（文章来源：每日经济新闻） 浩物股份（SZ 000757，收盘价：5.06元）8月11日晚间发布公告称，公司十届六次董事会会议于2025年 8月11日以通讯会议方式召开。会议审议了《关于修订的议案》等文件。 2024年1至12月份，浩物股份的营业收入构成为：汽车服务占比74.52%，机械占比25.48%。 ...

- Model Name: Diffusion Index Model; Model Construction Idea: The model is based on the principle of price momentum; Model Construction Process: The model tracks the weekly and monthly changes in the diffusion index of various industries, ranking them accordingly. The formula used is $ \text{Diffusion Index} = \frac{\text{Number of Upward Trends}}{\text{Total Number of Trends}} $; Model Evaluation: The model has shown varying performance over the years, with significant returns in some periods and notable drawdowns in others[27][28][31] - Model Name: GRU Factor Model; Model Construction Idea: The model utilizes GRU deep learning networks to analyze minute-level volume and price data; Model Construction Process: The model ranks industries based on GRU factors, which are derived from deep learning algorithms processing historical trading data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Model Evaluation: The model performs well in short cycles but has mixed results in longer cycles[33][34][36] - Diffusion Index Model, Average Weekly Return: 2.06%, Excess Return: -0.00%, August Excess Return: -0.45%, Year-to-Date Excess Return: -0.41%[31] - GRU Factor Model, Average Weekly Return: 2.71%, Excess Return: 0.65%, August Excess Return: 0.32%, Year-to-Date Excess Return: -4.35%[36] - Factor Name: GRU Industry Factor; Factor Construction Idea: The factor is derived from GRU deep learning networks analyzing minute-level trading data; Factor Construction Process: The factor ranks industries based on GRU network outputs, which are calculated from historical volume and price data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Factor Evaluation: The factor has shown significant changes in rankings, indicating its sensitivity to market conditions[6][14][34] - GRU Industry Factor, Steel: 2.82, Building Materials: 1.72, Transportation: 1.3, Oil & Petrochemicals: 0.27, Construction: -0.46, Comprehensive: -1.87[6][14][34]

Group 1 - The company, Luxshare Technology, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [1] - In 2024, Luxshare Technology reported a revenue of 3.717 billion yuan, a year-on-year increase of 34.07%, and a net profit of 258 million yuan, a year-on-year increase of 97.03% [1] - The main business segments include lifting machines, photovoltaic power generation, enameled wire, and silicon carbide, with enameled wire contributing 50.25% of total revenue [1] Group 2 - The company's overseas sales revenue reached 120 million yuan in 2024, a year-on-year increase of 140.33%, accounting for 3.24% of total revenue [2] - The global lifting machine market is experiencing significant growth, with a market size exceeding 15 billion USD, and Luxshare's high-altitude equipment business revenue increased by 241.65% in 2024 [2] - The company is actively adjusting its development strategy by enhancing cooperation with upstream and downstream enterprises and expanding into overseas markets [2] Group 3 - Luxshare Technology has established a subsidiary in Hefei for the research and production of silicon carbide substrates, focusing on a project to produce 240,000 pieces of 6-inch silicon carbide substrates annually [3] - The silicon carbide market is facing intensified competition due to technological breakthroughs and price declines, but companies with technological advantages and strong financial capabilities are expected to dominate [3] - The company aims to address cost and supply bottlenecks in the short term while increasing R&D investment and moving towards larger 8-inch substrates in the long term [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-shares are expected to maintain a high-risk preference, and investment opportunities in innovative drugs, artificial intelligence, and rare earths are favored [12]. - Bond market yields may continue to fluctuate within a narrow range at a low level [12]. - In the context of the Fed's dovish stance, gold has the possibility to break through its previous high [12]. 3. Summary by Related Catalogs Stock Market Performance - U.S. stocks rose, with the Nasdaq, S&P 500, and Dow Jones Industrial Average changing by 3.87%, 2.43%, and 1.35% respectively. The Nasdaq China Technology Index changed by 4.25%, and the Hang Seng Index changed by 1.43% [2]. - A-shares generally rose, with the Wind All A Index rising 1.94%. Most major indices showed positive changes, and most sectors and industries also rose, with non-ferrous metals, machinery, and national defense and military industry leading the gains [3][4]. Bond Market Performance - Interest rate bond prices rose, and the yield curve steepened. The 10-year Treasury bond futures contract rose 0.19%, and the yield of the 10-year Treasury bond active bond decreased by 1.68 BP [5]. - Bond market leverage increased, and the central bank's open market operations had a net withdrawal of 536.5 billion yuan [6][8]. - U.S. Treasury yields increased, and the curve shifted upward as a whole [9]. Foreign Exchange and Commodity Markets - The U.S. dollar depreciated, and the U.S. dollar index decreased by 0.43%. Gold prices rose, with London gold spot prices rising 1.49% and COMEX gold futures prices rising 1.29% [10]. Fed's Stance - The Fed's regulatory vice-chairman's remarks were more dovish than the market's mainstream expectations, and the market's mainstream expectation for the number of Fed rate cuts in 2025 remains 2 times [11].

