Market Performance - The A-share market indices collectively opened higher on August 18, with the Shanghai Composite Index surpassing 3700 points, reaching a new ten-year high after breaking the 2021 peak [1] - The Shanghai Composite Index closed up 0.85% at 3728.03 points, the ChiNext Index rose 2.84% to 26062 points, and the Shenzhen Component Index increased by 1.73% to 11835.57 points [1] Sector Performance - Strong gains were observed in sectors such as stock trading software, liquid cooling, rare earths, and CPO concepts, while military and stablecoin concepts gained momentum in the afternoon [1] - Cyclical stocks, including coal and non-ferrous metals, generally underperformed the indices [1] Trading Volume - The total trading volume reached 27,641 billion yuan, an increase of 5,195 billion yuan compared to the previous trading day, marking the third-highest trading volume in history [2]

两市成交27641亿元，较前一交易日的22446亿元增加5195亿元，为历史第三高。 图片来源：新浪财经 至收盘，上证综指涨0.85%，报3728.03点；科创50指数涨2.14%，报1124.82点；深证成指涨1.73%，报11835.57点；创业板指涨2.84%，报26062点。 Wind统计显示，两市及北交所共4034家上涨，1220家下跌，平盘有165家。 A股三大股指8月18日集体跳空高开，沪指更是站上3700点之上。早盘两市继续高歌猛进，沪指更是突破2021年新高后创出十年来新高。午后在获利盘抛压 下，两市出现一波下跌，但尾盘反抽涨幅重新扩大。 从盘面上看，炒股软件、液冷、稀土、CPO概念强势领涨，军工、稳定币概念午后发力；煤炭、有色等周期股普遍跑输指数。 来源：智通财经 ...

Group 1 - The article highlights the influx of new retail investors into the stock market, with a significant increase in new accounts opened, reaching 1.96 million in July, a 71% year-on-year growth [1] - The market experienced volatility, with the Shanghai Composite Index dropping from around 3600 to approximately 3550 points at the end of July, causing panic among new investors [1][2] - By mid-August, the index rebounded, surpassing the previous year's high of 3674.40 points and briefly exceeding 3700 points, reigniting bullish sentiment [1] Group 2 - New investors, like "Budding," often rely on social media for stock information and exhibit impulsive trading behavior, frequently buying and selling within days [5][6] - Emotional responses to market fluctuations are common among new investors, with feelings of excitement during gains and despair during losses [2][7] - The article features various new investors' experiences, illustrating their journey from initial excitement to facing market realities and emotional challenges [3][10][11] Group 3 - The narrative includes specific cases of new investors, such as "Liu Ming," who initially faced losses but later experienced gains, leading to a more balanced perspective on market fluctuations [10] - "Wang Xiaowei," another investor, transitioned from mutual funds to stocks, experiencing significant losses before eventually recovering and profiting from the market rebound [11][14] - The article emphasizes the psychological impact of trading on new investors, with many expressing a shift in priorities and emotional states due to their stock market experiences [11][14]

Group 1 - The A-share market is experiencing a bullish trend, with significant increases in trading volume and stock prices, particularly in stocks like Changjiang Securities and Dongfang Fortune [1][4] - The Shanghai Composite Index reached a high of 3704.77 points before a slight pullback, with trading volumes exceeding 2 trillion yuan for three consecutive days, indicating a strong buying atmosphere [1][6] - In the recent "Digging Gold" competition, participants achieved impressive returns, with the champion recording a return of 36.28% over five trading days, highlighting the competitive nature of the event [1][4] Group 2 - The "Economic News" and COFCO Futures are hosting a national futures simulation competition to help investors enhance their trading skills and adapt to market changes, with a focus on providing a low-cost trial and high-reward growth opportunity [2][10] - The competition allows participants to trade with simulated funds of 1 million yuan, providing a risk-free environment for learning and practicing trading strategies [12][13] - Participants in the futures competition have reported gaining valuable insights and trading strategies through interaction with experienced traders in the competition's community [9][10] Group 3 - Analysts are optimistic about certain sectors, including optical fiber, copper-clad boards, the Internet of Things, brokerage firms, precious metals, and non-ferrous metals, especially in the context of anticipated U.S. interest rate cuts [8][10] - The expectation of a declining U.S. dollar is seen as beneficial for stimulating the prices of precious and non-ferrous metals, creating potential investment opportunities in these sectors [8][10] - The recent performance of participants in the futures competition indicates a strong interest in trading lithium carbonate futures, which have shown significant price volatility and potential for profit [8][10]

