Market Overview - In September 2025, the North Exchange market continued its oscillating trend, with the North Certificate 50 Index reaching a historical high mid-month, indicating sustained recognition of high-quality supply and institutional reform expectations[5] - As of September 29, 2025, the North Certificate 50 Index fell by 2.21% for the month, with a maximum increase of 6.08% during the period[15] - The overall PE valuation for the North Certificate 50 Index was 76.41 times, with a median of 75.86 times, compared to 42.73 times for the ChiNext Index and 180.14 times for the Sci-Tech Innovation Board[21] Trading Activity - The total trading volume for the North Exchange in September 2025 was 582.41 billion yuan, with a trading volume of 24.638 billion shares[24] - The average margin financing balance for September was 7.676 billion yuan, reflecting an increase of 11.65% month-on-month[25] Investment Recommendations - Focus on three main lines: (1) High-growth new productivity targets and leading companies in competitive niche sectors; (2) Innovation-driven sectors such as semiconductors, military, AI, and satellite internet; (3) Consumer-related companies benefiting from policies aimed at boosting domestic demand[5] - The market is transitioning from retail-driven to institutional allocation, enhancing the market's representativeness and financing functions[5] New Listings and Regulatory Updates - Three new stocks were listed in September, bringing the total number of companies listed on the North Exchange to 277[33] - The "920 code switch" for existing companies is set to be implemented on October 9, 2025, enhancing market identification[37] Risk Factors - Risks include potential delays in policy implementation and the possibility of irrational investment behavior due to short-term stock price surges[39]

今日A股与港股市场同步收涨，科技成长板块与资源品形成双轮驱动，市场呈现"政策红利释放与产业 趋势共振"的鲜明特征。 A股三大指数月线均实现五连阳，创业板指本月涨超12%创三年多新高，科创50指数涨超11%创近四年 新高；港股恒生科技指数大涨2.24%刷新近四年高位，月涨幅达13.95%，反映资金在三季度末对科技主 线的坚定布局。两市成交额维持高位，A股成交2.2万亿元，港股成交3149亿港元，显示市场交投活跃， 资金风险偏好持续提升。 节后来看，随着节前避险资金回流，叠加"人工智能+"、高端制造等领域政策持续发力，市场风险偏好 有望进一步提升，科技成长风格仍将是资金主要配置方向。需关注四季度产业政策落地节奏与上市公司 三季报业绩预告，同时留意国际能源价格波动及美联储政策预期对市场情绪的潜在影响。 主要指数表现 A股市场成长风格延续强势，大小盘指数分化明显。上证指数全天震荡上行，收盘涨0.52%报3882.78 点；深证成指涨0.35%报13526.51点，创业板指平收3238.16点，科创50指数涨1.69%领涨主要指数，半 导体、锂电电解液等科技细分板块贡献主要涨幅。全市场上涨个股2657家，下跌2578家 ...

Core Insights - The overall market of the Beijing Stock Exchange (BSE) continued to show a fluctuating trend in September 2025, with the BSE 50 Index reaching a historical high mid-month, indicating sustained recognition of high-quality supply and expectations for institutional reforms [5][14] - The upcoming "920 code switch" for existing companies in October marks a significant step towards a unified code system, enhancing market recognition [5][14] - The market ecology is shifting from being dominated by retail investors to institutional allocation, reflecting a transition from "quantity expansion" to "quality optimization" [5][14] - Looking ahead to Q4, potential catalysts for funds include index adjustments, thematic fund issuances, and anniversary policy expectations, with a focus on "specialized, sophisticated, and new + high-end manufacturing" themes [5][14] Market Review and Valuation - As of September 29, 2025, the BSE 50 Index fell by 2.21% in September, with a maximum increase of 6.08% during the period. Year-to-date, the index has risen by 48.34% with a peak increase of 60.92% [6][15] - The average PE (TTM) for the BSE 50 Index was 76.41 times, while the median was 75.86 times. In comparison, the ChiNext Index had an average PE of 42.73 times, and the Sci-Tech Innovation Board had an average PE of 180.14 times [21][15] New Stock Dynamics - In September, three new stocks were listed on the BSE, bringing the total number of listed companies to 277. During the period from September 1 to September 29, four companies were subscribed, and three were listed [33][34] Key Company Announcements - The BSE announced that starting from October 9, 2025, existing listed companies will uniformly adopt new securities codes starting with "920," which will cover trading orders, market inquiries, and various business operations [37]

