Market Performance - The North Exchange 50 Index reached a historical high of 1618.18 points on September 5, with a 5.15% increase and a trading volume of 44.059 billion yuan [1] - The index experienced a weekly increase of 2.79%, indicating a recovery in market confidence and trading enthusiasm [1] Investor Sentiment - Market sentiment is high, driven by strong individual stock performances, attracting short-term capital [2] - Five companies on the North Exchange hit the 30% daily limit up on September 5, although one popular stock, Hongyu Packaging, experienced significant volatility with a 21.33% trading range and a 4.18% drop on Friday [2] Future Outlook - Analysts expect the North Exchange to maintain a positive outlook for September, supported by index sample adjustments, code switches, and the launch of specialized funds [3] - The public fund's holdings in North Exchange stocks reached a historical high of 0.32% of total market value in Q2, indicating potential for further capital inflow [2] Sector Performance - The automotive sector showed strong growth, with a 23.63% increase in net profit for companies in the North Exchange during the first half of the year, driven by policy support and structural upgrades [4] - The high-end equipment manufacturing sector also performed well, with a 15.95% increase in net profit, highlighting the industry's stability [5] R&D Investment - North Exchange companies collectively invested 4.139 billion yuan in R&D in the first half of the year, a 2.59% increase year-on-year, with significant investments in information technology and biomedicine [6] - Several companies are focusing on core technology advancements, such as Tian Gong Co. promoting the domestic production of high-end titanium materials and Chuangyuan Xinke actively developing 6G technology [6]

C o m p a n y U p d a t e 2025 年 09 月 05 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 70 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/09/04) | 55.50 | | 恒生指数(2025/09/04) | 25,058.5 | | 股价 12 个月高/低 | 82.99/34.9 | | 总发行股数(百万) | 1,070.90 | | H 股数(百万) | 1,070.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 8.57 | | 股价/账面净值 | 6.48 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -2.29% -7.22% 43.02% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-08 | 60.90 | 买进 | | 产品组合 | | | | 功效性护肤品 | 78.6% | | --- | --- | | ...

9月4日A股市场波动较大，上证指数盘中跌幅超2%，收盘跌1.25%。对此该行简评如下： A股4日表现偏弱，上证指数下跌超1%，科技成长风格领跌。上证指数自6月底至8月底涨约15%，较快 上行后近期显现波动，4日A股市场主要指数普跌，上证指数及沪深300分别下跌1.25%/2.12%；偏成长 风格的创业板指及科创50分别下跌4.25%/6.08%表现不佳。全市场来看，近3000家上市公司下跌；成交 层面，4日成交额2.58万亿元，较昨日基本持平。行业层面，商贸零售、美容护理、银行等行业表现较 好；通信、电子、有色金属等表现偏弱。 智通财经APP获悉，中金公司发布研报称，9月4日上证指数下跌超1%，此次指数调整不改中期趋势， 下行风险有限，去年924以来的上涨趋势仍有望延续。该行认为，当前A股市场整体估值处于合理水 平，年初至今A股全球表现也仅在中游位置。A股今年盈利有望实现正增长且下半年增速或好于上半 年；此外政策红利正凸显，监管强调"持续巩固资本市场回稳向好势头"。配置上，关注成长风格的扩散 与轮动，红利风格注重阶段性、结构性机会。 中金公司主要观点如下： 成交较快提升后的短线调整。换手率5%是值得重视的交易 ...

