Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on high-growth sectors and mentions the potential for structural differentiation in the market [4][34]. Core Insights - The market experienced a decline, with the North Exchange A-share trading volume reaching 36.819 billion yuan, down by 3.87 billion yuan from the previous trading day, and the North Exchange 50 Index closing at 1589.40, down 1.60% [2][8]. - There is a notable divergence in stock performance, with certain sectors like information technology and healthcare showing resilience, while others, particularly in the automotive parts sector, faced significant adjustments [4]. - The report highlights the importance of government support for specialized and innovative enterprises, indicating that the recent deep adjustment in the North Exchange specialized and innovative index may provide a window for medium to long-term investment [4][20]. Summary by Sections Market Review - On August 21, the North Exchange A-share trading volume was 36.819 billion yuan, a decrease of 3.87 billion yuan from the previous day, with the North Exchange 50 Index closing at 1589.40, down 1.60% [2][8]. - Among 272 companies listed on the North Exchange, 71 saw an increase, 6 remained flat, and 195 experienced a decline [16]. Key Company Announcements - Haisheng Pharmaceutical reported a revenue of 130 million yuan for the first half of 2025, a year-on-year increase of 22.04%, with a net profit of 31 million yuan, up 35.87% [22]. - Kangle Guardian reported a revenue of 102 million yuan for the first half of 2025, a year-on-year increase of 4.66%, with a net profit of 10 million yuan, up 1.47% [23]. Important News - The government plans to introduce a 500 billion yuan "quasi-fiscal" tool to support emerging industries and infrastructure, focusing on areas such as the digital economy, artificial intelligence, and green low-carbon initiatives [20]. - DeepSeek released a new version optimized for next-generation domestic chips, enhancing efficiency and agent capabilities [21].

宏 观 及 期 指 点 评 2025 年 8 月 22 日 外资唱多中国股市 股指期货震荡上行走高 IF2509 和 IC2509 合约再创近 3 年多来新高 陶金峰 投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构成 具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行作 出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【行情前瞻要点】 8 月 22 日，股指期货主力合约 IF2509、IH2509、IC2509 和 IM2509 小幅高开；开盘后，震荡上行，小 幅上涨；IF2509 和 IC2509 均再创近 3 年多来新高，IH2509 再创近 2 年多来新高；IC 主力合约再创近 3 年 多来新高。外资机构加速入场布局 A 股。高盛、瑞银、摩根士丹利等外资机构的最新研报观点认为，A 股市 场情绪显著回暖、中期展望向好。 ...

本报（chinatimes.net.cn）记者张玫 北京报道 A股市场延续结构性行情，百亿私募机构的调仓动向成为市场关注焦点。 私募排排网数据显示，根据最新披露的持仓数据，高毅资产、迎水投资、通怡投资等多家头部私募在 2025年第二季度进行了显著调仓，其中化工、食品饮料等板块被持续看好，龙佰集团、安琪酵母等个股 获得明显增持。 高毅持仓总市值位居前列 作为私募行业的领头羊，高毅资产二季度持仓总市值仍居前列，但其对重仓股进行了明显调整。海康威 视仍为其第一重仓股，持股市值高达93.73亿元，但或许出于获利了结等原因，本期减持约13.72亿元。 此外，高毅还减持了国瓷材料、东诚药业等电子和医药个股。 | | | | 2025年二季度百亿私募重仓股数据统计 | | | | --- | --- | --- | --- | --- | --- | | 私募简称 | 股票简称 | 持股市值(万元) | 本期持股变动(万元) | | 持股数量(万股)本期持股变动(万股) | | | 海康威视 | 937274 | -137226 | 33800 | -1200 | | | 龙佰集团 | 142648 | 248 | 880 ...

