证券研究报告 [Table_Title] 每日复盘 2025 年 8 月 26 日市场缩量震荡调整，消费电子板块走强 报告要点： 2025 年 8 月 26 日市场缩量震荡调整，消费电子板块走强。上证指数下 跌 0.39%，深证成指上涨 0.26%，创业板指下跌 0.76%。市场成交额 27098.32 亿元，较上一交易日减少 4671.20 亿元。全市场 2804 只个股上涨，2470 只 个股下跌。 风格上看，各指数涨跌幅排序为：周期>0>消费>稳定>成长>金融；中盘 成长>中盘价值>小盘价值>小盘成长>大盘成长>大盘价值；中证全指表现优 于基金重仓股。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：农林牧渔 （2.65%），传媒（1.36%），综合（1.26%）；表现相对靠后的是：综合金融 （-1.38%），非银行金融（-1.11%），国防军工（-1.09%）。概念板块方面， 多数概念板块上涨，同花顺果指数、养鸡、猪肉等大幅上涨；CRO、稀土永 磁、减肥药等板块走低。 资金筹码方面，主力资金 8 月 26 日净流出 688.55 亿元。其中超大单净 流出 403.71 亿元，大单净流出 28 ...

Market Overview - The A-share market showed a rebound after a day of testing lows, with the Shanghai Composite Index reaching a ten-year high at 3766.21, up 1.04% [1][2] - The Shenzhen Component Index closed at 11926.74, increasing by 0.89%, while the ChiNext Index rose by 0.23% to 2607.65 [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading over 2 trillion yuan [3] Sector Performance - The top-performing sectors included Beauty Care (up 2.42%), Oil and Petrochemicals (up 2.36%), and Electronics (up 2.32%) [1][2] - Conversely, sectors such as Pharmaceuticals and Biology, Home Appliances, and Real Estate showed declines, with Pharmaceuticals down by 0.07% [1][2] - Concept indices like the Tonghuashun Fruit Index and AI Mobile showed strong performance, while sectors like Monkeypox Concept and Recombinant Protein faced declines [2][3] Future Outlook - The report indicates a stable macroeconomic environment, with expectations for orderly rotation and positive interaction among market sectors, which may support a steady upward trend in the market [3] - The release of interim reports is expected to lead to an increase in cash dividend proposals from listed companies, enhancing market value support [3] - Key sectors to focus on include TMT (Technology, Media, and Telecommunications), Financials, and Consumer sectors [3]

Group 1 - The Tonghuashun Fruit Index concept rose by 3.37%, ranking second among concept sectors, with 20 stocks increasing in value, including Dongshan Precision which hit the daily limit, and others like Pengding Holdings, Luxshare Precision, and Lens Technology showing gains of 9.98%, 6.34%, and 4.69% respectively [2] - The concept sector saw a net inflow of 2.518 billion yuan, with 17 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow, led by Dongshan Precision with a net inflow of 516 million yuan [2] - The leading stocks in terms of net inflow ratio included Lingyi Technology, Dongshan Precision, and Lens Technology, with net inflow ratios of 13.59%, 13.40%, and 10.75% respectively [3] Group 2 - The top stocks by net inflow included Dongshan Precision, Luxshare Precision, GoerTek, and Industrial Fulian, with net inflows of 516 million yuan, 433 million yuan, 309 million yuan, and 271 million yuan respectively [4] - The trading turnover rates for the leading stocks were 5.09% for Dongshan Precision, 2.34% for Luxshare Precision, and 5.59% for GoerTek, indicating active trading in these stocks [4]

Group 1 - The Low-E glass concept increased by 2.38%, ranking 8th among concept sectors, with seven stocks rising, including Yamaton and Yaopi Glass hitting the daily limit [1] - Notable gainers in the Low-E glass sector include Wanshun New Materials, which rose by 7.18%, and Xinsai Co., which increased by 1.37% [1] - The sector experienced a net outflow of 0.25 billion yuan in main funds, with Wanshun New Materials receiving the highest net inflow of 46.49 million yuan [2][3] Group 2 - The main fund inflow ratios for leading stocks in the Low-E glass sector are as follows: Yamaton at 52.06%, Hainan Development at 10.65%, and Wanshun New Materials at 6.50% [3] - The trading performance of key stocks includes: Wanshun New Materials up by 7.18% with a turnover rate of 16.63%, Yamaton up by 10.02% with a turnover rate of 1.29%, and Hainan Development up by 0.21% with a turnover rate of 2.82% [3][4] - Decliners in the sector include Nanbo A, which fell by 0.83%, and Sanxia New Materials, which decreased by 0.30% [1][4]