Core Viewpoint - The A-share market experienced significant volatility on September 4, with the Shanghai Composite Index falling by 1.25%, indicating a potential short-term adjustment after a rapid increase in trading volume and market performance [2][3][4]. Market Performance - On September 4, the A-share market showed weak performance, with major indices declining; the Shanghai Composite Index and CSI 300 fell by 1.25% and 2.12% respectively, while the ChiNext Index and STAR 50 dropped by 4.25% and 6.08% [2]. - The trading volume on September 4 was 2.58 trillion yuan, remaining stable compared to the previous day, with nearly 3,000 listed companies experiencing declines [2]. Trading Signals - A turnover rate exceeding 5% is highlighted as a significant trading signal, indicating increased investor risk appetite and potential short-term volatility [3]. - Historical data suggests that when the turnover rate rises above 5%, the market often experiences subsequent adjustments, as seen in previous years [3]. Mid-term Trends - Despite short-term adjustments, the mid-term upward trend since September 2022 is expected to continue, with the market's overall valuation remaining reasonable and not overvalued [4]. - The current PE ratio of the CSI 300 is below 14 times, placing it in the 63rd percentile of the past 20 years, indicating a relatively low valuation compared to major global markets [4]. Earnings Growth - A-share earnings are projected to achieve positive growth this year, with a forecasted increase of 3.5% for 2025, driven by a favorable base effect and cost factors in the second half of the year [5]. - The recent policy emphasis on stabilizing the capital market is expected to bolster investor confidence, with ongoing attention to U.S. interest rate changes and domestic policy developments [5]. Investment Strategy - The focus is on the expansion and rotation of growth styles, particularly in sectors like semiconductors and new energy, while dividend-paying stocks are expected to show structural opportunities [6]. - The market is anticipated to continue exhibiting characteristics of style rotation, with strong sectors alternating, which may persist throughout the year [6].

Market Overview - The A-share market is experiencing a downward trend, with the ChiNext index leading the decline [1] - Major indices closed in the red, with the ChiNext index down by 4.25% and the Sci-Tech 50 index down over 6% [2][4] Sector Performance - The top-performing sectors include retail trade (up 1.63%), beauty care (up 1.19%), and banking (up 0.79%) [3] - Conversely, sectors such as telecommunications (down 8.48%), electronics (down 5.08%), and non-ferrous metals (down 3.65%) are underperforming [3][4] Market Trends - The market is characterized by a high number of declining stocks, with nearly 3,000 stocks falling [6] - The report indicates that the current liquidity remains a fundamental support for the market, despite short-term overbought pressures [6] Future Outlook - The report suggests three key areas to watch: 1. The second phase of the bull market with rapid sector rotation, focusing on sectors with low valuations and improving conditions [6] 2. Policy signals in response to economic pressures, particularly regarding PPI trends [6] 3. Potential interest rate cuts by the Federal Reserve, which could enhance liquidity and benefit sectors like non-ferrous metals [6] Policy Developments - The Ministry of Industry and Information Technology has issued a growth action plan for the electronic information manufacturing industry, targeting an average growth rate of around 7% for major sectors [5] - The plan emphasizes innovation in AI applications and the development of key components for 5G/6G technologies [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 05 日 浙商早知道 2025 年 09 月 05 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要观点 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 1.3%，沪深 300 下跌 2.1%，科创 50 下跌 6.1%，中证 1000 下跌 2.3%，创业板指下跌 4.3%，恒生指数上涨 1.1%。 ❑ 行业：周四表现最好的行业分别是商贸零售（+1.6%)、美容护理（+1.2%)、银行（+0.8%)、社会服务（+0.7%)、 纺织服饰（+0.6%)，表现最差的行业分别是通信（-8.5%)、电子（-5.1%)、综合（-4.5%)、有色金属（-3.7%)、国 防军工（-3.3%)。 ❑ 资金：周四沪深两市总成交额为 25443 亿元，南下资金净流入 7.06 亿港元。 ❑ 【浙商宏观 李超/林成炜/廖博/潘高远/费瑾/王瑞明】宏观深度报告：8 月经济前瞻：旧经济深蹲 ...

9月4日，A股继续回调，沪指失守3800点，创业板指跌逾4%，科创50跌超6%。 资金高低切换明显，通信、电子等科技股大跌，消费股亮眼。市场交易额放量至2.58万亿元，2990只个 股收跌。CPO（共封装光学）概念中的"易中天"三只个股集体大跌，寒武纪-U收跌14.45%报1202元/ 股。 受访人士表示，以CPO为代表的算力板块出现获利回吐，在"慢牛"共识下，资金或向低位品种切换。市 场面临短期休整压力，但调整幅度不会太大。建议投资者预留部分现金头寸：一来可缓冲潜在回撤，二 来若市场下探，可逢低吸纳被错杀的优质标的。 创业板指跌超4% 今日，沪指收跌1.25%报3765.88点，创业板指收跌4.25%报2776.25点，深证成指收跌2.83%。沪深300、 上证50跌约2%，科创50跌逾6%，北证50收跌0.8%。 交投仍活跃，今日交易额增至2.58万亿元。杠杆资金需要注意回调风险，截至9月3日，沪深京市场两融 余额增至2.29万亿元。市场个股分化明显，共计2297只个股收涨，涨停股43只；2990只个股收跌，跌停 股47只。 商贸零售板块强势领涨，新讯达涨近13%，汇嘉时代、国芳集团、百大集团、国光连锁、 ...

