证券研究报告 关注"自主"科技和小金属涨价 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年8月24日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 4 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 数据来源：Wind，东吴证券研究所 一：大盘表现 1. 本周市场回顾 注：本周交易日为8月18日-8月22日 （如无特殊说明）后文同 3 注：本报告所涉及个 ...

Market Overview - The average daily trading volume of the entire A-share market was 1.70 trillion CNY, a decrease of over 110 billion CNY compared to the previous week[8] - The market style returned to a "small-cap + dividend" barbell structure, with the Wande Micro Cap Index rising by 3.76% this week[11] Market Performance - The Shanghai Composite Index increased by 2.11% during the week, while the Wande All A Index rose by 1.94%[11] - The small-cap stocks showed relative strength, with the small-cap growth index up by 2.59%[14] Investor Sentiment - The margin trading balance exceeded 2 trillion CNY, reaching a ten-year high, indicating increased investor confidence[22] - The number of stocks hitting the daily limit up was 73, while the number hitting the limit down was only 2, reflecting a positive market sentiment[22] Sector Trends - Strong sectors included robotics, military, and infrastructure, with significant events such as the opening of the World Robot Conference and a 95 billion CNY investment by the National Railway Group in a new railway company[38] - The report emphasizes the importance of domestic demand and technological self-reliance in the current market environment[42] Risk Factors - Potential risks include slower-than-expected domestic economic recovery, uncertainties in overseas interest rate cuts, and geopolitical tensions that could impact market stability[45]

Market Overview - The Shanghai Composite Index closed at 3559.95, down 0.37% for the week, with a trading volume of 684.645 billion CNY[18] - The average daily trading volume for the entire A-share market was 1.81 trillion CNY, a decrease of 39 billion CNY from the previous week[21] Market Style Performance - The only index that saw a gain this week was the Wind Micro Index, which increased by 1.46%[25] - The CSI 500 index fell by 1.37%, while the CSI 300 index dropped by 1.75%[25] Participant Performance - The active capital holding index outperformed, with the private equity heavy index declining only 0.65% compared to the overall market decline of 1.09% for the Wind All A Index[33] Market Sentiment - The margin trading balance increased to over 1.98 trillion CNY, reaching a new high for the year[36] - The number of stocks hitting the daily limit up or down remained relatively stable, indicating a steady market sentiment[36] Sector Performance - Strong sectors included innovative pharmaceuticals and optical modules, with significant partnerships announced in the industry[51] - The report highlighted the importance of AI applications, particularly following the approval of a government initiative to implement "AI+" actions[51] Future Outlook - Upcoming events include product launches in the TMT sector and significant industry conferences, which may influence market trends[54] - The report emphasizes a focus on active domestic circulation, technological self-reliance, and expanding openness in the market[55]

Market Overview - The average daily trading volume of the entire A-share market was 1.81 trillion CNY, a slight decrease of 39 billion CNY compared to the previous week[8] - The Shanghai Composite Index fell by 0.94% this week, while the ChiNext Index decreased by 0.74%[12] Market Style Performance - The small-cap index (WIND Micro Index) rose by 1% this week, showing relative strength compared to large-cap indices[12] - Growth stocks outperformed value stocks, with the relative advantage of growth stocks oscillating in positive territory over the past 30 trading days[18] Participant Performance - Active funds showed relative superiority this week, with the National Team Index declining by 1.92% and the Social Security Heavyweight Index down by 1.83%[22] - The overall A-share market saw a decline of 1.09% this week, with the market sentiment index showing a slight increase[21] Market Sentiment - The margin trading balance increased to over 1.98 trillion CNY, reaching a new high for the year[25] - The number of stocks hitting the daily limit up was 62, while those hitting the limit down was 12, indicating relatively stable market sentiment[25] Sector Performance - The report highlights strong performance in sectors such as innovative pharmaceuticals and AI applications, with significant partnerships announced in the industry[41] - The report also notes the importance of technology self-reliance and expanding openness in the context of ongoing geopolitical tensions[43]

Market Overview - The average daily trading volume for the entire A-share market was 1.44 trillion CNY, a slight decrease of approximately 50 billion CNY compared to the previous week[8] - The Shanghai Composite Index rose by 1.40% during the week, with a year-to-date increase of 26.3%[12] Market Style Performance - Large-cap value stocks outperformed with a weekly gain of 1.94%, while small-cap growth stocks lagged with a gain of only 1.14%[12] - The relative performance of small-cap stocks remained positive, indicating a sustained advantage over large-cap stocks[15] Participant Performance - The "National Team" index showed the best performance with a weekly increase of 1.97% and a year-to-date increase of 16.32%[23] - The private equity heavy index increased by 1.22% this week, reflecting a year-to-date gain of 54.71%[23] Market Sentiment - The total number of stocks that rose during the week was 4,054, with 94 stocks hitting the daily limit up, while 7 stocks hit the limit down[25] - The margin trading balance increased to nearly 1.86 trillion CNY, indicating a rise in market participation[29] Sector Trends - Strong sectors included steel, building materials, and photovoltaic, driven by government policies promoting a unified national market[39] - The innovation drug sector received a boost from new measures supporting high-quality development[39] Future Events - Key upcoming events include the Samsung Unpacked product launch on July 9 and the 2025 China Automotive Forum from July 10-12[44] Strategic Focus - The report emphasizes three strategic focuses for 2025: promoting domestic circulation, achieving technological self-reliance, and expanding openness[45] - Specific areas of interest include consumer electronics, industrial automation, and AI applications[45] Risk Factors - Potential risks include slower-than-expected economic recovery, uncertainties in overseas interest rate cuts, and geopolitical tensions[48]

