Market Overview - The A-share indices experienced an overall increase during the week from August 25 to August 29, 2025, with the Shanghai Composite Index rising by 0.84%, the Shenzhen Component Index by 4.36%, and the ChiNext Index by 7.74% [2][3] - Among the 31 first-level industries, 15 saw gains while 16 experienced declines, with the top three performing sectors being Communication (up 12.38%), Non-ferrous Metals (up 7.16%), and Electronics (up 6.28%) [2][4] - The average daily trading volume for the week was 29,831 billion yuan [2] Bond Market Review - The central bank conducted a net monetary injection of 196.1 billion yuan, with total monetary supply at 22,731 billion yuan and monetary withdrawal at 20,770 billion yuan [8] - Most interest rates declined, with the interbank pledged repo rates for 1D, 7D, 14D, and 1M changing by -2.58 BP, +0.23 BP, -0.85 BP, and +1.49 BP respectively [11] - The major bond market indices mostly saw declines, with the China Bond Composite Index changing by +0.08% and the China Convertible Bond Index decreasing by -2.58% [20] Public Fund Products Review - A total of 36 new funds were established during the week, with a total issuance of 26.337 billion units, including 25 equity funds and 5 bond funds [21][23] - As of August 29, 2025, there were 13,120 public funds in China, with a total net asset value of 34,601.8 billion yuan, including 3,164 equity funds and 3,903 bond funds [25] Fund Manager Insights - Fund managers highlighted the importance of sectors such as AI, semiconductor, and consumer electronics, indicating a focus on growth opportunities in these areas [41][43] - The macroeconomic environment remains stable, with expectations of a continued upward trend in the A-share market, particularly in the technology sector [45] - Concerns regarding U.S.-China trade tensions persist, but the market appears to be desensitized to these issues, with potential for a bullish market outlook [46]

9月首个交易日，两市主要股指延续上行态势，深证成指涨逾1%，创业板指大涨约2%，续创阶段新 高。 盘面上看，保险、券商、银行板块疲弱，有色、医药、半导体等板块拉升，黄金概念、创新药、CPO概 念等爆发。 招商证券表示，展望9月，市场保持震荡上行的概率仍然较大，但是斜率较8月可能会相对放缓。目前驱 动上行的关键力量来自于赚钱效应积累后，持续的增量资金流入所形成的正反馈，站上扭亏阻力位形成 增量资金正反馈的上涨推荐逻辑在反复得到验证。市场将会继续沿着低渗透率赛道展开，AI算力、半 导体自主可控、固态电池、商业航天、可控核聚变、创新药仍然是目前的主战场。除此之外，稳健投资 者可以继续以高质量策略进行应对。 截至收盘，沪指涨0.46%报3875.53点，深证成指涨约1%报12828.95点，创业板指涨2.29%报2956.37点， 科创50指数涨1.18%，沪深北三市合计成交27779亿元。 ...

今日市场延续反弹，创业板指涨幅领先，大金融板块走势偏弱，拖累沪指表现。活跃资金聚焦有色金 属、算力两大主线。市场全天成交2.7万亿，两市上涨个股超3200只。 东方证券指出，综合来看，近期市场结构分化较为明显，科技大票主导市场行情，其余方向轮动较快， 市场风格面临切换；就九月来看，股指预计继续维持震荡偏强运行格局，主要股指仍存在上行动力，但 预计空间不会太大。 盘面上，黄金等有色金属概念爆发，西部黄金等多股涨停；算力赛道反复活跃，中际旭创、新易盛、天 孚通信等千亿龙头集体暴涨；创新药等医药股走强，百济神州创历史新高；大消费板块活跃，零售、旅 游等方向领涨，三江购物、国光连锁等涨停；下跌方面，保险、证券等大金融板块走低，军工、游戏、 风电等板块跌幅居前。 展望后市，招商证券指出，展望9月，市场保持震荡上行的概率仍然较大，但是斜率较8月可能会相对放 缓。 从个股看，两市上涨3208家，下跌2086家，133家涨幅持平。两市共123股涨停，共7股跌停。 1、两部门：到2030年 适应工业母机产业高质量发展的标准体系全面形成 国家标准委、工业和信息化部印发《工业母机高质量标准体系建设方案》，到2026年，工业母机高质 ...

