Group 1 - The report indicates that after experiencing the largest valuation correction of the year, convertible bonds have risen against the trend, suggesting a repair in valuation. This correction was anticipated following a sustained increase in valuations, and historically, in a stable equity trend, the opportunities for convertible bonds to recover from valuation corrections outweigh the risks, despite current high valuation levels. The short-term outlook suggests that the valuation correction for convertible bonds has come to a pause, unless there is a significant fluctuation in equities [5][8][15]. - The key to the future performance of convertible bonds lies in the continued upward potential of equities and the demand for fixed income plus strategies. It is expected that the ability to follow the upward trend may weaken. In a slow bull market for equities, the trend for convertible bonds remains unchanged, but the momentum has shifted from a rapid increase driven by both underlying stock performance and valuation to a phase of slow and steady growth, necessitating strategic adjustments, including timely profit-taking on some overvalued convertible bonds and focusing on trading opportunities [5][8][15]. - The equity market experienced fluctuations, initially declining before rebounding after touching the 20-day moving average, with significant volatility observed. The report maintains a judgment of a slow bull market, suggesting that short-term corrections are more beneficial than detrimental, and there is no need for excessive pessimism [5][8][15]. Group 2 - The report reviews the performance of the convertible bond market, noting that from September 1 to September 5, most market indices declined, with the Shanghai Composite Index down 1.18% and the Shenzhen Component Index down 0.83%. However, the ChiNext Index increased by 2.35%. The sectors leading the gains included electric power equipment, while defense, computing, and non-bank financials lagged behind. The average daily trading volume decreased to 2.60 trillion yuan [11][12]. - The report highlights that last week, convertible bonds rose against the trend, with a valuation repair noted. The average daily trading volume significantly decreased to 82.83 billion yuan. The China Securities Convertible Bond Index increased by 0.61%, while the parity center declined by 1.6% to 109.4 yuan, and the conversion premium rate increased by 2.4% to 21.1%. It was observed that mid-to-high-rated and large-cap convertible bonds performed better, while high-priced and AAA-rated convertible bonds underperformed [15][16].

Macro Strategy - In August, the manufacturing PMI slightly rebounded to 49.40%, remaining below the threshold but showing improvement from July's 49.30% [2] - The manufacturing production PMI was at 50.80%, indicating a rebound compared to July's 50.50% [2] Stock Market Overview - From September 1 to September 5, 2025, most A-share indices experienced a pullback, with the Shanghai Composite Index down 1.18% and the Shenzhen Component down 0.83% [3][4] - The ChiNext Index saw an increase of 2.35%, while the STAR Market Index fell by 3.67% [3] - The overall market is expected to maintain a "slow bull" trend, with a wide fluctuation anticipated in September [4][6] Industry Performance - Among the 31 first-level industries, the top performers were electric equipment and comprehensive sectors, with weekly gains of 7.39% and 5.38% respectively [4] - The communication equipment and components sectors have shown significant cumulative gains of 87.48% and 81.95% respectively since the beginning of 2025 [4][5] - The top-performing second-level industries included photovoltaic equipment and precious metals, with weekly gains of 14.04% and 10.73% [4] North Exchange Overview - As of September 5, 2025, the North Exchange had 274 listed stocks, with an average total market capitalization of 918.29 billion yuan, reflecting a 1.11% increase from the previous week [8][9] - The average trading volume increased by 16.40% to 1.549 billion shares, and the average trading value rose by 9.34% to 35.971 billion yuan [9] Automotive Industry - The Zeekr 9X is set to launch at the end of September 2025, targeting the high-end pure electric SUV market, with a price range of 479,900 to 569,900 yuan [13][15] - The vehicle features advanced design elements and configurations, including a 2.0T hybrid engine and a maximum power output of 660kW for the dual-motor version [14][15] - The automotive sector is expected to benefit from the acceleration of intelligent technology and supportive policies, with a focus on high-quality enterprises in the electric and intelligent vehicle segments [17]

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down 0.02% and the ChiNext Index up 0.21%, with sectors like precious metals, solid-state batteries, and photovoltaic equipment leading the gains [1] - CITIC Securities suggests to downplay market volatility and adjust portfolio structures, focusing on structural opportunities in consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [1] - CITIC Jiantou indicates that the current market is in a consolidation phase after a slow bull market, with a shift in focus towards sectors that have lagged but still have strong growth logic [2] Group 2 - Guojin Securities predicts a high probability of the market entering a sideways consolidation phase, emphasizing the need for new catalysts to initiate a trend upward [3] - The report highlights opportunities in electric equipment and non-ferrous metals as potential new directions for the market [3] - The recent rise in gold prices is noted, with gold stocks being more elastic compared to gold prices due to their current valuation being low relative to historical levels [3]

