上周市场震荡调整，沪指累跌1.30%，但市场分化度并未明显收窄，前期涨幅较大的电力设备、电子、 通信等行业本周仍然涨幅领先，而银行、非银、食品饮料等滞涨板块则仍未修复。 后市市场将如何演绎？且看最新十大券商策略汇总。 1. 国泰海通：调整是机会，中国股市不会止步于此 国泰海通证券研报指出，近日，市场在金融板块表现受阻之际情绪遇冷，分歧加大。我们的看法相较市 场共识更坚定与乐观，中国股市不会止步于此。 从战术看，中美元首通话表明短期风险展望稳定；弱美元与海外降息，有利于中国宽松与央行重启国债 交易；资本市场改革红利有望加快，科创板成长层推出和第五套上市标准重启在即。由此能够清晰的 是，市场调整是机会，后续A/H股指还有望走出新高。行业比较：新兴科技依然是主线，港股科技医药 有望延续修复。 2. 国金证券：真正的牛市还未开始 中国盈利基本面回升的牛市行情可能正在孕育。目前，降息后正在开启新的场景转换，两类机会可以关 注：一方面是流动性压制解除后， 6-8 月滞涨的港股或有补涨行情；另一方面，成长投资会逐步从科技 驱动走向出口出海。 制造业顺周期(有色，机械，化工)的机会将成为中期主线，准备好换挡后进入真正 的牛市 ...

要闻速递 国务院常务会议：研究关于在政府采购中实施本国产品标准及相关政策 李强周五主持召开国务院常务会议，研究关于在政府采购中实施本国产品标准及相关政策。会议指出， 制定出台政府采购中本国产品标准及相关政策，是完善政府采购制度的重要举措，也是落实政府采购领 域外资企业国民待遇的务实行动。要从实际出发，合理分类设定本国产品标准，明确对特定产品关键组 件、关键工序的具体要求。要充分听取各方面意见，稳妥推进标准实施，合理设置过渡期，支持企业提 前做好产业布局和投资计划。要对各类经营主体一视同仁、平等对待，切实保障公平竞争。 国家医保局：第11批集采优化了价差控制"锚点"的选择 不再简单选用最低报价 对于第11批集采的"反内卷"原则，国家医保局提出优化价差控制"锚点"。对此，国家医保局相关负责人 指出，为保证公平，本次集采继续对中选价差作一定控制。同时，为防范个别企业报出异常低价"熔 断"其他正常报价的企业，导致整个品种的中选价过低，本次集采优化了价差控制"锚点"的选择，不再 简单选用最低报价。当"最低价"低于"入围均价的50%"时，将以"入围均价的50%"为价差控制的锚点。 工信部：研究编制《"十五五"新型电池产业 ...

Group 1: Government Procurement and Policies - The State Council meeting emphasized the importance of implementing domestic product standards in government procurement as a significant step to improve the procurement system and ensure fair treatment for foreign enterprises [1] - The meeting highlighted the need to categorize domestic product standards reasonably and set specific requirements for key components and processes [1] - There will be a focus on listening to various opinions and providing a reasonable transition period to support enterprises in their industrial layout and investment plans [1] Group 2: Healthcare and Price Control - The National Healthcare Security Administration announced the optimization of price control "anchors" for the 11th batch of centralized procurement, moving away from simply selecting the lowest bid [2] - This change aims to prevent abnormal low pricing from disrupting normal bids and will set the price control anchor at 50% of the average winning bid if the lowest bid is below that threshold [2] Group 3: Battery Industry Development - The Ministry of Industry and Information Technology is working on the "14th Five-Year" new battery industry development plan to prevent low-level redundant construction [3] - The focus will be on strengthening industrial planning and promoting regional coordinated development in the lithium battery sector [3] Group 4: Monetary Policy Adjustments - The People's Bank of China has adjusted the 14-day reverse repurchase operations to fixed quantity, interest rate bidding, and multiple price-level bidding to maintain liquidity in the banking system [4] Group 5: Foreign Exchange Market Stability - The State Administration of Foreign Exchange reported stable net inflows in the goods trade for August, with a total cross-border capital net inflow of $3.2 billion [5] - The foreign exchange market remains active, with a year-on-year increase of 8% in cross-border receipts and payments by non-bank sectors [5] Group 6: IPO Developments - The Shanghai Stock Exchange announced that the IPO of Moore Thread Technology will be reviewed on September 26, 2025 [6] Group 7: Financial Fraud and Regulatory Actions - Four A-share companies, including Fudan Forward and Creative Information, will face risk warnings and trading suspensions due to financial fraud [7] Group 8: Immigration Policy Changes - The U.S. administration has signed an executive order imposing a $100,000 annual fee for H-1B visa applicants to ensure that only highly skilled foreign workers are brought in [8][9] Group 9: Investment Opportunities in Construction - China Galaxy Securities recommends four investment themes in the construction industry during the "14th Five-Year" period, focusing on major engineering projects, overseas expansion, and sectors like low-altitude economy and clean energy [17] Group 10: Electronics Sector Trends - CITIC Securities reports that the electronics sector is experiencing strong demand, particularly in AI computing and storage, with expectations of continued growth through the traditional peak season [18] Group 11: Domestic Computing Chip Advancements - Zhongyuan Securities highlights that domestic firms are making significant strides in computing chips, with advancements in cluster computing and technology breakthroughs in HBM [19]

