丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W1 港股资金：南向流入互联网，外资加码 医药——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 1 日至 5 日，南向资金净流入 296.87 亿港元，主要流入可选消费零售、医药生 物、软件服务、有色金属、汽车与零配件等行业，排名前五的行业合计净流入 285.23 亿港元。 南向资金净流入最多的五个行业是：可选消费零售（123.08 亿港元）、医药生物（51.31 亿港 元）、软件服务（48.94 亿港元）、有色金属（38.87 亿港元）、汽车与零配件（23.03 亿港元）。 主要流出半导体、电信服务、耐用消费品、硬件设备、传媒等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 9 月 W1 港股资金：南向流入互联网，外资加码 2] 医药——"重估牛"系列之港股资金面 [Table_Summary2] ...

方案指出，在破除"内卷式"竞争中实现光伏等领域高质量发展，依法治理光伏等产品低价竞争。引导地方有序布局光伏、锂电池产业，指导地方梳理产能 情况。实施光伏组件、锂电池产品质量管理，深入落实《光伏制造行业规范条件》等文件，强化与投资、金融、安全等政策联动，推动行业技术进步。加 快研究以强制性国家标准为基础的储能电池产品安全推荐目录。支持协会商会建立行业自律机制，加强重点行业监测预警和风险提示，有序调整产业规 模。 此外，持续推进半导体、光伏、锂电池、超高清视频、时空信息、新型显示等领域与有关国家地区间常态化交流合作机制。 （来源：中欧碳中和） 据工信部网站9月4日消息，工业和信息化部、市场监督管理总局印发《电子信息制造业2025－2026年稳增长行动方案》。 详情见下： 电子信息制造业 2025-2026年稳增长行动方案 电子信息制造业是国民经济的战略性、基础性、先导性 产业,是稳定工业经济增长、维护国家政治经济安全的关键 领域。为全面贯彻落实党的二十大和二十届二中、三中全会 精神,深入贯彻中央经济工作会议精神,坚持稳中求进工作 总基调,把稳增长摆在首要位置,推动质的有效提升和量的 合理增长,努力实现工业经济发展 ...

央企现代能源ETF紧密跟踪中证国新央企现代能源指数，中证国新央企现代能源指数由国新投资有限公司定制，主要选取国务院国资委下属业务涉及绿色能 源、化石能源、能源输配等现代能源产业的50只上市公司证券作为指数样本，以反映央企现代能源主题上市公司证券的整体表现。 数据显示，截至2025年8月29日，中证国新央企现代能源指数(932037)前十大权重股分别为长江电力、国电南瑞、中国核电、中国铝业、三峡能源、中国电 建、中国稀土、国电电力、云铝股份、中国石油，前十大权重股合计占比48.28%。 （文中个股仅作示例，不构成实际投资建议。基金有风险，投资需谨慎。） 央企现代能源ETF(561790)，场外联接(博时中证国新央企现代能源ETF发起式联接A：021922；博时中证国新央企现代能源ETF发起式联接C：021923)。 风险提示：基金不同于银行储蓄和债券等固定收益预期的金融工具，不同类型的基金风险收益情况不同，投资人既可能分享基金投资所产生的收益，也可能 承担基金投资所带来的损失。基金的过往业绩并不预示其未来表现。投资者应了解基金的风险收益情况，结合自身投资目的、期限、投资经验及风险承受能 力谨慎决策并自行承担风险 ...

服务行业：关注体育消费。 1）国务院办公厅日前印发《关于释放体育消费潜力进一步推进体育产业高质量发展 的意见》（以下简称《意见》）。《意见》提出到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产 业发展水平大幅跃升，总规模超过7万亿元。《意见》强调，要丰富体育赛事活动，优化赛事服务管理，发展户外 运动产业，培育壮大冰雪经济，推动体育用品升级。 数据来源：iFind，华泰期货研究院 行业总览 宏观日报 | 2025-09-05 化工中游开工增长 中观事件总览 生产行业：关注电子信息制造业增长。 1）9月4日，工业和信息化部、市场监督管理总局印发《电子信息制造业 2025－2026年稳增长行动方案》，提出2025－2026年，规模以上计算机、通信和其他电子设备制造业增加值平均增 速在7%左右，加上锂电池、光伏及元器件制造等相关领域后电子信息制造业年均营收增速达到5%以上。方案还提 出综合整治"内卷式"竞争，深度嵌入全球电子信息制造业分工体系，促进国内外市场畅通经济循环。 下游：1）地产：二、三线城市商品房销售回升。2）服务：国际航班班次回落。 风险 经济政策超预期，全球地缘政治冲突 上游：1）化工： ...

