2024年9月24日，A股市场在经历长达三年多调整后悄然开启了强势上涨行情。Wind数据显示，截至 2025年9月23日收盘，北证50指数自2024年9月24日以来上涨158.01%；科创50指数、创业板指数同样实 现翻倍涨幅，分别上涨118.85%、103.50%；上证指数、沪深300指数等其他主流指数同样涨幅可观（指 数过往业绩不代表其未来表现，投资需谨慎）。过去一年，全市场日均成交额从不足5000亿元跃升至2 万亿元以上。针对这一轮市场行情的核心驱动因素、市场结构变化及后市展望，长城基金高级宏观策略 研究员汪立近日接受采访，对此进行了深入解析。 二是科技产业实现快速突破。自去年底以来，国内在人工智能、机器人、半导体、军工、创新药及新消 费等多个领域接连迎来技术突破与产业机遇，全球竞争力持续提升，新动能不断积累并逐步释放行业景 气。科技产业的快速爆发是超市场预期的变量，也令AI、机器人等科技板块成为今年市场最强的方向 之一。 三是市场风险偏好显著回升。自去年9月底以来，投资者情绪转向积极，交投活跃度明显提升，各类主 题投资机会轮动出现，资金持续流入，维持了市场热度。 四是居民储蓄开始向股市迁移。2024年 ...

Market Performance - The Shanghai and Shenzhen stock markets opened higher on September 29, with significant gains in the afternoon driven by the securities sector [1] - The Shanghai Composite Index closed at 3862.53 points, up 0.90%, with a trading volume of approximately 968.2 billion [1] - The Shenzhen Component Index reached a new high, closing at 13479.43 points, up 2.05%, with a trading volume of about 1193.3 billion [1] - The ChiNext Index also hit a new closing high at 3238.01 points, up 2.74%, with a trading volume of around 574.7 billion [1] Sector Performance - Strong performance was noted in the lithium battery supply chain stocks during the morning session, with significant gains in sectors such as energy metals, non-ferrous metals, lithium mining, sodium batteries, solid-state batteries, engineering machinery, diversified finance, precious metals, steel, photovoltaic equipment, and insurance [1] - Conversely, sectors such as cultural education and leisure, chemical fiber, and coal experienced declines [1] Regulatory Developments - The China Household Electrical Appliances Association issued an initiative to eliminate disorderly price competition and promote a healthy market environment, emphasizing fair competition and high-quality development [3] - The association called for strict adherence to product quality standards and improved service levels across the industry, while opposing unfair competition practices [3] Drug Regulatory Oversight - The National Medical Products Administration announced intensified regulatory efforts in the pharmaceutical sector, focusing on traditional Chinese medicine, online sales, and medical aesthetics [4] - The administration aims to enhance clinical trial supervision and expedite the market entry of urgently needed drugs, while also tightening regulations in key areas [4]

Core Insights - On September 26, stock ETFs saw a net inflow exceeding 22 billion yuan, with significant contributions from broad-based ETFs tracking indices like the CSI A500 and the ChiNext Index, as well as thematic ETFs focused on sectors such as semiconductors, artificial intelligence, and robotics [2][3][4] Summary by Category Market Performance - The A-share market experienced a collective decline on September 26, with the ChiNext Index dropping over 2.5%, while the total trading volume across both exchanges was approximately 2.15 trillion yuan [1] - Over the past week, the A-share market showed an overall upward trend, with stock ETFs accumulating over 30 billion yuan in net inflows, and nearly 100 billion yuan in net inflows for the month of September [2][6] ETF Inflows - As of September 26, the total scale of all stock ETFs in the market reached 4.46 trillion yuan, with 1218 stock ETFs (including cross-border ETFs) [3] - The top three ETFs by net inflow on September 26 were the E Fund ChiNext ETF (13.9 billion yuan), the Huatai-PB A500 ETF (6.6 billion yuan), and the CSI A500 ETF by Fortune (6.5 billion yuan) [4][5] - The net inflows for specific sectors included 52.2 billion yuan for the CSI A500, 37.0 billion yuan for semiconductors, and 20.3 billion yuan for artificial intelligence [3][4] ETF Outflows - On the same day, only six stock ETFs experienced net outflows exceeding 1 billion yuan, with significant losses seen in broad-based ETFs like the CSI 500 and the CSI 300, as well as thematic ETFs focused on rare earths and banking [6][8] - The top outflowing ETFs included the CSI 500 ETF with a net outflow of 2.84 billion yuan and the Rare Earth ETF with a net outflow of 2.40 billion yuan [8] Fund Company Insights - E Fund led the inflows with its ChiNext ETF and A500 ETF, while Huaxia Fund's Robotics ETF and Gaming ETF also saw significant inflows [4][5] - The market is currently characterized by a divergence in performance across sectors, with some sectors facing technical adjustment pressures after substantial prior gains [7]

