We're back on Morning Trade Live. Let's focus on Alphabet. Shares are up nearly 30% this year, and nearly half of that gain has come since September the 2nd.That's when a district court ruled that Google would not have to divest its Chrome browser as part of an antitrust case. Alphabet hit its all-time high on September the 19th, and shares are trading just 5% below that mark. Wedbush has a $245 price target on Alphabet.And joining us now is Scott Devett, managing director of equity research at Wedbush Secu ...

政策驱动与技术创新 其居产业升级 新华指数月度洞察 2025年9月 | 00 ▶ 摘要 | | --- | | 出海战略、储能需求爆发和消费电子创新共驱 | | 经济动能 | | 2025年9月，新华出海系列指数多数上扬，其中，电 | | 新出海、TMT出海指数指数月内分别收涨19.58%、 | | 11.36%。A股企业出海驱动业绩突破、全球储能需求 | | 同步高景气、消费电子创新复苏,共同构成了当前经 | | 济增长的核心线索。 | | 市场呈现明显的"政策驱动+技术引领"特征 | | 2025年9月末，新华创研恒久指数收盘点位为 | | 1892.61点,较上月末涨13.23%。资金高度向新能 | | 源(电池、光伏)、半导体倾斜,这一趋势与中央及 | 地方政策导向、技术突破及全球产业周期紧密契合。 0 ▶ 要闻关注 A A A A A A股上市公司2025年中期业绩披露,出海成为 中报超预期的核心线索 尽管面临关税、汇兑损益和现金流压力的影响,一批 代表性企业的海外业务对整体收入和利润率已产生实 质拉动,过去一年加速出海的企业ROE和利润率也在 不断修复,出海不再只是补充渠道,而已成为部分企 业财务 ...

"地利"方面，政策端与产业端协同发力，正推动半导体国产替代加速。9月13日，商务部发布公告，决 定对原产于美国的进口相关模拟芯片发起反倾销立案调查，有望为国内厂商份额扩张创造有利条件。长 期看，国产替代空间亟待释放。国泰海通证券指出，上一轮缺芯潮中，模拟芯片在消费电子等中低端市 场实现初步渗透，推动国产替代率从2019年的个位数提升至2024年的16%，但仍处于相对低位。（资料 来源：国泰海通《电子：商务部发起模拟IC反倾销调查，国产替代加速》2025年9月15日） 近一年多以来，科技板块强势领跑，半导体作为硬科技的代表被整体推高，Wind数据显示，截至9月30 日，万得半导体设备概念指数（8841321.WI）近一年涨幅超112%。（指数过往表现不预示其未来表 现，市场有风险，投资需谨慎） 板块强势背后，离不开基本面支持。近期，部分半导体企业披露2025年前三季度业绩预告，营业收入等 核心指标表现亮眼，进一步印证板块潜力。值得一提的是，这一年在行情与业绩共振下，半导体主题基 金业绩表现同样突出。 半导体板块的强势表现并非偶然，而是"天时、地利、人和"多重因素共振的结果。 "天时"方面，全球流动性正在持续改善 ...

| 序号 | 证券代码 | 证券简称 | 推荐次数 | 申万行业 | | --- | --- | --- | --- | --- | | 1 | 002415. SZ | 海康威视 | 2 | 计算机 | | 2 | 688169. SH | 石头科技 | 2 | 家用电器 | | 3 | 603799. SH | 华友钻业 | 2 | 华友钻业 | | র্ব | 603486. SH | 科沃斯 | 2 | 家用电器 | | 5 | 603993. SH | 洛阳钼业 | 2 | 有色金属 | | 6 | 688208. SH | 道通科技 | 2 | 计算机 | | 7 | 002648. SZ | 卫星化学 | 2 | 基础化工 | | 8 | 603986. SH | 兆易创新 | 2 | 电子 | | 0 | 000063. SZ | 中兴通讯 | 2 | 通信 | | 10 | 601100. SH | 恒立液压 | 2 | 机械设备 | | 11 | 688981. SH | 中芯国际 | 2 | 电子 | | 12 | 600690. SH | 海尔智家 | 2 | 家用电器 | | 13 ...

