英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 8 月 25 日 上周五两市成交额超 2.5 万亿，量能仍处于强势区域。从当前市场走势来看， 指数在短期内或有加速上涨的趋势。一方面，科技股的大涨带动了市场人气，吸 引了更多资金入场。另一方面，市场的赚钱效应逐渐凸显，投资者的风险偏好持 续提升，进一步推动指数上行。然而，这种加速上涨或是阶段冲高的信号，投资 者需适当留意节奏。虽然市场大趋势向好，但随着指数的快速攀升，波动节奏可 能会加大。在上涨过程中，可能会面临获利盘回吐、政策调整等因素的影响，从 而引发市场的短期波动。 操作上，建议投资者顺势而为但多一分理性和警惕。根据不同的情况，采取 不同的策略，有业绩支撑且形态走势良好的个股，可持仓待涨。对近期涨幅过大 且缺乏基本面强支撑的标的，可降低风险敞口。另外，可将注意力转向有业绩支 撑的低估值板块，并严格控制仓位，保持操作的灵活性。在趋势未发生根本性逆 转前，仍可参与，但必须留一份清醒，时刻关注券商和量能这两大核心变量的动 向。 请务必阅读最后一页的免责条款 1 沪指突破 3800 点，短期内或有加速上涨趋势，顺势而为但多一分警惕 分析师：惠祥凤 ...

Group 1 - The stock price of Zhishang Technology closed at 89.99 yuan on August 19, down 4.91 yuan, a decline of 5.17% from the previous trading day [1] - The opening price on August 19 was 92.93 yuan, with a highest point of 94.00 yuan and a lowest point of 88.88 yuan, with a trading volume of 105,420 hands and a transaction amount of 959 million yuan [1] - The company operates in sectors such as consumer electronics, optical communication modules, and data centers, focusing on the research, production, and sales of precision electronic components [1] Group 2 - On August 19, around 9:43 AM, the stock price of Zhishang Technology rebounded over 2% within 5 minutes, reaching a peak of 93.97 yuan, with a transaction amount of 182 million yuan at that time [1] - However, the stock price later fluctuated and ultimately closed lower [1] - In terms of capital flow, on August 19, there was a net outflow of 35.11 million yuan from main funds, with a cumulative net outflow of 399 million yuan over the past five trading days [1]

Group 1 - The optical communication module sector experienced a rapid increase, with a rise of 2.59% [1] - Companies such as Tengjing Technology, Cambridge Technology, and Guangku Technology saw significant stock price increases [1]

Core Views - The current market is characterized by a rotation of leadership among financial and technology sectors, driven by incremental capital and strong market sentiment, with the potential for the Shanghai and Shenzhen indices to challenge new highs [1][10] - The market has shown strong performance, with the Shanghai Composite Index reaching a ten-year high since August 2015, and both the Shenzhen Component and ChiNext indices surpassing their previous highs from October 2022 [1][10] - The trading volume has exceeded 2.7 trillion yuan, indicating a robust market atmosphere that may attract more capital [1][10] Market Overview - On Monday, the market opened strongly, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3% [3] - Key sectors that performed well include shipbuilding, consumer electronics, glass fiber, small metals, power equipment, software development, cultural media, communication equipment, electronic components, motors, and semiconductors [3] - The liquid cooling server concept saw significant gains, driven by increasing demand for cooling solutions in data centers [5] Sector Analysis - The consumer electronics sector has shown a strong upward trend, with expectations of a demand turning point as the economy recovers post-pandemic [6] - The new energy sector, particularly related to lithium batteries and solar power, is expected to continue its upward trajectory, supported by global carbon neutrality goals [7] - The optical communication module sector is also on the rise, driven by technological advancements and the need for high-capacity data transmission in modern communication networks [8] Future Market Outlook - The market is anticipated to maintain its strength if trading volumes remain above 2 trillion yuan; however, a decline in volume could signal potential adjustments [10][11] - Investors are advised to adopt different strategies based on the performance and fundamentals of individual stocks, particularly focusing on those with strong earnings support [11]