Group 1 - The financial sector experienced a strong rally, with the Shanghai Composite Index rising over 1%, the Shenzhen Component Index increasing over 2.1%, and the ChiNext Index gaining over 3% [1] - Over 3600 stocks saw an increase, with notable stocks such as GF Securities, Hunan Yucai, Huatai Securities, and Guosheng Financial hitting the daily limit [1] - The central bank emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply and utilize stock repurchase and loan facilities effectively [1] Group 2 - The new energy sector, particularly the lithium battery segment, showed significant gains, with stocks like Wanrun New Energy, Hunan Yuyuan, Tiannai Technology, and Xiangtan Chemical hitting the daily limit or rising over 10% [2] - The photovoltaic industry is expected to see improvements in supply-side dynamics due to top-level support, market-driven eliminations, and technological iterations, with a focus on low-cost silicon materials, photovoltaic glass, and efficient battery/components [2] - Recent market attention has shifted towards domestic policies and structural prosperity, with signs of a temporary improvement in China-US relations since September, which may influence market pricing in the fourth quarter [2]

数据显示，国联安基金旗下1只基金位居长川科技十大流通股东。国联安中证全指半导体产品与设备 ETF联接A（007300）二季度增持47.27万股，持有股数468.11万股，占流通股的比例为0.96%。根据测 算，今日浮盈赚取约2387.34万元。 国联安中证全指半导体产品与设备ETF联接A（007300）成立日期2019年6月26日，最新规模16.69亿。 今年以来收益47.62%，同类排名682/4221；近一年收益114.9%，同类排名137/3836；成立以来收益 198.03%。 国联安中证全指半导体产品与设备ETF联接A（007300）基金经理为黄欣、章椹元。 截至发稿，黄欣累计任职时间15年171天，现任基金资产总规模420.52亿元，任职期间最佳基金回报 204.14%， 任职期间最差基金回报-35.8%。 9月29日，长川科技涨5.33%，截至发稿，报100.70元/股，成交70.00亿元，换手率14.77%，总市值 634.88亿元。 章椹元累计任职时间11年302天，现任基金资产总规模408.22亿元，任职期间最佳基金回报387.76%， 任职期间最差基金回报-35.8%。 资料显示，杭州长 ...

截至9月19日，国林科技股东户数2.03万，较上期增加5.40%；人均流通股7236股，较上期减少5.12%。 2025年1月-6月，国林科技实现营业收入2.59亿元，同比增长22.99%；归母净利润-988.17万元，同比增 长59.97%。 9月29日，国林科技盘中上涨2.02%，截至13:09，报16.68元/股，成交1.11亿元，换手率4.60%，总市值 30.69亿元。 资金流向方面，主力资金净流出867.93万元，特大单买入134.22万元，占比1.21%，卖出485.46万元，占 比4.38%；大单买入1312.78万元，占比11.84%，卖出1829.47万元，占比16.51%。 国林科技今年以来股价涨20.00%，近5个交易日跌1.88%，近20日涨4.58%，近60日涨11.65%。 今年以来国林科技已经1次登上龙虎榜，最近一次登上龙虎榜为3月28日，当日龙虎榜净买入-5413.27万 元；买入总计5485.03万元 ，占总成交额比6.15%；卖出总计1.09亿元 ，占总成交额比12.22%。 资料显示，青岛国林科技集团股份有限公司位于山东省青岛市崂山区株洲路188号甲1号楼7层，成立日 ...

Company Overview - Yongxin Optical is located in Ningbo, Zhejiang Province, established on February 21, 1997, and listed on September 10, 2018. The company primarily engages in the research, production, and sales of optical microscopes, optical components, and other optical products [1][2] - The main revenue composition includes optical components series (57.56%), microscope series (39.97%), and others (2.47%) [1] Financial Performance - As of June 30, 2025, Yongxin Optical achieved a revenue of 441 million yuan, representing a year-on-year growth of 2.95%. The net profit attributable to the parent company was 108 million yuan, with a year-on-year increase of 8.75% [2] - Since its A-share listing, Yongxin Optical has distributed a total of 555 million yuan in dividends, with 307 million yuan distributed over the past three years [3] Stock Performance - On September 29, Yongxin Optical's stock price increased by 2.00%, reaching 112.03 yuan per share, with a trading volume of 194 million yuan and a turnover rate of 1.60%. The total market capitalization is 12.428 billion yuan [1] - Year-to-date, the stock price has risen by 20.50%, but it has decreased by 7.41% in the last five trading days and by 3.74% in the last 20 days. Over the past 60 days, the stock price has increased by 35.68% [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 15,200, a decrease of 8.33% from the previous period. The average circulating shares per person increased by 9.09% to 7,306 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 715,200 shares, an increase of 63,800 shares compared to the previous period [3] Market Position - Yongxin Optical belongs to the Shenwan industry classification of electronics-optics optoelectronics-optical components. The company is associated with sectors such as photolithography machines, optics, unmanned driving, semiconductors, and machine vision [1]

