证券研究报告 2025 年 8 月 28 日 星期四 【A 股市场大势研判】 大盘冲高回落，日成交额超 3 万亿 周三，市场全天冲高回落，日成交额超 3 万亿。早盘三大指数集体高开，随后市场 震荡上行，午后大盘跳水回落。截至收盘，三大指数集体收绿，上证指数领跌。盘面上， CPO 等算力硬件股维持强势，芯片股冲高回落，稀土永磁概念股表现活跃。下跌方面，地 产股展开调整。总体上个股跌多涨少，通信、电子、有色金属、公用事业和计算机等行业 表现靠前；美容护理、房地产、综合、建筑材料和纺织服饰等行业表现靠后。概念指数方 面，F5G 概念、共封装光学(CPO)、稀土永磁、智能音箱和 WiFi6 等板块表现靠前；钛白 粉概念、兵装重组概念、天津自贸区、太赫兹和基因测序等板块表现靠后。 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3800.35 | -1.76% | -68.03 | | | 深证成指 | 12295.07 | -1.43% | -178.10 | | | 沪深 300 | 4386.1 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released guidelines aimed at optimizing business access and promoting the development of the satellite communication industry, with a target of exceeding 10 million satellite communication users by 2030, enhancing the overall development level of infrastructure, industry supply, technical standards, and international cooperation [1][2][3] Group 1: Market Expansion - The guidelines emphasize orderly market expansion by accelerating the construction and application services of satellite internet systems, promoting high-quality development of satellite internet, and conducting commercial trials for low-orbit satellite communication applications [1][2] - Support for telecom operators to collaborate with satellite companies to explore the potential of high-orbit satellite applications, facilitating direct satellite connections for mobile devices [1] Group 2: Application Scenarios - The guidelines promote the application of satellite communication in emergency communication, prioritizing national emergency communication needs and utilizing various satellite communication resources for efficient service provision [2] - Further development of satellite communication applications in natural disaster response, safety production, outdoor operations, and search and rescue [2] Group 3: Industry Ecosystem - The guidelines call for ongoing efforts in key technology breakthroughs and product development in satellite communication, enhancing the supply of core components, chips, and terminal devices [2] - Encouragement for the integration of satellite communication with 5G/6G and artificial intelligence technologies, accelerating innovation in non-terrestrial networks (NTN) [2][3] Group 4: Industry Trends - The rapid development of satellite internet and the integration of terrestrial and satellite technologies are highlighted as significant trends, with innovations in direct satellite connections for mobile devices, vehicles, and drones [3] - The guidelines aim to foster collaborative innovation across the satellite communication industry chain, contributing to the development of a modern industrial system and new productive forces [3]

Group 1 - The core viewpoint of the news is the release of the "Development Plan for Open Innovation of the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," which aims to enhance R&D innovation capabilities and improve service levels in the biopharmaceutical sector [2][3] - The plan outlines 18 key tasks across seven areas, focusing on integrated innovation throughout the entire industry chain [2] - By 2030, the plan aims for rapid growth in the biopharmaceutical industry scale, optimization of the innovation ecosystem, and significant improvements in modernization and safety capabilities [2] Group 2 - In terms of R&D innovation, the plan emphasizes the application of big data and artificial intelligence in drug target screening and medical device design, and supports clinical research in cell and gene therapy [3] - The plan proposes pilot projects for segmented production of chemical raw materials and biological products, and reforms in the supervision of imported experimental animals [3] - Financial support for biopharmaceutical innovation companies is highlighted, including listing on various stock exchanges and establishing investment funds [4] Group 3 - The plan also addresses cross-border data flow issues, proposing the establishment of a negative list for data export in the biopharmaceutical field [4] - The plan aims to create a public service platform for data export security, which is expected to facilitate more efficient data management for enterprises [4] Group 4 - The news also covers the performance of Meituan, which reported a revenue of 91.84 billion yuan for Q2, a year-on-year increase of 11.7%, but a significant drop in net profit by 89% [6] - Meituan's core local business segment saw a revenue increase of 7.7% to 65.3 billion yuan, but operating profit decreased by 75.6% due to irrational competition [6] - The company plans to eliminate overtime penalties for delivery riders by the end of 2025, improving rider experience [6] Group 5 - The report indicates that Wuliangye's revenue for the first half of the year was 52.771 billion yuan, with a net profit of 19.492 billion yuan, reflecting a year-on-year growth of 4.19% and 2.28% respectively [7] - Huaxi Securities reported a significant increase in net profit by 1195% for the first half of the year, with total revenue of 2.073 billion yuan [8] Group 6 - The Hong Kong Stock Exchange reported a dramatic increase in IPO fundraising, with a total of 128 billion HKD raised in the first seven months of the year, a year-on-year increase of over 610% [18] - The Shanghai Stock Exchange is set to launch nine new bond indices to provide diverse benchmarks and investment targets for the market [19]