Core Views - The A-share market shows potential for upward momentum, with the possibility of challenging new highs in 2025, driven by financial and technology leaders [1][17] - However, there are significant pressures above the 3700-point mark, including technical resistance, volume concerns, and the upcoming earnings verification period [1][18] Market Overview - Last week, the three major indices in the A-share market experienced a collective rise, with the Shanghai Composite Index reaching a peak of 3700 points, supported by strong performance in the brokerage sector [4][5] - The market's overall sentiment remains active, with trading volumes exceeding 20 trillion yuan for three consecutive days [1][5] Sector Performance - The PEEK materials concept and semiconductor sectors have shown strong growth, with significant increases in stock prices [7][9] - The brokerage sector has been highlighted as a key area for investment, with expectations of continued performance due to favorable market conditions and policy support [8][9] - The renewable energy sector, including wind and solar equipment, has also seen substantial gains, driven by supply concerns and ongoing demand for green technologies [12][13] Investment Strategy - The report suggests a cautious approach, recommending investors to focus on individual stocks with strong earnings certainty rather than broad index exposure [2][18] - Emphasis is placed on sectors such as technology growth and brokerage firms, which are expected to perform well in the current market environment [2][18]

Group 1 - The optical communication module sector experienced a decline of 1.1% on August 14 [1] - Among the companies, Huylv Eco fell by 4.18%, while Zhishang Technology dropped by 3.41% [1] - Other companies such as Zhongji Xuchuang, Liantech, Taicheng Light, and Zhongfu Circuit also saw declines exceeding 2% [1]

Core Views - The report emphasizes that the breakthrough of the 3674-point level in the A-share market is often driven by major weight sectors such as brokerage firms, and the accompanying trading volume is crucial for sustaining this momentum [3][10][11] - Historical data suggests that during a bull market, the market tends to rise gradually, and the current overall valuation level of the A-share market still has room for improvement compared to historical bull market highs, providing support for further index increases [3][10][11] Market Overview - On the day of the report, the A-share market saw a strong performance, with the Shanghai Composite Index breaking the 3674-point high from October 2024, and the ChiNext Index rising over 3%, with total trading volume exceeding 2 trillion yuan [3][6][10] - The report notes that the brokerage sector's strong performance is pivotal in leading the market's upward movement, and the overall market sentiment is active with more stocks rising than falling [5][6][7] Sector Analysis - The brokerage sector is highlighted as a key area for investment, with expectations of continued growth driven by increased trading volume, improved economic fundamentals, and favorable policies [7][9] - The report also points out the rising trend in the optical communication module sector, which is essential for high-speed data transmission in modern communication networks, indicating a potential high prosperity cycle in the second half of 2025 [8] - The semiconductor sector is noted for its ongoing growth, supported by national policies and increasing global demand for AI and high-performance computing, with a recommendation to focus on companies that are technologically advanced and can adapt quickly to industry changes [9][10]

Core Viewpoint - The ChiNext Index rose over 1% on July 31, indicating positive market sentiment in the growth sector [1] Market Performance - As of 9:44 AM, the Shanghai Composite Index decreased by 0.42%, while the Shenzhen Component Index increased by 0.13% and the ChiNext Index increased by 1.02% [1] Sector Performance - Key sectors that showed significant gains included liquid cooling servers, optical communication modules, PCB (printed circuit boards), and storage chips [1]

Core Views - The report indicates that the A-share market is experiencing a structural rally, with a focus on sectors with solid earnings support, particularly in innovative pharmaceuticals and technology sectors like robotics and CPO [2][11] - The upcoming important meeting is expected to emphasize macroeconomic policy adjustments, with potential increases in funding for infrastructure and support for strategic emerging industries such as AI and semiconductors [3][12] Market Overview - On Thursday, the three major indices in the A-share market collectively rose, with the Shenzhen Composite Index and the ChiNext Index showing stronger performance, while financial stocks weighed on the Shanghai Composite Index [5][11] - The market sentiment remains active, with a total trading volume of 15,394 billion, and the Shanghai Composite Index closing at 3,516.83 points, up 0.37% [6] Sector Analysis - The pharmaceutical sector saw significant gains, driven by supportive policies for innovative drugs and a favorable environment for commercialization, with expectations for continued growth in the second half of 2025 [7][11] - The optical communication module and CPO sectors are also highlighted as having strong growth potential, supported by advancements in AI computing and data center upgrades [8][11] - The aerospace and defense sector is expected to remain attractive, with government support for modernization and increased defense budgets, alongside geopolitical tensions that may act as catalysts for growth [9][10] Investment Opportunities - Investors are advised to focus on several key areas for potential investment: 1. Technology innovation sectors such as robotics, AI, and digital economy [4][13] 2. Industries benefiting from de-involution, including renewable energy and new energy vehicles [4][13] 3. Areas related to consumption upgrades and policy benefits, such as innovative pharmaceuticals and smart home devices [4][13] 4. Stocks with expected strong mid-year performance, although the intensity of speculation may decrease as earnings forecasts conclude [4][13]

Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]