Market Overview - A-shares experienced a slight increase with reduced trading volume, while government bond futures rose across the board [1][2] - The technology sector showed strong performance, leading the market with significant gains in the ChiNext and STAR Market indices [2][3] Stock Market Analysis - The Shanghai Composite Index rose by 0.22% to 3828.58 points, with the ChiNext Index increasing by 0.55% and the STAR Market gaining 3.38% [2] - Total trading volume in A-shares was 2.14 trillion yuan, down from 2.35 trillion yuan the previous day [2] - The technology sector remained the market's main focus, with notable declines in several weight-loss drug stocks [2] Bond Market Analysis - Government bond futures showed a "short weak long strong" pattern, with the 30-year contract rising by 0.22% and the 10-year contract by 0.20% [5] - The People's Bank of China (PBOC) resumed 14-day reverse repos, injecting 300 billion yuan into the market, contributing to a net injection of 260.5 billion yuan for the day [5][6] Commodity Market Analysis - Precious metals performed strongly, with silver rising by 3.81% and gold by 2.01%, driven by expectations of continued monetary easing [7] - The shipping index increased by 2.00%, while most basic metals saw gains, including tin and copper [7] Policy and Economic Outlook - The State Council's new policies aim to stabilize the capital market, with a focus on the technology sector, which now accounts for over 25% of A-share market capitalization [3] - The Ministry of Industry and Information Technology introduced a plan for the steel industry, targeting an average annual growth of 4% over the next two years, emphasizing structural adjustments and high-quality development [9] Trading Hotspots - Key sectors to watch include rare metals, artificial intelligence, domestic chips, and consumer goods, driven by factors such as central bank policies and economic recovery [11][12] - The current market environment suggests a potential "dual bull" scenario for both stocks and bonds, with a focus on sectors benefiting from monetary easing and policy support [12]

[Table_Main] 证券研究报告 | 策略点评 2025 年 09 月 22 日 策略点评 证券分析师 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 缩量上涨，科技领先 [Table_Summary] 投资要点： 摘要。2025 年 9 月 22 日周一，A 股市场缩量上涨。国债期货全线上行。商品涨跌 参半，贵金属品种表现亮眼。 一、市场行情分析 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 1）股票市场：缩量上涨，科技强势 2)债券市场：短弱长强，整体上行 请务必阅读正文之后的信息披露和法律声明 图 1：摩尔线程上市有望提振 GPU 板块 资料来源：Wind，德邦研究所 大盘缩量上行，指数全线上涨。今日 A 股市场整体缩量上行。截至收盘，上证指 数涨 0.22%报 3828.58 点，深证成指涨 0.67%，创业板指涨 0.55%，北证 50 涨 0.71%，科创 50 涨 3.38%，万得 ...

Market Overview - The Shanghai Composite Index rose by 0.22%, while the Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 Index also experienced varying degrees of increase, with the Sci-Tech Innovation 50 Index rising by 3.38% [1] - A total of 65 stocks hit the daily limit up, an increase of 15 from the previous day, while 8 stocks hit the limit down, a decrease of 13 [2] Sector Characteristics - The most stocks hitting the daily limit up were from the automotive parts, consumer electronics, and specialized equipment sectors [3] - The automotive parts sector saw 7 stocks limit up, driven by consumer stimulus policies and unexpected export growth [4] - The consumer electronics sector had 6 stocks limit up, benefiting from new product launches and demand recovery [4] - The specialized equipment sector had 5 stocks limit up, supported by policy backing and rising order demand [4] Concept Characteristics - The most stocks hitting the daily limit up were in the robotics, domestic chip, and computing power concepts [5] - The robotics concept had 14 stocks limit up, driven by policy support and industry upgrades [5] - The domestic chip concept had 8 stocks limit up, accelerated by domestic substitution and strong policy support [5] - The computing power concept had 6 stocks limit up, supported by policy backing and increasing data demand [5] Notable Stocks - Among the limit-up stocks, 9 reached historical highs, indicating strong market interest and clear upward trends [6] - The top 5 stocks with the highest net inflow of main funds included Zhongke Shuguang, Yingweike, and Lixun Precision [8] - The top 5 stocks with the highest proportion of net inflow relative to market value included Zhongdian Xindong, Wanrun Technology, and Zhejiang University Network [9] Continuous Limit-Up Stocks - There were 54 first-time limit-up stocks today, with 6 stocks achieving a second consecutive limit up, and 5 stocks achieving three or more consecutive limit ups [11] - The top 5 stocks with the highest consecutive limit-up counts included Hangdian Co., Yunnan Tourism, and Hongdou Co. [11]

