成交金额方面，沪市成交金额9732.75亿元，深市成交金额12081.41亿元，两市合计成交金额2.18万亿 元。 个股方面，A股2657股飘红，其中63股涨停。此外，2578股飘绿，其中10股跌停。 北京商报讯（记者 马换换 王蔓蕾）伴随9月30日收盘，A股9月行情收官。交易行情显示，9月30日，A 股三大股指集体高开，开盘后三大股指全天保持震荡态势。截至当日收盘，上证综指、深证成指分别收 涨0.52%、0.35%，分别报3882.78点、13526.51点；创业板指平盘收盘，报3238.16点。 盘面上，能源金属板块领涨，存储芯片、锂矿概念等板块轮番活跃；轮毂电机、公用事业、银行等板块 跌幅居前。 ...

证券研究报告 2025 年 9 月 23 日 星期二 【A 股市场大势研判】 市场全天震荡拉升，三大指数均收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3828.58 | 0.22% | 8.49 | | | 深证成指 | 13157.97 | 0.67% | 87.11 | | | 沪深 300 | 4522.61 | 0.46% | 20.69 | | | 创业板 | 3107.89 | 0.55% | 16.88 | | | 科创 50 | 1408.64 | 3.38% | 46.00 | | | 北证 50 | 1589.19 | 0.71% | 11.19 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子 | 3.71% | 社会服务 | ...

Group 1: Core Insights - The report analyzes the fund flow of exchange-traded index funds from September 15 to September 19, 2025, highlighting significant trends in various categories [1][2]. - The overall fund flow indicates a mixed performance across different index categories, with notable outflows in major indices like the Shanghai Composite and CSI 300 [6][7]. Group 2: Fund Flow by Category - The Shanghai 50 index had a fund size of 159.46 billion yuan, with a weekly decline of 1.71% and a net outflow of 5.98 billion yuan [6]. - The CSI 300 index, with a fund size of 983.45 billion yuan, experienced a slight decline of 0.39% and a significant net outflow of 33.92 billion yuan [6]. - The ChiNext index showed a positive trend with a weekly increase of 2.17% and a net inflow of 5.76 billion yuan, indicating investor interest in growth sectors [6]. - In the technology sector, the large technology category saw a fund size of 216.69 billion yuan, with a weekly increase of 2.20% and a substantial net inflow of 58.01 billion yuan [7]. - The large financial category faced a decline of 3.20% with a net inflow of 140.61 billion yuan, suggesting a shift in investor sentiment [7]. Group 3: Sector Performance - The healthcare sector had a fund size of 100.16 billion yuan, with a weekly decline of 2.11% and a modest net inflow of 5.94 billion yuan, reflecting cautious investor behavior [7]. - The manufacturing sector reported a fund size of 72.82 billion yuan, with a weekly increase of 2.19% and a net inflow of 64.79 billion yuan, indicating resilience in this area [7]. - The consumer sector showed a slight decline of 0.24% with a net inflow of 32.55 billion yuan, suggesting mixed investor confidence [7]. Group 4: International Indices - The Nasdaq 100 index had a fund size of 78.42 billion yuan, with a weekly increase of 1.84% and a net outflow of 0.67 billion yuan, indicating fluctuating investor interest [11]. - The S&P 500 index reported a fund size of 20.84 billion yuan, with a slight increase of 0.50% and a net inflow of 0.77 billion yuan, reflecting stable performance [11]. - The Hang Seng index had a fund size of 19.17 billion yuan, with a weekly increase of 0.40% and a net outflow of 3.72 billion yuan, suggesting challenges in the Hong Kong market [11].

1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].