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

A-Share Market - The overall market showed an increase last week, with small-cap stocks performing significantly better than mid and large-cap stocks. The CSI 2000 index rose by 3.54%, and the CSI 1000 index increased by 2.51%, while the ChiNext index saw a modest rise of less than 0.5% [5] - The average daily trading volume reached 1.70 trillion, reflecting a week-on-week decline of 6.26% [5] - The recent market recovery has favored small-cap stocks, with sectors such as non-ferrous metals, machinery, and national defense performing well, while the computer and pharmaceutical sectors lagged [5] - The Shanghai government released the "Implementation Plan for the Development of Embodied Intelligence Industry," aiming for a core industry scale to exceed 50 billion by 2027, which, along with the World Robot Conference, has attracted investment in the machinery sector [5] - Following the recent Politburo meeting, which aligned with expectations, the overall monetary policy remains stable, and the "anti-involution" narrative is moderate. The A-share market is expected to continue a structural upward trend driven by valuation recovery under a dual easing fiscal and monetary environment [5] Hong Kong Market - The Hong Kong market experienced a rebound last week, with the Hang Seng Index rising by 1.43% and the Hang Seng Tech Index increasing by 1.17%. The materials sector, particularly metals, saw significant gains, with weekly increases exceeding 10%, while healthcare and consumer discretionary sectors faced pressure [6] - The rebound in the Hong Kong market was primarily driven by the materials sector, especially metals. The fifth round of price increases for coking coal was fully implemented, and the ongoing "anti-involution" trend boosted the coal sector. Additionally, rising gold prices contributed to substantial gains in gold stocks [6] - Companies in the metals sector, such as China Hongqiao, reported better-than-expected interim results, further supporting the rise in the metals sector [6] - Market sentiment has improved, with the Hang Seng Index showing relative strength, mainly driven by cyclical sectors. The ongoing "anti-involution" trend is expected to sustain the recovery of cyclical sectors. Furthermore, the current low valuation of the internet social services sector in Hong Kong presents potential upside, and with rising AI capital expenditures and increased support for technological innovation policies, leading companies in the Hang Seng Tech sector have medium to long-term growth potential [6]

Group 1: Market Trends - The Shanghai Composite Index reached a new high for the year, with over 4,200 stocks rising and more than 100 stocks increasing by over 9% [2] - The report from Guohai Securities outlines ten rules of the bull market, analyzing the current situation from macro, style, and industry perspectives [3] Group 2: Bull Market Rules - Rule 1: The high points of the CSI 300 index are generally consistent, expected to reach the range of 5,300-5,800 points [5] - Rule 2: Major bull markets often occur around the transition of five-year plans, with 2025-2026 potentially being a significant upward phase if historical patterns repeat [10][13] - Rule 3: The level of equity risk premium indicates potential valuation uplift, with estimates suggesting at least 60% upside for the entire A-share index [14][16] - Rule 4: The threshold for dividend yield historically reaches around 1.5%, with current yields suggesting an 85% upside if normalized [17][19] - Rule 5: Valuation phases indicate that the market has not yet peaked, with a potential 19% space remaining for the overall A-share index [21][24] - Rule 6: The timing of performance confirmation shows that the return on equity (ROE) inflection point has not yet been confirmed, indicating a valuation-driven market phase [25][27] Group 3: Investment Styles - Rule 7: Advanced manufacturing and growth technology are typically leading styles in bull markets, but current growth rates are significantly lower than previous bull markets [28][30] - Rule 8: Mid-cap stocks tend to rise during bull markets, with current growth rates for mid-cap growth and value stocks remaining below 25% [31][33] - Rule 9: The return of fund-heavy styles is expected as high-growth investments regain traction after a period of decline [34][37] Group 4: Leading Industries - Rule 10: Historically, leading industries in bull markets include military, power equipment, machinery, and non-ferrous metals, with current performance in power equipment and other sectors lagging behind historical averages [40][41]

