证券研究报告 | 策略点评 申万一级行业表现：电子、通信、计算机在行业涨跌幅榜居前；石油石 化、钢铁、农林牧渔在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、炒股软件、自主可控概念表现相对较 好；航空运输、西藏振兴、动物疫苗概念表现相对较差。 风险提示 2025 年 08 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250822 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 1.45%，深证成指涨跌幅为 2.07%， 创业板指涨跌幅为 3.36%。 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 ...

Core Viewpoint - The avian influenza concept sector has seen a significant increase, with a rise of 2.45%, ranking third among concept sectors on the trading day ending August 19. Group 1: Sector Performance - The avian influenza sector had 18 stocks rising, with ST Xiangxue hitting a 20% limit up, and Kangyuan Pharmaceutical also reaching the limit up. Other notable gainers included Yongshun Biological, Lianhuan Pharmaceutical, and Zhongsheng Pharmaceutical, which rose by 9.35%, 6.08%, and 3.79% respectively [1] - The top-performing concept sectors included: - Reducer: +2.62% - Animal Vaccine: +2.47% - Avian Influenza: +2.45% [1] Group 2: Capital Flow - The avian influenza sector attracted a net inflow of 109 million yuan, with 15 stocks receiving net inflows. Five stocks had net inflows exceeding 10 million yuan, led by Kangyuan Pharmaceutical with a net inflow of 154 million yuan [1] - The top stocks by net capital inflow ratio included: - Kangyuan Pharmaceutical: 19.87% - ST Xiangxue: 14.18% - Zhongmu Stock: 5.23% [2]

Market Overview - The A-share market showed a mixed performance today, with major indices mostly declining. The Shanghai Composite Index fell by 0.12% to close at 3635.13 points, the Shenzhen Component Index decreased by 0.26% to 11128.67 points, and the ChiNext Index dropped by 0.38% to 2333.96 points. The total trading volume in the Shanghai and Shenzhen markets was 17102 billion yuan, a decrease of 1153 billion yuan compared to the previous trading day [2][14]. Industry Performance - Among the Shenwan first-level industries, the sectors that gained the most included Comprehensive, Building Materials, Building Decoration, Steel, and Nonferrous Metals, with increases of 1.56%, 1.16%, 1.14%, 1.11%, and 1.06% respectively. Conversely, the sectors that experienced the largest declines were Computer, Electronics, Media, Non-Bank Financials, and National Defense Industry, with decreases of 2.38%, 1.15%, 0.96%, 0.80%, and 0.56% respectively [2][16]. Concept Sector Performance - The concept sectors that performed well today included Xinjiang Revitalization, Western Infrastructure, Excavators, Animal Vaccines, Tibet Revitalization, Rare Metals, Wind Power, High-Speed Rail, Lithium Mines, and Duty-Free Shops. These sectors showed significant gains, indicating potential investment opportunities [3].

Market Overview - The A-share market saw all three major indices rise on Monday, with the Shanghai Composite Index up by 0.66%, the Shenzhen Component Index up by 0.46%, and the ChiNext Index up by 0.5%. The total trading volume in the Shanghai and Shenzhen markets reached 1,498.39 billion yuan [2][7] - In terms of industry performance, sectors such as defense and military, machinery equipment, and non-ferrous metals led the gains, while retail, oil and petrochemicals, and social services lagged behind. Concept sectors like military equipment restructuring, military informationization, and civil-military integration saw significant increases, while dairy, animal vaccines, and trust concepts experienced declines [2][7] - The Hong Kong market also performed well, with the Hang Seng Index rising by 0.92% and the Hang Seng Technology Index increasing by 1.55%. In overseas markets, all three major US indices closed higher, with the Dow Jones up by 1.34%, the S&P 500 up by 1.47%, and the Nasdaq up by 1.95% [2][7] Important News - In the first half of 2025, China's service trade import and export total reached 38,872.6 billion yuan, marking an 8% year-on-year increase. Exports amounted to 16,883 billion yuan, up by 15%, while imports were 21,989.6 billion yuan, up by 3.2%. The service trade deficit was 5,106.6 billion yuan, a decrease of 1,522.1 billion yuan year-on-year [3][8] - Tesla's board has approved the grant of 96 million incentive shares to CEO Elon Musk, contingent on his continued role as a senior leader for the next two years and a five-year holding period from the grant date. Musk must pay $23.34 per share, the same as his 2018 compensation plan's exercise price. Based on last Friday's closing price, these shares are valued at approximately $29 billion [3][8]

