新华财经北京8月13日电周三A股三大指数集体收涨，创业板指领涨，沪指突破去年10月8日高点。截至 午间收盘，沪指报3686.34点，涨0.56%，成交5333亿元；深证成指报11518.83点，涨1.47%，成交7799 亿元；创业板指报2476.99点，涨2.81%，成交3933亿元。 板块方面，证券、CPO、光刻机、CRO等板块涨幅居前，养鸡、煤炭、港口、新疆等板块跌幅居前。 盘面上，AI硬件股再度大涨，新易盛等多股续创历史新高。券商股盘中拉升，国盛金控2连板。创新药 概念股再度活跃，海思科涨停。 机构发声：A股市场进入政策与资金双轮上行周期 多家头部券商发布研报指出，当前市场已摆脱底部震荡，进入"政策驱动+资金推动"的双轮上行周期。 分析师普遍认为，随着居民储蓄向权益市场转移的趋势加速，叠加养老金、保险资金等长期资金入市比 例提升，A股有望走出持续健康发展的慢牛行情。更有机构乐观预测，此轮上涨或将突破近年高点，开 启全新投资时代。 国金证券：7月A股迎来自下而上的牛市氛围，市场的火热是流动性宽松与政策预期共振的结果，情绪 改善来自外部环境的积极变化。将市场资金分成四类——国家队、机构、散户、外资，散户是 ...

每经编辑｜杜宇 8月13日，A股市场早盘震荡走高，创业板指领涨，沪指突破2024年10月8日高点，为2021年12月17日以来的新高。沪深两市半日成交额1.32万亿，较上个交 易日放量1181亿元。 截至收盘，沪指涨0.56%，深成指涨1.47%，创业板指涨2.81%。 光刻机板块异动拉升，凯美特气涨停，华特气体、中润光学、旭光电子、芯碁微装、洪田股份、百傲化学跟涨。 图片来源：视觉中国 东吴证券首席策略分析师陈刚指出，在流动性驱动下，大盘上行趋势稳固。相较2015年，随着资本市场定位提升、政策积极引导、制度不断完善的背景下， 预计市场运行将不会出现大幅波动，慢牛趋势有望逐步形成。随着国内无风险利率系统性下行，海外美元流动性外溢，增量流动性将持续入市。 华西证券研究所副所长、首席策略分析师李立峰近日在研究报告中表示，无须质疑本轮行情的上行趋势与市场空间。而居民增量资金入市将成为本轮"慢 牛"行情的重要驱动，看好下半年A股冲击2024年高点。 此外，从中长期视角看，长城基金基金经理曲少杰建议，在符合自身风险偏好的情况下，同时关注A股、港股市场或能更全面地把握科技股机遇。一方面， A股的供应链企业已深度融入全球产 ...

A股延续慢牛格局继续抬升！8月13日，沪指早盘越过"9·24"行情高点3674.4点，盘中不断刷新阶段新 高，最高升至3688.09点，刷新2021年12月14日以来最高纪录。 "牛市旗手"券商应声异动，国盛金控两连板，长城证券亦涨停，东吴证券涨近9%，中银证券涨超7%。 顶流券商ETF（512000）盘中快速冲高2．57%！半日成交11．74亿元，大幅超越昨日全天成交额！ 风险提示：券商ETF被动跟踪中证全指证券公司指数，该指数基日为2007.6.29，发布于2013.7.15。指数 成份股构成根据该指数编制规则适时调整。文中指数成份股仅作展示，个股描述不作为任何形式的投资 建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金风险等级为R3- 中风险，适宜平衡型（C3）及以上的投资者。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表 ...