Market Overview - The Shanghai Composite Index rose by 0.22%, while the Shenzhen Component Index, ChiNext Index, and STAR Market 50 Index also experienced varying degrees of increase, with the STAR Market 50 Index rising by 3.38% [1] - The number of stocks hitting the daily limit increased, with a focus on the AI industry chain, particularly in the fields of robotics, domestic chips, and computing power [1][2] - The median change in individual stock prices was -0.39%, indicating more stocks declined than rose [1] Industry Highlights - The automotive parts, consumer electronics, and specialized equipment sectors had the highest number of limit-up stocks today, driven by consumer stimulus policies and unexpected export growth [5][6] - The AI industry chain received positive news, including local tech giants like Alibaba and Baidu entering chip development, and optimistic outlooks from companies like SMIC and Hua Hong Semiconductor regarding future orders and industry conditions [2][3] Conceptual Focus - The most prominent concepts among limit-up stocks included robotics (14 stocks), domestic chips (8 stocks), and computing power (6 stocks), reflecting strong market interest in these areas [7] - The leading stocks in the robotics sector included Wanma Co., Yunnan Tourism, and Baiao Intelligent, while domestic chip stocks included Donghua Software and Chuling Information [7][8] Stock Performance - Nine stocks reached historical highs today, indicating strong market sentiment and a clear upward trend, including Heertai, Changying Precision, and Tianpu Co. [8] - The top five stocks by net inflow of main funds included Zhongke Shuguang, Yingweike, and Lixun Precision, highlighting significant investor interest [10] Limit-Up Stock Details - The stocks with the highest limit-up performance included Zhongke Shuguang with a closing price of 117.51 yuan and a net inflow of 21.37 billion yuan, followed by Yingweike and Lixun Precision [10][12] - The number of stocks with consecutive limit-ups included 54 first-time limit-up stocks, 6 with two consecutive limit-ups, and 5 with three or more [12][13]

Group 1 - The central bank's current monetary policy stance is supportive, with an emphasis on maintaining an appropriately loose monetary policy [1][3] - The possibility of a reserve requirement ratio (RRR) cut is considered more likely than an interest rate cut, with the latter potentially reserved for next year [3] - The real estate market remains under pressure, with the need for measures to stabilize prices emphasized by government officials [3] Group 2 - The robotics sector is experiencing accelerated commercialization, with major system integrators reporting a total of nearly 1 billion RMB in ToB orders [5][14] - The demand for humanoid robots is expected to grow rapidly in specific applications such as material handling and commercial services, supported by government policies [5][20] - The stock market is seeing strong performance in sectors related to technology, particularly in domestic chips and the Apple supply chain [13][14] Group 3 - The low-price stock phenomenon is viewed as a bullish signal, with historical data indicating that a decline in low-price stocks often correlates with market uptrends [7][10] - Recent market activity shows a significant net inflow of capital into the electronics and computing sectors, indicating strong investor interest [28][29] - The A-share market has shown resilience, with major indices closing higher and a substantial number of stocks experiencing gains [13][37] Group 4 - The global energy storage system (ESS) demand is projected to grow significantly, with a compound annual growth rate of 26.5% expected from 2024 to 2027 [22][24] - Major Chinese energy storage manufacturers are seeing upward revisions in profit forecasts due to optimistic market demand [22][24]

截至2025年9月22日 13:48，中证消费电子主题指数(931494)强势上涨4.49%，成分股芯原股份(688521)上 涨17.46%，长盈精密(300115)上涨14.99%，鹏鼎控股(002938)上涨10.00%，立讯精密(002475)，蓝思科 技(300433)等个股跟涨。消费电子ETF(561600)上涨4.27%，最新价报1.27元，价格再创新高。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年8月29日，中证消费电子主题指数(931494)前十大权重股分别为寒武纪(688256)、 立讯精密(002475)、中芯国际(688981)、工业富联(601138)、京东方A(000725)、澜起科技(688008)、豪 威集团(603501)、兆易创新(603986)、歌尔股份(002241)、东山精密(002384)，前十大权重股合计占比 54.8%。 今日国产算力大涨。在华为全联接大会2025上，华为轮值董事长 ...

