Core Viewpoint - The A-share market has seen a significant upward trend, with the Shanghai Composite Index breaking through key levels of 3500, 3600, and 3700 points in recent weeks [1][3]. Group 1: Fund Performance and Strategies - Newly established active equity funds have accelerated their investment pace, with some funds achieving returns exceeding 9% in a short period [2][6]. - The Wind data indicates that several newly launched funds, such as Xinao Advantage Industry A and China Merchants Technology Smart A, have reported weekly returns of 9.14% and 9.06%, respectively [9][7]. - Over 30% of mixed equity funds outperformed their peers, with 28 funds achieving returns over 25% in the past month [5][4]. Group 2: Market Trends and Sector Allocation - Active equity funds have increased their overall positions, particularly in the technology sector, reflecting a positive sentiment towards this area [12][13]. - The allocation to technology, new energy, and financial sectors has increased, while traditional sectors like military and consumer goods have seen reductions [12][13]. - The current stock position of active equity funds is at 85.84%, with a slight weekly increase, indicating a bullish market outlook [12]. Group 3: Future Outlook and Recommendations - The focus on technology and financial sectors is expected to remain high, with analysts suggesting that low-valuation financial stocks may see recovery [14][15]. - There is a recommendation for balanced allocation strategies to mitigate potential market volatility, especially in crowded sectors like AI and innovative pharmaceuticals [15][10]. - The ongoing trends in AI and semiconductor industries are anticipated to attract further investment, supported by favorable policies and market conditions [14][15].

昨天我认为今天会选方向，结果美股先尿了一地，今天早盘A股直接就低开了，开盘的数据很差，几乎就是普跌状态，也就是说，大家默认会回调，毕竟美 股走弱，周五快来，反弹了三天，打个提前量先跑其实也是获利的，为什么不跑呢？我觉得今天的主力也是太怂了，昨天就指出会转战消费了，结果今天白 酒第一个跑出来护，可是尾盘呢？是白酒领涨两市吗？并不是，午盘还跳了一波，ST股今天涨停是第一的，由此可见全天的主基调就是防御，就是风格切 换，可市场并不卖账。结果午后半导体直接单骑救主，然后整个科技主线又法了，还是老套路：机器人加消费电子，白酒又不知道跑那里去了。所以今天市 场给我的感觉是大家都怕调整，只要一遇上信心不足的时候都是先跑为敬，生怕像去年国庆那样套在山顶上，这种情况与见顶是不同的，见顶是大无畏，就 算回调也不怕的那种，因此我认为，当前行情还在启动初期，大量散户根本就没有能力去追高甚至抄底，我认为还是很安全的，热点还能放心去干！ 为什么今天让大家看起来很别扭，因为ST股涨停最多，有16家，与昨天一毛一样，ST作为庄家抱团防御的代表，他们走强说明资金压根不敢做主线，那今 天机器人还能走得这么强，当然是市场自然选择的结果。大消费今天 ...

前两天提示风险后，再加上昨天美股大跌，今天A股大幅低开跳水，高位的AI方向暴跌，但低位的白酒、化工等板块站了出来， 稳住了大盘。午盘国产算力、半导体发力，浪潮信息涨停，寒武纪再度暴涨股价突破1000元，带动市场情绪回升。今天A股走出 了深v，上证指数再创年内新高，美中不足的是量能缩了近2000亿。 今天的深v并没有让我打消"A股短期有风险"的念头，牛市的惯性还在，刚开始回调肯定有资金迫不及待的低吸，所以还需要多观 察两天，看看多空的强弱。 另外，Harris Financial Group管理合伙人James Cox表示："投资者似乎在为杰克逊霍尔提前避险，担心鲍威尔的表态会比目前市场 预期更为鹰派。" 我提示风险不仅仅是因为近期量能、融资都飙的太快了，还因为大部分板块都没那么有性价比了：景气度最高但位置也高的海外 算力，已经开始用明年的业绩来算估值了；国产算力虽然没海外算力涨的多，但估值却要高得多；低位的消费、地产链估值低， 但行业趋势还没有反转。 | < w | 中国:融资余额 2 | | | --- | --- | --- | | 一 中国:融资余额 | | | | 相关指标 中国:融券余额 中国:融资 ...

