Market Overview - The Shanghai Composite Index closed at 3821.83, down 0.18%, while the Shenzhen Component Index fell by 0.29% to 13119.82. The ChiNext Index increased by 0.21% to 3114.55, and the STAR Market 50 Index decreased by 0.10% to 1407.30. The CSI 300 Index also saw a slight decline of 0.06%, closing at 4519.78 [1][7]. Industry Dynamics - In August 2025, China's domestic gaming market revenue was 29.263 billion yuan, a year-on-year decrease of 13.01%. The decline was attributed to the high revenue base from the previous year due to the success of the game "Black Myth: Wukong" [5][23]. - OpenAI and NVIDIA announced a strategic partnership to build and deploy AI data centers with a capacity of at least 10 gigawatts, with NVIDIA planning to invest up to 100 billion USD to support this initiative [5][24]. - In August 2025, China's engineering machinery exports increased by 15.4% year-on-year, with total exports amounting to 5.115 billion USD. The total trade volume for engineering machinery in the first eight months of 2025 reached 40.398 billion USD, reflecting an 11% year-on-year growth [5][26]. Company Updates - Bairen Medical (688198.SH) has entered the special review process for its radiofrequency ablation system, which is designed for treating atrial fibrillation [5][28]. - Xiangcai Co., Ltd. (600095.SH) announced that the audit and due diligence related to its major asset restructuring have been largely completed, with further steps to be taken in accordance with legal regulations [5][31].

证券研究报告 2025 年 9 月 24 日 星期三 【A 股市场大势研判】 市场全天探底回升，创业板尾盘快速翻红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3821.83 | -0.18% | -6.74 | | | 深证成指 | 13119.82 | -0.29% | -38.16 | | | 沪深 300 | 4519.78 | -0.06% | -2.83 | | | 创业板 | 3114.55 | 0.21% | 6.67 | | | 科创 50 | 1407.30 | -0.10% | -1.34 | | | 北证 50 | 1547.45 | -2.63% | -41.74 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 1.52% ...

Industry Developments - The Ministry of Industry and Information Technology announced plans to develop new industries such as humanoid robots, brain-computer interfaces, the metaverse, and quantum information during the 14th Five-Year Plan period [1] - The Ministry of Transport is set to implement the "Artificial Intelligence + Transportation" initiative, focusing on large-scale innovation applications in the transportation sector [2] Regulatory Actions - The State Administration for Market Regulation has urged Huo La La to comply with antitrust laws and ensure fair market competition [2] - The National Internet Information Office has taken measures against platforms like Toutiao and UC for failing to manage harmful content effectively [3] Company News - Tianpu Co. announced a stock suspension due to a significant price increase of 317.72% over 15 trading days, indicating a disconnection from its fundamentals [4] - Upwind New Materials completed a share transfer involving 1.21 million shares, changing its controlling shareholder [4] - Wolong Nuclear Materials plans to invest up to 1 billion yuan in a new materials project in Jiangsu [5] - Dongshan Precision is preparing for an overseas H-share issuance to enhance its international presence [5] - Jinpu Titanium Industry has terminated its major asset restructuring plans due to market uncertainties [6] - Hualing Cable intends to acquire control of Anhui San Bamboo Intelligent Technology for up to 270 million yuan [6] - Initial Information reported abnormal stock trading due to significant price fluctuations [7] - ST Jinggu announced a donation of 51% equity in Bodata Technology to enhance its asset base [7] Research Insights - China Galaxy Securities remains optimistic about the computing power sector, particularly in PCB, domestic computing, IP licensing, and chip inductors [8] - CITIC Construction Investment forecasts a global upturn in power equipment demand, with investments exceeding 400 billion dollars by 2025 [8]