Market Overview - The overall market showed positive performance with the Shanghai Composite Index closing at 3812.51, up 1.24%, and the Shenzhen Component Index rising 3.89% to 12590.56 [1] - The ChiNext Index and the STAR 50 Index experienced significant gains, with increases of 6.55% and 3.39% respectively [1] Industry Dynamics - The China Securities Regulatory Commission released a draft regulation on the management of public fund sales fees, aiming to lower investor costs and enhance market order [29] - In August 2025, sales of excavators and loaders in China increased, with domestic sales growth outpacing exports [30][32] - The Jinshang-Hubei ±800 kV UHVDC project commenced operations, capable of delivering 4 million kilowatts of electricity, marking a significant development in China's power transmission capabilities [34] - Global OLED panel shipments saw a slight decline of 2% year-on-year in Q2 2025, with a notable shift in demand towards IT products like monitors and laptops [36] Company Updates - Muyuan Foods reported a 27.1% year-on-year increase in pig sales for August 2025, although sales revenue decreased by 12.3% [41] - Wens Foodstuff Group experienced a 17.7% decline in pig sales revenue in August, while chicken sales revenue saw a minor decrease of 0.71% [42] - Junshi Biosciences announced positive results from a Phase III clinical trial for its anti-IL-17A monoclonal antibody for treating moderate to severe plaque psoriasis [45] - Aihua Long received IVDR CE certification for its hepatitis B testing kits, allowing entry into the EU market [47] - Beingmate released its sixth employee stock ownership plan, aiming to align employee interests with company growth [49][51]

Core Viewpoint - The current market has entered a consolidation phase after a prolonged bull market, primarily due to overheating trading conditions and a significant concentration of funds in the TMT sector, leading to a decline in risk appetite [1][2][4]. Market Characteristics - The market experienced a three-day decline from September 2 to 4, with the Shanghai Composite Index falling below the 20-day moving average, marking the first consolidation phase of the current bull market [2][4]. - The consolidation phase is characterized by a relatively mild index pullback of about 7%-9% and a longer duration of 1-2 months, with a tendency for the index to exhibit a trend of oscillation and recovery [2][11]. Sector Rotation - The rotation between sectors is driven by the previous high enthusiasm for AI computing power, which has not been fundamentally undermined. Attention should be focused on sectors that have lagged behind but still have positive growth prospects, such as new energy, new consumption, innovative pharmaceuticals, non-ferrous metals, basic chemicals, and non-bank financials [3][24]. - The dividend yield of the dividend sector has decreased recently, but the attractiveness of dividend assets remains strong due to the 10-year Treasury yield staying below 2% [3][27]. Risk Appetite and Market Support - The decline in risk appetite is attributed to several factors, including the nearing fulfillment of positive expectations from significant events and the Federal Reserve's interest rate cut expectations [2][7]. - Despite the current market adjustments, there are no substantial negative factors, indicating that market support remains robust, and the long-term upward trend is still intact [4][27]. Historical Context - Historical analysis of 11 bull markets shows that during consolidation phases, there is often a high-low switching pattern among sectors, with previously outperforming stocks experiencing larger corrections while underperforming stocks show resilience or rebound [11][22]. - The analysis of past cases indicates that the maximum drawdown during consolidation periods has been around 16%, with the average trading volume at the lowest point during these periods dropping to 30%-40% of previous highs [19][20].

刚过去的交易周（9月1日至5日），A股在周一微涨后，于周中经历罕见三连跌，到周五才迎来修复。 | 名称 | 周涨跌幅 ▼ | 年初至今 | | --- | --- | --- | | 北证50 | 2.79% | 55.92% | | 创业板指 | 2.35% | 38.13% | | 万得微盘股 | 0.46% | 64.44% | | 中证A50 | -0.10% | 10.56% | | 红利指数 | -0.69% | -5.08% | | 中证A500 | -0.74% | 15.71% | | 沪深300 | -0.81% | 13.35% | | 深证成指 | -0.83% | 20.89% | | 上证指数 | -1.18% | 13.75% | | 中证2000 | -1.72% | 29.81% | | 中证500 | -1.85% | 20.75% | | 中证1000 | -2.59% | 21.62% | | 科创50 | -5.42% | 28.27% | 主要股指中，北证50、微盘股指数代表的微盘股本周逆势上行； 中证A50、沪深300、中证500等代表的核心资产方向，主题是"抗跌 ...

