Market Overview - A-shares experienced a pullback after reaching a 10-year high, with the Shanghai Composite Index adjusting quickly, while the Shenzhen Component, Sci-Tech 50, and ChiNext also consolidated after hitting multi-year highs. Weekly trading volume increased to 12.59 trillion yuan [1] - Margin trading saw a significant net buy of 50.8 billion yuan this week, marking the 13th consecutive week of net purchases exceeding 10 billion yuan, with the margin balance reaching a historical high of 2.39 trillion yuan [1] Sector Performance - The electronics sector attracted nearly 15 billion yuan in net financing for the week, leading all sectors, while non-bank financials saw over 6.5 billion yuan in net purchases. Other sectors like machinery, automotive, and power equipment each received over 4 billion yuan in net inflows [1] - The electronic industry recorded a net inflow of 41.6 billion yuan for the week, maintaining the top position, with net inflows of 104.5 billion yuan over the last 20 trading days and 380.7 billion yuan over the last 60 trading days [1] - The metals sector experienced a net outflow of over 13.1 billion yuan, while pharmaceuticals saw a net outflow of over 9 billion yuan, and banks and food & beverage sectors also faced significant net outflows [1] Future Outlook - According to招商证券, the A-share market is expected to continue along low penetration rate tracks, focusing on eight key areas: AI, humanoid robots, solid-state batteries, controllable nuclear fusion, military trade, commercial aerospace, semiconductor self-sufficiency, and innovative pharmaceuticals [2] - 中金公司 suggests that the A-share market is in a short-term adjustment phase with limited downside risk, as rapid increases in trading volume typically do not alter the medium-term trend [2] - The upcoming 20th Central Committee's Fourth Plenary Session is anticipated to discuss the "14th Five-Year Plan" recommendations, which may increase investor focus on long-term reform directions [2] Sector Highlights - The technology sector continues to strengthen, particularly in the chip sector, with the photolithography machine segment performing exceptionally well, achieving historical highs during market adjustments [2] - The tourism sector is experiencing a surge, with indices reaching a four-and-a-half-year high, driven by strong performance from companies like Yunnan Tourism and Qujiang Cultural Tourism [4] - Data from 同程旅行 indicates a significant increase in travel demand, with popular outbound travel routes selling out quickly and a projected record number of tourists and tourism revenue during the National Day holiday [6]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company has experienced significant growth in its active business segment, with a revenue increase of 57.8% year-on-year, reaching 2.46 billion yuan in the first half of 2025 [1] - The company's net profit attributable to shareholders rose by 37.5% year-on-year to 900 million yuan in the same period [1] - The active business is expected to continue its growth trajectory, driven by strong demand for high-speed optical modules and the ongoing expansion of production capacity in Thailand [2][3] Financial Performance - In the first half of 2025, the company's revenue from passive business reached 860 million yuan, a year-on-year increase of 23.8% [2] - The company's revenue for Q2 2025 was 1.51 billion yuan, with a quarter-on-quarter growth of 83.3% and a year-on-year growth of 60.0% [1] - The net profit for Q2 2025 was 560 million yuan, reflecting a quarter-on-quarter increase of 49.6% and a year-on-year increase of 66.3% [1] Business Development - The company is positioned as a core supplier for NVIDIA's CPO (Coherent Photonic Optics) project, which is expected to enhance its competitive edge in the active business segment [3] - The company has established a vertically integrated business model that is anticipated to further increase the proportion of active business in its overall revenue [5] - The domestic revenue for the company in the first half of 2025 was 530 million yuan, showing a year-on-year growth of 71.7% [5] Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted upwards, with expected net profits of 2.04 billion yuan, 3.48 billion yuan, and 4.52 billion yuan for 2025, 2026, and 2027 respectively [6] - The report indicates that the closing price on September 18, 2025, corresponds to a price-to-earnings ratio (P/E) of 68.5 for 2025, 40.2 for 2026, and 31.0 for 2027 [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On September 18, all four major stock index futures contracts for the current month declined. The IF dropped 1.35%, the IH fell 1.45%, the IC decreased 1%, and the IM declined 1.19%. In the short term, the stock index futures may rebound, and the slow - bull pattern in the trend is becoming clearer [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 57,520 lots, 35,836 lots, 72,444 lots, and 143,070 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 14,691 lots, 10,071 lots, 19,056 lots, and 25,806 lots respectively [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **September 18 Quotes**: The closing prices of the four major stock index futures all decreased. For example, the closing price of IF2509 was 4,487.2, down 1.35%; IH2509 was 2,910.8, down 1.45%; IC2509 was 7,171.6, down 1%; IM2509 was 7,454.8, down 1.19%. There were also corresponding changes in trading volume, open interest, and basis [1]. - **Trading Volume and Open Interest Changes**: The total trading volume of all four major stock index futures increased, and the total open interest also showed an upward trend [2][3]. 3.2 Long and Short Positions of Top 20 Members - For different contracts such as IF2509, IH2509, IC2509, and IM2509, there were changes in the increase or decrease of long and short positions. For example, in IF2509, long positions decreased by 17,195, and short positions decreased by 18,103 [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1, indicating a certain degree of upward trend [7]. 3.4 Important Drivers - In the overseas market, chip stocks boosted the four major US stock indexes to record highs, while Chinese concept stocks declined. In the domestic A - share market, the Shanghai Composite Index fell 1.15%, the Shenzhen Component Index fell 1.06%, and the ChiNext Index fell 1.64%. The trading volume reached 3.17 trillion yuan, an increase from the previous day [8].

