Core Insights - The market risk appetite is on the rise, with the margin financing and securities lending balance surpassing 2 trillion yuan, marking a 10-year high, indicating a bullish sentiment among investors [1] - The financing costs remain low, coupled with an increase in capital market investment returns, suggesting a moderate expansion of margin trading scale [1] - The ChiNext Index has risen by 9.0% year-to-date, reflecting high activity levels in growth sectors [1] Industry Focus - Insurance capital is favoring undervalued, high-dividend assets, particularly in sectors such as banking, public utilities, and energy, which may indirectly support stocks in the ChiNext 50 that have stable cash flows and dividend capabilities [1] - The ongoing dual easing of fiscal and monetary policies is expected to continue boosting market sentiment, with a positive trend in the capital market likely to persist [1] Investment Products - The Guotai ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which can experience daily fluctuations of up to 20% [1] - The index is composed of 50 large-cap, liquid companies from the ChiNext market, primarily covering growth sectors such as new energy, biomedicine, and information technology [1] - Investors without stock accounts may consider the Guotai ChiNext 50 ETF Initiated Link A (023371) and Guotai ChiNext 50 ETF Initiated Link C (023372) [1]

Core Viewpoint - The A-share market is experiencing a bullish trend, with significant gains across major indices and sectors, indicating a continuation of the current market rally, reminiscent of the enhanced version of 2013 [1] Market Performance - Major stock indices rose again, with the ChiNext Index up over 2% and the North Securities 50 Index soaring nearly 3% [1] - As of the midday close, the Shanghai Composite Index increased by 0.47% to 3683.58 points, the Shenzhen Component Index rose by 1.19%, and the ChiNext Index climbed by 2.14% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 1.3273 trillion yuan [1] Sector Analysis - The brokerage sector saw significant gains, along with notable increases in the chemical, non-ferrous metals, automotive, real estate, and semiconductor sectors [1] - Active sectors included liquid cooling servers, PCB concepts, new battery technologies, and photolithography concepts [1] Investment Outlook - According to China International Capital Corporation (CICC), the optimistic sentiment suggests that the current market rally is not yet over, with expectations for better overall performance compared to 2013 [1] - The market structure this year resembles that of 2013, favoring small-cap and growth styles, but with an anticipated overall performance improvement [1] - Future market movements may see increased index volatility due to elevated valuations and new capital inflows, but the ongoing rally since last year's "9.24" is expected to continue [1] Recommended Sectors - Investment focus is recommended on sectors with high prosperity and verified performance, including AI/computing power, innovative pharmaceuticals, military industry, and non-ferrous metals [1] - The brokerage and insurance sectors are highlighted for their high earnings elasticity and benefits from increased retail investor participation [1] - Dividend sectors are expected to continue showing differentiated performance [1]

华泰证券表示，8月13日，中国化学与物理电源行业分会发布《关于维护公平竞争秩序促进储能行 业健康发展的倡议》（征求意见稿），倡议已有149家企业参与，包含比亚迪、亿纬锂能等龙头企业， 倡议提出企业应根据自身经营状况、成本评估和项目风险进行报价，避免不理性低价行为，防范"劣币 驱逐良币"。我们认为倡议参与企业数量多，影响范围广，有望带动产业链盈利改善，叠加国内储能市 场化需求涌现，需求稳步向好。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），涨跌幅上限为20%，该指数 聚焦于新能源及相关技术领域，成分股涵盖清洁能源生产、节能技术及设备制造等企业，以反映能源转 型背景下具备技术创新能力和成长潜力的公司整体表现。指数行业配置主要偏向太阳能、风能、电动汽 车及储能解决方案等新兴方向。 每日经济新闻 （责任编辑：董萍萍 ） 【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 注：如提及个股 ...

Market Overview - The three major indices in the A-share market rose collectively in the morning session, with the Shanghai Composite Index at 3683.58 points, an increase of 0.47% [1] - The Shenzhen Component Index reached 11587.38 points, up by 1.19% [1] - The ChiNext Index reported 2522.62 points, reflecting a rise of 2.14% [1] Sector Performance Top Gaining Sectors - Other power equipment led the gains with an increase of 4.55%, total trading volume of 1,292.26 million hands, and a net inflow of 223.28 million [2] - Rubber products followed with a rise of 3.90%, trading volume of 173.75 million hands, and a net inflow of 32.99 million [2] - Photovoltaic equipment saw a 3.59% increase, with a trading volume of 1,436.59 million hands and a net inflow of 283.67 million [2] - Wind power equipment increased by 3.45%, with a trading volume of 576.15 million hands and a net inflow of 97.51 million [2] - Securities sector rose by 3.41%, with a trading volume of 5,967.78 million hands and a net inflow of 721.16 million [2] Underperforming Sectors - The banking sector experienced a decline of 1.51%, with a trading volume of 4,188.23 million hands and a net outflow of 74.86 million [2] - The gaming sector fell by 0.18%, with a trading volume of 743.57 million hands and a net outflow of 10.33 million [2] - Beverage manufacturing showed a slight increase of 0.03%, but still faced a net outflow of 5.57 million [2]

8月15日，A股震荡反弹，市场逾4400股上涨。两市半日成交额为1.3万亿，较上个交易日缩量1038亿。 截至午间收盘，沪指涨0.47%，深证成指涨1.19%，创业板指涨2.14%。 盘面上，液冷服务器、PCB等AI硬件算力产业链爆发，大元泵业5连板、中富电路涨停；券商股盘中再 度走强，长城证券3连板；PEEK材料等机器人概念股火热，双一科技一度涨超15%；稀土永磁概念上 扬，华宏科技涨停；光伏、风电、储能等"反内卷"赛道持续走强，欧晶科技涨停；此外，电机、通用设 备等板块有所表现。下跌方面，银行等传统金融板块大幅下挫；游戏、白酒等板块飘绿。 1、AI算力股爆发 PCB等AI硬件算力股反弹，中富电路、诺德股份、国际复材、平安电工涨停，逸豪新材、铜冠铜箔等跟 涨。 点评：消息面上，中金公司认为，海外算力需求高企，驱动PCB量价齐升，市场规模迅速扩容，预计 2025/2026年AI PCB市场规模有望达56/100亿美元。尽管国内PCB厂商正加速扩产，研报认为高端产能 释放效率仍将滞后于需求增速，供需缺口仍将持续存在，此外新工艺迭代升级有望带来全新的市场需求 增量。 2、券商股强势 券商股盘中再度走强，长城证券3 ...

