本周（9月22日至9月28日），中国方面，9月LPR数据将公布；"高质量完成'十四五'规划"系列主题新闻 发布会将召开；新一轮成品油调价窗口开启；沪深两市近600亿元市值限售股解禁。 国际方面，多个经济体公布经济数据。9月22日，欧盟将公布欧元区9月消费者信心指数初值；9月23 日，法国、德国、英国、美国将公布9月SPGI制造业PMI初值；9月25日，美国将公布第二季度实际GDP 年化季率终值；9月26日，美国将公布8月个人支出月率、8月PCE物价指数年率。 9月22日（周一） 中国9月一年期贷款市场报价利率LPR(%) 中国9月五年期贷款市场报价利率LPR(%) 德国9月SPGI制造业PMI初值 欧元区9月SPGI制造业PMI初值 英国9月SPGI制造业PMI初值 英国9月SPGI服务业PMI初值 美国第二季度经常帐(亿美元) 中国8月全社会用电量年率-每月(%) 英国9月CBI工业订单差值 欧元区9月消费者信心指数初值 9月23日（周二） 澳大利亚截至9月21日当周ANZ消费者信心指数 法国9月SPGI制造业PMI初值 美国9月SPGI制造业PMI初值 东京证券交易所因节假日休市一日 瑞典央行公布利率决议 ...

Core Insights - The Chinese gaming market's actual sales revenue is projected to grow from 203.6 billion yuan in 2017 to 325.8 billion yuan by 2024, despite a prolonged low period for the gaming sector [1] - The continuous issuance of game licenses is seen as a significant boost for industry development, with 1,119 game licenses issued by August this year, marking a notable year-on-year increase [1] - The gaming industry is expected to maintain high prosperity due to strong demand and continuous new product supply, with the current valuation of the sector still offering significant advantages [1] Industry Trends - The gaming market has matured, leading to longer project cycles compared to previous years, as players' aesthetic standards have improved [1] - The industry has shifted from a "channel king" model to a "quality first" approach, with game companies focusing on fewer but higher-quality products, resulting in longer game lifecycles [1] - The currently popular SLG genre is characterized by long-term operational potential, which may enhance the sector's valuation as it moves away from project-based labels [1]

·增量资金持续涌入多只ESG主题基金回报率可圈可点 数据显示，截至9月19日，在全市场107只ESG主题基金（万得纯ESG主题基金类别）中，今年以来，约 87%的基金收益率为正，其中最高的收益率突破65%，20余只ESG主题基金收益率超30%。新发市场方 面，ESG主题基金持续上新。据券商研报统计，8月ESG基金共发行6只，其中融通中证诚通央企 ESGETF联接基金发行规模9.6亿元，成为我国公募基金史上首发规模最大的场外ESG主题指数基金。 ·软硬件场景多维共振具身智能产业发展提速 当前，具身智能产业软硬件发展提速、应用场景不断拓展。民生证券在最新研报中表示，基于在跨场景 适配与承载AI落地方面的强大能力，人形机器人有望在未来5至10年重塑产业生态，在工业制造、医疗 康复等多领域实现规模化渗透，成为新一轮科技革命的战略制高点。近期，国内上市公司加速具身智能 产品布局，从机器人"大脑"解决方案到工厂物流场景应用落地，积极弥补行业细分场景短板；国际头部 企业与初创公司也在技术突破与量产规划上动作频频。 上海证券报 新华财经北京9月22日电四大证券报内容精华摘要如下： 中国证券报 ·一揽子政策显效资本市场向好势头 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：增量资金持续入场 机构称A股震荡上行趋势未改 【跟踪牛人动态】超3000名"专业选手"如何调仓？最牛选手单只标的浮盈超300% 近日，债市出现较大波动，引发了市场广泛关注。其中，备受关注的10年期国债收益率也重新回到了 1.8%上方。与此同时，市场对于中国人民银行重启国债买卖操作的预期再度升温。向前回溯，在2024 年8月份至12月份，央行通过公开市场开展的国债买卖操作累计实现净买入1万亿元，为债券市场流动性 调节和稳定运行提供了重要支撑。 巴菲特被曝已清仓比亚迪，持股期间比亚迪股价涨超38倍 9月21日晚间，沃伦・巴菲特旗下的伯克希尔・哈撒韦已完全退出其在比亚迪（02594.SZ；01211.HK） 的投资。据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约3890%。"伯克希尔发言 人证实，比亚迪股份确实已全部售出。"上述报道称。 证券时报刊文：5万亿市场高歌猛进！这些隐忧不可轻忽 ETF发展势头迅猛，规模呈爆发式增长，继2024年突破3万亿元整数关口后，今年又接连迈过4万亿元、 5万亿元两大里程碑，扩容速度备受瞩目。值得警惕的是，耀眼的数 ...

