2025年8月26日，华力创通(300045.SZ)发布2025年半年度报告。截至2025年8月25日，共有11个机构投 资者披露持有华力创通A股股份，合计持股量达2237.41万股，占华力创通总股本的3.38%。其中，前十 大机构投资者包括中国建设银行股份有限公司-国泰中证军工交易型开放式指数证券投资基金、招商银 行股份有限公司-南方中证1000交易型开放式指数证券投资基金、香港中央结算有限公司、招商银行股 份有限公司-华夏中证1000交易型开放式指数证券投资基金、成都红杏酒家有限责任公司、通用航空 ETF、卫星ETF、富国国证通用航空产业ETF、华宝国证通用航空产业ETF、海通智选B，前十大机构投 资者合计持股比例达3.38%。相较于上一季度，前十大机构持股比例合计上涨了0.98个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.21%。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括国泰中证军工ETF、南方中证 1000ETF、通用航空ETF，持股增加占比达0.36%。本期较上一季度持股减少的公募基金共计1个，即卫 星ETF，持股减少 ...

高盛：中国股市仍有上涨空间 那么，高盛为何如此看好呢？ 自4月8日启动本轮反弹行情以来，沪指累计涨幅超过21%，深证成指涨超27%，创业板指涨超43%。此 外，沪深300指数涨幅超过19%，中证500、中证1000指数分别上涨26.8%、31.96%。 从Wind板块指数表现来看，4月8日至8月21日，CPO指数走势最为强劲，其间涨幅超过123%，光芯片指 数涨幅也接近100%，CRO、液冷服务器、稀土等指数涨幅均超过70%，创新药、脑机接口、军工信息 化指数涨幅超过60%，人形机器人、芯片、AI算力、AI应用、AI手机等指数涨幅均超过40%。 高盛最新研报指出，中国股市当前仍有大量"存量资金"尚未入市，为市场进一步上涨提供动力支撑，尤 其看好中小盘表现。 8月21日，据华尔街见闻消息，高盛在研报中称，目前仅有22%的家庭金融资产配置在基金和股票上， 潜在资金流入规模超过10万亿元。高盛称，这一趋势预示着中国股市尤其是中小盘股仍具备显著上涨空 间，中证1000和中证500等中小盘指数值得重点关注。受益于更高的散户持股比例、更均衡的行业配置 以及对高科技制造业的更大敞口。 高盛指出，目前已有迹象表明这种资金转移 ...

Group 1 - The report indicates that the market has shown resilience, with a rapid recovery that exceeded some investors' expectations, leading to increased confidence [3][14][15] - It is anticipated that market confidence will continue to rise, with the expectation that indices will reach new highs throughout the year, viewing short-term pullbacks as part of an upward trend [4][15] - The technology sector is identified as a key investment theme, with a strong belief that it will continue to lead economic growth, particularly through advancements in artificial intelligence [5][16] Group 2 - Short-term focus is recommended on strong sub-themes within the technology sector, including robotics, liquid cooling, military information technology, and commercial satellites, which are expected to see significant developments and events [6][17] - The report highlights the potential of AI applications, particularly following the release of GPT-5, which is expected to enhance user experience and narrow the gap with domestic models, indicating a growing market for AI applications [7][18] - Domestic computing power and advanced processes are emphasized as foundational for national development, with expectations of continued policy support and potential catalysts in the second half of the year [7][19]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall market performance of the North Exchange shows a decline, with the North Exchange 50 Index dropping by 2.46% to close at 1419.61 points, while the Shanghai and Shenzhen 300 Index, ChiNext Index, and Sci-Tech 50 Index fell by 1.96%, 1.69%, and 1.74% respectively [5][12]. - The top five performing sectors in the A-share market this week were pharmaceuticals and biotechnology, communications, media, leisure services, and mining, with respective gains of 1.46%, 1.29%, 1.19%, 0.28%, and 0.00% [5][17]. - Among the 269 listed companies on the North Exchange, 51 stocks rose, 218 fell, and none remained flat, resulting in a rise ratio of 19% [5][19]. Summary by Sections North Exchange Market Overview - As of August 3, 2025, the North Exchange comprises 269 constituent stocks with an average market capitalization of 3.113 billion [5][12]. - The average daily trading volume for the North Exchange A-shares reached 25.7 billion, a decrease of 17% from the previous week, with a turnover rate of 5.94% [15]. North Exchange New Stocks - No new stocks were issued this week. As of July 28 to August 3, 2025, 22 companies updated their review status to "inquired," while 1 company was approved for the listing committee meeting, and 1 company was terminated [7][25]. North Exchange Key Announcements - Three key companies, Taihu Snow, Parallel Technology, and Minshida, released their semi-annual reports for 2025, all reporting net profit growth [30]. North Exchange Investment Strategy - The report suggests focusing on high-quality development in 2025, highlighting potential opportunities in data centers, robotics, semiconductors, consumer goods, and military information technology [31].

