一、证券市场回顾 南财金融终端数据显示，昨日(8月25日，下同)上证综指日内上涨1.51%，收于3883.56点，最高3883.56 点；深证成指日内上涨2.26%，收于12441.07点，最高12477.97点；创业板指日内上涨3.0%，收于 2762.99点，最高2782.01点。 昨日股票型ETF跌幅最大的3只ETF及其收益率分别为：富国上证科创板50成份ETF（-2.79%）、新华 中证A50ETF（-1.79%）、华泰柏瑞中证1000增强策略ETF（-1.79%）。跌幅前10详情见下表： | 美别 | 代码 | 基金名称 | 涨跌幅(%) | | --- | --- | --- | --- | | 股票型 | 588940.SH | 富国上证科创板50成份ETF | -2.79% | | 股票型 | 560820.SH | 新华中证A50ETF | -1.79% | | 股票型 | 561590.SH | 华泰柏瑞中证1000增强泵略ETF | -1.79% | | 股票型 | 588780.SII | 国联安上证科创板芯片设计主题ETF | -1.46% | | 股票型 | 159516.SZ | ...

Q&A 科技还有那些低估方向？20250825 摘要 DBC V3.1 在推理效率、工具调用和国产芯片适配上有所提升，但未实 现范式级创新，长文本能力提升有限，多模态等关键功能缺席，幻觉率 和稳定性提升不明显，低于市场预期。 金融 IT 厂商在牛市预期下具备戴维斯双击效应，受益于交易链（流量和 数据暴增）、预算链（IT 预算释放）和估值链（科技趋势溢价提升）的 共同驱动。 推荐关注同花顺、恒生电子、财富趋势及顶点软件等金融 IT 龙头企业， 这些企业在市场火热行情中具备增长潜力，无需过度担忧短期业绩兑现 问题。 全球 AI 趋势向好，GPT-5 对 AI 代理的推动利好整个 AI 产业链，包括海 外推理端算力、光模块、PCB 及 AI 服务器等，预计繁荣期将持续一到两 年。 太空算力通过将算力送上天，优化图像处理和传输，具有提供算力租赁、 天地一体化传输和高精度遥感监控三大商业空间，市场空间预计至少 300 亿元。 DBC 和 V3.1 版本的发布对市场预期的影响如何？ 从技术端和产品端来看，DBC 和 V3.1 版本的发布整体上低于市场预期。市场 原本预期这一时间点应是 Deepseek V4 或 R2 的 ...

本周市场情绪持续提升，iFinD数据显示，本周日均股票成交额环比增长23%，提升至2.59万亿元;截至 2025年8月21日，两市融资融券余额持续提升至2.15万亿元;据易观千帆，7月份证券类App活跃人数达 1.67亿，环比+3.36%，同比+20.89%，利好券商业务增长。 (2)四川双马(000935.SZ)：科技赛道占优，创投业务有望受益，收购基因治疗赛道新标的，深化生物医 药产业链布局。公司管理基金的已投项目：屹唐股份(科创板已上市)、奕斯伟材料(科创板IPO过会)、奕 斯伟计算以及群核科技(港交所IPO申报)、邦德激光、丽豪半导体等有望在25年上市;公司参投基金已 投：傅利叶2025/1/7完成新一轮融资，奇瑞汽车、慧算账向港交所递表。 证券公司分类评价规定落地，聚焦提升券商经营效率。 国金证券发布研报称，本周市场情绪持续提升，iFinD数据显示，本周日均股票成交额环比增长23%， 提升至2.59万亿元;截至2025年8月21日，两市融资融券余额持续提升至2.15万亿元;据易观千帆，7月份 证券类App活跃人数达1.67亿，环比+3.36%，同比+20.89%，利好券商业务增长。 中国证监会修改了 ...

券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ 前言 点击付费阅读，解锁市场最强音，把握投资机会！ 一、全球PCB设备CAGR升至8.7%，下游高景气+供需缺口+进口替代，265亿元增量空间，业绩弹 性最大的"黄金卖铲人"已找到； 二、供改正式落地！进口矿纳入管控！机构：板块迎戴维斯双击，这些资源龙头最先迎来估值重塑 ...

