证券研究报告 2025 年 8 月 22 日 星期五 【A 股市场大势研判】 市场全天高位震荡，三大指数涨跌不一 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3771.10 | 0.13% | 4.89 | | | 深证成指 | 11919.76 | -0.06% | -6.98 | | | 沪深 300 | 4288.07 | 0.39% | 16.67 | | | 创业板 | 2595.47 | -0.47% | -12.19 | | | 科创 50 | 1149.15 | 0.09% | 1.00 | | | 北证 50 | 1589.40 | -1.60% | -25.77 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | 申万一级跌幅靠前/ | | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨幅靠后 | | ...

Core Viewpoint - The A-share market experienced a collective decline on August 15, with the Shanghai Composite Index down by 0.18%, the Shenzhen Component Index down by 0.28%, and the ChiNext Index down by 0.2%. The computing power industry chain led the decline, particularly in the GPU and CPO sectors, while artificial intelligence showed weakness. However, sectors such as photolithography machines and brain-computer interface themes remained active [1]. Sector Performance Summary - Fentanyl sector increased by 0.59% with a net capital outflow of 2.449 million [2] - The food and egg relocation sector decreased by 1.50% with a net capital inflow of 5.794 million [2] - The science and technology innovation/new stock sector rose by 0.58% with a net capital inflow of 10.187 million [2] - The diversified finance sector fell by 1.03% with a net capital outflow of 16.70 million [2] - The supercapacitor sector increased by 0.57% with a net capital outflow of 4.412 million [2] - The precious metals sector decreased by 0.99% with a net capital outflow of 9.122 million [2] - The high-pressure oxygen chamber sector rose by 0.54% with a net capital inflow of 1.118 million [2] - The engineering machinery sector fell by 0.74% with a net capital inflow of 15.66 million [2] - The oil and gas extraction and service sector increased by 0.47% with a net capital inflow of 2.864 million [2] - The F5G concept sector decreased by 0.67% with a net capital outflow of 33.53 million [2] - The Foxconn concept sector rose by 0.35% with a net capital inflow of 4.458 million [2] - The urban rail transit equipment sector increased by 0.35% with a net capital inflow of 1.457 million [2] - The aquaculture sector rose by 0.34% with a net capital inflow of 1.588 million [2] - The tourism and hotel sector decreased by 0.63% with a net capital inflow of 1.607 million [2] - The Huawei mobile phone sector increased by 0.32% with a net capital outflow of 4.185 million [2] - The consumer electronics sector rose by 0.29% with a net capital inflow of 3.162 million [2] - The mobile payment sector decreased by 0.55% with a net capital outflow of 9.116 million [2]

Group 1 - The military equipment restructuring concept declined by 2.46%, ranking among the top declines in the concept sector, with companies like Construction Industry, Dong'an Power, and Hunan Tianyan experiencing significant drops [1][2] - Among the stocks in the military equipment restructuring concept, only two stocks saw price increases, with Changcheng Military Industry and Huqiang Technology rising by 2.94% and 0.56% respectively [1][2] Group 2 - The military equipment restructuring concept experienced a net outflow of 1.815 billion yuan in main funds today, with six stocks seeing net outflows, and five stocks having outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Construction Industry, which saw a net outflow of 1.169 billion yuan, followed by Changcheng Military Industry, Changan Automobile, and Dong'an Power with net outflows of 248 million yuan, 167 million yuan, and 123 million yuan respectively [2]

Market Overview - The market opened high and closed strong, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, closing at 3559.79 and 2296.88 respectively, with increases of 0.72% and 0.87% [2][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.7 trillion, an increase of 128.9 billion compared to the previous trading day [6] Sector Performance - The top-performing sectors included construction materials (6.06%), construction decoration (3.79%), and steel (3.44%), while the underperforming sectors were banking (-0.77%) and computer technology (-0.31%) [3][4] - Concept indices showed strong performance in sectors such as civil explosives (8.51%) and cement (6.85%), while sectors like cross-border payment (CIPS) and digital currency saw declines of -0.90% and -0.67% respectively [3][4] Future Outlook - The report indicates a positive outlook for the market, supported by strong performance in major infrastructure stocks and a favorable macroeconomic environment, with expectations for continued growth in domestic demand and technology sectors [4][6] - Key upcoming events include the Politburo meeting at the end of the month, which will provide further policy direction for the second half of the year, and the Federal Reserve's interest rate meeting [6]

Market Performance - The concept sectors with the highest gains today include the civil explosives sector, which rose by 8.51%, and the cement sector, which increased by 6.85% [1] - The AI corpus concept sector experienced a decline of 0.42%, ranking among the top losers, with stocks like Huicheng Co., Century Tianhong, and Zhongwen Online showing significant losses [2] Capital Flow - The AI corpus concept sector saw a net outflow of 1.871 billion yuan, with 40 stocks experiencing net outflows, and five stocks having outflows exceeding 100 million yuan. Zhongwen Online led the outflows with 317 million yuan [1] - The stocks with the highest net inflows included Tonghuashun, Mango Supermedia, and Juran Smart Home, with inflows of 53.48 million yuan, 50.84 million yuan, and 27.68 million yuan, respectively [1][4] Stock Performance - Notable stocks in the AI corpus concept sector that faced significant declines include Zhongwen Online (-4.42%), Sanli Zero (-1.82%), and others, while Jiangnan Chemical and Shenzhen Ruijie saw increases of 9.97% and 2.49%, respectively [2][3] - The stock performance table indicates that stocks like Huicheng Co. and Century Tianhong had the largest percentage declines, with Huicheng Co. down by 6.27% and Century Tianhong down by 5.16% [3][4]