Group 1 - The high-pressure oxygen chamber concept declined by 2.26%, ranking among the top declines in concept sectors, with companies like Aoyang Health, International Medicine, and Weiao Co., Ltd. experiencing significant drops [1] - The main funds in the high-pressure oxygen chamber concept saw a net outflow of 363 million yuan, with seven stocks experiencing net outflows, led by Innovation Medical with a net outflow of 308 million yuan [2] - Other companies with notable net outflows include Aoyang Health, Dahu Co., Ltd., and Yinkang Life, with net outflows of 27.01 million yuan, 8.53 million yuan, and 6.79 million yuan respectively [2] Group 2 - The top gainers in concept sectors included the military equipment restructuring concept, which rose by 3.51%, and PCB concept, which increased by 3.29% [2] - The high-pressure oxygen chamber concept was among the sectors with the largest declines, alongside glyphosate and rare earth permanent magnets, which fell by 2.82% and 2.57% respectively [2] - The trading volume for the high-pressure oxygen chamber concept stocks showed varying turnover rates, with Innovation Medical at 36.76% and Aoyang Health at 17.53% [2]

Group 1 - The core viewpoint of the news is that the military equipment restructuring concept has experienced a decline, with a drop of 0.34% as of the market close on June 4, positioning it among the top decliners in the concept sector [1][2] - Within the military equipment restructuring concept, stocks such as Dong'an Power, Chang'an Automobile, and Changcheng Military Industry saw significant declines, while Hunan Tianyan, Huqiang Technology, and Construction Industry were among the few that increased, with respective gains of 0.44%, 0.18%, and 0.15% [1][2] - The military equipment restructuring concept faced a net outflow of 0.43 billion yuan from main funds today, with six stocks experiencing net outflows, led by Chang'an Automobile, which saw a net outflow of 22.58 million yuan [2] Group 2 - The top decliners in the military equipment restructuring concept included Chang'an Automobile (-0.24%), Dong'an Power (-2.14%), and Changcheng Military Industry (-0.66%), while Hunan Tianyan was the only stock with a positive change [2] - The trading volume for Chang'an Automobile was 0.52%, and it had the highest net outflow of main funds at 22.58 million yuan, followed by Dong'an Power with a net outflow of 18.22 million yuan [2] - The overall performance of the military equipment restructuring concept contrasts with other sectors, such as the beer concept, which increased by 3.85% [2]

Market Overview - The market experienced a slight rebound with all three major indices closing higher, with the Shanghai Composite Index at 3361.98, up 0.43% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion, an increase of 22.3 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), and Banking (up 1.98%) [1] - Conversely, the sectors that underperformed were Household Appliances (down 2.10%), Steel (down 1.37%), and Coal (down 0.84%) [1] Concept Indices - Notable concept indices that performed well included the China-South Korea Free Trade Zone (up 4.23%), Cell Immunotherapy (up 3.87%), and Football Concept (up 3.56%) [2] - Underperforming concept indices included Special Steel Concept (down 0.93%) and Medical Waste Treatment (down 0.51%) [2] Future Outlook - The market is expected to maintain a range-bound and consolidating trend, with a focus on sectors such as Finance, Pharmaceutical Biology, TMT (Technology, Media, and Telecommunications), and Non-ferrous Metals [4] - The upcoming mid-year performance expectations are anticipated to drive structural market trends, with fundamentals becoming a key factor [4]

Market Overview - As of May 27, the China AI 50 concept index declined by 1.38%, ranking among the top declines in concept sectors [1] - Within the sector, companies such as Green Harmony, Cambricon, and Sangfor experienced significant declines, while China Great Wall, China Software, and Weichai Heavy Machinery saw increases of 7.84%, 3.60%, and 2.87% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Glyphosate with a rise of 6.09%, Dairy Industry at 3.55%, and Supply and Marketing Cooperatives at 2.72% [2] - Conversely, the China AI 50 sector faced a net outflow of 1.213 billion yuan, with 37 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 100 million yuan [2] Major Fund Flows - The stock with the highest net outflow was Xinyi Sheng, with a net outflow of 516 million yuan, followed by Zhongji Xuchuang, ZTE, and SMIC with outflows of 293 million yuan, 238 million yuan, and 208 million yuan respectively [2] - On the other hand, the stocks with the highest net inflows included China Great Wall, China Software, and Weichai Heavy Machinery, with inflows of 1.245 billion yuan, 191 million yuan, and 57 million yuan respectively [2][4] Individual Stock Performance - Notable declines in the China AI 50 sector included Xinyi Sheng at -3.14%, Zhongji Xuchuang at -2.38%, and ZTE at -1.49% [3] - In contrast, China Great Wall led the gains with an increase of 7.84%, followed by China Software at 3.60% and Weichai Heavy Machinery at 2.87% [4]

Group 1 - The core viewpoint of the article highlights the decline of the artemisinin concept sector, which fell by 0.82%, ranking among the top declines in the concept sector [1][2] - Within the artemisinin concept sector, major companies such as Rundu Co., Zhejiang Medicine, and Kunming Pharmaceutical experienced significant declines, while only two stocks, Delong Huineng and Baiyunshan, saw increases of 1.06% and 0.37% respectively [1][2] - The article provides a detailed overview of the capital flow, indicating a net outflow of 58 million yuan from the artemisinin concept sector, with Rundu Co. leading the outflow at 43.43 million yuan [2] Group 2 - The article lists the top-performing concept sectors, with the military equipment restructuring concept leading with a gain of 3.92%, while the artemisinin concept was among the worst performers [2] - A table is provided showing the capital flow for various companies within the artemisinin concept, detailing their respective price changes and turnover rates, with Rundu Co. showing a significant outflow [2]