9月5日，A股三大股指开盘涨跌不一。沪指低开0.11%， 深证成指 涨0.18%，创业板指涨0.49%。 截至发稿，沪指跌0.06%，报3763.68点； 深证成指涨 1.26%，报12271.22点；创业板指涨2.29%，报2839.96点。 | 沪深京 | 板块 | 创业板 | 科创板 | | | --- | --- | --- | --- | --- | | ■ 盘中交易 09-05 09:56 | | | | / L7 / | | 上证指数 | 深证成指 | | 创业板指 | | | 3763.68 | 12271.22 | | 2839.96 | | | -2.20 -0.06% | 152.52 1.26% | | 63.71 2.29% | | 固态电池、光伏、储能、锂电等方向涨幅居前。截至发稿，天宏锂电"30cm"涨停，力佳科技、先惠技术等跟涨。 安达科技涨超12%， 宁德时代涨超4%。 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！ 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. More incremental policies may be introduced in the second half of the year to boost the real economy. External risks are gradually easing, and the increasing probability of the Fed cutting interest rates in September further enhances the attractiveness of RMB assets [2]. - The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but investors need to adapt to the accelerating sector rotation and structural differentiation. The CSI 500 and CSI 1000 indices, which have more technology - growth components, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300 indices, which have more dividend - blue - chip components, are more defensive, with smaller fluctuations but relatively weaker price elasticity [2]. - Since July, the stock index has been rising continuously with a large increase. There are signs of short - term adjustment, but the probability of the medium - and long - term market continuation is high [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (including current month, next month, next quarter, and far - quarter) decreased compared to the day before. The price declines were - 83.40, - 84.80, - 81.20, and - 79.40 respectively, with corresponding decline rates of - 1.88%, - 1.92%, - 1.84%, and - 1.81%. The trading volumes were 133914.00, 8218.00, 57395.00, and 15256.00 respectively, and the open interests increased by 6959.00, 915.00, 3261.00, and 1301.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts decreased. The price declines were - 44.40, - 43.80, - 44.80, and - 45.00 respectively, with decline rates of - 1.51%, - 1.49%, - 1.52%, and - 1.53%. The trading volumes were 65727.00, 5056.00, 24358.00, and 6289.00 respectively, and the open interests increased by 4043.00, 826.00, 2463.00, and 1652.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts declined. The price declines were - 165.00, - 164.60, - 167.00, and - 169.20 respectively, with decline rates of - 2.42%, - 2.44%, - 2.51%, and - 2.60%. The trading volumes were 113276.00, 8055.00, 55486.00, and 17262.00 respectively, and the open interests increased by 9697.00, 1664.00, 2409.00, and 2562.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts decreased. The price declines were - 158.40, - 151.60, - 154.20, and - 147.40 respectively, with decline rates of - 2.21%, - 2.14%, - 2.22%, and - 2.17%. The trading volumes were 239398.00, 15491.00, 98940.00, and 29410.00 respectively. The open interest of the current - month contract decreased by 1649.00, while those of the next - month, next - quarter, and far - quarter contracts increased by 1824.00, 3861.00, and 1460.00 respectively [1]. 3.2 Stock Index Spot Market - **Index Performance**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indices decreased compared to the day before, with decline rates of - 2.12%, - 1.71%, - 2.48%, and - 2.30% respectively. The trading volumes and total trading amounts of these indices also changed [1]. - **Industry Performance**: Different industries in the CSI 300 index showed various trends. The energy, raw materials, industry, optional consumption, major consumption, medical and health, real - estate finance, information technology, telecommunications, and public utilities industries had different decline or increase rates, with the telecommunications industry having a significant decline rate of - 9.13% and the public utilities industry having a slight increase rate of 0.40% [1]. 3.3 Futures - Spot Basis - For the CSI 300, the basis differences between IF contracts (current month, next month, next quarter, far - quarter) and the CSI 300 index changed compared to the day before [1]. - For the SSE 50, the basis differences between IH contracts and the SSE 50 index also changed [1]. - For the CSI 500, the basis differences between IC contracts and the CSI 500 index changed [1]. - For the CSI 1000, the basis differences between IM contracts and the CSI 1000 index changed [1]. 3.4 Other Domestic and Overseas Indices - Domestic indices such as the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index decreased compared to the day before, with decline rates of - 1.25%, - 2.83%, - 2.37%, and - 4.25% respectively [1]. - Overseas indices such as the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index had different performance, with the Hang Seng Index declining by - 1.12% and the Nikkei 225, S&P 500, and DAX Index increasing by 1.53%, 0.83%, and 0.74% respectively [1]. 3.5 Macro Information - The Ministry of Commerce announced China's first anti - circumvention investigation ruling, deciding to implement anti - circumvention measures on US exporters from September 4 [2]. - President Xi Jinping held talks with North Korean leader Kim Jong - un, emphasizing China's support for North Korea's development path and its objective and fair stance on the Korean Peninsula issue [2]. - The General Office of the State Council issued an opinion on releasing sports consumption potential and promoting the high - quality development of the sports industry, aiming to cultivate world - influential sports enterprises and events and achieve a total industry scale of over 7 trillion yuan by 2030 [2]. - Two departments issued an action plan for stabilizing the growth of the electronic information manufacturing industry, with the expected average growth rate of the added value of scale - above computer, communication, and other electronic equipment manufacturing industries at about 7% from 2025 - 2026, and the average annual revenue growth rate of the electronic information manufacturing industry exceeding 5% including related fields [2]. - Shanghai launched the "Keyan" Return Plan (pilot), providing 50,000 yuan in subsidies to eligible female scientific and technological talents after childbirth [2]. 3.6 Industry Information - From January to July, China's renewable energy added 283 million kilowatts of installed capacity, with a total installed capacity of 2.171 billion kilowatts, accounting for nearly 60% of the country's total installed capacity. Efforts will be made to promote the development of new models and formats of renewable energy [2]. - In September, the housing supply in 28 cities increased by 10% month - on - month due to the traditional marketing peak season. The supply in first - tier cities rebounded significantly, while that in second - tier cities remained flat month - on - month but halved year - on - year with intensified internal differentiation. The supply in third - and fourth - tier cities increased both month - on - month and year - on - year due to the influence of individual cities such as Wuxi [2]. - The Securities Association of China launched the 2025 single - business quality evaluation work for securities companies' investment banking, bond business, and major asset restructuring financial advisory business, requiring relevant evaluation materials to be submitted by September 15 [2]. 3.7 Stock Index Views - The three major US indices rose, while the stock index continued to correct in the previous trading day, with the communication sector leading the decline. The market turnover was 2.58 trillion yuan. On September 2, the margin trading balance increased by 1.548 billion yuan to 2.273914 trillion yuan [2].