A股市场延续结构性行情，百亿私募机构的调仓动向成为市场关注焦点。 私募排排网数据显示，根据最新披露的持仓数据，高毅资产、迎水投资、通怡投资等多家头部私募在 2025年第二季度进行了显著调仓，其中化工、食品饮料等板块被持续看好，龙佰集团、安琪酵母等个股 获得明显增持。 高毅持仓总市值位居前列 作为私募行业的领头羊，高毅资产二季度持仓总市值仍居前列，但其对重仓股进行了明显调整。海康威 视仍为其第一重仓股，持股市值高达93.73亿元，但或许出于获利了结等原因，本期减持约13.72亿元。 此外，高毅还减持了国瓷材料、东诚药业等电子和医药个股。 | | | | 2025年二季度百亿私募重仓股数据统计 | | | | --- | --- | --- | --- | --- | --- | | 私募简称 | 股票简称 | 持股市值(万元) | 本期持股变动(万元) | 持股数量(万股) | 本期持股变动(万股) | | 高毅资产 | 海康威视 | 937274 | -137226 | 33800 | -1200 | | | 龙佰集团 | 142648 | 248 | 8800 | 800 | | | 安琪酵母 | 1230 ...

Macro News - The Ministry of Commerce spokesperson stated that despite increased risks and challenges in international trade, China's foreign trade has shown steady growth, with a cumulative import and export growth of 3.5% in the first seven months of the year [1] - New policy financial tools with a funding scale of 500 billion yuan are being developed, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, and green low-carbon sectors [1] - The global focus is on the Jackson Hole central bank conference, where the Federal Reserve Chairman Powell is expected to deliver a key speech regarding future monetary policy [2] Industry News - The National Medical Products Administration announced comprehensive measures to ensure drug safety, including 100% coverage of inspections for selected products in national procurement [3] - A national hydrogen energy vehicle industry measurement testing center is being established to enhance the competitiveness of the hydrogen energy vehicle industry [3] - Titanium dioxide companies are announcing price increases, with Longbai Group raising prices by 500 yuan per ton for domestic customers and 70 USD per ton for international customers starting August 18, 2025 [3][4] Sector Insights - CITIC Securities reports that the market for high-frequency and high-speed resins for AI servers is projected to reach 2.28 billion yuan by 2026, with a CAGR of 85% from 2024 to 2026, indicating significant demand growth [5] - Guojin Securities highlights the rising demand for liquid cooling solutions in AI servers, suggesting opportunities in upstream materials such as fluorinated refrigerants and electronic fluorinated liquids [6] - Huatai Securities notes that the liquor sector is stabilizing, with strong fundamentals among leading companies, suggesting a favorable environment for bottom-fishing investments [6]

Market Overview - The market showed a fluctuating trend on August 21, with the Shanghai Composite Index rising by 0.13% and the Shenzhen Component Index falling by 0.06%[2] - Since early April, both markets have exhibited a moderate upward trend with increased trading volume, breaking new highs since the end of last year[1] Sector Performance - The digital economy sector, including network security, cross-border payments, and consumer electronics, performed well, while AI hardware and pharmaceuticals saw declines[1] - Energy, infrastructure, and traditional furniture sectors have lagged behind in year-to-date performance but showed strong gains in the last five days, indicating potential for catch-up growth[1] Fund Flow - On August 21, the Shanghai Stock Exchange experienced a net outflow of 4.453 billion yuan, while the Shenzhen Stock Exchange saw a net inflow of 3.947 billion yuan[4] Economic Indicators - China's total import and export value for the first seven months of the year reached 25.7 trillion yuan, a year-on-year increase of 3.5%, with exports growing by 7.3%[8] - In July, China's total electricity consumption surpassed 1 trillion kilowatt-hours for the first time, marking an 8.6% year-on-year increase[9] Investment Insights - A significant portion of private equity funds is focusing on technology growth sectors, with 42% of holdings in electronics, computers, and pharmaceuticals[14] - QDII funds have shown remarkable performance, with the highest returns exceeding 150% this year, making them the top-performing active equity funds in the market[15]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 | 102.326 | 102.348 | 105.500 | 105.450 | 108.000 | 107.875 | 116.57 | 116.11 | | | 前日收盘价 | 102.326 | 102.322 | 105.425 | 105.370 | 107.855 | 107.730 | 116.05 | 115.54 | | | 涨跌 | 0.000 | 0.026 | 0.075 | 0.080 | 0.145 | 0.145 | 0.520 | 0.570 | | | 涨跌幅 | 0.00% | 0. