市场今日午后延续震荡，盘面上，养鸡、猪肉、游戏等概念领涨，截至14:35，中证A500指数上涨 0.2%，成份股中，物产中大、广联达、中核钛白、歌尔股份等多股涨停，A500ETF易方达（159361） 盘中成交额超20亿元，净申购达4800万份。 国信证券认为，在居民资产配置中，股市仍有吸引力，核心资产的情绪指标显示出乐观趋势，长期组合 应围绕高成长的生物医药、半导体等行业布局。 （文章来源：每日经济新闻） 中证A500指数由各行业市值较大、流动性较好的500只股票组成，涵盖93个中证三级行业中的91个，从 行业均衡视角反映A股各行业代表性公司的整体表现，该指数还覆盖了较多信息技术、医药卫生等新兴 产业龙头，实现"核心资产"与"新质生产力"双轮驱动。A500ETF易方达（159361）管理费率仅为0.15%/ 年，可助力投资者低成本配置A股资产。 ...

A股三大指数早盘低开高走，全市场半日成交额1.7万亿元，板块题材方面，游戏、猪肉、华为软件、农 药板块涨幅居前；稀土永磁、创新药、银行、半导体、机器人板块跌幅居前；港股震荡，稀土永磁、燃 料电池等板块领涨，医药板块领跌。截至午间收盘，中证A500指数上涨0.3%，沪深300指数上涨0.1%， 创业板指数上涨0.2%，上证科创板50成份指数下跌0.5%，恒生中国企业指数下跌0.1%。 每日经济新闻 ...

8月25日，中国A股市场三大指数集体高开高走，表征核心龙头资产的MSCI中国A50互联互通指数 现涨约1.6%，成分股涨多跌少，海光信息涨超15%，寒武纪-U、紫金矿业、保利发展等跟涨。 市场再创新高。中信证券表示，从各类资金情况来看，此轮行情持续到现在主要的发起者和推动者 并非散户。此轮行情高净值人群以及企业客户的参与热情明显更高。未来行情的延续需要的是新的配置 线索，而不是拘泥于"钱多"和流动性。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com A50ETF（159601）紧密跟踪MSCI中国A50互联互通指数，一键打包50只龙头互联互通标的，均衡 覆盖A股市场核心龙头资产表现，是境内外资金优选之选。相较市场其余"漂亮50"指数，MSCI中国A50 互联互通指数在编制过程中更侧重于流动性与行业均衡，大市值特征显著。 每日经济新闻 ...

今日大盘延续涨势，A股三大指数集体走强，全市场半日成交额达2.1万亿元，板块题材上，稀土有色、 AI硬件、白酒、房地产、风电设备板块涨幅居前，美容护理、服装、汽车整车板块表现落后；港股集 体走强，科技股表现亮眼。截至午间收盘，中证A500指数上涨1.5%，沪深300指数上涨1.4%，创业板指 数上涨2.2%，上证科创板50成份指数上涨2.4%，恒生中国企业指数上涨2.1%。 每日经济新闻 | 业中50只市值大、成交活跃的 | 截至午间收盘 | 该指数 | 该指数目2002年 | | --- | --- | --- | --- | | 股票组成,指数行业覆盖较为 | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | 广泛,可选消费、金融、信息 技术、能源行业合计占比超 | 2. 1% | 10.5倍 | 64. 1% | | 85% | | | | ...

与四年前的"核心资产"浪潮不同，年内A股的上扬走势中，人工智能以及芯片、半导体等担纲了"领头羊"的角色，其 中寒武纪更是个中翘楚。 情绪的"溢出"还体现在这些ETF的集体溢价数据上，受资金热捧，截至8月22日收盘，科创芯片设计ETF在二级市场溢价 率高达6.37%，科创芯片ETF与科创芯片ETF南方两只产品溢价超过4%。 在经历了三年超26倍涨幅后，当前该股市值已经突破了5000亿元，超越中芯国际成为芯片板块的"带头大哥"。个股的上 涨还提振了基金的净值表现，ETF方面，多只科创主题的ETF在二级市场成交活跃且溢价明显，而多只重仓寒武纪的主动 权益基金，在该股近一个月的翻倍行情中亦走出了30%～40%的净值涨幅。 当前，寒武纪一举成为市场中第二只千元股，仅次于贵州茅台，虽然整体市值仍有差距，但多名公募人士表示，这一现 象生动地折射出两轮牛市中资金偏好的不同，寒武纪等科技龙头企业的崛起，代表着新旧动能转换的实际推进，成为大 牛股正是"新动能"在资本市场的一个缩影。 寒武纪"带飞"主题基金 受利好消息提振，8月22日，芯片、半导体以及人工智能板块行情在A股与港股联袂上演，科创板中芯国际涨超14%，杰 华特涨近14 ...

A股三大指数本周集体走强，沪指涨3.5%，接连站上3700点和3800点，并创下近十年新高，全市场成交额连续多日超2万 亿。板块题材上，半导体、云游戏、证券、CPO板块走高，银行、燃气、养殖业板块调整；港股本周先抑后扬，半导体和 汽车股涨幅居前。本周，沪深300指数上涨4.2%，中证A500指数上涨4.3%，创业板指数上涨5.9%，上证科创板50成份指数 上涨13.3%，恒生中国企业指数上涨0.5%。 | | 沪深300指数 / 中证A500指数 | | 创业板 | 上证科创板 | 恒生中国 | | --- | --- | --- | --- | --- | --- | | | | | 指数 | 50成份指数 | 企业指数 | | 指数分类 | A股大盘宽基 | | 创业板 | 科创板 | 港股 大盘宽基 | | | | | 大盘宽基 | 大盘宽基 | | | 本周涨跌幅 | 4.2% | 4. 3% | 5.9% | 13. 3% | 0. 5% | | 指数滚动 市盈率 | 13.7倍 | 15.9倍 | 37.4倍 | 153. 2倍 | 10. 4倍 | | 滚动市盘率 分位 | 59. 7% | 6 ...