Group 1 - The Ministry of Commerce announced China's first anti-circumvention investigation ruling, determining that U.S. exporters circumvented anti-dumping measures on non-dispersive single-mode optical fibers by exporting related cutoff wavelength shifted single-mode optical fibers to China. Anti-circumvention measures will be implemented from September 4 [1] - In August, the U.S. ADP employment increased by 54,000, significantly below the market expectation of 65,000, with a revised figure of 104,000 for July. The ISM services PMI for August was reported at 52, marking the fastest expansion in six months, driven by the strongest growth in orders in nearly a year [1][5] Group 2 - In the dual-fuel market, the main contract showed a strong trend, with a continued decrease in coking coal positions. Steel production from the five major materials decreased week-on-week, while total inventory continued to accumulate, particularly in hot-rolled coil [2][25] - Methanol prices increased by 1.18% in the night session, with a significant rise in the number of imported cargoes arriving at ports. Coastal methanol inventory reached 1.3985 million tons, a historical high, with a week-on-week increase of 99,000 tons [3][14] - In the precious metals market, gold prices fell after a period of consolidation, with market focus on upcoming non-farm payroll data. Concerns arose regarding potential import tariffs on silver as the U.S. Geological Survey proposed including silver in a list of critical minerals [4][18] Group 3 - The State Council issued opinions to enhance the potential of sports consumption and promote high-quality development in the sports industry, emphasizing increased financial support and encouraging sports enterprises to go public [6] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released an action plan for stable growth in the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors from 2025 to 2026 [7]