Core Viewpoint - In the complex economic environment of the first half of 2025, the company reported impressive financial results, showcasing strong profitability and cash flow growth, which reflects its dual investment logic of being a "utility cash cow + venture capital growth option" [1][6]. Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 333 million yuan, a year-on-year increase of 172.62% [1]. - The net profit excluding non-recurring gains and losses was 265 million yuan, up 143.19% year-on-year [1]. - The net cash flow from operating activities reached 761 million yuan, a significant increase of 160.29% year-on-year [1]. Group 2: Utility Business Attributes - The utility business has a "bond-like" defensive attribute, which is the foundation of its performance growth, supported by regional monopolies and rigid demand characteristics [1]. - The gas business covers seven administrative regions in Shanghai and provides exclusive services in Nantong, creating a significant supply barrier [1]. - The wastewater treatment business operates nine plants in Shanghai and Jiangsu, with a total treatment capacity of 46,500 tons per day, and the Dazhong Jiading plant meets the highest A+ level standards in Shanghai [2]. Group 3: Policy and Market Dynamics - Policy incentives are catalyzing continuous profit improvement, with 65% of cities adjusting gas prices, leading to a price increase of 0.21 yuan per cubic meter [3]. - Water price reforms are also underway, with cities like Guangzhou ending a 13-year price freeze, enhancing the sustainability of profits [3]. - The optimization of pipeline costs is beneficial, as new guidelines reduce procurement costs for gas companies, indirectly improving profit margins [3]. Group 4: Dividend and Investment Strategy - The company has distributed a total cash dividend of 210 million yuan over the past three years, representing 94.07% of average net profit, which is significantly higher than industry standards [4]. - The venture capital business injects strong growth momentum, with the company indirectly sharing in the profits of Shenzhen Innovation Investment Group, which reported a net profit of 1.047 billion yuan in the first half of the year [4][5]. - The management of venture capital assets is synergistic with the utility business, creating a closed-loop model that balances risk and return effectively [5]. Group 5: Future Outlook - The mid-term performance is seen as a starting point, with expectations for continued value release from the dual characteristics of being a "cash cow + growth stock" as policies are fully implemented [6]. - The company is positioned as a core asset that combines dividend safety with technological growth potential, appealing to investors seeking stable yet flexible investment opportunities [6].

Core Insights - The company reported a decline in revenue but a significant increase in net profit for the first half of 2025, indicating improved profitability despite lower sales [1][2] Financial Performance - Revenue for the first half of 2025 was CNY 3.43 billion, a decrease of 5.78% compared to the same period last year [1] - Total profit reached CNY 509.31 million, reflecting a year-on-year increase of 55.94% [1] - Net profit attributable to shareholders was CNY 333.02 million, up 172.62% year-on-year [1] - The net profit excluding non-recurring gains and losses was CNY 264.69 million, an increase of 143.19% compared to the previous year [1] - Basic earnings per share stood at CNY 0.11 [1] Profitability Metrics - Gross margin for the first half of 2025 was 19.21%, an increase of 2.49 percentage points year-on-year [2] - Net profit margin improved to 12.42%, up 6.15 percentage points from the previous year [2] Expense Management - Total operating expenses for the first half were CNY 393 million, a reduction of CNY 27.46 million compared to the same period last year [2] - The expense ratio was 11.44%, a slight decrease of 0.09 percentage points year-on-year [2] - Sales expenses increased by 7.06%, while management expenses decreased by 14.31% [2] Shareholder Equity - As of the end of the reporting period, net assets attributable to shareholders were CNY 8.90 billion, a 4.11% increase from the end of the previous year [1] - Total assets amounted to CNY 23.03 billion, reflecting a marginal increase of 0.18% [1]

