丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0825 A 股日评：上证指数站稳 3800 点，市场成 交额创历史次高 报告要点 [Table_Summary] 2025 年 8 月 25 日，今日 A 股市场加速放量，三大指数集体收涨，通信、有色金属、房地产板 块涨幅居前，上证指数站稳 3800 点，市场成交额仅次于 2024 年 10 月 8 日成交额，创 A 股历 史次高。从指数表现来看，上证指数上涨 1.51%，深证成指上涨 2.26%，创业板指上涨 3.00%， 上证 50 上涨 2.09%，沪深 300 上涨 2.08%，科创 50 上涨 3.20%，中证 1000 上涨 1.56%，市 场成交额约 3.18 万亿元，全市场 3349 家上涨。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0825 2] A 股日评：上证指数站稳 3800 点，市场 成交额创历史次高 [Table_Summary2] 事件描述 今日 A 股市场加速放量，三大指数集体收涨，通 ...

联合研究丨行业深度 [Table_Title] 中银中证港股通互联网指数 A（025186）：AI 产 业加速发展，港股互联网迎配置良机 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中证港股通互联网指数，从港股通范围内选取 30 家涉及互联网相关业务的上市公司证券作为 指数样本，以反映港股通内互联网主题上市公司证券的整体表现，该指数是对应成份股在调整 市值的基础上按相应的指数编制规则计算出来的。中银中证港股通互联网指数 A（025186）采 用指数化投资策略，紧密跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 覃川桃 邓元哲 戴清 SAC：S0490513030001 SAC：S0490524080006 SAC：S0490524010002 SFC：BUT353 SFC：BTR264 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_Title ...

Core Insights - The A-share market opened lower but experienced a strong upward trend in the afternoon, with all three major indices rising. The Shanghai Composite Index increased by 1.04%, the Shenzhen Component rose by 0.89%, and the ChiNext Index gained 0.23% [4][6][10] - The market turnover was approximately 2.45 trillion yuan, with 3,673 stocks rising across the market [6][10] - The top-performing sectors included oil and gas, electronics, and automobiles, while healthcare showed a slight decline [6][10] Market Performance - The Shanghai Composite Index rose by 1.04%, the Shenzhen Component by 0.89%, the ChiNext Index by 0.23%, the Shanghai 50 by 1.23%, the CSI 300 by 1.14%, the Sci-Tech 50 by 3.23%, and the CSI 1000 by 0.86% [6][10] - The leading sectors on August 20, 2025, were oil and gas (+2.34%), electronics (+2.21%), automobiles (+2.05%), and insurance (+1.89%), while healthcare (-0.02%) was the laggard [6][10] Market Drivers - The market's upward movement was driven by strong performance in the Sci-Tech 50 and sectors such as GPU, servers, and white liquor. The demand for AI infrastructure from domestic enterprises continues to grow, supported by high earnings certainty during the earnings season [6][10] - The State Council's emphasis on stabilizing the real estate market and stimulating consumption also contributed to the positive market sentiment [6][10] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, expecting continued monetary and fiscal support. Historical experiences suggest that domestic policy initiatives can help the market withstand external risks and volatility [6][10] - Investment strategies should focus on non-bank sectors in a "slow bull" market, as well as sectors benefiting from improved supply-demand dynamics, such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [6][10]

年生基金 上演网大 如 用 ( ) // m 小米集团 第二季度 超预期 1159.62 30.5% 9.3% 营收 同比增长 预估 盟预期 108.3 @ 75.4% 0 15% 经调整净利润 同比增长 预估 8月财报前瞻 = 石 六 E 日 1 8 22 18 19 20 23 24 21 RF 川米 集团 唯唯唯 25 26 27 28 29 30 31 阿里 美团 四四 重合港股互联网龙头 前十大权重股占比超70% Tencent == 7 股讯 55 保护 8 .. 联接A 017125 联接C 017126 注: 权重数据源于中证指数公司,截至2025.7.31,港股互联网ETF (513770) 标的指数前十大权重股分别为腾讯控股(14.93%)、阿里巴巴-W(13.86%)、 小米集团-W (13.07%)、美团-W (10.06%)、美图公司 (3.79%)、金蝶国际 (3.22%)、快手-W (3.13%)、京东健康(3.1%)、哔哩哔哩-W (3.04%)、商汤 -W (2.76%)。 责任编辑：杨赐 MACD金叉信号形成，这些股涨势不错！ ...