1、行情 指数早盘低开坐了一波过山车，市场眼瞅着岌岌可危。 但午后开始发力，指数开始单边走强，最终集体翻红收涨。 题材方面，白酒板块开盘反弹，酒鬼酒2连板，舍得酒业、伊力特、金种子酒、古井贡酒等大涨； 苹果产业链、消费电子早盘逆势走强，科森科技4连板，朝阳科技、惠威科技、安洁科技、华映科技、三安光电、创新新材、智动力（20CM） 纷纷涨停，星星科技、水晶光电、春秋电子、蓝思科技等集体大涨； 午后，算力、半导体局部大涨，浪潮信息、芯原股份（20CM炸）涨停，南芯科技、成都华微、上海合晶、炬芯科技、寒武纪、紫光股份、中 科曙光、神州数码等集体大涨； 同时，石化板块在"反内卷"的传闻刺激下午后迎来局部发力，恒力石化涨停，荣盛石化、渤海化学、东方盛虹、恒逸石化、卫星化学等集体走 强； 另一方面，高位强势股今日迎来集体大跌，南方路机、大智慧、海立股份、衢州发展、吉视传媒、福日电子、西藏旅游、华胜天成等或跌停或 大跌； 此外，军工、餐饮、乳业、盲盒、折叠屏等均有局部表现，创新药、脑科学、玻纤、影视等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨1.04%、0.89%、0.23%，市场超3600股上涨，1500余股下 ...

Market Overview - A total of 86 stocks hit the daily limit, with a limit-up rate of 80%, indicating strong market activity [1] - The Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index all reached new highs for the year, with the Shanghai index rising by 1.04% [1] - The total trading volume for the day was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of over 2 trillion yuan in trading volume [1] Stock Performance - The highest-performing stock, Jimin Health, achieved a five-day limit-up streak, while other notable stocks included Hanzhong Precision and Kesen Technology with four consecutive limit-ups [1][3] - The market saw a mixed performance with over 3,600 stocks rising, while sectors like liquor, semiconductors, AI glasses, and small metals showed significant gains [1] - Conversely, sectors such as film, chemical pharmaceuticals, CRO, and vitamins experienced declines [1] Hot Stocks and Trends - The "AI + Manufacturing" initiative launched by Shanghai's economic and information departments is expected to boost the domestic AI infrastructure, leading to a surge in domestic computing power stocks [5] - Companies like Inspur Information and Guangxun Technology saw limit-up performances, reflecting strong market sentiment towards domestic AI capabilities [5] - Apple’s iPhone 17 has entered mass production, positively impacting the consumer electronics sector, with Kesen Technology achieving a four-day limit-up streak [6] Consumer Sector Insights - The State Council's recent meeting emphasized stimulating consumer potential and fostering new growth points in service and new consumption [7] - The liquor brand Jiu Gui Jiu saw a surge in stock price due to a successful collaboration with a popular retail brand, leading to consecutive limit-ups [7] - However, the consumer sector's upward momentum faced challenges as technology stocks regained strength, limiting the consumer sector's performance [8] Future Outlook - The market is expected to continue its upward trend, with major indices reaching new highs, although there is a need to be cautious of potential structural differentiation in market hotspots [9] - The recent increase in the number of stocks hitting the daily limit indicates a growing interest in specific sectors, but the risk of losses in high-priced stocks remains a concern [9]

8月18日上午10时许，A股市值总和创历史新高，首次突破100万亿元。与此同时，上证指数也一举突破3731点的关键 关口创近十年新高，两市成交额高达2.76万亿。 7月数据显示，居民存款减少1.1万亿，而非银存款大增2.14万亿，说明居民储蓄正在通过证券账户进入股市。公募基 金发行回暖，险资加大权益配置，外资也在美联储降息背景下加速流入。 8月20日，A股指数再次刷新近十年来的新高，上证指数最高达到3767点，距离3800点大关仅一步之遥。全天两市成 交额虽不如8月18日，但仍然保持在2万亿以上的高位，最终成交2.41万亿。 朋友圈里"牛回来了"的呼声此起彼伏，各路券商营销闻风而动，这熟悉的场景仿佛让人们回到了那些激情燃烧的投资 岁月。 （券商营销短信） 市场沸腾：数据告诉你有多火 最近的A股市场就像坐上了火箭。 8月20日，市场全天先降后升，沪指、深成指、科创50指数均创年内新高，市场呈现出全面开花的态势。个股涨多跌 少，全市场超3600只个股上涨。 日内共有86股涨停。焦点股方面，济民健康晋级5连板，汽车产业链的腾龙股份6天5板，算力产业链的电子城7天5 板、汉钟精机4连板，机器人叠加消费电子概念的科森科 ...