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Chinese economy shows mixed trends in different indicators, with some experiencing growth and others facing decline. For example, GDP growth slowed slightly in Q2 2025, while export and import values increased year - on - year in July 2025 [1]. - There are significant developments in the commodity market, including new policies for investment tools, trade agreements between the EU and the US, and changes in metal and energy inventories [2]. - The financial market is complex, with the stock - bond seesaw effect emerging, and different sectors of the bond market performing differently. Meanwhile, the RMB exchange rate has certain fluctuations [15][20][25]. - The stock market has a certain upward momentum, mainly driven by retail investors, and there is still potential for growth, especially in small - and medium - cap stocks [30][31]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter's 5.4% [1]. - In July 2025, the manufacturing PMI was 49.3%, down from 49.7% in the previous month, and the non - manufacturing PMI for business activities was 50.1%, also lower than the previous value [1]. - Social financing scale increment in July 2025 was not provided, with the previous month at 11320 billion yuan and the same period last year at 7707 billion yuan [1]. - M1 and M2 growth rates increased year - on - year in July 2025, while M0 growth decreased slightly [1]. - Financial institution RMB loans had a net decrease of 50 billion yuan in July 2025, compared with an increase of 2240 billion yuan in the previous month and 260 billion yuan in the same period last year [1]. - CPI was flat year - on - year in July 2025, and PPI remained at - 3.6% year - on - year [1]. - Fixed - asset investment (excluding rural households) cumulative growth rate slowed to 1.6% in July 2025, and the cumulative growth rate of social consumer goods retail总额 decreased to 4.8% [1]. - Export and import values increased year - on - year in July 2025, with export growth at 7.2% and import growth at 4.1% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - A new policy - based financial instrument worth 500 billion yuan will be launched, targeting emerging industries and infrastructure [2]. - The EU and the US reached a new trade agreement, with the US imposing a 15% tariff on most EU goods, and the EU making corresponding concessions and procurement plans [2]. - The Fed is researching new financial technologies, and the US manufacturing PMI in August reached a high level [2][3]. 3.2.2 Metals - The Ministry of Industry and Information Technology released a draft standard for jewelry and precious metals [4]. - Metal inventories in the London Metal Exchange changed in August 2020, with zinc inventories at a low level [4]. - Goldman Sachs is bullish on copper prices in 2026 - 2027 due to increased defense demand [5]. - Russia's central bank gold and foreign exchange reserves slightly increased by August 15, 2025 [5]. - The US maintains tariffs on EU steel and aluminum, and Argentina is expected to supply a large amount of copper in the future [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Chile's state - owned copper company will reduce its copper production target in 2025 due to a mine accident, resulting in an economic loss of 3.4 billion US dollars [7]. 3.2.4 Energy and Chemicals - China's total electricity consumption in July 2025 reached 1.02 trillion kWh, with a significant increase in new energy generation [8]. - A large - scale shale gas field in China was approved, and the US government has restricted renewable energy projects [8]. - Russia and India plan to jointly develop resources, and the US has imposed additional tariffs on Indian goods due to its purchase of Russian oil and gas [8][9]. - US natural gas inventories increased in the week ending August 15, 2025, with a year - on - year decrease of 2.9% [9]. 