Key Points - The report indicates that the overall profitability of the A-share market showed a recovery trend in the first half of 2025, with total operating income reaching 34.99 trillion yuan, a year-on-year growth of 0.09%, and net profit attributable to shareholders of 2.99 trillion yuan, a year-on-year growth of 2.59% [9][19][20] - In the second quarter of 2025, the performance continued to improve, with total operating income of 18.10 trillion yuan, a year-on-year growth of 0.38%, and net profit attributable to shareholders of 1.50 trillion yuan, a year-on-year growth of 1.44% [10][20] - The manufacturing PMI for August was reported at 49.4%, indicating a slight recovery in economic activity, with the non-manufacturing PMI at 50.3% and the composite PMI at 50.5% [11][14] Market Overview - The domestic securities market showed a mixed performance, with the ChiNext Index experiencing the highest increase of 2.4%. The power equipment sector had the largest gain among the Shenwan first-level industries, rising by 7.39% [3][35] - The report highlights that the electronic industry saw significant growth, with operating income increasing by 18.5% in the first half of 2025, driven by strong demand from AI cloud applications and a recovery in various downstream sectors [20][31] - The report also notes that the steel and agriculture sectors experienced substantial profit growth, with net profit increases of 179.4% and 163.7% respectively, attributed to falling raw material prices and reduced costs in pig farming [20][31] Investment Recommendations - The report emphasizes the importance of developing new productive forces, suggesting that companies in artificial intelligence, semiconductor chips, innovative pharmaceuticals, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion are likely to yield excess returns [4][43] - It also recommends focusing on boosting consumption to expand domestic effective demand, with particular attention to new consumption, home appliances, and automotive sectors [4][43] - The report advises considering high-dividend assets for stable long-term returns and highlights gold as a long-term investment opportunity due to increasing geopolitical tensions and global economic uncertainties [4][43]

9月5日，A股市场整体上涨。 截至收盘，上证指数收报3812.51点，上涨1.24%，深证成指收报12590.56点，上涨3.89%，创业板指收 报2958.18点，上涨6.55%，北证50指数上涨5.15%。A股市场合计成交23487.17亿元，较上一交易日减 少2335亿元。 1.A股市场全天主力资金净流入261.53亿元 今日A股市场主力资金开盘净流入13.64亿元，尾盘净流入100.27亿元，全天净流入261.53亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-9-5 | 261. 53 | 13. 64 | 100. 27 | 290. 08 | | 2025-9-4 | -676. 80 | -88. 43 | -62.52 | -393. 14 | | 2025-9-3 | -479.12 | -51.09 | -97. 71 | -202. 78 | | 2025-9-2 | -1196. 85 | -404. 5 ...

行业日报 | 北交所 微调显韧性，持续看好中期行情 北交所市场点评——20250904 核心结论 行情回顾：1）指数层面：9 月 4 日北证 A 股成交金额达 379.6 亿元，较上一 交易日增加59.4亿元，北证50指数收盘价为1538.98，下跌0.80%，PE_TTM 为 75.35 倍。北证专精特新指数收盘价为 2666.79，下跌 1.16%。2）个股 层面：当日北交所 274 家公司中 191 家上涨，1 家平盘，82 家下跌。其中 涨幅前五的个股分别为：宏裕包材（30.0%）、天宏锂电（30.0%）、力佳 科技（30.0%）、润普食品（30.0%）、鸿智科技（21.9%）；跌幅前五的 个股分别为：舜宇精工（-13.2%）、荣亿精密（-12.2%）、同惠电子（-10.0%）、 拾比佰（-8.0%）、海达尔（-7.9%）。 新闻汇总：1）两部门：加强 CPU、高性能人工智能服务器、软硬件协同等 攻关力度，开展人工智能芯片与大模型适应性测试：工信部和市场监管总局 发布电子信息制造业稳增长行动方案，目标是到 2026 年营收增速超 5%， 服务器产业规模超 4000 亿元，推动 CPU、人工智能服务器和 ...