整体来看，多数板块上涨，AI医疗、药品、券商、房地产、芯片等股多为上涨，黄金、芯片、新能源 车企、保险等股有涨有跌，科网、银行、稳定币概念、煤炭等股多有下跌。 个股方面，京东集团跌3.44%，商汤涨1.76%，中信建投证券涨10.98%，中国银河涨9.48%，华虹半导体 涨5.21%，中芯国际涨1.44%，比亚迪电子涨3.92%，银诺医药涨206.48%，老铺黄金涨3.17%，赣锋锂业 涨4.29%，山东黄金跌0.29%，华润电力涨0.65%，理想汽车跌0.94%，越秀地产涨3.90%。 15日港股主要指数低开低走，截至收盘，恒生指数下跌0.98%至25270.07点，恒生科技指数下跌0.59%至 5543.17点，国企指数下跌0.98%至9039.09点。 当日恒指低开197.22点，开盘后短暂上行，其后跌幅扩大，午后震荡上行但幅度有限，恒生指数跌 249.25点，主板成交超3126亿港元。截至收盘，上涨股票1168只，下跌1074只，收平918只。当日，港 股通（南向）净流入超过358亿港元。 成交额前三的个股中，腾讯控股涨0.34%，成交超131亿港元；阿里巴巴跌3.04%，成交超130亿港元； 美团跌 ...

热门板块方面 盘面上，近日京东健康今日公布中期业绩表现亮眼，与成份股叮当健康领涨互联网医疗股。两融余额近 期创新高，中资券商涨幅居前延续走强态势。据报光伏组件再现缺货涨价，光伏股普遍走高，机构此前 指产业链价格端已取得初步成效。另一边，香港金管局及香港证监会就稳定币相关市场波动发布联合声 明，受此影响稳定币概念股多数走低。此外，半导体、苹果概念延续涨势，内银、加密货币回调。 1.互联网医疗股逆势走强。截至收盘，叮当健康(09886)涨36.07%，报0.83港元；京东健康(06618)涨 11.67%，报61.25港元；阿里健康(00241)涨4.92%，报5.33港元；众安在线(06060)涨3.25%，报19.05港 元。 京东健康今日公布中期业绩，与成份股叮当健康领涨互联网医疗股。里昂发布研报称，京东健康上半年 业绩符合预期，在618的良好表现和强劲的用户增长带动下，营收较去年同期增长24.5%至353亿元， Ebit较去年同期增长57%至25亿元。由于原研药的需求由医院内转移至医院外，药物销售亦有所增长。 中金表示，公司25H1业绩超市场预期，主要因药品品类放量良好催化，核心主业表现强劲，药品品类 驱 ...