Group 1 - Tianhong Fund Management Co., Ltd. has announced a fee waiver for the A-class fund shares of the Tianhong ChiNext Index Enhanced Securities Investment Fund during the promotional period from August 18, 2025, to December 1, 2025, for investors using the Hong Wallet or One-Click Purchase through the online direct sales system [1][3][15] - The applicable sales channels include Tianhong Fund's online direct sales system, such as the Tianhong Fund APP and WeChat public account [2][14] - The original subscription fee rate for the A-class fund shares can be found in the fund's legal documents, including the fund contract and prospectus [3][15] Group 2 - The management fee for the Tianhong ChiNext Index Enhanced Securities Investment Fund has been reduced from 0.50% to 0.15% per annum, effective from August 15, 2025 [8][20] - The custody fee for the fund has also been lowered from 0.10% to 0.05% per annum, effective from the same date [9][22] - The changes to the management and custody fees have been documented in the revised fund contract, custody agreement, and prospectus, which are effective from August 15, 2025 [10][23]

Market Overview - The market experienced a rebound in early trading, with the ChiNext Index leading the gains [1] - There was a noticeable divergence between large and small-cap indices, with small-cap stocks generally rising [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion, a decrease of 103.8 billion compared to the previous trading day [1] Index Performance - By the close, the Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index increased by 1.19%, and the ChiNext Index surged by 2.14% [1] Sector Performance - The brokerage and fintech sectors showed strong performance, with the stock of Zhina Compass reaching a new historical high [1] - The liquid cooling server concept stocks experienced a resurgence, with multiple stocks, including Chuanhuan Technology, hitting the daily limit [1] - The photovoltaic sector also saw a rebound, with Oujing Technology hitting the daily limit [1] - Conversely, bank stocks underwent a correction, with the "Big Four" banks (Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank) all declining by over 2% [1] Top and Bottom Performing Sectors - The sectors with the highest gains included PEEK materials, liquid cooling servers, photovoltaic equipment, and securities [1] - The sectors with the largest declines included banking, liquor, and gaming [1]

A股三大指数集体收涨，截至午盘，沪指涨0.47%报3683.58点，深成指涨1.19%，创业板指涨2.14%，北 证50指数涨2.74%。沪深京三市半日成交额13272亿元，较上日缩量1041亿元，全市场超4400只个股上 涨。 盘面上，PEEK材料概念股全线上涨，双一科技涨超13%，金田股份、联泓新科涨停，联泓新科此前透 露已完成PEEK技术开发和产品中试；液冷服务器板块继续活跃，川环科技20cm涨停，大元泵业5连 板，IDC报告预计2024-2029年中国液冷服务器市场年复合增长率达46.8%；光伏设备板块拉升，捷佳伟 创涨超11%，欧晶科技涨停，8月光伏组件市场再度出现缺货与涨价现象；固态电池板块持续走强，诺 德股份、中材科技等多股涨停。另外，银行股全线下跌，工农中建四大行均跌逾2%。(格隆汇) ...

Core Viewpoint - A-shares experienced a morning session of low opening and high closing, with significant gains in various sectors, particularly in power equipment and PEEK materials [1] Market Performance - The three major A-share indices closed higher at noon, with the Shanghai Composite Index up by 0.47%, the Shenzhen Component Index up by 1.19%, and the ChiNext Index up by 2.14% [1] - The total trading volume of the two markets exceeded 1.3 trillion yuan, with over 4,400 stocks rising [1] Sector Highlights - Power equipment stocks saw notable increases, with Oulutong rising over 17%, and Zhongheng Electric and Keshida hitting the daily limit [1] - PEEK materials concept stocks collectively strengthened, with Jintian Co. reaching the daily limit [1] - Other sectors with significant gains included liquid cooling servers, PCB concepts, energy storage, photovoltaic inverters, and rare earths [1] - Conversely, the banking and CPO sectors experienced declines [1]

Core Viewpoint - The article highlights the performance of the ChiNext 50 ETF (159682), which has shown a significant increase in value and trading volume, indicating positive market sentiment towards the underlying stocks [1] Group 1: ETF Performance - As of the midday close on August 15, the ChiNext 50 ETF (159682) rose by 2.11%, reaching a price of 1.115 yuan, with a trading volume of 115 million yuan [1] - Since its inception on December 23, 2022, the fund has achieved a return of 9.27%, with a one-month return of 13.83% [1] Group 2: Top Holdings Performance - Notable performances among the ETF's top holdings include: - Ningde Times increased by 0.43% - Dongfang Wealth surged by 6.73% - Huichuan Technology rose by 1.02% - Mindray Medical gained 0.54% - Xinyisheng increased by 1.00% - Sunshine Power jumped by 8.18% - Shenghong Technology rose by 1.38% - Yiwei Lithium Energy increased by 2.38% - Tonghuashun surged by 14.39% [1]