Core Viewpoint - The military industry is experiencing significant growth, particularly in the informationization sector, driven by recent developments and government support, indicating a potential turning point for orders by 2025 [4][5]. Group 1: Military Industry Performance - On August 4, the military sector showed strong performance, with companies like Hengyu Communication, Xingtun New Science, and Kesi Technology reaching their daily limit increases [4]. - The report highlighted the successful integration of new technologies in military operations, including drone swarm tactics and unmanned combat modes, which were recently showcased [4]. Group 2: Future Outlook - According to Zhongyou Securities, the military industry is expected to see a turning point in orders by 2025, focusing on new technologies that enhance equipment performance and reduce costs [5]. - The concept of "Big Military" is anticipated to bring market growth and valuation expansion, particularly in low-altitude economy and commercial aerospace sectors during the 14th Five-Year Plan [5].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The North Exchange has shown fluctuating performance, with a total of 268 listed companies and an industry market capitalization of 858.43 billion [1][4] - The North Exchange 50 Index experienced a decline of 0.7% during the week of July 14-18, 2025, closing at 1418.61 points, while the Shanghai and Shenzhen 300 indices increased by 1.02% and 0.42%, respectively [4][13] - The average market capitalization of the North Exchange component stocks is 3.202 billion [4][13] - The average daily trading volume for the North Exchange component stocks reached 21.885 billion, reflecting a 1.55% increase from the previous week [4][16] Summary by Sections North Exchange Market Overview - As of July 18, 2025, the North Exchange comprises 268 component stocks, with an average market capitalization of 3.202 billion [4][13] - The North Exchange 50 Index saw a weekly decline of 0.7%, while the Shanghai and Shenzhen 300 indices posted gains of 1.02% and 0.42% respectively [4][13] - The daily average trading volume for the North Exchange component stocks was 21.885 billion, with a turnover rate of 25.26% [4][16] Industry Performance - The top five performing sectors in the A-share market during the week were pharmaceuticals and biotechnology, communications, national defense and military industry, computers, and banking, with respective gains of 21.25%, 20.08%, 19.06%, 17.35%, and 16.64% [4][21] Individual Stock Performance - Among the 268 stocks listed on the North Exchange, 100 stocks rose, 166 fell, and 2 remained flat, resulting in a rise ratio of 37.45% [4][24] New Stocks - No new stock issuances occurred during the week, but one company updated its review status to registration, while 30 companies moved to the inquiry stage [4][29] Key News - The North Exchange has strengthened its disclosure requirements and released the second-quarter ratings for securities firms, with 103 firms evaluated [4][32] Investment Strategy - The report expresses optimism for the North Exchange's performance in 2025, suggesting a focus on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology [4][33]

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [1]. Core Insights - The North Exchange has shown a strong performance with the North 50 Index increasing by 6.84% to close at 1439.63 points as of June 28, 2025, outperforming other major indices such as the Shanghai Composite and ChiNext [4][12]. - The total market capitalization of the industry reached 846.65 billion yuan, with an average market value of 3.14 billion yuan per listed company [4][12]. - A significant 94% of the 268 listed companies on the North Exchange experienced price increases during the week, with 252 stocks rising and only 16 declining [20]. Summary by Sections North Exchange Market Overview - As of June 28, 2025, the North Exchange comprises 268 constituent stocks, with an average market capitalization of 3.14 billion yuan. The North 50 Index has risen by 6.84%, while the Shanghai Composite, ChiNext, and Sci-Tech 50 indices have seen increases of 1.95%, 5.69%, and 3.17%, respectively [4][12]. - The top five performing sectors in the A-share market this week were Computer, Defense Industry, Non-Bank Financials, Communication, and Electronic Equipment/Nonferrous Metals, with gains of 7.70%, 6.90%, 6.66%, 5.53%, and 5.11%, respectively [18]. New Listings on the North Exchange - Guangxin Technology officially listed on the North Exchange on June 26, 2025, becoming the 268th listed company, and saw a remarkable first-day increase of 500% [6][26]. Key News from the North Exchange - The North 50 Index has accumulated a 38.72% increase year-to-date, leading all major A-share indices, surpassing the Hang Seng Index's 21.06% increase [33]. - A total of 26 stocks have doubled in value this year, primarily driven by technology innovation companies [33]. Investment Strategy for the North Exchange - The report suggests focusing on high-quality development in the North Exchange for 2025, with specific attention to sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology [31].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The successful issuance of the first technology innovation green corporate bond on the Beijing Stock Exchange (BSE) marks a significant milestone, combining both "technology innovation" and "green" labels [4][14] - The bond, issued by China Communications First Public Bureau Group Co., Ltd., raised 300 million yuan with a term of 60 days and an interest rate of 1.60%, setting a historical low for short-term corporate bonds in the exchange market [3][14] - The funds raised will be fully invested in the green building sector, providing financial support for the green transformation in infrastructure [5][14] - The BSE has introduced nine specific measures to support the development of technology innovation bonds, enhancing financing support for the technology innovation sector [7][12] Summary by Sections Industry Overview - The BSE currently has 274 listed companies with a total market value of 845.857 billion yuan and a circulating market value of 511.769 billion yuan [1] Recent Developments - The issuance of the first technology innovation green corporate bond is a response to national strategies aimed at promoting financial support for green and technological advancements [14] - The BSE is actively conducting training and research to align funding with the needs of technology innovation enterprises [7][14] Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, and consumer goods for potential investment opportunities in 2025 [9][13] - Specific companies highlighted include: - Data Centers: Krait and Shuguang Data Creation - Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials - Semiconductors: Hualing Co. and Kaide Quartz - Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder Technology [9][13]