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: August 18 - 22, 2025 [1] - Analyst: Jin Ling [1] - Report Date: August 28, 2025 [1] Core Findings Domestic Passive Equity Funds - Different index funds showed varying performance in terms of fund size, weekly returns, and net weekly capital inflows. For example, the Shanghai - Shenzhen 300 index fund had a size of 983.449 billion yuan, a weekly return of 4.27%, and a net weekly capital outflow of 34.74 billion yuan; while the ChiNext Index fund had a size of 126.448 billion yuan, a weekly return of 5.81%, and a net weekly capital inflow of 22.61 billion yuan [4]. Overseas Index Funds - International index funds also had diverse performance. The Nasdaq 100 index fund had a size of 78.421 billion yuan, a weekly return of -3.08%, and a net weekly capital inflow of 7.78 billion yuan; the S&P 500 index fund had a size of 20.837 billion yuan, a weekly return of -1.63%, and a net weekly capital outflow of 1.44 billion yuan [5]. Bond Funds - Bond funds had different performance based on factors such as maturity and credit rating. The 30 - year bond fund had a size of 8.969 billion yuan, a weekly return of -1.25%, and a net weekly capital inflow of 59.60 billion yuan; the short - term financing bond fund had a size of 29.341 billion yuan, a weekly return of 0.01%, and a net weekly capital outflow of 28.50 billion yuan [6]. Commodity Funds - Commodity funds, including gold, soybean meal, and others, also had distinct performance. The gold fund had a size of 70.887 billion yuan, a weekly return of -0.29%, and a net weekly capital outflow of 0.94 billion yuan; the energy and chemical fund had a size of 2.93 billion yuan, a weekly return of 0.76%, and a net weekly capital inflow of 0.88 billion yuan [6]. Index - Enhanced Funds - Index - enhanced funds based on different indices had different performance. The CSI 500 index - enhanced fund had a size of 1.978 billion yuan, a weekly return of 3.76%, and a net weekly capital inflow of 0.12 billion yuan; the ChiNext Index - enhanced fund had a size of 0.469 billion yuan, a weekly return of 5.46%, and a net weekly capital outflow of 0.04 billion yuan [6].

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: July 7, 2025 - July 11, 2025 [1] - Analyst: Jin Ling [1] - Report Date: July 16, 2025 [1] Core Viewpoints - The report presents the fund scale, weekly price change, and weekly net capital inflow of various domestic passive stock funds, overseas funds, bond funds, commodity funds, and index-enhanced funds from July 7 to July 11, 2025 [4][5][6] Summary by Categories Domestic Passive Stock Funds - The scale of Shanghai Stock Exchange 50 funds is 15.9456 billion yuan, with a weekly increase of 1.30% and a net capital inflow of 0.669 billion yuan [4] - The scale of CSI 300 funds is 98.3449 billion yuan, with a weekly increase of 1.20% and a net capital outflow of 0.351 billion yuan [4] - The scale of CSI 500 funds is 14.012 billion yuan, with a weekly increase of 1.98% and a net capital inflow of 0.457 billion yuan [4] - The scale of CSI 1000 funds is 11.6917 billion yuan, with a weekly increase of 2.42% and a net capital inflow of 2.541 billion yuan [4] - The scale of ChiNext Index funds is 12.6448 billion yuan, with a weekly increase of 2.30% and a net capital outflow of 1.433 billion yuan [4] Overseas Funds - The scale of Nasdaq 100 funds is 7.8421 billion yuan, with a weekly increase of 0.01% and a net capital outflow of 1.093 billion yuan [5] - The scale of S&P 500 funds is 2.0837 billion yuan, with a weekly decrease of 0.13% and a net capital inflow of 0.21 billion yuan [5] - The scale of Dow Jones funds is 0.1708 billion yuan, with a weekly decrease of 0.17% and a net capital outflow of 0.001 billion yuan [5] Bond Funds - The scale of 30-year bond funds is 0.8969 billion yuan, with a weekly decrease of 0.30% and a net capital inflow of 0.1691 billion yuan [6] - The scale of 10-year bond funds is 0.409 billion yuan, with a weekly decrease of 0.15% and a net capital inflow of 0.0443 billion yuan [6] - The scale of 5 - 10-year bond funds is 3.8952 billion yuan, with a weekly decrease of 0.17% and a net capital inflow of 0.0446 billion yuan [6] Commodity Funds - The scale of gold funds is 7.0887 billion yuan, with a weekly decrease of 0.40% and a net capital inflow of 0.0523 billion yuan [6] - The scale of soybean meal funds is 0.4193 billion yuan, with a weekly increase of 0.52% and a net capital inflow of 0.0012 billion yuan [6] - The scale of non-ferrous metal funds is 0.0745 billion yuan, with a weekly decrease of 1.17% and a net capital outflow of 0.0017 billion yuan [6] Index-Enhanced Funds - The scale of Shanghai Stock Exchange 50 index-enhanced funds is 0.0076 billion yuan, with a weekly increase of 1.75% and a net capital outflow of 0.0001 billion yuan [6] - The scale of CSI 300 index-enhanced funds is 0.3209 billion yuan, with a weekly increase of 1.14% and a net capital outflow of 0.0084 billion yuan [6] - The scale of CSI 500 index-enhanced funds is 0.1978 billion yuan, with a weekly increase of 1.96% and a net capital outflow of 0.0014 billion yuan [6]