近日，港股上市公司盛业（6069.HK）发布了一份颇为亮眼的中期成绩单，引发市场关注。 在当前牛市行情演绎的环境下，市场投资人往往会把目光更加聚焦于那些具有独特辨识度和良好成长潜 力的公司上。显然，盛业此时交出的这份中期业绩，不仅验证了公司的高增长趋势，其围绕AI等前沿 领域的相关布局更被市场赋予厚望。 接下来不妨就此具体来探讨，一窥公司的价值成长机遇。 1、业绩与估值共振，演绎"戴维斯双击" 回顾今年盛业在资本市场的表现，可谓大幅领跑市场。截至8月25日，公司年内累计涨幅已经成功实现 涨幅超100%。而结合其此次财报来看，可以说，盛业演绎了资本市场经典的"戴维斯双击"行情，业绩 与估值实现同频共振。 从此次财报来看，盛业在如下几个方面的表现颇具看点。 首先是营收结构中科技服务收入占比的大幅提升以及利润的高增长。 财报显示，上半年，盛业实现总收入约4.05亿元人民币，实现净利润约2.03亿元，同比增长约23%。其 中，营收中，来自科技服务的收入占比首次突破50%，达到52%，收入规模约为2.11亿元，同比提升 37%。 （来源：富途行情） 显然，这一数据表明，盛业的业务结构正在加速向科技驱动转型，轻资产模式已 ...

2025-08-24 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.08.18-2025.08.24)：抗战胜利 80 周年阅兵准备工作进展顺利 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 本周要闻： 抗战胜利 80 周年阅兵准备工作进展顺利 8 月 20 日上午，国务院新闻办公室举行新闻发布会。阅兵领导 小组办公室副主任、中央军委联合参谋部作战局少将副局长吴泽棵， 中国人民解放军中部战区阅兵指挥机构办公室常务副主任、政治工作 部少将副主任徐贵忠，详细介绍了中国人民抗日战争暨世界反法西斯 战争胜利 80 ...

【导读】基金经理解读PCB及消费电子投资机会 一块小小的电路板（PCB），在A股市场爆发出惊人的能量。 统计显示，截至8月22日，中信PCB指数自4月低点以来最大涨幅超过140%。 今年以来，A股PCB板块近20只个股涨幅超过1倍。与市值一路高歌猛进相呼应的是，头部PCB产业链 公司的业绩也在持续增长。 AI算力军备竞赛延伸至PCB战场。 这背后的主要推手便是AI。AI浪潮下，算力需求的爆炸式增长，成为PCB行业成长的最大驱动力。 PCB板块行情发力的主要逻辑是什么？行情是否具有持续性？经过持续上涨，是否已呈现局部泡沫？中 长期而言，PCB板块的产业趋势和配置价值如何？ 在上述基金经理看来，这轮PCB行情确实有坚实的产业逻辑，AI算力需求的爆发性增长是核心驱动力， 行情或具备戴维斯双击的潜力。 大家普遍认为，虽然近期板块涨幅较大，但对应后续的盈利预期，当前板块PE并不高。市场并非在对 整个PCB板块进行无差别炒作，而是在为那些能够切实分享到AI红利、拥有技术壁垒和客户壁垒的公司 的"确定性"支付溢价。 此外，基金经理们认为，从中报数据来看，行业向好的信号非常明确。中长期来看，PCB行业的成长逻 辑也非常清晰。 ...

2025.8.22 上证指数收盘上涨54.66点，涨幅为1.45%，报收3825.76点，成交额10950.91亿元；深证成指收盘上涨 246.3点，涨幅为2.07%，报收12166.06点，成交额14516.18亿元；创业板指收盘上涨87.08点，涨幅为 3.36%，报收2682.55点，成交额6977.4亿元；沪深300收盘上涨89.93点，涨幅为2.1%，报收4378.0点， 成交额6759.35亿元。 板块层面，芯片、半导体、证券等多数板块表现强势，红利、养殖等个别板块表现稍弱。沪深两市成交 额超2.5万亿，场外资金进场积极。A股连续8日成交额破2万亿元。盘面上，个股上涨家数略多，全市场 超2800只个股上涨，约2400只下跌。 站在当下，操作上建议"一动不如一静"，恐高离场和盲目追高均并不理智，一旦出现回调或可大胆加 仓。一方面，上涨趋势并没有结束的信号，空间上的压力并不能阻挡趋势的推进，甚至之前的套牢盘成 为了多头资金的目标位。但另一方面，随着一个多月来的持续大涨，技术面已经逐渐进入超买区间，当 下追涨的赔率并不具备优势。 展望后市，如此斜率并不可能一直持续，预计会逐渐转入震荡，在高位构建新的筹码 ...