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [1]. Core Insights - The overall market of the North Exchange shows an upward trend, with the North 50 Index increasing by 5.62% during the period from June 3 to June 20, 2025, closing at 1347.46 points [4][10]. - The average market capitalization of the 267 listed companies on the North Exchange is 2.934 billion [4][10]. - The top five performing sectors in the A-share market during this period were telecommunications, banking, non-ferrous metals, electronics, and non-bank financials, with respective increases of 6.33%, 2.64%, 2.39%, 2.30%, and 1.07% [4][18]. Summary by Sections North Exchange Market Overview - As of June 22, 2025, the North Exchange comprises 267 constituent stocks, with an average market capitalization of 2.934 billion [4][10]. - The North 50 Index experienced a growth of 5.62% during the specified period, outperforming the Shanghai Composite Index, which rose by 0.14%, and the ChiNext Index, which fell by 0.36% [4][10]. Sector Performance - The telecommunications sector led the A-share market with a growth of 6.33%, followed by banking at 2.64%, non-ferrous metals at 2.39%, electronics at 2.30%, and non-bank financials at 1.07% [4][18]. Individual Stock Performance - Out of the 267 stocks listed on the North Exchange, 77 stocks increased in value, while 189 stocks decreased, resulting in an increase ratio of 29% [4][20]. Key News - On June 16, 2025, the North 50 Index underwent a constituent stock update, enhancing its coverage of innovative enterprises aligned with the "specialized, refined, and new" characteristics of the index [4][25]. Investment Strategy - The report suggests focusing on sectors expected to perform well in 2025, including data centers, robotics, semiconductors, consumer goods, and military information technology [4][26][29].

Market Overview - As of June 23, the Shanghai Composite Index rose by 0.65% to 3381.58 points, while the Shenzhen Component Index increased by 0.43% to 10048.39 points, and the ChiNext Index gained 0.39% to 2017.63 points [1][2]. Stock Performance - Over 4400 stocks in the market experienced gains, indicating a bullish sentiment overall [4]. - The cross-border payment sector saw significant strength, with stocks like Youbuxun and Sifang Chuangxin hitting the daily limit up of 20%, while others like Shenzhou Information and Jida Zhengyuan also reached the limit up [5]. - The port and shipping sector performed strongly, with stocks such as Ningbo Shipping and Ningbo Ocean hitting the daily limit up [6]. - Oil and gas stocks were active, with Huai Oil shares hitting the daily limit up, and others like Beiken Energy and Tongyuan Petroleum rising by 7% [7]. Capital Flow - Main capital inflows were observed in sectors such as electronics, electrical equipment, basic chemicals, and computers, while outflows were noted in food and beverage, public utilities, and steel sectors [9]. - Specific stocks that saw net inflows included Tianyuan Dike with 626 million yuan, Rongfa Nuclear Power with 477 million yuan, and Zhongyida with 356 million yuan [10]. - Conversely, stocks like Tianfu Communication, Xinyi Sheng, and Zhongji Xuchuang faced net outflows of 678 million yuan, 581 million yuan, and 497 million yuan respectively [11]. Institutional Insights - CITIC Securities noted that the external environment remains turbulent, leading to high market rotation and a preference for certainty. They suggest focusing on sectors with potential earnings surprises and those at low levels, particularly in consumer electronics and semiconductor materials [13]. - Everbright Securities indicated that the A-share market is currently in a range-bound pattern, which is expected to continue, along with a likely continuation of the rotation of market hotspots [13].