今日市场尾盘急速拉升，沪指涨幅超1%，科创50指数涨幅超3%。牛市旗手券商股再度异动，芯片赛道 掀起涨停潮。市场全天成交2.3万亿，较上个交易日缩量超1800亿，两市上涨个股超3600只。 对于最近两日市场风格的高低切换，兴业证券表示，行业板块的"百花齐放"，是一轮稳健上涨行情的重 要特征。即便指数创了新高，但大多数行业拥挤度仍在中等区间，市场没有整体性过热，并且仍有一些 板块处在拥挤度较低的位置。这些低位板块可在局部过热板块冷却时承接起市场的资金与热度，进而形 成各行业、板块、主题机会交替轮动，这将有效地维持行情的持续性。 盘面上，"牛市旗手"券商股冲锋，哈投股份涨停；芯片赛道午后发力，寒武纪股价突破千元，芯原股份 一度20%涨停；白酒等消费股持续反弹，酒鬼酒2连板；AI手机、AI眼镜等消费电子概念走强，科森科 技4连板；化纤股冲高，苏州龙杰涨停；算力股局部活跃，浪潮信息午后涨停；此外，有色金属、汽 车、游戏、军工、光伏等板块盘中均轮动表现。下跌方面，高位股集体大跌，中恒电气、大智慧等多股 跌停，医药、影视、多元金融等板块跌幅居前。 从个股看，两市上涨3676家，下跌1587家，162家涨幅持平。两市共10 ...

Group 1 - The new generation information technology index on the Sci-Tech Innovation Board has seen a strong increase of 3.41%, with key stocks like Chip Origin and Shengke Communication hitting the 20% daily limit up [1] - The Sci-Tech Information Technology ETF (588100) rose by 3.26%, with a turnover rate of 9.23% and a transaction volume of 21.19 million yuan [1] - Over the past year, the Sci-Tech Information Technology ETF has achieved a net value increase of 74.00%, ranking 278 out of 2965 in the index stock fund category, placing it in the top 9.38% [1] Group 2 - The AI computing power chain is experiencing high prosperity and strong earnings certainty, making it a core focus of the current technology market [1] - Light modules and PCBs are crucial components of the AI computing power chain, benefiting from the construction wave of AI infrastructure both domestically and internationally [1] - The entire computing power industry is entering a heated investment phase, with significant capital expenditure from major CSP manufacturers directed towards AI computing power [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the new generation information technology index account for 55.76% of the index, with companies like SMIC, Cambricon, and Haiguang Information leading the list [2] - The top ten stocks include: SMIC (10.27%), Haiguang Information (9.24%), Cambricon (8.80%), and others, indicating a diverse representation in the index [3] Group 4 - The Sci-Tech Information Technology Index consists of stocks from the Sci-Tech Innovation Board, covering various fields such as chips, software, cloud computing, big data, and artificial intelligence [5] - This index is positioned to benefit continuously from multiple trends in AI computing power, chips, computers, and communications [5]

Market Overview - The market is showing divergence but remains stable, with the index fluctuating slightly above 25 trillion, indicating stronger-than-expected performance [1] - Despite a significant number of stocks declining, the selling pressure is relatively low, suggesting that major players are not exiting the market [3] Trading Dynamics - Today's buying power was over 2800, stronger than last Friday, while selling power was around 200, indicating a significant imbalance with nearly half of the stocks declining [3] - The current market structure suggests a challenging rotation period, where identifying key themes is crucial for profitability [1][3] Sector Performance - Key sectors showing activity include consumer goods, robotics, innovative pharmaceuticals, and computing power, with a notable absence of military-related stocks [5] - The market is characterized by a clear focus on a few hot sectors, with significant participation from major players [5] Stock Movement - There were over 10 stocks hitting the daily limit up, primarily in robotics, ST stocks, innovative pharmaceuticals, and computing power [5][6] - The number of stocks rising by more than 5% reached 300, while 2200+ stocks declined, indicating a mixed sentiment in the market [4][5] Future Outlook - If the current divergence persists for a few days, high-performing sectors may complete a washout before continuing to rise, while low-performing stocks may lose liquidity [1] - The market is expected to experience increased divergence in the coming days, necessitating careful monitoring of stock movements [1]

01、指数突破与成交额放量：十年新高的里程碑意义 2025年8月的A股市场，以历史性突破与持续放量成为全球资本市场焦点。8月18日，上证指数盘中突破3731.69点，创下自2015年8月以来的近10年新高，深 证成指、创业板指同步刷新2024年10月以来的阶段高点，这一突破不仅标志着市场从2024年关税冲击后的全面修复，更预示着慢牛行情进入新阶段。 成交额的持续放大印证了市场热度。8月13日至18日，A股连续6个交易日成交额突破2万亿元，这一现象在历史上仅出现三次，前两次分别为2015年杠杆牛 市和2024年政策驱动行情，趋势性行情下，各路资金是如何塑造当前行情？ 02、活跃资金图谱：四大主力的画像 （一）新增散户：犹豫入场中的"慢变量" 尽管市场热度显著回升，但散户资金的入场节奏却呈现出明显的"渐进式特征"。根据上交所最新数据，2025年7月A股新增开户数达196.36万户，同比大增 70%，但环比仅增长19%，绝对值仍低于2025年2、3月的峰值水平。 这一现象折射出当前散户群体的矛盾心态：第一，今年大盘的上涨呈现结构性特征，轮动快、节奏难把握，若追涨杀跌，投资体验与获得感均有限。第二， 散户或需看到更持 ...