（文章来源：上海证券报） 人民财讯9月5日电，9月4日，工业和信息化部、市场监督管理总局印发《电子信息制造业2025—2026年 稳增长行动方案》（下称《方案》）。《方案》提出，2025年至2026年，规模以上计算机、通信和其他 电子设备制造业增加值平均增速在7%左右，加上锂电池、光伏及元器件制造等相关领域后电子信息制 造业年均营收增速达到5%以上。据记者统计数据及采访相关公司，A股锂电设备企业上半年经营状况 开始折射出"新动能"。主要锂电设备企业订单已经出现复苏的迹象。 ...

近日，南宁市正式印发《支持微短剧产业高质量发展若干措施》，推出涵盖企业落户、创作拍摄、人才 引进、出海传播等六大类扶持政策，最高单项奖励达400万元，目的在于推动微短剧与文旅产业深度融 合，打造面向东盟的微短剧产业核心区。 政策明确，对新注册的微短剧企业，年度营业收入达30亿元以上的可获300万元一次性奖励；对年度取 得《网络剧片发行许可证》数量全国前五且营收超30亿元的企业，奖励金额提升至400万元。 在拍摄制作方面，企业在南宁市属景区公园取景可免门票及场地费，作品植入南宁城市元素超50%，且 已取得《网络剧片发行许可证》，并在主流平台上线播出，经审核符合要求，每集可获5000元补贴，单 部最高10万元。 解读：我国微短剧市场正处于爆发式增长阶段。有报告显示，2024年，中国微短剧市场规模已攀升至 505亿元，预计今年市场规模将达到634.3亿元，2027年将突破1000亿元。风口之下，杭州、郑州、西安 等不少省会城市纷纷颁布相关利好政策，从资金支持、资源倾斜、基地建设等方面为短剧发展提供支 持。 南宁入局并不算晚。凭借自然风光、美食文化、多元的人文底蕴，以及不可复制的性价比优势，南宁初 步形成了一定规模的 ...

Core Insights - The document released by China's Ministry of Industry and Information Technology and the State Administration for Market Regulation emphasizes the need to eliminate "involution" competition in the photovoltaic sector and promote high-quality development [1][2] - The "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026" sets a target for the average growth rate of the value-added output of major electronic manufacturing sectors to be around 7% from 2025 to 2026, with an overall revenue growth rate exceeding 5% when including lithium batteries, photovoltaics, and related components [1][2] Group 1 - The plan aims for the electronic information manufacturing industry to maintain the highest revenue scale and export ratio among 41 industrial categories by 2026, with five provinces achieving over 1 trillion yuan in revenue [1] - The server industry is expected to exceed 400 billion yuan in scale, while the domestic market penetration rate for 75-inch and larger color televisions is projected to surpass 40% [1] - The plan also highlights the transition of personal computers and mobile phones towards higher intelligence and premium quality [1] Group 2 - The document outlines strategies to optimize industrial layout and improve industrial structure, including the establishment of internationally leading electronic information industry bases and specialized clusters for small and medium-sized enterprises [1] - It emphasizes the need to legally address low-price competition in the photovoltaic sector and other products [1] - The plan promotes the advancement of high-end electronic equipment and the integration of artificial intelligence into terminal products, encouraging local innovation in AI applications [2]