| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688709 | 成都华微 | | 20.00 | 300亿 | 52.43 | | 688256 | 寒武纪-U | 1 | 20.00 | 5201亿 | 88.94 | | 688082 | 盛美上海 | 1 | 20.00 | 628 7 | 42.95 | | 688652 | 京仪装备 | | 14.39 | 134亿 | 63.21 | | 688981 | 中村国际 | 1 | 14.19 | 8303亿 | 9.88 | | 688141 | 杰华特 | 1 | 13.60 | 169亿 | 23.65 | | 688037 | 芯源微 | 4→ | 11.60 | 284亿 | 68.82 | | 688003 | 天准科技 | 4 | 11.44 | 122亿 | 46.79 | | 688598 | 美博股份 | 43 | 10.12 | 65.33亿 | 51.95 | | 002402 | 和而泰 | 来 | 10.02 | 3 ...

Core Viewpoint - The article discusses the establishment of a bull market in A-shares, characterizing it as a "slow bull" driven by structural improvements in the economy and long-term capital inflows [2][6]. Historical Bull Markets - The article reviews past bull markets in A-shares: - 1999-2001: A leveraged bull market followed by adjustments, driven by speculative trading and lessons learned [4]. - 2005-2007: A comprehensive bull market supported by institutional reforms and macroeconomic prosperity, with blue-chip stocks leading the rally [4]. - 2008-2009: A fundamental bull market driven by economic recovery post-global financial crisis, led by cyclical industries [4]. - 2014-2015: A liquidity-driven bull market characterized by high expectations for reforms but lacking fundamental support, leading to significant corrections [5]. Current Bull Market Characteristics - The current bull market is described as a "systematic slow bull" due to several factors: - The macroeconomic environment has changed, with a focus on structural improvements rather than rapid stimulus [6]. - The nature of capital has shifted from speculative to long-term investments, with state-owned and institutional investors providing stability [7]. - There is a significant reallocation of household assets, with a large amount of savings seeking new investment avenues, particularly in the stock market [7]. - Ongoing industrial upgrades are evident, with advancements in AI, innovative pharmaceuticals, and renewable energy sectors contributing to economic growth [8]. Investment Directions - The article identifies two main investment directions: - **Hardcore High Technology**: Focus on new economy sectors such as AI, innovative pharmaceuticals, robotics, renewable energy, and semiconductors, which are expected to be core assets for the next decade [11]. - **Super High Dividends**: Investment in traditional sectors like finance, machinery, and cyclical industries, which have potential for valuation recovery as long as the economy remains stable [12]. - The overall market logic suggests a "systematic bull market" driven by China's rise and advantages, emphasizing the importance of finding personal wealth opportunities within this "slow bull" environment [12].

行情升温，有网友发帖直言，"股市一天赚了一个月工资"；连续盈利下，有人称"每天都在思考为啥要 上班"。另一方面，在众多晒收益的帖子评论区，依旧有不少其他声音，"还没回本""买的基金现在还 赔，不敢动了""刚解套"。 也有投资者对记者说，股市新高了，但好像周围没什么人聊股票。记者注意到，8月18日，"牛市"关键 词在微信指数中创下年内新高，但较去年"9·24"行情高点依旧有数倍差距。 上述券商人士对记者表示，近期客户交易换手率整体提升，成长型公司投资占比有所增加，但大部分客 户依旧以优质权重股投资为主。其介绍，客户年龄结构以35-60岁的中年投资者为主力军，年轻投资者 虽参与度在提升，但整体占比变化不大，"新增投资者在年龄、地域、资产规模分布等方面，依旧维持 过往态势"。 "股市一天赚了一个月工资"，网上晒投资收益的现象又多起来了。"最近股市涨得都不想工作了。"有投 资者感叹，也有投资者逆向而行，"决定了，明天清仓"。 日前，上证指数创近十年新高，有专家称一年后可能上5000点；存款搬家、A股开户数激增等话题引发 热议。但经历多轮行情起伏，投资者心态正发生变化。有公募人士对记者表示，最近主动权益类基金净 值回升 ...

