研究助理 方嘉成 相关研究 9 月央国企 ESG 策略有所回撤 ——ESG 与央国企月度报告（2025 年 9 月） 2025 年 10 月 10 日 ESG 与央国企月度报告 分析师 马宗明 ：18600816533 ：mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ ESG 筛选策略（沪深 300）：该策略是采用我们在 2023 年 12 月 8 日发布 的《厚积薄发，志存高远——ESG 投资策略解析与优化构建》报告中呈现的筛 选策略，不但充分考察了 ESG 所提供的增量风险信息，还结合了马科维兹资 产组合理论。详细内容可参考原报告。策略表现：本周截止 9 月 26 日，ESG 筛选策略（沪深 300）最新一个月总回报为-2%，相对总回报为-3%、最大涨 幅为 1%，最大跌幅为-3%，夏普比例为-2.80。 ⚫ ESG 舆情整合策略（沪深 300）：该策略是采用我们在 2025 年 2 月 28 日 发布的《穿越市场周期变幻：E ...

Group 1 - A-share market heat has surged, with trading volume and margin financing balance both exceeding 20 trillion yuan, and the "trillion market value club" expanding to 11 members with a total market value of nearly 18 trillion yuan, serving as the core driving force of the market [2][3] - The largest market value is held by Industrial and Commercial Bank of China (ICBC) at 2.5 trillion yuan, followed by Agricultural Bank of China and China Construction Bank, with notable positions held by Kweichow Moutai, China Mobile, China Petroleum, and Ningde Times. New entrants include China Life and Ping An, with the financial sector dominating with 7 out of 11 members [2][3] - The majority of the trillion market value giants are state-owned enterprises, accounting for over 80%, with policy support from green finance and new infrastructure playing a significant role. Mergers and acquisitions are fostering new giants, such as China Shenhua's acquisition pushing its market value close to a trillion [3][4] Group 2 - The financial sector leads the trillion market value club, with the four major banks (ICBC, ABC, CCB, and BOC) at the forefront, and new entrants like China Merchants Bank, China Life, and Ping An. The financial industry holds 70% of the club's positions, with potential candidates like Postal Savings Bank and Bank of Communications in the 500 billion yuan+ tier [4]

Market Overview - The Hong Kong stock market showed a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1][5] - The US stock market remained stable despite previous inflation concerns, with the Dow Jones down 11 points, the S&P 500 up 1 point, and the Nasdaq down 2 points [2] Market Outlook - The report emphasizes that the Hong Kong market has advantages such as low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic medium to long-term outlook [3] - Significant inflows of southbound funds were noted, with a total of 135.6 billion HKD in July, marking a recent high, and continued inflows in early August totaling 36.2 billion HKD [3] - Investment opportunities are highlighted in sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy [3] Key Company Performances - Notable stock performances include Li Ning (2331HK) up 5.88% and Tingyi (0322HK) up 3.06% among the Hang Seng Index constituents [1][5] - In the technology sector, Huahong Semiconductor (1347HK) rose 3.04%, and Horizon Robotics (9660HK) increased by 2.44% [1][5] Economic Data - The US inflation rate for July remained steady at 2.7%, slightly below the forecast of 2.8% [2] - The report indicates a positive trend in investment sentiment, with the Stoxx 600 index in Europe rising for three consecutive days [11]

Group 1 - The core viewpoint is that while there may be short-term fluctuations in the AI market, AI remains the long-term focus of the market [2][3] - The introduction of DeepSeek has positively influenced the domestic AI industry trends and fundamentals, with expectations of increased AI penetration across various sectors [3] - The A-share market is expected to show a trend of oscillating upward, supported by structural valuation reshaping opportunities due to the upcoming National People's Congress [5] Group 2 - The technology sector's main style is not expected to change significantly, with advancements in industries like DeepSeek and domestic robotics moving towards investment based on economic conditions [6][7] - Increased capital expenditure from major domestic companies and government initiatives indicates progress in the domestic industry chain, reducing reliance on U.S. tech giants [7] - The focus will be on AI applications benefiting from reduced inference costs, robotics sub-industries, and low-position growth sectors like military electronics [8]