Group 1 - The prefabricated construction concept sector rose by 3.82%, ranking 7th among concept sectors, with 94 stocks increasing in value [1] - Notable gainers in the sector included Zhuzhou Design with a 20% limit up, and Jinju Group, Chongqing Construction, and Hongqiang Co., all hitting the limit up as well [1] - The sector saw a net inflow of 1.282 billion yuan from main funds, with 61 stocks receiving net inflows, and 12 stocks exceeding 50 million yuan in net inflows [2] Group 2 - The top three stocks with the highest net inflow were Leizhi Group (118 million yuan), China Railway Construction (114 million yuan), and Hongqiang Co. (113 million yuan) [2] - The highest net inflow ratios were observed in Chengdu Road and Bridge (51.04%), Zhongyan Dadi (35.72%), and Western Construction (32.99%) [3][4] - Among the top gainers, Chengdu Road and Bridge and Hongqiang Co. both saw a daily increase of 10.04% [4]

Core Viewpoint - The cross-border payment (CIPS) concept has shown a significant increase of 2.36%, ranking fifth among concept sectors, with notable stocks experiencing substantial gains [1][2]. Group 1: Market Performance - As of July 7, the CIPS concept saw 51 stocks rise, with Zhongyi Technology hitting a 20% limit up, followed by Xunxing Co., Shiji Information, and Jingbeifang also reaching their limit up [1]. - The top gainers in the CIPS sector included Huafeng Superfiber, New Guodu, and Lakala, which increased by 10.66%, 7.43%, and 4.33% respectively [1]. - Conversely, the biggest losers were *ST Tianyu, *ST Rindong, and Zhongke Software, which fell by 3.39%, 2.63%, and 1.70% respectively [1]. Group 2: Capital Inflow - The CIPS concept attracted a net inflow of 2.052 billion yuan, with 33 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. - Qingdao Jinwang led the net inflow with 680 million yuan, followed by China Merchants Bank, Zhongyi Technology, and Ping An Bank with net inflows of 303 million yuan, 265 million yuan, and 246 million yuan respectively [2]. - The top stocks by net inflow ratio included Qingdao Jinwang at 44.37%, Zhongyi Technology at 20.32%, and Shiji Information at 19.96% [3].

Core Viewpoint - The rental and sales rights concept has seen a 2.20% increase, ranking 8th among concept sectors, with notable stocks like Caixin Development and *ST Nanzhi hitting the daily limit up [1][2]. Group 1: Market Performance - The rental and sales rights concept had 20 stocks rising, with Caixin Development, *ST Nanzhi, and Shilianhang leading the gains at 9.85%, 4.82%, and 4.37% respectively [1][3]. - The concept sector experienced a net inflow of 392 million yuan, with 12 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [2][3]. Group 2: Key Stocks and Financial Metrics - The top stock by net inflow was China Merchants Shekou, with a net inflow of 137 million yuan, followed by Caixin Development, Vanke A, and I Love My Home with net inflows of 60.23 million yuan, 58.11 million yuan, and 52.67 million yuan respectively [2][3]. - The net inflow ratios for Caixin Development, Shilianhang, and *ST Nanzhi were 30.86%, 20.14%, and 16.03% respectively, indicating strong investor interest [3][4].

Core Viewpoint - The mobile payment sector has shown a positive trend with a 0.82% increase, ranking sixth among concept sectors, indicating a growing interest and investment in this area [1][2]. Group 1: Market Performance - As of July 4, the mobile payment concept saw 48 stocks rise, with notable performers including Jin Yi Culture, Xinya Da, and Desheng Technology reaching their daily limit up [1]. - The top gainers in the mobile payment sector included Changliang Technology, which increased by 13.31%, followed by Zhengyuan Wisdom at 8.57%, and Chuangshi Technology at 6.94% [1][2]. - Conversely, the sector also experienced declines, with Yunnei Power, Boshi Jie, and Guanghong Technology falling by 4.70%, 3.13%, and 2.79% respectively [1]. Group 2: Capital Flow - The mobile payment sector attracted a net inflow of 1.995 billion yuan, with 55 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. - Changliang Technology led the net inflow with 425 million yuan, followed by Xinya Da, Jingbeifang, and Desheng Technology with net inflows of 353 million yuan, 247 million yuan, and 221 million yuan respectively [2][3]. - In terms of net inflow ratio, Desheng Technology, Xinya Da, and Hemei Group had the highest ratios at 31.21%, 17.66%, and 15.52% respectively [3]. Group 3: Stock Performance Metrics - The top stocks in the mobile payment sector based on daily performance included Changliang Technology with a 13.31% increase and a turnover rate of 31.83%, and Xinya Da with a 10.03% increase and a turnover rate of 24.29% [3]. - Other notable stocks included Jingbeifang with a 10.01% increase and a turnover rate of 15.16%, and Desheng Technology with a 10.02% increase and a turnover rate of 20.73% [3].

Group 1 - The brain-computer interface concept sector rose by 0.74%, ranking 8th among concept sectors, with 17 stocks increasing in value [1] - Leading gainers in the sector included Jihua Group, Entropy Technology, and Beiyikang, which rose by 7.59%, 5.92%, and 4.33% respectively [1] - The sector experienced a net inflow of 366 million yuan, with 18 stocks receiving net inflows, and 12 stocks seeing inflows exceeding 10 million yuan [1][2] Group 2 - Jihua Group had the highest net inflow of 331 million yuan, followed by Innovative Medical, Chengyitong, and Zhongke Information with net inflows of 162 million yuan, 77.97 million yuan, and 36.04 million yuan respectively [1][2] - The net inflow ratios for Jihua Group, Chengyitong, and Zhongke Information were 13.23%, 10.52%, and 8.87% respectively [2] - The trading volume and turnover rates for leading stocks in the sector were significant, with Jihua Group showing a turnover rate of 13.84% [2][3]