3.2.5 Agricultural Products - US exporters sold 228,606 tons of soybeans to Mexico for delivery in 2025 - 2026 [10]. - China may conduct central frozen pork reserve purchases due to a decline in pig prices [10]. - Pakistan is tendering for 200,000 tons of white sugar, and the international wheat and corn crop forecasts were raised [10]. - India will exempt cotton import tariffs from August 19 to September 30, 2025 [11]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 253 billion yuan of 7 - day reverse repurchase operations on August 21, 2025, with a net injection of 124.3 billion yuan [12]. - The central bank will issue 30 billion yuan of 3 - month and 15 billion yuan of 1 - year RMB central bank bills in Hong Kong on August 25, 2025 [13]. 3.3.2 Key News - The Ministry of Finance encourages financial institutions to optimize the financing structure of PPP projects [14]. - The State Administration of Foreign Exchange will conduct a green foreign debt pilot in 16 provinces and cities [14]. - New policy - based financial instruments worth 500 billion yuan will be invested in emerging industries and infrastructure [14]. - 20 troubled real - estate developers in China have approved debt restructuring plans, with a total debt resolution of over 1.2 trillion yuan [15]. - The stock - bond seesaw effect is emerging, but the bond market is expected to be stable in the long - term [15]. - The Ministry of Finance will issue 12.5 billion yuan of RMB treasury bonds in Hong Kong on August 27, 2025 [16]. - Beijing will prepay part of its government bonds, and Henan will promote the disposal of inefficient state - owned assets [16]. - Many bond funds have suffered losses this year, and Japanese long - term bond yields have reached multi - year highs [17]. - The world is entering a "fiscal - dominated" era, and the independence of central banks is being challenged [17]. - The EU - US trade agreement details were announced, and there are major events in the bond market such as bond suspensions and management changes [18]. - Some companies' credit ratings have been adjusted [19]. 3.3.3 Bond Market Summary - In the inter - bank bond market, most yields of major interest - rate bonds declined, and treasury bond futures mostly rose. Credit bonds showed different performances, and repurchase rates generally fell [20]. - In the exchange - traded bond market, most Vanke bonds fell, and some bonds had significant price changes [20]. - The CSI Convertible Bond Index rose by 0.42%, and the money market interest rates mostly declined [20][21]. - The winning bid yields of financial bonds issued by policy - based banks were announced, and international bond yields generally rose [22][23]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose by 15 points at the 16:30 close, and the central parity rate was raised by 97 points [25]. - The US dollar index rose by 0.41%, and most non - US currencies fell [25]. 3.3.5 Research Report Highlights - Guosheng Fixed Income believes that during stock market rallies, treasury bond yields tend to move with funds, and insurance investment in bonds is expected to increase [26]. - Changjiang Fixed Income points out that the chemical convertible bond market is in a clearing stage, but there is potential for profit repair [26]. - CITIC Securities believes that the Hong Kong dollar may strengthen in the short - term due to increased demand [27]. 3.3.6 Today's Reminders - On August 22, 2025, 170 bonds will be listed, 123 bonds will be issued, 157 bonds will be paid, and 284 bonds will have principal and interest repaid [28][29]. 3.4 Stock Market Key News - The A - share market fluctuated on Thursday, with small - cap stocks adjusting more. The Shanghai Composite Index rose by 0.13%, and the trading volume was 2.46 trillion yuan [30]. - The Hong Kong Hang Seng Index fell by 0.24%, and there was net inflow of southbound funds [30]. - The Hong Kong Stock Exchange is cautious about extending trading hours [30]. - Goldman Sachs believes that the Chinese stock market, especially small - and medium - cap stocks, has significant upside potential [31]. - As of August 21, 2025, 98 stocks were jointly held by social security funds and public funds for two consecutive quarters, mainly in high - growth sectors [31][32]. - As of August 21, 2025, 171 A - share companies disclosed semi - annual dividend plans, with a total proposed distribution of 124.584 billion yuan [32].