2025 年 08 月 25 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：86 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 40 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 86 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：脑机接口、机器人、物流 1、脑机接口主题：据央视报道，国家医保局制定新药首发价 格机制，新增 100 余项医疗新技术收费项目，并设立"脑机 接口置入费"等，助力创新药械快速临床应用与回报。相关 标的：创新医疗(002173)、伟思医疗(688580) 2、机器人主题：8 月 15-17 日，全球首届世界人形机器人运 动会登陆北京"鸟巢+冰丝带"，机器人将竞速田径、踢足 球、跳舞并完成搬运、清洁等场景任务，集中展示运动控制 与场景落地的最新成果。相关标的：相关标的：卧龙电驱 （600580）、长盛轴承（300718） 3、物流主题：近日，国家邮政 ...

Core Insights - The report indicates that the current market sentiment score is 91, categorizing it as "overheated," suggesting a potential resistance in the market due to excessive optimism among investors [5][8][19]. Market Themes Tracking - **Brain-Computer Interface Theme**: The National Healthcare Security Administration has introduced a new pricing mechanism for innovative medical technologies, including a "brain-computer interface implantation fee," which is expected to accelerate the clinical application and return of innovative drugs and devices. Related companies include Innovation Medical (002173) and Weisi Medical (688580) [5]. - **Robotics Theme**: The first World Humanoid Robot Games took place in Beijing, showcasing advancements in motion control and practical applications in various tasks. Key companies in this sector include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [5]. - **Logistics Theme**: The State Post Bureau held discussions to address issues in the express delivery industry, promoting high-quality development. The introduction of unmanned logistics vehicles is also gaining traction, particularly in the "last mile" delivery segment. Relevant companies include Shentong Express (002468) and SF Holding (002352) [5]. Market Sentiment Analysis - The report highlights that when the market sentiment score is below or around 50, the market tends to receive support, while scores above 90 indicate potential resistance. The current score of 91 suggests that the market may face challenges due to over-optimism [8][19]. Capital Flow Insights - The report lists the top ten stocks with significant net inflows, with ZTE Corporation (000063.SZ) leading at approximately 277.68 million, followed by Leo Group (002131.SZ) at 151.12 million [9]. - It also details the top ten stocks with net outflows, with Wolong Electric Drive (600580.SH) showing the highest outflow at approximately -102.78 million [10]. Industry Performance - The report provides insights into the net inflow and outflow of capital across various industries, indicating that the electronics and computer sectors are currently attracting significant investment, while industries such as pharmaceuticals and non-bank financials are experiencing notable outflows [15][20].

Group 1 - Company stock experienced a significant increase of nearly 4.8 times year-to-date, reaching a historical high before a sharp decline, with a current drop of about 5% and trading volume exceeding 3.5 billion [1] - Company issued a risk warning stating that the short-term stock price increase is significantly higher than the industry and Shanghai Composite Index, indicating potential market overheating and irrational speculation [1] - Company reported expected revenue for 2024 at 1.43 billion, a year-on-year decrease of 11.42%, with a projected net loss of 363 million [1] Group 2 - Company’s rolling price-to-book ratio is 22.61, significantly higher than the industry average of 5.70, indicating a risk of overvaluation [2] - Company’s stock turnover rate was 9.42% on August 13, with a cumulative turnover rate of 37.35% over the last three trading days, suggesting high trading activity [2]

2025 年 08 月 12 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：89 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 89 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：脑机接口、机器人、物流 1、脑机接口主题：据央视报道，国家医保局制定新药首发价 格机制，新增 100 余项医疗新技术收费项目，并设立"脑机 接口置入费"等，助力创新药械快速临床应用与回报。相关 标的：创新医疗(002173)、伟思医疗(688580) 2、机器人主题：8 月 15-17 日，全球首届世界人形机器人运 动会登陆北京"鸟巢+冰丝带"，机器人将竞速田径、踢足 球、跳舞并完成搬运、清洁等场景任务，集中展示运动控制 与场景落地的最新成果。相关标的：相关标的：卧龙电驱 （600580）、长盛轴承（300718） 3、物流主题：近日，国家邮政局召 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 90, categorizing it as "overheated" [6][11] - Recent market trends show a gradual upward movement supported by improved sentiment and policy backing [11] - Key investment themes identified include robotics, RDA (Real Data Assets), and hydropower projects, which are expected to drive growth in their respective sectors [7] Market Sentiment - The market sentiment temperature indicator shows a score of 90, indicating an "overheated" market condition, which suggests caution for investors as high sentiment can lead to potential market corrections [6][11] - Historical data indicates that when sentiment falls below 30, the market tends to find support, while levels above 90 may present resistance [11] Investment Themes - **Robotics**: The government is promoting entrepreneurship in robotics, with significant contracts awarded, such as a 124 million yuan project for humanoid biped robots [7] - **RDA**: The introduction of RDA by the Shanghai Data Exchange emphasizes the integration of real data with physical assets, enhancing their verification and value [7] - **Hydropower**: The commencement of a major hydropower project on the Yarlung Tsangpo River, with an investment of approximately 1.2 trillion yuan, is expected to have significant strategic implications [7] Key Stocks and Sectors - Notable stocks related to the robotics theme include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [7] - For the RDA theme, relevant stocks include Tongxingbao (301339) and Wanda Information (300168) [7] - In the hydropower sector, key stocks are Dongfang Electric (600875) and Tibet Tianlu (600326) [7] Capital Flow Analysis - The report provides insights into net capital inflows, highlighting significant investments in companies like CATL (300750) and BYD (002594), indicating strong investor confidence [12][14] - Conversely, there are notable net outflows from companies such as Dongfang Fortune (300059) and Sifang Jingchuang (300468), suggesting caution in those areas [14][19]

迪生力（603335）发布股票交易风险提示性公告，公司股票自2025年4月28日以来，股价累计涨幅 35.84%，单日最高换手率达13.62%，同期申万汽车零部件指数累计涨幅6.67%，同期上证指数累计涨幅 1.65%，公司股票短期涨幅高于同行业涨幅及上证指数，存在市场情绪过热的情形，但公司生产经营活 动一切正常，不存在应披露而未披露的重大信息。敬请广大投资者注意投资风险。 ...

Group 1 - The report indicates that the current market sentiment score is 91, categorizing it as "overheated," suggesting a high level of investor optimism and potential market resistance at this level [6][11][23] - The report highlights three key investment themes: robotics, rare earths, and the Apple supply chain, each showing significant market interest and potential for growth [7][8][9] - In the robotics sector, exoskeleton robots are gaining popularity for outdoor activities, reducing physical exertion by 20%-40%, with related companies including Weisi Medical and Jinggong Technology [7] - The rare earth metals market has seen prices surge, particularly dysprosium, which has doubled to $850 per kilogram following China's export controls, with companies like Northern Rare Earth and Shenghe Resources being key players [7] - The Apple supply chain is preparing for the launch of the first foldable iPhone in 2026, impacting product release schedules and involving companies such as Lingyi Technology and Changying Precision [7] Group 2 - The report provides a detailed analysis of net capital inflows and outflows for various stocks, indicating strong investor interest in companies like Yanshan Technology and Hainan Huate, with net inflows exceeding 76 million [12][13] - It also lists the top ten industries by net capital inflow, with the computer and electronics sectors leading, suggesting a favorable investment climate in these areas [18][20] - The report emphasizes the importance of monitoring market sentiment and capital flows to identify potential investment opportunities and risks in the current market environment [11][24]