盘面上，军工板块全天强势，内蒙一机、捷强装备及中国船舶等涨停；PEEK材料、机器人板块继续活 跃，中欣氟材、新瀚新材等多股涨停；橡胶制品、液冷概念、培育钻石等涨幅居前。另外，医药板块全 线走低，肝炎概念、中药、CRO及创新药等方向领跌；西藏板块下挫，西藏天路、西藏旅游双双跌 停。 具体来看： PEEK材料全线走强，华密新材领涨，新瀚新材、凯盛新材20cm涨停，南京聚隆、明阳科技涨超15%， 中欣氟材10cm涨停，中研股份涨超9%。 8月6日，A股三大指数今日继续上涨，均录得日线3连涨。截至收盘，沪指涨0.45%，深证成指涨 0.64%，创业板指涨0.66%。全天成交1.76万亿元，较前一交易日增量1434亿元；超3300股上涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3633.99 | +16.39 | +0.45% | | 399001 | 深证成指 | 11177.78 | +70.82 | +0.64% | | 399006 | 创业板指 | 2358.95 | +15.57 | +0.6 ...

Market Performance - The Shanghai Composite Index rose by 0.45% to close at 3633.99 points, while the Shenzhen Component Index increased by 0.64% to 11177.78 points, and the ChiNext Index gained 0.66% to 2358.95 points [1][2]. - Over 3300 stocks in the market experienced gains, with total trading volume reaching 1.73 trillion yuan, an increase of over 100 billion yuan compared to the previous day [2]. Sector Performance - The military industry stocks surged, with humanoid robots leading to a wave of limit-up stocks. Other sectors such as PEEK materials, photolithography machines, and automotive parts also saw significant gains, while traditional Chinese medicine, Tibet-related stocks, and tourism sectors faced declines [4]. - Notable performers in the humanoid robot sector included Huami New Materials, which hit a 30% limit-up, and several other stocks like Haosen Intelligent and Hich Precision, which rose by 20% [4]. Capital Flow - Main capital inflows were observed in the defense, machinery, and computer sectors, while outflows were noted in pharmaceuticals, banking, and construction decoration sectors [5]. - Specific stocks with significant net inflows included Dongfang Guoxin, Chengfei Integration, and Dongfang Precision, attracting 714 million yuan, 625 million yuan, and 609 million yuan respectively [6]. - Conversely, stocks such as Xizang Tianlu, Heng Rui Pharmaceutical, and Dongxin Peace experienced net outflows of 952 million yuan, 816 million yuan, and 615 million yuan respectively [7]. Institutional Insights - Dongfang Securities noted that global asset risk appetite is weak, which may lead to passive fluctuations in Hong Kong stocks, potentially dragging A-shares down. The index may stabilize around the 3600-point mark before moving upward [8]. - Huaxi Securities highlighted that the current market shows a clear rotation and low-level rebound characteristic, which is beneficial for attracting external funds. The firm suggests focusing on new technologies and growth directions such as AI computing, robotics, and solid-state batteries, as well as opportunities in undervalued state-owned enterprises [8].

或由于世界机器人大会将近，叠加宇树科技发布新品，今日（8月6日）AI视觉概念股奥比中光涨超 11%，凌云光涨逾5%，奥普特涨近4%，重点布局在国产AI产业链、具备较强国产替代特点的科创人工 智能ETF华宝（589520）震荡走高，场内价格现涨1．67%，冲击日线3连阳！ 上交所数据显示，科创人工智能ETF华宝（589520）近5个交易日连续获资金净流入，合计金额2852万 元，拉长时间来看，近10日，近20日分别吸金3116万元、6505万元。 资金为何积极布局科创人工智能方向？ 1、科创板有望迎来补涨行情。中信证券指出，随着科创板"1+6"政策、金融支持科创相关政策的持续推 进，自今年4月以来明显滞涨的科创板有望迎来补涨行情。 2、产业层面，AI近期有望迎来密集利好。8月，GPT-5、DeepSeek R2等模型预计陆续发布，多模态能 力值得关注，科技行情有望提速。 3、政策层面，宏观+地方携手发力。宏观政策方面，国常会提出，要深入实施"人工智能+"行动，大力 推进人工智能规模化商业化应用。地方政策陆续出台，助力宏观政策落实、落地：①北京市出台16条措 施推动未来产业发展，聚焦通用人工智能等领域；②上海深入 ...