稳定币的发展近期引起市场广泛讨论，涉及相关主题的投资出现炒作。南都N视频记者留意到，香港的 金融监管机构近日重磅发声，要求市场参与者避免发表可能误导投资者或造成不切实际期望的言论。 8月14日，香港金融管理局和香港证监会就近期稳定币发表联合声明称，留意到近期出现与稳定币概念 相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌照、从事相关活动或探讨此类计划可 行性等相关的公告、新闻、社交媒体帖文或市场揣测。部分声称也提及近期曾与香港金融监管当局接 触。 香港金融监管机构近日围绕涉及稳定币的市场波动发表声明。 采写/摄影：南都N视频记者 肖遥 香港金融管理局重申，在考虑稳定币发行人牌照申请时将采取稳健及审慎方式，并设立较高的门槛。该 局强调，表达意向或提交稳定币牌照申请，以及金管局与相关机构的沟通，只是申请牌照的过程，最终 获发牌照与否将视乎申请是否符合发牌条件。 鉴于这些计划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保 持警惕的必要性。股价剧烈波动可能导致非理性决策，使投资者面临不必要的风险。 因此，香港金融管理局与香港证监会呼吁公众应保持谨慎，深入分析相关资讯，避免只 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The central bank conducts large - scale reverse repurchase operations to inject liquidity, and the market expects the central bank to increase the volume of MLF roll - over. The Fed's September interest - rate cut expectation is frustrated due to high PPI data [10]. - For stock index futures, consider taking profits on the covered strategy and pay attention to July's macro data. For Treasury bond futures, there may be a short - term rebound, and the curve - steepening strategy can still be held in the medium - term [12][13]. - Steel and ore prices are expected to remain volatile, and double - coking prices may enter a high - level shock stage. For ferroalloys, consider long - short spreads or reverse spreads, and short on rebounds [14][15][17]. - For soda ash and glass, maintain a short - on - rallies strategy for soda ash and stay on the sidelines for glass. For non - ferrous metals and new materials, aluminum prices may be weakly volatile, and alumina prices may be strong in the short - term but weak in the long - term. Zinc prices are expected to weaken, while lithium carbonate, industrial silicon, and polysilicon prices will be in a wide - range shock [18][20][21]. - For agricultural products, cotton prices may be shorted on rallies in the long - term, sugar prices are restricted by increasing supply, egg prices may have limited upside during the Mid - Autumn Festival, and apple prices can be long - short spread. Corn prices can be shorted on the far - month contract, and hog prices can be shorted cautiously on the near - month contract [27][30][33]. - For energy and chemicals, crude oil may enter a supply - surplus pattern, and fuel oil and asphalt prices follow crude oil. Plastic prices are expected to be weakly volatile, and rubber prices may have limited downside. Methanol prices are expected to be weak, and LPG prices are prone to fall [40][42][43]. Summary by Relevant Catalogs Macro Information - The central bank conducts 500 billion yuan of 6 - month outright reverse repurchase operations on August 15, and the cumulative outright reverse repurchase operations this month have exceeded the maturing amount by 30 billion yuan. The market expects the central bank to increase the volume of 30 billion yuan of MLF roll - over [10]. - The Fed's September interest - rate cut expectation is frustrated as the US July PPI soars to 3.3% year - on - year, far exceeding the expected 2.5%. San Francisco Fed President Daly and Chicago Fed President Goolsbee oppose large - scale interest - rate cuts [10]. - Ping An Insurance increases its holdings of CPIC H - shares, reaching the threshold for a mandatory public announcement. This year, there has been a third wave of insurance companies' share - buying sprees [10]. - US Treasury Secretary Yellen clarifies that she is not pressuring the Fed to cut interest rates. The number of initial jobless claims in the US last week decreased by 3,000 to 224,000, while the number of continued jobless claims decreased to 1.953 million [11]. Stock Index Futures - The strategy is to take profits on the covered strategy and pay attention to July's macro data. On Thursday, the A - share market rose and then fell, with over 4,600 stocks declining. The market turnover increased to 2.31 trillion yuan. The central bank's reverse repurchase operations have a net injection of 30 billion yuan, and the market is affected by insurance companies' share - buying and US PPI data [12]. Treasury Bond Futures - There may be a short - term rebound, and the curve - steepening strategy can still be held in the medium - term. The money market was loose in the morning and tightened slightly in the afternoon. The bond market was under pressure when the Shanghai Composite Index broke through 3,700 points. The central bank's reverse repurchase operations have a net injection of 30 billion yuan, and attention should be paid to the MLF roll - over [13]. Steel and Ore - From a policy perspective, it is relatively mild. From a supply - demand perspective, the contradiction is not prominent. The demand is seasonally weak, but the mid - term supply - demand is balanced. The supply is expected to remain strong, and steel and ore prices are expected to remain volatile. The prices of steel products and imported iron ore have fluctuated, with the iron ore trading volume decreasing by 31.71% on a daily basis and increasing by 15.72% on a weekly basis [14][15]. Coal and Coking - Double - coking prices may enter a high - level shock stage. The strict inspection of coal mine over - production and coke - enterprise production restrictions have led to price adjustments. The supply of coking coal may be tight in the short - term, but the possibility of a decline in steel mill's molten iron output and sufficient imported Mongolian coal supply still put pressure on prices [15][16]. Ferroalloys - The current spot - futures pressure of ferrosilicon and ferromanganese is high, but the basis has not widened significantly during the price decline. The steel - tendering price is high. Consider long - short spreads (ferrosilicon - ferromanganese) or reverse spreads of ferromanganese's near - far months. Short on rebounds if there is an upward movement [17]. Soda Ash and Glass - For soda ash, maintain a short - on - rallies strategy and exit flexibly if the positive feedback continues. For glass, stay on the sidelines. The production of soda ash has increased, and the inventory is under pressure. The inventory of glass has increased, and the spot market is weak [18]. Non - Ferrous Metals and New Materials - Aluminum prices may be weakly volatile in the short - term due to weak demand in the off - season, but may rise in the long - term with the approaching peak season. Alumina prices may be strong in the short - term but weak in the long - term due to high supply and increasing inventory. Zinc prices are expected to weaken due to increasing inventory and supply. Lithium carbonate prices are supported by short - term supply - demand gaps and will be in a wide - range shock. Industrial silicon prices will be volatile, and polysilicon prices will be in a wide - range shock due to policy and supply - demand factors [20][21][22]. Agricultural Products - Cotton prices may be shorted on rallies in the long - term due to weak downstream demand and potential future production increases. Sugar prices are restricted by increasing supply, but attention should be paid to the Mid - Autumn and National Day stocking demand. Egg prices may have limited upside during the Mid - Autumn Festival due to large supply pressure. Apple prices can be long - short spread. Corn prices can be shorted on the far - month contract, and hog prices can be shorted cautiously on the near - month contract [27][30][33]. Energy and Chemicals - Crude oil may enter a supply - surplus pattern, and attention should be paid to US sanctions on Russia and the peak - season demand. Fuel oil and asphalt prices follow crude oil. Plastic prices are expected to be weakly volatile. Rubber prices may have limited downside. Methanol prices are expected to be weak. LPG prices are prone to fall due to sufficient supply and weak demand [40][42][43]. Pulp and Logs - Pulp fundamentals are turning to inventory accumulation, which restricts the price, but there is still support from the price - holding and production - cut of broad - leaf pulp. Consider spread trading opportunities. Log prices are affected by capital, and short - term observation is recommended [51][52]. Urea - In a weak fundamental environment, urea futures prices are expected to be weak. The spot price may decline further over the weekend, with weak new orders and downstream rigid demand [52]. Synthetic Rubber - Synthetic rubber prices are turning weakly volatile in the short - term, with limited downside. Consider short - term long - on - dips with a stop - loss and be cautious about chasing high prices [53].

