今日早参 2025 年 9 月 02 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：人民币加速升值，流动性保持宽松 偏低基数和极端天气扰动退坡下，8 月经济高频指标同比稳健；地产成交边 际企稳，部分可能受北京上海地产政策优化和潜在的财富效应提振；居民暑 期出行景气度较高，但以旧换新补贴对汽车消费的支撑边际退坡；外需方 面，8 月港口高频指标显示出口同比或较 7 月放缓。出行及消费方面，7 月 1 日-8 月 23 日全国铁路累计发送旅客数同比+6.4%，8 月国内/国际航班数同比 走高 0.9%/5.3%；8 月 1-24 日，乘用车日均零售销量同比较 7 月的 7%放缓 至 3%。出口方面，高频指标显示 8 月出口同比增速或较 7 月有所放缓。制 造业开工维持韧性：8 月焦化/高炉开工率高于去年同期 3/4.6 个百分点，水 泥开工率同比回落 7.3 个百分点，建筑钢材成交量亦低于去年同期 10.8%。 地产方面，8 月 1-30 日，44 城新房/22 城二手房成交面积同比增速较 7 月的 -19.8%/-6.1 ...

Group 1: Solid-State Battery Sector - Nord Shares experienced a 10.12% increase over three consecutive days, attributed to solid-state battery developments [3] - Xiangtan Electric Chemical saw a first board increase of 10.05%, also linked to solid-state battery advancements [3] - Fengyuan Shares had a first board rise of 10.03%, driven by solid-state battery news [3] - Haike New Source achieved a first board increase of 20.02%, related to solid-state battery technology [3] - Keheng Shares recorded an 11.68% rise, associated with solid-state battery innovations [3] Group 2: Robotics Sector - Kaiwang Technology had a first board increase of 20.01%, driven by robotics and connectivity [5] - Rongtai Shares saw a first board rise of 10.01%, linked to robotics [5] - Baoxin Technology experienced a first board increase of 10.00%, attributed to robotics developments [5] - Jiangsu Leili recorded an 11.98% rise, associated with robotics [5] - Shuanglin Shares had a 10.06% increase, also related to robotics [5] Group 3: AI and Chip Industry - Guojin Securities reported that Nvidia's GB200/300 is actively increasing orders, predicting explosive growth for ASICs in 2025 and 2026, with many AI-PCB companies experiencing strong orders [6] - Marvell revised its data center and AI ASIC target share, increasing the total addressable market (TAM) for data centers to $94 billion by 2028, up from $75 billion, and for AI custom chips (ASIC) to $54 billion, up from $43 billion [9] Group 4: Oil and Gas Services - Reports indicate that U.S. officials are preparing for potential strikes on Iran, which may impact the oil and gas sector [11] Group 5: Digital Currency - Circle, the first stock of stablecoins, surged over 33% in the overnight market, closing at $199.59, which is more than 540% above its issue price of $31 [13] Group 6: Market Focus Stocks - Dongxin Peace saw a 10.02% increase over nine days, with six consecutive boards [18] - Zhun Oil Shares recorded a 9.96% rise over five consecutive boards [12] - Shandong Molong experienced a 10.00% increase over five consecutive boards [12]