Market Overview - A-shares experienced a significant decline with all three major indices closing lower, as the Shanghai Composite Index fell below the 20-day moving average [1] - The Shanghai Composite Index closed at 3831.66 points, down 1.15%; the Shenzhen Component Index closed at 13075.66 points, down 1.06%; and the ChiNext Index closed at 3095.85 points, down 1.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.135 trillion yuan [1] Sector Performance - The market showed a broad decline across sectors, with notable strength in the automotive services and tourism hotel sectors, which performed well against the trend [1] - The precious metals, energy metals, non-ferrous metals, real estate services, diversified finance, small metals, and securities sectors experienced the largest declines [1] Notable Stocks - CPO and other computing hardware stocks were active, with companies like Dekor and Changfei Optical Fiber hitting the daily limit [1] - Tourism stocks showed resilience, with Yunnan Tourism and Qujiang Cultural Tourism both reaching the daily limit [1] - Semiconductor stocks initially surged but then retreated, with companies like Zhongwei and Saiwei Microelectronics rising over 10% [1] - The non-ferrous metals sector saw significant declines, particularly with Xiaocheng Technology experiencing a sharp drop [1] - Brokerage and fintech stocks adjusted, with Dazhihui falling over 8% [1] Analyst Insights - Dongfang Securities noted that recent market fluctuations are primarily driven by sector trading and sentiment, without altering the overall upward trend of the market [1] - In terms of sector allocation, there is a recommendation to focus on industries with concentrated short-term capital, such as semiconductors and robotics, while being cautious of high and low cuts [1]

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 | 排名 | 代码 | 基金简称 | 2025-09-18 | | 2025-09-17 | | EMEC | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 单位净值8 | 累计净值$ | 单位净值8 | 累计净值% | | | 1 | 013840 | 银华集成电路混合A | 1.3106 | 1.3106 | 1.2578 | 1.2578 | 0.05 | | 2 | 013841 | 银华集成电路混合C | 1.3007 | 1.3007 | 1.2483 | 1.2483 | 0.05 | | 3 | 025416 | 新华优选分红混合C | 1.0452 | 1.0452 | 1.0071 | 1.0071 | 0.03 | | 4 | 519087 | 新华优选分红混合A | 1.0128 | 4.8173 | 0.9759 | 4.7579 | 0.03 | | 5 | 025 ...

（原标题：数据复盘丨CPO、同步磁阻电机等概念走强 龙虎榜机构抢筹13股） 9月18日，上证指数、深证成指早盘一度小幅走低，随后回升上扬，午后震荡回落，尾盘有所回升；创业板指早盘低开低走，随后震荡回升，午后 回落走低，尾盘有所回升；科创50指数早盘高开高走，随后震荡回落，午后持续回落，尾盘有所回升；沪深两市成交额再度突破3万亿元。截至收 盘，上证指数报3831.66点，跌1.15%，成交额13660亿元；深证成指报13075.66点，跌1.06%，成交额17692亿元；创业板指报3095.85点，跌 1.64%，成交额8350.58亿元；科创50指数报1380.35点，涨0.72%，成交额1396亿元。沪深两市合计成交31352亿元，成交额较上一交易日增加 7584.42亿元。 CPO、同步磁阻电机等概念走强 天普股份12连板 盘面上来看，行业板块、概念跌多涨少。其中，有色金属、证券、保险、传媒、房地产、美容护理、农林牧渔、银行等行业跌幅居前；券商、黄 金、锂矿、租售同权、猪肉、稀土永磁、数据确权、供销社、钛白粉等概念走势较弱。今日仅有电子、通信、旅游酒店等少数几个行业上涨； CPO、同步磁阻电机、光通信模块 ...