针对部分声称近期曾与香港金融监管当局接触的情况，金管局重申在考虑稳定币发行人牌照申请时将采 取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交稳定币牌照申请，以及金管局与 相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴于这些计 划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必 要性。股价剧烈波动可能导致非理性决策，使投资者面临不必要的风险。 本文源自智通财经网 智通财经获悉，稳定币概念普跌，截至发稿，耀才证券金融(01428)跌19.14%港元；连连数字(02598)跌 2.9%，报10.06港元；胜利证券(08540)跌2.66%，报6.94港元；德林控股(01709)跌1.26%，报148.5港元。 消息面上，香港金管局及香港证监会就稳定币相关市场波动发布联合声明。声明称，香港金管局和香港 证监会留意到近期出现与稳定币概念相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌 照、从事相关活动或探讨此类计划可行性等相关的公告、新闻、社交媒体帖文或市场揣测。 ...

稳定币概念普跌，截至发稿，耀才证券金融(01428)跌19.14%港元；连连数字(02598)跌2.9%，报10.06港 元；胜利证券(08540)跌2.66%，报6.94港元；德林控股(01709)跌1.26%，报148.5港元。 针对部分声称近期曾与香港金融监管当局接触的情况，金管局重申在考虑稳定币发行人牌照申请时将采 取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交稳定币牌照申请，以及金管局与 相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴于这些计 划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必 要性。股价剧烈波动可能导致非理性决策，使投资者面临不必要的风险。 消息面上，香港金管局及香港证监会就稳定币相关市场波动发布联合声明。声明称，香港金管局和香港 证监会留意到近期出现与稳定币概念相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌 照、从事相关活动或探讨此类计划可行性等相关的公告、新闻、社交媒体帖文或市场揣测。 ...