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 ...

Market Overview - The A-share market is experiencing high-level fluctuations, with the Shanghai Composite Index dropping over 1% for the week, while the Shenzhen Component Index and ChiNext Index rose by 1.14% and 2.34% respectively [1] - The current market volatility is seen as emotional, providing opportunities for structural allocation [1] Investment Outlook - Analysts suggest that the market style may undergo a rebalancing process in the fourth quarter, with a trading window opening for cyclical stocks and a shift within technology stocks from high to low [1][4] - Key sectors to focus on include cyclical industries such as chemicals, non-ferrous metals, catering, and tourism, as well as technology sectors related to storage and AI supply chain components [1][4] Central Bank Actions - The People's Bank of China has adjusted the 14-day reverse repurchase operation rules to better meet the differentiated funding needs of various institutions [3] - In August, there was a net inflow of $3.2 billion in cross-border funds, with foreign capital net buying domestic stocks and bonds [3] Institutional Perspectives - CITIC Securities emphasizes a framework for industry selection focusing on "resources + new productivity + going abroad," with a focus on globalizing leading Chinese manufacturers [4] - Dongwu Securities notes that cyclical stocks are entering a trading window, while technology stocks are shifting from a focus on upstream hardware to a broader range of AI-related sectors [4] - Zhongtai Securities highlights three main lines for structural allocation: technology innovation, domestic demand, and sectors benefiting from external environment improvements [5] Global Economic Factors - Morgan Asset Management remains optimistic about the A-share market, noting that structural characteristics persist, with new economy sectors expected to perform well [6] - In light of the Federal Reserve's interest rate cuts, there is an expectation of increased overseas capital inflow, benefiting sectors directly impacted by liquidity easing [6][7]

Core Viewpoint - The report from Guojin Securities suggests that a bull market driven by the recovery of China's profit fundamentals may be emerging, with two main opportunities to focus on: the potential rebound of Hong Kong stocks and a shift in growth investment from technology-driven sectors to export-oriented sectors [1][4]. Group 1: Economic Context - The "preventive rate cuts" by the Federal Reserve have historically led to a "soft landing" for the U.S. economy, with GDP growth reversing downward trends and a slight decrease in unemployment rates [1]. - The Fed has slightly raised its GDP growth forecast for 2025-2027 while lowering unemployment rate predictions for 2026-2027, indicating a more stable economic outlook [1]. Group 2: Impact on Emerging Markets - The impact of U.S. rate cuts on emerging markets occurs through two main channels: alleviating currency depreciation pressures and providing more room for domestic monetary policy [2]. - If the U.S. achieves a "soft landing," emerging markets, particularly net-exporting countries like China, may benefit from increased external demand driven by U.S. capital expenditures [2]. Group 3: Export Opportunities - Historical data shows that export-oriented A-share companies have outperformed the CSI 300 index during previous rate cut cycles, indicating a potential for similar performance in the current cycle [3]. - Guojin Securities has identified 18 sub-industries that may benefit from the current "preventive rate cuts," categorized into three main types: capital goods related to investment, intermediate goods linked to manufacturing recovery, and consumer and pharmaceutical sectors with their own industry trends [3]. Group 4: Investment Recommendations - The report emphasizes that the bull market may be supported by improved operating conditions due to domestic economic adjustments and recovery in manufacturing activities following rate cuts [4]. - Recommended sectors include upstream resources (copper, aluminum, oil, gold), capital goods (engineering machinery, heavy trucks, lithium batteries, wind power equipment), and raw materials (basic chemicals, fiberglass, paper, steel) [4]. - Additionally, sectors related to domestic demand recovery, such as food and beverage, pork, tourism, and scenic spots, are expected to present opportunities as profit recovery progresses [4].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the ongoing investment opportunities in gaming, AI applications, and content innovation, highlighting the potential for significant revenue growth in these sectors [3][4] Industry Data Overview - The game "元气唤灵师" ranks first in the iOS free game chart, while "三角洲行动" tops the iOS revenue chart as of September 20, 2025 [10][14] - The film "731" achieved the highest box office revenue of 9.98 billion CNY for the week [25] Industry News Summary - Continuous advancements in AI applications and content innovation are expected to enhance the entertainment consumption landscape [29] - OpenAI is reportedly expanding its AI hardware initiatives, which may accelerate the commercialization of AI applications across various sectors [3][4] Company Highlights - Heartbeat Company is set to launch its self-developed RPG game "伊瑟" on September 25, 2025, with over one million pre-registrations, indicating strong market interest [3] - The collaboration between Heartbeat Company and the "黄油小熊" IP has led to a significant rise in the rankings of "心动小镇" in the iPhone game sales chart [3] Recommendations - The report suggests continued investment in the gaming sector, particularly in companies like Heartbeat Company, Giant Network, and Tencent, due to their promising new releases and established franchises [3][4]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [52]. Core Insights - Continuous iteration of AI models both domestically and internationally is observed, with World Labs' 3D generation model Marble showing significant performance improvements over its predecessor, which is expected to empower fields like gaming and film production [7][46]. - The upcoming National Day film season is anticipated to drive high box office revenues, with 14 films already scheduled for release, including sequels to popular films, which are expected to enhance the attention on related companies [5][7]. Summary by Sections Industry Ratings - The film sector is rated positively [3]. AI Developments - World Labs has released the 3D generation model Marble, which can create persistent and controllable 3D worlds from a single image or text prompt, showing improvements in geometric structure, style diversity, and world size compared to previous models [3][45]. - Alibaba has open-sourced its first deep research agent model, Tongyi DeepResearch, achieving state-of-the-art results in multiple benchmark tests, which enhances various Alibaba applications [4][46]. Film Industry - As of September 20, 2025, 14 films have been scheduled for the National Day release, with a cumulative "want to watch" count of 1.126 million, indicating strong audience interest [5]. - The total box office for domestic films in 2025 has reached 40.9 billion yuan, with a single-day box office of 250 million yuan on September 19 [24]. Gaming Sector - The gaming market in China generated actual sales revenue of 29.08 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% [17]. - The top three mobile games in the iOS best-seller list as of September 20, 2025, are "Delta Action," "Honor of Kings," and "Crossfire: Gunfight King" [17]. Marketing and Advertising - The outdoor advertising expenditure in the first half of 2025 reached 120.6 billion yuan, marking a year-on-year increase of 6% [38].