Market Overview - The average daily trading volume of the entire A-share market reached 1.49 trillion CNY, an increase of over 270 billion CNY compared to the previous week[8] - The Shanghai Composite Index showed a weekly increase of 1.91%[11] Market Style Performance - Small-cap and growth styles outperformed, with the ChiNext Index rising by 5.69% and the CSI 2000 Index increasing by 5.55%[11] - The relative advantage of small-cap stocks has rebounded into positive territory based on a rolling 30-day performance comparison[14] Participant Performance - The market sentiment index rose by 5.94%, indicating strong performance from active funds[22] - The private equity heavy index increased by 4.45%, reflecting a 52.84% rise since September 24, 2024[22] Financing and Market Sentiment - The margin trading balance increased to nearly 1.84 trillion CNY, indicating a growing investor confidence[31] - The number of stocks hitting the daily limit down has decreased to fewer than 10 on most days, suggesting reduced market volatility[31] Sector Trends - Strong sectors included stablecoins and semiconductor chips, with significant developments in solid-state batteries and military technology[42] - The report emphasizes the importance of "self-reliance in technology" and "active domestic circulation" in the current economic context[46]

Market Overview - The average daily trading volume of the entire A-share market reached 1.21 trillion CNY, an increase of 114.9 billion CNY compared to the previous week[8] - The Shanghai Composite Index showed a weekly increase of 1.13%[11] Market Style Performance - Small-cap stocks continued to rebound, while the North Securities 50 index began to decline in the last two trading days[11] - The ChiNext 50 index, which performed poorly in May, experienced a rebound with a weekly increase of 2.32%[11] Participant Performance - The private equity heavy positions index outperformed with a weekly increase of 2.40%, marking a 50.53% increase since September 24, 2024[19] - The market sentiment index also showed strong performance with a weekly increase of 1.66% and a 59.02% increase since September 24, 2024[19] Sector Trends - Strong sectors included computing power communication and rare earths, driven by North American demand and export controls affecting the automotive industry[39] - The report highlights a focus on sectors such as consumer electronics, industrial automation, and new energy technologies for future investments[45] Risk Factors - Risks include slower-than-expected domestic economic recovery, uncertainties in overseas interest rate cuts, and geopolitical events that could impact market stability[48]

Market Overview - The average daily trading volume of the entire A-share market reached 1.21 trillion CNY, an increase of 114.9 billion CNY compared to the previous week[8] - The Shanghai Composite Index showed a weekly increase of 1.13%[11] Market Style Performance - Small-cap stocks continued to rebound, while the North Securities 50 index began to decline in the last two trading days[11] - The ChiNext 50 index, which performed poorly in May, experienced a rebound with a weekly increase of 2.32%[11] Participant Performance - The private equity heavy positions index outperformed with a weekly increase of 2.40%, marking a 50.53% increase since September 24, 2024[19] - The market sentiment index also showed strong performance with a weekly increase of 1.66% and a 59.02% increase since September 24, 2024[19] Sector Trends - Strong sectors included computing power communication and rare earths, driven by North American demand and export controls affecting the automotive industry[39] - The report highlights a focus on sectors such as consumer electronics, industrial automation, and new energy technologies for mid-term investment strategies[45] Risk Factors - Risks include slower-than-expected domestic economic recovery, uncertainties in overseas interest rate cuts, and geopolitical events that could impact market stability[48]

Market Overview - The total trading volume of the A-share market last week was 1.09 trillion, a decrease of 79.4 billion compared to the previous week[9] - The Shanghai Composite Index showed a slight decline of 0.03% last week[12] Market Style Performance - Small-cap stocks outperformed large-cap stocks, with the ChiNext Index down 1.40% and the Shanghai 50 Index down 1.22%[12] - The private equity heavy positions index increased by 0.61%, marking the best performance among various participant indices[21] Sector Performance - The strongest sectors included stablecoins and autonomous logistics, while the weakest sectors were not specified in the provided data[36] - The report highlighted a potential $50 billion business development transaction by Shiyou Group, indicating strong interest in innovative pharmaceuticals[36] Investment Strategy Outlook - The focus for 2025 will be on three main strategies: promoting domestic circulation, technological self-reliance, and expanding openness[41] - Key areas of investment include consumer electronics, industrial automation, and AI applications, with a particular emphasis on new energy technologies[41] Risk Factors - Economic recovery may not meet expectations, leading to increased market uncertainty[44] - Geopolitical risks and uncertainties surrounding U.S. trade policies could negatively impact the A-share market[44]

Market Overview - The total trading volume of the A-share market was 1.27 trillion, a decrease of approximately 87 billion compared to the previous trading week[8] - The A-share market showed a barbell structure, with the North Securities 50 index rising by 3.13% and the ChiNext index increasing by 1.38%[11] Market Style Performance - Small-cap stocks showed relative strength, with their performance oscillating near zero in the rolling 30-day relative return[14] - Growth stocks demonstrated a rebound in relative performance against value stocks, also within a negative range[17] Participant Performance - The market sentiment index rose by 4.65%, indicating strong performance from active funds, while the private equity heavy index increased by 1.10%[21] Emotional Market Indicators - The number of stocks hitting the daily limit rose to between 70 and 90 during the trading week, with a total of 4,109 stocks increasing on May 12[31] Industry Trends - Strong sectors included shipping and aviation, driven by unexpected outcomes from Sino-U.S. negotiations, and new consumption trends related to the upcoming 618 shopping festival[44] Regulatory Changes - The revised "Major Asset Restructuring Management Measures" implemented on May 16 introduced a phased payment mechanism for share issuance, extending the registration decision validity to 48 months[51] - The new rules also established a simplified review process for certain restructuring transactions, allowing for quicker registration decisions within five working days[51]