Group 1 - The A-share market experienced a mixed performance, with the Shanghai Composite Index down 1.30%, while the Shenzhen Component and ChiNext Index rose by 1.14% and 2.34% respectively [1] - Everbright Securities predicts increased market volatility in the short term due to profit-taking pressures and a relatively high valuation level since 2010 [1] - The firm suggests focusing on sectors such as power equipment, communication, computer, electronics, automotive, and media in the short term, while emphasizing TMT sectors for the medium to long term [1] Group 2 - CITIC Securities maintains a focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming, driven by supply constraints and global geopolitical tensions [2] - The firm highlights the importance of China's manufacturing leaders in global markets, aiming to convert market share advantages into pricing power and improved profit margins [2] - The investment strategy includes a left-side focus on chemicals and military industries, with a recent emphasis on the expansion of AI from cloud to edge computing [2] Group 3 - Xiangcai Securities anticipates a "slow bull" market for A-shares by 2025, influenced by the new "National Nine Articles" and similar investment policies [3] - The firm expects significant impacts from the ongoing "14th Five-Year Plan," with key focus areas including technology, green initiatives, and consumer services [3] - In the short term, the market is expected to exhibit wide fluctuations with a gradual upward trend, recommending attention to anti-involution sectors, AI-related technology, and environmental protection sectors [3] Group 4 - Galaxy Securities identifies four main investment lines in the construction industry during the "14th Five-Year Plan" period, as urban development shifts from expansion to quality improvement [4] - The firm anticipates increased efforts in urban renewal and a new wave of global industrial transfer benefiting Southeast Asia, driving demand for infrastructure [4] - Recommended investment lines include major engineering projects, overseas expansion, high dividend stocks, and sectors with favorable supply-demand dynamics such as coal chemical, nuclear power, and cleanroom engineering [4]

Macro Economic Developments - The State Council held a meeting on September 19 to discuss the implementation of the national ecological environment protection conference and the promotion of a beautiful China [3] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain liquidity in the banking system [4] Financial Sector Updates - The China Securities Regulatory Commission emphasized the importance of strict regulation and high-quality development in the capital market during a recent expanded meeting [5] - The upcoming release of the Loan Market Quote Rate (LPR) on September 22 is anticipated, with the current 1-year LPR at 3.0% and the 5-year LPR at 3.5%, unchanged for three months [15] Stock Market Insights - A-share market trading volume has exceeded 2 trillion yuan for 28 consecutive trading days since August 13, with an average daily trading volume of 2.48 trillion yuan in September, over three times higher than the same period last year [6] Industry and Company Developments - The Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued a work plan for the light industry to stabilize growth from 2025 to 2026, focusing on supply optimization, consumption promotion, and export stability [7] - ByteDance announced plans to comply with Chinese laws to ensure TikTok's continued service in the U.S. [11] Upcoming Events - A press conference on the "High-quality Completion of the 14th Five-Year Plan" will be held on September 22, featuring key financial leaders [14]

人民财讯9月21日电，中国银河（601881）证券研报表示，我国城市发展正从大规模增量扩张阶段转向 存量提质增效为主的阶段。"十五五"期间，预计城市更新将加大力度持续推进。新一轮全球产业转移启 动，东南亚成为最大受益区域，工业化进程加速将带动基建需求不断攀升。AI与BIM等助力建筑数字化 转型，建筑机器人促进工业化进程。推荐四条主线把握"十五五"时期建筑行业投资机会。第一，重大工 程支撑稳增长。政策暖风频吹，城市更新加力推进。第二，推荐出海、高股息、并购重组、市值管理考 核等。第三，低空经济、机器人、算力工程等成长性较好。第四，供需格局较好的新疆煤化工、核电工 程、洁净室工程等。 ...

Investment Rating - The report maintains a "Buy" rating for major construction companies including China State Construction, China Railway, China Railway Construction, and China Communications Construction [4][5]. Core Insights - The construction industry is transitioning from large-scale expansion to enhancing existing stock, with urban renewal efforts expected to intensify during the 14th Five-Year Plan period, leading to an urbanization rate exceeding 70% by the end of the plan [8][11]. - Major engineering projects are expected to play a crucial role in stabilizing growth, with significant infrastructure projects like the Sichuan-Tibet Railway and the New Three Gorges Navigation Channel supporting the industry [8][11]. - The report highlights the increasing importance of digitalization and industrialization in the construction sector, with AI and BIM technologies driving efficiency and quality improvements [8][32][39]. Summary by Sections Section 1: High-Quality Development - The construction industry is expected to maintain a GDP contribution of around 5% during the 14th Five-Year Plan, with a target of 40% for prefabricated buildings by 2030 [17][19]. - The focus will be on quality and safety, with a shift towards green and sustainable practices [16][17]. Section 2: Focus on Overseas Expansion, Digitalization, and Industrialization - The global industrial transfer is expected to boost overseas infrastructure demand, particularly in Southeast Asia, where construction needs are significant [22][23]. - Chinese construction companies are leading in international contracting, with 81 firms listed among the top 250 global contractors, accounting for 24.6% of total international revenue [27][28]. - Digital transformation is becoming a key driver for efficiency, with a low penetration rate of digital technologies in the construction sector compared to developed countries [36][37]. Section 3: Urban Renewal and Major Projects - Urban renewal is a major trend, with government initiatives aimed at improving living conditions and infrastructure [52]. - The report outlines eight key tasks for urban renewal, including the renovation of old neighborhoods and the enhancement of urban infrastructure [52]. Section 4: Industrial Digitalization and Growth - The construction industry is expected to leverage digital technologies to enhance productivity and reduce costs, with AI and BIM playing significant roles [32][38]. - The adoption of construction robots is anticipated to improve efficiency significantly, with robots outperforming human labor in various tasks [41][48].