平安证券指出，电力设备及新能源行业呈现结构性景气，其中储能需求持续高增长，鹏辉能源小型储能 电芯出货量位居全球前三，固态电池技术迭代优化，能量密度提升至320Wh/Kg。海上风电领域，2025 年以来国内项目竞配、招标及施工态势良好，预计新增装机量进一步增长，同时中英合作推动整机出口 机遇。行业整体受益于技术升级与需求回暖。 （文章来源：每日经济新闻） 机械ETF（516960）跟踪的是细分机械指数（000812），该指数从沪深市场中选取涉及工程机械、工业 自动化等子领域的上市公司证券作为指数样本，以反映机械设备行业内优质公司的整体表现。细分机械 指数成分股主要为具有较高市场占有率和技术优势的机械制造企业，风格上偏向成长与价值平衡，适合 关注高端制造和产业升级趋势的投资者。 ...

内容概况：电主轴作为数控机床的核心功能部件，其性能直接决定了机床的加工效率与精度水平。随着 航空航天、汽车制造、电子信息等高端制造业的快速发展，对高精度、高复杂度零件加工的需求激增， 直接推动了电主轴市场的持续扩张。2024年，中国电主轴行业市场规模为56.77亿元，同比增长7.42%。 在技术驱动与产业升级的双重作用下，高速、高精度、大功率的电主轴已成为市场主流选择。这类高性 能产品不仅能够满足复杂曲面、微小零件等精密加工需求，更通过提升主轴转速（如超20万rpm）、降 低回转误差（≤0.05μm）、增强功率密度等技术突破，显著提升了数控机床的整体性能与加工能力。 相关上市企业：昊志机电（300503）、国机精工（002046） 相关企业：中国宝武钢铁集团有限公司、河钢集团有限公司、中信泰富特钢集团股份有限公司、中国铝 业股份有限公司、特变电工股份有限公司、上海电气集团股份有限公司、洛阳轴承集团股份有限公司、 瓦房店轴承集团有限责任公司、沈阳机床（集团）有限责任公司、大连机床集团有限责任公司、秦川机 床工具集团股份公司、金沙数控设备股份有限公司、齐重数控装备股份有限公司 关键词：电主轴、电主轴市场规模、电主 ...

上周，A股"9·24行情"迎来一周年。在过去的一年里，市场悄然发生着深刻的变化：A股主要指数大幅上涨、市场总市值首破百万亿元、公 募"翻倍基"批量出现…… 指数上扬，市场向好 "9·24行情"启动以来，上证指数累计涨幅达40.19%，深证成指涨幅超65%，北证50、科创50、创业板指等指数涨幅均超100%。其中，北证50指 数大涨163.26%。市场呈现明显的"成长强于价值"态势。 近一年市场各主要指数涨跌幅情况 公募爆发，"翻倍基"涌现 A股市场行业表现方面，近一年，电子行业成为最耀眼的明星。整体看，申万一级31个行业全线飘红，科技股领涨，带动A股估值提升。其 中，电子、通信、综合行业涨幅领先，均涨超100%；计算机、传媒、机械设备行业涨幅均超80%。仅煤炭、石油石化、公用事业行业涨幅不 足10%。 近一年申万一级31个行业涨跌幅情况 展望后市，机构认为，上涨驱动力有望持续。国泰海通证券称，投资者无需过度担忧阶段性调整：其一，两融规模、流通市值处历史均值， 两市整体估值不高，多数权重股股价处于低位，未显过热；其二，中国货币政策宽松仍有空间，增量经济支持举措有望出台。（资料来源： 国泰海通证券《波动与应对》， ...

Core Insights - The event in Nantong, Jiangsu, marked a significant moment for the Chinese high-end electric vehicle brand, Yangwang, as 22 owners of the Yangwang U8 collectively upgraded to the new flagship model, the U8L Ding Shi Edition, showcasing their trust and recognition of the brand [1][4][12] Group 1: Product Launch and Features - The Yangwang U8L Ding Shi Edition, launched on September 12, is positioned as a full-size luxury SUV with a starting price of 1.28 million yuan, targeting the core segment of the ultra-luxury market [7] - The vehicle boasts advanced safety features, including emergency flotation and stability during tire blowouts, while enhancing comfort and luxury for high-end users [7][10] - The design of the U8L is inspired by traditional Chinese "Ding" culture, featuring a body length of 5.4 meters and a 24K gold-carved logo, emphasizing unique Chinese luxury [9] Group 2: Customer Engagement and Market Reception - The event highlighted the strong appeal of the Yangwang brand among high-end consumers, as evidenced by the first global owner of the U32 model, who has purchased the entire range of Yangwang products [6][12] - The collective decision of existing U8 owners to upgrade to the U8L Ding Shi Edition indicates a growing acceptance and expectation for high-end Chinese automotive brands in the market [4][12] Group 3: Logistics and Sustainability - The delivery event coincided with the launch of BYD's eighth self-owned automobile transport ship, "Jinan," which has a capacity of 9,200 standard car slots, significantly enhancing transportation efficiency for global market expansion [3][11] - The "Jinan" ship is equipped with BYD's self-developed marine battery system, marking a major breakthrough in green shipping, aligning with global trends towards sustainable development [11]