Core Viewpoint - President Trump continues to support the idea of allowing AI engineering to become a public utility, indicating a significant policy direction for the industry [1] Group 1 - The administration's stance on AI engineering reflects a broader trend towards integrating advanced technologies into public services [1] - This approach may lead to increased investment and development in AI technologies, potentially benefiting various sectors [1] - The emphasis on AI as a public utility suggests a shift in regulatory frameworks that could impact how companies operate within the AI space [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the weekly capital flow and performance data of various types of trading - index funds from June 16, 2025, to June 20, 2025, including domestic passive stock funds, overseas - related funds, bond funds, commodity funds, and index - enhanced funds [4][5][6] 3. Summary by Relevant Catalogs Domestic Passive Stock Funds - **Fund Scale and Performance**: The scale of different concept funds varies greatly, such as the Shanghai - Shenzhen 300 fund with a scale of 9834.49 billion yuan, while the State - owned Enterprise Reform fund has a scale of only 0.61 billion yuan. The weekly price changes also differ, with the ChiNext Index rising by 5.61% and the Public Utilities rising by only 0.65%. The net weekly capital inflows and outflows are also diverse, with the A500 fund having a net inflow of 75.70 billion yuan and the Shanghai - Shenzhen 300 fund having a net outflow of 71.25 billion yuan [4] Overseas - related Funds - **Fund Scale and Performance**: For overseas - related funds, the Nasdaq 100 fund has a scale of 784.21 billion yuan, with a weekly increase of 3.68% and a net capital outflow of 10.53 billion yuan. The Hong Kong Stock Medical fund has a scale of 272.31 billion yuan, with a 2.24% increase and a net capital inflow of 13.37 billion yuan [5] Bond Funds - **Fund Scale and Performance**: Among bond funds, the 30 - year bond fund has a scale of 89.69 billion yuan, with a - 0.33% change and a net capital outflow of 16.93 billion yuan. The convertible bond fund has a scale of 438.59 billion yuan, with a 1.97% increase and a net capital inflow of 24.94 billion yuan [6] Commodity Funds - **Fund Scale and Performance**: In commodity funds, the gold fund has a scale of 708.87 billion yuan, with a - 1.49% change and a net capital inflow of 14.52 billion yuan. The energy - chemical fund has a scale of 2.93 billion yuan, with a - 4.15% change and a net capital outflow of 0.12 billion yuan [6] Index - enhanced Funds - **Fund Scale and Performance**: For index - enhanced funds, the Shanghai - Shenzhen 300 index - enhanced fund has a scale of 32.09 billion yuan, with a 1.82% increase and a net capital outflow of 5.18 billion yuan. The CSI 1000 index - enhanced fund has a scale of 6.56 billion yuan, with a 4.58% increase and a net capital inflow of 0.24 billion yuan [6]