Monetary Policy and Financing - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, showing a year-on-year growth of 8.8% [2] - The total increase in RMB loans for the first seven months was 12.87 trillion yuan, with household loans increasing by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [2][3] - The total social financing scale increased by 23.99 trillion yuan in the first seven months, which is 5.12 trillion yuan more than the same period last year [3] Government Bonds and Investment - The National Development and Reform Commission has allocated 188 billion yuan in special long-term bonds to support equipment upgrades, impacting approximately 8,400 projects across various sectors [4] - The total investment driven by these projects is expected to exceed 1 trillion yuan [4] Regulatory Measures - The Ministry of Commerce has implemented countermeasures against two EU financial institutions due to sanctions imposed on Chinese entities, prohibiting domestic organizations and individuals from engaging in transactions with these banks [5] - The State Administration for Market Regulation and the Ministry of Industry and Information Technology are enhancing supervision over smart connected electric vehicles, particularly regarding misleading advertising and the promotion of driving assistance systems [6] Corporate News - Companies such as Ningde Times announced a mid-year dividend of 10.07 yuan per 10 shares, with the record date set for August 19 [11] - Tencent Holdings reported a second-quarter revenue of 184.5 billion yuan, reflecting a year-on-year growth of 15% [11] - Long-term bullish outlook on the Chinese stock market is supported by monetary and fiscal policies, with a focus on sectors like non-bank financials, metals, and technology [12]

Monetary Policy and Financing - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8%. The narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6%, while the currency in circulation (M0) was 13.28 trillion yuan, up by 11.8% [2] - In the first seven months, net cash injection amounted to 465.1 billion yuan, with total RMB loans increasing by 12.87 trillion yuan. Household loans rose by 680.7 billion yuan, while corporate loans increased by 11.63 trillion yuan [2][3] Social Financing and Economic Support - The total social financing scale increased by 23.99 trillion yuan in the first seven months, which is 5.12 trillion yuan more than the same period last year. The increase in RMB loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan year-on-year [3] - The issuance of special long-term government bonds amounting to 188 billion yuan has been completed to support equipment upgrades across various sectors, leading to a total investment exceeding 1 trillion yuan [4] Regulatory Actions and Market Developments - The Ministry of Commerce has implemented countermeasures against two EU financial institutions due to their inclusion in sanctions against Chinese entities, which violates international law [5] - The State Administration for Market Regulation and the Ministry of Industry and Information Technology are enhancing supervision over smart connected vehicle recalls and production consistency, aiming to prevent misleading advertising practices [6] Corporate News and Market Sentiment - Companies like Ningde Times announced a mid-year dividend of 10.07 yuan per 10 shares, with the record date set for August 19 [11] - Longjiang Securities remains optimistic about the Chinese stock market, citing ongoing monetary and fiscal support as key drivers for a potential bull market [14] - Companies such as Tencent reported a second-quarter revenue of 184.5 billion yuan, reflecting a year-on-year growth of 15% [17]

Group 1 - The current long-term interest rate decline is slowing down, and domestic and international disturbances are turning positive, which, along with policies like "anti-involution," is conducive to capacity clearing, improved competition patterns, and inflation recovery [1] - New growth drivers such as AI (computing power), Hong Kong internet, innovative pharmaceuticals, new consumption, and new energy vehicles are entering their respective cyclical turning points, providing conditions for undervalued large-cap growth and the return of "intermediate assets" to excess effectiveness [1] - The performance of broad-based indices represented by the ChiNext Index and technology innovation is likely to be superior and sustainable in the third quarter, with valuations below the historical 30th percentile and earnings growth dominating among broad-based indices [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which can have a daily price fluctuation of up to 20%. This index selects 100 securities with larger market capitalization and better liquidity from the Science and Technology Innovation Board, covering high-tech industries and strategic emerging industries [1] - Investors without stock accounts can consider the Guotai CSI Science and Technology Innovation 100 ETF Initiated Linkage C (019867) and Guotai CSI Science and Technology Innovation 100 ETF Initiated Linkage A (019866) [1]