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Global hedge funds are buying Chinese stocks at the fastest pace since the end of June, and foreign - owned A - share market value has increased by 8% compared to the end of 2024 [7]. - The total social electricity consumption in July reached 1.02 trillion kWh, a year - on - year increase of 8.6%, and the proportion of new energy has significantly increased [7]. - The EU and the US announced details of a new trade agreement, with the US imposing a 15% tariff on most EU goods, and the EU making corresponding commitments and procurement plans [7]. - A new policy - based financial instrument worth 500 billion yuan will be launched, targeting emerging industries and infrastructure [8]. - The national average pig - grain ratio has fallen below 6:1, and the central government will conduct frozen pork reserve purchases [8]. - DeepSeek - V3.1 is officially released with new features and an increased API interface call price [9]. - The number of initial jobless claims in the US last week reached a new high since June, and the number of continued jobless claims reached the highest level since November 2021 [9]. - US existing - home sales in July increased by 2% year - on - year, and the median price increased by 0.2% year - on - year [9]. - The eurozone's August PMI preliminary value rose above the boom - bust line for the first time since June 2022 [9]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index Futures - Long - term strategy: Consider buying on dips. Global hedge funds are actively buying Chinese stocks, and the market is expected to be stable with policy support [11]. 3.1.2 Treasury Bond Futures - Short - term: Volatility is the main trend. Medium - term: The curve - steepening strategy can still be held. After the tax period, funds are looser, and the stock - bond seesaw effect is obvious [12]. 3.2 Black (Steel and Ore) - Policy: The tone is becoming more moderate, and the policy is neutral to slightly negative for the market [13]. - Supply and demand: Supply is expected to remain strong, and the medium - term supply - demand contradiction is not prominent. Steel mill profits are at a certain level, and iron ore production is expected to remain high [13]. - Cost and profit: Steel prices are expected to fluctuate within a limited range, with the valuation between valley - electricity and flat - electricity costs [13]. 3.3 Coal and Coke - Short - term: Prices may enter a high - level consolidation phase, and trading should be cautious. The market is affected by production inspections and steel mill production [15]. - Future: The supply of coking coal is expected to be tight in the short term, but there are also factors that may put pressure on prices, such as the possible decline in steel mill iron - water production and sufficient imported Mongolian coal supply [15]. 3.4 Ferroalloys - Market outlook: After a sharp decline in the double - silicon futures, the pressure has been partially relieved. It is recommended to hold previous short positions and take profits on dips if there is a sharp decline. Focus on structural trading opportunities [16]. 3.5 Soda Ash and Glass - Soda ash: Supply is expected to continue to increase, and the inventory of the delivery warehouse is increasing, with potential delivery pressure. It is recommended to short on rallies [17]. - Glass: Inventory is increasing, and the spot market atmosphere has declined. It is recommended to wait and see for now [18]. 3.6 Non - ferrous Metals and New Materials 3.6.1 Aluminum and Alumina - Aluminum: The spot price is firm, and inventory is decreasing. It is expected to fluctuate strongly, and it is recommended to buy on dips [20]. - Alumina: The supply is in excess, and it is expected to fluctuate weakly. It is recommended to short on rallies [20]. 3.6.2 Lithium Carbonate - Prices will mainly fluctuate widely around a reasonable valuation. The price may first rise and then fall, and attention should be paid to supply - side disturbances [21]. 