Group 1 - The Ministry of Commerce will introduce policies to expand service consumption next month, utilizing fiscal and financial measures to enhance service supply capacity and stimulate new service consumption [2] - Shanghai has released implementation opinions to accelerate the renovation of urban villages, prioritizing areas with urgent public needs and safety concerns [2] - Nvidia reported Q2 revenue of $46.7 billion, exceeding expectations, and announced an additional $60 billion stock buyback, but raised concerns about slowing AI spending growth [3] Group 2 - The Shanghai Cooperation Organization summit will be held from August 31 to September 1, 2025, where member states will sign the "Tianjin Declaration" and approve the "10-Year Development Strategy" [4] - The 2025 China International Fair for Trade in Services will take place from September 10 to 14 in Beijing, with over 70 countries participating [4] - In July, profits of large industrial enterprises in China fell by 1.5% year-on-year, with high-tech manufacturing profits increasing by 18.9% [4] Group 3 - The Ministry of Finance announced that Jilin Province will implement a tax refund policy for overseas travelers starting September 1, 2025 [5] - The China Securities Regulatory Commission is enhancing cooperation with Saudi Arabia on capital market regulation and cross-border investment [5] - Guangzhou is advancing urban renewal and quality improvement, focusing on urban village and old community renovations [5] Group 4 - A-shares experienced a significant drop, with the Shanghai Composite Index falling 1.76%, marking the largest decline in five months [6] - The Hong Kong Hang Seng Index closed down 1.27%, with significant declines in the pharmaceutical, real estate, and financial sectors [7] - Hong Kong's IPO market has seen a surge, with 51 IPOs raising over HKD 128 billion in the first seven months of the year, a 610% increase year-on-year [7] Group 5 - Meituan reported a revenue of CNY 178.4 billion for the first half of 2025, a 14.7% year-on-year increase, but adjusted net profit decreased by 41% [8] - Chery Automobile received approval from the CSRC to issue up to 699 million overseas listed shares [8] - Hesai Technology, a leading manufacturer of automotive lidar sensors, is preparing for an IPO in Hong Kong, aiming to raise approximately $300 million [8] Group 6 - The China Council for the Promotion of International Trade reported a global trade friction index of 92 in June, indicating a moderate level of trade tensions [15] - U.S. Treasury Secretary Becerra mentioned that there are strong candidates for the Federal Reserve Chair position, with announcements expected in the fall [15] - The U.S. stock buyback scale for 2025 has reached $1 trillion, the fastest time to reach this milestone [16]

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 寒武纪上半年营收大增43倍，AI产业链企业业绩亮眼 8月26日晚，寒武纪发布2025年半年度报告，上半年实现营业收入28.81亿元，同比增长4347.82%；净利 润10.38亿元，同比扭亏。二级市场上，其股价自7月11日以来累计涨幅超150%，总市值从2190亿元攀 升至5560亿元。当晚，AI产业链多只大牛股也披露中报，胜宏科技上半年净利同比增长366.89%，中际 旭创同比增长69.40%。26日A股收盘后，国务院发布相关意见利好人工智能产业。详情>> 美团二季度营收增长，将取消骑手超时罚款 8月27日，美团发布2025年第二季度财报，营收918亿元，同比增长11.7%，经调整净利润15亿元。核心 本地商业板块营收653亿元，同比增长7.7%；新业务板块营收265亿元，同比增长22.8%。美团骑手体验 运营负责人表示，将在2025年年底前全面 ...

Group 1 - The U.S. stock market saw slight gains with the Dow Jones up 0.32%, S&P 500 up 0.24%, and Nasdaq up 0.21% [4] - Major tech stocks mostly rose, with Intel increasing over 2%, while Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 2.58% [4] - International precious metal futures generally rose, with COMEX gold futures up 0.55% at $3451.80 per ounce and silver futures up 0.22% at $38.69 per ounce [5] Group 2 - The U.S. government is considering acquiring a stake in TSMC, raising concerns in Taiwan's industry about potential impacts on its industrial foundation [9] - The Chinese government approved a plan for the Jiangsu Free Trade Zone to enhance the biopharmaceutical industry's innovation and development, aiming for significant growth by 2030 [8] Group 3 - Huawei launched three new AI SSD products, achieving the industry's largest single-disk capacity of up to 245 TB, enhancing its competitive edge in the AI sector [19] - Meituan reported a revenue of 918 billion yuan for Q2 2025, a year-on-year increase of 11.7%, but anticipates significant losses in its core local business in Q3 due to high competition [23] - Chipmaker Cambrian Technology's stock price surged, briefly surpassing Kweichow Moutai to become the new "stock king," with a remarkable revenue increase of 4347.82% year-on-year [22] Group 4 - Chery Automobile received approval for its IPO and the full circulation of its unlisted shares, indicating potential for increased funding and market recognition [24] - Xpeng Motors launched its new P7 model with prices starting at 219,800 yuan, achieving over 10,000 pre-orders within 7 minutes, indicating strong market interest [26] - Wuliangye reported a slight increase in revenue and net profit for the first half of 2025, with revenue at 52.77 billion yuan, a 4.19% increase year-on-year [30]