Market Overview - The Shanghai Composite Index closed at 3831.66 points, down 1.15%, with a trading volume of 13659.62 billion yuan [1] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, with a trading volume of 17691.95 billion yuan [1] - The ChiNext Index closed at 3095.85 points, down 1.64%, with a trading volume of 8295.09 billion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, coal, real estate, insurance, oil, banking, and liquor all experienced declines [1] - The tourism and catering sector showed resilience, rising against the market trend [1] - The semiconductor and chip concepts were strong, with AI-related stocks in the CPO sector being particularly active [1]

Market Overview - The A-share market experienced a rapid pullback after an initial surge, with the Shanghai and Shenzhen stock exchanges recording a total trading volume of 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day, marking the third highest volume of the year [1] - The overall market saw a decline, with over 4,600 stocks falling [1] Sector Performance - The robotics sector continued its strong performance, with Shoukai Co. hitting the daily limit for the 12th time in 11 trading days, while Jingxing Paper and Junsheng Electronics achieved three consecutive limit-ups [1] - Low-priced stocks showed active performance, with Xiangjiang Holdings, Shanzi Gaoke, and Shanghai Construction Group achieving five consecutive limit-ups [1] - The semiconductor industry chain saw a counter-trend rise, with SMIC reaching a historical high [1] - In contrast, the non-ferrous metals sector experienced significant declines, with Xiaocheng Technology suffering a substantial drop [1][2] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 1.15%, the Shenzhen Component Index decreased by 1.06%, and the ChiNext Index dropped by 1.64% [3]

连板股方面，*ST威尔18天14板，天普股份12连板，首开股份12天11板，*ST正平12天9板，*ST亚太9连 板，香江控股5连板，万向钱潮、泰慕士4连板，飞乐音响5天3板，均胜电子、科博达等3连板，全筑股 份4天2板，三花智控、凯迪股份3天2板，金发科技、亚普股份等2连板，工业富联、瑞芯微等涨停。 *ST高鸿连续5日跌停，*ST东通连续4日跌停。 9月18日午间，A股半日下来共有76只涨停股、2只跌停股。先进封装概念活跃，山子高科5连板，朗迪 集团涨停；CPO概念走强，亨通光电、德科立涨停。 ...

Core Viewpoint - The recent surge in the A-share optical communication sector, driven by Oracle's significant contract and performance guidance, has led to a collective market capitalization exceeding 1 trillion yuan for key players like Tianfu Communication, New Yisheng, and Zhongji Xuchuang [2][23]. Company Overview - Tianfu Communication, founded by Zou Zhinong in 2005, has evolved from a small workshop to a key supplier in the global AI computing network, focusing on optical communication components [26][24]. - The company has achieved a market capitalization of approximately 141.5 billion yuan as of September 17, 2023, with Zou Zhinong's personal wealth reaching around 53.7 billion yuan [3][14]. Industry Context - The global optical module market is projected to grow from $11.2 billion in 2020 to $23.5 billion by 2025, driven by massive investments from cloud giants in AI infrastructure [23][25]. - The demand for optical modules is increasing as traditional copper cables reach their physical limits, leading to a shift towards optical solutions [13][23]. Technological Advancements - Tianfu Communication has developed a unique ceramic sleeve for optical fiber connections, breaking the monopoly of Japanese companies and reducing costs by 30% [5][6]. - The company has expanded its product offerings through acquisitions, becoming a comprehensive optical device service provider with over 200 patents [7][8]. Financial Performance - In 2024, Tianfu's revenue reached 3.252 billion yuan, a year-on-year increase of 67.74%, with a net profit of 1.344 billion yuan, reflecting an 84.07% growth [14][15]. - The company's net profit margin for 2024 was 41.3%, indicating strong profitability [10]. Market Position - Tianfu holds over 40% of the global market share for ceramic sleeves and 70% for optical module components within NVIDIA's supply chain [8][24]. - The company is recognized as a key player in the AI computing infrastructure, supplying critical components to major tech firms like Huawei and NVIDIA [20][21]. Strategic Direction - Tianfu is focusing on the next-generation optical communication technology, CPO, which is essential for overcoming computing bottlenecks in AI applications [11][12]. - The company maintains a flexible positioning in the supply chain, allowing it to adapt to various technological routes chosen by major clients [12]. Future Outlook - The optical communication industry is expected to experience significant growth, with emerging technologies like 6G and satellite internet creating new demand [25][26]. - Tianfu's commitment to high-quality manufacturing and technological innovation positions it well for future opportunities in the evolving market landscape [27][28].