Market Overview - The three major indices closed higher, with the Shanghai Composite Index at 3583.31, up 0.66% [2] - The Shenzhen Component Index closed at 11041.56, increasing by 0.46% [2] - The CSI 300 Index ended at 4070.70, rising by 0.39% [2] - The ChiNext Index reached 2334.32, up 0.50% [2] - The STAR 50 Index closed at 1049.41, with a gain of 1.22% [2] - The Beijing Stock Exchange 50 Index finished at 1433.25, increasing by 0.96% [2] Sector Performance - The top-performing sectors included Defense and Military Industry (+3.06%), Machinery Equipment (+1.93%), and Nonferrous Metals (+1.87%) [3] - The sectors with the lowest performance were Retail Trade (-0.46%), Oil and Petrochemicals (-0.36%), and Social Services (-0.21%) [3] - Concept sectors showing strong performance included Military-Civilian Integration (+3.53%) and Aerospace Engine (+3.47%) [3] - Underperforming concept sectors included Dairy Industry (-0.46%) and Animal Vaccines (-0.39%) [3] Future Outlook - The market showed a mixed performance with over 3800 stocks rising, indicating a positive market sentiment [4] - Key sectors to watch include Machinery Equipment, Finance, Public Utilities, and Construction Decoration [5] - The recent tax policy from the State Taxation Administration provides a VAT exemption for individuals purchasing government bonds up to 100,000 yuan monthly until December 31, 2027, which may stimulate market activity [4] - The U.S. Trade Representative confirmed that new tariffs on imports from several countries are largely finalized, which could impact market dynamics [5]

Market Overview - The A-share market experienced a day of fluctuation with all three major indices closing slightly lower, specifically the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.17%, and the ChiNext Index down by 0.24% [1][3][5] - The total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion yuan, a decrease of 337.7 billion yuan compared to the previous trading day [5] Sector Performance - The top-performing sectors included Environmental Protection (up 0.88%), Media (up 0.82%), Light Industry Manufacturing (up 0.65%), Computer (up 0.60%), and Electric Power Equipment (up 0.54%) [2][3] - Conversely, the worst-performing sectors were Oil and Petrochemicals (down 1.79%), National Defense and Military Industry (down 1.47%), Steel (down 1.26%), Communication (down 1.06%), and Comprehensive (down 0.96%) [2][3] Concept Index Performance - The leading concept indices included Animal Vaccines (up 2.22%), DRG/DIP (up 1.87%), BC Battery (up 1.71%), Avian Influenza (up 1.62%), and ERP Concepts (up 1.61%) [2][3] - The lagging concept indices were related to the China Shipbuilding Industry (down 2.54%), Domestic Aircraft Carriers (down 1.45%), Civil Explosives (down 1.19%), Combustible Ice (down 1.14%), and National Fund Holdings (down 0.86%) [2][3] Future Outlook - The report indicates that despite the short-term technical adjustments in the market, the core logic supporting the A-share market remains unchanged, with recommendations to focus on sectors such as Machinery Equipment, Consumer Goods, TMT (Technology, Media, and Telecommunications), and Large Financials [5]