A股市场连续3日调整。 连续调整两日后，A股市场在9月4日进一步下跌，前期的热门行业和个股遭遇重挫。 当日，沪指和深成指分别下跌1.25%、2.83%，创业板指和科创综指跌幅更大，分别下跌4.25%、 5.19%。此前涨势较猛的光模块（CPO）、光芯片、光通信等板块领跌，相关热门股票北方长龙 （301357.SZ）跌停，东芯股份（688110.SH）、新易盛（300502.SZ）、天孚通信（300394.SZ）、寒武 纪（688256.SH）等跌幅居前。 一家大型券商的分析师认为，4日下跌除受消息因素影响之外，还因为短期利好兑现，市场高风偏不 再；另外也受其他传闻影响，比如寒武纪、中芯国际超过了科创50指数权重不超过10%的限制，可能迫 使被动基金减仓。 不过，业内人士认为，中国股市仍处于呵护状态，市场调整主要是因为前期过快上涨后存在兑现压力。 在这之前，A股已连续两个交易日调整。9月2日～4日，沪指、深证成指、创业板指、科创综指分别累 计下跌2.83%、5.54%、6.09%、8.74%。前期大幅上涨的热门行业和个股在这四个交易日也大幅下挫。 "总体来看，当前市场并无实质利空，市场的下跌更多是风险偏好回落的 ...

9月4日，A股市场遭遇重挫，三大指数集体大幅下挫，创业板指领跌超4%，科技成长板块成为调整重 灾区，而大消费与低估值防御板块逆势走强，市场呈现"防御主导、成长退潮"的极端分化格局。全市场 近3000只个股下跌，跌停家数创阶段新高，沪深京三市成交额放量至25819亿元，较前一交易日增加 1862亿元，显示恐慌性抛压与防御性资金调仓行为交织。 港股市场同步走弱，恒生指数险守25000点整数关口，科技股与资源股联袂回调，南向资金净流出态势 加剧，两地市场避险情绪全面升温。 历史数据显示，牛市阶段上证指数集中连续下跌周期通常为3-4个交易日。本次调整自9月2日起已持续3 天，从时间维度看已接近历史周期下限，短期企稳信号或近在眼前。投资者无需过度恐慌，建议保持耐 心等待市场情绪修复，避免在调整尾声交出廉价筹码。 主要指数表现 A股方面，上证指数低开低走，全天单边下行，收跌1.25%报3765.88点；深证成指跌2.83%报12118.70 点，创业板指受科技权重拖累盘中跌超5%，最终收跌4.25%报2710.65点，科创50指数同步大跌6.08%。 全市场上涨家数2297家，下跌家数2990家，涨停44家，跌停48家， ...

中新社北京9月4日电 (记者 陈康亮)中国A股4日(周四)调整，主要股指悉数下跌，但商业百货、美容护 理、旅游酒店等大消费板块逆势上涨，表现亮眼。 根据金融数据服务商东方财富的统计，当天商业百货、美容护理、旅游酒店板块分别上涨3.59%、 2.74%和2.12%，涨幅居前。个股方面，汇嘉时代、国芳集团、国光连锁、百大集团等多股股价收获涨 停板(涨幅约10%)。 兴业证券分析师代凯燕表示，中国官方明确9月将出台扩大服务消费的若干政策措施，在外部宏观环境 不确定的背景下，扩大内需成为中国经济增长的重要抓手，相关政策值得期待。同时各类消费公司持续 推动渠道、产品、服务等多重变革，取得一定成效，看好相关消费类股票的投资机会。 中国商务部副部长盛秋平近日表示，9月要出台扩大服务消费的若干政策措施，统筹利用财政、金融等 手段，优化提升服务供给能力，激发服务消费新增量。 就当天A股主要指数的表现而言，截至收盘，上证指数报3765点，跌幅为1.25%；深证成指报12118点， 跌幅为2.83%；创业板指报2776点，跌4.25%。沪深两市成交总额约25443亿元人民币，较上一个交易日 放量约1802亿元人民币。(完) ...