Group 1 - The monthly "golden stocks" list reflects the comprehensive research strength and stock selection ability of various brokerages, with 111 stocks included as of October 1, 2023 [1] - Notable stocks attracting institutional attention this month include Hikvision, Stone Technology, Huayou Cobalt, Ecovacs, and Luoyang Molybdenum, with sectors like electronics, automotive, and pharmaceuticals receiving broker recognition [1][2] - Institutions believe that favorable factors for A-share performance are still in play, with expectations for the market center to rise in October due to technological industry catalysts and long-term policy layout windows [1][6] Group 2 - Hikvision, Stone Technology, Huayou Cobalt, Ecovacs, and Luoyang Molybdenum received recommendations from two brokerages each, including Everbright Securities and Guojin Securities [2][3] - The electronic sector, including stocks like Zhaoyi Innovation and SMIC, is favored by brokerages, with expectations for a strong performance in the fourth quarter due to traditional seasonal demand [4] - All 11 brokerage "golden stock" combinations have recorded positive returns year-to-date, with the top five being KSY Securities, Huaan Securities, Dongxing Securities, Everbright Securities, and China Galaxy [5] Group 3 - Institutions are optimistic about the "Red October" market, with catalysts for A-share performance continuing, and a potential upward shift in market structure expected [6] - Factors such as the calendar effect of the National Day holiday and the initiation of a Federal Reserve rate cut cycle are seen as supportive for market sentiment [6] - The liquidity outlook remains positive, with expectations for continued inflows into the market, and a structural rally may re-emerge after addressing short-term valuation issues [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 周二A股市场出现了震荡中有所分化的态势。资源股、军工股、存储股、CXO主线等品种反复震荡走高，牵引着科创50指数、上证综指再度回升。 但小市值品种以及前期强势的CPO为代表的AI硬件主线有所休整，创业板指也随之乏力。看来，在即将进入三季度业绩披露窗口期的背景下，短线 A股市场的资金偏好可能会有所转变，更偏好于那些业绩兑现能力较强的方向。 新产业催化剂层出不穷 从盘面来看，新产业催化剂仍然是动量资金关注的重要方向。因此，新的产业催化剂频频涌现的品种往往成为短线涨升先锋。比如说在周二，关于 存储芯片价格持续扬升的信息使得动量资金再度聚焦到芯片板块，从而推动着科创50指数在周二再度创出阶段性新高，主升浪的趋势依然较为清 晰。 与此同时，近期一直滞涨的军工板块也迎来新的产业催化剂，不仅整个军工板块出现了强劲走势，部分龙头品种更是创出了历史新高（含复权）， 比如说中航沈飞（600760）。由于当前全球格局的微妙变化，越来越多的动量资金开始认同A股军工板块的业绩驱动力将由内需走向外需，从而拥 有了新的业绩驱动力，也拥有了估值提振的驱动力。或者说，随 ...

Group 1 - The core market sentiment reflects a significant decline in the ChiNext index, dropping by 2.6%, with over 3,400 stocks falling, particularly in the technology sector such as gaming and computing hardware [1][3] - The technology sector is experiencing a collective pullback, attributed to high valuations not matching earnings growth, despite some stocks having over 100% gains this year [3][4] - The wind power and chemical fiber sectors are showing resilience, with companies like Weili Transmission and Shunfeng Mingyang seeing substantial gains, indicating strong performance amid broader market declines [1][4] Group 2 - The wind power sector benefits from global energy transition trends, with domestic profitability turning a corner and new business opportunities in hydrogen and ammonia [4][5] - The chemical fiber industry is undergoing supply-side reforms, with companies like Shunfeng Mingyang expanding into high-value products, contributing to their stock performance [4][5] - The trading volume decreased to 2.17 trillion yuan, indicating a cautious sentiment among large investors, with a shift from high-valuation tech stocks to undervalued sectors [5][6] Group 3 - The strategy suggests avoiding high-valuation sectors like gaming and computing hardware while focusing on performance-driven sectors like wind power and chemical fiber [6][7] - Maintaining a cash reserve and controlling positions below 60% is recommended to prepare for clearer market directions post-holiday [7][8] - The current market adjustment is viewed as a strategic shift from speculative bubbles to value investments, emphasizing the importance of policy support and earnings certainty [8]

Group 1 - Nanjing University of the Arts and Insta360 signed a strategic cooperation agreement to establish the "Insta360-Nanjing University of the Arts Panoramic Imaging Joint Innovation Laboratory" [1] - Insta360 will launch the "Image Creator Program" at Nanjing University of the Arts, aiming to foster creativity and provide a platform for students to showcase their talents [1] - The collaboration will involve joint research projects, curriculum integration, project incubation, and practical internships, enhancing the learning and development opportunities for students [1] Group 2 - Insta360, founded in 2015, is a leading imaging brand and smart hardware unicorn, recognized in the 2025 MIT Technology Review's "50 Smartest Companies" list and awarded the 2025 Engineering, Science, and Technology Emmy Award [2] - The company has received multiple international awards, including CES Innovation Awards, Red Dot Design Awards, and iF Design Awards, highlighting its strong position in the industry [2] - The event included a salon session where Insta360's market manager and department directors discussed industry trends and talent needs, engaging with students in an interactive format [2]

