（文章来源：证券时报网） 盘面上看，石油、农业、银行、煤炭、食品饮料等板块走低，半导体、券商板块强势拉升，CPO概念、 PCB概念、算力概念等活跃。 东莞证券表示，国内政策确定性是压低风险溢价的核心，特别去年以来中央政府通过化债、改革等措施 有效降低了系统性风险，这成为A股"长期反转、底部抬升"的基础。不过市场走势仍受到技术面获利回 吐压力以及外部环境影响，若美国政策变动导致美元指数反弹，可能引发全球流动性收紧。短期来看， 只要内外部宏观环境不出现大幅波动，市场乐观情绪有望延续。 22日早盘，两市股指延续强势，沪指逼近3800点，续创10年新高；创业板指涨超2%，科创50指数暴涨 超5%续创历史新高。 截至午间收盘，沪指涨0.67%报3796.36点，深证成指涨1.32%，创业板指涨2.56%，科创50指数涨 5.25%，沪深北三市合计成交15309亿元。 ...

Group 1 - The PCB sector experienced a significant surge on the 22nd, with notable stock increases such as Ding Tai Gao Ke rising nearly 18% and Guangxin Materials up over 10% [1] - The demand for printed circuit boards (PCBs) is expected to explode due to the acceleration of AI computing infrastructure construction, with a projected CAGR of 11.6% for server and storage PCBs from 2024 to 2029 according to Prismark and CITIC Securities [1] - High-layer boards, high-density interconnect (HDI) boards, and IC carrier boards are anticipated to see rapid growth in output value, with leading domestic PCB companies expected to invest 41.9 billion yuan from 2025 to 2026 [1] Group 2 - AI servers will have higher requirements for PCB usage, density, and performance, leading to increased precision demands in processes such as exposure, drilling, plating, and inspection [1] - Domestic PCB equipment manufacturers are expected to capitalize on the favorable conditions in the AI PCB market, accelerating the validation of emerging technologies and expanding their market share and value [1] - Companies focusing on AI PCB equipment, particularly in laser, vision, and inspection technologies, are recommended for investment consideration [1]

8月22日，生益科技盘中上涨2.05%，截至09:39，报45.36元/股，成交1.88亿元，换手率0.18%，总市值1101.91亿元。 机构持仓方面，截止2025年6月30日，生益科技十大流通股东中，香港中央结算有限公司位居第四大流通股东，持股1.67亿股，相比上期减少1640.04万股。华泰柏瑞沪深300ETF（510300） 责任编辑：小浪快报 资金流向方面，主力资金净流入928.57万元，特大单买入1281.23万元，占比6.81%，卖出529.97万元，占比2.82%；大单买入2111.94万元，占比11.23%，卖出1934.63万元，占比10.2 生益科技今年以来股价涨93.43%，近5个交易日涨1.18%，近20日涨19.21%，近60日涨69.63%。 今年以来生益科技已经2次登上龙虎榜，最近一次登上龙虎榜为3月19日，当日龙虎榜净买入-5.48亿元；买入总计3.97亿元 ，占总成交额比15.76%；卖出总计9.45亿元 ，占总成交额比37 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月27日，上市日期1998年10月28日，公司主营业务涉 ...

Core Viewpoint - The PCB sector is experiencing significant growth, driven by the demand for high-frequency and high-speed resin materials in AI servers, with companies like Honghe Technology and Helitai reaching historical highs in stock prices [1] Group 1: Market Performance - Honghe Technology and Helitai both hit the daily limit up, while Guangxin Materials increased by over 12% [1] - The overall PCB concept is gaining strength in the market [1] Group 2: Industry Analysis - CITIC Securities reports that AI servers require high-speed data transmission with low loss, necessitating superior performance in high-frequency and high-speed resin materials [1] - The market for high-frequency and high-speed resin used in servers is projected to reach 2.28 billion yuan by 2026, with a compound annual growth rate (CAGR) of 85% from 2024 to 2026, indicating significant demand growth [1] Group 3: Investment Recommendations - Companies actively involved in the development of PCB high-frequency and high-speed resin materials in the computing power sector are recommended for investment consideration [1]

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 | | ...

2025.08. 21 两市成交额 1 42万亿元 ▲ A股呈冲高回落的震荡格局,三大指数涨跌互现,沪指早盘高开后震荡上行,盘中最 高触及3787.98点,连续3日创阶段新高,技术形态呈现"横有多长、竖有多高"的加 速特征。 2169家上涨 涨跌停比 58:115 个股跌多涨少,赚钱效应减弱,资金高度聚焦少数 热点,可燃冰、数字货币、油气开采、信托概念、 电力等板块涨幅居前,稀土永磁、PEEK材料、 PCB概念、人形机器人等板块跌幅居前。 两市成交额放量,连续7个交易日超2万亿,创近 十年最长连续万亿纪录。这一水平反映市场交投情 绪持续亢奋,流动性充裕,沪指创新高但沪市成交 额缩量,增量资金支撑不足。 货金情绪 主力资金净流出 散户资金净流入 机构呈现调仓博弈与长期布局特征,资金从高波动小盘股向主板蓝筹回流,重点加仓半导体、消费电子等科技成 长赛道,同时减持贵州茅台等消费龙头;散户追涨热情与风险意识并存,对中小盘股的偏好与机构形成共振，资 金在板块轮动中快进快出,但高位题材股筹码松动,对AI应用端业绩的兑现出现担忧。 散户情绪 及玉 海 上 证 指 数 3771.1 10月9日 1月20日 2月11日 1月1 ...