Core Viewpoint - The Ministry of Industry and Information Technology of China has issued guidelines to optimize business access and promote the development of the satellite communication industry, proposing 19 measures to enhance market openness and encourage private enterprises to utilize satellite resources [1][2]. Group 1: Market Expansion and Application Scenarios - The guidelines support the accelerated development of low Earth orbit (LEO) satellite internet and the establishment of satellite internet systems, aiming for high-quality development and global broadband coverage [2]. - There is encouragement for telecom operators to explore direct satellite connections for terminal devices, enhancing services like voice and messaging through satellite networks [2]. - The guidelines promote the application of satellite communication in emergency services, ensuring that national emergency communication needs are prioritized [3]. Group 2: Industry Ecosystem Development - The guidelines emphasize the need for breakthroughs in key core technologies related to satellite communication, enhancing the supply of essential components and reducing user costs [4]. - An open and shared standard system for satellite communication is to be established, promoting collaboration among industry players to achieve standardization and compatibility [4]. Group 3: Resource Optimization - The guidelines propose innovative management of frequency and orbital resources to support the development of low Earth orbit satellite constellations, including the issuance of radio station licenses and frequency usage permits [4].

Group 1 - The core viewpoint of the news is the rapid development and popularization of satellite communication technology in China, highlighted by the Ministry of Industry and Information Technology's release of 19 measures to promote the industry [1][5] - By 2030, China aims to have over 10 million satellite communication users, indicating a significant push towards expanding the user base [3] - The reform measures focus on three main areas: supporting the development of low Earth orbit satellite internet, enabling telecom operators to connect terminal devices directly to satellites, and conducting commercial trials for satellite IoT [5][7] Group 2 - The guidance also emphasizes expanding application scenarios for satellite communication, including emergency communication, digital benefits, and integrated innovation, with the potential to create a new trillion-dollar market [9] - Future developments are expected to see satellite communication integrated with terrestrial mobile communication, with applications across various industries such as mobile phones, automobiles, and drones [9]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released guidelines aimed at optimizing business access and promoting the development of the satellite communication industry, with a target of over 10 million satellite communication users by 2030, enhancing the integration of satellite communication into the new development pattern to support high-quality economic and social development [1][2][3] Group 1: Market Expansion and Application Scenarios - The guidelines emphasize orderly market expansion and the continuous exploration of application scenarios, including the promotion of satellite internet system construction and application services, and the initiation of commercial trials for low-orbit satellite communication [1][2] - The guidelines also highlight the importance of satellite communication in emergency communication, prioritizing national emergency needs and utilizing various satellite resources for efficient service provision during natural disasters and other emergencies [2] Group 2: Industry Ecosystem and Technological Development - The guidelines call for the cultivation and expansion of the satellite communication industry ecosystem, focusing on key technology breakthroughs and product development to enhance supply levels of core components, chips, and terminal devices [2] - The integration of satellite communication with emerging technologies such as 5G/6G and artificial intelligence is encouraged to accelerate innovation in satellite communication technologies [2][3]

Group 1 - The core viewpoint of the news is the issuance of guidelines by the Ministry of Industry and Information Technology to promote the development of the satellite communication industry, aiming for high-quality growth and innovation in commercial aerospace [1][2] - By 2030, the satellite communication management system and policies are expected to be further improved, with a significant increase in the number of satellite communication users exceeding ten million, and new business models like direct satellite connections for mobile phones being widely applied [1] - The guidelines encourage market openness, including commercial trials for low-orbit satellite communications, and support for telecom operators and satellite companies to collaborate and share resources [1] Group 2 - The rapid development of satellite internet is highlighted, with the integration of terrestrial and satellite technologies becoming a significant trend in the information and communication technology industry [2] - Innovations such as direct satellite connections for mobile phones, cars, and drones are actively being explored, indicating a shift of satellite communication from specialized fields to mainstream applications [2] - This shift is expected to create new economic growth points, enhancing the overall market for satellite communications [2]