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 saw fluctuations after 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 buying exceeding 10 billion yuan, with a total margin balance reaching 2.39 trillion yuan, a historical high [1] Sector Performance - The electronics sector attracted nearly 15 billion yuan in net margin buying over the week, leading the market, followed by non-bank financials with over 6.5 billion yuan. Other sectors like machinery, automotive, and power equipment also saw net buys exceeding 4 billion yuan [1] - The electronics sector 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 days, significantly outpacing other sectors [1] - Conversely, the non-ferrous metals sector saw a net outflow of over 13.1 billion yuan, with pharmaceuticals and banking also experiencing 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 sectors including 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 while A-shares are in a short-term adjustment phase, the downward risk is limited, and the upcoming 20th Central Committee's Fourth Plenary Session is likely to enhance investor focus on medium to long-term reform directions [2] Sector Highlights - The technology sector remains strong, particularly in the chip sector, with the photolithography machine segment performing best, achieving historical highs during market adjustments [2] - The tourism sector has shown resilience, with indices rising against market trends and reaching a 4.5-year high, driven by increased travel demand ahead of the Mid-Autumn and National Day holidays [3] - Data from 同程旅行 indicates a significant surge in travel searches and ticket sales for popular routes, with outbound tourism seeing a 130% increase compared to last year, particularly in Europe and North America [3]

Core Viewpoint - Huawei's Full Connect 2025 Conference showcased the Lingqu Unified Interconnection Protocol, announcing the launch of Ascend 950/960/970 and Kunpeng 950/960 over the next three years, highlighting the gradual enhancement of domestic AI computing chip capabilities amid US-China tensions [9][58]. Group 1: AI Computing Chip Development - The Ascend NPU roadmap includes the release of Ascend 950 (PR and DT versions) in 2026, followed by 960 in 2027 and 970 in 2028, with significant performance improvements [15][20]. - The Kunpeng CPU will see the launch of Kunpeng 950 in late 2026 and Kunpeng 960 in early 2028, supporting advanced computing needs [20][34]. - Domestic chip manufacturers like Haiguang and Cambricon are projecting substantial revenue growth, with Haiguang targeting a CAGR of 44% over three years [3][58]. Group 2: Advanced Manufacturing and Semiconductor Industry - The domestic lithography machine industry is focusing on complete machines and related components, with expectations for advanced process expansion by 2026 [3][59]. - The domestic semiconductor industry is expected to benefit from the acceleration of independent and controllable demands, particularly in advanced logic and storage production lines [3][62]. Group 3: Storage and Edge Computing - The demand for inference and edge computing storage is increasing, with significant growth expected in AI PCs, smartphones, and wearable devices by 2026 [4][58]. - Domestic manufacturers are enhancing their enterprise storage product lines, with companies like Jiangbolong and Baiwei Storage launching new enterprise-level solutions [4][58]. Group 4: Investment Recommendations - Investment opportunities are suggested in AI computing chips, high-end chip manufacturing, packaging, storage, and related equipment and materials [5].

Core Insights - The Hong Kong stock market saw a net inflow of 98.38 billion HKD from Northbound trading on September 19, with the Shanghai Stock Connect contributing 52.83 billion HKD and the Shenzhen Stock Connect contributing 45.55 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Shankai Holdings (00412), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) [1] - The most sold stocks included Tencent (00700), Xiaomi Group-W (01810), and Yangtze Optical Fibre and Cable (06869) [1] Group 2: Individual Stock Details - Alibaba-W (09988) recorded a net inflow of 17.26 billion HKD, driven by positive news regarding its AI chip development [5] - Shankai Holdings (00412) received a net inflow of 22.4 billion HKD, with a focus on its public shareholding compliance [4] - Bubble Mart (09992) saw a net inflow of 9.01 billion HKD, with analysts suggesting that recent price adjustments do not indicate a decline in IP popularity [5] - Semiconductor stocks like Huahong Semiconductor (01347) and SMIC (00981) received net inflows of 2.37 billion HKD and 930.1 million HKD respectively, amid optimistic market outlooks [5] Group 3: Market Trends - The semiconductor sector is experiencing a rapid increase in interest, with companies like TSMC and SMIC providing positive forecasts [5] - The demand for AI-related products is expected to drive significant revenue growth for companies involved in AI server production, such as Hongteng Precision (06088) [6]

