国内市场综述 冲高回落 小幅收跌 周二（8 月 19 日）大盘冲高回落，小幅收跌。截至收 盘，上证综指收于 3727.29 点，下跌 0.02%；深成指 收于 11821.63 点，下跌 0.12%；科创 50 下跌 1.12%； 创业板指下跌 0.17%，万得全 A 成交额共 26407 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 17 个行业收涨，其 中综合、通信及综合金融涨幅居前，而国防军工、非 银行金融及石油石化则跌幅较大。概念方面，消费电 子代工、光模块 CPO 及白酒等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，英伟达跌超 3% 周二（8 月 19 日），美国三大股指收盘涨跌不一，道 指涨 0.02%，标普 500 指数跌 0.59%，纳指跌 1.46%。 家得宝涨超 3%，宣伟涨逾 2%，领涨道指。万得美国科 技七巨头指数跌 1.69%，英伟达跌超 3%，脸书跌逾 2%。 中概股多数下跌，迅雷跌超 10%，微博跌逾 6%。 新闻精要 1. 人社部等 5 部门印发领取个人养老金有关问题的通 知 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 | 市场研究部证券 ...

证券研究报告 | 2025年08月19日 **Acknowledgments** I would like to thank my supervisor, for his kind of support. I would like to thank my supervisor, for his kind of support. 市场表现：今日(20250819) 规模指数中中证 2000 指数表现较好，板块指数 中北证 50 指数表现较好，风格指数中中证 500 成长指数表现较好。综合、 通信、综合金融、纺织服装、食品饮料行业表现较好，国防军工、非银、石 油石化、医药、煤炭行业表现较差。液态金属、消费电子代工、光模块(CPO)、 家纺、白酒等概念表现较好，PVC 地板、保险精选、毫米波、PEEK 材料、 光刻机等概念表现较差。 市场情绪：今日市场情绪较为高涨，收盘时有 104 只股票涨停，有 10 只股 票跌停。昨日涨停股票今日收盘收益为 3.61%，昨日跌停股票今日收盘收益 为-6.26%。今日封板率 69%，较前日下降 1%，连板率 27%，较前日下降 3%。 市场资金流向：截至 20250818 两融余 ...

Market Overview - The major indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [2] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [2] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [2]

Market Overview - The main indices showed slight declines today, with the Shanghai Composite Index down by 0.02%, the Shenzhen Component down by 0.12%, and the ChiNext Index down by 0.17% [1] - In terms of sector performance, the top-performing sectors included Comprehensive, Communication, and Food & Beverage, while the underperforming sectors were Pharmaceuticals & Biology, Coal, and Media [1] Concept Sector Performance - Overall, the concepts of consecutive boards, board hitting, and consumer electronics manufacturing performed relatively well, whereas Insurance, Photoresist, and Excavator concepts lagged behind [1]

Market Overview - The A-share market showed a mixed performance today, with major indices mostly closing higher. The Shanghai Composite Index rose by 0.50% to close at 3665.92 points, while the Shenzhen Component increased by 0.53% to 11351.63 points. The Sci-Tech 50 index saw a significant rise of 1.91%, closing at 1069.81 points, and the ChiNext index gained 1.24%, ending at 2409.40 points. Overall, there were 3162 stocks that declined, while 2083 stocks advanced, with 172 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 18815 billion yuan, an increase of 545.47 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, telecommunications, electronics, coal, household appliances, real estate, and non-bank financials led the gains, while sectors such as defense, steel, building materials, food and beverage, non-ferrous metals, and social services experienced declines [1][2]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), GPU, optical chips, servers, photolithography machines, ASIC chips, AI computing power, industrial gases, East Data West Computing, optical communications, semiconductor materials, stock trading software, semiconductor industry, consumer electronics OEM, and the National Big Fund [2].

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 0.37% to close at 3516.83 points, while the Shenzhen Component rose by 1.43% to 10873.62 points. The ChiNext Index saw a gain of 1.75%, closing at 2269.33 points, and the Sci-Tech 50 Index increased by 0.80% to 1005.65 points. Overall, 3535 stocks rose, 1609 fell, and 271 remained unchanged, with a total trading volume of 15,394 billion yuan, an increase of 973 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, communication, electronics, pharmaceutical and biological, and comprehensive industries, with respective gains of 2.74%, 2.41%, 2.18%, 1.77%, and 1.42%. Conversely, the banking, transportation, environmental protection, public utilities, and construction decoration sectors experienced declines, with losses of 0.42%, 0.39%, 0.26%, 0.24%, and 0.19% respectively [1][2]. Concept Sector Performance - The top-performing concept sectors today included circuit boards, CRO (Contract Research Organization), innovative drugs, aircraft carriers, first boards, medical services, board trading, large aircraft, continuous boards, wireless charging, the top ten military industrial groups, biological vaccines, photoresist, consumer electronics OEM, and 5G [2].

Market Overview - Major A-share indices mostly closed higher, with the Shanghai Composite Index up 0.18% at 3461.15 points, and the Shenzhen Component Index up 1.17% at 10534.58 points[2] - The ChiNext Index rose 1.90% to close at 2164.09 points, while the STAR Market 50 Index increased by 0.24% to 984.95 points[2] - A total of 3270 stocks rose, while 1863 stocks fell, with 282 stocks remaining flat[2] Trading Volume and Sector Performance - The total trading volume for the Shanghai and Shenzhen markets was 13097 billion yuan, a decrease of 672.34 billion yuan compared to the previous trading day[2] - Leading sectors included electronics, electric equipment, pharmaceuticals, communications, and building materials, while coal, transportation, steel, oil and petrochemicals, banking, and real estate sectors lagged[2] Conceptual Sector Highlights - Top-performing concept sectors included circuit boards, expected growth in Wande, consumer electronics OEM, RF and antennas, Apple, AI mobile phones, TWS headphones, innovative drugs, wireless charging, servers, generic drugs, lithium battery electrolytes, and biotechnology[2]

Market Overview - The A-share market showed a mostly positive trend today, with the Shanghai Composite Index rising by 0.18% to close at 3461.15 points, and the Shenzhen Component Index increasing by 1.17% to 10534.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3097 trillion yuan, a decrease of 67.234 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, electronics, power equipment, pharmaceutical biology, communications, building materials, and textiles and apparel led the gains, while coal, transportation, steel, oil and petrochemicals, banking, and real estate sectors experienced declines [1] Sector Highlights - The top-performing concept sectors included circuit boards, expected growth in Wande, consumer electronics OEM, RF and antennas, Apple, AI mobile phones, TWS headsets, innovative drugs, wireless charging, servers, generic drugs, lithium battery electrolytes, biotechnology, optical modules (CPO), and vaccines [2]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.82% closing at 3369.24 points, the Shenzhen Component Index up by 1.72% at 10301.16 points, and the ChiNext Index up by 2.63% at 2064.71 points [1][12] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3084 trillion yuan, an increase of approximately 116.4 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military, electric equipment, machinery, non-bank financials, and automotive, with gains of 4.80%, 2.69%, 2.24%, 2.08%, and 1.91% respectively [1][12] - The sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, pharmaceuticals, public utilities, and beauty care, with decreases of 0.49%, 0.27%, 0.26%, and 0.04% respectively [1] Concept Sectors - The top-performing concept sectors included aircraft carriers, top ten military industrial groups, large aircraft, stock trading software, military-civilian integration, TWS headsets, wireless charging, satellite internet, and satellite navigation [2][11] - Conversely, sectors such as gold and jewelry, generic drugs, and biological breeding experienced pullbacks [11]