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.17%, and the ChiNext Index down by 0.24% [1] - Among the Shenwan first-level industries, Environmental Protection, Media, and Light Industry Manufacturing performed well, while Communication, Comprehensive, and Electronics lagged behind [1] Concept Sector Performance - Overall, the Animal Vaccine, First Board, and Online Education concepts performed relatively well [1] - In contrast, the Rare Earth, Circuit Board, and the Top Ten Military Industry Group concepts showed weaker performance [1]

Market Performance - The Shanghai Composite Index closed at 3534.48, up by 0.50% with an increase of 17.66 points [2] - The Shenzhen Component Index closed at 10913.84, up by 0.37% with an increase of 40.22 points [2] - The CSI 300 Index closed at 4058.55, up by 0.60% with an increase of 24.06 points [2] - The ChiNext Index closed at 2277.15, up by 0.34% with an increase of 7.83 points [2] - The STAR 50 Index closed at 1007.53, up by 0.19% with an increase of 1.88 points [2] - The Beijing Stock Exchange 50 Index closed at 1418.61, down by 0.67% with a decrease of 9.50 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.10%), Basic Chemicals (up 1.36%), Steel (up 1.34%), Coal (up 0.94%), and Transportation (up 0.90%) [3] - The underperforming sectors included Media (down 0.98%), Electronics (down 0.49%), Light Industry Manufacturing (down 0.41%), Utilities (down 0.35%), and Communication (down 0.31%) [3] - Concept sectors with notable gains included Lithium Extraction from Salt Lakes (up 3.30%), Rare Earth Permanent Magnets (up 3.15%), Acrylic Acid (up 2.35%), Cobalt (up 2.29%), and Metal Recycling (up 2.08%) [3] - Concept sectors with notable declines included Animal Vaccines (down 0.96%), Avian Influenza (down 0.90%), Low-E Glass (down 0.89%), E-sports (down 0.86%), and Digital Watermarking (down 0.76%) [3] Future Outlook - The report indicates that the A-share market is showing resilience with a GDP growth of 5.3% year-on-year in the first half of the year, suggesting potential for further policy support in the second half [6] - The market is expected to focus on the upcoming Politburo meeting at the end of July, the Federal Reserve's interest rate decisions, and developments in US tariffs [6] - The report suggests that there are still opportunities for upward momentum in the market, but caution is advised due to potential volatility from previous high rebounds [6] - It is recommended to identify long-term trends in high-growth sectors and short-term speculative opportunities, particularly during the mid-year earnings forecast disclosure window [6]

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily discuss market performance, sector and concept index movements, market sentiment, capital flows, ETF premiums/discounts, block trading discounts, and institutional activities. These are general market observations and statistics rather than detailed quantitative models or factor analyses.

Group 1 - The Hainan Free Trade Zone concept rose by 2.21% as of the market close on July 16, ranking 6th among concept sectors, with 27 stocks increasing in value, including Haide Co., Hainan Ruize, and Jingliang Holdings, which rose by 5.79%, 4.70%, and 4.59% respectively [1] - The top gainers in the Hainan Free Trade Zone concept included Haide Co. with a net inflow of 92.2 million yuan, followed by Hainan Ruize with 61.9 million yuan, and Hainan Haiyao with 43.7 million yuan [1][2] - The concept sector saw a net inflow of 219 million yuan from main funds, with 23 stocks experiencing net inflows, and 16 stocks receiving over 10 million yuan in net inflows [1] Group 2 - The leading stocks by net inflow ratio included ST Huluwa, Haide Co., and *ST Yedao, with net inflow ratios of 16.55%, 15.77%, and 13.49% respectively [2] - The top stocks in the Hainan Free Trade Zone concept by main fund flow included Haide Co. with a main fund flow of 92.2 million yuan and a turnover rate of 4.66%, and Hainan Ruize with a flow of 61.9 million yuan and a turnover rate of 11.86% [2][3] - Other notable stocks included Hainan Haiyao with a 3.49% increase and a main fund flow of 43.7 million yuan, and HNA Holding with a 1.45% increase and a flow of 30.2 million yuan [3]