2018年，王哲宇转向行业研究，初期覆盖消费与健康板块，后续则聚焦于电力设备与汽车赛道。彼时， 这两大行业正迎来爆发式增长，新能源电动车需求集中释放。到了2021年，行业从见顶到逐渐走弱，让 王哲宇逐渐学会在市场狂热时保持理性，在调整阶段寻找结构性机会。 2024年8月，王哲宇正式独立管理基金产品。在管理产品初期，他便确立了"核心+卫星"的组合构建思 路。"核心"部分锚定产业逻辑清晰、成长确定性强的领域，"卫星"则用于挖掘具备潜力的细分赛道机 会，在控制风险的同时保留弹性。这一配置思路为其后续应对市场波动奠定了基础。 在投资风格上，王哲宇明确表示自己并非"右侧"行情的追逐者。在他看来，当行业进入右侧阶段，看似 企业业绩在充分释放，但估值往往已过度兑现，暗藏的风险不容忽视。"一旦需求放缓，前期高估值下 的企业盈利可能受到较大冲击，这是需要从战略层面警惕的关键节点。" 正是出于对右侧风险的重视，在经过反复沟通和深度复盘后，王哲宇决定产品配置重心不仅局限在原先 单一的汽车产业电动化与智能化转型，更着眼于半导体自主可控与算力升级对汽车产业升级的影响。这 一调整并非盲目切换，而是基于对产业阶段的深度判断，"国产算力已不 ...

一、证券市场回顾 南财金融终端数据显示，昨日(9月18日，下同)上证综指日内下跌1.15%，收于3831.66点，最高3899.96 点；深证成指日内下跌1.06%，收于13075.66点，最高13328.1点；创业板指日内下跌1.64%，收于 3095.85点，最高3168.68点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-1.0%。其中按照不同分类，规模指数ETF中招商中证A50ETF收益率最 高，为10.04%；行业指数ETF中华安上证科创板新一代信息技术ETF收益率最高，为2.04%；策略指数 ETF中华夏中证红利质量ETF收益率最高，为-0.54%；风格指数ETF中南方上证科创板成长ETF收益率 最高，为2.22%；主题指数ETF中广发中证半导体材料设备主题ETF收益率最高，为5.55%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：招商中证A50ETF（10.04%）、广发中证半导体 材料设备主题ETF（5.55%）、华夏中证半导体材料设备主题ETF（4.56%）。涨幅前10详情见下表： | 美别 | 代码 | 基金名 ...

消息面上，英伟达将投资50亿美元于英特尔，每股价格为23.28美元。交易完成后，英伟达将成为英特 尔最大股东之一，持股比例可能达到4%或更高。在数据中心领域，英特尔将为英伟达定制x86 CPU， 由英伟达将其集成至人工智能基础设施平台并投放市场。在个人计算领域，英特尔将生产并向市场供应 集成英伟达RTX GPU芯片的x86 系统级芯片。周四，英特尔(INTC.)收涨逾22%；英伟达(NVDA.US)收 涨逾3% 国信证券日前发布研报称，继北美算力产业链高速增长的业绩兑现催化主线行情之后，半导体在台积电 上修年度业绩指引、中芯国际和华虹半导体在法说会上对未来订单及景气乐观展望的背景下，迎来板块 性快速上涨行情，半导体自主可控再度成为市场焦点。该行指出，商务部对美产模拟芯片发起反倾销调 查，推荐模拟芯片和晶圆代工板块；阿里百度自研算力芯片，国产模型训练逐渐脱钩海外。 芯片股延续近期涨势，截至发稿，华虹半导体(01347)涨7.25%，报62.15港元；中芯国际(00981)涨 3.96%，报72.25港元；晶门半导体(02878)涨3.85%，报0.54港元；宏光半导体(06908)涨3.39%，报0.61港 元 ...