Market Overview - The three major indices collectively rose, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 0.45%, and the ChiNext Index up by 0.21%. However, the North China 50 Index fell by 0.96% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.5912 trillion yuan, an increase of 56.2 billion yuan compared to the previous day. Over 2,500 stocks in the market experienced gains [1] Sector Performance - The cross-border payment, oil and gas exploration and services, and combustible ice sectors showed strong performance, while the PCB concept and liquid cooling server sectors experienced adjustments [2] - The cross-border payment sector was particularly strong, with companies such as Sanwei Xinan and New Morning Technology hitting the daily limit, along with Zhongyou Capital and Tianrongxin also reaching the daily limit [2] - The oil and gas exploration and services sector saw gains, with Huaiyou Co. hitting the daily limit [2] - The combustible ice sector performed well, with companies like Xinjing Power and Shenkai Co. rising over 8% [2] - Conversely, the PCB concept weakened, with Chongda Technology nearing the daily limit down [2] - The liquid cooling server sector also declined, with companies like Tenglong Co. and Jintian Co. hitting the daily limit down [2]

Core Viewpoint - The investment advisory industry in China is experiencing significant growth, driven by increasing wealth management awareness among residents and the evolving role of investment advisors as key facilitators in asset allocation [1][3]. Group 1: Investment Advisor Performance - Yu Yang from Shenwan Hongyuan Securities in Heilongjiang achieved third place in the July stock simulation competition, with a monthly return of 33.18% [2]. - The current competition's overall return rates are higher compared to the previous year's, attributed to unique market conditions and a shift from medium-term to high-frequency trading strategies [3][4]. Group 2: Market Trends and Opportunities - The innovation drug sector is supported by ongoing policy backing and rapid business development, with significant collaborations leading to record-high upfront payments [4]. - The PCB sector is experiencing explosive growth in demand, with related companies showing substantial performance increases [4][5]. Group 3: Investment Strategy and Market Outlook - The Shanghai Composite Index has surpassed 3700 points, indicating a trend of gradual upward movement, with active trading volumes and a notable increase in margin financing [5]. - Future investment opportunities are anticipated in sectors such as innovative drugs, NVIDIA concepts, robotics, and artificial intelligence, focusing on companies with strong performance support [5]. Group 4: Enhancing Advisory Services - Investment advisors are encouraged to enhance their service philosophy by focusing on specialization, precision, and innovation [6][7]. - The emphasis on "specialization" involves building a comprehensive financial knowledge framework to provide valuable investment advice [7][8]. - "Precision" in service delivery aims to transition from merely meeting client needs to proactively creating value through detailed and responsive service [8][9]. - "Innovation" is crucial for adapting to market changes, utilizing new service formats and technologies to enhance client engagement and experience [9][10]. Group 5: Technological Empowerment in Advisory Services - The integration of big data and artificial intelligence is pivotal for optimizing investment strategies and enhancing client service experiences [10][11]. - Shenwan Hongyuan's advisory team is recognized for its high professional standards and innovative service models, including personalized offerings and a dual evaluation mechanism for service quality [11][12].

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth as of August 15, 2025, highlighting the top 10 funds with significant increases [2][3] - The top-performing fund is Penghua Innovation Power Mixed (LOF) with a unit net value of 1.6549, showing an increase from 1.5478 on August 14, 2025, representing a growth of 0.10 [2] - Other notable funds in the top 10 include Dongfang Regional Development Mixed and Huatai-PineBridge North Exchange Innovation Selected Two-Year Open Mixed A, both showing positive growth [2][6] Group 2 - The article also lists the bottom 10 funds, with Xinhua Technology Innovation Theme Flexible Allocation Mixed showing a decrease in unit net value from 1.2808 to 1.2599, a decline of 0.02 [4] - The bottom-performing funds are primarily focused on banking indices, indicating a sector underperformance [4][6] - The overall market sentiment reflects a rebound in the Shanghai Composite Index and the ChiNext Index, with a trading volume of 2.27 trillion, suggesting a mixed performance across sectors [6]

Core Viewpoint - The A-share market showed strong performance today, with major indices rebounding significantly after recent declines, indicating a potential shift in market sentiment and investor confidence [2][3][5]. Market Performance - The three major indices closed with gains: Shanghai Composite Index up 0.83% at 3696.77 points, Shenzhen Component Index up 1.60% at 11634.67 points, and ChiNext Index up 2.61% at 2534.22 points [2]. - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for three consecutive days, reaching 22,446 billion yuan today, a slight decrease of 346 billion yuan from the previous day [2]. Sector Analysis - The brokerage sector played a crucial role in today's market rally, contributing significantly to the Shenzhen index, with about half of the top 20 companies contributing to index points being brokerages [4]. - The technology sector was active, particularly in three areas: PEEK materials (robotic skin), liquid cooling concepts, and PCB concepts, despite a significant drop in U.S. chip stocks [4]. - The banking sector experienced a notable decline, with an overall drop of 1.09%, which pressured the Shanghai Composite Index [5]. Investor Sentiment - Despite the strong index performance, individual stock gains were modest, with the median rebound of stocks being approximately 1.2%, which is less than half of the previous day's median decline of around 2% [3]. - The market is characterized by structural trends, with about 2,800 companies still in a bearish arrangement, indicating limited potential for widespread declines [4]. Conclusion - The current market environment reflects a complex interplay of sector performances, with the brokerage sector leading the charge while other sectors like banking face challenges. Investors are advised to remain cautious and patient in navigating this structural market [5][6].