国泰海通证券认为，主题交易热度维持高位，科技类主题回调，新能源相关主题接力。上周热点主题日 均成交额平均11.77亿元，环比回落，日均换手率5.4%，再创年内新高。主题热点高低切换，锂电池、 逆变器、储能、固态电池等新能源相关主题大涨，且资金整体净流入上述主题方向，贵金属主题再度走 高，而军工相关的地面兵装、商业航天等主题大幅回调。8月中旬以来AI相关主题受益产业进展、流动 性预期与风险偏好共振行情加速，随着市场震荡加剧，资金寻找低位主题投资机会，关注受益政策端积 极变化与产业供需格局改善预期共振的"反内卷"方向。 国金证券认为，把握机会，风格切换正当时。上周，基本面的变化远不如市场展现出的波动一般剧烈。 国金证券预计，一方面，市场将会逐步冷却，等待基本面的信号；另一方面，基本面的讯号也在重新明 确：欧美的货币扩张配合财政扩张将在九月明确，中国的"反内卷"与消费路径正在逐步清晰，新的结构 将逐步浮出水面：第一，同时受益于国内"反内卷带"来的经营状况改善、海外降息后制造业活动修复与 投资加速的实物资产：有色金属、资本品以及原材料、原油等；第二，盈利修复之后内需相关领域也将 逐渐出现机会：食品饮料、旅游及景区等。 ...

□本报记者 王鹤静 9月首周（9月1日至9月5日），A股市场走出宽幅震荡行情，固态电池带领新能源板块巩固上涨趋势， 富国中证电池主题ETF等20余只电池、新能源相关主题ETF涨超10%。此外，黄金股、创新药等板块也 有不错表现，多只黄金股ETF涨超9%，多只港股医药主题ETF涨超6%。 近期，双创板块震荡加剧，易方达创业板ETF、华夏上证科创板50ETF等龙头产品交易显著活跃，并且 出现明显的资金流出迹象。同时，证券、化工、电池、黄金股等行业主题ETF迎来增量资金，恒生科 技、港股通互联网等主题ETF也有较多资金布局。 电池、新能源等板块大涨 与此同时，证券、化工、电池、黄金股等行业主题ETF迎来布局资金，跟踪证券公司指数的ETF上周合 计净流入超80亿元，跟踪细分化工、新能电池、SSH黄金股票等指数的ETF上周合计净流入额也都在20 亿元以上。 港股科技、证券、互联网等主题ETF也有较多资金布局，跟踪恒生科技、港股通互联网指数的ETF上周 净流入额都在30亿元以上，富国中证港股通互联网ETF、易方达中证香港证券投资主题ETF、工银国证 港股通科技ETF净流入额都在15亿元以上。 调整反映资金高低切换需求 华 ...

策略配置研究 2025 年 9 月 7 日 策略点评 市场积极趋势延续，把握科技投资主线 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 陈瑶 | 投资咨询资格编号 | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | | 蒋炯楠 | 投资咨询资格编号 | | | S1060524120002 | | | JIANGJIONGNAN597@pingan.com.cn | | 高越 | 一般证券从业资格编号 | | | S1060124070014 | 平安观点： 策 略 报 告 策 略 点 评 证 券 研 究 报 告 GAOYUE384@pingan.com.cn 市场回顾：7 月以来，A 股市场走出一轮向上趋势，"反内卷"、AI 科技等 结构性机会表现活跃，市场赚钱效应显著增强，吸引 ...

策略研究 周度报告 坚守主线还是高切低? 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 [Table_RptDate] 报告日期： 2025-09-07 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 分析师：陈博 执业证书号：S0010525070002 电话：18811134382 邮箱：chenbo@hazq.com 相关报告 1.策略月报《案阔正帆势未休—2025 年 9 月 A 股市场研判及配置机会》 2025-08-31 2.策略周报《权重股补涨对行情有何 启示？》2025-08-24 3.策略周报《经济放缓势头明显，期待 特定领域对冲》2025-08-17 4. ...

