Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The strategy based on industry and theme ETFs constructed by Hengtai Securities Research Institute has achieved certain results. From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. - For the week of August 25 - 29, 2025, the model recommends allocating sectors such as communication equipment, industrial metals, and batteries. The strategy will newly hold products like Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF, and continue to hold products such as Communication Equipment ETF, Industrial Non - ferrous Metals ETF, and Satellite ETF [12]. 3. Summary by Related Catalogs 3.1 Strategy Portfolio Construction - Hengtai Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs according to the strategy reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2]. 3.2 ETF Portfolio Information | Fund Code | ETF Name | ETF Market Value (billion yuan) | Holding Status | Heavy - held Shenwan Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 159583 | Communication Equipment ETF | 2.68 | Continue to hold | Communication equipment (73.61%) | 1 | 1 | | 560860 | Industrial Non - ferrous Metals ETF | 18.08 | Continue to hold | Industrial metals (54.97%) | 1 | 1 | | 159755 | Battery ETF | 48.90 | Add to portfolio | Battery (60.37%) | 1 | 1 | | 588170 | Science and Technology Innovation Semiconductor ETF | 4.09 | Add to portfolio | Semiconductor (87.1%) | 1 | 1 | | 159667 | Industrial Mother Machine ETF | 6.53 | Add to portfolio | Automation equipment (45.3%) | - 1 | 1 | | 159206 | Satellite ETF | 2.05 | Continue to hold | Military electronics (34.22%) | 1 | 1 | | 516150 | Rare Earth ETF Harvest | 58.89 | Add to portfolio | Minor metals (34.67%) | 1 | 1 | | 560170 | Central State - owned Enterprises Science and Technology ETF | 14.17 | Add to portfolio | Aviation equipment (22.35%) | 1 | 1 | | 588830 | Science and Technology Innovation New Energy ETF | 5.73 | Add to portfolio | Photovoltaic equipment (47.93%) | 1 | 1 | | 159698 | Grain ETF | 2.06 | Add to portfolio | Planting industry (48.33%) | 1 | 1 | [3] 3.3 Performance Tracking - From August 18 - 22, 2025, the strategy's cumulative net return was about 6.08%, and the excess return relative to the CSI 300 ETF was about 1.79%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 15.90%, and the cumulative excess relative to the CSI 300 ETF was about 0.76% [3]. 3.4 Portfolio Adjustment - In the week of August 25, 2025, products such as Battery ETF, Science and Technology Innovation Semiconductor ETF, and Industrial Mother Machine ETF will be newly held, while products like Gold Stock ETF, Game ETF, and Innovation Drug ETF will be removed from the portfolio [3][12].

证券之星消息，8月22日，拓斯达（300607）融资买入1.3亿元，融资偿还1.29亿元，融资净买入61.31万 元，融资余额7.29亿元，近3个交易日已连续净买入累计6886.18万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-22 | 61.31万 | 7.29亿 | 5.95% | | 2025-08-21 | 3677.95万 | 7.28亿 | 6.01% | | 2025-08-20 | 3146.92万 | 6.91亿 | 5.51% | | 2025-08-19 | 1.36亿 | 6.60亿 | 5.17% | | 2025-08-18 | -177.56万 | 5.24亿 | 4.47% | 融资融券：融资余额是指融资买入股票的金额与融资偿还的金额之间的差额。如果融资余额增加，说明 投资者心态偏向买方，市场受欢迎，是强势市场；反之，则属于弱势市场。融券余额是指每日卖出的融 券金额与偿还的融券金额之间的差额。融券余额增加，说明市场趋向卖方市场；相反，它倾向于买方。 以上内容为证券之星据 ...

