证券研究报告 | 策略点评 2025 年 09 月 23 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250923 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指跌 0.18%，收报 3821.83 点；深证成指跌 0.29%，收报 13119.82 点；科创 50 跌 0.10%，收报 1407.30 点；创业板指涨 0.21%，收报 3114.55 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 4264 只个股下跌，1107 只个股上涨，57 只个股 收平。沪深两市今日成交额合计 24944 亿元，较上个交易日放量 3729 亿元。 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 6 行业涨跌情况：今日申万一级行业除银行、煤炭、电力设备、公用事业、家 用电器等五个行业上涨外，其余全部下跌，社会服务、商贸零售、计算机、 综合、钢铁、医药生物领跌。 板块涨跌情况：今日涨幅居前概念板块为半导体设备、半导体硅片、先进封 装、 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨张嘉钰 编辑丨陈思颖 9月23日早盘，A股高开后震荡下行，沪指失守3800点。截至午盘，上证指数跌1.23%报3781.61点，深 证成指跌1.84%，创业板指跌1.75%，北证50跌3.05%，科创50跌2.67%，A股半日成交1.71万亿元，较上 个交易日放量3539亿。全市场超4900只股下跌。 | 内地股票 它 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3781.61 12916.41 1540.73 | | | | -46.96 -1.23% -241.56 -1.84% -48.46 -3.05% | | | | 科创50 | 创业板指 | 万得全A | | 1370.97 | 3053.48 | 6117.94 | | -37.67 -2.67% -54.41 -1.75% -123.74 -1.98% | | | | 沪深300 中证500 中证A500 | | | | 4468.96 | 7066.58 | 5 ...

电子板块中，鸿富瀚、长盈精密、中科蓝讯、唯特偶均20%涨停，芯原股份涨逾17%，国光电器、立讯 精密、鹏鼎控股、和而泰等多股涨停。计算机板块中，初灵信息20%涨停，中科曙光、东华软件等涨 停。 个股方面，个股多数下跌，整个A股市场上涨股票数超2100只，逾70只股票涨停，超3100只股票下跌， 逾10只股票跌停，市场结构性行情继续。市场成交缩量，当日A股市场成交额为2.14万亿元，较前一个 交易日减少2070亿元。自8月13日以来，A股市场成交额已连续29个交易日超2万亿元，市场交投持续活 跃，流动性充裕。 从盘面上看，科技相关板块表现强势，摩尔线程、智能音箱、GPU、AI算力、消费电子等板块表现活 跃，消费相关板块有所调整。申万一级行业中，电子、计算机、有色金属行业涨幅居前，分别上涨 3.71%、1.70%、0.98%；社会服务、美容护理、商贸零售行业跌幅居前，分别下跌2.04%、1.36%、 1.31%。 9月22日，A股市场震荡上涨，三大指数全线上涨。科技股引领市场上涨，科创50指数涨逾3%，智能音 箱、GPU、AI算力、消费电子等板块爆发。整个A股市场超2100只股票上涨，逾70只股票涨停，结构性 行 ...

Core Insights - The A-share market is experiencing a consolidation phase with a slight increase in major indices, reflecting a strong wait-and-see sentiment among investors. The technology sector continues to lead gains, while the consumer sector is undergoing a collective pullback [2][6][8]. Market Performance - On September 22, 2025, the Shanghai Composite Index rose by 0.22%, the Shenzhen Component increased by 0.67%, the ChiNext Index gained 0.55%, the SSE 50 rose by 0.43%, the CSI 300 increased by 0.46%, the STAR 50 surged by 3.38%, and the CSI 1000 rose by 0.69%. The total market turnover was 2.14 trillion yuan, with 2,175 stocks rising [2][8]. Sector Performance - In the A-share market on September 22, 2025, the electronic sector led with a gain of 3.55%, followed by the computer sector at 1.76%, and comprehensive finance at 1.10%. Conversely, the social services sector fell by 1.86%, food and beverage by 1.20%, and household decoration and leisure by 1.13% [8]. Conceptual Trends - Key concepts showing strong performance include Moore Threads (+6.10%), smart speakers (+6.07%), GPUs (+5.69%), and memory chips (+4.69%). In contrast, sectors such as travel, shipping, duty-free shops, and phosphorus chemicals experienced declines [8]. Market Drivers - The A-share market's slight rise is attributed to a consolidation phase, with technology stocks leading the way. The IPO news of Moore Threads significantly boosted related stocks, while the strong sales of the iPhone 17 positively impacted the consumer electronics supply chain. Additionally, the rise in gold and silver prices has supported the precious metals sector [8]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, emphasizing the importance of "liquidity" in 2025. It suggests that the market is expected to perform well, drawing parallels to previous bull markets in 1999, 2014, and 2019 [8]. Investment Strategy - Short-term focus should be on sectors with recent revenue growth and improving gross margins, such as fiberglass, cement, paper, fine chemicals, oil services, and medical services. For technology growth, attention should be on "double innovation" and the Hang Seng Technology Index, particularly in lithium batteries, military industry, and Hong Kong internet sectors [8]. Long-term Perspective - In the technology growth sector, continued optimism is expressed for AI computing, Hong Kong innovative pharmaceuticals, and military industries. There is also a focus on sectors benefiting from the "anti-involution" trend, including metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [8].

证券研究报告 | 策略点评 2025 年 09 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250922 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.22%，收报 3828.58 点；深证成指涨 0.67%，收报 13157.97 点；科创 50 涨 3.38%，收报 1408.64 点；创业板指涨 0.55%，收报 3107.89 点。总体上，全天个股跌多涨 少，Wind 数据显示，全市场 3150 只个股下跌，2175 只个股上涨，102 只个股 收平。沪深两市今日成交额合计 21215 亿元，较上个交易日缩量 2023.47 亿 元。 行业涨跌情况：今日申万一级行业涨少跌多，电子、计算机、有色金属、机 械设备、非银金融、汽车等行业领涨，社会服务、美容护理、商贸零售、食 品饮料、建筑装饰、石油石化领跌。 板块涨跌情况：今日涨幅居前概念板块为摩尔线程、智能音箱、GPU、存储 器、AI 算力、消费电子代工、ASIC 芯片、液冷服务器、半导体精选、国家 大基金、 ...