9月“开门红”藏玄机！哪些板块还有机会？

Core Viewpoint - The A-share market experienced a positive start in September, with the Shanghai Composite Index rising by 0.46% and the Shenzhen Component Index increasing by 1.05% on September 1, 2025. However, there is a divergence in capital flow, with main funds showing net outflows while smaller investors are actively entering the market [3][4]. Capital Flow Analysis - On September 1, the main funds exhibited a net outflow of 57.14 billion yuan, with a net ratio of -2.08%, indicating cautious operations by institutional investors. Large orders saw a net outflow of 32.70 billion yuan, while medium and small orders showed net inflows of 3.39 billion yuan and 53.75 billion yuan, respectively, suggesting a positive outlook from retail investors [4][5]. - The main sectors attracting net inflows from institutional funds were primarily in the medical field, including medical services, biological products, and chemical pharmaceuticals. The medical services sector saw a net inflow of 1.53 billion yuan, with WuXi AppTec being the largest inflow stock. The biological products sector had a net inflow of 1.18 billion yuan, led by Changchun High-tech, while the chemical pharmaceuticals sector attracted 1.12 billion yuan, with Hengrui Medicine as the top stock [5]. Market Sentiment and Valuation - A public fund manager noted that the static price-to-earnings ratio of the entire A-share market has reached 90% of its level over the past decade, indicating that the market is relatively expensive, particularly in the hot technology sector. However, the presence of large-cap stocks like banks and home appliances has kept the overall index valuation from becoming excessively high, although structural bubbles may exist [6]. - The divergence in capital flow was evident in August, where the main funds had a net outflow of 802.03 billion yuan, compared to a net outflow of 672.13 billion yuan in July, reflecting a more cautious attitude from institutional investors. In contrast, small investors continued to show strong net inflows, totaling 821.26 billion yuan in August, indicating a supportive role for retail investors in the market [10].