证券研究报告 | 策略点评 2025 年 08 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250826 今日关注 指数涨跌情况：今日 A 股主要宽基指数多数调整。截止收盘，沪指跌 0.39%， 收报 3868.38 点；深证成指涨 0.26%，收报 12473.17 点；创业板指跌 0.76%， 收报 2742.13 点；科创 50 跌 1.31%，收报 1270.87 点。总体上全天个股涨跌 各半，Wind 数据显示，全市场 2802 只个股上涨，2469 只个股下跌，152 只个 股收平。沪深两市今日成交额合计 26790 亿元，较上个交易日缩量 4621 亿元。 行业涨跌情况：今日申万一级行业涨跌各半，农林牧渔、美容护理、基础化 工、传媒和综合行业领涨，涨幅分别为 2.62%、2.04%、1.26%、1.23%、1.09%； 医药生物、非银金融、钢铁、国防军工和通信行业领跌，跌幅分别为 1.09%、 1.06%、0.98%、0.93%、0.79% 板块涨跌情况：今日涨幅居前概念板块为 ...

一、先复盘：你的操作为什么 "该吃肉却喝汤"？（不是错，是优化空间）? 你提到的两个核心案例 —— 半导体炸板反包、稳定币连板，看似都是 "大肉机会"，但最终只喝汤，本 质是 "卖票模式的纪律性" 和 "市场超预期走势" 的博弈，不是操作失误，反而体现了你的风险意识，我 们先拆透背后逻辑：? 1. 半导体炸板反包："按模式卖" 没毛病，但可加个 "观察窗口"? 你的操作逻辑：昨天炸板（单票少板 1 亿，说明尾盘抛压大），今天按既定模式卖出 —— 这符合之前 说的 "铁律 3：尾盘大涨适当减仓""铁律 1：不贪多"，毕竟炸板后次日能反包涨停是 "小概率超预期"， 多数情况是低开回调，你能避开 "吃面风险" 已经赢了第一步；? 优化点：下次遇到 "炸板但量能没崩" 的票（比如昨天半导体炸板时，全天量能比前一天缩≤10%，且没 跌破 5 日线），可以在今天早盘留个 "30 分钟观察窗口"：? 若早盘低开≤2%，且 10 点前能拉回 5 日线以上（比如今天半导体低开 1.5%，9:50 拉回 5 日线），就多 拿 1 小时；若 10 点后还在 5 日线下，再按原模式卖 —— 这样既能守住纪律，又能抓住 "反包小概率机 ...

证券研究报告 | 策略点评 申万一级行业表现：电子、通信、计算机在行业涨跌幅榜居前；石油石 化、钢铁、农林牧渔在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、炒股软件、自主可控概念表现相对较 好；航空运输、西藏振兴、动物疫苗概念表现相对较差。 风险提示 2025 年 08 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250822 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 1.45%，深证成指涨跌幅为 2.07%， 创业板指涨跌幅为 3.36%。 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 ...

Market Overview - The major indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [2] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [2] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [2]

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [1] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [1] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [1]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.83% to close at 3696.77 points, the Shenzhen Component Index rising by 1.60% to 11634.67 points, and the ChiNext Index up by 2.61% to 2534.22 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 22446 billion, a decrease of 346 billion compared to the previous trading day [1] Industry Performance - All sectors except for banking experienced gains today, with the leading sectors being comprehensive, non-bank financials, electric equipment, computer, and building materials, which rose by 3.92%, 3.16%, 2.85%, 2.34%, and 2.29% respectively [1] - The banking sector saw a decline of 1.46% [1] Concept Sector Performance - The top-performing concept sectors included stock trading software, consecutive boards, power equipment, and semiconductor materials, among others [2][11]

Market Overview - The major A-share indices showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points[2]. - A total of 2117 stocks rose, while 3084 stocks fell, with 216 stocks remaining unchanged across the market[2]. Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 182.55 billion yuan, an increase of 9.14 billion yuan compared to the previous trading day[2]. Sector Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals (up 1.20%), beauty care (up 0.99%), real estate (up 0.82%), textile and apparel (up 0.81%), and transportation (up 0.73%)[2]. - The sectors that experienced declines included pharmaceuticals and biology (down 0.92%), electric equipment (down 0.74%), telecommunications (down 0.47%), national defense and military (down 0.39%), and household appliances (down 0.29%)[2]. Concept Stocks - The top-performing concept stocks today included continuous boards, rare earth permanent magnets, rare earths, IGBT, and third-generation semiconductors, among others[3].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 3639.67 points, while the Shenzhen Component Index fell by 0.18% to 11157.94 points, and the ChiNext Index decreased by 0.68% to 2342.86 points [1][14] - Overall, there were 2117 stocks that rose and 3084 stocks that fell, with a total trading volume of 18255 billion yuan, an increase of 914 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals, beauty care, real estate, textile and apparel, and transportation, with respective gains of 1.20%, 0.99%, 0.82%, 0.81%, and 0.73% [1][14] - Conversely, the sectors that experienced declines included pharmaceuticals and biology, electric equipment, telecommunications, national defense and military, and household appliances, with respective losses of 0.92%, 0.74%, 0.47%, 0.39%, and 0.29% [1][14] Concept Sectors - The top-performing concept sectors today included continuous boards, rare earth permanent magnets, rare earths, IGBT, and third-generation semiconductors, among others [2][11] - Sectors that saw a pullback included CRO, innovative drugs, and vitamins [11]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [2][14] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion, an increase of 1380 billion compared to the previous trading day [2] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the defense and military industry leading the way with a rise of 3.07%, followed by machinery equipment at 1.98%, coal at 1.89%, textile and apparel at 1.36%, and computer industry at 1.30% [2][16] - Conversely, the pharmaceutical and biological, construction materials, commercial retail, social services, and banking industries saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [2][16] Sector Highlights - The top-performing concept sectors included continuous boards, the top ten military industrial groups, aircraft carriers, robotics, military-civilian integration, coal mining, industrial internet, chemical fibers, sensors, and machine vision [3] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [3]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion yuan, an increase of 1380 billion yuan compared to the previous trading day [1] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the leading sectors being defense and military, machinery and equipment, coal, textile and apparel, and computer industries, which rose by 3.07%, 1.98%, 1.89%, 1.36%, and 1.30% respectively [1] - Conversely, the pharmaceutical and biological, building materials, commercial retail, social services, and banking sectors saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [1] Concept Sector Performance - The top-performing concept sectors today included continuous boards, top ten military industrial groups, aircraft carriers, robots, and military-civilian integration, among others [2] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [11]