Group 1: Overall Performance of Listed Companies - The total operating revenue of listed companies in Shanghai and Shenzhen reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan for the first half of 2025 [1] - Shenzhen companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Sector Performance - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rapidly rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw 253 companies generate 984.76 billion yuan in revenue, a 14.1% increase, and a net profit of 454.57 billion yuan, up 24.59% [3] - The computer industry in Shenzhen reported 501.25 billion yuan in revenue, a 13.74% increase, and a net profit of 122.85 billion yuan, up 26% [5] Group 3: R&D Investment - Shenzhen companies invested a total of 352.97 billion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen reached 92.46 billion yuan, a year-on-year increase of 22.36% [9] - Shanghai's R&D investment also hit a record high of 432.6 billion yuan, growing by 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a 5% increase [11] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, a 23.59% increase, with a 29.22% share of total revenue [11] - Companies are diversifying their overseas markets, with significant growth in exports from firms like Huayou Cobalt and Quectel [12] Group 5: Dividend and Shareholder Returns - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.81 billion yuan [12] - Shenzhen companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in dividend amounts [12] - Companies are also increasing share buybacks, with Shenzhen firms announcing 230 buyback plans totaling 68.21 billion yuan [13]

9月4日，A股市场整体下跌。 截至收盘，上证指数收报3765.88点，下跌1.25%，深证成指收报12118.7点，下跌2.83%，创业板指收报 2776.25点，下跌4.25%，北证50指数下跌0.8%。A股市场合计成交25822.18亿元，较上一交易日增加 1861.15亿元。 1. A股市场全天主力资金净流出676.8亿元 今日A股市场主力资金开盘净流出88.43亿元，尾盘净流出62.52亿元，全天净流出676.8亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-9-4 | -676. 80 | -88. 43 | -62.52 | -393. 14 | | 2025-9-3 | -479.12 | -51.09 | -97. 71 | -202. 78 | | 2025-9-2 | -1196. 85 | -404. 51 | -93.05 | -719.76 | | 2025-9-1 | -364. 22 | -183. ...

A股上市公司2025年半年报正如火如荼披露中。截至8月30日，已有5400余家上市公司发布了半年报， 其中超七成实现盈利，占比达77.03%，释放出积极信号。 从行业分布来看，农林牧渔、钢铁、建材、计算机、有色金属、电子、传媒等多个板块表现亮眼，部分 周期类和科技类企业的利润水平环比明显改善，显示出企业在供需调整、成本优化、技术创新方面持续 发力。叠加政策端持续释放积极信号，财政和货币政策进一步协同发力，加快托底经济基本盘。尽管外 部环境仍有不确定性，但内部反内卷、稳预期、促制造的政策正在逐步显效，展望第四季度，市场风险 偏好也有望持续修复。 从投资配置角度来看，以半导体、AI、创新药为代表的新兴行业在技术、政策与产业链多维共振下， 具备较强成长弹性。此外，随着全球宏观政策分化，部分稳健型板块如军工、大金融也具备阶段性价 值。 无论是专业投资者还是新手投资人，都希望选择一个安全有保障、交易迅速便捷的平台。在此背景下， 一站式全球资产交易平台"极度证券"正受到越来越多投资者关注。极度证券平台成立于2015年，目前已 有来自全球30多个国家和地区的超3万名投资者通过平台参与全球市场交易。极度证券最大的优势包 括" ...

根据国家统计局公布的数据，初步核算，2025年上半年国内生产总值660536亿元，按不变价格计算，同比增长5.3%。 除了宏观数据的观察外，我们还可以通过A股企业营业收入、净利润数据来观察实际经济情况。 当然，需要首先说明的是，相对于全国所有的企业来说，A股的上市公司是各地区大型企业，其经营数据一般好于整体所有企业的经营数据。但是，A股的 上市公司经营数据依旧可以作为经济的橱窗，用于观察国家经济。 随着2025年半年报于2025年8月底披露完毕，A股上市公司上半年成绩单亦浮出水面。 根据万得（Wind）数据显示，2025年上半年，A股5427家上市公司，共5424家上市公司披露了数据。2025年上半年，A股公司共实现营业收入34.99万亿元， 相对于上年同期增长0.02%；归母公司净利润2.99万亿元，相对于上年同期增长2.45%。 从2025年上半年A股公司营业收入、净利润增速来看，均为小幅增长，也反映上市公司经营较为低迷。 尽管公布的宏观数据不错，然而其与大多数人的实际感受未必相符。不少人觉得目前生意不好做，占据中国居民主要资产的房地产也一直在缩水，就业不尽 如人意。 从不同行业2025年上半年的经营数据 ...