接下来的市场是矛盾的，一是经过前期的大幅拉升后，沪指在3900点出受到压制，短期存在休整修正的可 能；二是公募基金费率改革，托管费率、交易费率在原有基础上均大幅调降。 猜测有二，一是修正幅度可能会继续夸大，同时还需要时间；二是修正后存在快速反攻的概率，且指数会 明显超越近期高点，或者说会出现创业板指指数毕竟沪指的可能。 短期保持谨慎观点，对于收益不错的产品可以选择落袋为安，或者进行调仓换股，中长期来看，可以通过 小跌小买的策略，逢低布局，尽量拉低持仓成本。 连续拉升后本周市场出现了休整，截止昨天收盘，沪指周线下跌1.18%，深成指周线下跌0.83%，创业板指 周线上涨2.35%。 本周热点切换加速，特别是权重蓝筹银行、券商、白酒、医疗、房地产的上蹿下跳，还有军工、保险高息 股的大幅跳水，与之对应的是中小盘个股的走强。 ...

过去一周（9月1日—9月5日）A股三大指数经历回调后涨跌不一，创业板指领涨。截至9月5日收盘，上证指数报3812.51点，周跌1.18%；深成指报12590.56 点，周跌0.83%；创业板指报2958.18点，周涨2.35%。此外，北证50指数周涨2.79%。 具体来看，约36%的个股周内实现上涨，151股周涨超15%，74股周跌超15%。按照申万一级行业分类，电力设备、综合、有色金属、医药生物等板块涨幅 居前；国防军工、计算机、非银金融、电子等行业回调明显。 哪些个股领涨？哪些个股领跌？21投资通每周持续为你透视。 "30CM"四连板，大牛股宏裕包材年内涨幅居北证首位 本期牛股榜中（剔除近1月上市的次新股，下同），北交所大牛股宏裕包材（837174.BJ）走出"30CM"四连板，单周大涨超173%，年内涨幅在北证A股中排 名第一；此外，另一只北交所个股天宏锂电（873152.BJ）单周涨78.8%，力佳科技（835237.BJ）、科创新材（833580.BJ）、派特尔（836871.BJ）等多只北 交所股票上榜牛股榜单。此外，科新机电（300092.SZ）单周涨56.78%，固态电池概念股先导智能（300 ...

据央视新闻报道，当地时间9月5日，印度国防部公布了一项为期15年的国防计划，涵盖海陆空三军军事 装备的采购目标。其中，海军的计划包括优先建设一艘航空母舰，并可能使用核动力；以及海军首次使 用印度制造的战斗机。 印度国防部的计划显示，该部正在考虑的关键采购目标包括为海军舰艇配备核动力、下一代坦克以及无 人作战系统。 印度还计划使用数量不详的新一代双引擎舰载战斗机和轻型战斗机。 另外，据参考消息援引路透社9月5日报道，印度可能会建造第三艘航母，是核动力航母。 印度国防部的2025年路线图说："未来几十年，随着国家面临更大的挑战并承担更大的责任，军队必须 配备相应的装备。因此，加强公私部门的伙伴关系是未来发展的方向。" 印度目前有两艘航母，一艘由俄罗斯制造，另一艘是国产。预计拟议建造的航母将是核动力的，是印度 的第一艘核动力航母，具有更远的航程和更隐蔽的作战能力。 值得注意的是，据智通财经报道，去年5月印度国防部长拉杰纳特·辛格在接受该媒体采访时表示，印度 将很快开始建造第三艘航母，这也是印度第二艘国产航母。辛格还表示："我们目标不仅是拥有三艘航 母，我们未来会建造第五艘、第六艘，建造更多的航母"。辛格所说的印度海 ...