在多家游戏媒体对《战地6》技术总监Christian Buhl 采访里，这位总监一反以往大作的游戏优化常态，表示他们的团队的目标是让《战地6》在不开启优 化工具的情况下也能稳定流畅运行。 EA希望《战地6》在不依赖DLSS的情况下也能流畅运行："我们的目标是无需借助额外技术就能实现高性能表现" 2025年重回原生渲染？这可能性远超你的想象。 "我们希望《战地 6》不开启 DLSS 也能运行顺畅，同时保留选择权，如果你想用也能开启。我相信我们所有的默认性能目标，都是在不开启这类优化的 情况下设定的。" 同时Christian Buhl也证实，《战地6》在发售时将不上线光追，发售后的一段时间内也没有相关实装计划。 2025年的今天Christian总监这番话听着有点天方夜谭，要知道现在非常多的单机游戏不开超分辨率不借助个帧生成，已经很难说可以最低标准"60帧流畅 游玩"，甚至某些知名IP续作堂而皇之地将这些技术写进了游戏最低配置里。 虽然这位总监这番话有很大的炒作嫌疑，但是你又不得不说其放在现在别有一番韵味，特别是被誉为优化重灾区的虚幻5游戏，最近还在外网掀起了一场 对UE5的口诛笔伐。 其实对于为什么虚幻五游戏 ...

Group 1 - The A-share market experienced a mixed performance, with the Shanghai Composite Index down 1.30%, while the Shenzhen Component and ChiNext Index rose by 1.14% and 2.34% respectively [1] - Everbright Securities predicts increased market volatility in the short term due to profit-taking pressures and a relatively high valuation level since 2010 [1] - The firm suggests focusing on sectors such as power equipment, communication, computer, electronics, automotive, and media in the short term, while emphasizing TMT sectors for the medium to long term [1] Group 2 - CITIC Securities maintains a focus on resource stocks, consumer electronics, innovative pharmaceuticals, and gaming, driven by supply constraints and global geopolitical tensions [2] - The firm highlights the importance of China's manufacturing leaders in global markets, aiming to convert market share advantages into pricing power and improved profit margins [2] - The investment strategy includes a left-side focus on chemicals and military industries, with a recent emphasis on the expansion of AI from cloud to edge computing [2] Group 3 - Xiangcai Securities anticipates a "slow bull" market for A-shares by 2025, influenced by the new "National Nine Articles" and similar investment policies [3] - The firm expects significant impacts from the ongoing "14th Five-Year Plan," with key focus areas including technology, green initiatives, and consumer services [3] - In the short term, the market is expected to exhibit wide fluctuations with a gradual upward trend, recommending attention to anti-involution sectors, AI-related technology, and environmental protection sectors [3] Group 4 - Galaxy Securities identifies four main investment lines in the construction industry during the "14th Five-Year Plan" period, as urban development shifts from expansion to quality improvement [4] - The firm anticipates increased efforts in urban renewal and a new wave of global industrial transfer benefiting Southeast Asia, driving demand for infrastructure [4] - Recommended investment lines include major engineering projects, overseas expansion, high dividend stocks, and sectors with favorable supply-demand dynamics such as coal chemical, nuclear power, and cleanroom engineering [4]