早 报 精 选 宏 观 新 闻 2、美联储主席鲍威尔称股票价格估值相当高，美股三大指数集体收跌。 3、今日头条、UC平台被查处。 4、全球首次！我国月度用电量连续两个月破万亿千瓦时。 5、15连板天普股份：股票交易异常波动，今起停牌核查。 1、 2025年9月23日，中共中央政治局委员、外交部长王毅在北京会见来华访问的美国国会众议员代表团史密斯一行。双方就进一步 加强沟通交流、推动中美关系稳定健康可持续发展坦诚、深入交换了意见。王毅表示，此访是2019年以来首个访华的美国联邦众议 员代表团，带来了美国两党的声音和美国人民对中美关系的期待，堪称是一次破冰之旅。王毅表示，了解是建立信任的基础，也是探 讨合作的开端，更是开创未来的动能。中国的大门随时敞开，欢迎更多美国议员访华交流。 2、美联储主席鲍威尔重申未来没有无风险的政策路径，他还表示，部分资产价格相对历史水平处于高位，从许多指标来看，股票价 格估值相当高。美国白宫方面周一表示，甲骨文公司将负责监管美国TikTok用户数据的安全。 3、外交部发言人郭嘉昆在昨日的例行记者会上表示，中方此前已经阐明了关于这个问题的有关立场。 4、中国人民银行行长潘功胜9月23日会 ...

1 、 A 股市场 "9.24" 行情迎来一周年，上证指数累计上涨近四成，深证成指累计上涨逾六成，创业板指、科创 50 指数、北证 50 指数则均已翻倍。 与此 同时，市场也在多个方面发生深刻变化， A 股总市值首次突破 100 万亿元，两万亿元成交额成 " 新常态 " ，两融余额频创历史新高，百元股数量大幅增 加； ETF 对 A 股的影响力越来越大，最新规模已超过 5 万亿元。 2 、 继主动权益基金、指数基金、债券基金之后，又一批货币基金加入降费潮。 9 月 23 日，规模超 7900 亿元的天弘余额宝货币基金公告，即日起托管费 由 0.08% 年费率调低为 0.07% 。这是该基金成立逾 10 年以来首次降费。同一天，包括易方达保证金收益、兴证资管金麒麟现金添利等 5 只货币基金也公 告下调管理费率或托管费率、采取阶段性开展销售服务费率优惠活动。 4 、 央行行长潘功胜会见来访的桥水基金创始人瑞 · 达利欧。 双方就国际经济形势及金融市场动态等交换了看法。会后，达利欧就债务周期等话题与央 行、外汇局工作人员进行了交流。 5 、 金融监管总局最新数据显示，截至 8 月末，全国普惠型涉农贷款余额 13.8 ...

Market Analysis - The A-share market exhibited a V-shaped trend with a slight decline, while the bond market experienced a pullback, and precious metals continued to rise to new highs [2][4] - The technology sector remains the main focus of the market, driven by a series of policy events and the upcoming National Day holiday, which may increase profit-taking pressure [4][6] - The market showed signs of differentiation, with a significant number of stocks declining, while semiconductor equipment and banking sectors led the gains [6] Bond Market - The bond market saw an overall decline, with long-term bonds performing weaker than short-term ones, as the 30-year bond futures contract fell by 0.67% [7][11] - The market is characterized by a tight balance, with the central bank's operations indicating a net withdrawal of funds, while short-term rates remain loose [11] - The expectation for interest rate cuts has diminished, leading to greater adjustments in long-term rates, with the 10-year bond yield rising by 1.05 basis points to 1.7980% [11] Commodity Market - Precious metals, particularly gold and silver, reached new highs, with gold prices surpassing 3750 CNY per ounce, reflecting a year-to-date increase of over 40% [8][12] - The industrial commodities market is experiencing a downturn, influenced by supply-side pressures, while precious metals are expected to maintain a strong upward trend due to global liquidity conditions [10][12] - The market is witnessing a divergence where precious metals are strong while industrial commodities are weak, driven by supply and demand dynamics [12] Investment Strategy - The report suggests a shift in market style from "technology-led" to "balanced allocation," with a focus on strong logical segments within the technology sector and the value of dividend stocks [12][14] - In the commodity sector, precious metals and non-ferrous metals are expected to benefit from global liquidity, while industrial products are influenced by supply-side dynamics [12][14] - The report highlights key investment opportunities in various sectors, including precious metals, artificial intelligence, domestic chips, and consumer goods, with a focus on monitoring economic recovery and policy developments [14]