Index Performance - The CSI A500 Index decreased by 0.74% this week, closing at 5333.07 points as of September 5 [5] - The average daily trading volume for the week was 9995.7 billion yuan, reflecting a week-on-week decline of 4.23% [5] Top and Bottom Performing Stocks - The top ten stocks with the highest gains this week included: 1. XianDao Intelligent (300450.SZ) with a gain of 51.51% 2. Yinian Lithium Energy (300014.SZ) with a gain of 36.39% 3. Sunshine Power (300274.SZ) with a gain of 35.52% 4. JinLang Technology (300763.SZ) with a gain of 31.95% 5. Changchun Gaoxin (000661.SZ) with a gain of 24.20% [3] - The bottom ten stocks with the largest declines included: 1. AVIC Chengfei (302132.SZ) with a loss of 18.85% 2. Aerospace Rainbow (002389.SZ) with a loss of 18.38% 3. China Aerospace Science and Industry (600118.SH) with a loss of 16.95% 4. Zhongbing Hongjian (000519.SZ) with a loss of 16.94% 5. Haige Communication (002465.SZ) with a loss of 15.87% [3] Fund Performance - A total of 39 CSI A500 funds collectively declined this week, with the top loser being Guolian An with a drop of 1.53% [6] - The total scale of CSI A500 funds reached 1822.45 billion yuan, with the top three funds by scale being: 1. Huatai-PB Fund at 205.07 billion yuan 2. Guotai Fund at 194.52 billion yuan 3. E Fund at 194.15 billion yuan [6] Market Analysis - The A-share market experienced significant volatility, with reports indicating that the market has been on an upward trend for five consecutive months, leading to profit-taking behavior [7] - Analysts suggest that the recent market adjustments are short-term pullbacks within a broader bull market, supported by strong policy backing and increasing long-term capital inflows [7] - The market is expected to continue its upward trajectory, driven by asset revaluation and high-quality development in the securities market [7]

Group 1 - The military industry is characterized by high secrecy, making it difficult for investors to understand its true situation [3][4] - The military sector is driven by emotional speculation rather than fundamental analysis, leading to unpredictable market behavior [4][5] - A recent decline of 6.15% in military stocks raises questions about the sustainability of bullish sentiments in the face of significant market volatility [5][6] Group 2 - The current market cycle of speculation around military stocks is coming to an end, with a potential decrease in volatility expected [8][10] - Following the end of speculative events, there may be a rapid exit of speculative funds, leading to short-term selling pressure in the market [10][11] - The market is anticipated to stabilize above 3700 points, with a pessimistic view suggesting a floor around 3600 points [14] Group 3 - Rising bond yields in developed countries, including the UK and Japan, are creating market instability and affecting investor sentiment [18][19][21] - Concerns over government debt and fiscal insufficiency are likely to increase market volatility, impacting A-shares and Hong Kong stocks due to a stronger dollar [25][27] - The current market dynamics suggest that fluctuations may provide unexpected opportunities, emphasizing the importance of patience in investment strategies [29][30]

Group 1 - The core viewpoint of the article highlights the excitement surrounding the debut of Huaxin Jingke on the Shanghai Stock Exchange, emphasizing the low entry barriers for retail investors to participate in new stock offerings [1][3] - The article discusses the emotional rollercoaster experienced by investors who successfully obtain shares in new listings, balancing the fear of missing out on potential gains against the anxiety of market volatility [3][4] - It notes the current market sentiment, where recent fluctuations have led to increased caution among investors, with some expressing pessimism about the market's trajectory [3][5] Group 2 - The article posits that the current market may be entering a "slow bull" phase, contrasting it with previous bull markets that ended in significant losses for retail investors [4][5] - It emphasizes the role of institutional investors, referred to as "national teams," in stabilizing the market, suggesting that their long-term investment strategies will help guide the market towards a healthier growth trajectory [5][7] - The concept of a "slow bull" market is described as a gradual ascent, welcoming adjustments and corrections, which is seen as a necessary process for sustainable growth [7]

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0904 A 股日评：无惧风雨，"慢牛"仍在 报告要点 [Table_Summary] 今日 A 股市场震荡走低，三大指数齐跌，今日量能小幅回升。消费板块反弹，电信业务和电子 等科技板块集体下跌，金属材料及矿业、国防军工、医疗保健等板块今日也同步走低。从指数 表现来看，上证指数下跌 1.25%，深证成指下跌 2.83%，创业板指下跌 4.25%，上证 50 下跌 1.71%，沪深 300 下跌 2.12%，科创 50 下跌 6.08%，中证 1000 下跌 2.30%，市场成交额约 2.58 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0904 A 股日评：无惧风雨，"慢牛"仍在 [Table_Summary2] 事件描述 今日 A 股市场震荡走低，三大指数齐跌，今日量能小幅回升。消费板块反弹，电信业务和电子 等科技板块集体下跌，金属材料及矿业 ...