3.6.3 Industrial Silicon - The downward adjustment space is limited, and it is expected to fluctuate. The key factor is the resumption of production of leading manufacturers [22]. 3.6.4 Polysilicon - Policy progress dominates the price fluctuation. The market is expected to fluctuate widely, and it is difficult to have a deep decline [23]. 3.7 Agricultural Products 3.7.1 Cotton - Long - term: Short on rallies. Short - term: Wait and see. The market is affected by factors such as low downstream demand and potential future production increases [26]. 3.7.2 Sugar - Domestic sugar inventory is low, but the expected increase in processed sugar may restrict prices. Pay attention to the short - covering opportunity during the Mid - Autumn and National Day holidays [29]. 3.7.3 Eggs - The supply pressure is high, and the futures price is correcting the premium. It is recommended to reduce short positions on dips and be cautious about bottom - fishing [32]. 3.7.4 Apples - A light - position positive spread strategy is recommended. The price of early - maturing apples is high, and the inventory apple price is relatively stable [35]. 3.7.5 Corn - Short the 01 contract on rallies or use a 11 - 1 positive spread strategy. The market sentiment is bearish, and both supply and demand are under pressure [36]. 3.7.6 Red Dates - It is recommended to wait and see. The spot price is stable, and the futures price fluctuates widely [37]. 3.7.7 Pigs - For near - month contracts, be cautious and short. Consider a 11 - 1 reverse spread strategy. The supply is under pressure, and the short - term consumption improvement is limited [38]. 3.8 Energy and Chemicals 3.8.1 Crude Oil - In the long term, it is likely to enter a supply - surplus pattern. Consider shorting on rallies. Pay attention to factors such as US - Russia negotiations and OPEC+ quota adjustments [38]. 3.8.2 Fuel Oil - The oil price has no main - line logic and is expected to fluctuate between 63 - 70 dollars. The fuel oil price will follow the oil price [40]. 3.8.3 Plastics - Polyolefins have large supply pressure and are expected to fluctuate weakly. However, the expectation of eliminating backward production capacity may drive up the price. It is recommended to close previous short positions and wait and see [41]. 3.8.4 Rubber - The short - term fundamentals have no obvious contradictions. Short - term long positions can be considered on dips with a stop - loss, and be cautious about chasing high prices [42]. 3.8.5 Methanol - The port inventory is increasing, and the price is under pressure. It is recommended to close short positions and wait and see due to the impact of the expectation of eliminating backward production capacity [43]. 3.8.6 Caustic Soda - The spot price is strong, and the futures price is affected by strong reality and strong expectations. A long - position strategy is recommended [44]. 3.8.7 Asphalt - The oil price has no main - line logic, and the asphalt price will follow the oil price. The asphalt market is in a seasonal off - season and is gradually turning to the peak season [44]. 3.8.8 Polyester Industry Chain - It is recommended to try long positions on dips. The cost is strong, and the supply and demand are expected to improve [45]. 3.8.9 Liquefied Petroleum Gas (LPG) - The price is expected to fluctuate downward, and the medium - term trend is weaker than that of crude oil. The supply is abundant, and the demand is in the off - season [46]. 3.8.10 Urea - The domestic demand is weak, and it is recommended to maintain a bearish view. Pay attention to export changes [47]. 3.8.11 Synthetic Rubber - The short - term sentiment fluctuates significantly. Short - term long positions can be considered on dips with a stop - loss [48].

内容概况：近年来，中国数据仓库软件行业呈现出快速发展的态势。2024年，中国数据仓库软件行业市 场规模为77.84亿元，同比增长13.83%。其细分领域来看，公有云数据仓库软件规模首次超过本地部署 数据仓库软件。这表明，随着企业数字化转型的加速，越来越多的企业开始接受并采用云数据仓库解决 方案，以应对数据量的快速增长和业务的弹性需求。未来，随着"东数西算"工程深化与6G技术商用， 数据仓库软件将进一步成为数字经济核心引擎，助力各行业数字化转型。 相关上市企业：达梦数据（688692）、星环科技（688031）、太极股份（002368）、腾讯控股 （00700）、阿里巴巴（09988） 相关企业：中芯国际集成电路制造有限公司、华为技术有限公司、紫光展锐（上海）科技有限公司、浪 潮电子信息产业股份有限公司、新华三技术有限公司、联想集团股份有限公司、杭州海康威视数字技术 股份有限公司、中兴通讯股份有限公司、麒麟软件有限公司、统信软件技术有限公司、中科方德软件有 限公司、阿里云计算有限公司、腾讯云计算（北京）有限责任公司、百度在线网络技术（北京）有限公 司、中国工商银行股份有限公司、中国建设银行股份有限公司、中国移动 ...