Core Viewpoint - The current bullish trend in the A-share market is reminiscent of the 2015 bull market, raising concerns about a potential repeat of the rapid decline that followed that period [5][6][13]. Market Performance - The A-share market has seen a continuous rise, with the index approaching 3800 points and daily trading volumes exceeding 2 trillion yuan [1]. - The interest in the A-share market has increased significantly, even attracting foreign investors, particularly from South Korea, whose holdings in Chinese stocks rose from 19.083 billion yuan at the end of 2024 to 24.475 billion yuan, marking an increase of nearly 30% [2][4]. Comparison with 2015 Bull Market - The 2015 bull market was primarily driven by excess liquidity, with significant contributions from foreign capital and unregulated leverage [7][8]. - In contrast, the current market is supported by domestic government funds and institutional leverage, with foreign capital's role being replaced by more stable domestic sources [9][10]. - The risk management capabilities of the financial system have improved since 2015, with stricter regulations on foreign capital and leverage, reducing the likelihood of a similar crash [12][11]. Market Structure - The current market resembles a structural bull market, similar to early 2021, where only specific sectors, such as technology, are experiencing significant gains while others lag behind [14][15]. - The government is likely to maintain a slow bull market strategy, which may prevent widespread participation from retail investors and lead to a rotation of funds among different sectors [16][15]. Investment Strategy - Investors are advised to either hold onto indices related to the market or strategically position themselves in sectors that have not yet experienced significant gains [17]. - The current phase is viewed as the initial stage of a bull market, with opportunities for those who can recognize market signals and trends [17].

Core Viewpoint - The A-share market is experiencing a "slow bull" trend driven by institutional reforms, optimized capital structure, and economic momentum transformation, with a positive outlook on long-term market conditions [1] Market Performance - On the morning of the 21st, the three major stock indices showed strong fluctuations, with the Shanghai Composite Index approaching 3,800 points, reaching a 10-year high; the ChiNext Index rose by 0.21%, and the STAR Market Index increased by 0.96% [1] - As of the midday close, the Shanghai Composite Index rose by 0.35% to 3,779.52 points, while the Shenzhen Component Index increased by 0.45% [1] - The total trading volume in the A-share market reached approximately 1.6 trillion yuan, with the combined trading volume of the Shanghai, Shenzhen, and North markets at 1.5916 trillion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, and pharmaceuticals saw declines, while oil, electricity, coal, gas, and agriculture sectors experienced gains; the digital currency concept surged [1] Investment Outlook - Huaxi Securities indicates that the market is effectively reversing pessimistic expectations regarding long-term deflation and corporate profit collapse due to supply-side governance and demand-side policy support [1] - The improvement of the investor return mechanism is seen as a foundational element for sustaining the "slow bull" market [1] - The initiation of "deposit migration" among residents is expected to provide ample potential incremental funds, forming a positive feedback mechanism [1] - Long-term capital from insurance funds, social security, pensions, and potential stabilization funds is continuously entering the market, optimizing the investor structure in A-shares [1] - The direction of the "slow bull" market will align with national strategic priorities, focusing on new momentum and new technologies, supported by segments of large finance and new consumption [1]

对于还有熊市记忆的老股民来说，现在的股市是越涨越恐慌，担心哪一天来一根长阴，然后几个月白干。 实际上很多老股民在这个位置已经开始撤出观望了。 但是今天的大盘再次给了惊喜，上午低开冲高回落，下午在半导体、消费板块的带领下强劲回升，收盘涨1.04%，也是8月份首次涨幅超过1%的一天。 对踏空资金来说，下跌就是倒车接人的好机会，跌幅越大越敢出手。比如上午算力相关方向恐慌性下跌， 今年涨了210%的大牛股新易盛，低开以后就一 顿猛杀，最大跌幅8%，但资金承接能力也超强，收盘跌幅仅剩0.64%。 高盛预计A股大概有10万亿场外资金蠢蠢欲动，这10万亿是怎么计算出来的呢？它按照疫情后的超高储蓄增速减去疫情前正常储蓄增速，得出有55万亿元 "超额存款"，如果这部分金融资产中，有22%配置于基金或股票，意味着潜在流入市场的资金可能超过10万亿元。 这种预测是不是有点过于乐观了？因为疫情后的储蓄快速增长，是居民为了应对不确定性、投资回报率降低而增加的储蓄，目前宏观不确定性仍未消除， 对未来的预期也没有彻底扭转，所以超额存款部分拿出22%的部分有点过高。 昨天说到上面有调控指数的意愿和能力，让牛市走得更稳更远，而且顶层对资本市场 ...