Group 1 - The article emphasizes that analysts highlight "earnings exceed expectations" or "profits exceed expectations" in their reports, which reflects a comprehensive judgment based on objective earnings data and subjective research tracking [1][36] - As of August 31, 2025, a total of 5,383 A-share companies disclosed their 2025 interim reports, with 257 companies having at least one analyst report indicating "exceeding expectations" [4][37] - The median year-on-year net profit growth for the CSI 500 index component stocks is the highest at 8.53%, while the CSI 300 and CSI 1000 indices have median growth rates of 5.32% and 3.30%, respectively [7][37] Group 2 - The proportion of companies exceeding expectations in the CSI 300 index is the highest at 24.41%, with the financial sector showing the highest proportion of exceeding expectations companies [20][25] - Among different sectors, the financial sector has the highest proportion of exceeding expectations companies at 12.70%, while the technology sector shows the largest jump in stock prices following earnings announcements [25][28] - Notable companies that exceeded expectations in their 2025 interim reports include Cangge Mining, Tianfu Communication, and WuXi AppTec, based on their market performance post-earnings announcements [38]

◎记者 时娜 随着2873家深交所上市公司如期披露2025年半年度报告，深市整体业绩情况及各行业经营底色和景气程 度全盘呈现。 上半年，深市公司营收、净利实现"双增长"，业绩稳中向好态势明显。战略性新兴产业公司增势强劲， 电子、计算机、通信等与发展新质生产力高度相关的行业，以及家用电器、农林牧渔等与国计民生相关 的行业业绩表现亮眼，一批实力强、技术硬的优质企业正在崛起。 近八成上市公司实现盈利 数据显示，深市已披露业绩的2873家公司2025年上半年合计实现营业收入10.24万亿元，同比增长 3.64%；合计实现归属于上市公司股东的净利润（下称"净利润"）5954.56亿元，同比增长8.88%。近八 成公司实现盈利，超过五成公司实现净利润同比增长，超过两成的公司盈利同比增长超50%。 其中，深市主板作为市场化蓝筹和细分行业冠军的聚集地，整体经营业绩保持稳定增长态势。 已披露半年报的1489家深市主板公司合计实现营业收入8.19万亿元，平均实现营业收入54.99亿元。其 中，共有801家公司营业收入同比增长，占比53.76%；822家公司净利润同比增长，占比55.17%。 上半年，深市"链主"企业普遍交出亮眼成 ...

2025.09. 03 本文字数：2149，阅读时长大约4分钟 作者 | 第一财经 安卓 截至2025年8月31日，深市共有2873家上市公司如期披露2025年半年报。整体来看，深市公司近八成公司实现盈利，超过五成公司净利润同比增长。 近年来，深市上市公司分红意识不断增强，纷纷以真金白银增强投资者回报、稳固市场信心，一年多次分红的新生态逐步形成。数据显示：有386家深 市公司披露中期分红，同比增加18.04%，合计分红886.07亿元，同比增加49.51%。同时，深市公司不断加大回购力度，2025年上半年披露回购计划 230单，计划回购金额上限合计达682.07亿元。 超两成公司盈利同比增长超50% 数据显示，深市公司2025年上半年实现营业收入合计10.24万亿元，同比增长3.64%；实现净利润5954.56亿元，同比增长8.88%，近八成公司实现盈 利，超过五成公司实现净利润同比增长，超过两成的公司盈利同比增长超50%。 深市主板公司创新蓝筹发挥"市场稳定器"作用。已披露半年报的1489家深市主板公司，合计实现营业收入8.19万亿元，平均实现营业收入54.99亿元， 共计801家公司营业收入同比增长，占比 ...