Group 1 - The Shanghai government has officially released measures to promote high-quality development in the cosmetics industry, emphasizing technological innovation, digital intelligence, and regulatory efficiency, making it the most supportive initiative in the country [1] - The measures include financial support for the registration and filing of new cosmetic raw materials, with a maximum of 2 million yuan for registered materials and 500,000 yuan for filed materials, aimed at reducing reliance on imported core ingredients [1] - The initiative encourages local companies to innovate and develop new raw materials, with the goal of enhancing the competitiveness of Shanghai's cosmetics brands [1] Group 2 - Shanghai's AI innovation is boosting the local beauty industry, with companies like Rongxiusheng leveraging AI solutions for natural essential oil extraction, which helps in achieving cost advantages and product uniformity [2] - The measures promote the integration of AI and multi-omics to drive innovations in cosmetic manufacturing processes, including the development of organoids and 3D skin models [2] - The initiative also includes support for AI resources such as computing power vouchers, which are unique advantages for companies in Shanghai [2] Group 3 - The measures aim to accelerate innovation through regulatory support, with the government providing guidance to cosmetic companies developing medical devices, thus reducing the likelihood of application rejections [3] - The initiative emphasizes the construction of industrial spaces, with plans to add 30 million square meters of "smart manufacturing space" from 2023 to 2025, facilitating vertical factories for cosmetics companies [3] - E-commerce platforms are encouraged to promote Shanghai beauty brands, with project support amounts reaching up to 30 million yuan [3] Group 4 - Shanghai holds a leading position in the high-end cosmetics industry in China, with 17 brands listed in the top 50 Chinese color cosmetics brands according to Hurun Research Institute [4] - The city is home to listed companies such as Shiseido and Shanghai Jahwa, with others like Lin Qingxuan planning to go public in Hong Kong [4]

Macro Overview - Overall consumption is improving, with notable increases in automobile retail and high-end liquor prices due to seasonal demand and base effects [4] - Service consumption indicators such as urban population flow and movie box office revenues are also showing improvement, although inter-city migration indices have turned negative year-on-year [4] - Investment in infrastructure is accelerating with special bond issuance, while real estate sales are recovering during the peak season, despite a cooling land market and low construction start data [4] - Production across most industries is declining, with sectors like power generation and steel adjusting due to demand or profit impacts [4] - Inventory levels are primarily focused on replenishment, with industrial prices rising and CPI showing divergence [4] - The dollar index has slightly increased, while the RMB has appreciated moderately [4] Strategy Insights - Market adjustments present opportunities, and the Chinese stock market is expected to continue its upward trajectory [7] - The "transformation bull market" is driven by the demand for assets and capital market reforms aimed at improving investor returns [7] - Recent communication between Chinese and U.S. leaders indicates a stabilization of short-term risks, while a weak dollar and overseas interest rate cuts favor Chinese monetary easing [7] - The consensus on economic expectations is overly cautious, but there are signs of stabilization in revenue and inventory growth for Chinese listed companies [8] - Emerging industries are entering a new capital expenditure expansion cycle, indicating increased certainty in economic development [9] Industry Comparisons - The technology sector remains a key focus, with recommendations for investments in internet, semiconductor, innovative pharmaceuticals, and robotics [9] - Financial stocks are suggested for gradual allocation due to potential increases in dividend returns after recent adjustments [9] - The shift in economic governance is expected to improve supply-demand dynamics for cyclical goods such as non-ferrous metals, chemicals, real estate, and new energy [9] - Recommendations for consumer sectors include national brands in retail and cosmetics, as well as traditional categories like agriculture and food and beverage [9] Thematic Recommendations - Positive outlook on domestic computing power infrastructure and increased penetration of domestic supply chains [10] - Favorable conditions for commercial aerospace investments due to satellite communication license issuance [10] - Anticipation of improved pricing expectations in sectors benefiting from economic governance changes, such as lithium batteries and energy storage [10] - Growth in embodied intelligence with accelerated equity financing in robotics and logistics [10] Hong Kong Dividend Assets - Hong Kong dividend assets are characterized by stable performance and sustainable cash flows, offering higher dividend yields compared to A-shares [15] - The average cash dividend payout ratio for Hong Kong stocks from 2017 to 2024 is 44%, significantly higher than A-shares at 36% [15] - The dividend yield for the Hang Seng Index is 2.9%, compared to 1.9% for the Wind All A Index, indicating a clear advantage for Hong Kong stocks [15] - Hong Kong dividend assets have a lower valuation level, with PE and PB ratios of 7.2x and 0.6x, respectively, compared to 7.9x and 0.8x for the CSI Dividend All Return Index [15] Market Dynamics - Both Hong Kong and A-share dividend assets exhibit defensive characteristics in weak markets, but absolute returns are positively correlated with market performance [16] - Hong Kong dividend assets face higher taxation and are more sensitive to U.S. Treasury yields compared to A-shares [16] - Current market conditions suggest that Hong Kong dividend assets may offer better value for allocation, especially as institutional demand for dividend stocks increases [17] - Long-term trends indicate a strengthening of dividend policies and a low-interest environment, enhancing the appeal of Hong Kong dividend assets for sustained investment [17]