Group 1 - Semiconductor stocks continue to rise, with notable increases in shares of Huahong Semiconductor (+7.25%), SMIC (+3.96%), and others [1] - Nvidia plans to invest $5 billion in Intel, potentially becoming one of its largest shareholders with a stake of 4% or more [1] - Intel will customize x86 CPUs for Nvidia in the data center sector and produce x86 system-on-chip solutions integrated with Nvidia's RTX GPUs for personal computing [1] Group 2 - Guosen Securities reports a rapid increase in the semiconductor sector, driven by TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Huahong Semiconductor [1] - The Ministry of Commerce has initiated anti-dumping investigations on US-made analog chips, highlighting a focus on domestic chip production and wafer foundry sectors [1] - Domestic companies like Alibaba and Baidu are developing their own computing chips, indicating a gradual decoupling from overseas technologies in model training [1]

Core Viewpoint - The M&A market in the Sci-Tech Innovation Board is experiencing significant growth driven by policy incentives and industrial demand, with a notable shift from valuation-driven to industry-driven mergers and acquisitions [1][6]. Group 1: M&A Activity and Trends - As of September 18, 2025, over 70 new M&A transactions have been disclosed, with strategic emerging industries like electronics, new energy, and biomedicine becoming hotspots [2]. - In August 2025 alone, there were 7 major asset restructuring or capital increase acquisition cases, with the semiconductor sector being the dominant player, accounting for 5 of these cases [2]. - Major semiconductor companies like SMIC and Huahong are optimizing their capacity layout through acquisitions, focusing on technology complementarity and capacity synergy rather than mere scale expansion [2]. Group 2: Financial and Policy Environment - The revised M&A regulations by the China Securities Regulatory Commission in May 2025 have significantly shortened the review time for high-quality large-cap company acquisitions and relaxed financial and payment conditions [5]. - The introduction of DeepSeek AI in early 2025 has revitalized the high-tech sector and positively impacted the overall economic environment, facilitating M&A activities [3]. Group 3: Strategic Focus and Future Outlook - The current wave of M&A is characterized by a shift from "valuation-driven" to "industry-driven," with companies focusing on core business and enhancing competitive advantages through industrial chain integration [6]. - The Sci-Tech Innovation Board's M&A activity is positively correlated with the performance of the secondary market, as evidenced by the 41.04% increase in the Sci-Tech 50 Index this year [6]. - Future trends in M&A are expected to include an expansion of cross-border acquisitions and deeper vertical integration in sectors like AI chips and automotive semiconductors, driven by both policy and market incentives [6].

2025.09.18 本 文字数：2301，阅读时长大约4分钟 作者 | 第一财经 后歆桐 美联储如期公布9月利率决议，降息25个基点，点阵图并暗示年内还有两次降息，完全符合市场预期。 虽然点阵图预示明年或仅降息1次，随后等到2027年再降息一次，2028年停止降息，但美联储主席鲍威 尔表示，点阵图显示为个人预测并非计划，政策未设定预设路径。 中金公司发布研报称，美联储9月降息25个基点，符合市场预期。美联储较好回应了市场的关切，但也 保持了克制。此前期待的降息50个基点并未出现，决策者对于下一步降息存在较大分歧。由于就业数据 过于疲软，预计联储或将于10月再次降息，但在这之后，通胀升温将使降息门槛越来越高，货币宽松空 间也将受限。当前美国经济的症结并非需求不足，而是成本上升。 据芝商所"美联储观察"（CME Fedwatch）分析，美联储10月维持利率不变的概率为12.3%，降息25个基 点的概率为87.7%。美联储12月维持利率不变概率为1.1%，累计降息25个基点的概率为19.0%，累计降 息50个基点的概率为79.9%。 日股再创历史新高 日经225指数18日开盘即快速拉涨，截至9点半左右，已上涨0. ...

Group 1 - The Hong Kong stock market showed mixed performance with the Hang Seng Index and Hang Seng China Enterprises Index turning negative, while the Hang Seng Tech Index rose over 1% at one point [1] - The largest ETF tracking the Hang Seng Tech Index (513180) followed the index upward, with leading stocks such as Hua Hong Semiconductor, Horizon Robotics, SMIC, Baidu Group, Meituan, and NIO showing strong gains [1] - The Federal Reserve's decision to cut interest rates by 25 basis points and the expectation of two more rate cuts this year were highlighted, with a focus on the uncertainty surrounding future rate cuts due to the changing economic landscape in the U.S. [1] Group 2 - East Money Securities noted that for Chinese assets, the interest rate cut is a positive development, and the focus remains on domestic factors [2] - The semiconductor sector gained attention, with Hua Hong Semiconductor rising over 10% and SMIC increasing by over 7%, driven by the focus on self-sufficiency in semiconductors [2] - Baidu's Kunlun chip winning a bid for China Mobile's procurement project indicates ongoing commercialization of domestic AI chips, with applications expanding in leading internet companies [2]