国泰海通指出，新兴科技是市场主线，新技术趋势与消费动向带来新商业机会，看好港股互联网、传 媒、国防军工、创新药、电子半导体等领域。电子行业方面，自主可控趋势加速，国产替代前景可期； 计算机行业受益于"人工智能+"政策驱动，AI应用迎来顶层支持；军工行业受抗战80周年阅兵等事件催 化，延续高景气度；机械领域关注人形机器人技术演进，线性运动部件需求提升。此外，煤炭行业反内 卷深化，供需格局逐步改善；公用事业中部分区域旺季电价或上涨，煤电主业盈利修复。整体来看，科 技产业创新持续涌现，资本开支上升趋势明确，为相关行业提供增长动能。 （文章来源：每日经济新闻） 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅可达20%。该指数涵盖科创板 所有上市股票，以反映该板块证券的整体表现。科创综指成分股主要聚焦科技创新领域，覆盖信息技 术、生物医药、新能源等多个高新技术产业，具有研发投入强度高、成长性突出的特征。 ...

光大证券：下半年市场将开启下一阶段上涨行情 并有望突破2024年同期阶段性高点 光大证券表示，短期预期差驱动下，下半年市场或冲击新高。整体来看，去年9月以来的市场行情已从 政策驱动逐步转向基本面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。展望下半年，市场 仍存在一些预期差，如短期基本面改善的持续性、资金持续流入及新兴产业发展带来的机遇等。因此， 光大认为，下半年市场将开启下一阶段上涨行情，并有望突破2024年下半年的阶段性高点。 华泰证券：战略配置继续看好大金融、医药、军工 华泰证券认为，上周A股迎来反弹，交易型资金推动主题行情活跃，波动率上升预期下红利+小微盘的 哑铃风格阶段性回归。配置上，战术配置挖掘景气改善、具备补涨逻辑的存储、软件、通用自动化、部 分化工品、保险、煤炭，以及股息率具备性价比的白电；战略配置继续看好大金融、医药、军工。 机构观点 中信建投：险资加快入市步伐 中信建投指出，险资加快入市步伐。近日险资举牌又增一例，今年以来险资已举牌22次，超过2024年全 年险资举牌次数；其中平安人寿共举牌7次。从已披露的上市公司半年报来看，35家公司的前十大流通 股东名单中出现险资身影，合计持 ...

Market Overview - The market experienced slight declines last Friday, with the Shanghai Composite Index down 0.12%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 115.3 billion yuan compared to the previous trading day [1] Institutional Insights - CITIC Securities noted that insurance capital is accelerating its market entry, with 22 instances of insurance capital increasing stakes this year, surpassing the total for 2024 [2] - The total number of shares held by insurance capital in the top ten shareholders of 35 listed companies amounts to 889 million shares, with a total market value of 13.727 billion yuan [2] Market Outlook - Everbright Securities predicts that the market will enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels of 2024 [3] - The market's performance is expected to be driven by fundamental improvements, sustained capital inflows, and opportunities from emerging industries [3] Strategic Allocation - Huatai Securities continues to favor strategic allocations in large financials, pharmaceuticals, and military sectors, while also identifying tactical opportunities in sectors like storage, software, and certain chemicals [4] - The report highlights a return to a "barbell" investment style, focusing on dividend yield and small-cap stocks [4]