Group 1 - The core viewpoint of the news is that the Science and Technology Innovation Board (科创板) is experiencing a positive trend, with the 科创50 index increasing by 2% [1] - Chip Origin Technology (芯原股份) is approaching a 20% limit-up, making it the 13th company on the 科创板 to reach a market capitalization of 100 billion yuan [1] Group 2 - The Shanghai Composite Index (上证指数) is at 3826.33, up by 6.24 points or 0.16% [2] - The ChiNext Index (创业板指) is at 3088.43, down by 2.57 points or 0.08% [2] - The Shenzhen Component Index (深证成指) is at 13114.62, up by 43.76 points or 0.33% [2] - The 科创50 index is at 1389.85, up by 27.20 points or 2.00% [2] - The North Stock 50 Index (北证50) is at 1593.77, up by 15.77 points or 1.00% [2] - The CSI 300 Index (沪深300) is at 4510.40, up by 8.48 points or 0.19% [2] - The Shanghai 50 Index (上证50) is at 2910.40, up by 0.65 points or 0.02% [2]

格隆汇9月4日｜A股主要指数走弱，创业板指下挫跌逾3%，沪指跌1.64%，深成指跌2.17%，科创50指 数跌近5%。算力硬件、军工、半导体等方向跌幅居前，沪深京三市下跌个股近2500只。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Core Points - The Sci-Tech Innovation 50 Index increased by over 4% [1] - The Shanghai Composite Index rose by 0.35% to 3813.57 points, gaining 13.22 points [3] - The ChiNext Index saw a significant increase of 1.75%, closing at 2770.73 points with a rise of 47.53 points [3] - The Shenzhen Component Index increased by 1.01%, reaching 12419.12 points, up by 124.05 points [3] - The Sci-Tech 50 Index closed at 1317.53 points, up by 3.53% or 44.98 points [3] - The North Exchange 50 Index decreased by 0.32%, closing at 1545.46 points, down by 4.97 points [3] - The CSI 300 Index rose by 0.81%, closing at 4421.82 points, gaining 35.69 points [3] - The Shanghai 50 Index increased by 0.55%, closing at 2934.54 points, up by 16.16 points [3]

Group 1 - The A-share major indices strengthened, with the ChiNext Index rising over 1%, the Shanghai Composite Index increasing by 0.24%, and the Shenzhen Component Index up by 0.48% [1] - Sectors such as computing power, semiconductor chips, rare earth permanent magnets, and non-ferrous metals saw significant gains, leading the market [1] - Nearly 2,200 stocks in the Shanghai, Shenzhen, and Beijing markets experienced price increases [1]

Group 1: Core Views - Recent leveraged funds continue to flow in, with the total margin trading balance exceeding 2 trillion this week. The market sentiment remains optimistic, but the increase in the ratio of margin trading to market capitalization is limited. The 2 trillion mark has stronger signaling meaning than practical meaning and may trigger reverse trading, weakening risk appetite [2]. - Seven departments including the central bank jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization", creating credit demand for banks through monetary structured tools, supporting the manufacturing industry, and stimulating a rapid rebound in the banking sector [2]. - US employment data released last week plunged, increasing market bets on interest rate cuts. The US dollar index has continued to decline to around 98, and foreign capital has replenished A - share positions, supporting the sentiment in the mainland market after the A - share index correction [2]. - This week's total A - share trading volume slightly decreased compared to last week, with daily trading around 1.6 trillion. Most broad - based indices recovered last week's losses, with small - and medium - cap stocks remaining strong. The CSI 1000 rose more than 2%, and together with the CSI 2000 and micro - cap stock indices, reached new highs for the year. Large - cap broad - based indices rose slightly more than 1% this week [2]. - The downward support for basis has weakened, and the intraday structured divergence in trends among varieties has increased. The risk appetite shown in the futures market has declined, and there is a need to guard against the risk of a slowdown in the index's upward rate or even a continuous adjustment [2]. - As of Friday, the annualized basis of each variety was basically the same as last week, with the annualized discounts of IC and IM still around 10% and 11% respectively [2]. Group 2: Weekly Forecast - The model's judgment on the movement direction of the basis of IH, IF, IC, and IM next week is: strengthening, weakening, strengthening, and weakening respectively [4].

Core Viewpoint - The A-share index continues to strengthen, with the Shanghai Composite Index returning to 3600 points, marking the second highest position since October 8, 2024 [1] Group 1 - The Shanghai Composite Index has shown resilience, indicating positive market sentiment [1] - The index's recovery to 3600 points reflects investor confidence and potential growth opportunities in the market [1] - This performance may attract further investments and bolster market stability moving forward [1]

Group 1 - The A-share market is showing strength, with the index recovering from previous declines, but sectors like liquor and real estate are not performing well [1][3] - The current market rebound to 3400 points is fundamentally different from the previous one, as it lacks the strong upward momentum from liquor and real estate, indicating a more natural market recovery [3][5] - The index's performance is primarily driven by heavyweight sectors, and without the participation of liquor and real estate, further upward movement may be limited [1][3] Group 2 - There are two key signals observed: the index has risen, but many retail investors have not outperformed the index, indicating a disconnect between individual stock performance and index movements [5][7] - The market is experiencing net capital inflow, with major players focusing on broad-based ETFs rather than individual stocks, suggesting a shift in investment strategy [7][8] - The current index levels are 3400 for the Shanghai Composite and 24000 for the Hang Seng Index, reflecting a general upward trend in both markets [5][7]

Group 1 - The A-share market is approaching the 3300-point mark, with some skepticism regarding the sustainability of this rise, attributing it to state intervention [2][10] - Historical data shows that China's retail sales growth was stable around 7% before 2020, but has experienced significant volatility due to multiple pandemic impacts [4][5] - The retail sales growth rate has declined from 7% to 3% since 2020, indicating a downward trend in consumer spending [7][10] Group 2 - The retail sales growth for 2024 is projected to be as low as 2%, with no pandemic interference, highlighting a concerning trend for consumer demand [8][9] - The decline in the real estate market has significantly impacted consumer spending, contributing to the overall downturn in retail sales [9][16] - Despite the challenges, there are signs of recovery in retail sales growth starting from September 2024, with a notable increase to 3% and even reaching close to 6% in March 2025 [12][19] Group 3 - The recovery in retail sales is not solely due to government subsidies, as other sectors like food and beverage are also showing positive growth trends [14][16] - The real estate market's downturn has been a core reason for the poor performance of the economy, employment, and stock market, but the decline is expected to have limits [16][17] - The A-share market's rebound is likely influenced by multiple factors, including the stabilization of the real estate market and improved retail sales, rather than solely state intervention [19]