截至9月5日，市场融资余额合计2.27万亿元，较前一交易日增加70.96亿元，其中，沪市融资余额 11556.50亿元，较前一交易日增加27.77亿元；深市融资余额11081.46亿元，较前一交易日增加41.72亿 元；北交所融资余额75.11亿元，较前一交易日增加1.48亿元。 证券时报·数据宝统计显示，具体到个股，9月5日共有1583只股获融资净买入，净买入金额在千万元以 上的有467只，其中38只融资净买入额超亿元。先导智能融资净买入额居首，当日净买入16.43亿元，其 次是寒武纪-U、宁德时代，融资净买入金额分别为16.03亿元、9.89亿元，融资净买入金额居前的还有 紫金矿业、亿纬锂能、阳光电源等。 分行业统计，获融资客净买入超亿元个股中，电力设备、电子、有色金属等行业最为集中，分别有9 只、8只、4只个股上榜。板块分布上，大手笔净买入个股中，主板有23只，创业板有11只，科创板有4 只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.13%，融资余额占比 最高的是太平洋，该股最新融资余额26.52亿元，占流通市值的比例为8.26%，融资余额占比较高的还有 南都电源、赣锋 ...

9月5日沪指上涨1.24%，市场两融余额为22870.55亿元，较前一交易日增加75.11亿元。 证券时报·数据宝统计显示，截至9月5日，沪市两融余额11664.84亿元，较前一交易日增加30.06亿元； 深市两融余额11130.59亿元，较前一交易日增加43.57亿元；北交所两融余额75.12亿元，较前一交易日 增加1.48亿元；深沪北两融余额合计22870.55亿元，较前一交易日增加75.11亿元。 分行业看，申万所属行业中，融资余额增加的行业有14个，增加金额最多的行业是电力设备，融资余额 增加58.50亿元；其次是电子、有色金属行业，融资余额分别增加26.71亿元、12.24亿元。 具体到个股来看，融资余额出现增长的股票有1582只，占比42.54%，其中，336股融资余额增幅超过5% 。融资余额增幅最大的是润普食品，该股最新融资余额1006.75万元，较前一交易日增幅达100.19%；股 价表现上，该股当日上涨2.78%，表现强于沪指；融资余额增幅较多的还有先导智能、力王股份，融资 余额增幅分别为90.19%、86.84%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨7.41%，涨幅居前的 ...

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down 0.02% and the ChiNext Index up 0.21%, with sectors like precious metals, solid-state batteries, and photovoltaic equipment leading the gains [1] - CITIC Securities suggests to downplay market volatility and adjust portfolio structures, focusing on structural opportunities in consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [1] - CITIC Jiantou indicates that the current market is in a consolidation phase after a slow bull market, with a shift in focus towards sectors that have lagged but still have strong growth logic [2] Group 2 - Guojin Securities predicts a high probability of the market entering a sideways consolidation phase, emphasizing the need for new catalysts to initiate a trend upward [3] - The report highlights opportunities in electric equipment and non-ferrous metals as potential new directions for the market [3] - The recent rise in gold prices is noted, with gold stocks being more elastic compared to gold prices due to their current valuation being low relative to historical levels [3]

01 市场回顾 | | | 全球大类资产本周表现(2025/9/1-2025/9/5) | | | | | --- | --- | --- | --- | --- | --- | | 全球指数 | 涨跌幅 | A股领涨行业 | 涨跌幅 | 外汇 | 涨跌幅 | | 墨西哥MXX | 3.02% | 电力设备 | 7.39% | 美元兑加元 | 0.59% | | 北证50 | 2.79% | 综合 | 5.38% | 欧元兑美元 | 0.28% | | 创业板指 | 2.35% | 自色金属 | 2.12% | 澳元兑美元 | 0.24% | | 多伦多300 | 1.70% | 医药生物 | 1.40% | 美元兑日元 | 0.24% | | MSCI新兴市场 | 1.40% | 纺织服饰 | 1.37% | 美元兑新加坡元 | 0.14% | | 恒生指数 | 1.36% | A股领跌行业 | 涨跌幅 | 美元兑人民币(CFETS) | 0.07% | | 纳斯达克指数 | 1.14% | 国防军工 | -10.25% | 美元兑离岸人民币 | 0.06% | | 印度SENSEX30 | 1.13% | ...

个股方面，9月5日有1583只个股获融资净买入，净买入金额在5000万元以上的有109股。其中，19股获 融资净买入额超2亿元。先导智能获融资净买入额居首，净买入16.43亿元；融资净买入金额居前的还有 寒武纪、宁德时代、紫金矿业、亿纬锂能、阳光电源、新易盛、胜宏科技等股，净买入金额均超6亿 元。 Wind统计显示，9月5日，申万31个一级行业中有14个行业获融资净买入，其中，电力设备行业获融资 净买入额居首，当日净买入58.5亿元；获融资净买入居前的行业还有电子、有色金属、通信、非银金 融、商贸零售等，净买入金额均超3亿元。 ...