9月1日，光模块CPO概念午后再度走强，多股创历史新高。截至14:47，源杰科技20cm涨停，光库科技 涨超14%，中际旭创涨超12%，股价盘中突破400元关口，新易盛涨超7%。热门ETF中，5G通信ETF （515050）涨超4%。 （文章来源：每日经济新闻） AI算力保持高景气。根据英伟达财报指引，预计人工智能基础设施支出将达到3万亿~4万亿美元，对应 未来五年CAGR达46%，需求指引进一步上调在算力基础设施持续投入的背景下，光模块市场有望维持 高景气度。 5G通信ETF（515050）跟踪中证5G通信主题指数，最新规模超80亿元。深度聚焦英伟达、苹果、华为 产业链，覆盖了多个AI算力硬件、6G产业链龙头个股。其中，光模块CPO概念股权重占比为38%，PCB 电路板概念股权重占比为14%。前十大权重股为：新易盛、中际旭创、立讯精密、工业富联、中兴通 讯、兆易创新、沪电股份、天孚通信、歌尔股份、东山精密。相关ETF全称：华夏中证5G通信主题ETF （515050），场外联接（A类：008086；C类：008087）。 ...

以高杠杆期权或者"赌博式"的全仓押注某只个股等激进股票投资方式而闻名全球的韩国散户投资者们，正在重新押宝于加密 货币领域，对于他们长期以来所信仰的"特斯拉股价长期牛市叙事"逻辑则出现重大裂痕——即他们对于特斯拉长期看涨逻辑 可能逐渐崩塌。 随着韩国散户投资们对这家美国电动车制造商兼自动驾驶、人形机器人领军者的失望情绪加剧，以及对比特币、以太坊等加 密货币的看涨买入兴趣狂飙式上升，他们在上个月罕见加大了对于特斯拉股票与相关看涨期权的抛售力度。 韩国散户投资者们之所以闻名全球并且能够在极短时间内造成国际上任何一只股票剧烈波动，主要因他们聚焦于YOLO投资 策略。YOLO——即以"你只活这一次"(You Only Live Once)为投资宗旨的激进投资群体，他们热衷于以"赌博式"的方式全仓 或买入高杠杆期权来押宝某一只个股。"YOLO们"今年以来尤其痴迷于在AI热潮中随着多头趋势而大举押宝英伟达、博通以 及台积电等最热门AI算力产业链公司，以及像特斯拉这样的高波动且散户参与度极高的热门科技股，他们的最新押注则转向 高波动的加密货币相关标的。 特斯拉在韩国散户群体中的人气急剧下滑 根据彭博对存托管数据的测算，8 月 ...

Core Insights - Hard Egg Innovation (00400.HK) reported a strong revenue growth of 54.5% year-on-year, reaching RMB 6.677 billion for the first half of 2025, with a net profit of RMB 190 million [1] - The company's strategic transformation from a chip trading platform to a technology integration platform has yielded significant results, driven by the explosive demand for AI computing power globally [1] Business Performance - The core driver of the revenue growth is attributed to the outstanding performance of its subsidiary, Keton Technology, which serves as a key supplier in the AI computing supply chain [1] - Keton Technology has established close partnerships with over 80 leading chip manufacturers, including Nvidia, Xilinx, Intel, and AMD, enabling it to efficiently respond to the high demand for high-performance AI chips [1] - Keton Technology not only provides hardware but also offers integrated software and hardware solutions in the "AI infrastructure + AI intelligent terminal" sector, supporting thousands of innovative clients with deep technical assistance [1] Diversification and Future Strategy - The other significant segment, Hard Egg Technology, demonstrates diversified growth potential through a "dual-engine" strategy, focusing on domestic AI computing opportunities and strengthening partnerships with leading companies like Huawei [2] - The company is also committed to the renewable energy sector, particularly in battery swapping for two-wheeled vehicles and battery recycling [2] - Hard Egg Innovation's CEO emphasized the successful completion of the strategic upgrade and the establishment of an efficient business loop, serving tens of thousands of innovative enterprises [2] - The company aims to continue leveraging "infrastructure + value-added services" as dual engines to transform data resources into strategic assets, building a solid competitive moat for sustainable long-term value creation for shareholders [2]