Group 1 - IT service concept stocks showed active performance on August 6, with Dongfang Guoxin hitting the daily limit up of 20%, Qianfang Technology rising over 8%, and Zhuoyi Information increasing by more than 7% [1] - The CANN hardware enabling platform and Mind series application enabling suite were announced at the Ascend Computing Industry Development Summit, promoting open-source initiatives and collaboration within the AI industry [3] - The urgency for domestic companies to accelerate technological innovation in the face of ongoing foreign technology sanctions has been emphasized, highlighting the importance of self-controllable development in the Xinchuang industry [3][4] Group 2 - The Xinchuang industry is transitioning from policy-driven to a dual-driven model of policy and market, with significant growth expected in market size, projected to reach over 2.6 trillion yuan by 2026 [4] - The Xinchuang ETF fund (562030) tracks the CSI Xinchuang Index, which covers key segments of the Xinchuang industry, indicating high growth and elasticity potential [6] - Four investment logic points for the Xinchuang industry include the urgent need for self-control due to geopolitical tensions, increased government procurement, breakthroughs in domestic technology, and the critical timing for procurement standards [6]

Group 1 - OpenAI, Google, and Anthropic have been included in the U.S. government's AI supplier list, facilitating the adoption of enterprise AI technologies across federal agencies [1] - Nvidia's computing chips have been reported to have serious security issues, particularly affecting data center operations in China, prompting the Chinese government to engage with Nvidia to ensure network and data security [1] - The Chinese government is pushing for domestic alternatives in computing infrastructure, benefiting local chip manufacturers like Huawei's Ascend series [1] Group 2 - China Unicom has initiated a server procurement tender, with a projected domestic product ratio exceeding 90% by 2025, indicating a significant increase from previous levels [1] - The "Xinchuang" sector is experiencing a recovery, with an increase in the number and scale of tenders, reflecting positive growth in the industry [1] - The Xinchuang industry is transitioning from policy-driven to a dual-driven model of policy and market, with significant growth expected in market size by 2026 [2] Group 3 - The Xinchuang ETF fund is focused on the self-controlled information technology sector, tracking the CSI Xinchuang Index, which covers key areas of the Xinchuang industry [6] - The investment logic for the Xinchuang sector includes geopolitical factors, increased local government debt efforts, technological breakthroughs by domestic manufacturers, and the refinement of procurement standards [7]

8月6日，A股早盘红盘震荡，截至9:40，沪指涨0.04%，深成指涨0.12%，创业板指涨0.13%。 盘面上，军工板块延续强势，长城军工、国机精工3连板，股价均再创历史新高;液冷服务器概念继续走 强，日海智能2连板;婴童、教育板块活跃，倍加洁5连板;创新药概念反弹，热景生物创历史新高。下跌 方面，影视、物流、大消费、地产等板块跌幅居前。 焦点个股方面，上纬新材一度大跌18%，公司此前17个交易日累计大涨1320%。昨日晚间，上交所发布 情况通报，指出部分投资者在交易上纬新材股票过程中存在影响市场正常交易秩序、误导投资者正常交 易决策的异常交易行为，上交所依规对相关投资者采取了暂停账户交易的自律监管措施。 液冷服务器概念继续走强，日海智能2连板，飞龙股份涨停，科创新源、川环科技、中石科技、淳中科 技等跟涨。 点评：消息上，七部门日前联合发布《关于金融支持新型工业化的指导意见》，加强对5G、工业互联 网、数据和算力中心等数字基础设施建设的中长期贷款支持。根据IDC(国际数据公司)发布的数据，预 计2025年至2029年，中国液冷服务器市场年复合增长率将达到约48%，2028年市场规模将达到约162亿 美元。 2 ...