Core Viewpoint - The A-share market is likely to continue a trend of oscillating upward, but short-term volatility risks should be monitored, particularly focusing on marginal changes in market volume [1] Group 1: Market Trends - The growth sector has shown high prosperity in the first half of the year, with industrial trends accumulating upward, which may lead to a rotation of main lines as more prosperity clues gather [1] - Short-term market volatility may increase, with industries such as machinery and electrical equipment showing potential for rebound, warranting attention to capital inflow situations [1] Group 2: Sector Focus - Low-position sectors, such as certain consumer sub-segments, may strengthen under policy support, indicating potential for rotation [1] - From a medium to long-term perspective, attention should be paid to the improvement of supply-demand patterns and industry profit recovery, driving the "anti-involution" concept [1] - Dividend assets with safe valuation margins, undervalued targets in the service consumption sector, and sectors benefiting from the rapid development of domestic high-tech industries should be highlighted [1]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4][6]. Core Insights - The company achieved a revenue of 37.624 billion yuan in H1 2025, a year-on-year increase of 14.26%, with a net profit attributable to shareholders of 1.910 billion yuan, up 12.91% year-on-year [1]. - The clean and efficient energy equipment segment is driving revenue growth, with H1 revenue from this segment reaching 16.767 billion yuan, marking a historical high for the same period [1]. - New effective orders increased to 65.485 billion yuan in H1 2025, a 16.78% year-on-year growth, with significant contributions from clean energy and renewable energy equipment [2]. - The company is solidifying its traditional advantages while accelerating the implementation of strategic emerging industries, including significant orders in hydropower, nuclear power, and hydrogen energy projects [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 15.46%, slightly higher than the same period last year, with the highest revenue contributions from clean efficient power generation equipment, new energy, and emerging growth industries [1]. - The company’s revenue growth is supported by a strong performance in the clean and efficient energy equipment sector, with gross margins for key products increasing by 1.10, 1.28, and 0.94 percentage points respectively [1]. Order Growth - The company’s new effective orders in H1 2025 reached 65.485 billion yuan, with clean efficient energy equipment and renewable energy equipment accounting for 37.59% and 30.82% of the total orders respectively [2]. - The clean efficient power generation equipment segment saw a year-on-year order growth of 32.57%, while renewable energy equipment orders grew by 38.74% [2]. Strategic Development - The company is enhancing its market position in traditional sectors such as hydropower and nuclear power, while also making strides in emerging industries like offshore wind power and hydrogen energy [3]. - The establishment of new manufacturing bases for renewable energy equipment and successful project implementations in hydrogen energy demonstrate the company's commitment to diversifying its portfolio [3].

Group 1 - The report from Galaxy Securities indicates a shift in financing trends, with sectors like electronics, computers, and communications seeing a reversal in net financing since the market fluctuations on September 2, while sectors such as power equipment, non-bank financials, automotive, transportation, and pharmaceuticals continue to experience net inflows [1] - The outlook for the A-share market suggests a likely continuation of a fluctuating upward trend, although short-term volatility risks should be monitored, particularly regarding marginal changes in market volume [1] - Domestic and international conditions are influencing the market, with weak U.S. non-farm payroll data in August reinforcing expectations for Federal Reserve interest rate cuts, alongside enhanced policy expectations under the "14th Five-Year Plan," which provide support for market performance [1] Group 2 - On September 5, the China Securities Regulatory Commission revised and released the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations (Draft for Comments)," marking the completion of the third phase of fee rate reforms in the public fund industry [1] - The ongoing deepening of capital market reforms is expected to inject incremental funds into the A-share market and boost market confidence, aiding in the stabilization and improvement of market conditions [1]

证券研究报告 2025 年 9 月 8 日 星期一 【A 股市场大势研判】 大盘震荡走高，沪指重返 3800 点 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3812.51 | 1.24% | 46.64 | | | 深证成指 | 12590.56 | 3.89% | 471.86 | | | 沪深 300 | 4460.32 | 2.18% | 95.12 | | | 创业板 | 2958.18 | 6.55% | 181.93 | | | 科创 50 | 1268.55 | 3.39% | 41.57 | | | 北证 50 | 1618.18 | 5.15% | 79.20 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电力设备 | 7.19% | 银 ...

（原标题：多个重要指数成份股迎来调整；小米回应交付"测试车"给用户｜南财早新闻） 今日关注 1、本周，共有3只新股申购，分别为主板的友升股份，创业板的昊创瑞通，北交所的世昌股份。 1、多个重要指数的成份股，即将迎来调整：9月8日，恒生指数成份股调整将正式生效。恒生指数成份股数量将由85只增加至88只，加入了中国电 信、京东物流、泡泡玛特。恒生生物科技指数、恒生综合指数的成份股也有重大调整，所有变动将于9月8日起生效。另外，根据上交所和中证指 数公司此前发布的公告，科创50指数、科创100指数样本也将进行调整，并于9月12日收市后生效。 2、国新办将于9月8日就中国—东盟经贸合作情况暨第22届中国—东盟博览会、中国—东盟商务与投资峰会有关情况举行新闻发布会 宏观经济 1、十四届全国人大常委会第十七次会议将于9月8日至12日在北京举行，将审议原子能法、食品安全法、网络安全法修正草案、企业破产法修订草 案、环境保护税法修正草案等。 2、9月7日，国家外汇管理局披露最新外汇储备数据。数据显示，截至2025年8月末，我国外汇储备规模为33222亿美元，较7月末上升299亿美元， 创2016年1月以来新高。 3、央行9月 ...