8月21日，A股市场延续上攻态势，沪指迭创十年新高。表征核心龙头资产的MSCI中国A50互联互通指 数盘中上行，现涨超0.6%，成分股方面，牧原股份（002714）、迈瑞医疗（300760）、万华化学 （600309）等领涨。 A50ETF(159601)紧密跟踪MSCI中国A50互联互通指数，一键打包50只龙头个股，均衡覆盖A股市场核 心龙头资产表现，指数成分股公司属性为央国企的合计权重占比超50%，2024年现金分红总额超9900亿 元，股息支付率达40.28%，近12个月股息率为3.36%，兼具成长与红利属性。 瑞银投资银行中国股票策略研究主管王宗豪称，零售资金流入是近期A股上涨的驱动因素之一，近期A 股交易量同比增长80%，融资余额也大幅上升。回顾历史经验，随着A股走强，散户参与度通常会增 加，A股具备更大上行潜力。 ...

Group 1: Financial Regulations and Market Trends - The Financial Regulatory Bureau proposed to increase the upper limit of merger loan ratios and extend loan terms to better meet corporate financing needs, with controlled merger loans not exceeding 70% of transaction value and equity funds not less than 30% [1] - As of August 18, 17 large private equity firms held 33 stocks with a total market value of 22.55 billion yuan, with over 42% of these stocks in the electronic, computer, and pharmaceutical sectors, indicating a focus on growth and recovery [1] Group 2: Apple Supply Chain and Market Impact - Institutions have been intensively researching over 30 companies in the Apple supply chain, anticipating benefits as the iPhone 17 enters mass production [2] Group 3: A-Share Market Performance - The A-share market has shown strong momentum, with the Shanghai Composite Index reaching a ten-year high, driven by core assets and a focus on high-quality growth stocks [3] - The Social Security Fund has emerged as a major shareholder in 116 listed companies, with 25 new entries in the top ten circulating shareholders, primarily in high-end manufacturing and pharmaceutical sectors [3] Group 4: Heng Rui Pharmaceutical Performance - Heng Rui Pharmaceutical reported a revenue of 15.76 billion yuan and a net profit of 4.45 billion yuan for the first half of 2025, marking a year-on-year increase of 15.88% and 29.67% respectively, driven by innovative drug sales [4] Group 5: Automotive Industry Trends - Domestic car manufacturers are accelerating new car launches, with an average of 3.2 new models introduced daily, reflecting a trend towards "fast consumerization" in the automotive sector [5] Group 6: ETF Market Activity - Following the Shanghai Composite Index surpassing 3700 points, there has been a notable increase in ETF inflows, with 644 out of approximately 1100 ETFs seeing growth in scale, totaling nearly 33.6 billion yuan [6] Group 7: Tungsten Market Dynamics - Tungsten concentrate prices have surged, with a 51.75% increase since the beginning of the year, driven by tightening supply and emerging demand [7] Group 8: Dividend Asset Appeal - The appeal of dividend assets has risen, with 87.5% of 256 dividend indices showing gains this year, and significant inflows into dividend-related ETFs, indicating strong market interest [8] Group 9: Property Management Sector Recovery - Property management companies are showing improved profitability and diversified value-added services, indicating a shift towards independent development [9] - The solid-state battery industry is gaining attention as companies enter the pilot testing phase, which is crucial for accelerating industrialization [9]

Market Performance - The A-share market demonstrated strong momentum, with the Shanghai Composite Index reaching a ten-year high, closing at 3766.21 points, up 1.04% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, marking the sixth consecutive trading day exceeding 2 trillion yuan [1] Core Asset Focus - There is a noticeable trend of capital concentrating on core assets, particularly within the technology sector, with significant gains in AI-related stocks [1] - The semiconductor index surged by 3.55%, the largest single-day increase in six months, with large-cap stocks outperforming small-cap stocks [2] - The "SHS Artificial Intelligence 50" index, which tracks high-market-cap AI companies, rose by 2.09%, outperforming major broad-based indices [2] Economic Recovery and Investment Strategy - The market has shifted from a "barbell strategy" to a focus on core assets, driven by economic recovery and increased capital inflow [3] - Institutions are recommending a return to core assets, particularly high-performing growth stocks, as a strategy for potential excess returns [3] Consumer Sector Revival - The consumer sector is experiencing a resurgence, with the liquor industry leading the charge, as evidenced by a 1.51% increase in the liquor index [3] - The liquor industry is undergoing a destocking cycle, with major companies adjusting their channel structures to enhance market capabilities [3] Gaming Sector Activity - The gaming sector has shown increased activity, particularly following the announcement of a new game in the "Black Myth" series, with significant gains in related stocks [4] - Investors are beginning to focus on fundamental pricing, particularly in growth sectors with clear industry trends [4]

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 医药生物 | -0.066 | | 家用电器 | 0.122 | | 房地产 | 0.159 | | 环保 | 0.198 | | 建筑装饰 | 0.201 | | 数据来源：聚源 | | 开源晨会 0821 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】对等关税 2.0 后，行业关税或将成关键新变量——宏观经济专题 -20250820 【宏观经济】广义财政收入压力边际缓解——宏观经济点评-20250819 【固定收益】转债市场风格或切换——固收专题-20250820 行业公司 【电力设备与新能源】欧洲电动车销量月报（2025 年 7 月）：9 国新能源车增速再 创年内新高——行业点评报告-20250820 【农林牧渔：生物股份(600201.SH)】非瘟疫苗研 ...