Group 1 - The Chinese government is actively promoting the establishment of national standards for pre-prepared dishes to enhance consumer rights and choices [2][4] - Multiple express delivery companies in Shanghai will increase their collection prices starting from September 22, 2025, primarily targeting low-priced e-commerce items [4] - A group of Tesla owners in China has filed a lawsuit against the company for fraud regarding the Full Self-Driving (FSD) feature, claiming it does not perform as advertised [5] Group 2 - The outdoor brand Arc'teryx issued inconsistent apologies regarding a controversial fireworks event, with the overseas apology perceived as distancing from the Chinese team [1][4] - Microsoft announced a price increase for several Xbox gaming consoles in the U.S. due to changes in the macroeconomic environment, with the Xbox Series S now starting at $399 and the Series X digital version at $599 [9] - The reopening of the Notre-Dame Cathedral towers in Paris marks the first public access since the 2019 fire, allowing visitors to enjoy panoramic views of the city [9]

Group 1 - Arc'teryx issued apologies in both domestic and international markets, with the content of the statements differing significantly [4] - The international apology was criticized for distancing the brand from its Chinese team, suggesting a blame-shifting approach [4] - The controversy arose from an event involving fireworks in the Himalayas, which was a collaboration with artist Cai Guoqiang [4] Group 2 - The Chinese government is actively working on establishing national standards for pre-prepared dishes, involving multiple departments to enhance consumer rights [5] - The second-hand market for the iPhone 17 series has seen fluctuations, with some models' buyback prices dropping below official retail prices [5] - The recent price adjustments in the express delivery sector in Shanghai are aimed at curbing low-price competition, primarily affecting e-commerce shipments [7] Group 3 - Tesla faces legal action from Chinese customers over alleged fraud related to its Full Self-Driving (FSD) feature, with claims of unmet promises regarding functionality [7] - The Chinese mining company is responding to an $80 billion compensation claim in Zambia, asserting that the claim lacks basis and has engaged legal counsel [9] - The reopening of the Notre-Dame Cathedral towers marks a significant milestone in the restoration process following the 2019 fire [12]

Group 1 - The overall industry selection framework focuses on resources, new productive forces, and globalization [1][2] - Resource stocks are shifting from cyclical attributes to dividend attributes due to supply constraints and global geopolitical tensions [1] - The globalization of China's manufacturing leaders is expected to enhance pricing power and profit margins, leading to market capitalization growth beyond domestic economic fundamentals [1][2] Group 2 - The Chinese stock market is expected to continue its upward trajectory, driven by the demand for assets and capital market reforms aimed at improving investor returns [2][3] - Recent communication between Chinese and U.S. leaders indicates a stabilization of short-term risks, while a weak dollar and overseas rate cuts favor China's monetary easing [2] - The market is anticipated to experience adjustments that present opportunities, with A/H indices likely to reach new highs [2][3] Group 3 - The current market remains in a consolidation phase, with active trading and a positive funding environment [3][4] - The key to sustaining the market's upward momentum lies in the profitability of investments, with a focus on sectors like domestic computing, innovative pharmaceuticals, and consumer goods [3][4] - The market is still in a bull phase, with three main drivers for the current upward trend remaining unchanged [4][5] Group 4 - Foreign capital continues to flow into the Chinese stock market, with significant inflows from both domestic and foreign investors [5][6] - The recent decline in high-priced options indicates a cautious approach among investors regarding the upward potential of the market [5][6] - The overall sentiment remains bullish for the long term, despite short-term adjustments [5][6] Group 5 - The market is characterized by sector rotation rather than a simple switch from high to low positions, focusing on industry trends and profitability [6][9] - The emphasis is on identifying opportunities within sectors that are experiencing growth and have not been fully priced in [9][10] - The potential for low-position stocks to experience a rebound is increasing as the market transitions into the fourth quarter [10][11] Group 6 - The recovery of cash flow in export-oriented manufacturing is expected to continue, driven by anti-involution policies and global re-industrialization [11] - The valuation system for China's advantageous manufacturing sectors is likely to be systematically reshaped [11] - The main investment themes include hard currency assets, hard technology, and manufacturing benefiting from anti-involution policies [11]