Global Market Overview - The global equity markets showed mixed performance in the week of September 22-26, 2025, with US, Hong Kong, and Indian markets declining, while the Eurozone and Japanese markets performed better, with the Tokyo Stock Exchange Index rising by 1.25% [2][8] - The Indian SENSEX30 index saw a PE drop of over 1x, currently positioned at a relatively low valuation percentile [2][8] A-share Market Analysis - The A-share core indices experienced mild fluctuations, with the Shanghai Composite, CSI 100, and CSI 300 indices rising over 1%, significantly outperforming small-cap indices [22][23] - In terms of growth versus value, growth stocks significantly outperformed value stocks, with mid-cap and small-cap growth valuations increasing by over 0.4x [22][23] - The large-cap value indices showed relative superiority in the short to medium term, with average rolling percentiles for PE, PB, and PS at 49.5% and 75.4% for 1-year and 3-year periods, respectively [23][27] Industry Valuation Trends - Among primary industries, most sectors saw declines, with power equipment, electronics, and non-ferrous metals increasing by over 3%, while downstream consumer sectors declined [44] - The electronics sector experienced a PE expansion of over 2.4x, while the power equipment sector saw a PE expansion of 1.56x [44] Emerging Industries - There was a notable divergence in emerging industries, with biotechnology and green productivity sectors seeing more declines than gains, while semiconductor and integrated circuit sectors rose by over 6% [2][44] - The semiconductor sector had the largest PE expansion at +9.51x, while integrated circuits and new energy sectors expanded by 7.55x and 4.73x, respectively [2][44]

29日早盘，沪指盘中震荡上扬，创业板指大涨近2%，场内近3100股飘红。 截至午间收盘，沪指涨0.13%报3832.9点，深证成指涨1.11%，创业板指涨1.77%，北证50指数涨 0.85%，沪深北三市合计成交12939亿元。 盘面上看，煤炭、食品饮料、银行、医药等板块走低，券商板块强势拉升，有色、保险、汽车、钢铁等 板块上扬，固态电池、人形机器人、储能、光伏概念等活跃。 中信建投证券表示，近期市场关注点主要集中在国内政策和产业结构性景气，对中美关系关注度有所不 足，9月以来中美关系存在阶段性改善的迹象，或在四季度逐步被市场定价。市场资金在算力板块集中 交易后，逐步向其他低位景气成长赛道切换，中期市场或仍延续慢牛格局。在宏观经济尚未全面复苏的 背景下，具备结构性景气的新赛道仍将成为投资的胜负手。重点关注催化事件较集中的景气板块：半导 体、新能源、人形机器人、创新药、有色等。 （文章来源：证券时报网） ...

Group 1 - A significant majority of private equity firms (65.38%) plan to maintain high or full positions (over 70% allocation) during the upcoming National Day holiday, indicating a belief that external market disturbances will be limited [1] - 70.19% of private equity firms are optimistic about the post-holiday A-share market, expecting a gradual recovery after the pre-holiday consolidation [3] - 62.50% of private equity firms anticipate a balanced market style post-holiday, with rotation between technology growth, value blue chips, and traditional industry leaders [5] Group 2 - The main investment themes post-holiday are expected to focus on technology growth sectors such as AI, semiconductors, humanoid robots, smart driving, and innovative pharmaceuticals, with 59.62% of private equity firms expressing this view [7] - Current market conditions are characterized as being in the second phase of a bull market, with a focus on maintaining high stock positions and targeting sectors with upward momentum [9] - The market is expected to remain in a slow bull trend, with various sectors presenting opportunities, particularly in technology and consumer sectors due to favorable policies and economic recovery [10] Group 3 - The dual main lines of investment post-holiday are expected to be technology growth and valuation recovery, driven by policy support and technological innovation [11] - The market is experiencing structural differentiation, with a potential for valuation recovery in low-valued sectors as macroeconomic data improves [11] - The investment strategy should balance between high elasticity in technology growth and the stability of valuation recovery, allowing investors to capture structural opportunities in the post-holiday market [11]