Market Overview - Major indices in China opened lower, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.14%, and ChiNext down 0.32% [1] - The A-share financing balance has risen to around 2 trillion, reflecting a broad source of incremental funds, including public and private institutions [4] External Market - US stock indices closed lower, with the Dow Jones down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65% [3] - Notable Chinese concept stocks showed mixed performance, with gains in companies like Zai Lab and Futu Holdings [3] Sector Insights - Huaxi Securities suggests that the current market liquidity is sufficient to support a slow bull market in A-shares, with a focus on new technologies and growth sectors such as AI computing and solid-state batteries [4] - Galaxy Securities highlights the accelerating commercialization of AI in education and human resources, with significant sales figures reported for AI-driven products [5] - Haitong Securities emphasizes opportunities in data center hardware, drawing parallels with the early growth of the lithium battery sector in the electric vehicle industry [6] - CICC notes a significant acceleration in the vertical extension of IP in the media industry, urging investors to reassess the potential of the IP derivative market [8] - CITIC Securities maintains a positive outlook on the home appliance industry, driven by government subsidies and high demand for air conditioning during summer [9]

Core Viewpoints - The A-share market is expected to maintain a "slow bull" trend, with the Shanghai Composite Index recently surpassing 3600 points, supported by strong performances from banking, insurance, and technology sectors [2][9][11] - The market's overall trend remains positive, with limited adjustment space observed, indicating a stable market structure and a potential for further upward movement [2][9][10] - Structural opportunities are abundant, necessitating a focus on stock selection and market timing due to the anticipated favorable outcomes from tariff negotiations and ongoing policy support [2][10] Market Overview - On August 6, the A-share market experienced a collective rebound, with significant trading volumes of approximately 1.5 trillion yuan on Monday and 1.6 trillion yuan on Tuesday, indicating a healthy market environment [2][6][9] - The Shanghai Composite Index closed at 3617.60 points, up 34.29 points, reflecting a 0.96% increase, while the Shenzhen Component Index and the ChiNext Index also saw gains [6][11] - Key sectors that performed well included consumer electronics, automotive components, and banking, while traditional sectors like Chinese medicine and glass fiber faced declines [5][6][9] Sector Analysis - The PEEK materials sector is experiencing significant growth due to increasing demand for lightweight materials in humanoid robots, with a focus on maintaining strength while reducing weight [7] - The consumer electronics sector is projected to benefit from a recovery in demand, with a notable increase in stock performance over the past two years, indicating a positive outlook for 2025 [8][9] - The electronic industry has shown a consistent upward trend, with a 15.50% increase in the first quarter of 2023 and an expected 18.52% rise in 2024, highlighting its importance as a leading economic indicator [8]

Core Viewpoint - The liquidity in the stock market remains abundant, which is favorable for the sustained development of a slow bull market in A-shares, characterized by rotational increases and low-level rebounds since June 23, differing from last year's "924" market [1] Market Liquidity - As of the latest data, the financing balance of A-shares has risen to approximately 2 trillion yuan, with the financing balance accounting for 2.3% of the circulating market value, aligning with the median level for the year [1] - This indicates a broad source of incremental funds in the current market, with increased participation from public and private equity institutions alongside financing funds [1] Investment Opportunities - The current micro liquidity in the stock market is relatively abundant, and the positive feedback effect of "residents allocating funds to the market and the slow rise of the stock market" is expected to strengthen under the asset allocation dilemma [1] - Recommended sectors for investment include: 1. New technologies and growth directions such as AI computing power, robotics, and solid-state batteries [1] 2. Dividend sectors that present reallocation opportunities after corrections, particularly undervalued state-owned enterprises [1] - Thematic areas of focus include self-controllable technologies, military industry, low-altitude economy, and marine technology [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]