Core Viewpoint - The company has reported significant revenue and profit growth in the first half of 2025, driven by increased product deliveries and effective cost management, despite a decline in gross margin [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.703 billion yuan, a year-on-year increase of 481.19%, and a net profit attributable to shareholders of 116 million yuan, reversing a loss from the previous year [1]. - For Q2 2025, revenue reached 1.351 billion yuan, reflecting a year-on-year growth of 530.21%, with net profit also showing significant improvement [2]. - The gross margin decreased to 22.32% in H1 2025, down 17.77 percentage points, while the net margin improved to 6.44%, up 34.08 percentage points [1]. Cost Management - The company has effectively controlled expenses, with the three major expense ratios decreasing significantly, particularly management expenses, which fell by 31.30% [2]. - Research and development expenses increased by 29.02% to 140 million yuan, indicating a commitment to enhancing core competitiveness through innovation [2]. Cash Flow and Assets - The net cash flow from operating activities improved to -676 million yuan, compared to -1.106 billion yuan in the same period last year, due to increased sales collections [3]. - Contract liabilities grew by 43.38% to 109 million yuan, while accounts receivable surged by 77.77% to 5.442 billion yuan, indicating a robust order backlog [3]. Business Focus and Innovation - The company focuses on dual-use military and civilian products, particularly in navigation control and ammunition information technology, with ongoing research projects aimed at enhancing its technological capabilities [4]. - A total of 66 research projects are underway, with 25 prototypes completed, showcasing the company's commitment to innovation [4]. Subsidiary Performance - The main subsidiaries reported mixed results, with 衡阳光电 experiencing a revenue decline but a profit increase, while 申兵通信 saw both revenue and profit decrease [5]. - 中兵航联 reported stable revenue growth and a significant profit increase, reflecting effective operational strategies [5]. Shareholder Returns - The company has outlined a dividend distribution plan for 2025-2027, committing to distribute at least 10% of the annual profit to shareholders, enhancing investor confidence [6]. - The company aims to improve operational performance and maintain a positive outlook for future growth, supported by its strategic initiatives [6]. Future Outlook - The company is positioned in high-growth sectors, with expected revenues of 4.811 billion yuan, 5.826 billion yuan, and 6.709 billion yuan for 2025, 2026, and 2027, respectively [7]. - Projected net profits for the same years are 242 million yuan, 297 million yuan, and 348 million yuan, indicating a strong growth trajectory [7].

Core Viewpoint - The article argues that the belief in a sudden resurgence of American manufacturing is misguided, highlighting the significant decline in manufacturing's contribution to GDP and the challenges faced in revitalizing the sector [1][3][7]. Group 1: Manufacturing Decline - The share of manufacturing in the U.S. GDP has decreased from 16% in the 1990s to 11% in 2022, indicating a substantial decline in the sector [3]. - The notion that the U.S. has voluntarily abandoned low-value industries is challenged, with the argument that high costs have forced businesses to retreat from manufacturing [3][5]. Group 2: Challenges in Revitalization - The U.S. has invested heavily in initiatives like the CHIPS and Science Act ($280 billion) and the Inflation Reduction Act ($370 billion) to address the lack of manufacturing capabilities [3]. - The article emphasizes that the U.S. struggled to produce basic items like masks during the pandemic, showcasing the weakened industrial base [5][7]. Group 3: Global Manufacturing Landscape - China produced 1.019 billion tons of crude steel in 2023, accounting for 54% of global output, while the U.S. produced only 81 million tons, less than one-tenth of China's output [3]. - The article points out that the U.S. defense sector is heavily reliant on foreign manufacturing for critical components, illustrating the consequences of deindustrialization [5][7]. Group 4: Misconceptions about High-End Manufacturing - While the U.S. excels in high-end manufacturing and technology sectors, these advantages depend on a robust manufacturing base, which is currently lacking [7]. - The article critiques the mindset that dismisses low-end manufacturing as unimportant, arguing that modern industry relies on a comprehensive ecosystem of production [7].

Market Overview - The market experienced a decline, with the Shanghai Composite Index falling by 1.25%, the Shenzhen Component down by 2.83%, the ChiNext Index decreasing by 4.25%, and the STAR Market Index dropping by 5.13% [1][3] - Over 3,000 stocks in the two markets declined, with a total trading volume of 2.54 trillion yuan [1] Sector Performance - The CPO concept stocks faced significant adjustments, closing down by 6.42%, with over 10 stocks, including Xinyi Technology and Lian Te Technology, hitting the daily limit down [3] - Sectors such as semiconductors, high-bandwidth memory, lidar, components, and military industries saw the largest declines [3] - Conversely, consumer stocks showed resilience, with sectors like commercial retail, community group buying, and tax refund stores experiencing gains, including stocks like Huijia Times and Guofang Group hitting the daily limit up [3] - Bank stocks rebounded from lows, with Agricultural Bank of China reaching a historical high [3] - Solar and energy storage concept stocks initially surged, with An Cai Gao Ke hitting the daily limit up [3] - Retail, food, and paper sectors also showed notable gains [3] Market Sentiment - The market continued to exhibit weakness, particularly in the ChiNext Index and STAR Market Index, which saw intraday declines exceeding 5% [3] - A key concern was the panic among leading brokerage firms, which accelerated the index's decline [3] - Overall, there is a short-term need for market consolidation and correction, but it also presents an opportunity for portfolio reallocation [3]