Group 1 - The core viewpoint is that the A-share market is experiencing a "slow bull" trend, with high-growth sectors being the preferred choice for investment [1][2] - Policy support is expected to strengthen with the upcoming Fourth Plenary Session in October, particularly in hard technology and new productivity sectors [1][2] - Recent increases in overseas AI industry capital expenditure are positively influencing market sentiment [1][2] Group 2 - A total of 12 out of the 15 leading companies with the highest gains since June are linked to overseas expansion, particularly in the AI supply chain and innovative pharmaceuticals [2][3] - The market consensus has been strong since August, but the intensity of sector rotation has decreased to a new low since April of the previous year [2][3] - The focus should be on high-growth sectors such as solid-state batteries, energy storage, and innovative pharmaceuticals, while also considering new consumption trends [1][2] Group 3 - The current market sentiment is characterized by a high degree of volatility, with a potential for a significant upward trend if new catalysts emerge [3][4] - The upcoming October meeting is anticipated to clarify the direction of the "14th Five-Year Plan," likely emphasizing technological innovation and new productivity [3][4] - The market is expected to see a shift towards cyclical trades as the economy transitions from service to manufacturing sectors [4]

近日，新京报贝壳财经资本市场研究院举办第一期沙龙，主题为"A股十年新高 耐心资本如何助力稳市场"，来自长城财富、弘康人寿、东方基金、中邮基 金、工银理财、农银理财、北银理财、民生理财等十余家金融机构的嘉宾参与研讨。 TIC 新京报贝壳财经资本市场研究院举办第一期沙龙。新京报贝壳财经记者 祁明远 摄 本期沙龙聚焦"耐心资本如何助力稳市场"这一话题，旨在凝聚共识、形成合力，共筑稳健生态。 经过充分研讨，新京报贝壳财经资本市场研究院与上述机构联合发布《长钱长投十条共识》： 一、 长钱入市是资本市场向好的结果，而非主因。 二、 要促进长钱入市，优化考核周期、维护资本市场中长期上涨趋势、严格反欺诈、降低市场波动率等尤为关键。 三、 只有"慢牛"行情，才能吸引更多参与资本市场的中长期"耐心"资金。 四、 低利率+久期缺口，加大权益投资已成险资必答题。 五、 股市已告别"滞涨"，进入长期趋势性上涨阶段。 六、 大盘指数要持续向上突破，市场需从"流动性牛"向"基本面牛"切换。 七、 "慢牛"行情之下，股市有望替代房地产成为居民资产的新蓄水池。 八、 银行理财积极布局权益市场，"固收+"含权产品规模有望持续提升。 九、 基金公 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0911 A 股日评：高位低位，都有机会 报告要点 [Table_Summary] 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 万亿。今日电信业务、电子、计算机等科技板块领涨，医疗保健、家用装饰及休闲等板 块涨幅落后。从指数表现来看，上证指数上涨 1.65%，深证成指上涨 3.36%，创业板指上涨 5.15%，上证 50 上涨 1.48%，沪深 300 上涨 2.31%，科创 50 上涨 5.32%，中证 1000 上涨 2.35%，市场成交额约 2.46 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 0911 A 股日评：高位低位，都有机会 [Table_Summary2] 事件描述 今日 A 股市场强势反弹，三大指数均上涨，创业板指和科创 50 指数领涨，市场成交额再次站 上 2.4 ...

Core Viewpoint - American investors' interest in Chinese stocks is at a five-year high, with their return to the Chinese market just beginning [1][4]. Group 1: Investor Sentiment - Over 90% of investors expressed a willingness to increase exposure to the Chinese market, marking the highest level since early 2021 [3]. - The interest from American investors extends beyond U.S.-listed Chinese stocks to onshore A-shares, with quantitative and macro funds increasing investments through ETFs and index futures [5]. Group 2: Market Conditions - Chinese policymakers are gradually taking steps to stabilize the economy and boost the stock market, suggesting that the worst period may be over [5]. - The Shanghai Composite Index has rebounded over 40% since last September, with a nearly 19% increase this year, raising hopes for a slow bull market [5]. Group 3: Recent Data - In August, foreign investors injected nearly $45 billion into emerging market stocks and bonds, with $39 billion flowing into Chinese bonds and stocks [6]. - Global hedge funds recorded the highest net purchases of Chinese assets since September of last year, with total positions reaching a two-year high [7].