本周各家券商策略较为积极，后续行情的持续性与结构性机会是讨论的焦点。 | | | 一周策略前瞻 | | | --- | --- | --- | --- | | 券商/分析师 | 结论 | 逻辑 | 关注板块 | | 华西策略 李立峰 | 沪指创近10年新高,增量资金来自 何方? | 本轮A股牛市行情从"924"演绎至今,增量 资金,在过去三年多来持续增持A股;二是融 迹象显现但仍处于早期阶段，资产荒下，居 | 聚焦新技术、新成长方向 (如国产算力 机器人、AI应用等）,辅之以部分大 全融、新消费(如IP经济、口含烟等) | | | | 资金来源广泛:一是险资、养老金等中长期 | | | | | 资资金和私募基金交易持续活跃,外资对A股 | | | | | 关注度也开始升温；三是居民"存款搬家" | | | | | 民资金有望通过ETF、直接持股、公募基金等 | 0 | | | | 渠道持续入市,成为"慢牛"得以延展的关 | | | | | 键动力。 | | | | | 从各类资金情况来看,此轮行情持续到现在 主要的发起者和推动者并非散户;事实上本 | | | | | 轮行情从起步到加速,核心线索都是围绕产 | ...

Group 1 - The Shanghai Composite Index increased by 3.49%, the Shenzhen Component Index rose by 4.57%, and the ChiNext Index gained 5.85% this week, indicating a positive market trend [1] - CITIC Securities suggests that the current market rally is primarily driven by institutional investors rather than retail investors, focusing on industrial trends and performance [1] - The report emphasizes the need for new allocation themes rather than relying solely on liquidity and suggests focusing on sectors like resources, innovative pharmaceuticals, gaming, and military industry [1] Group 2 - Everbright Securities forecasts a continued upward trend in the market, supported by reasonable valuations and emerging positive factors such as a potential interest rate cut by the Federal Reserve [2] - The report highlights a "rotation and supplementary rise" characteristic in the current market, with a focus on sectors like machinery and electrical equipment [2] Group 3 - Guotai Junan Securities indicates a clearer outlook for manufacturing sector recovery, especially after the Jackson Hole meeting opened the possibility for a September interest rate cut [3] - The report suggests focusing on physical assets and capital goods, as well as opportunities in domestic demand-related sectors following profit recovery [3] Group 4 - China Galaxy Securities believes the A-share market is entering an upward trend, with increased investor risk appetite and significant trading volume [4] - The report highlights potential rotation around AI industry chains, anti-involution themes, and non-bank financial sectors, driven by policy support and capital market reforms [4]

Core Insights - ST Zhiyun reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 89.13 million yuan, down 63.59% year-on-year, and a net loss of 106 million yuan, a decrease of 1131.46% compared to the previous year [1] Financial Performance - The company's gross margin fell to 16.81%, a decrease of 53.41% year-on-year, while the net margin plummeted to -118.49%, down 2932.98% [1] - Total operating expenses (sales, management, and financial expenses) accounted for 33.26% of revenue, an increase of 90.44% year-on-year, totaling 29.64 million yuan [1] - Earnings per share dropped to -0.37 yuan, a decline of 1025.00% year-on-year, and the net asset value per share decreased to 1.34 yuan, down 39.32% [1] Cash Flow and Debt - The company's cash flow situation is concerning, with cash and cash equivalents only covering 8.24% of current liabilities, and the average operating cash flow over the past three years being only 3.19% of current liabilities [3] - The company experienced a 131.80% decline in operating cash flow per share, which fell to -0.01 yuan [1] Business Model and Historical Performance - The company's historical financial performance has been weak, with a median Return on Invested Capital (ROIC) of 4.62% over the past decade, and a particularly poor ROIC of -49.92% in 2021 [2] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [2]

Group 1 - The company reported a revenue of 1.28 billion yuan for the first half of 2025, representing a year-on-year growth of 15.91% [1] - The net profit attributable to shareholders of the listed company was 11.06 million yuan, marking a turnaround from a loss to profit compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5.93 million yuan [1] - The basic earnings per share were 0.0314 yuan [1]