Group 1 - The core viewpoint of the article highlights the significant rise of the Sci-Tech 50 ETF, which increased by 4.05% with a trading volume exceeding 4 billion yuan, driven by strong performances from stocks like Chip Origin Technology, Haiguang Information, and Jingchen Technology, all rising over 10% [1] - Huawei announced its future development roadmap for Ascend at the Huawei Connect 2025 event, planning to launch several new products including the 950PR, 950DT, 960, and 970 between Q1 2026 and Q4 2028, along with the development of large-scale supernodes like Atlas 950 SuperCluster and Atlas 960 SuperCluster [1] - CITIC Securities expressed optimism about Huawei's Ascend as a representative of domestic computing power, recommending attention to advanced processes and the HBM and other supporting industrial chains [1] Group 2 - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, which has a significant allocation in the electronics sector at 68.77% and the pharmaceutical and biological sector at 9.85%, totaling 78.62%, aligning well with the development directions of domestic chips, artificial intelligence, and robotics [1] - The index also covers multiple sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] - The current position of the Sci-Tech 50 Index is near its base point, and referencing the historical performance of the ChiNext board, the future growth potential is promising, suggesting that investors optimistic about China's hard technology should continue to pay attention [1]

Group 1 - Multiple stocks related to Moore Threads experienced significant gains, with companies like Honglida, Chuling Information, and Yingqu Technology reaching their daily limit up [1] - Among the stocks associated with Moore Threads, three have doubled in value this year, with Changfei Fiber leading at over 288% increase, followed by ST Huaton at over 278%, and Heertai at over 178% [3] - Moore Threads, founded in 2020, focuses on developing full-featured GPUs for high-performance computing applications, successfully launching four generations of GPU architectures [3] Group 2 - The upcoming IPO of Moore Threads on the Sci-Tech Innovation Board is scheduled for September 26, indicating a growing interest in the domestic chip industry [3] - The Chinese AI innovation and new technology trends are becoming clearer, with rapid progress in domestic production and global expansion, suggesting a new capital expenditure cycle in emerging industries [4] - The technology market is expected to continue its upward trend, with recommendations for investments in sectors such as internet, electronic semiconductors, innovative pharmaceuticals, and robotics [4]

Group 1 - The A-share market experienced fluctuations on September 22, with sectors such as consumer electronics, semiconductors, and communication services showing notable gains [1] - The ChiNext 50 ETF (588000) opened lower but rallied strongly, rising by 1.68% by 10:17, with several holdings in the portfolio performing well [1] - Key stocks like Chipone Technology surged over 14%, while other companies such as Bawell Storage and Amlogic also saw increases exceeding 7% [1] Group 2 - In Q3, the electronic sector is expected to maintain growth trends driven by normal demand, with strong demand for AI-related components such as chips, PCBs, power supplies, storage, and servers [2] - The storage sector is experiencing enhanced demand, particularly from enterprise clients, while the ToB industrial sector is showing signs of recovery, likely boosting related analog, power, and mature process segments [2] - The ChiNext 50 ETF (588000) tracks the ChiNext 50 Index, with 68.77% of its holdings in the electronics sector, aligning well with the development of domestic chips, AI, and robotics [2]

Group 1 - The overall market sentiment is expected to improve with the return of funds after the National Day holiday and rising policy expectations for the "14th Five-Year Plan" from the upcoming Fourth Plenary Session [1][3] - The A-share market showed mixed performance, with the Shanghai Composite Index down 1.30% and the CSI 300 Index down 0.44%, while the Shenzhen Component Index and ChiNext Index rose by 1.14% and 2.34% respectively [1] - The trading volume increased, with an average daily turnover of approximately 2.52 trillion yuan, peaking at 3.17 trillion yuan on Thursday before dropping to 2.35 trillion yuan on Friday [1] Group 2 - The convertible bond market is experiencing a downward adjustment, with the China Convertible Bond Index down 1.55% and the convertible bond equal-weight index down 1.29% [2] - The median price of convertible bonds fell from 132.30 yuan to 129.51 yuan, and the median conversion premium rate shrank to 23.77% [2] - The market is expected to remain in a volatile state for the remainder of September, with potential risk aversion as the National Day holiday approaches [2] Group 3 - In October, the convertible bond market is anticipated to receive support and repair opportunities, with a focus on stocks with solid fundamentals and compressed conversion premiums, particularly in technology growth and cyclical sectors [3] - The market's overall tight supply-demand balance is likely to continue supporting convertible bond valuations [3]