-U、杰华特等个股涨幅超过10%。芯原股份、盛美上海、中芯国际等公司股价表现活跃。寒武 纪-U股价突破1100元每股关口。算力产业链同步走强，PCB概念、算力租赁、CPO等相关板块涨幅明显。 资金流向与筹码变化 融资资金对半导体板块表现出浓厚兴趣。8月21日，获融资净买入1亿元以上的个股达到44只。指南针融资净买入额位居首位，当日净买入5.3亿元。浪潮信 息、中国联通分别获得4.06亿元、3.73亿元净买入资金。四方精创、北方华创、寒武纪-U等个股同样获得大额资金青睐。 筹码集中度出现显著变化。240只个股公布8月20日股东户数数据。与8月10日相比，130只个股股东户数出现下降。14只个股股东户数降幅超过一成。江顺科 技股东户数降幅最大，环比下降24.66%。海泰科股东户数环比下降24.35%。恒勃股份股东户数环比下 ...