Group 1 - The current long-term interest rate decline is slowing, and domestic and international disturbances are turning positive, which, along with policies aimed at "de-involution," supports capacity clearing, improves competitive landscape, and revives inflation, benefiting the ChiNext Index and technology sectors [1] - In the industrial sector, new growth drivers such as AI (computing power), Hong Kong internet, innovative pharmaceuticals, new consumption, and new energy (vehicles) are entering their respective cyclical turning points, providing conditions for undervalued large-cap growth and the return of "intermediate assets" to excess effectiveness [1] - The ChiNext Index and technology sectors are expected to continue their superior performance in the third quarter, with innovative pharmaceuticals and optical modules maintaining strong performance due to overseas demand [1] Group 2 - The ChiNext Index is currently valued below the historical 30th percentile, and its earnings growth and trends are advantageous compared to broad-based indices, making it a likely beneficiary direction [1] - The Guotai ETF (589630) tracks the ChiNext Index (000680), with a daily fluctuation limit of 20%. This index selects representative listed companies from the Shanghai Stock Exchange's ChiNext market to reflect the overall performance of the ChiNext market [1] - The ChiNext Index has a balanced industry distribution, covering multiple technology innovation fields such as power equipment, machinery manufacturing, and pharmaceuticals, showcasing the diversification characteristics of the ChiNext board in the technology innovation sector [1]

Core Viewpoint - The growth style represented by the ChiNext 50 ETF (159375) is expected to receive multiple catalysts in the future due to a combination of factors including a slowdown in long-term interest rate declines, positive shifts in domestic and international disturbances, and policies aimed at reducing competition, which will benefit capacity clearing and improve the competitive landscape [1]. Group 1: Market Conditions - Current long-term interest rates are stabilizing, and domestic and international factors are turning positive, which is conducive to capacity clearing and inflation recovery [1]. - Policies aimed at "anti-involution" are expected to improve the competitive landscape and support the growth of new economic drivers such as AI, internet, innovative pharmaceuticals, new consumption, semiconductors, and new energy vehicles [1]. Group 2: Investment Opportunities - The ChiNext Index, which the ChiNext 50 ETF tracks, consists of 50 large-cap, liquid companies from the ChiNext market, covering various sectors including information technology and healthcare [1]. - The ChiNext Index is currently at a historical low valuation, with its performance benefiting from a growth advantage in earnings, making it a favorable option among broad market indices [1]. - The ChiNext 50 ETF is characterized by a growth investment style, focusing on high-tech and growth-oriented companies, which reflects the overall performance of quality innovative enterprises in the ChiNext market [1].

Group 1 - The core viewpoint of the articles indicates that the market structure is transitioning from a "barbell strategy" to "mid-assets," with the technology and innovation sectors experiencing cyclical turning points [1] - New growth drivers such as AI (computing power), Hong Kong internet, innovative pharmaceuticals, new consumption, semiconductors, and new energy vehicles are entering their respective cyclical turning points, providing conditions for undervalued large-cap growth and the return of "mid-assets" to excess effectiveness [1] - The ChiNext index currently has a price-to-earnings ratio at the 23.82% percentile over the past decade, showing a significant relative valuation advantage among mainstream broad-based indices, with a first-quarter profit growth rate of 19%, substantially outperforming the overall A-share market's 3.46% [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which can have a daily price fluctuation of up to 20% [1] - The index selects medium-sized, liquid listed companies from the Science and Technology Innovation Board, covering high-tech industries such as new-generation information technology, biomedicine, and new materials, reflecting the growth potential of Chinese technology innovation enterprises and overall market performance [1]