Core Viewpoint - The A-share market continues its slow bull trend, with the Shanghai Composite Index surpassing the previous high of 3674.4 points, reaching a new peak of 3688.09 points, the highest since December 14, 2021 [1] Group 1: Market Performance - The brokerage sector, often seen as the "flag bearer" of the bull market, has shown significant movement, with Guosheng Financial and Changcheng Securities hitting the daily limit, and Dongwu Securities rising nearly 9% [1] - The top brokerage ETF (512000) surged by 2.57% during the session, with a half-day trading volume of 1.174 billion yuan, significantly exceeding the previous day's total [1] - Over the past two days, the brokerage ETF (512000) has seen a net subscription of over 450 million yuan, accumulating over 680 million yuan in the last ten days [1] Group 2: Fund Inflows and Market Sentiment - The non-bank financial (brokerage) sector has experienced a net inflow of over 7.5 billion yuan, quickly becoming the second-highest inflow sector across the market [1] - Individual stocks like Dongfang Caifu have attracted over 1.1 billion yuan in net inflows, leading the sector [1] Group 3: Analyst Insights - Analysts suggest that the current upward trend in the market is supported by liquidity and favorable policies, with expectations of a gradual formation of a slow bull market [2] - Incremental retail investment is anticipated to be a significant driver of the current slow bull market [2] - The brokerage sector is viewed as a favorable investment opportunity under the backdrop of loose liquidity and proactive policies, encouraging active positioning in brokerage stocks [2]

Core Viewpoint - The A-share market continues its slow bull trend, with the Shanghai Composite Index surpassing the previous high of 3674.4 points, reaching a peak of 3688.09 points, marking the highest level since December 14, 2021 [1] Group 1: Market Performance - On August 13, the Shanghai Composite Index hit a new high, indicating a strong upward trend in the market [1] - Major brokerage stocks saw significant movements, with Guosheng Financial and Changcheng Securities hitting the daily limit, and Dongwu Securities rising nearly 9% [1] - The Broker ETF (512000) experienced a rapid increase of 2.57% during the trading session, with a half-day trading volume of 1.174 billion yuan, significantly exceeding the previous day's total [1] Group 2: Fund Inflows - Substantial capital has been successfully positioned in the "flagship" market, with over 450 million yuan net subscriptions for the Broker ETF in the past two days and a total of over 680 million yuan in the last ten days [1] - The non-bank financial sector, particularly brokerages, saw a net inflow of over 7.5 billion yuan, making it the second-highest inflow across all sectors [1] - Individual stocks like Dongfang Fortune attracted over 1.1 billion yuan in net inflows, leading the sector [1] Group 3: Analyst Insights - Analysts from Dongwu Securities and Huaxi Securities emphasize that the current market uptrend is supported by improved liquidity and favorable policies, suggesting a gradual formation of a slow bull market [2] - The influx of incremental funds from residents is expected to be a significant driver of the current slow bull market [2] - Western Securities recommends actively positioning in brokerage stocks, citing a favorable environment of loose liquidity and proactive policies [2] Group 4: ETF Overview - The Broker ETF (512000) passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [2] - The ETF serves as an efficient investment tool, balancing investments in leading brokerages while also considering the high growth potential of smaller firms [2]

Core Viewpoint - The A-share market is experiencing a bullish trend driven by retail investor sentiment and foreign capital inflow, supported by a favorable external environment and liquidity easing [2][3]. Market Performance - On August 13, the Shanghai Composite Index opened strong, surpassing the previous year's high of 3674.40 points, reaching a new high since December 2021 at 3678.01 points [1][4]. - The overall A-share market showed positive movement with 2038 stocks rising, 263 remaining flat, and 3117 declining [2]. Capital Flow Analysis - The current bullish market is supported by various sources of incremental capital, including insurance, pension funds, public and private equity funds, and retail investor participation [3]. - Retail investors are identified as the core driving force, with foreign capital showing signs of recovery, while institutional capital flows exhibit divergence [2][3]. Economic Indicators - The M1-M2 year-on-year growth rate has been narrowing, indicating an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [3]. - The balance of margin trading has reached a ten-year high, reflecting a sustained increase in risk appetite among individual investors [5]. Future Outlook - The market is expected to maintain a relatively optimistic outlook, with a focus on sectors aligned with the "14th Five-Year Plan," particularly technology and growth industries [5]. - The ongoing international liquidity easing trend is anticipated to benefit sectors such as photovoltaic and military industries, as well as precious metals [5].