Group 1 - The core viewpoint of the articles highlights a significant trend of generous mid-year cash dividends being distributed by various A-share companies, reflecting their commitment to shareholder returns and robust financial performance [1][4]. Group 2 - Dong-E E-Jiao stands out with a remarkable dividend payout ratio of 99.94%, proposing a cash dividend of 12.69 yuan per 10 shares, totaling approximately 817 million yuan [2]. - In the first half of 2025, Dong-E E-Jiao reported a revenue of 3.051 billion yuan, marking an 11.02% year-on-year increase, and a net profit of 818 million yuan, up 10.74% year-on-year [2]. Group 3 - Sinopec, a key player in the energy sector, announced a cash dividend of 0.088 yuan per share, amounting to a total of 10.67 billion yuan for the first half of 2025 [4]. - Other companies, including Baichu Electronics, Sanming Medical, and Yangnong Chemical, also declared mid-year dividends, with amounts ranging from 2.40 yuan to 6.66 yuan per 10 shares, reflecting a commitment to shareholder value [4].

、《上市公司章程指引》和其他有关规定，制定本 苏州迈为科技股份有限公司 章程 二〇二五年八月 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、 《中华人民共和国 证券法》 （以下简称《证券法》） 第四条 公司注册中文名称：苏州迈为科技股份有限公司 英文名称：Suzhou Maxwell Technologies Co.，Ltd 第五条 公司住所：江苏省苏州市吴江区芦荡路 228 号。 章程。 第二条 苏州迈为科技股份有限公司系依照《中华人民共和国公司法》和其 他有关规定成立的股份有限公司（以下简称"公司"）。 公司以发起方式整体变更设立为股份有限公司。在苏州市数据局注册登记， 取得营业执照，统一社会信用代码为：91320509561804316D。 第三条 公司于 2018 年 10 月 13 日经中国证券监督管理委员会 （以下简称 "中 国证监会"）批准，首次向社会公众发行人民币普通股 1300 万股，于 2018 年 11 月 9 日在深圳证券交易所上市。 邮政编码：215200 第十二条 公司的经营宗旨是：科 ...

证券代码：688070 证券简称：纵横股份 公告编号：2025-041 成都纵横自动化技术股份有限公司 关于取消监事会、修订《公司章程》及部分公司 治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 成都纵横自动化技术股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开第三届董事会第八次会议，审议通过了《关于取消监事会、修订 <公司章> 程>及部分公司治理制度的议案》；同日公司召开了第三届监事会第七次会议，审 议通过了《关于取消监事会并修订 <公司章程> 的议案》。现将有关情况公告如下： 一、取消公司监事会并修订《公司章程》的原因及依据 根据《中华人民共和国公司法》《上市公司章程指引》的相关规定，结合公 司实际情况，公司将不再设置监事会，监事会的职权由董事会审计委员会行使， 同时设置职工代表董事。在公司股东大会审议通过本事项之后，公司监事会设置 自然取消，公司监事职务自然免除，公司《监事会议事规则》等监事会相关制度 相应废止，同时《成都纵横自动化技术股份有限公司章程》（以下简称"《公司 章程》 ...

今年以来，A股震荡上行，8月份以来A股市场主要指数更是持续上涨。在此背景下，外资机构加速入场 布局A股。高盛PrimeBrokerage数据显示，全球对冲基金正以6月底以来的最快速度买入中国股票。高 盛、瑞银、摩根士丹利等外资机构的最新研报观点认为，A股市场情绪显著回暖、中期展望向好。 Wind资讯数据显示，截至今年8月21日，外资机构（含陆股通、QFII/RQFII，不包括外资私募）持有A 股市值约2.5万亿元，相比2024年末的2.31万亿元增长8%，占A股总流通市值的2.72%。 此外，截至8月21日记者发稿，A股市场已有920家公司披露了2025年中报，其中有261家公司的前十大 流通股股东名单里出现合格境外机构投资者（QFII）的身影，合计持股市值约301.40亿元。从行业偏好 来看，QFII更青睐医药生物、化工、食品饮料等领域。 从持股比例来看，Wind资讯数据显示，截至8月20日，思源电气、双环传动、宏发股份、益丰药房、华 明装备等A股公司的外资投资者持股比例均超24%，反映出国际资本对A股优质资产的认可。 今年以来，外资机构调研A股公司的节奏也明显加快。Wind资讯数据显示，截至8月21日，年 ...