证券研究报告 2025 年 9 月 3 日 2025 年 9 月 3 日股市继续下挫债市飘红，国债期货全线 收涨 9[Table_Title] 每日复盘 报告要点： 2025 年 9 月 3 日股市继续下挫债市飘红，国债期货全线收涨。上证指数 下跌 1.16%，深证成指下跌 0.65%，创业板指上涨 0.95%。市场成交额 23956.81 亿元，较上一交易日减少 5167.42 亿元。全市场 823 只个股上涨， 4560 只个股下跌。 风格上看，各指数涨跌幅排序为：消费>周期>成长>0>金融>稳定；大盘 成长>中盘成长>小盘成长>中盘价值>小盘价值>大盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业普遍下跌；表现相对靠前的是：通信 （1.60%），电力设备及新能源（1.41%），医药（-0.03%）；表现相对靠后的 是：国防军工（-6.36%），综合金融（-3.66%），非银行金融（-3.07%）。概 念板块方面，多数概念板块下跌，芬太尼、BC 电池、青蒿素等板块上涨；兵 装重组、国产航母、军工信息化等大幅走低。 资金筹码方面，主力资金 9 月 3 日净流出 714.26 亿元。其中 ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 芬太尼 | 0.65 | 兵装重组概念 | -7.44 | | BC电池 | 0.39 | 国产航母 | -5.45 | | 青蒿素 | 0.17 | 军工信息化 | -4.97 | | 光刻胶 | 0.10 | 成飞概念 | -4.76 | | 重组蛋白 | 0.03 | 军民融合 | -4.67 | | 石墨电极 | 0.02 | 大飞机 | -4.10 | | HJT电池 | -0.23 | 中船系 | -4.07 | | 光刻机 | -0.25 | 航空发动机 | -3.87 | | 减肥药 | -0.27 | 商业航天 | -3.71 | | 创新药 | -0.43 | 卫星导航 | -3.59 | 资金面上看，今日芬太尼概念板块获主力资金净流入5.77亿元，其中，3股获主力资金净流入，净流入 资金居首的是人福医药，今日主力资金净流入5.71亿元，净流入资金居前的还有恩华药业、羚锐制药 等，主力资金分别净流入4493.38万元、428.22万元。 截至9月3日收盘，芬太尼概念上 ...

Group 1 - The fentanyl concept index declined by 0.88%, ranking among the top declines in the concept sector as of July 29 [1] - Within the fentanyl sector, companies such as Botao Bio, Enhua Pharmaceutical, and Wanfu Bio experienced significant declines, while three companies, including China National Pharmaceutical Modern, Lingrui Pharmaceutical, and Renfu Pharmaceutical, saw slight increases of 1.07%, 0.17%, and 0.09% respectively [1] Group 2 - The fentanyl concept sector experienced a net outflow of 80 million yuan in capital today, with six stocks seeing net outflows, and five stocks with outflows exceeding 10 million yuan [2] - Renfu Pharmaceutical had the highest net outflow of 18.1651 million yuan, followed by Dongfang Bio, Enhua Pharmaceutical, and Wanfu Bio with net outflows of 16.8542 million yuan, 16.6752 million yuan, and 15.9620 million yuan respectively [2] - The top net inflow stocks in the fentanyl concept sector included China National Pharmaceutical Modern and China National Pharmaceutical, with net inflows of 9.5225 million yuan and 1.2608 million yuan respectively [2]

Group 1 - The fentanyl concept index rose by 0.80%, ranking second among concept sectors, with four stocks increasing in value, including Botao Bio, Lingrui Pharmaceutical, and China National Pharmaceutical Group, which rose by 4.83%, 1.61%, and 1.05% respectively [1] - The leading decliners in the fentanyl sector included Wanfu Biology, Enhua Pharmaceutical, and Renfu Pharmaceutical, which fell by 0.71%, 0.31%, and 0.14% respectively [1] - The overall market saw a net outflow of 0.20 billion yuan from the fentanyl concept sector, with Lingrui Pharmaceutical receiving the highest net inflow of 10.09 million yuan [1] Group 2 - The top stocks in the fentanyl concept based on net capital flow included Lingrui Pharmaceutical with a 1.61% increase and a turnover rate of 0.88%, while Dongfang Bio and Enhua Pharmaceutical experienced slight declines [1] - The net capital outflow for Wanfu Biology and Renfu Pharmaceutical was significant, with outflows of 29.31 million yuan and 66.75 million yuan respectively [1] - The overall performance of the fentanyl concept was contrasted with other sectors, such as the ST sector which rose by 1.11%, while storage chips and DRG/DIP sectors saw declines of 2.67% and 2.66% respectively [1]

Core Viewpoint - The fentanyl concept sector has seen a 1.47% increase, ranking fourth among concept sectors, with notable stock performances from companies like Dongfang Biology, Yirui Biology, and Botuo Biology [1] Market Performance - As of March 19, the fentanyl concept sector had six stocks rising, with Dongfang Biology up by 7.15%, Yirui Biology by 4.67%, and Botuo Biology by 1.20% [1] - Conversely, Wanfu Biology, Lingrui Pharmaceutical, and Enhua Pharmaceutical experienced declines of 0.50%, 0.29%, and 0.22% respectively [1] Capital Flow - The fentanyl concept sector attracted a net inflow of 0.65 billion yuan from major funds, with six stocks receiving net inflows [1] - Renfu Pharmaceutical led the net inflow with 35.36 million yuan, followed by Dongfang Biology with 25.74 million yuan, Yirui Biology with 16.10 million yuan, and Guoyao Co. with 2.24 million yuan [1] Inflow Ratios - The net inflow ratios were highest for Renfu Pharmaceutical at 6.47%, Yirui Biology at 6.23%, and Dongfang Biology at 5.59% [1]