证券研究报告 | 2025年09月03日 $\Lambda$ is a $\Lambda$-function. 核心观点 金融工程日报 市场表现：今日(20250903) 大部分指数处于下跌状态，规模指数中沪深 300 指数表现较好，板块指数中创业板指表现较好，风格指数中沪深 300 成长指 数表现较好。通信、电新、医药、传媒、有色金属行业表现较好，国防军工、 综合金融、非银、计算机、商贸零售行业表现较差。光伏逆变器、光模块(CPO)、 储能、光刻机、光芯片等概念表现较好，军工信息化、航母、中航系、大飞 机、十大军工集团等概念表现较差。 市场情绪：今日收盘时有 39 只股票涨停，有 23 只股票跌停。昨日涨停股票 今日收盘收益为 0.22%，昨日跌停股票今日收盘收益为-2.72%。今日封板率 46%，较前日下降 8%，连板率 16%，较前日提升 0%。 市场资金流向：截至 20250902 两融余额为 22885 亿元，其中融资余额 22724 亿元，融券余额 161 亿元。两融余额占流通市值比重为 2.4%，两融交易占市 场成交额比重为 10.8%。 折溢价：20250902 当日 ETF 溢价较多的是成渝 ...

Market Overview - On August 1, the A-share market saw a total of 51 stocks hit the daily limit up, with 40 stocks remaining after excluding 11 ST stocks, resulting in a limit-up rate of 62.96% [1] Hot Stocks - The stock with the highest limit-up order volume was Victory Energy, with 275,500 hands, followed by Yangzi New Materials, Wenkai Co., and Tianfu Cultural Tourism, with limit-up order volumes of 240,800 hands, 240,000 hands, and 189,900 hands respectively [2] - In terms of limit-up order funds, 17 stocks had order amounts exceeding 100 million yuan, with Beijiajie, Victory Energy, and Jiejia Weichuang leading at 430 million yuan, 385 million yuan, and 249 million yuan respectively [2] Industry Highlights Photovoltaic Sector - On August 1, multiple photovoltaic-related concepts saw collective gains, with the perovskite battery concept index rising by 2.42% and the photovoltaic inverter concept index increasing by 2.03% [3] - Key stocks in the photovoltaic sector included Jiejia Weichuang, which focuses on solar photovoltaic cell equipment and semiconductor equipment [4], and Shuangliang Energy, which specializes in polysilicon reduction furnaces, silicon wafers, and components [5] Pharmaceutical Sector - Notable stocks in the pharmaceutical sector included Qizheng Tibetan Medicine, which has pediatric products and is developing innovative traditional Chinese medicine [6], and Aoyikang, which focuses on innovative drugs and aims to build its own clinical and R&D team [6] Paper Industry - In the paper industry, Kain Co. provides high-end specialty food packaging paper for multinational chains like KFC and Starbucks, while Songyang Resources focuses on the research, production, and sales of environmentally friendly recycled paper [7] Investment Trends - The top net purchases on the Dragon and Tiger list included Jiejia Weichuang with over 100 million yuan, followed by other stocks like Longcheng Military Industry and Yidian Tianxia [8][9] - The net buying from the Shenzhen Stock Connect for Jiejia Weichuang was 172 million yuan, while the Shanghai Stock Connect saw net buying of Shuangliang Energy at 68.6 million yuan [9]