李乐成表示，"十五五"时期，工业和信息化部将贯彻落实党中央、国务院决策部署，牢牢锚定实现新型 工业化这个关键任务，以推动高质量发展为主题，以发展新质生产力为重点，以推动科技创新和产业创 新深度融合为关键路径，以改革创新为根本动力，加快建设以先进制造业为骨干的现代化产业体系。一 是大力提升产业科技创新体系整体效能。强化企业科技创新主体地位，完善国家制造业创新中心建设布 局，建立健全中试平台梯次培育体系，大力发展科技服务业，打造世界领先科技产业园区。二是加力推 进传统产业焕新升级。深入实施制造业技术改造升级工程，强化标准引领、质量提升、品牌建设和数智 化、绿色化改造，大力发展智能制造、绿色制造、服务型制造。三是培育壮大新兴和未来产业。实施培 育新兴产业打造新动能行动，加快打造一批新兴支柱产业。建立未来产业投入增长机制，开辟脑机接 口、元宇宙、量子信息等新赛道。四是全面构建互利共赢产业生态。强化重点外资项目服务保障，深化 国际产业合作，共同构筑安全稳定、畅通高效、开放包容、互利共赢的全球产业链供应链体系。 龚正指出，工博会已成为全球规模最大的综合性工业品牌展会和促进国际经贸交流合作的重要平台。上 海要深入贯彻落实习 ...

股指期货日报 2025年9月23日 王映(投资咨询证号：Z0016367) 投资咨询业务资格:证监许可【2011】1290号 风止则树静 市场回顾 今日股指走势震荡，以沪深300指数为例，收盘下跌0.06%。从资金面来看，两市成交额上涨3729.00亿元。 期指方面，IF、IH放量上涨，IC、IM放量下跌。 重要资讯 1、近日，市场监管总局约谈货拉拉，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反垄断 合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权益，推动 平台规则和算法公平公正、公开透明，促进行业规范健康发展。 2、市场监管总局会同国家网信办起草的《直播电商监督管理办法》今年6月至7月向社会公开征求意见，目前 已进入法制审查程序，近期将正式发布出台。 3、工信部：开辟人形机器人、脑机接口、元宇宙、量子信息等新赛道，创建一批未来产业先导区。 核心观点 期前夕。短期继续观望为主。 策略推荐 观望为主 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | ...

一、【早盘盘面回顾】 智通财经9月23日讯，市场早盘震荡走弱，盘中集体翻绿，全市场超4900只个股下跌。沪深两市半日成 交额1.7万亿，较上个交易日放量3539亿。从板块来看，银行股集体上涨，南京银行一度涨超5%。半导 体产业链延续强势，长川科技20cm涨停，立昂微涨停，华软科技3连板。港口航运板块逆势活跃，南京 港、宁波海运双双涨停。下跌方面，旅游股集体大跌，云南旅游跌停。截至收盘，沪指跌1.23%，深成 指跌1.84%，创业板指跌1.75%。 个股来看，今日早盘涨停数量为37家（不包括ST及未开板新股），封板率为76%，连板股数量为14家， 杭电股份6连板，福龙马、天普股份4连板，华软科技、贵广网络3连板，大洋电机、和而泰、蓝丰生 化、盈趣科技、永鼎股份、联美控股、大众公用、浙江仙通、超讯通信2连板。 板块上，银行股集体走强，南京银行、厦门银行、农业银行、建设银行涨超3%，工商银行、齐鲁银 行、苏州银行跟涨。 | 银行 +1.25% + 自选 | | | | --- | --- | --- | | 股票池 | 产业链 | 未上市公司 | | 简称 领涨次数 4 流通市值 4 | | 现价 4 涨跌幅↓ | ...

【导读】发生了什么？A股跳水，国有四大行股价猛拉 中国基金报记者张舟 9月23日上午，A股三大股指集体回调，上证指数失守3800点。截至午间收盘，沪指跌1.23%，深证成指跌1.84%，创业板指跌1.75%。 沪深两市半日成交额近1.7万亿元，较上个交易日放量3539亿元。个股跌多涨少，市场共471只个股上涨，42只个股涨停，4934只个股下跌。 从板块看，餐饮旅游、互联网、电脑硬件、教育、生物科技、房地产等板块领跌市场，光模块(CPO）、CRO、服务器、稀土、PEEK材料等概念板块跌超 4%；而银行板块可谓"一枝独秀"，国有四大行盘中直线拉升，半导体设备、保险板块亦上涨。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 央企银行 | 银行 | 未营体硅片 | 未营体设备 | 央企煤炭 | 银行 | 保险 | 港口 | 电力 | 陆路运输 | | 2.22% | 1.44% | 0.67% | 0.31% | 0.20% | 1.66% | 0 ...