先看最重磅的央行例会，这可是定调子的事。三季度例会明确说了要"保持流动性充裕""推动社会综合融资成本下降"，还特别提了要用好股票回购增持再贷 款，探索常态化安排来维护资本市场稳定。跟二季度比，这次删了"加力实施增量政策"，反而强调"落实存量政策""释放政策效应"。说白了，就是政策不会 急转弯，而是稳稳托着市场，给咱们这些中长线投资者吃了颗定心丸——不用怕突然的政策波动，重点看长期的稳预期。 最后说下接下来要盯的事儿，9月30号的PMI特别关键，8月是49.4，要是能回到扩张区间，那经济回暖的信号就更明确了。外围还得看美国，政府会不会关 门、非农数据怎么样，这些会影响全球资金流向，但咱中长线不用天天盯着，知道有这么个事就行。至于本周400多亿的限售股解禁，也别一看到解禁就 慌，像宁波港这种大盘股，解禁对整体走势影响有限，重点看个股的估值和基本面。 紧接着8月的工业企业利润数据也来了，单月增长20.4%，累计利润也由负转正了。可能有人觉得这数太亮眼，是不是有水分？咱客观说，确实有去年低基 数的因素，但更重要的是结构在变好。装备制造业还是"压舱石"，原材料行业利润涨得快，连消费品制造业都由降转增了，而且大中小企业利 ...

Group 1 - The index is expected to experience sideways fluctuations with a slight upward trend, closing at 3828 points this week, aligning with previous expectations [3][14]. - High-end manufacturing remains a focus, with sectors such as electric equipment (3.9%), non-ferrous metals (3.5%), and electronics (3.5%) leading the gains this week, indicating continued optimism in this area despite potential risks of chasing high prices [4][15]. - The report emphasizes the importance of low-position cyclical stocks with dividend appeal, highlighting a significant improvement in industrial profits, which shifted from a decline of 1.5% last month to a growth of 20.4% this month [7][18]. Group 2 - High-end manufacturing is projected to maintain relative advantages, with particular attention on segments like robotics and deep-sea economy, which are expected to benefit from future policy developments [5][16]. - The robotics sector is anticipated to see growth with the upcoming release of Optimus V3, although there are existing market discrepancies regarding its valuation and progress [5][16]. - The semiconductor sector continues to lead, with the domestic semiconductor index rising by 13.06% and semiconductor equipment index increasing by 11.22%, although a transition to a consolidation phase is expected after the short-term uptrend [5][16]. Group 3 - The deep-sea economy is viewed as a critical national strategy, with expectations for its performance to improve as policies are introduced, despite current market skepticism regarding its commercial value [6][17]. - The report identifies specific sectors such as power, coal, steel, chemicals, and agriculture as having potential for profit recovery, particularly in the context of low PPI and improving market conditions [7][18][19]. - The chemical industry is expected to see an improvement in supply-side dynamics, leading to enhanced profitability and dividend appeal for certain companies [19].

Core Viewpoint - The investment framework is being actively updated by fund managers in response to market changes, with a focus on balancing dividend assets and growth sectors as market dynamics evolve [1][2]. Group 1: Market Trends - The growth style, particularly in technology, has become mainstream in the market, overshadowing dividend assets that have performed well since 2022 [1]. - As of September 24, nearly all actively managed equity and mixed funds have positive net value growth rates over the past year, averaging over 50%, while dividend-related funds have an average return of 19.31% [2]. Group 2: Fund Manager Insights - Fund managers acknowledge that while the short-term advantages of dividend assets may have weakened, their long-term value remains significant [2]. - The demand for dividend assets is expected to persist due to increasing dividend payout ratios as companies move past capital expenditure peaks, supported by ample liquidity [3]. Group 3: Strategy Adjustments - The "barbell strategy" combining dividend and small-cap stocks is facing challenges, prompting a shift towards a "dividend+" era where performance differentiation among dividend assets is anticipated [4]. - Fund managers suggest that in the early stages of economic recovery, small-cap stocks may benefit from higher earnings elasticity, while dividend stocks provide defensive characteristics, indicating a need for flexible adjustments based on market conditions [4][5].