Market Performance - The A-share market continues its upward trend, with the Shanghai Composite Index closing up 1.04%, reaching a ten-year high as of August 20 [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 2.4 trillion yuan, maintaining above 2 trillion yuan for six consecutive trading days, marking the first occurrence since November 2024 [1] - Since the second half of 2025, the A-share market has shown significant acceleration, with the Shanghai Composite Index up 9.34%, the Shenzhen Component Index up 13.97%, and the ChiNext Index up 21.12% as of August 20 [1] Market Sentiment and Public Interest - Despite the market's upward movement, the public interest in keywords like "A-share" and "bull market" on platforms like WeChat and Baidu has not significantly increased compared to last year's "924" market rally [4][7] - The Baidu search index for "A-share" has risen, but the interest in "bull market" remains relatively unchanged, indicating a disparity between market performance and public engagement [4] Market Structure and Characteristics - The current market rally is characterized by a slower pace and structural features, with 617 stocks declining and 2,466 stocks underperforming the Shanghai Composite Index since the beginning of the second half of the year [7] - In contrast, during last year's "924" rally, only 5 stocks declined, highlighting the structural differences in the current market dynamics [7] Investment Dynamics - Analysts suggest that the current market rally is not solely driven by sentiment but is supported by policy expectations and industry trends, with a focus on AI, advanced manufacturing, and anti-involution themes [8] - The influx of long-term capital and the deepening of internationalization in the A-share market may lead to a more sustainable "slow bull" market, reflecting China's economic transformation and enhancing its position in the global capital market [8]

Core Viewpoint - The stock market is experiencing a slow bull trend, which has become a consensus among investors [1] Group 1 - Investment opportunities are being highlighted, particularly in the context of a historical low price environment [1] - The report emphasizes the importance of professional and timely analysis for identifying potential themes and opportunities in the market [1]

Core Viewpoint - The article discusses the positive economic indicators and policy changes in China, suggesting a new phase of "slow bull" market for A-shares driven by fiscal turning points and new pension policies [1] Group 1: Economic Indicators - In July, China's general public budget revenue growth turned positive for the first time this year, reaching 20,273 billion yuan, a year-on-year increase of 2.6%, marking the highest growth rate of the year [6] - The July tax revenue was 18,018 billion yuan, growing by 5% [6] - The increase in securities transaction stamp duty in July was 151 billion yuan, a year-on-year surge of 125% [1] Group 2: Policy Changes - Starting September 1, three new scenarios for personal pension withdrawals will be introduced, enhancing the flexibility of the pension system [1] - The central bank has increased the quota for targeted re-lending to support small and agricultural enterprises by 1,000 billion yuan [1] Group 3: Market Reactions - The total market value of A-shares has surpassed 100 trillion yuan, with foreign institutional investors increasing their positions [1] - The market is currently in a phase characterized by "policy bottom + liquidity bottom + valuation bottom," indicating a high probability of continued market performance [10] Group 4: Industry Actions - Multiple government departments are taking actions to curb low-price competition in the photovoltaic industry and to reshape profit expectations in the banking sector [1][7]

Group 1 - The core viewpoint is that the logic of the Chinese market is undergoing a fundamental change, driven by new technology trends and improved economic visibility [3] - The market is transitioning from being policy-driven to being fundamentally driven, with a focus on high-quality development and industrial upgrades [7] - A sustainable "slow bull" market is anticipated, supported by policy backing, liquidity expectations, and continuous innovation in industries [8] Group 2 - The current bull market atmosphere is expected to dominate the market in the short term, with conditions for a bull market becoming more favorable by mid-2026 [5] - The ample liquidity in the market is a major support for the rise of A-share indices this year, with margin financing and foreign capital inflows contributing to market activity [10]