Market Overview - The Asia-Pacific stock markets opened higher, with the Shanghai Composite Index and Nikkei Index reaching new highs [1] - The Shanghai Composite Index surpassed 3674.4 points, marking its highest level since December 17, 2021, with a peak of 3677 points around 10:00 AM [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 610 billion yuan within the first half hour, indicating a significant increase compared to the previous day [1] Sector Performance - Military stocks showed strong activity, with several companies, including Changcheng Military Industry and Zhongbing Hongjian, seeing gains of over 5% [1] - Computing hardware stocks continued to perform well, with companies like New Yisheng and Industrial Fulian reaching historical highs, and Guangku Technology hitting a 20% limit up [1] Investment Sentiment - Analysts suggest that the current market uptrend is supported by increased liquidity and a shift in investment logic towards individual stock performance rather than sector performance [2][3] - The sentiment among retail investors and foreign capital inflow is driving the current bull market, with insurance funds providing long-term support [2] Investment Strategy - Analysts recommend focusing on individual stock alpha logic, as the market may transition to a structural market with lower intensity and speed [3] - There is an emphasis on sectors with high growth potential, such as AI, computing power, and innovative pharmaceuticals, which are expected to see valuation recovery [3] - A "barbell strategy" is suggested, balancing investments between technology growth and high dividend stocks while monitoring policy signals and foreign capital movements [5]

Group 1 - A-shares experienced a strong opening on August 13, 2025, with the ChiNext 50 ETF (Hua Xia, 159367) rising by 1.57%, and over 2300 stocks in the market increasing in value [1] - The market saw significant inflows of capital due to various factors, including multiple reductions in the reserve requirement ratio by the central bank since the "924 New Policy" in 2024, which released substantial liquidity into the stock market [1] - The trend of residents shifting their deposits to the stock market is evident, as fixed-income products, money market funds, and gold ETFs have seen a reduction in share [1] Group 2 - The ChiNext 50 Index selects the top 50 stocks from the ChiNext Index based on market capitalization and liquidity, representing large-cap companies with strong growth potential [2] - The ChiNext 50 ETF (Hua Xia, 159367) offers two core advantages: a 20% price fluctuation limit, providing greater trading flexibility compared to traditional broad-based indices, and low management fees of 0.15% and custody fees of 0.05%, which effectively reduce investment costs [2]

8月12日，A股三大指数续创年内新高，沪指七连阳，盘中最高触及3669点，逼近去年"924行情"高点 3674点。两市全天成交1.88万亿元，已是连续第19个交易日超过1.5万亿元。 华西证券表示，勿质疑本轮A股行情的上行趋势与市场空间。本轮行情增量资金来源众多，有保险、养 老金、公募基金、私募基金等机构资金，也有居民配置资金的入市。自"924"行情启动以来，我国M1- M2同比增速负剪刀差持续收窄，反映资金活化程度增强，居民的消费和投资意愿出现边际回暖迹象。 近期两融余额站上十年新高，反映个人投资者风险偏好正在持续回升。在资产配置荒下，牛市思维正促 进居民资产配置向权益类资产倾斜，居民增量资金入市将成为本轮"慢牛"行情的重要驱动。 国联民生证券表示，从历史上看券商指数估值与市场成交额正向相关度较高。成交额快速增长时，往往 意味市场情绪高涨，券商指数上涨概率高。当前市场热度触底回升，政策密集出台后市场情绪有所回 暖，在监管扶优限劣的政策导向下，券商供给侧结构性改革进程将加快。 有行情，买券商！公开资料显示，券商ETF（512000）及其联接基金（A类 006098；C类007531）被动 跟踪中证全指证券公司 ...

Group 1 - The current A-share market trend is upward, supported by various sources of incremental capital including insurance, pension funds, public and private equity funds, as well as individual investors [1] - Since the market rally began on September 24 of last year, the M1-M2 year-on-year growth rate gap has been narrowing, indicating increased liquidity and a marginal recovery in consumer and investment willingness [1] - The recent margin trading balance has reached a ten-year high, reflecting a continuous rise in individual investors' risk appetite, which is expected to drive the "slow bull" market [1] Group 2 - The U.S. inflation data from July shows that the impact of tariffs on inflation is moderate, leading to a reduced constraint on the Federal Reserve's interest rate cuts [2] - The expectation is maintained for the Federal Reserve to initiate its first rate cut in September and to implement two rate cuts within the year [2] - Weak demand from businesses and a declining job market are expected to limit the upward pressure on inflation, despite a slight increase in tariffs in August [2] Group 3 - Recent policies supporting the robotics industry across various regions, including subsidies, have led to a flourishing domestic robotics sector [3] - The World Robot Conference continues to attract significant attention, indicating a vibrant development in the domestic robotics market [3] - The industry is expected to see advancements in components such as dexterous hands, joint modules, and sensors, with several upcoming events likely to act as catalysts for growth [3]