□本报记者 王鹤静 上周（9月15日至9月19日），国内半导体产业链、汽车零部件等板块均有不错表现，多只跟踪科创半导 体材料设备指数的ETF涨超7%，另有部分跟踪汽车零部件、智能电车指数的ETF也涨超5%。 值得注意的是，在上周美联储降息落地前后，港股主题ETF交投显著活跃，香港证券、港股创新药、恒 生科技等主题的龙头ETF上周成交额排在市场前列。同样受降息预期影响，证券主题ETF吸引了不少资 金埋伏布局。此外，在产业催化影响下，机器人、电池等主题ETF上周也有资金增配。 随着近期科技主线行情进入整固期，业内机构提示，四季度市场风格或将迎来再平衡的过程。一方面， 顺周期风格进入交易窗口期，前期滞涨的方向或迎来补涨；另一方面，科技风格内部或迎来"高切低"， 行情可能从上游算力硬件的"一枝独秀"，转向泛人工智能分支的"多点开花"格局。 半导体产业链走强 基于此前的降息预期，从ETF资金流向可以发现，部分资金提前埋伏在证券以及港股等品种。跟踪证券 公司指数的ETF上周合计净流入超100亿元，跟踪港股通互联网指数的ETF合计净流入额也在50亿元以 上。 上周（9月15日至9月19日），国内半导体产业链领涨市场，中微公 ...

□本报记者 王鹤静 上周（9月15日至9月19日），国内半导体产业链、汽车零部件等板块均有不错表现，多只跟踪科创半导 体材料设备指数的ETF涨超7%，另有部分跟踪汽车零部件、智能电车指数的ETF也涨超5%。 值得注意的是，在上周美联储降息落地前后，港股主题ETF交投显著活跃，香港证券、港股创新药、恒 生科技等主题的龙头ETF上周成交额排在市场前列。同样受降息预期影响，证券主题ETF吸引了不少资 金埋伏布局。此外，在产业催化影响下，机器人、电池等主题ETF上周也有资金增配。 随着近期科技主线行情进入整固期，业内机构提示，四季度市场风格或将迎来再平衡的过程。一方面， 顺周期风格进入交易窗口期，前期滞涨的方向或迎来补涨；另一方面，科技风格内部或迎来"高切低"， 行情可能从上游算力硬件的"一枝独秀"，转向泛人工智能分支的"多点开花"格局。 半导体产业链走强 上周（9月15日至9月19日），国内半导体产业链领涨市场，中微公司、中芯国际分别涨超20%、10%， 华夏基金、鹏华基金旗下科创半导体材料设备主题ETF以及华夏基金、万家基金、易方达基金、广发基 金旗下半导体材料设备主题ETF涨幅都在7%以上。 此外，汽车和游戏板 ...

从去年下半年开始，A股游戏板块热度就不断上升。至今，不论是板块整体还是个股，都已经积累了可观的涨幅。 版号的持续发放，新游戏的亮眼表现，海外市场的有效拓展，都为游戏产业注入了信心。 板块创多年新高 公开数据显示，2017年到2024年，我国游戏市场实际销售收入从2036亿元大幅增长至3258亿元，但其间游戏板块 长期低位徘徊。这种局面在去年下半年迎来"反转"，尤其是今年4月以来，A股游戏板块表现强势。 9月17日，申万游戏行业指数收盘突破4000点，创2017年以来新高。Wind数据显示，截至9月19日，申万游戏行业 指数今年涨幅接近80%，在申万二级行业指数中名列第三。 部分个股表现十分抢眼。年初至今，ST华通、巨人网络、吉比特、冰川网络等游戏公司涨幅超过100%，其中，ST 华通和巨人网络涨幅超过200%。9月初，ST华通市值超越分众传媒，成为A股传媒板块市值最高的企业，目前其最 新市值超过1400亿元。 证券时报记者 吴志 "没想到游戏市场今年表现这么好。"在接受证券时报记者采访时，有游戏企业高管直言，今年游戏行业不管是产 品表现，还是股价走势，都有些出乎意料。 板块走出低谷，让部分游戏企业高管颇为感慨 ...