Group 1 - The report indicates that after experiencing the largest valuation correction of the year, convertible bonds have risen against the trend, suggesting a repair in valuation. This correction was anticipated following a sustained increase in valuations, and historically, in a stable equity trend, the opportunities for convertible bonds to recover from valuation corrections outweigh the risks, despite current high valuation levels. The short-term outlook suggests that the valuation correction for convertible bonds has come to a pause, unless there is a significant fluctuation in equities [5][8][15]. - The key to the future performance of convertible bonds lies in the continued upward potential of equities and the demand for fixed income plus strategies. It is expected that the ability to follow the upward trend may weaken. In a slow bull market for equities, the trend for convertible bonds remains unchanged, but the momentum has shifted from a rapid increase driven by both underlying stock performance and valuation to a phase of slow and steady growth, necessitating strategic adjustments, including timely profit-taking on some overvalued convertible bonds and focusing on trading opportunities [5][8][15]. - The equity market experienced fluctuations, initially declining before rebounding after touching the 20-day moving average, with significant volatility observed. The report maintains a judgment of a slow bull market, suggesting that short-term corrections are more beneficial than detrimental, and there is no need for excessive pessimism [5][8][15]. Group 2 - The report reviews the performance of the convertible bond market, noting that from September 1 to September 5, most market indices declined, with the Shanghai Composite Index down 1.18% and the Shenzhen Component Index down 0.83%. However, the ChiNext Index increased by 2.35%. The sectors leading the gains included electric power equipment, while defense, computing, and non-bank financials lagged behind. The average daily trading volume decreased to 2.60 trillion yuan [11][12]. - The report highlights that last week, convertible bonds rose against the trend, with a valuation repair noted. The average daily trading volume significantly decreased to 82.83 billion yuan. The China Securities Convertible Bond Index increased by 0.61%, while the parity center declined by 1.6% to 109.4 yuan, and the conversion premium rate increased by 2.4% to 21.1%. It was observed that mid-to-high-rated and large-cap convertible bonds performed better, while high-priced and AAA-rated convertible bonds underperformed [15][16].

Macro Strategy - In August, the manufacturing PMI slightly rebounded to 49.40%, remaining below the threshold but showing improvement from July's 49.30% [2] - The manufacturing production PMI was at 50.80%, indicating a rebound compared to July's 50.50% [2] Stock Market Overview - From September 1 to September 5, 2025, most A-share indices experienced a pullback, with the Shanghai Composite Index down 1.18% and the Shenzhen Component down 0.83% [3][4] - The ChiNext Index saw an increase of 2.35%, while the STAR Market Index fell by 3.67% [3] - The overall market is expected to maintain a "slow bull" trend, with a wide fluctuation anticipated in September [4][6] Industry Performance - Among the 31 first-level industries, the top performers were electric equipment and comprehensive sectors, with weekly gains of 7.39% and 5.38% respectively [4] - The communication equipment and components sectors have shown significant cumulative gains of 87.48% and 81.95% respectively since the beginning of 2025 [4][5] - The top-performing second-level industries included photovoltaic equipment and precious metals, with weekly gains of 14.04% and 10.73% [4] North Exchange Overview - As of September 5, 2025, the North Exchange had 274 listed stocks, with an average total market capitalization of 918.29 billion yuan, reflecting a 1.11% increase from the previous week [8][9] - The average trading volume increased by 16.40% to 1.549 billion shares, and the average trading value rose by 9.34% to 35.971 billion yuan [9] Automotive Industry - The Zeekr 9X is set to launch at the end of September 2025, targeting the high-end pure electric SUV market, with a price range of 479,900 to 569,900 yuan [13][15] - The vehicle features advanced design elements and configurations, including a 2.0T hybrid engine and a maximum power output of 660kW for the dual-motor version [14][15] - The automotive sector is expected to benefit from the acceleration of intelligent technology and supportive policies, with a focus on high-quality enterprises in the electric and intelligent vehicle segments [17]