Wind数据显示，2025年9月1日，A股CPO概念板块表现强劲，盘中多只个股创出历史新高。源杰科技、 锐捷网络、腾景科技、华工科技、中际旭创、光迅科技、新易盛等多股股价均创历史纪录，旭光电子、 汇绿生态等公司股票涨停。 AI算力需求爆发推动光模块市场高速增长，高盛报告预计2025年、2026年800G光模块销量将分别达到 1990万和3350万单位，较此前预测大幅上调；同时预测光模块市场规模在2025年和2026年将分别达到 127.3亿和193.7亿美元，同比增速分别达60%和52%。 另外，多家CPO头部公司2025年上半年业绩预告出色，证实了行业高景气度。新易盛2025年上半年营业 收入达到104.37亿元，同比激增282.64%，净利润高达39.42亿元，同比增长355.68%；同期，光模块龙 头中际旭创的营收规模位居行业前列，为147.89亿元，同比增长36.95%，实现净利润39.95亿元，同比 增长69.40%；而光器件解决方案提供商天孚通信则实现了营收24.56亿元（同比增长57.84%），净利润 8.99亿元（同比增长37.46%）。 国元证券表示，CPO技术性能优势显著，长期来看或为数据 ...

3 2025 年 09 月 01 日 国产未来 10 年 AI 战略蓝图已现，国产 AI 算力 基建实现重大突破 推荐(维持) 投资要点 相关研究 1、《电子行业周报：DeepSeek 正式 发布新模型 V3.1，英伟达暂停 H20 芯片生产》2025-08-25 2、《电子行业周报：高端 AI 芯片 国产化势在必行，覆铜板厂商涨价 反映 PCB 产业链景气度高企》2025- 08-18 3、《电子行业周报：中芯国际发布 二季度财报，OpenAI 发布 GPT5》 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 24.0 44.8 88.3 沪深 300 8.3 17.1 35.4 市场表现 0 20 40 60 80 100 120 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 2025-08-11 ▌上周回顾 8 月 25 日- 8 月 29 日当周，申万一级行业涨跌呈分化的态 势。其中电子行业上涨 6.28%，位列第 3 位。估值前三的行 业为计算机、国防军工、电子，电子行业市盈率为 70.91。 电子行 ...

Group 1 - The core viewpoint of the articles highlights the evolution of the company from primarily active management to a multi-strategy hedge fund that integrates subjective and quantitative approaches, marking a new development phase driven by both strategies [1][6] - The company has developed a multi-asset absolute return strategy based on asset allocation principles, aiming for steady low-volatility returns, which is benchmarked against "fixed income+" products [3][4] - The company emphasizes the importance of long-term asset allocation and the use of various quantitative sub-strategies to achieve consistent absolute returns while managing risk effectively [5][6] Group 2 - The company’s general manager, Liang Hui, believes that the recent rise in the equity market reflects the long-term positive outlook of the Chinese economy, with expectations for a slow bull market driven by sectors such as AI computing, consumption, and overseas expansion [7][8] - The "fixed income+" products have gained significant attention, with the total market size reaching 1.9 trillion yuan, reflecting a growth of approximately 250 billion yuan and an increase of over 15% since the beginning of the year [2] - The company has been optimizing its investment methods and portfolio strategies, moving beyond a single growth style to include dividend strategies and commodity stocks, while focusing on the safety and potential returns of individual stocks [7][8]

"十年磨一剑"，在公司成立的第10个年头， 老牌头部私募相聚资本实现了从主动管理为主、量化 为辅向主观和量化深度融合的多策略对冲基金的迭代。 独立量化策略的落地，也意味着相聚资本 进入"主观+量化"双轮驱动的发展新阶段。 据悉，相聚资本将多年来的主动投资经验与量化投资结合， 打造出一套基于资产配置理念、 具备独立生命力的多资产绝对回报策略。 该策略对标"固收+"，依托各类量化子策略，通过 多资产、多策略实现持续稳健低波的绝对回报目标， 且追求回报尽可能均匀。 谈及未来市场，相聚资本总经理梁辉表示，今年来权益市场上涨是中国经济长期向好的反 映，股市有望走出慢牛行情，未来重点关注AI算力、消费、出海等方向。 充分发挥复利力量 深耕市场二十余年，相聚资本历经了各类市场风格的洗礼与历练，沉淀出对绝对回报深入且 独到的理解：以大类资产配置理论为基础，结合股票投资经验，在波动中寻求确定，通过长 期持有兑现价值，充分发挥复利的力量。管理经验的积累与投资理念的进化，融合共振，实 现了对绝对回报的有力诠释。 在梁辉看来，市场对风险可控的绝对回报类产品有着天然的海量需求，所以一直在该领域深 挖研究。随着众多量化子策略的打磨成熟， ...