Economic News - The Ministry of Industry and Information Technology held a meeting on August 19 to discuss the photovoltaic industry, emphasizing the importance of regulating competition and promoting sustainable development [1] - The European Union plans to prepare a new round of sanctions against Russia by September, aiming to support Ukraine [1] - Shanghai's government released an implementation plan to accelerate the development of "AI + manufacturing," targeting the integration of AI technology into the manufacturing sector [1] - The People's Bank of China announced the latest Loan Prime Rate (LPR) on August 20, with the 5-year LPR remaining at 3.5% and the 1-year LPR at 3% [1] - The 24th meeting of special representatives on the China-India border issue was held in New Delhi, resulting in a 10-point consensus [1] - Hainan released a new management method for high-demand talent enjoying personal income tax preferential policies, optimizing the previous version [1] Company Insights - Apple has entered large-scale production of the iPhone 17, with Foxconn ramping up hiring at its Zhengzhou factory [6] - DeepSeek upgraded its online model to version 3.1, expanding context length to 128k [6] - NIO announced a price reduction of 20,000 yuan for its 100 kWh battery pack, effective August 19, which will lower the price of vehicles equipped with this battery [6] Market Analysis - The report indicates a gradual strengthening of a slow bull market, with the market breaking through the 3400-point level and showing increased trading activity [9] - The report suggests that the market is expected to target the 4000-point level, with a transition from a virtual to a real economy, providing a foundation for the slow bull market [10] - The focus for investment should be on large technology sectors, particularly in AI, robotics, and innovative pharmaceuticals, as these areas are expected to drive future growth [11] Company Performance - Daya Co. reported a 4.19% decrease in revenue for the first half of 2025, but achieved a net profit of 0.42 billion yuan, compared to a loss in the previous year [21] - The company’s gross profit increased by 30% in the first half of 2025, with a gross margin rising to 7.74% [22] - The company is investing approximately 1.485 billion yuan in a production base in Morocco, which is expected to enhance its international competitiveness and reduce shipping costs [24] - The company plans to achieve an integrated energy supply model by 2026, combining solar, wind, and biomass energy [25] Industry Trends - The lithium battery equipment industry is expected to see significant growth, driven by the demand for electric vehicles and energy storage solutions [34] - The report highlights the advantages of dry electrode technology over traditional wet methods, predicting a shift towards this technology in the future [38] - The overall market for solid-state battery equipment is projected to grow significantly, with a compound annual growth rate of 70% from 2024 to 2029 [37]

Core Viewpoint - The article discusses the challenges and considerations of identifying "mainline sectors" during a bull market, suggesting that broad-based indices may be a more pragmatic choice for most investors [4][6][18]. Group 1: Mainline Investment Temptation and Identification Challenges - In bull markets, mainline sectors often yield significant excess returns, with data showing that in 2020, the top three industry indices had returns of 190.96%, 138.41%, and 135.19%, while the CSI 300 index only rose by about 27.21% [6][7]. - The difficulty of accurately identifying mainline sectors beforehand is highlighted, as many investors may only realize what the mainline was after the market has moved [8][10]. Group 2: Real Obstacles in Mainline Identification - Three main obstacles to identifying mainline sectors are discussed: 1. Extreme internal differentiation within industries complicates stock selection, as seen in the 2025 market where the ground equipment sector had a 103.73% annual increase, but individual stocks within the sector varied significantly in performance [10]. 2. The acceleration of valuation bubbles poses greater risks than broad indices, as high valuations can lead to significant corrections if industry progress does not meet expectations [10][11]. 3. Behavioral biases can interfere with investment discipline, leading to premature profit-taking or overconfidence, which can result in substantial losses [11]. Group 3: Unique Value of Broad-Based Indices - Broad-based indices offer unique advantages in risk diversification, stable returns, and operational convenience. They provide a better risk-return ratio through cross-industry and cross-market capitalization allocation [12][13]. - Historical data shows that broad-based indices like the CSI 300 had significantly lower maximum drawdowns compared to industry indices during bull and bear markets [13][15]. - The operational convenience of broad-based indices is enhanced by a well-established ecosystem of investment tools, such as ETFs, which lower the barriers for non-professional investors [16]. Group 4: Conclusion and Strategy - The article concludes that while broad-based indices may not outperform leading mainline sectors, they are often a better choice for ordinary investors due to their ability to mitigate emotional trading and provide stable returns [18][19]. - A suggested investment strategy for ordinary investors is the "core-satellite" approach, allocating 60%-80% of the portfolio to broad-based ETFs to capture market beta, while using 20%-40% for selective participation in mainline sectors to manage risk exposure [19].