丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0915 A 股日评：低位崛起迎新势，指数分化量 渐收 报告要点 [Table_Summary] 今日 A 股市场小幅震荡，三大指数分化，资金部分切向低位板块，市场题材轮动提速。上证指 数下跌 0.26%，深证成指上涨 0.63%，创业板指上涨 1.51%，上证 50 下跌 0.20%，沪深 300 上涨 0.24%，科创 50 上涨 0.18%，中证 1000 下跌 0.10%，市场成交额为 2.30 万亿元，全市 场 1913 家上涨。 [Table_Title 0915 A 股日评：低位崛起迎新势，指数分化量 2] 渐收 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 [Table_Summary2] 事件描述 今日 A 股市场小幅震荡，三大指数分化，量能小幅缩小，资金部分切向低位板块，市场题材轮 动提速。 事件评论 风险提示 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 1、全球地缘政治的不确定性； 2、宏观经济增长不及预期 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index falling by 0.39% to close at 3868.38 points, while the Shenzhen Component Index rose by 0.26% to 12473.17 points. The ChiNext Index decreased by 0.76% to 2742.13 points, and the Sci-Tech 50 Index dropped by 1.31% to 1270.87 points [1][13]. - Overall, the market saw a near-even split in individual stock performance, with 2802 stocks rising and 2469 stocks declining, while 152 stocks remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 2679 billion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1][13]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Agriculture, Forestry, Animal Husbandry, and Fishery (up 2.62%), Beauty and Personal Care (up 2.04%), Basic Chemicals (up 1.26%), Media (up 1.23%), and Comprehensive (up 1.09%). Conversely, the sectors that experienced declines included Pharmaceutical and Biological (down 1.09%), Non-Bank Financials (down 1.06%), Steel (down 0.98%), National Defense and Military Industry (down 0.93%), and Communication (down 0.79%) [1][13]. Concept Sectors - The concept sectors that performed well today included Continuous Limit Up, High Send Transfer, Chicken Industry, Consumer Electronics OEM, Smart Speakers, First Board, Wireless Charging, Virtual Reality, Pig Industry, Online Gaming, Biological Breeding, Chemical Fiber, ST stocks, Apple, and New Display Technology [1][10]. - On the other hand, the sectors that saw a pullback included Rare Earth, CRO, and Rare Earth Permanent Magnet [1][10].

Core Viewpoint - The A-share agricultural sector has rebounded, with significant gains in the pig and chicken industries, as well as fertilizer agriculture, indicating a positive market sentiment and potential investment opportunities in this sector [1] Group 1: Market Performance - On August 26, the agricultural ETF (159825) rose over 3%, with a trading volume of 206 million shares and a turnover of 167 million yuan [1] - The agricultural ETF has achieved a consecutive increase over the past five trading days, with a cumulative rise of 7.07% [1] - More than 95% of the stocks in the index showed positive performance, with major stocks like Muyuan Foods and Tianma Technology rising over 8% [1] Group 2: Industry Insights - Forecasts for pig prices in 2025 suggest a relatively stable average for the year, with variations expected due to the continuous optimization of costs by leading pig companies, potentially leading to higher-than-expected breeding profits [1] - Key factors to monitor include changes in production capacity, industry breeding conditions, and slaughter weights, which may lead to unexpected developments in the sector [1] Group 3: Trade Data - In July, the Consumer Price Index (CPI) remained flat year-on-year, while the cumulative trade deficit for agricultural products decreased by 16% [1] - China's agricultural product imports amounted to 18.678 billion USD in July, a year-on-year increase of 5.14%, while exports reached 8.385 billion USD, up 1.59%, resulting in a trade deficit of 10.293 billion USD, which is an 8.21% increase year-on-year [1] Group 4: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the CSI Agricultural Theme Index tracked by the agricultural ETF (159825) is only 16.16 times, which is at the 3.41% percentile over the past decade, highlighting attractive investment value [1]

Market Overview - The main indices showed a decline today, with the Shanghai Composite Index down by 0.47%, the Shenzhen Component down by 0.85%, and the ChiNext Index down by 0.96% [1] - In terms of industry performance, the top sectors included Agriculture, Forestry, Animal Husbandry, and Fishery, Banking, and Pharmaceutical and Biological sectors, while the Mechanical Equipment, Computer, and Light Industry Manufacturing sectors lagged behind [1] - Concept sectors performed variably, with the Chicken Industry, CRO, and Pig Industry concepts showing relatively good performance, while Near-term New Stocks, Photoresist, and Smart Speaker concepts performed poorly [1]

Core Viewpoint - The article discusses the recent market movements in A-shares and Hong Kong stocks, highlighting the impact of central bank actions and sector performances, particularly in digital currency and agricultural sectors. Market Overview - On May 30, the central bank conducted a 7-day reverse repurchase operation of 291.1 billion yuan at an interest rate of 1.40%, with 142.5 billion yuan of reverse repos maturing on the same day [1] - A-shares opened lower, with major indices showing declines, including the Shanghai Composite Index down 0.47% and the Shenzhen Component down 0.75% [2] Sector Performance - The agricultural sector, including chicken and pig industries, showed slight gains, while nuclear power concepts experienced significant pullbacks [2][3] - Digital currency and cross-border payment concepts were strong, with several stocks hitting the daily limit up, including Xiongdi Technology and Yuyin Co., which saw increases of 14.58% and 10.07% respectively [5][6] Notable Stocks - Stocks such as Rui Zhi Pharmaceutical and Jin Shi Ya Pharmaceutical saw significant gains, with increases of 18.46% and 13.70% respectively, driven by the recent approval of new drugs [8][9] - Agricultural stocks like Juxing Agricultural and Shen Nong Group also performed well, with Juxing Agricultural hitting the daily limit up [9] High Valuation Stocks - High valuation stocks experienced sharp declines, with stocks like Wangzi New Materials and Rongfa Nuclear Power hitting the daily limit down, reflecting market corrections [12][14]