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down 0.02% and the ChiNext Index up 0.21%, with sectors like precious metals, solid-state batteries, and photovoltaic equipment leading the gains [1] - CITIC Securities suggests to downplay market volatility and adjust portfolio structures, focusing on structural opportunities in consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [1] - CITIC Jiantou indicates that the current market is in a consolidation phase after a slow bull market, with a shift in focus towards sectors that have lagged but still have strong growth logic [2] Group 2 - Guojin Securities predicts a high probability of the market entering a sideways consolidation phase, emphasizing the need for new catalysts to initiate a trend upward [3] - The report highlights opportunities in electric equipment and non-ferrous metals as potential new directions for the market [3] - The recent rise in gold prices is noted, with gold stocks being more elastic compared to gold prices due to their current valuation being low relative to historical levels [3]

Market Overview - The overall market showed positive performance with the Shanghai Composite Index closing at 3812.51, up 1.24%, and the Shenzhen Component Index rising 3.89% to 12590.56 [1] - The ChiNext Index and the STAR 50 Index experienced significant gains, with increases of 6.55% and 3.39% respectively [1] Industry Dynamics - The China Securities Regulatory Commission released a draft regulation on the management of public fund sales fees, aiming to lower investor costs and enhance market order [29] - In August 2025, sales of excavators and loaders in China increased, with domestic sales growth outpacing exports [30][32] - The Jinshang-Hubei ±800 kV UHVDC project commenced operations, capable of delivering 4 million kilowatts of electricity, marking a significant development in China's power transmission capabilities [34] - Global OLED panel shipments saw a slight decline of 2% year-on-year in Q2 2025, with a notable shift in demand towards IT products like monitors and laptops [36] Company Updates - Muyuan Foods reported a 27.1% year-on-year increase in pig sales for August 2025, although sales revenue decreased by 12.3% [41] - Wens Foodstuff Group experienced a 17.7% decline in pig sales revenue in August, while chicken sales revenue saw a minor decrease of 0.71% [42] - Junshi Biosciences announced positive results from a Phase III clinical trial for its anti-IL-17A monoclonal antibody for treating moderate to severe plaque psoriasis [45] - Aihua Long received IVDR CE certification for its hepatitis B testing kits, allowing entry into the EU market [47] - Beingmate released its sixth employee stock ownership plan, aiming to align employee interests with company growth [49][51]

来源：市场资讯 中信建投：牛市整理期的市场特征 来源：中信建投证券研究，文|夏凡捷 何盛 交易结构恶化，风险偏好下滑 本周出现首次调整第一个原因是交易结构恶化。八月下旬以来资金显著集中于AI、算力、光模块、光 通信等TMT板块，导致交易结构恶化，因此本周计算机、电子等板块出现集中的短期兑现后带动指数 调整。 第二个原因是风险偏好下滑。8月29日，上交所宣布，根据指数规则决定调整科创50等指数样本，于 2025年9月12日收市后生效。寒武纪在科创50指数中的权重将面临被动调整，从当前约15%的占比降至 10%。同时月初重要活动、美联储降息预期等利好已经或接近兑现，以及彭博对监管动向的传闻引发市 场关注（或有取消部分卖空限制和抑制投机交易的政策出台），这些因素引发了市场风险偏好的短期下 滑。 9月2日至4日连续三日下跌，本轮慢牛行情首次进入整理期。主要由于八月下旬以来市场交易过热，同 时资金显著集中于TMT板块导致交易结构恶化，另一方面月初重要活动、美联储降息预期等利好已经 或接近兑现，也导致风险偏好下降。经过统计11个牛市中指数整理行情，我们认为"慢牛"背景下，指数 回调较为温和，整理期较长，指数呈现震荡修复趋 ...

刚过去的交易周（9月1日至5日），A股在周一微涨后，于周中经历罕见三连跌，到周五才迎来修复。 | 名称 | 周涨跌幅 ▼ | 年初至今 | | --- | --- | --- | | 北证50 | 2.79% | 55.92% | | 创业板指 | 2.35% | 38.13% | | 万得微盘股 | 0.46% | 64.44% | | 中证A50 | -0.10% | 10.56% | | 红利指数 | -0.69% | -5.08% | | 中证A500 | -0.74% | 15.71% | | 沪深300 | -0.81% | 13.35% | | 深证成指 | -0.83% | 20.89% | | 上证指数 | -1.18% | 13.75% | | 中证2000 | -1.72% | 29.81% | | 中证500 | -1.85% | 20.75% | | 中证1000 | -2.59% | 21.62% | | 科创50 | -5.42% | 28.27% | 主要股指中，北证50、微盘股指数代表的微盘股本周逆势上行； 中证A50、沪深300、中证500等代表的核心资产方向，主题是"抗跌 ...